Document:

Exhibit 10.3

 

REGISTRATION RIGHTS AGREEMENT

 

THIS REGISTRATION RIGHTS
AGREEMENT (this “Agreement”), dated as of August 6, 2021, is by and between DRAGON VICTORY INTERNATIONAL
LIMITED, an exempted company with limited liability, organized and existing under the laws of the Cayman Islands (the “Company”),
LSQ Investment Fund SPC-Disruptive Opportunity Fund II SP, a Cayman Islands Segregated Portfolio Company (“LSQ”),
(ii) Natural Selection Capital Holdings Limited, a Cayman company (the “Consulting Company”), (iii) Mr. Ni
Ming (“Mr. Ni”, together with the Consulting Company, the “Consultants” and each a “Consultant”),
and certain other parties signatories hereto. Each party hereto, collectively, the “Parties” and each a “Party”.

 

WHEREAS:

 

A. In connection with
(i) the Securities Purchase Agreement by and among the Company and the Purchasers, dated the date hereof (the “Securities Purchase
Agreement”), pursuant to which the Company has agreed, upon the terms and subject to the conditions thereof, to issue and sell to
the Purchasers certain Ordinary Shares of the Company, par value US$0.0001 per share (the “Ordinary Shares”), and (ii)
the Consulting and Warrant Issuance Agreement by and among the Company and the Consultants (the “Consulting Agreement”),
pursuant to which the Company has agreed, upon the terms and subject to the conditions thereof and the applicable warrants issued thereunder,
to issue and sell to the Consultants certain warrants to purchase the Ordinary Shares. Each of the Purchasers and the Consultants (including
each of their respective successors and assigns, if any) is hereafter referred to as a “Holder” and collective, the
“Holders”. Capitalized terms not defined herein shall have the meanings ascribed to them in the Securities Purchase
Agreement or the Consulting Agreement, as applicable. 

 

B. To induce the Holders
to execute and deliver the Securities Purchase Agreement and the Consulting Agreement, as applicable, the Company has agreed to provide
certain registration rights under the Securities Act of 1933, as amended, and the rules and regulations thereunder, or any similar successor
statute (collectively, the “Securities Act”), and applicable state securities laws and other rights as provided
for herein.

 

NOW, THEREFORE, in
consideration of the premises and the mutual covenants contained herein and other good and valuable consideration, the receipt and sufficiency
of which are hereby acknowledged, the Company and the Holders hereby agree as follows:

 

1. DEFINITIONS.

 

As used in this Agreement,
the following terms shall have the following meanings:

 

“1st Closing
Registration Statement” means a Registration Statement (including the Existing F-3, as applicable) covering the resale of the
1st Closing Subscribed Shares required to be filed hereunder.

 

“1st Closing
Shares Lock-Up Period” means the period commencing on the date of the 1st Subscription Closing and ending on the
180th calendar day following the date of the 1st Subscription Closing.

 

“2nd Closing
Registration Statement” means a Registration Statement (including the Existing F-3, as applicable) covering the resale of (i)
the 2nd Closing Subscribed Shares and (ii) the Ordinary Shares issuable upon exercise of the Ni Warrants required to be filed
hereunder.

 

     

    

    

 

“Consulting Company
Registration Statement” means a Registration Statement (including the Existing F-3, as applicable) covering the resale of the
Ordinary Shares issued or issuable upon exercise of the Consulting Company Warrant required to be filed hereunder.

 

“Effectiveness Deadline”
means, with respect to a Registration Statement filed hereunder, that date in which the Company is notified by the U.S. Securities and
Exchange Commission (“SEC”) that one of the Registration Statements, as defined below, will not be reviewed or is no
longer subject to further review and comments; provided, that the Effectiveness Deadline for (i) the 1st Closing Registration
Statement shall be no later than the 30th calendar day following the expiration of the 1st Closing Shares Lock-Up
Period, (ii) the 2nd Closing Registration Statement shall be no later than the calendar day that is no later than five (5)
months from the date hereof , and (iii) the Consulting Company Registration Statement shall be no later than the 30th calendar
day following the expiration of the Consulting Company Lock-Up Period.

 

“Filing Deadline” means,
(i) with respect to the 1st Closing Registration Statement, any date that is prior to the expiration of the 1st
Closing Shares Lock-Up Period such that the 1st Closing Registration Statement shall become effective by the Effectiveness
Deadline as provided herein, (ii) with respect to the 2nd Closing Registration Statement, the date that is no later than the
30th calendar day following the date hereof, and (iii) with respect to the Consulting Company Registration Statement, any time
prior to the expiration of the Consulting Company Lock-Up Period such that the Consulting Company Registration Statement shall become
effective by the Effectiveness Deadline as provided herein.

 

“Person”
means a corporation, a limited liability company, an association, a partnership, an organization, a business, an individual, a governmental
or political subdivision thereof or a governmental agency.

 

        Prospectus”
means the prospectus included in a Registration Statement (including, without limitation, a prospectus that includes any information previously
omitted from a prospectus filed as part of an effective registration statement in reliance upon Rule 430A or Rule 430B promulgated under
the Securities Act), as amended or supplemented by any prospectus supplement, with respect to the terms of the offering of any portion
of the Registrable Securities covered by a Registration Statement, and all other amendments and supplements to the Prospectus, including
post-effective amendments, and all material incorporated by reference or deemed to be incorporated by reference in such Prospectus.

 

“Registrable Securities”
means all of (i) the 1st Closing Subscribed Shares, (ii) 2nd Closing Subscribed Shares, (iii) Ordinary Shares issued
or issuable upon exercise of the Warrants, and (iv) Ordinary Shares issued or issuable with respect to the Ordinary Shares described in
the foregoing item (i) through (iii) as a result of any stock split, dividend or other distribution, recapitalization or similar event
or otherwise (in each case without giving effect to any limitations on exercise set forth in the Convertible Debentures).

 

“Registration Statement”
means a registration statement required to be filed hereunder, including (in each case) the Prospectus, amendments and supplements to
such registration statement or Prospectus, including pre- and post-effective amendments, all exhibits thereto, and all material incorporated
by reference or deemed to be incorporated by reference in such registration statement. For purpose of clarification, the term Registration
Statement shall include the Registration Statement on Form F-3 (File No. 333-252688) effective February 12, 2021 (the “Existing
F-3”), in the event any Prospectus, amendment or supplement to the Existing F-3 shall have been filed such that the Existing
F-3 covers the resale of any Registrable Securities, in which case the filing of the Registration Statement referred to in this Agreement
shall mean the filing of such Prospectus, amendment or supplement, as applicable, to the Existing F-3.

 

“Rule 415”
and “Rule 424” means Rule 415 and Rule 424, respectively, promulgated by the U.S. Securities and Exchange Commission
(the “SEC”) pursuant to the Securities Act, as such Rule may be amended from time to time, or any similar rule or regulation
hereafter adopted by the SEC having substantially the same purpose and effect as such Rule.

 

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“Ni Warrant Shares”
means Ordinary Shares issued or issuable upon exercise of the Ni Warrants.

 

“Primary Market”
means the Nasdaq Capital Market and any successor to any of the foregoing markets or exchanges.

 

“Trading Day”
means a day on which the Ordinary Shares are quoted or traded on a Primary Market on which the shares are then quoted or listed; provided,
that in the event that the Ordinary Shares are not listed or quoted, then Trading Day shall mean a Business Day.

 

2. REGISTRATION.

 

(a) The Company’s
registration obligations set forth in this Section 2, including its obligations to file one or more Registration Statements, obtain effectiveness
of such Registration Statements, and maintain the continuous effectiveness of such Registration Statements that have been declared effective,
shall begin on the date hereof and continue until all the Registrable Securities have been sold or may permanently be sold without any
restrictions pursuant to Rule 144, as determined by the counsel to the Company pursuant to a written opinion letter to such effect, addressed
and reasonably acceptable to the Company’s transfer agent and the affected Holders (the “Registration Period”).

