Document:

Exhibit 10.12

 

PARTIAL ASSIGNMENT
AND AMENDMENT OF 

BACKSTOP AND SUBSCRIPTION AGREEMENT

 

This
PARTIAL ASSIGNMENT AND AMENDMENT OF BACKSTOP AND SUBSCRIPTION AGREEMENT (this “Agreement”) is made and
entered into as of August 18, 2017, by and between Zhengqi International Holding Limited, a company incorporated in the
British Virgin Islands (the “Assignor”), EarlyBirdCapital, Inc. (“Assignee”),
Pacific Special Acquisition Corp., a British Virgin Islands business company with limited liability (the “Company”),
and Borqs International Holding Corp, an exempted company incorporated under the laws of the Cayman Islands with limited liability
(“Borqs”). Any capitalized term used but not defined herein shall have the meaning ascribed to such
term in the Backstop Agreement (as defined below).

 

WHEREAS,
the Company and Assignor are parties to that certain Backstop and Subscription Agreement, dated as of May 11, 2017 (the “Backstop
Agreement”), pursuant to which Assignor agreed to purchase up to Twenty-Four Million U.S. Dollars ($24,000,000)
of the Company’s ordinary shares of no par value (the “Ordinary Shares”) through (i) open market
or privately negotiated transactions with third parties (with the Assignor not obligated to pay a price of greater than $10.40
per share), (ii) a private placement at a price of $10.40 per share with consummation to occur substantially concurrently with
that of the closing (the “Merger Closing”) of the transactions contemplated that certain Merger Agreement,
dated as of December 27, 2016 (as amended, including by the First Amendment thereto on May 10, 2017 and the Second Amendment thereto
on June 29, 2017, the “Merger Agreement”), by and among the Company, PAAC Merger Subsidiary Limited,
Zhengqi International Holding Limited in its capacity thereunder as the Purchaser Representative, Zhengdong Zou in its capacity
thereunder as the Seller Representative, Borqs and, for certain limited purposes thereunder, the Assignor, or (iii) a combination
thereof, in order to ensure that there is at least Twenty-Four Million U.S. Dollars ($24,000,000) in funds left in the Trust Account
as of the Merger Closing, after giving effect to any redemptions or conversions by Public Stockholders, but before giving effect
to the payment of any Transaction Expenses, plus the amount of funds from any private placements of the Company’s capital
stock (or binding commitments therefor, other than the Assignor’s obligations under the Backstop Agreement) occurring or
to occur at or prior to the Merger Closing (“Closing Proceeds”) (although the Assignor is entitled,
at its sole election, to purchase additional Ordinary Shares in excess of such $24.0 million Closing Proceeds requirement, up
to $24.0 million purchased in total in connection with the Backstop Agreement);

 

WHEREAS,
the Backstop Agreement provides in Section 16 thereof that the Company and Borqs will not unreasonably withhold, delay or condition
their consent to transfer and assign all or a proportion of the Assignor’s obligations under the Backstop Agreement to an
investor that is a “qualified institutional buyer” within the meaning of Rule 144A under the Securities Act or an
institutional “accredited investor” within the meaning of Rule 501 of Regulation D under the Securities Act and who
otherwise is reasonably expected to be capable of satisfying the Assignor’s obligations transferred to such assignee, and
that such assignee shall be entitled to receive a proportionate share of the Guarantee Escrow Shares based on the portion of the
Assignor’s obligations transferred to such assignee, as well as entitled to receive the rights and obligations of the Assignor
under the Registration Rights Agreement with respect to its Shares; and

 

WHEREAS,
Assignor desires to assign, transfer, convey and delegate to Assignee, and Assignee desires to assume from Assignor, Seven Hundred
and Fifty Thousand U.S. Dollars ($750,000) of Assignor’s obligation to purchase Backstop Shares under the Backstop Agreement.

 

     

     

    

 

NOW
THEREFORE, for good and valuable consideration, the receipt and sufficiency which are hereby acknowledged, and intending to
be legally bound hereby, the parties hereby agree as follows:

 

1.       Assignment.
Assignor hereby assigns, transfers, conveys and delegates to Assignee Seven Hundred
and Fifty Thousand U.S. Dollars ($750,000) (the “Assigned Amount”) of Assignor’s obligation to
purchase Backstop Shares under the Backstop Agreement, and Assignee hereby accepts such assignment, transfer, conveyance and delegation
and assumes from Assignee the Assigned Amount of Assignor’s obligation to purchase Backstop Shares under the Backstop Agreement.

 

2.       Guarantee
Escrow Shares. In consideration of the assignment and assumption by Assignee of Assignor’s obligations under the Backstop
Agreement in accordance with the terms of this Agreement, the parties hereby agree that Assignee shall be entitled to receive
three and one hundred twenty-five thousandths percent (3.125%) of the Guarantee Escrow Shares that Assignor is entitled to receive
under the Backstop Agreement (rounded to the nearest whole share) at the same time as such shares are received by Assignor, but
subject to the same terms and conditions that apply to Assignor under the Backstop Agreement and the Merger Agreement, including
the forfeiture of such shares to the extent that the Guarantee Escrow Shares (or equivalent replacement shares) are earned by
Borqs’ shareholders under the Merger Agreement. Assignee hereby acknowledges and agrees that the Purchaser Representative
shall act on behalf of Assignee with respect to the provisions of Article XII of the Merger Agreement and the Escrow Agreement,
as contemplated by the terms and conditions of the Merger Agreement.

 

3.       Representations
and Warranties of Assignee. In accordance with Section 16 of the Backstop Agreement, Assignee hereby represents and warrants
that it is either a “qualified institutional buyer” within the meaning of Rule 144A under the Securities Act or an
institutional “accredited investor” within the meaning of Rule 501 of Regulation D under the Securities Act. Assignee
further hereby makes to the Company, as of the date of this Agreement, each of the representations, warranties and covenants of
the Subscriber set forth in Sections 7 and 9 of the Backstop Agreement. Contemporaneously with the execution and delivery of this
Agreement, Assignee shall execute and deliver to the Company the Investor Questionnaire attached hereto as Exhibit A (which
shall be the “Investor Questionnaire” with respect to Assignee for purposes of the Backstop Agreement).

