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Exhibit 10.3    
    

 
 

CHINA MINING RESOURCES HOLDINGS LIMITED
  SECURITIES ESCROW AGREEMENT    
    

        THIS SECURITIES ESCROW AGREEMENT (this "Agreement") is entered into as
of                        , 2008 by and among China
Mining Resources Holdings Limited, a Delaware corporation (the "Company"), the initial stockholders listed on  Exhibit A hereto (each an "Initial Stockholder" and collectively, the
"Initial Stockholders") and Continental Stock Transfer & Trust Company, a New York corporation (the "Escrow
Agent"). 

        WHEREAS,
the Company has entered into an Underwriting Agreement, dated                        , 2008 (the "Underwriting Agreement"), with Lazard
Capital Markets LLC ("Lazard") acting as representative of the underwriters (collectively, the
"Underwriters"), pursuant to which, among other matters, the Underwriters have agreed to purchase 10,000,000 units
("Units") of the Company. Each Unit consists of one share of the Company's common stock, par value $0.0001 per share (the
"Common Stock"), and one warrant to purchase one share of Common Stock, all as more fully described in the Company's final prospectus, dated
                        , 2008 (the "Prospectus"), which is part of the Company's
Registration Statement on Form S-1 (File
No. 333-148051) (the "Registration Statement") under the Securities Act of 1933, as amended, declared effective
on                        ,
2008 (the "Effective Date"); 

        WHEREAS,
the Initial Stockholders have agreed as a condition to the sale of the Units to deposit in escrow as hereinafter provided that number of shares of Common Stock of the Company
purchased by such Initial Stockholders prior to the Effective Date (the "Escrow Shares") and the number of Insider Warrants (as defined in the Warrant
Agreement dated as of [                        ], 2008 between the Company and Continental Stock Transfer & Trust Company,
 as Warrant Agent (the "Warrant
Agreement")), in each case, as set forth opposite their respective names on Exhibit A attached hereto (the Escrow Shares
and Insider Warrants are collectively referred to herein as the "Escrow Securities"); and 

        WHEREAS,
the Company and the Initial Stockholders desire that the Escrow Agent accept the Escrow Securities, in escrow, to be held and disbursed as hereinafter provided. 

        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.    Appointment of Escrow Agent.    The Company and the Initial Stockholders hereby appoint the Escrow Agent to act
in accordance with and subject to the terms of this Agreement and the Escrow Agent hereby accepts such appointment and agrees to act in accordance with and subject to such terms. 

        2.    Deposit of Escrow Securities.    Each of the Initial Stockholders hereby delivers or causes to be delivered to
the Escrow Agent on the date hereof certificates representing his, her or its respective Escrow Securities, to be held and disbursed subject to the terms and conditions of this Agreement. Each Initial
Stockholder acknowledges that the certificates representing his, her or its Escrow Securities is legended to reflect the deposit of such Escrow Securities under this Agreement. The Escrow Agent hereby
acknowledges receipt of the Escrowed Securities. 

        3.    Disbursement of the Escrow Securities.    The Escrow Agent shall hold the Escrow Shares until the date that is
one year after the consummation by the Company of an Initial Business Combination (as defined in the Company's Amended and Restated Certificate of Incorporation) and the Insider Warrants until the
date that is 90 days after the consummation by the Company of an Initial Business Combination (in each case, the "Escrow Period"), on which date
it shall, upon written instructions from each Initial Stockholder, disburse each of the Initial Stockholder's Escrow Shares (and any applicable stock power) or Insider Warrants, as the case may be, to
such Initial Stockholder; provided, however, that if the Escrow Agent is notified by the Company
pursuant to Section 6.7 hereof that the Company 

