Document:

Form of Lock-Up Agreement

 FORM OF LOCK-UP AGREEMENT 
 THIS LOCK-UP AGREEMENT (this “Agreement”) is dated as of
                    , 2008, by and between the stockholder set forth on the signature page to this Agreement (the “Holder”)
and Middle Kingdom Alliance Corporation, a Delaware corporation, or its successor corporation (“Middle Kingdom”). Any and all capitalized terms used but not otherwise defined herein shall have the meaning ascribed to such
terms in the Exchange Agreement (as defined below). 
 BACKGROUND 
 A. Middle Kingdom has entered into that certain Agreement of Plan of Merger, Conversion and Share Exchange, dated September 5, 2008 (the
“Exchange Agreement”) with PYPO DIGITAL COMPANY LIMITED, an exempted company with limited liability incorporated in the Cayman Islands (“Pypo Cayman”), ARCH DIGITAL HOLDINGS LIMITED, a British Virgin
Islands corporation (“Arch BVI”), CAPITAL ALLY INVESTMENTS LIMITED, a British Virgin Islands corporation (“Capital Ally”), and various other parties set forth on the signature pages to the Exchange
Agreement. Arch BVI and Capital Ally collectively are the legal and beneficial owners of all of the issued and outstanding shares of Pypo Cayman. The Holder is the beneficial owner (directly or through his or her nominees) of the Lock-up Shares (as
defined below). Pursuant to the Exchange Agreement, Middle Kingdom will merge with and into its wholly owned subsidiary MK Arizona Corp., an Arizona corporation (“MK Arizona”), and following such merger, MK Arizona will
convert to and register by way of continuation and continue its existence as a Cayman Islands company under the name [Pypo China Holdings Limited] (“MK Cayman,” and together with Middle Kingdom and MK Arizona, the
“Middle Kingdom Parties”). MK Cayman will issue to Arch BVI and Capital Ally certain number of MK Cayman’s ordinary shares, par value $.001 (the “Ordinary Shares”), and warrants to purchase the
Ordinary Shares as is specified on Schedule C to the Exchange Agreement, in exchange for all of the issued and outstanding shares of Pypo Cayman. 
 B. As a condition of, and as a material inducement for the Middle Kingdom Parties to enter into and consummate the transactions contemplated by the Exchange Agreement, the Holder has agreed to execute, deliver and be
bound by the terms and conditions of this Agreement. 
 AGREEMENT 
 NOW, THEREFORE, for and in consideration of the mutual covenants and agreements set forth herein, and other good and valuable consideration, the receipt
and sufficiency of which is hereby acknowledged, the parties, intending to be legally bound, agree as follows: 
 1.
Effectiveness of Agreement. This Agreement shall become null and void if the Exchange Agreement is terminated prior to the Closing. 
 2. Representations and Warranties. Each of the parties hereto, by their respective execution and delivery of this Agreement, hereby represents and warrants to the others and to all third party beneficiaries of
this Agreement that (a) such party has the full right, capacity and authority to enter into, deliver and perform its respective obligations under this Agreement, (b) this Agreement has been duly executed and delivered by such party and is
the binding and enforceable obligation of such party, enforceable against such party in accordance with the terms of this Agreement, and (c) the execution, delivery and performance of such party’s obligations under this Agreement will not
conflict with or breach the terms of any other agreement, contract, commitment or understanding to which such party is a party or to which the assets or securities of such party are bound. 
 The Holder has independently evaluated the merits of its decision to enter into and deliver this Agreement, and such Holder confirms that
it has not relied on the advice of Middle Kingdom Parties, Middle Kingdom Parties’ legal counsel or any other person. 
  