 

(b) Subject to the terms
and conditions of this Agreement, the Company shall, on or prior to the Filing Deadline, prepare and file with the SEC a Registration
Statement, which Registration Statement shall be on Form F-3, if eligible, covering the resale by the Holder of Registrable Securities.
The Company shall use its commercially reasonable efforts to have each Registration Statement declared effective by the SEC as soon as
practicable, but in no event later than the Effectiveness Deadline. Within two days following the date of effectiveness, the Company shall
file with the SEC in accordance with Rule 424 the final Prospectus to be used in connection with sales pursuant to such Registration Statement.
Prior to the filing of the Registration Statement with the SEC, the Company shall furnish a draft of the Registration Statement to the
Holder for their review and comment in accordance with the procedures set forth in Section 3(a) hereof. The Holder shall furnish comments
(if any) on the Registration Statement to the Company within three (3) Trading Days of the receipt thereof from the Company.

 

(c) During the Registration
Period the Company shall (i) promptly prepare and file with the SEC such amendments (including post-effective amendments) and supplements
to each Registration Statement and Prospectus used in connection with a Registration Statement, which Prospectus is to be filed pursuant
to Rule 424, as may be necessary to keep each such Registration Statement effective at all times during the applicable times in the Registration
Period, (ii) prepare and file with the SEC additional Registration Statements in order to register for resale under the Securities Act
all of the Registrable Securities (to the extent not previously covered by a Registration Statement filed and declared effective in the
applicable times in the Registration Period)); (iii) cause the Prospectus for each Registration Statement filed and declared effective
in the applicable times in the Registration Period to be amended or supplemented by any required Prospectus supplement (subject to the
terms of this Agreement), and as so supplemented or amended to be filed pursuant to Rule 424; (iv) respond as promptly as reasonably possible
to any comments received from the SEC with respect to a Registration Statement or any amendment thereto and as promptly as reasonably
possible provide the Holders true and complete copies of all correspondence from and to the SEC relating to a Registration Statement (provided
that the Company may excise any information contained therein which would constitute material non-public information as to any Holder
which has not executed a confidentiality agreement with the Company); and (v) comply with the provisions of the Securities Act with respect
to the disposition of all Registrable Securities of the Company covered by each effective Registration Statement until such time as all
of such Registrable Securities shall have been disposed of in accordance with the intended methods of disposition by the seller or sellers
thereof as set forth in such Registration Statement. In the case of amendments and supplements to a Registration Statement which are required
to be filed pursuant to this Agreement (including pursuant to this Section 2(c)) by reason of the Company’s filing a report on Form
20-F, or Form 6-K or any analogous report under the Securities Exchange Act of 1934, as amended (the “Exchange Act”),
the Company shall incorporate such report by reference into the Registration Statement, if applicable, or shall file such amendments or
supplements with the SEC on the same day on which the Exchange Act report is filed which created the requirement for the Company to amend
or supplement the Registration Statement.

 

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(d) Reduction of Registrable
Securities Included in a Registration Statement. Notwithstanding anything contained herein, in the event that the SEC requires the
Company to reduce the number of Registrable Securities to be included in a Registration Statement in order to allow the Company to rely
on Rule 415 with respect to a Registration Statement, then the Company shall be obligated to include in such Registration Statement (which
may be a subsequent Registration Statement if the Company needs to withdraw a Registration Statement and refile a new Registration Statement
in order to rely on Rule 415) only such limited portion of the Registrable Securities as the SEC shall permit. Any Registrable Securities
that are excluded in accordance with the foregoing terms are hereinafter referred to as “Cut Back Securities”. To the
extent Cut Back Securities exist with respect to the 2nd Closing Registration Statement, the Ni Warrant Shares may be cut back prior to
any cut-back of any 2nd Closing Subscribed Shares and the Company shall include all such unregistered remaining Ni Warrant Shares in the
immediate next Registration Statement filed by the Company with the SEC. Additionally, to the extent Cut Back Securities exist, as soon
as may be permitted by the SEC, the Company shall be required to file a Registration Statement covering the resale of the Cut Back Securities
(subject also to the terms of this Section) and shall use best efforts to cause such Registration Statement to be declared effective as
promptly as practicable thereafter.

 

3. RELATED OBLIGATIONS.

 

(a) The Company shall,
not less than three (3) Trading Days prior to the filing of each Registration Statement and not less than one (1) Trading Day prior to
the filing of any related amendments and supplements to all Registration Statements (except for annual reports on Form 20-F), furnish
to each Holder copies of all such documents proposed to be filed, which documents (other than those incorporated or deemed to be incorporated
by reference) will be subject to the reasonable and prompt review of such Holders. The Company shall not file a Registration Statement
or any such Prospectus or any amendments or supplements thereto to which the Holders shall reasonably object in good faith; provided that,
the Company is notified of such objection in writing no later than two (2) Trading Days after the Holders have been so furnished copies
of such document.

 

(b) To the extent required
by applicable laws, the Company shall use its commercially reasonable efforts to (i) register and qualify the Registrable Securities covered
by a Registration Statement under such other securities or “blue sky” laws of such jurisdictions in the United States as any
Holder reasonably requests, (ii) prepare and file in those jurisdictions, such amendments (including post-effective amendments) and
supplements to such registrations and qualifications as may be necessary to maintain the effectiveness thereof during the Registration
Period, (iii) take such other actions as may be necessary to maintain such registrations and qualifications in effect at all times during
the Registration Period, and (iv) take all other actions reasonably necessary or advisable to qualify the Registrable Securities for sale
in such jurisdictions; provided, however, that the Company shall not be required in connection therewith or as a condition thereto to
(w) make any change to its articles of incorporation or by-laws, (x) qualify to do business in any jurisdiction where it would not otherwise
be required to qualify but for this Section 3(b), (y) subject itself to general taxation in any such jurisdiction, or (z) file a general
consent to service of process in any such jurisdiction. The Company shall promptly notify each Holder who holds Registrable Securities
of the receipt by the Company of any notification with respect to the suspension of the registration or qualification of any of the Registrable
Securities for sale under the securities or “blue sky” laws of any jurisdiction in the United States or its receipt of actual
notice of the initiation or threat of any proceeding for such purpose.

 

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(c) As promptly as practicable
after becoming aware of such event or development, the Company shall notify each Holder promptly in writing of (A) (i) the happening of
any event as a result of which the Prospectus included in a Registration Statement, as then in effect, includes an untrue statement of
a material fact or omission to state a material fact required to be stated therein or necessary to make the statements therein, in light
of the circumstances under which they were made, not misleading (provided that in no event shall such notice contain any material, nonpublic
information), and promptly prepare a supplement or amendment to such Registration Statement to correct such untrue statement or omission,
and deliver a copy of such supplement or amendment to each Holder, (ii) any request by the SEC for amendments or supplements to a Registration
Statement or related prospectus or related information, and (iii) the Company’s reasonable determination that a post-effective amendment
to a Registration Statement would be appropriate, and when a Prospectus or any Prospectus supplement or post-effective amendment has been
filed, and (B) when a Registration Statement or any post-effective amendment has become effective (notification of such effectiveness
shall be delivered to each Holder by facsimile on the same day of such effectiveness).

 

(d) The Company shall use
its commercially reasonable efforts to prevent the issuance of any stop order or other suspension of effectiveness of a Registration Statement,
or the suspension of the qualification of any of the Registrable Securities for sale in any jurisdiction within the United States of America
and, if such an order or suspension is issued, to obtain the withdrawal of such order or suspension at the earliest possible moment and
to notify each Holder who holds Registrable Securities being sold of the issuance of such order and the resolution thereof or its receipt
of actual notice of the initiation or threat of any proceeding for such purpose.

