Document:

Exhibit
10.26

Execution
Version

CONFIDENTIAL

TRANSITIONAL
SERVICES AGREEMENT

Between

RENREN
INC.

and

KAIXIN
AUTO GROUP

Dated
as of April 30, 2019

    

     

    

TABLE
OF CONTENTS

Page

	ARTICLE
                                         1

                                                                                 

                                                                                DEFINITIONS

	Section 1.1   Defined
    Terms	2
	ARTICLE
                                         2

                                                                                 

                                                                                SERVICES

	Section 2.1     Initial
    Services	4
	Section 2.2     Additional
    Services	5
	Section 2.3     Scope
    of Services	5
	Section 2.4     Limitation
    on Provision of Services	5
	Section 2.5     Standard
    of Performance; Standard of Care	6
	Section 2.6     Prices
    for Services	7
	Section 2.7     Changes
    in Services	8
	Section 2.8     Services
    Performed by Third Parties	8
	Section 2.9     Responsibility
    for Provider Personnel	8
	Section 2.10   Services
    Rendered as a Work-For-Hire; Return of Equipment; Internal Use; No Sale, Transfer, Assignment; Copies	8
	Section 2.11   Cooperation	9
	ARTICLE
                                         3

                                                                                 

                                                                                CHARGES
                                         AND PAYMENT.

	Section 3.1     Procedure	9
	Section 3.2     Late
    Payments	9
	ARTICLE
                                         4

                                                                                 

                                                                                TERM
                                         AND TERMINATION.

	Section 4.1     Termination
    Dates	9
	Section 4.2     Early
    Termination by the Recipient	10
	Section 4.3     Termination
    by the Provider	10
	Section 4.4     Effect
    of Termination of Services	10
	Section 4.5     Data
    Transmission	11

 

    i

    

    

 

	

                                                                                ARTICLE
                                         5

                                                                                 

                                                                                MISCELLANEOUS.

	Section 5.1     DISCLAIMER
    OF WARRANTIES	11
	Section 5.2     Limitation
    of Liability; Indemnification	11
	Section 5.3     Compliance
    with Law and Governmental Regulations	13
	Section 5.4     No
    Partnership or Joint Venture; Independent Contractor	13
	Section 5.5     Non-Exclusivity	13
	Section 5.6     Expenses	13
	Section 5.7     Further
    Assurances	13
	Section 5.8     Confidentiality	13
	Section 5.9     Headings	14
	Section 5.10   Interpretation	14
	Section 5.11   Amendments	15
	Section 5.12   Inconsistency	15
	Section 5.13   Notices	15
	Section 5.14   Assignment;
    No Third-Party Beneficiaries	16
	Section 5.15   Entire
    Agreement	16
	Section 5.16   Counterparts	16
	Section 5.17   Severability	17
	Section 5.18   Incorporation
    by Reference	17
	Section 5.19   Governing
    Law and Jurisdiction	17

    ii

    

    

This
Transitional Services Agreement is dated as of April 30, 2019, by and between, Renren Inc., an exempted company with limited liability
incorporated under the laws of the Cayman Islands (“Renren”), and Kaixin Auto Group, an exempted company with
limited liability incorporated under the laws of the Cayman Islands (“Kaixin”).

R
E C I T A L S

WHEREAS,
as of the date hereof, Renren owns 160,000,000 issued and outstanding Ordinary Shares of Kaixin, representing 100% of total number
of Ordinary Shares of Kaixin on an as-converted basis;

WHEREAS,
Renren and Kaixin have entered into a share exchange agreement (the “Exchange Agreement”) with CM Seven Star
Acquisition Corp, an exempted company with limited liability incorporated under the laws of the Cayman Islands (“CM Seven
Star”), dated as of November 2, 2018;

WHEREAS,
Kaixin is primarily in the business of (i) owning and operating car dealerships in China through its various subsidiaries; (ii)
offering value added services, including insurance, extended warranties and after sales services to its customers through its
various subsidiaries; (iii) developing, maintaining and operating technologies that support its operating platforms (including
a mobile application used to browse for cars and purchase value added services, big data analytics for procurement and operational
management and an auto dealership SaaS platform to enhance the management and operations of its car dealerships through its various
subsidiaries; and (iv) provision of financing channels to customers and other in-network dealers through partnerships with one
or more financial institutions through its various subsidiaries (the “Kaixin Business”);