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 3. Beneficial Ownership. The Holder hereby represents and warrants that it does
not beneficially own, directly or through its nominees, (as determined in accordance with Section 13(d) of the Exchange Act of 1934, as amended (the “Exchange Act”), and the rules and regulations promulgated thereunder)
any Ordinary Shares, or any economic interest therein or derivative therefrom, other than those Ordinary Shares specified on the signature page hereto. For purposes of this Agreement, the number of Ordinary Shares beneficially owned by such Holder
as specified on the signature hereto, plus any number of Ordinary Shares acquired during the Lock-Up Period (as defined below), including, but not limited to, the Earn-Out Shares, if any, are collectively referred to as the “Lock-up
Shares.” 
 4. Lock-Up. 
 (a) During the Lock-up Period (as defined below), the Holder irrevocably agrees that it will not offer, sell, contract to sell, pledge or
otherwise dispose of, directly or indirectly, any of the Lock-up Shares (including any securities convertible into, or exchangeable for, or representing the rights to receive, Lock-up Shares), enter into a transaction that would have the same
effect, or enter into any swap, hedge or other arrangement that transfers or intends to transfer, in whole or in part, any of the economic or beneficial consequences of ownership of such Lock-up Shares, whether any of these transactions are to be
settled by delivery of any such Lock-up Shares, in cash or otherwise, publicly disclose the intention to make any offer, sale, pledge or disposition, or to enter into any transaction, swap, hedge or other arrangement, or engage in any Short Sales
with respect to any security of the Middle Kingdom Parties. [Notwithstanding the foregoing, the parties hereto acknowledge that the Lock-up Shares have been pledged to Gottex Fund Management Sàrl (“Existing Pledge”) to
secure monies borrowed by ARC Capital Holdings Limited, the sole shareholder of Arch BVI, and that the restrictions of this Lock-up Agreement shall be subject to the Existing Pledge.]1 Furthermore, nothing in this provision intends to restrict transfers of the Lock-up Shares by (i) the Pypo Shareholders (other than the Management Shareholders) that are in
compliance with applicable federal and state securities laws to Persons who agree in writing to be bound by the terms of the Lock-Up Agreement as to the Lock-up Shares so transferred and (ii) the Pypo Shareholders pursuant to an underwritten
secondary offering. 
 (b) In furtherance of the foregoing, the Middle Kingdom Parties will (i) place an irrevocable stop
order on all Lock-up Shares, including those which are covered by a registration statements, (ii) notify the MK Cayman transfer agent in writing of the stop order and the restrictions on such Lock-up Shares under this Agreement and direct the
MK Cayman transfer agent not to process any attempts by the Holder to resell or transfer any Lock-up Shares, except in compliance with this Agreement; and (iii) place a notation on the register of members of MK Cayman about the restrictions on
such Lock-up Shares under this Agreement and direct the MK Cayman register office service provider not to process any attempts by the Holder to resell or transfer any Lock-up Shares, except in compliance with this Agreement. 
 (c) For purposes hereof, “Short Sales” include, without limitation, all “short sales” as defined in Rule
200 promulgated under Regulation SHO under the Exchange Act and all types of direct and indirect stock pledges, forward sale contracts, options, puts, calls, swaps and similar arrangements (including on a total return basis), and sales and other
transactions through non-US broker dealers or foreign regulated brokers. 
 (d) For purpose of this agreement,
“Lock-up Period” means a period of [24 months/12 months]2 from the Date of Delivery. “Date of
Delivery” means the date of the delivery of the Lock-up Shares to the Pypo Shareholders (which shall be the Closing Date with respect to the Initial Equity Payment is being delivered to the Pypo Shareholders at the Closing, and which
shall be the dates that the Earn-Out 
  

	1	Insert language in brackets for the lock-up agreement with Arch BVI. 

	2	In the case of the Management Shareholders, the Lock-up period shall be 24 months from the Date of Delivery, and in the case of the Pypo Shareholders other than the Management
Shareholders, the Lock-up Period shall be 12 months from the Date of Delivery. 

  

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Shares are issued and delivered in accordance with Section 5.2(b) of the Exchange Agreement, with respect to the Earn-Out Shares). 
 5. No Additional Fees/Payment. Other than the consideration specifically referenced herein, the parties hereto agree that no fee,
payment or additional consideration in any form has been or will be paid to the Holder in connection with this Agreement. 
 6. Notices. Any notices required or permitted to be sent hereunder shall be delivered personally or by courier service to the following addresses, or such other address as any party hereto designates by written notice to the other
party. Provided, however, a transmission per telefax or email shall be sufficient and shall be deemed to be properly served when the telefax or email is received if the signed original notice is received by the recipient within three
(3) calendar days thereafter. 
  

	 	(a)	If to Middle Kingdom, to: [Insert address] 

  

	 	(b)	If to Holders to: [Insert address] 

 or to such other
address as any party may have furnished to the others in writing in accordance herewith. 
 7. Enumeration and
Headings. The enumeration and headings contained in this Agreement are for convenience of reference only and shall not control or affect the meaning or construction of any of the provisions of this Agreement. 
 8. Counterparts. This Agreement may be executed in facsimile and in any number of counterparts, each of which when so executed and
delivered shall be deemed an original, but all of which shall together constitute one and the same agreement. 
 9.
Successors and Assigns. This Agreement and the terms, covenants, provisions and conditions hereof shall be binding upon, and shall inure to the benefit of, the respective heirs, successors and assigns of the parties hereto. Without limiting
the generality of the foregoing, it is being specifically understood that, Middle Kingdom will merge with and into its wholly owned subsidiary MK Arizona, and following such merger, MK Arizona will convert to and register by way of continuation and
continue its existence as MK Cayman. The Holder hereby acknowledges and agrees that this Agreement is entered into for the benefit of and is enforceable by each of the Middle Kingdom Parties and their successors and assigns. 
 10. Severability. If any provision of this Agreement is held to be invalid or unenforceable for any reason, such provision will be
conformed to prevailing law rather than voided, if possible, in order to achieve the intent of the parties and, in any event, the remaining provisions of this Agreement shall remain in full force and effect and shall be binding upon the parties
hereto. 
 11. Amendment. This Agreement may be amended or modified by written agreement executed by each of the
parties, hereto; provided, however, that any such amendment or modification shall require the written consent and approval of the Middle Kingdom Representatives (as defined in the Exchange Agreement). 
 12. Further Assurances. Each party shall do and perform, or cause to be done and performed, all such further acts and things, and
shall execute and deliver all such other agreements, certificates, instruments and documents, as any other party may reasonably request in order to carry out the intent and accomplish the purposes of this Agreement and the consummation of the
transactions contemplated hereby. 
 13. No Strict Construction. The language used in this Agreement will be deemed to
be the language chosen by the parties to express their mutual intent, and no rules of strict construction will be applied against any party. 
 14. Dispute Resolution. All disputes arising out of or relating to this Agreement will be resolved by mandatory, binding arbitration in accordance with this Section. Any arbitration commenced pursuant to this
Section 13 will be conducted in Hong Kong under the Arbitration Rules of the United Nations Commission 

  