 

is
being liquidated at any time during the Escrow Period, then the Escrow Agent shall promptly destroy the certificates representing the Escrow Securities held pursuant to this Agreement;  provided further,
however, that if, after the Company consummates an Initial Business Combination, the
Company (or the surviving entity) subsequently consummates a liquidation, merger, stock exchange or other similar transaction which results in all of the stockholders of such entity having the right
to exchange their shares of Common Stock for cash, securities or other property, then the Escrow Agent will, upon receipt of a certificate, executed by the Chief Executive Officer, Chairman of the
Board, Treasurer, Secretary or other authorized officer of the Company, in form reasonably acceptable to the Escrow Agent, that such transaction is then being consummated (and the Company hereby
agrees to timely deliver such a certificate to permit the participation by the Initial Stockholder in such transaction), release the Escrow Shares to the Initial Stockholders so that they can
similarly participate in such transaction. The Escrow Agent shall have no further duties hereunder after the disbursement or destruction of the Escrow Securities in accordance with this
Section 3. 

        4.    Rights of Initial Stockholders in Escrow Securities.    

        4.1    Voting Rights as a Stockholder.    Subject to the terms of the Insider Letter described in Section 4.4
hereof and except as herein provided, the Initial Stockholders shall retain all of their rights as stockholders of the Company during the Escrow Period, including, without limitation, the right to
vote the Escrow Shares. 

        4.2    Dividends and Other Distributions in Respect of the Escrow Shares.    During the applicable Escrow Period, all
dividends payable in cash with respect to the Escrow Shares shall be paid to the Initial Stockholders, but all dividends payable in stock or other non-cash property
("Non-Cash Dividends") shall be delivered to the Escrow Agent to hold in accordance with the terms hereof. As used herein, the term "Escrow
Shares" shall be deemed to include the Non-Cash Dividends distributed thereon, if any. 

        4.3    Restrictions on Transfer.    During the applicable Escrow Period, no sale, transfer or other disposition may be
made of any or all of the Escrow Securities, except (i) if the Initial Stockholder is an entity, to its stockholders, members, partners or limited partners upon the liquidation of such Initial
Stockholder, for which no or nominal consideration is received, (ii) to a member of an Initial Stockholder's immediate family or to a trust, the beneficiary of which is an Initial Stockholder,
a stockholder, member, partner or limited partner of an Initial Stockholder or a person related to an Initial Stockholder by blood, marriage or adoption, (iii) by virtue of the laws of descent
and distribution upon death of any Initial Stockholder, (iv) pursuant to a qualified domestic relations order or (v) to directors, officers and employees of the Company, or persons or
entities affiliated with directors, officers and employees, of the Company; provided, however, that such
permitted transfers may be implemented only upon the respective transferee's written agreement to be bound by the terms and conditions of this Agreement and of the Insider Letter signed by the Initial
Stockholder transferring the Escrow Securities. 

        4.4    Insider Warrants.    The Initial Stockholders acknowledge that the Insider Warrants are subject to restrictions
on exercise and transfer during the Escrow Period as specified in the Warrant Agreement. 

        4.5    Insider Letters.    Each of the Initial Stockholders has executed a letter agreement with the Company, dated as
indicated on Exhibit A hereto, and which is filed as an exhibit to the Registration Statement ("Insider
Letter"), respecting the rights and obligations of such Initial Stockholder in certain events, including but not limited to the liquidation of the Company. 

        5.    Concerning the Escrow Agent.    

        5.1    Good Faith Reliance.    The Escrow Agent shall not be liable for any action taken or omitted by it in good
faith and in the exercise of its own best judgment, and may rely conclusively and shall be 

2

 

protected
in acting upon any order, notice, demand, certificate, opinion or advice of counsel (including counsel chosen by the Escrow Agent), statement, instrument, report or other paper or document
(not only as to its due execution and the validity and effectiveness of its provisions, but also as to the truth and acceptability of any information therein contained) which is believed by the Escrow
Agent to be genuine and to be signed or presented by the proper person or persons. The Escrow Agent shall not be bound by any notice or demand, or any waiver, modification, termination or rescission
of this Agreement unless evidenced by a writing delivered to the Escrow Agent signed by the proper party or parties and, if the duties or rights of the Escrow Agent are affected, unless it shall have
given its prior written consent thereto. 