 

(e) If, after the execution
of this Agreement, an Holder believes, after consultation with its legal counsel, that it could reasonably be deemed to be an underwriter
of Registrable Securities, at the request of any Holder, the Company shall furnish to such Holder, on the date of the effectiveness of
the Registration Statement and thereafter from time to time on such dates as an Holder may reasonably request (i) a letter, dated such
date, from the Company’s independent certified public accountants in form and substance as is customarily given by independent certified
public accountants to underwriters in an underwritten public offering, and (ii) an opinion, dated as of such date, of counsel representing
the Company for purposes of such Registration Statement, in form, scope and substance as is customarily given in an underwritten public
offering, addressed to the Holders. Upon the request of the documents discussed above pursuant to this Section 3(e), the Holder shall
provide documents to the Company typically provided by an underwriter of its securities in form, scope and substance as is customarily
given in an underwritten public offering, including an opinion of counsel representing the Holder for purposes of such Registration Statement,
addressed to the Company.

 

(f) If, after the execution
of this Agreement, an Holder believes, after consultation with its legal counsel, that it could reasonably be deemed to be an underwriter
of Registrable Securities, at the request of any Holder, the Company shall make available for inspection by (i) any Holder and (ii) one
(1) firm of accountants or other agents retained by the Holders (collectively, the “Inspectors”) all pertinent financial
and other records, and pertinent corporate documents and properties of the Company (collectively, the “Records”), as
shall be reasonably deemed necessary by each Inspector, and cause the Company’s officers, directors and employees to supply all
information which any Inspector may reasonably request; provided, however, that each Inspector shall agree, and each Holder hereby agrees,
to hold in strict confidence and shall not make any disclosure (except to an Holder) or use any Record or other information which the
Company determines in good faith to be confidential, and of which determination the Inspectors are so notified, unless (a) the disclosure
of such Records is necessary to avoid or correct a misstatement or omission in any Registration Statement or is otherwise required under
the Securities Act, (b) the release of such Records is ordered pursuant to a final, non-appealable subpoena or order from a court or government
body of competent jurisdiction, or (c) the information in such Records has been made generally available to the public other than by disclosure
in violation of this or any other agreement of which the Inspector and the Holder has knowledge. Each Holder agrees that it shall, upon
learning that disclosure of such Records is sought in or by a court or governmental body of competent jurisdiction or through other means,
give prompt notice to the Company and allow the Company, at its expense, to undertake appropriate action to prevent disclosure of, or
to obtain a protective order for, the Records deemed confidential.

 

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(g) The Company shall hold
in confidence and not make any disclosure of information concerning the Holder provided to the Company unless (i) disclosure of such information
is necessary to comply with U.S. federal or state securities laws, (ii) the disclosure of such information is necessary to avoid
or correct a misstatement or omission in any Registration Statement, (iii) the release of such information is ordered pursuant to a subpoena
or other final, non-appealable order from a court or governmental body of competent jurisdiction, or (iv) such information has been made
generally available to the public other than by disclosure in violation of this Agreement or any other agreement. The Company agrees that
it shall, upon learning that disclosure of such information concerning a Holder is sought in or by a court or governmental body of competent
jurisdiction or through other means, give prompt written notice to such Holder and allow such Holder, at the Holder’s expense, to
undertake appropriate action to prevent disclosure of, or to obtain a protective order for, such information.

 

(h) The Company shall either
cause all the Registrable Securities covered by a Registration Statement (i) to be listed on each securities exchange on which securities
of the same class or series issued by the Company are then listed, if any, if the listing of such Registrable Securities is then permitted
under the rules of such exchange or (ii) to be included for quotation on the Nasdaq Capital Markets for such Registrable Securities.

 

(i) The Company shall cooperate
with each Holder who holds Registrable Securities being offered and, to the extent applicable, to facilitate the timely preparation and
delivery of certificates (not bearing any restrictive legend) representing the Registrable Securities to be offered pursuant to a Registration
Statement and enable such certificates to be in such denominations or amounts, as the case may be, as the Holders may reasonably request
and registered in such names as the Holders may request. The Company shall pay all fees and expenses in connection with satisfying its
obligation under this Section 3(i).

 

(j) The Company shall use
its commercially reasonable efforts to cause the Registrable Securities covered by the applicable Registration Statement to be registered
with or approved by such other governmental agencies or authorities as may be necessary to consummate the disposition of such Registrable
Securities.

 

(k) The Company shall otherwise
use its commercially reasonable efforts to comply with all applicable rules and regulations of the SEC in connection with any registration
hereunder.

 

(l) Within two (2) business
days after a Registration Statement which covers Registrable Securities is declared effective by the SEC, the Company shall deliver to
the transfer agent for such Registrable Securities (with copies to the Holder whose Registrable Securities are included in such Registration
Statement) confirmation that such Registration Statement has been declared effective by the SEC and no stop order suspending its effectiveness
has been issued and the Registrable Securities are available for resale under the Securities Act pursuant to the Registration Statement
in substantially the form attached hereto as Exhibit A.

 

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(m) The Company shall take
all other reasonable actions necessary to expedite and facilitate disposition by each Holder of Registrable Securities pursuant to a Registration
Statement.

 

4. OBLIGATIONS OF
THE HOLDERS.

 

(a) The Holder agrees that,
upon receipt of any notice from the Company of the happening of any event of the kind described in Section 3(c)(A) such Holder will immediately
discontinue disposition of Registrable Securities pursuant to any Registration Statement covering such Registrable Securities until the
Holder’s receipt of the copies of the supplemented or amended prospectus contemplated by Section 3(c) or receipt of notice that
no supplement or amendment is required. Notwithstanding anything to the contrary, the Company shall cause its transfer agent to deliver
unlegended certificates for shares to a transferee of an Holder in accordance with the terms of the Securities Purchase Agreement or the
Consulting Agreement, as applicable, in connection with any sale of Registrable Securities with respect to which an Holder has entered
into a contract for sale prior to the Holder’s receipt of a notice from the Company of the happening of any event of the kind described
in Section 3(c)(A) and for which the Holder has not yet settled.

 

(b) The Holder covenants
and agrees that it will comply with the prospectus delivery requirements of the Securities Act as applicable to it or an exemption therefrom
in connection with sales of Registrable Securities pursuant to the Registration Statement.

 

5. EXPENSES OF REGISTRATION.

 

All expenses incurred in connection
with registrations, filings or qualifications pursuant to Sections 2 and 3, including, without limitation, all registration, listing and
qualifications fees, printers, legal and accounting fees, except (i) legal fees of Holder’s counsel associated with the review of
the Registration Statement and any comment letters issued by the SEC relating to such Registration Statement or (ii) fees incurred by
any Inspectors associated with their review of Records as contemplated in Section 3(f), shall be paid by the Company.

 

6. INDEMNIFICATION.

 

With respect to Registrable
Securities which are included in a Registration Statement under this Agreement:

 

(a) To the fullest extent
permitted by law, the Company will, and hereby does, indemnify, hold harmless and defend the Holder, the directors, officers, partners,
employees, and each Person, if any, who controls any Holder within the meaning of the Securities Act or the Exchange Act (each, a “Holder
Indemnified Party” and collectively, the “Holder Indemnified Parties”), against any losses, claims, damages,
liabilities, judgments, fines, penalties, charges, costs, reasonable attorneys’ fees, amounts paid in settlement or expenses, joint
or several (collectively, “Claims”) incurred in investigating, preparing or defending any action, claim, suit, inquiry,
proceeding, investigation or appeal taken from the foregoing by or before any court or governmental, administrative or other regulatory
agency, body or the SEC, whether pending or threatened, whether or not an indemnified party is or may be a party thereto (“Indemnified
Damages”), to which any of them may become subject insofar as such Claims (or actions or proceedings, whether commenced or threatened,
in respect thereof) arise out of or are based upon: (i) any untrue statement or alleged untrue statement of a material fact in a Registration
Statement or any post-effective amendment thereto or in any filing made in connection with the qualification of the offering under the
securities or other “blue sky” laws of any jurisdiction in which Registrable Securities are offered (“Blue Sky
Filing”), or the omission or alleged omission to state a material fact required to be stated therein or necessary to make the
statements therein not misleading; (ii) any untrue statement or alleged untrue statement of a material fact contained in any final Prospectus
(as amended or supplemented, if the Company files any amendment thereof or supplement thereto with the SEC) or the omission or alleged
omission to state therein any material fact necessary to make the statements made therein, in light of the circumstances under which the
statements therein were made, not misleading; or (iii) any violation or alleged violation by the Company of the Securities Act, the Exchange
Act, any other law, including, without limitation, any state securities law, or any rule or regulation thereunder relating to the offer
or sale of the Registrable Securities pursuant to a Registration Statement (the matters in the foregoing clauses (i) through (iii) being,
collectively, “Violations”). The Company shall reimburse each Holder Indemnified Party promptly as such expenses are
incurred and are due and payable, for any legal fees or disbursements or other reasonable expenses incurred by them in connection with
investigating or defending any such Claim. Notwithstanding anything to the contrary contained herein, the indemnification agreement contained
in this Section 6(a): (x) shall not apply to a Claim by a Holder Indemnified Party arising out of or based upon a Violation which occurs
in reliance upon and in conformity with information furnished in writing to the Company by such Holder Indemnified Party expressly for
use in connection with the preparation of the Registration Statement or any such amendment thereof or supplement or Prospectus related
thereto; (y) shall not be available to a Holder Indemnified Party to the extent such Claim is based on a failure of such Holder Indemnified
Party to deliver or to cause to be delivered the Prospectus made available by the Company, if such Prospectus was timely made available
by the Company pursuant to Section 3(b); and (z) shall not apply to amounts paid in settlement of any Claim if such settlement is
effected without the prior written consent of the Company, which consent shall not be unreasonably withheld. Such indemnity shall remain
in full force and effect regardless of any investigation made by or on behalf of a Holder Indemnified Party.