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on International Trade Law by arbitrators appointed in accordance with such rules. The arbitration and appointing authority will be the Hong Kong
International Arbitration Centre (“HKIAC”). The arbitration will be conducted by a panel of three arbitrators, one chosen by the Holder, one chosen by the Middle Kingdom Representative and the third chosen by agreement of the
two selected arbitrators; failing agreement within 30 days prior to commencement of the arbitration proceeding, the HKIAC will appoint the third arbitrator. The proceedings will be confidential and conducted in English. The arbitral tribunal will
have the authority to grant any equitable and legal remedies that would be available in any judicial proceeding instituted to resolve a disputed matter, and its award will be final and binding on the parties. The arbitral tribunal will determine how
the parties will bear the costs of the arbitration. Notwithstanding the foregoing, each party to this Agreement will have the right at any time to immediately seek injunctive relief, an award of specific performance or any other equitable relief
against the other party in any court or other tribunal of competent jurisdiction. During the pendency of any arbitration or other proceeding relating to a dispute between the parties, the parties will continue to exercise their remaining respective
rights and fulfill their remaining respective obligations under this Agreement, except with regard to the matters under dispute. 
 15. Governing Law. The terms and provisions of this Agreement shall be construed in accordance with the laws of the State of New York. 
 16. Arch BVI and Capital Ally. Other than as may be required to fulfill any of its obligations under the Existing Pledge, neither Arch BVI nor Capital Ally will take any action that is inconsistent with the
provisions of this Agreement and each of Arch BVI and Capital Ally will do and perform, or cause to be done and performed, all such further acts and things, and shall execute and deliver all such other agreements, certificates, instruments and
documents, as any other party may reasonably request, and at the sole expense of such requesting party, in order to carry out the intent and accomplish the purposes of this Agreement and the consummation of the transactions contemplated hereby.

 17. Controlling Agreement. To the extent the terms of this Agreement (as amended, supplemented, restated or
otherwise modified from time to time) directly conflicts with a provision in the Exchange Agreement, the terms of this Agreement shall control. 
 [Signature Page Follows] 
  

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 IN WITNESS WHEREOF, the parties hereto have caused this Lock-Up Agreement to be duly executed by their
respective authorized signatories as of the date first indicated above. 
  

			
	MIDDLE KINGDOM ALLIANCE CORP.
		
	 By:
	 	  

	Name:	 	Bernard J. Tanenbaum III
	Title:	 	Chief Executive Officer
	
	HOLDER:
	
	  

	
	  
 LOCK-UP SHARES:

	
	  

  

					
	As to Section 16 of this Agreement only:	 	ARCH BVI AND CAPITAL ALLY:
		
		 	ARCH DIGITAL HOLDINGS LIMITED
			
		 	By:	 	  

		 	Name:	 	
		 	Title:	 	
		
		 	CAPITAL ALLY INVESTMENTS LIMITED
			
		 	By:	 	  

		 	Name:	 	
		 	Title:	 	

  

 5Form of Registration Rights Agreement

 FORM OF REGISTRATION RIGHTS AGREEMENT 
 This Registration Rights Agreement (the “Agreement”) is dated as of [—], 2008, by and among Middle
Kingdom Alliance Corp., a corporation incorporated in the State of Delaware, or its successors (the “Company”),and ARCH DIGITAL HOLDINGS LIMITED, a company incorporated in the British Virgin Islands (“Arch BVI”) and
Capital Ally Investments Limited, a company incorporated in the British Virgin Islands (“Capital Ally”). Each of Arch BVI and Capital Ally is sometimes referred to herein as a “Shareholder,” and collectively as the
“Shareholders.” 
 RECITALS 
 WHEREAS, the Company has entered into an Agreement and Plan of Merger, Conversion and Share Exchange which contemplates the (i) merger of the Company into its wholly owned Arizona subsidiary (“MK
Arizona”), (ii) the subsequent conversion of MK Arizona into a Cayman Islands company by a transfer of domicile, (iii) the registration and continuation of MK Arizona as a Cayman Islands company (“MK Cayman”), and
(iv) the acquisition by MK Cayman of the operations and business of Pypo Digital Company Limited , a limited company incorporated in the Cayman Islands (“Pypo Cayman”) by way of a share exchange (the “Business
Combination”). 
 WHEREAS, the Company and the Shareholders desire to enter into this Agreement in order to, among other things,
reflect the registration rights to be provided to the Shareholders in connection with the up to 68,000,000 ordinary shares of MK Cayman and warrants to purchase 3,400,000 ordinary shares of MK Cayman to be issued to the Shareholders in connection
with the Business Combination and the other transactions contemplated in connection therewith. 
 NOW, THEREFORE, in consideration of the
mutual promises and covenants and agreements set forth herein, the Company and the Shareholders hereby agree as follows: 
 AGREEMENT 

 1. Registration Rights. 
 1.1 Definitions. For purposes of this Section 1: 
 (a) Demand Notice. The
term “Demand Notice” means a written notice executed by Arch BVI or Capital Ally. 
 (b) Effective Date. The term “Effective Date” means with respect to any Registration Statement the earlier of (i) the one hundred twentieth (120th) day following the Filing Date (as defined below) or (ii) in the event the Registration Statement receives a “full review” by the SEC, the one hundred fiftieth
(150th) day following the Filing Date or (iii) the date which is within three Business Days after the date on which the SEC informs the
Company the (x) the SEC will not review a Registration Statement or (y) the Company may request the acceleration of the effectiveness of a Registration Statement and the Company makes such request; provided, that, if the Effective Date
falls on a Saturday, Sunday or any other day that is a legal holiday or a day on which the SEC is authorized or required by law or other government action to close, the Effective Date shall be the following Business Day. 
 (c) Filing Date. The term “Filing Date” means the sixtieth
(60th) day following the delivery date of a Demand Notice or such later date as specified in the Demand Notice or as agreed by Arch BVI and
Capital Ally; provided, that, if the Filing Date falls on a Saturday, Sunday or any other day that is a legal holiday or a day on which the SEC is authorized or required by law or other government action to close, the Filing Date shall be the
following Business Day. 
  