        5.2    Indemnification.    The Escrow Agent shall be indemnified and held harmless by the Company from and against any
expenses, including counsel fees and disbursements, or loss suffered by the Escrow Agent in connection with any action, suit or other proceeding involving any claim which in any way, directly or
indirectly, arises out of or relates to this Agreement, the services of the Escrow Agent hereunder, or the Escrow Securities held by it hereunder, other than expenses or losses arising from the gross
negligence or willful misconduct of the Escrow Agent. Promptly after the receipt by the Escrow Agent of notice of any demand or claim or the commencement of any action, suit or proceeding, the Escrow
Agent shall notify the other parties hereto in writing. In the event of the receipt of such notice, the Escrow Agent, in its sole discretion, may commence an action in the nature of interpleader in an
appropriate court to determine ownership or disposition of the Escrow Securities or it may deposit the Escrow Securities with the clerk of any appropriate court or it may retain the Escrow Securities
pending receipt of a final, non-appealable order of a court having jurisdiction over all of the parties hereto directing to whom and under what circumstances the Escrow Securities are to
be disbursed and delivered. The provisions of this Section 5.2 shall survive in the event the Escrow Agent resigns or is discharged pursuant to Sections 5.5 or 5.6 below. 

        5.3    Compensation.    The Escrow Agent shall be entitled to reasonable compensation from the Company for all
services rendered by it hereunder. The Escrow Agent shall also be entitled to reimbursement
from the Company for all expenses paid or incurred by it in the administration of its duties hereunder including, but not limited to, all counsel, advisors' and agents' fees and disbursements and all
taxes or other governmental charges. 

        5.4    Further Assurances.    From time to time on and after the date hereof, the Company and the Initial Stockholders
shall deliver or cause to be delivered to the Escrow Agent such further documents and instruments and shall do or cause to be done such further acts as the Escrow Agent shall reasonably request to
carry out more effectively the provisions and purposes of this Agreement, to evidence compliance herewith or to assure itself that it is protected in acting hereunder. 

        5.5    Resignation.    The Escrow Agent may resign at any time and be discharged from its duties as escrow agent
hereunder by its giving the other parties hereto written notice and such resignation shall become effective as hereinafter provided. Such resignation shall become effective at such time that the
Escrow Agent shall turn over to a successor escrow agent appointed by the Company, the Escrow Securities held hereunder. If no new escrow agent is so appointed within the 60 day period
following the giving of such notice of resignation, the Escrow Agent may deposit the Escrow Securities with any court it reasonably deems appropriate. 

        5.6    Discharge of Escrow Agent.    The Escrow Agent shall resign and be discharged from its duties as escrow agent
hereunder if so requested in writing at any time by the other parties hereto, jointly; provided,  however, that such resignation shall become effective only
upon acceptance of appointment by a successor escrow agent as provided in Section 5.5. 

        5.7    Liability.    Notwithstanding anything herein to the contrary, the Escrow Agent shall not be relieved from
liability hereunder for its own gross negligence or its own willful misconduct. 

3

 

        6.    Miscellaneous.    

        6.1    Governing Law.    This Agreement shall for all purposes be deemed to be made under and shall be construed in
accordance with the laws of the State of New York, without giving effect to conflicts of law principles that would result in the application of the substantive laws of another jurisdiction. 

        6.2    Counterparts.    This Agreement may be executed simultaneously in two or more counterparts, none of which need
contain the signatures of more than one party, but all such counterparts taken together shall constitute one and the same agreement 

        6.3    Entire Agreement.    This Agreement contains the entire agreement of the parties hereto with respect to the
subject matter hereof and, except as expressly provided herein, may not be changed or modified except by an instrument in writing signed by each party hereto. 

        6.4    Headings.    The headings contained in this Agreement are for reference purposes only and shall not affect in
any way the meaning or interpretation thereof. 

        6.5    Binding Effect.    This Agreement shall be binding upon and inure to the benefit of the respective parties
hereto and their legal representatives, successors and assigns. 