 

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(b) In connection with
a Registration Statement, each Holder agrees to severally and not jointly indemnify, hold harmless and defend, to the same extent and
in the same manner as is set forth in Section 6(a), the Company, each of its directors, each of its officers, employees, representatives,
or agents and each Person, if any, who controls the Company within the meaning of the Securities Act or the Exchange Act (each, a “Company
Indemnified Party” and collectively, the “Company Indemnified Parties”; together with the Holder Indemnified
Parties, each an “Indemnified Party” and collectively, the “Indemnified Parties”), against any Claim
or Indemnified Damages to which any of them may become subject, under the Securities Act, the Exchange Act or otherwise, insofar as such
Claim or Indemnified Damages arise out of or are based upon any Violation, in each case to the extent, and only to the extent, that such
Violation occurs in reliance upon and in conformity with written information furnished to the Company by such Holder expressly permitted
in writing for use in connection with such Registration Statement; and, subject to Section 6(d), such Holder will reimburse any legal
or other expenses reasonably incurred by them in connection with investigating or defending any such Claim; provided, however, that the
indemnity agreement contained in this Section 6(b) and the agreement with respect to contribution contained in Section 7 shall not apply
to amounts paid in settlement of any Claim if such settlement is effected without the prior written consent of such Holder, which consent
shall not be unreasonably withheld; provided, further, however, that the Holder shall be liable under this Section 6(b) for only that
amount of a Claim or Indemnified Damages as does not exceed the net proceeds to such Holder as a result of the sale of Registrable Securities
by such Holder pursuant to such Registration Statement. Such indemnity shall remain in full force and effect regardless of any investigation
made by or on behalf of such Company Indemnified Party. Notwithstanding anything to the contrary contained herein, the indemnification
agreement contained in this Section 6(b) with respect to any prospectus shall not inure to the benefit of any Company Indemnified Party
if the untrue statement or omission of material fact contained in the prospectus was corrected and such new prospectus was delivered to
each Holder prior to such Holder’s use of the prospectus to which the Claim relates.

 

(c) Promptly after receipt
by an Indemnified Party under this Section 6 of notice of the commencement of any action or proceeding (including any governmental action
or proceeding) involving a Claim, such Indemnified Party shall, if a Claim in respect thereof is to be made against any indemnifying party
under this Section 6, deliver to the indemnifying party a written notice of the commencement thereof, and the indemnifying party shall
have the right to participate in, and, to the extent the indemnifying party so desires, jointly with any other indemnifying party similarly
noticed, to assume control of the defense thereof with counsel mutually satisfactory to the indemnifying party and such Indemnified Party;
provided, however, that an Indemnified Party shall have the right to retain its own counsel with the reasonable fees and expenses of not
more than one (1) such counsel to be paid by the indemnifying party, if, in the reasonable opinion of counsel retained by the indemnifying
party, the representation by such counsel of the Indemnified Party and the indemnifying party would be inappropriate due to actual or
potential differing interests between such Indemnified Party and any other party represented by such counsel in such proceeding. Each
applicable Indemnified Party shall cooperate fully with the indemnifying party in connection with any negotiation or defense of any such
action or claim by the indemnifying party and shall furnish to the indemnifying party all information reasonably available to such Indemnified
Party which relates to such action or claim. The indemnifying party shall keep such Indemnified Party o fully apprised at all times as
to the status of the defense or any settlement negotiations with respect thereto. No indemnifying party shall be liable for any settlement
of any action, claim or proceeding effected without its prior written consent; provided, however, that the indemnifying party shall not
unreasonably withhold, delay or condition its consent. No indemnifying party shall, without the prior written consent of an Indemnified
Party, consent to entry of any judgment or enter into any settlement or other compromise which does not include as an unconditional term
thereof the giving by the claimant or plaintiff to such Indemnified Party of a release from all liability in respect to such claim or
litigation. Following indemnification as provided for hereunder, the indemnifying party shall be subrogated to all rights of such Indemnified
Party with respect to all third parties, firms or corporations relating to the matter for which indemnification has been made. The failure
to deliver written notice to the indemnifying party within a reasonable time of the commencement of any such action shall not relieve
such indemnifying party of any liability to an Indemnified Party under this Section 6, except to the extent that the indemnifying party
is prejudiced in its ability to defend such action.

 

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(d) The indemnification
required by this Section 6 shall be made by periodic payments of the amount thereof during the course of the investigation or defense,
as and when bills are received or Indemnified Damages are incurred.

 

(e) The indemnity agreements
contained herein shall be in addition to (i) any cause of action or similar right of an Indemnified Party against the indemnifying
party or others, and (ii) any liabilities the indemnifying party may be subject to pursuant to the law.

 

7. CONTRIBUTION.

 

To the extent any indemnification
by an indemnifying party is prohibited or limited by law, the indemnifying party agrees to make the maximum contribution with respect
to any amounts for which it would otherwise be liable under Section 6 to the fullest extent permitted by law; provided, however, that:
(i) no seller of Registrable Securities guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities
Act) shall be entitled to contribution from any seller of Registrable Securities who was not guilty of fraudulent misrepresentation; and
(ii) contribution by any seller of Registrable Securities shall be limited in amount to the net amount of proceeds received by such seller
from the sale of such Registrable Securities.

 

8. REPORTS UNDER THE
EXCHANGE ACT.

 

With a view to making available
to the Holders the benefits of Rule 144 promulgated under the Securities Act or any similar rule or regulation of the SEC that may at
any time permit the Holders to sell securities of the Company to the public without registration (“Rule 144”), and
as a material inducement to the Holder’s purchase of the Convertible Debentures, the Company represents, warrants, and covenants
to the following:

 

(a) The Company is subject
to the reporting requirements of section 13 or 15(d) of the Exchange Act and has filed all required reports under section 13 or 15(d)
of the Exchange Act during the 12 months prior to the date hereof (or for such shorter period that the issuer was required to file such
reports), other than Form 6-K reports.

 

(b) During the Registration
Period, the Company shall file with the SEC in a timely manner all required reports under section 13 or 15(d) of the Exchange Act (it
being understood that nothing herein shall limit the Company’s obligations under the Securities Purchase Agreement and the Consulting
Agreement, as applicable) and such reports shall conform to the requirements of the Exchange Act and the SEC for filing thereunder.

 

(c) The Company shall furnish
to the Holder so long as such Holder owns Registrable Securities, promptly upon request, (i) a written statement by the Company that it
has complied with the reporting requirements of Rule 144, (ii) a copy of the most recent annual report of the Company and such other reports
and documents so filed by the Company, and (iii) such other information as may be reasonably requested to permit the Holders to sell such
securities pursuant to Rule 144 without registration.