WHEREAS,
Renren, CM Seven Star and Kaixin have entered into that certain Master Transaction Agreement, dated as of April 30, 2019 (the
“Master Transaction Agreement”), which sets forth and memorializes the principal arrangements between Renren
and Kaixin regarding their relationship from and after the Closing Date, including the entering into of this Agreement; and

WHEREAS,
the parties desire that members of Renren Group will continue to provide certain services to members of Kaixin Group and that
members of Kaixin Group will also provide certain services to members of Renren Group, following the closing of the transactions
contemplated by the Exchange Agreement (the “Closing,” and the date thereof the “Closing Date”);

NOW,
THEREFORE, in consideration of the foregoing recitals, the mutual covenants and undertakings contained herein and the transactions
contemplated by the Master Transaction Agreement, the receipt and sufficiency of which are acknowledged, the parties hereby mutually
agree as follows:

    1

    

    

ARTICLE
1

DEFINITIONS

Section 1.1           
Defined Terms. Capitalized terms used and not otherwise defined herein will have the meanings ascribed to such terms in
the Master Transaction Agreement. Capitalized terms used in the Schedule but not otherwise defined therein, will have the meaning
ascribed to such word in this Agreement. For purposes of this Agreement, the following words and phrases will have the following
meanings:

“Actual
Cost” has the meaning set forth in Section 2.6 of this Agreement.

“Additional
Services” has the meaning set forth in Section 2.2 of this Agreement.

“Affiliate”
of any Person means a Person that controls, is controlled by, or is under common control with such Person; provided that,
under this Agreement, “Affiliate” of any member of Renren Group excludes members of Kaixin Group, and “Affiliate”
of any member of Kaixin Group excludes members of Renren Group. As used herein, “control” means the possession, directly
or indirectly, of the power to direct or cause the direction of the management and policies of such entity, whether through ownership
of voting securities or other interests, by contract or otherwise.

“Agreement”
means this Transitional Services Agreement, together with the Schedule hereto, as the same may be amended from time to time in
accordance with the provisions hereof.

“Ancillary
Agreements” means any agreement between Renren, CM Seven Star and/or Kaixin including the Master Transaction Agreement
and Non-Competition Agreement.

“Claims”
has the meaning set forth in Section 5.2(d) of this Agreement.

“Closing
Date” has the meaning set forth in the recitals to this Agreement.

“CM
Seven Star” has the meaning set forth in the recitals to this Agreement.

“CM
Seven Star Proxy Statement” means the proxy statement on Schedule 14A of CM Seven Star relating to the Exchange Agreement
and related transactions, filed with the Securities Exchange Commission on March 29, 2019.

“Dispute”
has the meaning set forth in Section 5.1(a) of the Master Transaction Agreement.

“Force
Majeure Event” has the meaning set forth in Section 2.4(a) of this Agreement.

“Governmental
Authority” means any federal, state, local, foreign or international court, government, department, commission, board,
bureau, agency, official or other regulatory, administrative or governmental authority.

“Indemnitee”
has the meaning set forth in Section 5.2(d) of this Agreement.

“Indemnitor”
has the meaning set forth in Section 5.2(d) of this Agreement.

    2

    

    

“Information”
means information in written, oral, electronic or other tangible or intangible forms, stored in any medium, including studies,
reports, records, books, contracts, instruments, surveys, discoveries, ideas, concepts, know-how, techniques, designs, specifications,
drawings, blueprints, diagrams, models, prototypes, samples, flow charts, data, computer data, disks, diskettes, tapes, computer
programs or other software, marketing plans, customer names, communications by or to attorneys (including attorney-client privileged
communications), memoranda and other materials prepared by attorneys or under their direction (including attorney work product),
and other technical, financial, employee or business information or data.

“Initial
Services” has the meaning set forth in Section 2.1 of this Agreement.

“Kaixin”
has the meaning set forth in the preamble of this Agreement.