        6.6    Notices.    Any notice or other communication required or which may be given hereunder shall be in writing and
either be delivered personally or be mailed, certified or registered mail, or by private national courier service, return receipt requested, postage prepaid, and shall be deemed given when so
delivered personally or, if mailed, two days after the date of mailing, as follows: 

If
to the Company, to: 

China
Mining Resources Holdings Limited

c/o SSC Mandarin Group

Room 4710, 47th Floor, The Center

99 Queen Road

Central, Hong Kong 

        If
to an Initial Stockholder, to his, her or its address set forth in Exhibit A. 

and
if to the Escrow Agent, to: 

Continental
Stock Transfer & Trust Company

17 Battery Place

New York, New York 10004

Attn: Chairman 

A
copy of any notice sent hereunder shall be sent to: 

Troutman
Sanders LLP

405 Lexington Avenue

The Chrysler Building

New York, NY 10174

Attn: Timothy I. Kahler, Esq. 

and: 

Lazard
Capital Markets LLC

30 Rockefeller Plaza

New York, New York 10020

Attn: Robert Berger 

4

 

and:

Akin
Gump Strauss Hauer & Feld, LLP

690 Madison Avenue

New York, NY 10022

Attn: Bruce S. Mendelsohn, Esq. 

        The
parties may change the persons and addresses to which the notices or other communications are to be sent by giving written notice of any such change in the manner provided herein for
giving notice. 

        6.7    Liquidation of the Company.    The Company shall give the Escrow Agent written notification of the liquidation
and dissolution of the Company in the event that the Company fails to consummate an Initial Business Combination within the time period(s) specified in the Prospectus. 

        6.8    Waiver.    The Escrow Agent hereby waives any and all right, title, interest or claim of any kind
("Claim") in or to any distribution of the Trust Account (as defined in that certain Investment Management Trust Agreement, dated as of the date hereof,
by and between the Company and Continental Stock Transfer & Trust Company, as trustee thereunder), and hereby agrees not to seek recourse, reimbursement, payment or satisfaction for any Claim
against the Trust Account for any reason whatsoever. 

[Signature
pages follow] 

5

 

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

	 	 	CHINA MINING RESOURCES HOLDINGS LIMITED
	

 	
 	

By:	

 
	 	 	 	
 Name: Robin Lee

Title: Chief Executive Officer
	

 	
 	
INITIAL STOCKHOLDERS:
 
	

 	
 	

    
 Robin Lee
	

 	
 	

    
 Xiaona Ma
	

 	
 	

    
 Baolong Zhao
	

 	
 	

    
 Wing Kai Ho
	

 	
 	

Global Strategic Partners Inc.
	

 	
 	

By:	

 
	 	 	 	
 Name: John F. Ambruz

Title: Managing Director

6

 

	

 	
 	

    
 John F. Ambruz
	

 	
 	

    
 Denis Worrall
	

 	
 	

    
 Pieter van Aswegen
	

 	
 	

    
 Paul Bernards
	

 	
 	

    
 Merrill Weingrod
	

 	
 	

    
 Wan Guo Li
	

 	
 	

CONTINENTAL STOCK TRANSFER & TRUST COMPANY
	

 	
 	

By:	

 
	 	 	 	
 Name:

Title:

7

 
 

EXHIBIT A    
    

	Name and Address of Initial Stockholder
 
	 	No. of Escrow Shares
	 	Stock Certificate Number.
	 	Date of Insider Letter
	 	Number of Insider Warrants
	 	Warrant Number

	Robin Lee

c/o SSC Mandarin Financial Services Limited

Room 4710, 47/F., The Center

99 Queen's Road

Central, Hong Kong	 	1,420,000	 	C-1, C-6, C-14	 	                        , 2008	 	 	 	 
	

Xiaona Ma

c/o SSC Mandarin Financial Services Limited

Room 4710, 47/F., The Center

99 Queen's Road

Central, Hong Kong	
 	

75,000	
 	

C-2	
 	

                        , 2008	
 	

 	
 	

 
	

Baolong Zhao

c/o SSC Mandarin Financial Services Limited

Room 4710, 47/F., The Center

99 Queen's Road

Central, Hong Kong	
 	

70,000	
 	

C-3, C-7	
 	

                        , 2008	
 	

 	
 	