 

4.       Amendments.
The parties hereby agree to amend the Backstop Agreement as follows:

 

(a)       The
parties hereby agree that, notwithstanding Section 4(a) of the Backstop Agreement, both Assignor and Assignee shall only be required
to fund the Subscription Amount on the date of the Merger Closing and each shall be permitted to fund such amounts without the
use of any escrow.

 

(b)       The
parties further hereby agree that, notwithstanding Sections 2(c) and 4(b) of the Backstop Agreement, the Backstop Offering will
be consummated by the Company immediately prior to the Merger Closing.

 

(c)       The
parties further hereby agree that in lieu of a new Registration Rights Agreement, the existing Registration Rights Agreement,
dated as of October 14, 2015, by and among the Company and the “Investors” named therein, including both of Assignor
and Assignee, will be amended and restated to provide the rights that are contemplated to be included the Registration Rights
Agreement by Section 6(a) of the Backstop Agreement.

 

(d)       The
parties further agree that any Backstop Shares purchased by Assignee and any Guarantee Escrow Shares received by Assignee shall
be included as “Registrable Securities” under Section 5 of the Purchaser UPO (as such term is defined in the Merger
Agreement).

 

5.       Consent.
In accordance with Section 16 of the Backstop Agreement, the Company and Borqs hereby consent to the assignment and assumption
of the Assigned Amount from Assignor to Assignee as set forth herein. In accordance with Section 16 of the Backstop Agreement,
Assignee shall be deemed to be the “Subscriber” under the Backstop Agreement (and the Registration Rights Agreement)
with respect to the rights and obligations under this Agreement transferred to Assignee hereunder.

 

    	 	2	 

     

    

 

6.       Acknowledgement
of Appointment of Purchaser Representative. Each of Assignor and Assignee hereby acknowledge that pursuant to and in accordance
with Section 10.14 of the Merger Agreement, the Purchaser Representative is authorized to act on behalf of the Purchaser in connection
with the Merger Agreement and the Escrow Agreement. Each of Assignor and Assignee hereby authorize the Purchaser Representative
to act on their behalf as their sole and exclusive agent, attorney-in-fact and representative with respect to (i) any determinations
(or disputes) under or in connection with the Merger Agreement as to whether Assignor and Assignee are entitled to all or any
portion of the Guarantee Escrow Shares and (ii) any matters relating to the Escrow Agreement, including without limitation the
disbursement of Guarantee Escrow Shares thereunder.

 

7.       Notices.
The parties agree that for purposes of the notice provisions under Section 12 of the Backstop Agreement, Assignee’s address
notice shall be as follows:

 

 

 

	If
        to Assignee, to:

         

        EarlyBirdCapital,
        Inc.

        366
Madison Ave., 8th Floor

        New York, NY 10016

        

        Attn:
        Steven Levine, CEO

        Telephone No.: (212) 661-3808

        email: slevine@ebcap.com
	With
        a copy (which will not constitute notice) to:

         

        Graubard
        Miller

        The
Chrysler Building

        405
Lexington Avenue, 11th Floor

        New York, New York 10174-1101

        Attn: David Miller, Esq.

        Telephone
No.: (212) 818-8661

        Facsimile No.: (212) 818-8881

        Email: dmiller@graubard.com

         

        and

         

        Zhengqi
        International Holding Limited to the address as set forth with respect to Subscriber in Section 12 of the Backstop Agreement
        (including persons or entities entitled to copies of notices)

 

 

 

8.       Miscellaneous.
Except as expressly provided in this Agreement, all of the terms and

provisions in the Backstop Agreement and shall remain
in full force and effect, on the terms and subject to the conditions set forth therein. This Agreement does not constitute, directly
or by implication, an amendment, modification or waiver of any provision of the Backstop Agreement, or any other right, remedy,
power or privilege of any party to the Backstop Agreement, except as expressly set forth herein. Any reference to the Backstop
Agreement in the Backstop Agreement or any other agreement, document, instrument or certificate entered into or issued in connection
therewith shall hereinafter mean the Backstop Agreement, as amended or modified, or the provisions thereof waived, by this Agreement
(or as the Backstop Agreement may be further amended or modified after the date hereof in accordance with the terms thereof).
The provisions of Sections 12 through 25 of the Backstop Agreement are hereby incorporated herein by reference and apply to this
Agreement as if all references to the “Agreement” contained therein were instead references to this Agreement.

 

{Remainder
of Page Intentionally Left Blank; Signature Page Follows}

 

    	 	3	 

     

    

 

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

 

	 	Assignor.
	 	 	 
	 	ZHENGQI
    INTERNATIONAL HOLDING LIMITED
	 	 	 
	 	By:	/s/
    Zhouhong Peng 
	 	Name: 	Zhouhong
    Peng 
	 	Title:	Director 
	 	 	 
	 	Assignee:
	 	 	 
	 	NINEPOINT
    CAPITAL LLC
	 	 	 
	 	By:	/s/
    Yaqi Feng 
	 	Name:	Yaqi
    Feng
	 	Title:	CEO
	 	 	 
	 	The
    Company:
	 	 	 
	 	PACIFIC
    SPECIAL ACQUISITION CORP.
	 	 	 
	 	By:	/s/
    Zhouhong Peng 
	 	Name: 	Zhouhong
    Peng
	 	Title:	CEO
	 	 	 
	 	Borqs:	 
	 	 	 
	 	BORQS
    INTERNATIONAL HOLDING CORP.
	 	 	 
	 	By:	
	 	Name:	

	 	Title:	                                     

 

[Signature Page
to Partial Assignment of Backstop and Subscription Agreement]

 

     

     

    

 

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

 

	 	Assignor.
	 	 	 