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 (d) Holder. For purposes of this Section 1 and Section 2 hereof, the
term “Holder” or “Holders” means any person or persons owning of record Registrable Securities (as defined in subsection 1(g) below) or any assignee of record of such Registrable Securities to whom rights under this
Section 1 have been duly assigned in accordance with this Agreement; provided, however, that for purposes of this Agreement, a record holder of securities convertible into such Registrable Securities shall be deemed to be the Holder of such
Registrable Securities. 
 (e) Registration. The terms “register,” “registered,” and
“registration” refer to a registration effected by preparing and filing a Registration Statement in compliance with the Securities Act, and the declaration or ordering of effectiveness of such Registration Statement. 
 (f) Registration Statement. A “Registration Statement” is any registration statement filed pursuant to
Section 1.2 of this Agreement. 
 (g) Registrable Securities. The term “Registrable Securities”
means: (i) any and all ordinary shares, par value $.001, of MK Cayman and ordinary shares of MK Cayman underlying exercisable or convertible securities (“Shares”) beneficially owned by the Shareholders as a result of the
Business Combination and (ii) any Shares issued as (or issuable upon the conversion or exercise of any warrant, right or other security which is issued as) a dividend or other distribution with respect to, in exchange for or in replacement of,
all such Shares described in clause (i) of this subsection (f). 
 (h) Rule 415. The term “Rule 415”
means Rule 415 promulgated by the SEC pursuant to the Securities Act, as such Rule may be amended from time to time, or any similar rule or regulation hereafter adopted by the SEC having substantially the same effect as such Rule. 
 (i) Securities Act. The term “Securities Act” means the Securities Act of 1933, as amended. 
 (j) SEC. The term “SEC” means the United States Securities and Exchange Commission. 
 1.2 Mandatory Registration. 
 (a) Registration. If a Demand Notice is delivered by Arch BVI or Capital Ally, then on or prior to the Filing Date, the Company shall use its commercially reasonable efforts prepare and file with the SEC a
“resale” Registration Statement providing for the resale of all Registrable Securities for an offering to be made on a continuous basis pursuant to Rule 415. Such Registration Statement shall be on Form S-3 (except if the Company is not
then eligible to register the Registrable Securities on Form S-3, such registration shall be on an appropriate form in accordance herewith and the Securities Act and the rules promulgated thereunder). The Company shall use its commercially
reasonable efforts to cause such Registration Statement to be declared effective under the Securities Act as promptly as possible after the filing thereof, but in any event prior to the Effective Date, and to keep such Registration Statement
continuously effective under the Securities Act until such date as is the earlier of (x) the date when all Registrable Securities covered by such Registration Statement have been sold or (y) the date on which the Registrable Securities may
be sold without any restriction pursuant to Rule 144 of the Securities Act as determined by the counsel to the Company pursuant to a written opinion letter, addressed to the Company’s transfer agent to such effect (the “Effective
Period”). The Company shall request that the effective time of any such Registration Statement be no later than 5:00 p.m. Eastern Time on the Effective Date. 
 (b) In the event that the Company is unable to register all of the Registrable Securities for resale under Rule 415 due to limits imposed
by the SEC’s interpretation of Rule 415, the Company will file a Registration Statement under the Securities Act with the SEC covering the resale by the Holders of such lesser amount of the Registrable Securities as the Company is able to
register pursuant to the SEC’s interpretation of Rule 415 and use its commercially reasonable efforts to have such Registration Statement declared effective as promptly as possible and, when permitted to do so by the SEC, to file subsequent
registration statement(s) under the Securities Act with the SEC covering the resale of any Registrable Securities that were omitted from previous registration statement(s) and use its commercially reasonable efforts to have such registration
declared effective as promptly as possible 

  