 
	

Wing Kai Ho

c/o SSC Mandarin Financial Services Limited

Room 4710, 47/F., The Center

99 Queen's Road

Central, Hong Kong	
 	

60,000	
 	

C-4	
 	

                        , 2008	
 	

 	
 	

 
	

Global Strategic Partners Inc.

c/o John F. Ambruz

John Ambruz

106 Stonewall Circle

West Harrison, New York 10604	
 	

625,000	
 	

C-5	
 	

                        , 2008	
 	

 	
 	

 
	

John Ambruz

106 Stonewall Circle

West Harrison, New York 10604	
 	

30,000	
 	

C-8	
 	

                        , 2008	
 	

 	
 	

 
	

Dr Denis John Worrall

2 Milner Road

Rondebosch, Cape Town 7700

Republic of South Africa	
 	

30,000	
 	

C-9	
 	

                        , 2008	
 	

 	
 	

 
	

Pieter Christian van Aswegen

9 Reading Country Estates

26 Fore Street

New Redruth

Alberton 1449

Republic of South Africa	
 	

30,000	
 	

C-10	
 	

                        , 2008	
 	

 	
 	

 

	

Paul Bernards

130 Bloor Street West

Suite 200

Toronto, Ontario

M5S 1N5 Canada	
 	

30,000	
 	

C-11	
 	

                        , 2008	
 	

 	
 	

 
	

Merrill H. Weingrod

165 Brown St.,

Providence, Rhode Island	
 	

30,000	
 	

C-12	
 	

                        , 2008	
 	

 	
 	

 
	

Wan Guo Li

No. 1, Qingnianhubei Jie,

Anwai, Beijing 100011

The People's Republic of China.	
 	

100,000	
 	

C-13	
 	

                        , 2008	
 	

 	
 	

 

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Exhibit 10.3

CHINA MINING RESOURCES HOLDINGS LIMITED SECURITIES ESCROW AGREEMENT

EXHIBIT AExhibit 10.6

 

REGISTRATION RIGHTS AGREEMENT

 

THIS REGISTRATION RIGHTS
AGREEMENT (this “Agreement”)
is entered into as of the          day
of               ,
2008, by and among CHINA MINING RESOURCES HOLDINGS LIMITED, a Delaware
corporation (the “Company”),
and the undersigned parties listed as “Investors” on the signature page hereto
(each, an “Investor” and
collectively, the “Investors”).

 

WHEREAS, each of the
Investors has purchased from the Company the number of shares of the Company’s
common stock, par value $0.0001 per share (the “Common Stock”), set forth opposite
such Investor’s name on Schedule 1 to this Agreement; as shown on Schedule
1, the Investors collectively own an aggregate of 2,500,000 shares of
Common Stock (the “Initial Shares”).

 

WHEREAS, certain of the investors have purchased
from the Company the number of warrants to purchase shares of the Common Stock
set forth opposite their respective names on Schedule 1 to this
Agreement; as shown on Schedule 1, such Investors collectively own an aggregate
of 2,400,000 of such warrants, each of which is exercisable to purchase one
share of Common Stock (the “Insider Warrants”).

 

WHEREAS, pursuant to that certain securities escrow
agreement (the “Escrow Agreement”), dated as of                       ,
2008 between the Investors and Continental Stock Transfer & Trust
Company, the Investors are depositing into escrow the Initial Shares and the
Insider Warrants.

 

WHEREAS, the Investors
and the Company desire to enter into this Agreement to provide the Investors
with certain rights relating to the registration of shares of Common Stock held
by them.

 

WHEREAS, certain
capitalized terms used in this Agreement have the meanings given them in Section 1
hereof.

 

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:

 

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

 

“Demand
Registration” is defined in Section 2.1.1.

 

“Demanding
Holder” is defined in Section 2.1.1.

 

 

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

 

“Form S-3”
is defined in Section 2.3.

 

“Indemnified
Party” is defined in Section 4.3.

 

“Indemnifying
Party” is defined in Section 4.3.

 

“Investor
Indemnified Party” is defined in Section 4.1.