	 	ZHENGQI
    INTERNATIONAL HOLDING LIMITED
	 	 	 
	 	By:	
	 	Name: 	 
	 	Title:	 
	 	 	 
	 	Assignee:
	 	 	 
	 	EARLYBIRDCAPITAL,
    INC.
	 	 	 
	 	By:	 
	 	Name: 	 
	 	Title:	 
	 	 	 
	 	The
    Company:
	 	 	 
	 	PACIFIC
    SPECIAL ACQUISITION CORP.
	 	 	 
	 	By:	 
	 	Name: 	 
	 	Title:	 
	 	 	 
	 	Borqs:
	 	 	 
	 	BORQS
    INTERNATIONAL HOLDING CORP.
	 	 	 
	 	By:	/s/
Pat Chan
	 	Name:	Pat
Chan
	 	Title:	                                      

 

[Signature Page
to Partial Assignment and Amendment of Backstop and Subscription Agreement]

 

     

     

    

 

Exhibit A

 

Investor
Questionnaire

 

THIS
QUESTIONNAIRE MUST BE ANSWERED FULLY AND RETURNED ALONG WITH YOUR COMPLETED SUBSCRIPTION AGREEMENT IN CONNECTION WITH YOUR PROSPECTIVE
PURCHASE OF SHARES FROM PACIFIC SPECIAL ACQUISITION CORP (THE “COMPANY”).

 

THE
INFORMATION SUPPLIED IN THIS QUESTIONNAIRE WILL BE HELD IN STRICT CONFIDENCE. NO INFORMATION WILL BE DISCLOSED EXCEPT TO THE EXTENT
THAT SUCH DISCLOSURE IS REQUIRED BY LAW OR REGULATION, OTHERWISE DEMANDED BY PROPER LEGAL PROCESS OR IN LITIGATION INVOLVING THE
COMPANY AND ITS CONTROLLING PERSONS.

 

Capitalized
terms used herein without definition shall have the respective meanings given such terms as set forth in the Partial Assignment
and Amendment of Backstop and Subscription Agreement by and among Zhengqi International Holding Limited, a company incorporated
in the British Virgin Islands, EarlyBirdCapital, Inc., the Company, and Borqs International Holding Corp, Company (the “Agreement”).

 

(1)       The
undersigned represents and warrants that he, she or it comes within at least one category marked below, and that for any
category marked, he, she or it has truthfully set forth, where applicable, the factual basis or reason the undersigned comes
within that category. The undersigned agrees to furnish any additional information which the Company reasonably deems
necessary in order to verify the answers set forth below.

 

	Category A
___	The
                                         undersigned is an individual (not a partnership, corporation, etc.) whose individual
                                         net worth, or joint net worth with his or her spouse, presently exceeds $1,000,000.

 

Explanation.
In calculating net worth, you include all of your assets (other than your primary residence), whether liquid or illiquid,
such as cash, stock, securities, personal property and real estate based on the fair market value of such property MINUS all debts
and liabilities (except that a mortgage or other debt secured by your primary residence, up to the estimated fair market value
of the primary residence at the time of the purchase of the Shares, shall not be included as a liability, provided that if the
amount of such indebtedness outstanding at the time of the purchase of the Shares exceeds the amount outstanding 60 days before
such time, other than as a result of the acquisition of your primary residence, the amount of such excess shall be included as
a liability. Further, the amount of any mortgage or other indebtedness secured by your primary residence that exceeds the fair
market value of the residence at the time of the purchase of the Shares shall be included as a liability.

 

	Category B
___	The
undersigned is an individual (not a partnership, corporation, etc.) who had an income in excess of $200,000 in each of the two
most recent years, or joint income with his or her spouse in excess of $300,000 in each of those years (in each case including
foreign income, tax exempt income and full amount of capital gains and losses but excluding any income of other family members
and any unrealized capital appreciation) and has a reasonable expectation of reaching the same income level in the current year.

 

    	 	A-1	 

     

    

 

	Category C ___	The undersigned is a director or executive officer of the
Company which is issuing and selling the Shares.

 

	Category
                            D ___	The
undersigned is a bank, as defined in Section 3(a)(2) of the Securities Act of 1933, as amended (the “Act”);
a savings and loan association or other institution as defined in Section 3(a)(5)(A) of the Act, whether acting in its individual
or fiduciary capacity; any broker or dealer registered pursuant to Section 15 of the Securities Exchange Act of 1934; any insurance
company as defined in Section 2(a)(13) of the Act; any investment company registered under the Investment Company Act of 1940
or a business development company as defined in Section 2(a)(48) of that Act; any Small Business Investment Company licensed by
the U.S. Small Business Administration under Section 301(c) or (d) of the Small Business Investment Act of 1958; any plan established
and maintained by a state, its political subdivisions, or any agency or instrumentality of a state or its political subdivisions,
for the benefit of its employees, if such plan has total assets in excess of $5,000,000; any employee benefit plan within the
meaning of the Employee Retirement Income Security Act of 1974 if the investment decision is made by a plan fiduciary, as defined
in Section 3(21) of such act, which is either a bank, savings and loan association, insurance company, or registered investment
advisor, or if the employee benefit plan has total assets in excess of $5,000,000 or, if a self-directed plan, with investment
decisions made solely by persons that are accredited investors (describe entity).
	 	
	 	

 

	Category E ___	The undersigned is a private business development company
as defined in Section 202(a) (22) of the Investment Advisors Act of 1940 (describe entity)
	 	
	 	

 

	Category F ___	The undersigned is either a corporation, partnership, Massachusetts
or similar business trust, or any organization described in Section 501(c)(3) of the Internal Revenue Code, in each case not formed
for the specific purpose of acquiring the Shares and with total assets in excess of $5,000,000. (describe entity)
	 	
	 	

 

	Category G ___	The undersigned is a trust with total assets in excess
of $5,000,000, not formed for the specific purpose of acquiring the Shares, where the purchase is directed by a “sophisticated
investor” as defined in Regulation 506(b)(2)(ii) under the Act.
	 	