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thereafter. In furtherance of the Company’s obligations set forth in the preceding sentence, the parties agree that in the event that any Holder shall
deliver to the Company a written notice at any time after the later of (x) the date which is six months after the Effective Date of the latest Registration Statement filed pursuant to Section 1.2(a) or 1.2(b) hereof, as applicable, or
(y) the date on which all Registrable Securities registered on all of the prior Registration Statements filed pursuant to Section 1.2(a) and 1.2(b) hereof are sold, that the Company shall file, within thirty (30) days following the
date of receipt of such written notice, an additional Registration Statement registering all Registrable Securities that were omitted from the initial Registration Statement. 
 (c) All expenses incurred in connection with a registration pursuant to this Section 1.2, including without limitation all
registration and qualification fees, printers’ and accounting fees, and fees and disbursements of counsel for the Company (but excluding underwriters’ discounts and commissions and fees of counsel to the Holders), shall be paid by the
Company. Each Holder participating in a registration pursuant to this Section 1.2 shall bear such Holder’s proportionate share (based on the total number of shares sold in such registration other than for the account of the Company) of all
discounts, commissions or other amounts payable to underwriters or brokers in connection with such offering and of any counsel for the selling Holder(s). Notwithstanding the foregoing, the Company shall not be required to pay the expenses of any
registration proceeding begun pursuant to this Section 1.2 if the registration request is subsequently withdrawn at the request of the Holders of a majority of the Registrable Securities to be registered. 
 1.3 Piggyback Registrations. If at any time during the Effective Period there is not an effective registration statement
covering all the Registrable Securities and the Company shall determine to file a registration statement under the Securities Act for purposes of effecting a public offering of securities of the Company (including, but not limited to, registration
statements relating to secondary offerings of securities of the Company, but excluding registration statements relating to (i) any employee benefit plan or (ii) a corporate reorganization, merger or acquisition), then the Company shall
notify all Holders in writing at least thirty (30) calendar days prior to such filing and will afford each such Holder an opportunity to include in such registration statement all or any part of the Registrable Securities then held by such
Holder. Each Holder desiring to include in any such registration statement all or any part of the Registrable Securities held by such Holder shall, within twenty (20) calendar days after receipt of the above-described notice from the Company,
so notify the Company in writing, and in such notice shall inform the Company of the number of Registrable Securities such Holder wishes to include in such registration statement. If a Holder decides not to include all of its Registrable Securities
in any registration statement thereafter filed by the Company, such Holder shall nevertheless continue to have the right to include its Registrable Securities in any subsequent registration statement or registration statements as may be filed by the
Company with respect to offerings of its securities, all upon the terms and conditions set forth herein. 
 (a)
Underwriting. If a registration statement under which the Company gives notice under this Section 1.3 is for an underwritten offering, then the Company shall so advise the Holders of Registrable Securities. In such event, the right of
any such Holder to include its Registrable Securities in a registration pursuant to this Section 1.3 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 Holders proposing to distribute their Registrable Securities through such underwriting shall enter into an underwriting agreement in customary form with the managing underwriter or
underwriter(s) selected by the Company for such underwriting. Notwithstanding any other provision of this Agreement, if the managing underwriter(s) determine(s) in good faith that marketing factors require a limitation of the number of shares to be
underwritten, then the managing underwriter(s) may exclude shares (including Registrable Securities) from the registration and the underwriting, and the number of shares that may be included in the registration and the underwriting shall be
allocated, (i) with respect to a registration statement initiated by the Company for its own account, first, to the Company, and second, the holders of securities, if any, including the Registrable Securities, as to which
registration has been requested pursuant to written contractual piggy-back 

  

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registration rights(pro rata in accordance with the number of securities which each such person has actually requested to be included in such registration,
regardless of the number of securities with respect to which such persons have the right to request such inclusion), and (ii) with respect to a registration statement initiated by the Company for the account of third parties exercising demand
registration rights, first, to such third parties, and second, to each of the Holders requesting inclusion of their Registrable Securities in such registration statement on a pro rata basis based on the total number of Registrable
Securities then held by each such Holder. If any Holder disapproves of the terms of any such underwriting, such Holder may elect to withdraw therefrom by written notice to the Company and the underwriter, delivered at least ten (10) business
days prior to the effective date of the registration statement. Any Registrable Securities excluded or withdrawn from such underwriting shall be excluded and withdrawn from the registration. Expenses. All expenses incurred in connection
with a registration pursuant to this Section 1.3 (excluding underwriters’ and brokers’ discounts and commissions and any fees or disbursements of counsel for the selling Holder(s)), including, without limitation all governmental
registration and qualification fees, printers’ and accounting fees, and fees and disbursements of counsel for the Company shall be paid by the Company. 
 1.4 Obligations of the Company. Whenever required to effect the registration of any Registrable Securities under this Agreement,
the Company shall, as expeditiously as commercially reasonably possible: 
 (a) prepare and file with the SEC a registration
statement with respect to such Registrable Securities and use its commercially reasonable efforts to cause such registration statement to become effective, and, upon the request of the Holders of a majority of the Registrable Securities registered
thereunder, keep such registration statement effective until the end of the Effective Period. 
 (b) prepare and file with the
SEC such amendments and supplements to such registration statement and the prospectus used in connection with such registration statement as may be necessary to comply with the provisions of the Securities Act with respect to the disposition of all
securities covered by such registration statement; 
 (c) furnish to the Holders such number of copies of a prospectus,
including a preliminary prospectus, in conformity with the requirements of the Securities Act, and such other documents as they may reasonably request in order to facilitate the disposition of the Registrable Securities owned by them that are
included in such registration; 
 (d) use its commercially reasonable efforts to register and qualify the securities covered
by such registration statement under such other securities laws of such jurisdictions as shall be reasonably requested by the Holders, provided that the Company shall not be required in connection therewith or as a condition thereto to qualify to do
business or to file a general consent to service of process in any such jurisdictions; 
 (e) in the event of any underwritten
public offering, enter into and perform its obligations under an underwriting agreement, in usual and customary form, with the managing underwriter(s) of such offering (it being understood and agreed that, as a condition to the Company’s
obligations under this clause (e), each Holder participating in such underwriting shall also enter into and perform its obligations under such an agreement); 
 (f) make commercially reasonable efforts to notify (at least one business day prior) each Holder of Registrable Securities covered by such
registration statement at any time when a prospectus relating thereto is required to be delivered under the Securities Act of the happening of any event as a result of which the prospectus included in such registration statement, as then in effect,
includes an untrue statement of a material fact or omits to state a material fact required to be stated therein or necessary to make the statements therein not misleading in the light of the circumstances then existing, and the Company will use
reasonable efforts to amend or supplement such prospectus in order to cause such prospectus not to include any untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements
therein not misleading in the light of the circumstances then existing; 
  