 

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

 

“Notices”
is defined in Section 6.3.

 

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

 

“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” mean all of the Initial Shares and all of the Warrant
Shares owned or held by Investors. 
Registrable Securities include any warrants, shares of capital stock 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 or
Warrant 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) such securities may
be sold under Rule 144 by the holder thereof without volume limitation
restrictions.

 

“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 Common
Stock (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 and Insider Warrants
are disbursed from escrow pursuant to Section 3 of the Securities Escrow
Agreement.

 

2

 

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

 

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

 

“Warrant Shares” means the shares of Common
Stock issuable upon exercise of the Insider Warrants.

 

2.         Registration Rights.

 

2.1.      Demand Registration.

 

2.1.1.       Request
for Registration. At any time and from time to time on or after the date
that is three months prior to the Release Date, the holders of a
majority-in-interest of the Registrable Securities held by the Investors 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 (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 two (2) Demand Registrations
under this Section 2.1.1 in respect of 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.

 

3

 

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 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 shares of Common Stock or other securities which the
Company desires to sell and the shares of Common Stock, if any, as to which
registration has been requested pursuant to written contractual piggy-back
registration rights held by other stockholders 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 of
Registrable Securities which  such  Demanding 
Holder has requested be included in such registration, regardless of the
number of shares of Registrable Securities held by each Demanding  Holder (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 shares of Common Stock 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 shares
of Common Stock or other securities registrable pursuant to the terms of the
Unit Purchase Option issued to Lazard Capital Markets LLC 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 shares of Common Stock 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.

 

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

 

4

 

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 Release Date the Company proposes to file a
Registration Statement under the Securities Act with respect to an offering of
equity securities, or securities or other obligations exercisable or exchangeable
for, or convertible into, equity securities, by the Company for its own account
or for stockholders of the Company for their account (or by the Company and by
stockholders of the Company including, without limitation, pursuant to Section 2.1),
other than a Registration Statement (i) filed in connection with any
employee stock option or other benefit plan, (ii) for an exchange offer or
offering of securities solely to the Company’s existing stockholders, (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 shares of Common Stock or other securities which the Company desires to
sell, taken together with shares of Common Stock or other securities, 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

 

5

 

which registration has
been requested under this Section 2.2, and the shares of Common Stock or
other securities, if any, as to which registration has been requested pursuant
to the written contractual piggy-back registration rights of other stockholders
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 shares of Common Stock 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
shares of Common Stock 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 piggy-back 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 shares of Common Stock 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; b) If the registration is a “demand”
registration undertaken at the demand of holders of Option Securities, (A) first,
the shares of Common Stock 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 shares of Common Stock 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 shares of Common Stock 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 shares of
Common Stock 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 shares of Common Stock 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
shares of Common Stock 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 shares of Common Stock or other
securities for the account of other persons that the Company is

 

6

 

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 the Registration Statement.
Notwithstanding any such withdrawal, the Company shall pay all expenses
incurred by the holders of Registrable Securities in connection with such
Piggy-Back Registration as provided in Section 3.3.

 

2.3.      Registrations
on Form 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.

 

2.4.      Maintenance of Priority.  So long as there are Registrable
Securities hereunder, the Company shall not grant to any person piggy-back
rights superior to or on parity with the rights of the holders of Registrable
Securities hereunder other than the rights granted to the holders of the
purchase option pursuant the Unit Purchase Option dated as of                                 ,
2008 by the Company in favor of Lazard Capital Markets LLC as initial holder.

 

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

 

7

 

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, as expeditiously as possible and
in any event within sixty (60) days after receipt of a request for a Demand
Registration pursuant to Section 2.1, prepare and file with the Commission
a Registration Statement on any form for which the Company then qualifies or
which counsel for the Company shall deem appropriate and which form shall be
available for the sale of all Registrable Securities to be registered
thereunder in accordance with the intended method(s) of distribution
thereof, and shall use its best efforts to cause such Registration Statement to
become and remain effective for the period required by Section 3.1.3;
provided, however, that the Company shall have the right to defer any Demand
Registration for up to thirty (30) days, and any Piggy-Back Registration for
such period as may be applicable to deferment of any demand registration to
which such Piggy-Back Registration relates, in each case if the Company shall
furnish to the holders a certificate signed by the Chief Executive Officer of
the Company stating that, in the good faith judgment of the Board of Directors
of the Company, it would be materially detrimental to the Company and its
stockholders 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 (which period shall not exceed the sum of one hundred
eighty (180) days plus any period during which any such disposition is
interfered with by any stop order or injunction of the Commission or any
governmental agency or court) or such securities have been withdrawn.