	 	

 

	Category H ___	The undersigned is an entity (other than a trust) in which
all of the equity owners are “accredited investors” within one or more of the above categories. If relying upon this
Category alone, each equity owner must complete a separate copy of this Investor Questionnaire. (describe entity)
	 	
	 	

 

The undersigned agrees that the undersigned
will notify the Company at any time on or prior to the applicable closing in the event that the representations and warranties
in this Investor Questionnaire shall cease to be true, accurate and complete.

 

    	 	A-2	 

     

    

 

(2)       Suitability
(please answer each question)

 

		(a)	Are
                                         you familiar with the risk aspects and the non-liquidity of investments such as the Shares
                                         for which you seek to acquire?
	 	 	 
	 	 	YES           NO         

 

		(b)	Do
                                         you understand that there is no guarantee of financial return on this investment and
                                         that you run the risk of losing your entire investment?
	 	 	 
	 	 	YES           NO         

 

(3)       Manner
in which title is to be held: (circle one)

 

		(a)	Individual
                                         Ownership

 

		(b)	Community
                                         Property

 

		(c)	Joint
                                         Tenant with Right of Survivorship (both parties must sign)

 

		(d)	Partnership

 

		(e)	Tenants
                                         in Common

 

		(f)	Company

 

		(g)	Trust

 

		(h)	Other

 

(4)       Are
you a U.S. person (as defined in the Securities Act)?

 

	 	 	YES           NO         

 

(5)       FINRA
Affiliation.

 

Are
you affiliated or associated with a member of FINRA (please check one):

 

YES
_____ NO _____

 

If Yes, please describe:

 

 

 

 

 

 

 

 

 

 

*If subscriber is a Registered Representative with a member of
FINRA, have the following acknowledgment signed by the appropriate party:

 

    	 	A-3	 

     

    

 

The
undersigned FINRA firm acknowledges receipt of the notice required by the Conduct Rules of FINRA.

 

		 
	Name
    of NASD Member Firm	 
	 	 	 
	By:	 	 
	 	Authorized
    Officer	 
	 	 	 
	Date:	 	 
	 	 	 

 

{Remainder of page intentionally left blank}

 

    	 	A-4	 

     

    

 

The undersigned is informed
of the significance to the Company of the foregoing representations and answers contained in this Investor Questionnaire and such
answers have been provided under the assumption that the Company will rely on them. The undersigned represents and warrants to
the Company, as or on behalf of the Subscriber, that the information in this Investor Questionnaire is true, complete and accurate
and may be relied upon by the Company. The Subscriber understands that a false representation may constitute a violation of law,
and that any person or entity who suffers damage as a result of a false representation may have a claim against the Subscriber
for damages

 

	Individual Signature:	 	Entity Signature:
	 	 	 	 	 
		 	
	Signature	 	Entity Name
	 	 	 	 	 
		 	By:	
	Name (Print) 	 	 	Signature
	 	 	 	 	 
	Date:	           	 	
	 	 	 	Signatory Name (Print)
	 	 	 	 	 
	 	 	 	
	 	 	 	Title

	 	 	 	 	 
	 	 	 	Date:	      

 

 

A-5Exhibit 10.13

 

AMENDED
AND RESTATED REGISTRATION RIGHTS AGREEMENT

 

THIS
AMENDED AND RESTATED REGISTRATION RIGHTS AGREEMENT (this “Agreement”) is entered into as of August 18,
2017, by and among Pacific Special Acquisition Corp., a British Virgin Islands company with limited liability, which will be known
after the consummation of the transactions contemplated by the Merger Agreement (as defined below) as “Borqs Technologies,
Inc.” (including any successor entity thereto, the “Company”), and the undersigned parties listed
under Investor on the signature page hereto (each, an “Investor” and collectively, the “Investors”).

 

WHEREAS,
the Investors previously held all of the outstanding Ordinary Shares of the Company issued prior to the consummation of the Company’s
initial public offering (the “Initial Shares”);

 

WHEREAS,
certain of the Investors privately purchased a total of 531,875 Units (the “Private Units”)
simultaneously with the consummation of the Company’s initial public offering and in the closing of an over-allotment
option for the Company’s initial public offering;

 

WHEREAS,
the Investors and the Company entered into that certain Registration Rights Agreement, dated as of October 14, 2015 (“Prior
Agreement”), to provide the Investors with certain rights relating to the registration of the Initial Shares, the
Private Units and the Working Capital Units (defined below);

 

WHEREAS,
on December 27, 2016, the Company entered into that certain Merger Agreement (as amended from time to time in accordance with
the terms thereof, including the First Amendment to Merger Agreement dated May 10, 2017 and the Second Amendment to Merger Agreement
dated June 29, 2017, the “Merger Agreement”) by and among the Company, PAAC Merger Subsidiary Limited,
an exempted company formed under the laws of the Cayman Islands with limited liability and a wholly-owned subsidiary of the Company
(“Merger Sub”), Zhengqi International Holding Limited, a business company incorporated in the British
Virgin Islands with limited liability, in its capacity under the Merger Agreement as the Purchaser Representative, Borqs International
Holding Corp, a company formed under the laws of the Cayman Islands with limited liability (“Borqs”),
Zengdong Zou, in the capacity as the Seller Representative thereunder, and for limited purposes thereof, Zhengqi International
Holding Limited (the “Sponsor”), pursuant to which, subject to the terms and conditions thereof, Merger
Sub will merger with and into Borqs, with Borqs continuing as the surviving entity (the “Merger”);

 