 

    9

    

    

 

9. AMENDMENT OF REGISTRATION
RIGHTS.

 

Provisions of this Agreement
may be amended and the observance thereof may be waived (either generally or in a particular instance and either retroactively or prospectively),
only with the written consent of the Company and the Holder whose rights hereunder shall be affected by the proposed amendments or waivers.
No consideration shall be offered or paid to any Person to amend or consent to a waiver or modification of any provision of this Agreement
unless the same consideration also is offered to all of the parties to this Agreement.

 

10. MISCELLANEOUS.

 

(a) A Person is deemed
to be a holder of Registrable Securities whenever such Person owns such Registrable Securities. If the Company receives conflicting instructions,
notices or elections from two (2) or more Persons with respect to the same Registrable Securities, the Company shall act upon the basis
of instructions, notice or election received from the registered owner of such Registrable Securities.

 

(b)  Intentionally omitted.

 

(c) Any notices, consents,
waivers or other communications required or permitted to be given under the terms of this Agreement must be in writing and will be deemed
to have been delivered: (i) upon receipt, when delivered personally; (ii) upon receipt, when sent by email (provided confirmation of transmission
is electronically generated and kept on file by the sending party); or (iii) one (1) business day after deposit with a nationally recognized
overnight delivery service, in each case properly addressed to the party to receive the same. The addresses and email for such communications
shall be:

 

If to the Company, to:

 

DRAGON VICTORY INTERNATIONAL
LIMITED

 

Room 1803, Yintai International
Building

Kejiguan Road, Binjiang District,
Hangzhou, Zhejiang Province

China

Attention: Amanda Yang

Telephone: [*]

Email: [*]

 

With Copy to (which does not
constitute notice):

Hunter Taubman Fischer &
Li LLC

800 Third Avenue, Suite 2800

New York, NY 10022

Attention: Ying Li, Esq.

Telephone: [*]

Email: [*]

 

If to the 1st Closing Purchaser,
to

LSQ Investment Fund SPC-Disruptive
Opportunity Fund II SP

Suite 1508,15/F of Central Plaza,18
Harbour Road, Hong Kong

Attention: Adrian Wang

Telephone: [*]

Email: [*]

 

Also to

the Sub-Investment Manager at
KBR Fund Management Limited

6/F, Skyway Centre, 23 Queen's
Road West,

Sheung Wan, Hong Kong

Attention: Bob Chan

Telephone: [*]

Email: [*]

 

    10

    

    

 

With a copy to:

King & Wood Mallesons LLP

500 5th Ave., 50th Floor

New York, New York 10022

Attention: Laura Hua Luo Hemmann,
Esq.

Telephone: [*]

 

If to a Holder (other than the
1st Closing Purchaser), to:

 

If to Mr. Ni, to

Attention: NI MING

Address: [*]

Telephone: [*]

Email: [*]

 

If to the Consulting Company,
to

Natural Selection Capital Holdings
Limited, a Cayman company

Suite 1508, 15/F of
Central Plaza,18 Harbour Road, Hong Kong

Attention: Adrian Wang

Telephone: [*]

Email: [*]

 

If to a 2nd Closing Purchaser,
to:

 

The address and other contact information
described under the signature block of such 2nd Closing Purchaser

 

The address and other contact
information described under the signature block of such Holder or to such other address and/or email and/or to the attention of such other
person as the recipient party has specified by written notice given to each other party five (5) days prior to the effectiveness of such
change. Written confirmation of receipt (A) given by the recipient of such notice, consent, waiver or other communication, (B) electronically
generated by the sender’s email service provider containing the time, date, and recipient email or (C) provided by a courier or
overnight courier service shall be rebuttable evidence of personal service, receipt by e-mail or receipt from a nationally recognized
overnight delivery service in accordance with clause (i), (ii) or (iii) above, respectively.

 

(d) Failure of any party
to exercise any right or remedy under this Agreement or otherwise, or delay by a party in exercising such right or remedy, shall not operate
as a waiver thereof.

 

    11

    

    

 

(e) The laws of New York
shall govern all issues concerning the relative rights of the Company and the Holders as its shareholders. All other questions concerning
the construction, validity, enforcement and interpretation of this Agreement shall be governed by the internal laws of the State of New
York, without giving effect to any choice of law or conflict of law provision or rule (whether of the State of New York or any other jurisdiction)
that would cause the application of the laws of any jurisdiction other than the State of New York. Each party hereby irrevocably submits
to the non-exclusive jurisdiction of the Supreme Court of the State of New York, sitting in New York County, New York and federal courts
for the Southern District of New York sitting in New York, New York, for the adjudication of any dispute hereunder or in connection herewith
or with any transaction contemplated hereby or discussed herein, and hereby irrevocably waives, and agrees not to assert in any suit,
action or proceeding, any claim that it is not personally subject to the jurisdiction of any such court, that such suit, action or proceeding
is brought in an inconvenient forum or that the venue of such suit, action or proceeding is improper. Each party hereby irrevocably waives
personal service of process and consents to process being served in any such suit, action or proceeding by mailing a copy thereof to such
party at the address for such notices to it under this Agreement and agrees that such service shall constitute good and sufficient service
of process and notice thereof. Nothing contained herein shall be deemed to limit in any way any right to serve process in any manner permitted
by law. If any provision of this Agreement shall be invalid or unenforceable in any jurisdiction, such invalidity or unenforceability
shall not affect the validity or enforceability of the remainder of this Agreement in that jurisdiction or the validity or enforceability
of any provision of this Agreement in any other jurisdiction. EACH PARTY HEREBY IRREVOCABLY WAIVES ANY RIGHT IT MAY HAVE, AND AGREES NOT
TO REQUEST, A JURY TRIAL FOR THE ADJUDICATION OF ANY DISPUTE HEREUNDER OR IN CONNECTION HEREWITH OR ARISING OUT OF THIS AGREEMENT OR ANY
TRANSACTION CONTEMPLATED HEREBY.

 

(f) This Agreement shall
inure to the benefit of and be binding upon the permitted successors and assigns of each of the parties hereto.

 

(g) The headings in this
Agreement are for convenience of reference only and shall not limit or otherwise affect the meaning hereof.

 

(h) This Agreement may
be executed in identical counterparts, each of which shall be deemed an original but all of which shall constitute one and the same agreement.
This Agreement, once executed by a party, may be delivered to the other party hereto as an attachment to an email of a copy of this Agreement
bearing the signature of the party so delivering this Agreement.

 

(i) Each party shall do
and perform, or cause to be done and performed, all such further acts and things, and shall execute and deliver all such other agreements,
certificates, instruments and documents, as the other party may reasonably request in order to carry out the intent and accomplish the
purposes of this Agreement and the consummation of the transactions contemplated hereby.

 

(j) The language used in
this Agreement will be deemed to be the language chosen by the parties to express their mutual intent and no rules of strict construction
will be applied against any party.

 

(k) This Agreement is intended
for the benefit of the parties hereto and their respective permitted successors and assigns, and is not for the benefit of, nor may any
provision hereof be enforced by, any other Person.

 

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

 

    12

    

    

 

IN WITNESS WHEREOF, the Holder and the Company have caused
their respective signature page to this Registration Rights Agreement to be duly executed as of the date first above written.

 

	THE COMPANY:	 
	 	 	 
	DRAGON VICTORY INTERNATIONAL LIMITED	 
	 	 	 
	By	/s/ Liu Limin	 
	Name: 	Liu Limin	 
	Title: 	Chairman & CEO	 

 

Signature Page to REGISTRATION RIGHTS AGREEMENT

 

     

    

    

 

IN WITNESS WHEREOF, the Holder and the Company have caused their
respective signature page to this Registration Rights Agreement to be duly executed as of the date first above written.