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 (g) furnish, at the request of any Holder requesting registration of Registrable
Securities, on the date that such Registrable Securities are delivered to the underwriters for sale, if such securities are being sold through underwriters, or, if such securities are not being sold through underwriters, on the date that the
registration statement with respect to such securities becomes effective, (i) an opinion, dated as of such date, of the counsel representing the Company for the purposes of such registration, in form and substance as is customarily given to
underwriters in an underwritten public offering and reasonably satisfactory to a majority in interest of the Holders requesting registration, addressed to the underwriters, if any, and to the Holders requesting registration of Registrable Securities
and (ii) a “comfort” letter dated as of such date, from the independent certified public accountants of the Company, in form and substance as is customarily given by independent certified public accountants to underwriters in an
underwritten public offering and reasonably satisfactory to a majority in interest of the Holders requesting registration, addressed to the underwriters, if any, and to the Holders requesting registration of Registrable Securities; and 

(h) the Company may require each selling Holder to furnish to the Company information regarding such Holder and the distribution of
such Registrable Securities as is required by law to be disclosed in any registration statement, prospectus, or any amendment or supplement thereto, and the Company may exclude from such registration the Registrable Securities of any such Holder who
unreasonably fails to furnish such information within a reasonable time after receiving such request. 
 1.5 Furnish
Information. It shall be a condition precedent to the obligations of the Company to take any action pursuant to Sections 1.2 or 1.3 hereof that the selling Holders shall furnish to the Company such information regarding themselves, the
Registrable Securities held by them and the intended method of disposition of such securities as shall be reasonably required to timely effect the registration of their Registrable Securities. 
 1.6 Delay of Registration. No Holder shall have any right to obtain or seek an injunction restraining or otherwise delaying any
such registration as the result of any controversy that might arise with respect to the interpretation or implementation of this Section 1. 
 1.7 Indemnification. In the event any Registrable Securities are included in a registration statement under Sections 1.2 or 1.3 hereof: 
 (a) By the Company. Except as prohibited by law, the Company will indemnify and hold harmless each Holder, the partners, officers
and directors of each Holder, any underwriter (as defined in the Securities Act) for such Holder and each person, if any, who controls such Holder or underwriter within the meaning of the Securities Act or the Securities Exchange Act of 1934, as
amended, (the “Exchange Act”), against all losses, claims, damages, or liabilities (joint or several) to which they may become subject under the Securities Act, the Exchange Act or other federal or state law, insofar as such losses,
claims, damages, or liabilities (or actions in respect thereof) arise out of or are based upon any of the following statements, omissions or violations (collectively a “Violation”): 
 (i) any untrue statement or alleged untrue statement of a material fact contained in such registration statement, including any
preliminary prospectus or final prospectus contained therein or any amendments or supplements thereto; 
 (ii) the omission
or alleged omission to state therein a material fact required to be stated therein, or necessary to make the statements therein not misleading; or 
 (iii) any violation or alleged violation by the Company of the Securities Act, the Exchange Act, any federal or state securities law or any rule or regulation promulgated under the Securities Act, the Exchange Act or
any federal or state securities law in connection with the offering covered by such registration statement; and the Company will reimburse each such Holder, partner, officer or director, underwriter or controlling person for any legal or other
expenses reasonably incurred by them in connection with defending any such loss, claim, damage, liability or action; provided, however, that the indemnity agreement contained in this subsection 1.7(a) 

  