WHEREAS,
on May 11, 2017, the Company and the Sponsor entered into that certain Backstop and Subscription Agreement (as partially assigned
to EarlyBird Capital, Inc. (“EBC”) for $750,000 in purchase obligations and amended on August 16, 2017,
the “Backstop Agreement”), pursuant to which the Sponsor agreed to purchase up to $24.0 million of Ordinary
Shares through (i) open market or privately negotiated transactions with third parties, (ii) a private placement from the Company
with consummation to occur immediately prior to the Merger or (iii) a combination thereof, in order to ensure that there is at
least $24.0 million in funds left in the Company’s trust account after redemptions in connection with the Merger and the
proceeds from the private placement to be conducted by the Company prior to the Merger (“Closing Proceeds”),
although Sponsor is entitled, at its sole election, to purchase additional Ordinary Shares in excess of such $24.0 million Closing
Proceeds requirement, up to $24.0 million purchased in total in connection with the Backstop Agreement, and of which obligations
to purchase in the private placement from the Company thereunder, EBC assumed $750,000 (any shares acquired by the Sponsor or
EBC (collectively, the “Backstop Investors”) under or in connection with the Backstop Agreement, whether
in open market purchases, private purchases or pursuant to a private placement with the Company, “Backstop Shares”);

 

WHEREAS,
in connection with the Backstop Agreement, upon the consummation of the Merger, the Earnout Shares (as defined below) will be
issued in the name of the Backstop Investors and deposited into escrow and the Backstop Investors will have the right to receive
certain Earnout Shares if they are not earned by Borqs shareholders pursuant to the terms of the Merger Agreement; and

 

WHEREAS,
the Investors and the Company desire to enter into this Agreement to amend and restate the Prior Agreement to provide the Backstop
Investors as Investors hereunder with certain rights relating to the registration of the Backstop Shares and the Earnout Shares.

 

     

     

    

 

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

 

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

 

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

 

“Backstop
Agreement” is defined in the recitals to this Agreement.

 

”Backstop Investors” is
defined in the recitals to this Agreement.

 

“Backstop Shares” is defined
in the recitals to this Agreement.

 

“Borqs” is defined in
the recitals to this Agreement.

 

“Business
Combination” means a merger, share exchange, asset acquisition, share purchase, recapitalization, reorganization
or other similar business combination with one or more businesses or entities.

 

“Closing
Proceeds” is defined in the recitals to this Agreement.

 

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

 

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

 

“Demand
Registration” is defined in Section 2.1.1.

 

“Demanding
Holder” is defined in Section 2.1.1.

 

“Earnout
Shares” means any Earnout Shares (as defined in the Merger Agreement) that are ultimately released to the Backstop
Investors in the event certain conditions are met and in any case pursuant to the provisions (including the dispute resolution
provisions) in the Merger Agreement governing such Earnout Shares, including Section 12.2.

 

“EBC”
is defined in the recitals to this Agreement.

 

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

 

“Form
S-3” is defined in Section 2.3.

 

“Indemnified
Party” is defined in Section 4.3.

 

“Indemnifying
Party” is defined in Section 4.3.

 

“Initial
Shares” is defined in the recitals to this Agreement.

 

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

 

“Investor
Indemnified Party” is defined in Section 4.1.

 

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

 

“Merger”
is defined in the recitals to this Agreement.

 

“Merger
Agreement” is defined in the recitals to this Agreement.

 

    	 	2	 

     

    

 

“Merger
Sub” is defined in the recitals to this Agreement.

 

“Notices”
is defined in Section 6.3.

 

“Option
Securities” is defined in Section 2.1.4.

 

“Ordinary
Shares” means the Ordinary Shares of the Company, no par value.

 

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

 

“Prior
Agreement” is defined in the recitals to this Agreement.

 

“Private
Units” is defined in the recitals to this Agreement.

 

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

 

“Registrable
Securities” means (i) all of the Initial Shares, (ii) all of the Private Units (and underlying Ordinary Shares),
(iii) all of the Working Capital Units (and underlying Ordinary Shares), (iv) all of the Backstop Shares and (v) all of the Earnout
Shares. Registrable Securities include any warrants, share capital or other securities of the Company issued as a dividend or
other distribution with respect to or in exchange for or in replacement of such Initial Shares, Private Units (and underlying
Ordinary Shares), Working Capital Units (and underlying Ordinary Shares), Backstop Shares and Earnout Shares. As to any particular
Registrable Securities, such securities shall cease to be Registrable Securities when: (a) a Registration Statement with respect
to the sale of such securities shall have become effective under the Securities Act and such securities shall have been sold,
transferred, disposed of or exchanged in accordance with such Registration Statement; (b) such securities shall have been otherwise
transferred, new certificates for them not bearing a legend restricting further transfer shall have been delivered by the Company
and subsequent public distribution of them shall not require registration under the Securities Act; (c) such securities shall
have ceased to be outstanding, or (d) the Registrable Securities are freely saleable under Rule 144 without volume limitations.

 

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

 

“Release
Date” means the date on which the Initial Shares are disbursed from escrow pursuant to Section 3 of that certain
Share Escrow Agreement dated as of October 14, 2015 by and among certain of the Investors and Continental Stock Transfer &
Trust Company.

 

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

 

“Sponsor”
is defined in the recitals to this Agreement.

 

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

 

“Units”
means the units of the Company, each comprised of one ordinary share, one right to receive one-tenth of one ordinary share automatically
on the consummation of an initial business combination, and one Warrant to purchase one-half of one ordinary share.

 

“Warrants”
means the warrants of the Company underlying the Units, each to purchase one half of one ordinary share.

 

    	 	3	 

     

    

 

“Working
Capital Units” means any Units held by Investors, officers or directors of the Company or their affiliates which
may be issued in payment of working capital loans made to the Company.

 

2.
   REGISTRATION RIGHTS.

 

2.1  Demand Registration.

 

2.1.1
Request for Registration. At any time and from time to time on or after (i) the date that the Company consummates a Business
Combination with respect to the Private Units (or underlying Ordinary Shares), Working Capital Units (or underlying Ordinary Shares)
or Backstop Shares, (ii) upon release of the Earnout Shares or (iii) three months prior to the Release Date with respect to all
other Registrable Securities, the holders of a majority-in-interest of such Registrable Securities, as the case may be, held by
the Investors, officers or directors of the Company or their affiliates, or the transferees of the Investors, may make a written
demand for registration under the Securities Act of all or part of their Registrable Securities, as the case may be (a “Demand
Registration”). Any demand for a Demand Registration shall specify the number of shares of Registrable Securities
proposed to be sold and the intended method(s) of distribution thereof. The Company will notify all holders of Registrable Securities
of the demand, and each holder of Registrable Securities who wishes to include all or a portion of such holder’s Registrable
Securities in the Demand Registration (each such holder including shares of Registrable Securities in such registration, a “Demanding
Holder”) shall so notify the Company within fifteen (15) days after the receipt by the holder of the notice from
the Company. Upon any such request, the Demanding Holders shall be entitled to have their Registrable Securities included in the
Demand Registration, subject to Section 2.1.4 and the provisos set forth in Section 3.1.1. The Company shall not be obligated
to effect more than an aggregate of three (3) Demand Registrations under this Section 2.1.1 in respect of all Registrable Securities.