 

HOLDER:

 

1st CLOSING PURCHASER:

 

LSQ Investment Fund SPC, a Cayman Islands Segregated Portfolio
Company, for and on behalf of Disruptive Opportunity Fund II SP

 

	By	/s/ Wang Bingzhong	 
	Name:	Wang Bingzhong	 
	Title:	Director	 
	Date:	 	 

 

Sub-Investment Manager at KBR Fund Management Limited, in its
capacity as sub-investment manager of LSQ Investment Fund SPC-Disruptive Opportunity Fund II SP

 

	By	/s/ Chan Yau Ching Bob	 
	Name: 	Chan Yau Ching Bob	 
	Title:	Director	 
	Date:	 	 

 

Signature Page to REGISTRATION RIGHTS AGREEMENT

 

     

    

    

 

IN WITNESS WHEREOF, the Holder and the Company have caused their
respective signature page to this Registration Rights Agreement to be duly executed as of the date first above written.

 

Holder:

 

2nd CLOSING PURCHASER:

 

	Elephas Global Master Fund	 
	 	 	 
	By 	/s/ Li Yiwen	 
	Name: 	Li Yiwen	 
	Title: 	Director	 
	Address: 	[*]	 
	Telephone: 	[*]	 
	Email: 	[*]	 

 

	Jiayi Huang	 
	 	 	 
	By 	/s/ Jiayi Huang	 
	Name: 	Jiayi Huang	 
	Title:	 	 
	Address:	[*]	 
	Telephone: 	[*]	 
	Email: 	[*]	 

 

Signature Page to REGISTRATION RIGHTS AGREEMENT

 

     

    

    

 

IN WITNESS WHEREOF, the Holder and the Company have caused
their respective signature page to this Registration Rights Agreement to be duly executed as of the date first above written.

 

Holder:

 

Consulting Company:

 

	Natural Selection Capital Holdings Limited, a Cayman company
	 	 	 
	By	/s/ Wang Bingzhong	 
	Name: 	Wang Bingzhong	 
	Title:	Director	 
	Date:	 	 

 

	Ni Ming	 
	 	 	 
	By	/s/ Ni Ming	 
	Name: 	Ni Ming	 
	Title:	 	 
	Date:	 	 

 

Signature Page to REGISTRATION RIGHTS AGREEMENT

 

     

    

    

 

EXHIBIT A

 

FORM OF NOTICE OF EFFECTIVENESS

OF REGISTRATION STATEMENT

 

Attention:

 

	 	Re:	DRAGON VICTORY INTERNATIONAL LIMITED

 

Ladies and Gentlemen:

 

We are U.S. securities counsel
to DRAGON VICTORY INTERNATIONAL LIMITED, an exempted company with limited liability, organized and existing under the laws of the Cayman
Islands company (the “Company”), and have represented the Company in connection with that certain (i) Securities Purchase
Agreement (the “Securities Purchase Agreement”) entered into by and among the Company and certain purchasers named
therein (the “Purchaser Holder”), pursuant to which the Company issued to the Purchaser Holders []ordinary shares of
the Company, par value $0.001 per share (“Ordinary Shares”), and (ii) the Consulting and Warrant Issuance Agreement (the “Consulting
Agreement”) entered into by and among the Company and certain consultants (the “Consultants”), pursuant to which
the Company issued to the Consultants certain Tranche I, Tranche II, Tranche III, Tranche IV, the Consulting Company Warrants and the
Ni Warrants (each as defined in the Consulting Agreement, collectively, the “Warrants”), which are exercisable into
the Company’s Ordinary Shares (as exercised, the “Warrant Shares”). Pursuant to the Securities Purchase Agreement
and the Consulting Agreement, the Company also has entered into a Registration Rights Agreement with the Purchaser Holders and the Consultants
(the “Registration Rights Agreement”), pursuant to which the Company agreed, among other things, to register the Registrable
Securities (as defined in the Registration Rights Agreement) under the Securities Act of 1933, as amended (the “Securities Act”).
In connection with the Company’s obligations under the Registration Rights Agreement, on ____________ ____, the Company filed a
Registration Statement on Form ________ (File No. 333-_____________) (the “Registration Statement”) with the Securities
and Exchange Commission (the “SEC”) relating to the Registrable Securities which names each of the Holders as
a selling shareholder thereunder.

 

In connection with the foregoing,
we advise you that a member of the SEC’s staff has advised us by telephone that the SEC has entered an order declaring the Registration
Statement effective under the Securities Act at [ENTER TIME OF EFFECTIVENESS] on [ENTER DATE OF EFFECTIVENESS] and
to our knowledge based solely on a review of the portion of the SEC website pertaining to stop orders available at http://www.sec.gov/litigation/stoporders.shtml,
no stop order suspending its effectiveness has been issued and the Registrable Securities are available for resale under the Securities
Act pursuant to the Registration Statement.

 

	Very truly yours,	 
	 	 	 
	 	 
	 	 	 
	 	 	 

 

cc: [LIST NAMES OF
HOLDERS and the consultants]

 

EXHIBIT A FORM OF NOTICE OF EFFECTIVENESS OF REGISTRATION STATEMENTEXECUTION VERSION

Exhibit 10.3
​
​
Private Share Purchase Agreement
​
June 1, 2021
​
AMC Entertainment Holdings, Inc.
One AMC Way
11500 Ash Street
Leawood, Kansas 66211
​
Ladies and Gentlemen:
AMC Entertainment Holdings, Inc. a Delaware corporation (the “Company”), is pleased to agree to sell to Mudrick Capital Management, LP, (the “Purchaser” or “you”), 8,500,000 shares of the Company’s Class A common stock (the “Shares”), $0.01 par value per share.  The terms on which the Company agrees to sell the Shares to the Purchaser, and the Company and the Purchaser’s agreements regarding such Shares (this “Agreement”), are as follows:
1.Purchase of Shares.  
For the sum of $230,500,000 (the “Purchase Price”), the Company agrees to sell 8,500,000 Shares to the Purchaser, and the Purchaser agrees to purchase such Shares.  Closing of purchase and sale of the Shares (the “Closing”) shall occur immediately following the execution of this Agreement, in the following steps:
(a) the Purchaser shall pay the Purchase Price, by wire transfer of United States dollars in immediately available funds to an account specified by the Company;
(b) the Company shall issue and deliver the Shares in book-entry form, which shall be acknowledged by a Secretary’s Certificate in the form attached as Exhibit A hereto (an executed version of which shall be held in escrow and released upon receipt of the Purchase Price);
(c) immediately thereafter, the Company shall file a prospectus supplement (the “Prospectus”) to its shelf registration statement on Form S-3 (File No. 333-255546) in the form attached hereto as Exhibit B as further specified in Section 3.1, registering the resale of the Shares;
(d) Upon filing of the Prospectus, the Purchaser hereby instructs the Company to record the issuance of the Shares on the records of the transfer agent (and debit the book entry referred to in (b) above) and deliver the Shares, which the Company agrees to effect by delivering to the transfer agent the instructions attached hereto as Exhibit C.  