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shall not apply to amounts paid in settlement of any such loss, claim, damage, liability or action if such settlement is effected without the consent of the
Company (which consent shall not be unreasonably withheld), nor shall the Company be liable in any such case for any such loss, claim, damage, liability or action to the extent that it arises out of or is based upon a Violation which occurs in
reliance upon and in conformity with written information furnished expressly for use in connection with such registration by such Holder, partner, officer, director, underwriter or controlling person of such Holder. 
 (b) By Selling Holders. Each selling Holder will indemnify and hold harmless the Company, each of its directors, each of its
officers who have signed the registration statement, each person, if any, who controls the Company within the meaning of the Securities Act, any underwriter and any other Holder selling securities under such registration statement or any of such
other Holder’s partners, directors or officers or any person who controls such Holder within the meaning of the Securities Act or the Exchange Act, against all losses, claims, damages or liabilities (joint or several) to which the Company or
any such director, officer, controlling person, underwriter or such other Holder, partner or director, officer or controlling person of such other Holder may become subject under the Securities Act, the Exchange Act or other federal or state law,
insofar as such losses, claims, damages or liabilities (or actions in respect thereto) arise out of or are based upon any Violation, in each case to the extent (and only to the extent) that such Violation occurs in reliance upon and in conformity
with written information furnished by such Holder under an instrument duly executed by such Holder and stated to be expressly for use in connection with such registration; and each such Holder will reimburse any legal or other expenses reasonably
incurred by the Company or any such director, officer, controlling person, underwriter or other Holder, partner, officer, director or controlling person of such other Holder in connection with defending any such loss, claim, damage, liability or
action; provided, however, that the indemnity agreement contained in this subsection 1.7(b) shall not apply to amounts paid in settlement of any such loss, claim, damage, liability or action if such settlement is effected without the consent of the
Holder, which consent shall not be unreasonably withheld; and provided further, that the total amounts payable in indemnity by a Holder under this Section 1.7(b) in respect of any Violation shall not exceed the net proceeds received by such
Holder in the registered offering out of which such Violation arises. 
 (c) Notice. Promptly after receipt by an
indemnified party under this Section 1.7 of notice of the commencement of any action (including any governmental action), such indemnified party will, if a claim in respect thereof is to be made against any indemnifying party under this
Section 1.7, deliver to the indemnifying party a written notice of the commencement thereof and the indemnifying party shall have the right to participate in, and, to the extent the indemnifying party so desires, jointly with any other
indemnifying party similarly noticed, to assume the defense thereof with counsel mutually satisfactory to the parties; provided, however, that an indemnified party shall have the right to retain its own counsel, with the fees and expenses to be paid
by the indemnifying party, if representation of such indemnified party by the counsel retained by the indemnifying party would be inappropriate due to actual or potential conflict of interests between such indemnified party and any other party
represented by such counsel in such proceeding. The failure to deliver written notice to the indemnifying party within a reasonable time of the commencement of any such action, if prejudicial to its ability to defend such action, shall relieve such
indemnifying party of any liability to the indemnified party under this Section 1.7. 
 (d) Contribution. If the
indemnification provided for in this Section 1.7 is held by a court of competent jurisdiction to be unavailable to an indemnified party with respect to any losses, claims, damages or liabilities referred to herein, the indemnifying party, in
lieu of indemnifying such indemnified party thereunder, shall to the extent permitted by applicable law contribute to the amount paid or payable by such indemnified party as a result of such loss, claim, damage or liability in such proportion as is
appropriate to reflect the relative fault of the indemnifying party on the one hand and of the indemnified party on the other in connection with the Violation(s) that resulted in such loss, 

  

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claim, damage or liability, as well as any other relevant equitable considerations. The relative fault of the indemnifying party and of the indemnified party
shall be determined by a court of law by reference to, among other things, whether the untrue or alleged untrue statement of a material fact or the omission to state a material fact relates to information supplied by the indemnifying party or by the
indemnified party and the parties’ relative intent, knowledge, access to information and opportunity to correct or prevent such statement or omission; provided, that in no event shall any contribution by a Holder hereunder exceed the net
proceeds from the offering received by such Holder. 
 (e) Survival. The obligations of the Company and Holders under
this Section 1.7 shall survive the completion of any offering of Registrable Securities in a registration statement, and otherwise. 
 1.8 Rule 144 Reporting. With a view to making available the benefits of certain rules and regulations of the SEC which may at any time permit the sale of the Registrable Securities to the public without
registration, after such time as a public market exists for the Shares, the Company agrees to use its commercially reasonable efforts to: 
 (a) make and keep public information available, as those terms are understood and defined in Rule 144 under the Securities Act, at all times after the effective date of the first registration under the Securities Act
filed by the Company for an offering of its securities to the general public; 
 (b) file with the SEC in a timely manner all
reports and other documents required of the Company under the Securities Act and the Exchange Act (at any time after it has become subject to such reporting requirements); and 
 (c) as long as a Holder owns Registrable Securities, to furnish to the Holder forthwith upon request a written statement by the Company as
to its compliance with the reporting requirements of said Rule 144 (at any time after ninety (90) days after the effective date of the first registration statement filed by the Company for an offering of its securities to the general public),
and of the Securities Act and the Exchange Act (at any time after it has become subject to the reporting requirements of the Exchange Act), a copy of the most recent periodic report of the Company and such other reports and documents of the Company
as a Holder may reasonably request in availing itself of any rule or regulation of the SEC allowing a Holder to sell any such securities without registration (at any time after the Company has become subject to the reporting requirements of the
Exchange Act). 
 1.9 Termination of the Company’s Obligations. The Company shall have no obligations pursuant to
Sections 1.2 or 1.3 with respect to any Registrable Securities proposed to be sold by a Holder in a registration pursuant to Section 1.2 or 1.3 if all such Registrable Securities proposed to be sold by a Holder (and its affiliates) may be sold
without limitation or registration under the Securities Act pursuant to Rule 144. 
 2. General Provisions. 
 2.1 Notices. Any notice, request or other communication required or permitted hereunder shall be in writing and shall be deemed to
have been duly given if personally delivered, deposited in the international air mail postage prepaid, or sent by facsimile or e-mail when receipt is electronically confirmed (i) if to Shareholders, as set forth below Shareholders’ name on
the signature page of this Agreement, and (ii) if to the Company, to the address set forth below: 
 INSERT ADDRESS 
 Any party hereto (and such party’s permitted assigns) may by notice so given change its address for future notices hereunder. Notice shall be deemed
conclusively given when personally delivered or sent in the manner set forth above. 
 2.2 Entire Agreement. This
Agreement, together with all the exhibits hereto, constitutes and contains the entire agreement and understanding of the parties with respect to the subject matter hereof and 

  