 

3.1.4.         Notification.  After the filing of a Registration Statement,
the Company shall promptly, and in no event more than two (2) business
days after such filing,

 

8

 

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.

 

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

 

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

 

9

 

make any representations
or warranties in the underwriting agreement except, if applicable, with respect
to such holder’s organization, good standing, authority, title to Registrable
Securities, lack of conflict of such sale with such holder’s material
agreements and organizational documents, and with respect to written
information relating to such holder that such holder has furnished in writing
expressly for inclusion in such Registration Statement.

 

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

 

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

 

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

 

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

 

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

 

10

 

designated, in a manner
satisfactory to the holders of a majority of the Registrable Securities
included in such registration.

 

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) National Association of Securities
Dealers, Inc. 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 stockholders 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,

 

11

 

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.

 

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

 

12

 

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.

 

13

 

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 4.4.3. 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.

 

14

 

6.1.      Other
Registration Rights.  Except with
respect to those securities issued or issuable upon exercise of that certain
Unit Purchase Option to be issued to Lazard Capital  Markets LLC or its designees in connection
with the Company’s initial public offering in
                  
2008, the Company represents and warrants that no person, other than a holder
of the Registrable Securities, has any right to require the Company to register
any shares of the Company’s capital stock for sale or to include shares of the
Company’s capital stock in any registration filed by the Company for the sale
of shares of capital stock for its own account or for the account of any other
person.

 

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
Lazard Capital Markets LLC and its successors and the permitted assigns of the
Investor or holder of Registrable Securities or of any assignee of the Investor
or holder of Registrable Securities. This Agreement is not intended to confer
any rights or benefits on any persons that are not party hereto other than as
expressly set forth in Article 4 and this Section 6.2.

 

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

 

To the Company:

 

China
Mining Resources Holdings Limited

c/o SSC Mandarin Group

Room 4710,
47th Floor, The Center

99
Queen Road

Central,
Hong Kong

Attn:
Chief Executive Officer

 

with a copy to:

 

Timothy
I. Kahler

 

15

 

Troutman
Sanders LLP 

The Chrysler Building

405 Lexington Avenue

New York, NY 10174 

Attn: Timothy I. Kahler, Esq.

 

To an Investor, to the address set forth below such
Investor’s name on Schedule 1 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.

 

6.7.      Modifications
and Amendments.  This Agreement may
be amended by the written consent of the holders of a majority-in-interest of
the Registrable Securities and the Company.

 

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.

 

16

 

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

 

6.12.    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]

 

17

 

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.

 

	
   

  	
  CHINA MINING RESOURCES HOLDINGS 

  LIMITED

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
  Name:

  	
   

  
	
   

  	
  Title:

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  INITIAL
  STOCKHOLDERS:

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Robin Lee

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Xiaona Ma

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Baolong Zhao

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Wing Kai Ho

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  Global Strategic Partners Inc.

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Name:

  	
  John F. Ambruz

  
	
   

  	
   

  	
  Title:

  	
  Managing Director

  
						

 

18

 

	
   

  	
  INITIAL
  STOCKHOLDERS (continued):

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  John F. Ambruz

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Denis Worrall

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Pieter van Aswegen

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Paul Bernards

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Merrill Weingrod

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Wan Guo Li

  

 

19

 

Schedule I

 

	
  Name and Address of Initial 

  Stockholder

  	
   

  	
  No. of

  Escrow

  Shares

  	
   

  	
  Stock

  Certificate

  Number.