​

2.Representations, Warranties and Agreements.
2.1Purchaser’s Representations, Warranties and Agreements.  To induce the Company to issue the Shares to the Purchaser, the Purchaser hereby represents and warrants to the Company and agrees with the Company as follows:
2.1.1Organization and Authority.  The Purchaser is validly existing and in good standing under the laws of its jurisdiction of incorporation or formation, with power and authority to enter into, deliver and perform its obligations under this Agreement. Upon execution and delivery by you, this Agreement is a legal, valid and binding agreement of the Purchaser, enforceable against the Purchaser in accordance with its terms, except as such enforceability may be limited by applicable bankruptcy, insolvency, fraudulent conveyance or similar laws affecting the enforcement of creditors’ rights generally and subject to general principles of equity (regardless of whether enforcement is sought in a proceeding at law or in equity).
2.1.2No Conflicts.  The execution, delivery and performance of this Agreement and the consummation by the Purchaser of the transactions contemplated hereby do not violate, conflict with or constitute a default under (i) the formation and governing documents of the Purchaser, (ii) any agreement, indenture or instrument to which the Purchaser is a party or (iii) in any material respect, any law, statute, rule or regulation to which the Purchaser is subject, or any agreement, order, judgment or decree to which the Purchaser is subject, other than in the cases of clause (ii) as would not reasonably be expected to materially and adversely affect or delay the consummation of the transactions contemplated by this Agreement.
2.1.3Experience, Financial Capability and Suitability.  The Purchaser is: (i) sophisticated in financial matters and is able to evaluate the risks and benefits of the investment in the Shares, (ii) able to bear the economic risk of its investment in the Shares for an indefinite period of time and (iii) is not acquiring the Shares with a view to, or for offer or sale in connection with, any distribution thereof in violation of the Securities Act of 1933, as amended (the “Securities Act”), it being understood that this representation is without prejudice to the Purchaser’s right to sell or otherwise dispose of all or any part of the Shares pursuant to an effective registration statement under the Securities Act and in compliance with applicable state securities laws or under an exemption from such registration.  The Purchaser is capable of evaluating the merits and risks of its investment in the Company and has the capacity to protect its own interests.  The Purchaser must bear the economic risk of this investment until the Shares are sold pursuant to: (i) an effective registration statement under the Securities Act or (ii) an exemption from registration available with respect to such sale.  The Purchaser is able to bear the economic risks of an investment in the Shares and to afford a complete loss of the Purchaser’s investment in the Shares.
2.1.4Access to Information; Independent Investigation.  Prior to the execution of this Agreement, the Purchaser has had the opportunity to ask questions of and receive answers from representatives of the Company concerning an investment in the Company, as well as the finances, operations, business and prospects of the 

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Company, and the opportunity to obtain additional information to verify the accuracy of all information so obtained.  In determining whether to make this investment, the Purchaser has relied solely on the Purchaser’s own knowledge and understanding of the Company and its business based upon the Purchaser’s own due diligence investigation and the information furnished pursuant to this paragraph.  The Purchaser understands that no person has been authorized to give any information or to make any representations which were not furnished pursuant to this Section 2 and the Purchaser has not relied on any other representations or information in making its investment decision, whether written or oral, relating to the Company, its operations and/or its prospects.
2.1.5Private Placement. The Purchaser represents that it is an “accredited investor” as such term is defined in Rule 501(a) of Regulation D under the Securities Act, and acknowledges the sale contemplated hereby is being made in reliance on a private placement exemption pursuant to Section 4(a)(2) of the Securities Act.
2.1.6No General Solicitation.  The Purchaser did not decide to enter into this Agreement as a result of any general solicitation or general advertising within the meaning of Rule 502 under the Securities Act.
2.1.7Restrictions on Transfer.  The Purchaser understands that the Shares are being offered in a transaction not involving any public offering within the meaning of the Securities Act.  The Purchaser understands that the Shares may not be resold, transferred, pledged or otherwise disposed of by the Purchaser absent an effective registration statement under the Securities Act with respect to the Shares or an applicable exemption from the registration requirements of the Securities Act; provided, that this acknowledgement shall not limit the Company’s obligation to file the Prospectus pursuant to Section 3.1. 
2.2Company’s Representations, Warranties and Agreements.  To induce the Purchaser to purchase the Shares, the Company hereby represents and warrants to the Purchaser and agrees with the Purchaser as follows:
2.2.1Organization and Corporate Power.  The Company is validly existing and in good standing under the laws of Delaware corporation, with power and authority to enter into, deliver and perform its obligations under this Agreement.  (i) All necessary corporate action has been taken on the part of the Company, its officers, and directors, and (ii) no further vote or approval of the Company’s stockholders is required under any law, rule, regulation or stock exchange rule or policy, in each case, for the authorization, execution, and delivery of this Agreement, the performance of all obligations of the Company under this Agreement and the consummation of the transaction contemplated hereby, and the authorization, issuance, sale, and delivery of the Shares.  Upon execution and delivery by you, this Agreement is a legal, valid and binding agreement of the Company, enforceable against it in accordance with its terms, except as such enforceability may be limited by applicable bankruptcy, insolvency, fraudulent conveyance or similar laws affecting the enforcement of creditors’ rights generally and subject to general principles of equity (regardless of whether enforcement is sought in a proceeding at law or in equity).

3
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2.2.2No Conflicts.  The execution, delivery and performance of this Agreement and the consummation by the Company of the transactions contemplated hereby do not violate, conflict with or constitute a default under (i) the Company’s articles of incorporation (“Charter”) or bylaws of the Company, (ii) any agreement, indenture or instrument to which the Company or any of its subsidiaries is a party, (iii) any law, statute, rule or regulation to which the Company or any of its subsidiaries is subject, or any agreement, order, judgment or decree to which the Company is subject, and do not require any consent, approval, order, or authorization of, or registration, qualification, declaration, or filing with, or any notice to, any court, administrative agency or commission or other governmental authority or instrumentality, domestic or foreign (each a “Governmental Authority”).
2.2.3Title to Shares.  Upon issuance in accordance with, and payment pursuant to, the terms hereof and the Charter, the Shares will be duly and validly issued, fully paid and nonassessable.  Upon issuance in accordance with, and payment pursuant to, the terms hereof and the Company’s organizational documents, the Purchaser will have or receive good title to the Shares, free and clear of all liens, claims and encumbrances of any kind, other than (a) transfer restrictions under federal and state securities laws, and (b) liens, claims or encumbrances imposed due to the actions of the Purchaser.
2.2.4No Adverse Actions.  There are no actions, suits, investigations or proceedings pending, threatened against or affecting the Company or its subsidiaries which: (i) seek to restrain, enjoin, prevent the consummation of or otherwise affect the transactions contemplated by this Agreement or (ii) question the validity or legality of an y transactions or seeks to recover damages or to obtain other relief in connection with any transactions.
2.2.5No General Solicitation.  Neither the Company nor any of its affiliates or any person or entity acting on its or their behalf has engaged directly or indirectly in any form of general solicitation or general advertising within the meaning of Rule 502 under the Securities Act in connection with the offering, issuance and sale of the Shares.
2.2.6Reports. The Company has filed or furnished, as applicable all forms, reports, schedules, prospectuses, registration statements and other statements and documents required to be filed or furnished by it with the SEC under the Exchange Act or the Securities Act since January 1, 2021, or prior to the date of this Agreement (including, for the avoidance of doubt, its annual report on Form 10-K for the fiscal year ended December 31, 2020, collectively, the “Company Reports”). As of its respective date, and, if amended, as of the date of the last such amendment, each Company Report complied in all material respects as to form with the applicable requirements of the Securities Act and the Exchange Act, and any rules and regulations promulgated thereunder applicable to such Company Report. As of its respective date, and, if amended, as of the date of the last such amendment, no Company Report contained any untrue statement of a material fact or omitted to state a material fact required to be stated therein or necessary to make the statements made therein, in light of the circumstances in 

4
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​

which they were made, not misleading.  The consolidated financial statements of the Company and its subsidiaries included in the Company Reports present fairly the financial condition, results of operations and cash flows of the Company on a consolidated basis as of the dates and for the periods indicated, comply as to form with the applicable accounting requirements of the Exchange Act and have been prepared in conformity with United States generally accepted accounting principles applied on a consistent basis throughout the periods involved (except as otherwise noted therein).
2.2.7Compliance with Law.  Each of the Company and its subsidiaries has complied in all material respects with, and is not in default or violation in any material respect of, any law, statute, order, rule, regulation, policy or guideline of any federal, state or local governmental authority applicable to the Company or such subsidiary. 
2.2.8No Piggyback or Preemptive Rights.  Other than this Agreement, there are no contracts, agreements or understandings between the Company and any person granting such person the right (other than rights which have been waived in writing or otherwise satisfied) to (i) require the Company to include in the Prospectus filed pursuant to this Agreement any securities other than the Shares or (ii) preemptive rights to subscribe for the Shares, except in each case of (i) and (ii), as may have been duly waived.
2.2.9WKSI Status.  As of the date hereof, the Company is a “well-known seasoned issuer” as defined under Rule 405 of the Securities Act. 
2.2.10Capitalization. All the outstanding shares of capital stock of the Company and each of its subsidiaries have been duly and validly authorized and issued and are fully paid and nonassessable, and, except as otherwise set forth in the Company Reports, all outstanding shares of capital stock or membership interests of the subsidiaries are owned by the Company either directly or through wholly owned subsidiaries and are free and clear of any perfected security interest or any other security interests, claims, liens or encumbrances.
3.Other Agreements.
3.1Prospectus; Listing.  Immediately following the issuance of Shares in the Closing as provided in Section 1(b) above, the Company agrees to file the Prospectus, which shall be automatically effective pursuant to the Securities Act.  The Company will use its reasonable best efforts to keep the Prospectus continuously effective until the date on which all Shares covered by the Prospectus have been sold thereunder in accordance with the plan and method of distribution disclosed in the Prospectus. The Company agrees to use reasonable best efforts to cause the Shares to be approved for listing on the NYSE, subject to official notice of issuance.  
3.2Further Assurances.  The Purchaser and the Company agree to execute such further instruments and to take such further action as may reasonably be necessary to carry out the intent of this Agreement.