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supersedes any and all prior negotiations, correspondence, agreements, understandings, duties or obligations between the parties respecting the subject
matter hereof. 
 2.3 Governing Law. This Agreement shall be governed by and construed exclusively in accordance with
the internal laws of the State of New York, excluding that body of law relating to conflict of laws and choice of law that would result in the application of the substantive law of another jurisdiction. 
 2.4 Dispute Resolution. All disputes arising out of or relating to this Agreement will be resolved by mandatory, binding
arbitration in accordance with this Section. Any arbitration commenced pursuant to this Section 2.4 will be conducted in Hong Kong under the Arbitration Rules of the United Nations Commission on International Trade Law by arbitrators appointed
in accordance with such rules. The arbitration and appointing authority will be the Hong Kong International Arbitration Centre (“HKIAC”). The arbitration will be conducted by a panel of three arbitrators, one chosen by the
Shareholders, one chosen by the Company and the third chosen by agreement of the two selected arbitrators; failing agreement within 30 days prior to commencement of the arbitration proceeding, the HKIAC will appoint the third arbitrator. The
proceedings will be confidential and conducted in English. The arbitral tribunal will have the authority to grant any equitable and legal remedies that would be available in any judicial proceeding instituted to resolve a disputed matter, and its
award will be final and binding on the parties. The arbitral tribunal will determine how the parties will bear the costs of the arbitration. Notwithstanding the foregoing, each party to this Agreement will have the right at any time to immediately
seek injunctive relief, an award of specific performance or any other equitable relief against the other party in any court or other tribunal of competent jurisdiction. During the pendency of any arbitration or other proceeding relating to a dispute
between the parties, the parties will continue to exercise their remaining respective rights and fulfill their remaining respective obligations under this Agreement, except with regard to the matters under dispute. 
 2.5 Severability. If one or more provisions of this Agreement are held to be unenforceable under applicable law, then such
provision(s) shall be excluded from this Agreement and the balance of this Agreement shall be interpreted as if such provision(s) were so excluded and shall be enforceable in accordance with its terms. 
 2.6 Third Parties. Nothing in this Agreement, express or implied, is intended to confer upon any person, other than the parties
hereto and their successors and assigns, any rights or remedies under or by reason of this Agreement. 
 2.7 Successors and
Assigns. Subject to Section 2.13, the provisions of this Agreement shall inure to the benefit of, and shall be binding upon, the successors and permitted assigns of the parties hereto. In furtherance thereof, it shall be a condition to the
consummation of the Business Combination that the Company assign, pursuant to a separate assignment agreement, all of its rights and obligations under this Agreement with respect to the registration of the Registrable Securities to MK Cayman and MK
Cayman shall assume all such rights and obligations of the Company hereunder. 
 2.8 Captions. The captions to sections
of this Agreement have been inserted for identification and reference purposes only and shall not be used to construe or interpret this Agreement. 
 2.9 Counterparts. This Agreement may be executed in two or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument. 
 2.10 Adjustments for Stock Splits and Certain Other Changes. Wherever in this Agreement there is a reference to a specific number
of Shares of the Company, then, upon the occurrence of any subdivision, combination or stock dividend of such class or series of stock, the specific number of shares so referenced in this Agreement shall automatically be proportionally adjusted
to reflect the affect on the outstanding shares of such class or series of stock by such subdivision, combination or stock dividend. 
 2.11 Aggregation of Stock. All shares deemed to be “beneficially owned” (as such term is defined under Rule 13d-3 of the Exchange Act) by any entity or person, shall be aggregated together
for the purpose of determining the availability of any rights under this Agreement. 
  

 8 

 2.12 Assignment. Notwithstanding anything herein to the contrary, the rights of
any of Arch BVI, Capital Ally or any other Holder herein may be assigned only to (i) a party who acquires at least [                    ]
Registrable Securities (as adjusted for stock splits, dividends, and the like) or (ii) a direct or indirect stockholder, partner, member, or beneficiary of Arch BVI or Capital Ally; provided, however, that no party may be assigned any of the
foregoing rights unless the Company is given written notice by the assigning party at the time of such assignment stating the name, address and tax identification number of the assignee and identifying the securities of the Company as to which the
rights in question are being assigned; and provided further that any such assignee (a) shall receive such assigned rights subject to all the terms and conditions of this Agreement, including without limitation the provisions of this
Section 2, and (b) is not a direct competitor of the Company as determined in good faith by the Company’s Board of Directors. 
 2.14 Amendment of Rights. Any provision of this Agreement may be amended and the observance thereof may be waived (either generally or in a particular instance and either retroactively or prospectively) only
with the written consent of the Company, Arch BVI and Capital Ally. Any amendment or waiver effected in accordance with this Section 2.14 shall be binding upon each Holder, each permitted successor or assignee of such Holder and the Company.

 2.15 Termination. This Agreement shall terminate in the event the Business Combination is not consummated or the
Agreement and Plan of Merger, Conversion and Share Exchange is terminated. 
  

 9 

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

			
	Middle Kingdom Alliance Corp.
		
	By:	 	  

	Name:	 	
	Title:	 	

 [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK 
 SIGNATURE PAGE FOR THE SHAREHOLDERS FOLLOWS] 
  

 10 

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

			
	ARCH DIGITAL HOLDINGS LIMITED
		
	By:	 	  

	Name:	 	
	Title:	 	

 Mailing Address: 
  

			
	CAPITAL ALLY INVESTMENTS LIMITED
		
	By:	 	  

	Name:	 	
	Title:	 	

 Mailing Address: 
  

 11

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