 

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

 

2.1.3 Underwritten
Offering. If a majority-in-interest of the Demanding Holders so elect and such holders so advise the Company as part of
their written demand for a Demand Registration, the offering of such Registrable Securities pursuant to such
Demand Registration shall be in the form of an underwritten offering. In such event, the right of any holder to include its
Registrable Securities in such registration shall be conditioned upon such holder’s participation in such underwriting
and the inclusion of such holder’s Registrable Securities in the underwriting to the extent provided herein. All
Demanding Holders proposing to distribute their Registrable Securities through such underwriting shall enter into an
underwriting agreement in customary form with the Underwriter or Underwriters selected for such underwriting by a
majority-in-interest of the holders initiating the Demand Registration.

 

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

 

    	 	4	 

     

    

 

2.1.5
Withdrawal. If a majority-in-interest of the Demanding Holders disapprove of the terms of any underwriting or are not entitled
to include all of their Registrable Securities in any offering, such majority-in-interest of the Demanding Holders may elect to
withdraw from such offering by giving written notice to the Company and the Underwriter or Underwriters of their request to withdraw
prior to the effectiveness of the Registration Statement filed with the Commission with respect to such Demand Registration. If
the majority-in-interest of the Demanding Holders withdraws from a proposed offering relating to a Demand Registration, then such
registration shall not count as a Demand Registration provided for in Section 2.1.

 

2.2  Piggy-Back
Registration.

 

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

 

2.2.2
Reduction of Offering. If the managing Underwriter or Underwriters for a Piggy-Back Registration that is to be an underwritten
offering advises the Company and the holders of Registrable Securities in writing that the dollar amount or number of Ordinary
Shares which the Company desires to sell, taken together with Ordinary Shares, if any, as to which registration has been demanded
pursuant to written contractual arrangements with persons other than the holders of Registrable Securities hereunder, the Registrable
Securities as to which registration has been requested under this Section 2.2, and the Ordinary Shares, if any, as to which registration
has been requested pursuant to the written contractual piggy-back registration rights of other shareholders of the Company, exceeds
the Maximum Number of Shares, then the Company shall include in any such registration:

 

a)       If
the registration is undertaken for the Company’s account: (A) first, the Ordinary Shares or other securities that the Company
desires to sell that can be sold without exceeding the Maximum Number of Shares; (B) second, to the extent that the Maximum Number
of Shares has not been reached under the foregoing clause (A), the Ordinary Shares or other securities, if any, comprised of Registrable
Securities and Option Securities, as to which registration has been requested pursuant to the applicable written contractual piggyback
registration rights of such security holders, Pro Rata, that can be sold without exceeding the Maximum Number of Shares; and (C)
third, to the extent that the Maximum Number of shares has not been reached under the foregoing clauses (A) and (B), the Ordinary
Shares or other securities for the account of other persons that the Company is obligated to register pursuant to written contractual
piggy-back registration rights with such persons and that can be sold without exceeding the Maximum Number of Shares;

 

    	 	5	 

     

    

 

b)       If
the registration is a “demand” registration undertaken at the demand of holders of Option Securities, (A) first, the
Ordinary Shares or other securities for the account of the demanding persons, Pro Rata, that can be sold without exceeding the
Maximum Number of Shares; (B) second, to the extent that the Maximum Number of Shares has not been reached under the foregoing
clause (A), the Ordinary Shares or other securities that the Company desires to sell that can be sold without exceeding the Maximum
Number of Shares; (C) third, to the extent that the Maximum Number of Shares has not been reached under the foregoing clauses
(A) and (B), the shares of Registrable Securities, Pro Rata, as to which registration has been requested pursuant to the terms
hereof, that can be sold without exceeding the Maximum Number of Shares; and (D) fourth, to the extent that the Maximum Number
of Shares has not been reached under the foregoing clauses (A), (B) and (C), the Ordinary Shares or other securities for the account
of other persons that the Company is obligated to register pursuant to written contractual arrangements with such persons, that
can be sold without exceeding the Maximum Number of Shares; and

 

c)      If the
registration is a “demand” registration undertaken at the demand of persons other than either the holders of Registrable
Securities or of Option Securities, (A) first, the Ordinary Shares or other securities for the account of the demanding persons
that can be sold without exceeding the Maximum Number of Shares; (B) second, to the extent that the Maximum Number of Shares has
not been reached under the foregoing clause (A), the Ordinary Shares or other securities that the Company desires to sell that
can be sold without exceeding the Maximum Number of Shares; (C) third, to the extent that the Maximum Number of Shares has not
been reached under the foregoing clauses (A) and (B), collectively the Ordinary Shares or other securities comprised of Registrable
Securities and Option Securities, Pro Rata, as to which registration has been requested pursuant to the terms hereof and of the
Unit Purchase Option, as applicable, that can be sold without exceeding the Maximum Number of Shares; and (D) fourth, to the extent
that the Maximum Number of Shares has not been reached under the foregoing clauses (A), (B) and (C), the Ordinary Shares or other
securities for the account of other persons that the Company is obligated to register pursuant to written contractual arrangements
with such persons, that can be sold without exceeding the Maximum Number of Shares.