  	
   

  	
  Date of Insider

  Letter

  	
   

  	
  Number of

  Insider Warrants

  	
   

  	
  Warrant Number

  	
   

  
	
  Robin Lee  

  c/o SSC
  Mandarin Financial Services

  Limited  

  Room 4710,
  47/F., The Center  

  99 Queen’s
  Road  

  Central,
  Hong Kong

  	
   

  	
  1,420,000

  	
   

  	
  C-1,
  C-6, C-14

  	
   

  	
  ,
  2008

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Xiaona Ma  

  c/o SSC
  Mandarin Financial Services

  Limited  

  Room 4710,
  47/F., The Center  

  99 Queen’s
  Road  

  Central,
  Hong Kong

  	
   

  	
  75,000

  	
   

  	
  C-2

  	
   

  	
  ,
  2008

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Baolong Zhao  

  c/o SSC
  Mandarin Financial Services

  Limited  

  Room 4710,
  47/F., The Center  

  99 Queen’s
  Road  

  Central,
  Hong Kong

  	
   

  	
  70,000

  	
   

  	
  C-3,
  C-7

  	
   

  	
  ,
  2008

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Wing Kai Ho  

  c/o SSC
  Mandarin Financial Services

  Limited  Room 4710,
  47/F., The Center

  99 Queen’s
  Road  

  Central,
  Hong Kong

  	
   

  	
  60,000

  	
   

  	
  C-4

  	
   

  	
  ,
  2008

  	
   

  	
   

  	
   

  	
   

  	
   

  

 

20

 

	
  Name
  and Address of Initial 

  Stockholder

  	
   

  	
  No. of 

  Escrow 

  Shares

  	
   

  	
  Stock

  Certificate

  Number.

  	
   

  	
  Date of Insider Letter

  	
   

  	
  Number of

  Insider Warrants

  	
   

  	
  Warrant Number

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Global
  Strategic Partners Inc. 

  c/o
  John F. Ambruz 

  John
  Ambruz 

  106
  Stonewall Circle 

  West
  Harrison, New York 10604

  	
   

  	
  625,000

  	
   

  	
  C-5

  	
   

  	
  , 2008

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  John
  Ambruz 

  106
  Stonewall Circle 

  West
  Harrison, New York 10604

  	
   

  	
  30,000

  	
   

  	
  C-8

  	
   

  	
  , 2008

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Dr
  Denis John Worrall  

  2 Milner Road 

  Rondebosch,
  Cape Town 7700 

  Republic
  of South Africa

  	
   

  	
  30,000

  	
   

  	
  C-9

  	
   

  	
  , 2008

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Pieter
  Christian van Aswegen  

  9
  Reading Country Estates 

  26
  Fore Street 

  New
  Redruth 

  Alberton
  1449 

  Republic
  of South Africa

  	
   

  	
  30,000

  	
   

  	
  C-10

  	
   

  	
  , 2008

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Paul
  Bernards 

  130
  Bloor Street West 

  Suite 200
  

  Toronto,
  Ontario 

  M5S
  1N5 Canada

  	
   

  	
  30,000

  	
   

  	
  C-11

  	
   

  	
  , 2008

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Merrill
  H. Weingrod  

  165
  Brown St., 

  Providence,
  Rhode Island

  	
   

  	
  30,000

  	
   

  	
  C-12

  	
   

  	
  , 2008

  	
   

  	
   

  	
   

  	
   

  	
   

  

 

21

 

	
  Name
  and Address of Initial 

  Stockholder

  	
   

  	
  No. of 

  Escrow 

  Shares

  	
   

  	
  Stock

  Certificate

  Number.

  	
   

  	
  Date of Insider Letter

  	
   

  	
  Number of

  Insider Warrants

  	
   

  	
  Warrant Number

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Wan
  Guo Li 

  No. 1,
  Qingnianhubei Jie, 

  Anwai,
  Beijing 100011 

  The
  People’s Republic of China.

  	
   

  	
  100,000

  	
   

  	
  C-13

  	
   

  	
  , 2008

  	
   

  	
   

  	
   

  	
   

  	
   

  

 

22

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