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3.3Entire Agreement.  This Agreement embodies the entire agreement and understanding between the Purchaser and the Company with respect to the subject matter hereof and supersedes all prior oral or written agreements and understandings relating to the subject matter hereof.  
3.4Modifications and Amendments.  The terms and provisions of this Agreement may be modified or amended only by written agreement executed by all parties hereto.
3.5Termination.  This Agreement may be terminated at any time prior to the Closing:
3.5.1by the Purchaser, if the freely-tradeable Shares have not been delivered to the Purchaser by June 2, 2021 other than as a result of any failure by the Purchaser to timely initiate a DWAC deposit for the Shares or failure to pay the Purchase Price pursuant to Section 1;
3.5.2by either the Purchaser or the Company in the event that (i) any Governmental Authority shall have issued an injunction, order, decree, judgement or ruling or taken any other action restraining, enjoining or otherwise prohibiting the transactions contemplated by this Agreement and such order, decree, ruling or other action shall have become final and nonappealable or (ii) any law, rule or regulation prohibits the Closing;
3.5.3by the mutual written consent of the Investor and the Company.
In the event of termination of this Agreement as provided in Section 3.5, this Agreement shall forthwith become void and there shall be no liability on the part of either party hereto.
3.6Waivers and Consents.  The terms and provisions of this Agreement may be waived, or consent for the departure therefrom granted, only by written document executed by the party entitled to the benefits of such terms or provisions.  No such waiver or consent shall be deemed to be or shall constitute a waiver or consent with respect to any other terms or provisions of this Agreement, whether or not similar.  Each such waiver or consent shall be effective only in the specific instance and for the purpose for which it was given, and shall not constitute a continuing waiver or consent.
3.7Assignment.  The rights and obligations under this Agreement may not be assigned by either party hereto without the prior written consent of the other party.
3.8Benefit.  All statements, representations, warranties, covenants and agreements in this Agreement shall be binding on the parties hereto and shall inure to the benefit of the respective successors and permitted assigns of each party hereto.  Nothing in this Agreement shall be construed to create any rights or obligations except among the parties hereto, and no person or entity shall be regarded as a third-party beneficiary of this Agreement.

6
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3.9Governing Law; Jurisdiction Specific Performance.  This Agreement and the rights and obligations of the parties hereunder shall be construed in accordance with and governed by the laws of New York applicable to contracts wholly performed within the borders of such state, without giving effect to the conflict of law principles thereof.    In addition, each of the parties hereto irrevocably agrees that any legal action or proceeding with respect to this Agreement and the rights and obligations arising hereunder, or for recognition and enforcement of any judgment in respect of this Agreement and the rights and obligations arising hereunder brought by the other party hereto or its successors or assigns, shall be brought and determined in the Supreme Court of the State of New York, County of New York or the United States Federal District Court sitting for the Southern District of New York.  Each of the parties hereto hereby irrevocably submits with regard to any such action or proceeding for itself and in respect of its property, generally and unconditionally, to the personal jurisdiction of the aforesaid courts and agrees that it will not bring any action relating to this Agreement or any of the transactions contemplated by this Agreement in any court other than the aforesaid courts. The parties agree that irreparable damage would occur in the event that any of the provisions of this Agreement were not performed in accordance with their specific terms or were otherwise breached.  Accordingly, each party agrees that in the event of any breach or threatened breach by any other party of any covenant or obligation contained in this Agreement, the non-breaching party shall be entitled (in addition to any other remedy that may be available to it, whether in law or equity) to obtain (i) a decree or order of specific performance to enforce the observance and performance of such covenant or obligation, and (ii) an injunction restraining such breach or threatened breach.  Each of the parties agrees that it will not oppose the granting of an injunction, specific performance and other equitable relief on the basis that any other party has an adequate remedy at law or that any award of specific performance is not an appropriate remedy for any reason at law or in equity.  Any party seeking an injunction or injunctions to prevent breaches of this Agreement and to enforce specifically the terms and provisions of this Agreement shall not be required to provide any bond or other security in connection with any such order or injunction.
3.10No Waiver of Rights, Powers and Remedies.  No failure or delay by a party hereto in exercising any right, power or remedy under this Agreement, and no course of dealing between the parties hereto, shall operate as a waiver of any such right, power or remedy of such party.
3.11Survival of Representations and Warranties.  All representations and warranties made by the parties hereto in this Agreement or in any other agreement, certificate or instrument provided for or contemplated hereby, shall survive the execution and delivery hereof and any investigations made by or on behalf of the parties.
3.12No Broker or Finder.  Each of the parties hereto represents and warrants to the other that no broker, finder or other financial consultant has acted on its behalf in connection with this Agreement or the transactions contemplated hereby in such a way as to create any liability on the other.  Each of the parties hereto agrees to indemnify and save the other harmless from any claim or demand for commission or other compensation by any broker, finder, financial consultant or similar agent claiming to have been employed by or on behalf of such party and to bear the cost of legal expenses incurred in defending against any such claim.

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3.13Counterparts.  This Agreement may be executed in one or more counterparts, all of which when taken together shall be considered one and the same agreement and shall become effective when counterparts have been signed by each party and delivered to the other party, it being understood that both parties need not sign the same counterpart.  In the event that any signature is delivered by facsimile transmission or any other form of electronic delivery, such signature shall create a valid and binding obligation of the party executing (or on whose behalf such signature is executed) with the same force and effect as if such signature page were an original thereof.
3.14Construction.  The parties hereto have participated jointly in the negotiation and drafting of this Agreement.  If an ambiguity or question of intent or interpretation arises, this Agreement will be construed as if drafted jointly by the parties hereto and no presumption or burden of proof will arise favoring or disfavoring any party hereto because of the authorship of any provision of this Agreement.  The parties hereto intend that each representation, warranty, and covenant contained herein will have independent significance.  If any party hereto has breached any representation, warranty, or covenant contained herein in any respect, the fact that there exists another representation, warranty or covenant relating to the same subject matter (regardless of the relative levels of specificity) which such party hereto has not breached will not detract from or mitigate the fact that such party hereto is in breach of the first representation, warranty, or covenant.
3.15Expenses.  Each party hereto shall bear its own costs and expenses  incurred in connection with this Agreement; provided, that concurrently with entry into this Agreement, the Company shall pay USD$150,000 to Wachtell, Lipton, Rosen & Katz as reimbursement to the Purchaser for certain costs and expenses of the Purchaser’s legal counsel in connection with this Agreement and the transactions contemplated hereby.
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If the foregoing accurately sets forth our understanding and agreement, please sign the enclosed copy of the Agreement and return it to us.
Very truly yours,
AMC Entertainment holdings, inc.
	By:
	/s/ Sean D. Goodman

	Name:
	Sean D. Goodman

	Title:
	Executive Vice President         and Chief Financial Officer

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MUDRICK CAPITAL MANAGEMENT, LP
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	By:
	/s/ Glenn Springer

	Name:
	Glenn Springer

	Title:
	Chief Financial Officer

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