 

2.2.3
Withdrawal. Any holder of Registrable Securities may elect to withdraw such holder’s request for inclusion of Registrable
Securities in any Piggy-Back Registration by giving written notice to the Company of such request to withdraw prior to the effectiveness
of the Registration Statement. The Company (whether on its own determination or as the result of a withdrawal by persons making
a demand pursuant to written contractual obligations) may withdraw a Registration Statement at any time prior to the effectiveness
of such Registration Statement. Notwithstanding any such withdrawal, the Company shall pay all expenses incurred by the holders
of Registrable Securities in connection with such Piggy-Back Registration as provided in Section 3.3.

 

2.2.4
Registrations on Form S-3. The holders of Registrable Securities may at any time and from time to time, request in writing
that the Company register the resale of any or all of such Registrable Securities on Form S-3 or any similar short-form registration
which may be available at such time (“Form S-3”); provided, however, that the Company shall not be obligated
to effect such request through an underwritten offering. Upon receipt of such written request, the Company will promptly give
written notice of the proposed registration to all other holders of Registrable Securities, and, as soon as practicable thereafter,
effect the registration of all or such portion of such holder’s or holders’ Registrable Securities as are specified
in such request, together with all or such portion of the Registrable Securities or other securities of the Company, if any, of
any other holder or holders joining in such request as are specified in a written request given within fifteen (15) days after
receipt of such written notice from the Company; provided, however, that the Company shall not be obligated to effect any such
registration pursuant to this Section 2.3: (i) if Form S-3 is not available for such offering; or (ii) if the holders of the Registrable
Securities, together with the holders of any other securities of the Company entitled to inclusion in such registration, propose
to sell Registrable Securities and such other securities (if any) at any aggregate price to the public of less than $500,000.
Registrations effected pursuant to this Section 2.3 shall not be counted as Demand Registrations effected pursuant to Section
2.1.

 

    	 	6	 

     

    

 

3.     REGISTRATION
PROCEDURES.

 

3.1
 Filings; Information. Whenever the Company is required to effect the registration of any Registrable Securities
pursuant to Section 2, the Company shall use its best efforts to effect the registration and sale of such Registrable Securities
in accordance with the intended method(s) of distribution thereof as expeditiously as practicable, and in connection with any
such request:

 

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

 

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

 

3.1.3
Amendments and Supplements. The Company shall prepare and file with the Commission such amendments, including post-effective
amendments, and supplements to such Registration Statement and the prospectus used in connection therewith as may be necessary
to keep such Registration Statement effective and in compliance with the provisions of the Securities Act until all Registrable
Securities and other securities covered by such Registration Statement have been disposed of in accordance with the intended method(s)
of distribution set forth in such Registration Statement or such securities have been withdrawn or until such time as the Registrable
Securities cease to be Registrable Securities as defined by the Agreement.

 

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

 

    	 	7	 

     

    

 

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

 

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

 

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

 

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

 

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

 

    	 	8	 

     

    

 

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

 

3.1.11
Listing. The Company shall use its best efforts to cause all Registrable Securities included in any registration to be
listed on such exchanges or otherwise designated for trading in the same manner as similar securities issued by the Company are
then listed or designated or, if no such similar securities are then listed or designated, in a manner satisfactory to the holders
of a majority of the Registrable Securities included in such registration.

 

3.1.12
Road Show. If the registration involves the registration of Registrable Securities involving gross proceeds in excess of
$25,000,000, the Company shall use its reasonable efforts to make available senior executives of the Company to participate in
customary “road show” presentations that may be reasonably requested by the Underwriter in any underwritten offering.

 

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

 

3.3
  Registration Expenses. The Company shall bear all costs and expenses incurred in connection with any Demand
Registration pursuant to Section 2.1, any Piggy-Back Registration pursuant to Section 2.2, and any registration on Form S-3 effected
pursuant to Section 2.3, and all expenses incurred in performing or complying with its other obligations under this Agreement,
whether or not the Registration Statement becomes effective, including, without limitation: (i) all registration and filing fees;
(ii) fees and expenses of compliance with securities or “blue sky” laws (including fees and disbursements of counsel
in connection with blue sky qualifications of the Registrable Securities); (iii) printing expenses; (iv) the Company’s internal
expenses (including, without limitation, all salaries and expenses of its officers and employees); (v) the fees and expenses incurred
in connection with the listing of the Registrable Securities as required by Section 3.1.11; (vi) Financial Industry Regulatory
Authority fees; (vii) fees and disbursements of counsel for the Company and fees and expenses for independent certified public
accountants retained by the Company (including the expenses or costs associated with the delivery of any opinions or comfort letters
requested pursuant to Section 3.1.9); (viii) the fees and expenses of any special experts retained by the Company in connection
with such registration and (ix) the fees and expenses of one legal counsel selected by the holders of a majority-in-interest of
the Registrable Securities included in such registration. The Company shall have no obligation to pay any underwriting discounts
or selling commissions attributable to the Registrable Securities being sold by the holders thereof, which underwriting discounts
or selling commissions shall be borne by such holders. Additionally, in an underwritten offering, all selling shareholders and
the Company shall bear the expenses of the Underwriter pro rata in proportion to the respective amount of shares each is selling
in such offering.

 

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

 

3.5   Limitations
on Registration Rights. Notwithstanding anything herein to the contrary, (i) EarlyBirdCapital, Inc. may not exercise its rights
under Sections 2.1 and 2.2 hereunder after five (5) and seven (7) years after the effective date of the registration statement
relating to the Company’s initial public offering, respectively, and (ii) EarlyBirdCapital, Inc. may not exercise its rights
under Section 2.1 more than one time.

 

    	 	9	 

     

    

 

4.     INDEMNIFICATION
AND CONTRIBUTION.

 

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

 

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

 

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

 

    	 	10	 

     

    

 

4.4
 Contribution.

 

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

 

4.4.2
The parties hereto agree that it would not be just and equitable if contribution pursuant to this Section 4.4 were determined
by pro rata allocation or by any other method of allocation which does not take account of the equitable considerations referred
to in the immediately preceding Section 4.4.1.

 

4.4.3 The amount paid or payable by an Indemnified Party as a result of any loss,
claim, damage, liability or action referred to in the immediately preceding paragraph shall be deemed to include, subject to the
limitations set forth above, any legal or other expenses incurred by such Indemnified Party in connection with investigating or
defending any such action or claim. Notwithstanding the provisions of this Section 4.4, no holder of Registrable Securities shall
be required to contribute any amount in excess of the dollar amount of the net proceeds (after payment of any underwriting fees,
discounts, commissions or taxes) actually received by such holder from the sale of Registrable Securities which gave rise to such
contribution obligation. No person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities
Act) shall be entitled to contribution from any person who was not guilty of such fraudulent misrepresentation.

 

5.     UNDERWRITING AND DISTRIBUTION.

 

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

 

6.      MISCELLANEOUS.

 

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

 

    	 	11	 

     

    

 

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

 

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

 

To
the Company:

 

Borqs
Technologies, Inc.

Tower
A, Building B23

Universal
Business Park

No.
10 Jiuxiangqiao Road

Chaoyang
District, Beijing 100015, China

Attn:
Pat Chan, Chief Executive Officer

 

with
a copy to:

 

Fenwick
& West LLP

Silicon
Valley Center

801
California Street,

Mountain
View, CA 94041

Attn:
Horace L. Nash, Esq. and Eva Wang, Esq.

 

and

 

Ellenoff
Grossman & Schole, LLP

1345
Avenue of the Americas, 11th Floor

New York, NY 10105

Attn:
Stuart Neuhauser, Esq.

 

To
an Investor, to the address set forth below such Investor’s name on Exhibit A hereto.

 

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

 

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

 

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

 

    	 	12	 

     

    

 

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

 

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

 

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

 

6.10
Remedies Cumulative. In the event that the Company fails to observe or perform any covenant or agreement to be observed
or performed under this Agreement, the Investor or any other holder of Registrable Securities may proceed to protect and enforce
its rights by suit in equity or action at law, whether for specific performance of any term contained in this Agreement or for
an injunction against the breach of any such term or in aid of the exercise of any power granted in this Agreement or to enforce
any other legal or equitable right, or to take any one or more of such actions, without being required to post a bond. None of
the rights, powers or remedies conferred under this Agreement shall be mutually exclusive, and each such right, power or remedy
shall be cumulative and in addition to any other right, power or remedy, whether conferred by this Agreement or now or hereafter
available at law, in equity, by statute or otherwise.

 

6.11
Governing Law. In connection with Section 5-1401 of the General Obligations Law of the State of New York, this Agreement
shall be governed by, and construed in accordance with, the laws of the State of New York without regard to principles of conflicts
of law that would result in the application of the substantive law of another jurisdiction. The parties hereto agree that any
action, proceeding or claim arising out of or relating in any way to this Agreement shall be resolved through final and biding
arbitration in accordance with the International Arbitration Rules of the American Arbitration Association (“AAA”).
The arbitration shall be brought before the AAA International Center for Dispute Resolution’s offices in New York City,
New York, will be conducted in English and will be decided by a panel of three arbitrators selected from the AAA Commercial Disputes
Panel and that the arbitrator panel’s decision shall be final and enforceable by any court having jurisdiction over the
party from whom enforcement is sought. The cost of such arbitrators and arbitration services, together with the prevailing party’s
legal fees and expenses, shall be borne by the non-prevailing party or as otherwise directed by the arbitrators. This Agreement
may be executed in several original or facsimile counterparts, each one of which shall constitute an original, and together shall
constitute but one instrument.

 

6.12
Waiver of Trial by Jury. Each party hereby irrevocably and unconditionally waives the right to a trial by jury in any action,
suit, counterclaim or other proceeding (whether based on contract, tort or otherwise) arising out of, connected with or relating
to this Agreement, the transactions contemplated hereby, or the actions of the Investor in the negotiation, administration, performance
or enforcement hereof.

 

[REMAINDER
OF PAGE INTENTIONALLY LEFT BLANK]

 

    	 	13	 

     

    

 

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

 

	 	COMPANY:
	 	 	 
	 	PACIFIC SPECIAL ACQUISITION CORP.
	 	 
	 	By:	/s/ Zhouhong Peng
	 	 	Name: Zhouhong Peng
	 	 	Title:   CEO
	 	 	 
	 	INVESTORS:
	 	 	 
	 	Zhengqi International Holding Limited
	 	 	 
	 	By:	/s/ Zhouhong Peng
	 	 	Name : Zhouhong Peng
	 	 	Title :   Director
	 	 	 
	 	 	/s/ Jian Tu
	 	 	Jian Tu
	 	 	 
	 	 	/s/ Zhouhong Peng
	 	 	Zhouhong Peng
	 	 	 
	 	 	/s/ David Boris
	 	 	David Boris
	 	 	 
	 	 	/s/ Yaqi Feng
	 	 	Yaqi Feng
	 	 	 
	 	 	/s/ Guoxiong Luo
	 	 	Guoxiong Luo
	 	 	 
	 	 	/s/ Jason Zexian Shen
	 	 	Jason Zexian Shen
	 	 	 
	 	 	/s/ Honghui Deng
	 	 	Honghui Deng
	 	 	 
	 	EARLY BIRD CAPITAl, INC.
	 	 	 
	 	By:	/s/ Steven Levine
	 	 	Name: Steven Levine
	 	 	Title :  CEO

 

[Signature
Page to Amended and Restated Registration Rights Agreement]

 

    	 	14	 

     

    

 

EXHIBIT A

INVESTORS

 

	Name	 	Address
	Zhengqi International Holding Limited

	 	 
	 	 	 
	Jian Tu

	 	 
	 	 	 
	Zhouhong Peng

	 	 
	 	 	 
	David Boris

	 	 
	 	 	 
	Yaqi Feng

	 	 
	 	 	 
	Guoxiong Luo

	 	 
	 	 	 
	Jason Zexian Shen

	 	 
	 	 	 
	Honghui Deng

	 	 
	 	 	 
	EarlyBirdCapital, Inc.

	 	 

 

 

15

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