“Kaixin
Business” has the meaning set forth in the recitals to this Agreement, as more completely described in the CM Seven
Star Proxy Statement.

“Kaixin
Group” means Kaixin and its subsidiaries and VIE.

“Law”
means any law, statute, rule, regulation or other requirement imposed by a Governmental Authority.

“Master
Transaction Agreement” has the meaning set forth in the recitals to this Agreement.

“Non-Competition
Agreement” has the meaning set forth in Section 2.1 of the Master Transaction Agreement.

“Person”
means an individual, a general or limited partnership, a corporation, a trust, a joint venture, an unincorporated organization,
a limited liability entity, any other entity and any Governmental Authority.

“PRC”
means the People’s Republic of China, which, for purposes of this Agreement only, does not include the Hong Kong Special
Administrative Region, the Macau Special Administrative Region and Taiwan.

“Provider”
means, with respect to any particular Service, the entity or entities identified on the Schedule as the party to provide such
Service.

“Provider
Personnel” has the meaning set forth in Section 2.9 of this Agreement.

“Recipient”
means, with respect to any particular Service, the entity or entities identified on the Schedule as the party to receive such
Service.

“Renren”
has the meaning set forth in the preamble of this Agreement.

“Renren
Group” means Renren and its subsidiaries and VIEs, other than the Kaixin Group.

    3

    

    

“Review
Meetings” has the meaning set forth in Section 2.11 of this Agreement.

“Schedule”
has the meaning set forth in Section 2.1 of this Agreement.

“Service
Period” means, with respect to any Service, the period commencing on the Closing Date and ending on the earlier of (i) the
date the Recipient terminates the provision of such Service pursuant to Section 4.2, (ii) the date the Provider terminates
the provision of such Service pursuant to Section 4.3, or (iii) the fifth anniversary of the Closing Date.

“Services”
has the meaning set forth in Section 2.2 of this Agreement.

“System”
means the software, hardware, data store or maintenance and support components or portions of such components of a set of information
assets identified in a Schedule.

“Tax”
means all forms of direct and indirect taxation or duties imposed, or required to be collected or withheld, including charges,
together with any related interest, penalties or other additional amounts.

“Termination
Fees” has the meaning set forth in Section 4.2 of this Agreement.

“U.S.
GAAP” means generally accepted accounting principles in the United States as in effect from time to time.

“VAT”
means value added tax, goods and services tax and any sales, transfer, services, consumption, business, use or transaction tax.

“VIE”
of any Person means any entity that controls, is controlled by, or is under common control with such Person and is deemed to be
a variable interest entity consolidated with such Person for purposes of U.S. GAAP.

“Work
Product” has the meaning set forth in Section 2.10 of this Agreement.

ARTICLE
2

SERVICES

Section 2.1           
Initial Services. Except as otherwise provided herein, during the applicable Service Period, each Provider agrees to provide,
or with respect to any service to be provided by an Affiliate of the Provider, to cause such Affiliate to provide, to the Recipient,
or with respect to any service to be provided to an Affiliate of the Recipient, to such Affiliate, the services that have been
provided by the Provider and/or its Affiliates to the Recipient or its Affiliate (the “Initial Services”),
including but not limited to the services set forth on Schedule 1 (the “Schedule”) annexed hereto.

    4

    

    

Section 2.2           
Additional Services. From time to time during the applicable Service Period, the parties may identify additional services
that the Provider will provide to the Recipient in accordance with the terms of this Agreement (the “Additional Services”
and, together with the Initial Services, the “Services”). If the parties agree to add any Additional Services,
the parties will mutually create a schedule or amend the existing Schedule for each such Additional Service setting forth the
identities of the Provider and the Recipient, a description of such Service, the term during which such Service will be provided,
the cost, if any, for such Service and any other provisions applicable thereto. In order to become a part of this Agreement, such
amendment to the Schedule must be executed by a duly authorized representative of each party, at which time such Additional Service
will, together with the Initial Services, be deemed to constitute a “Service” for the purposes hereof and will be
subject to the terms and conditions of this Agreement. The parties may, but will not be required to, agree on Additional Services
during the applicable Service Period. Notwithstanding anything to the contrary in the foregoing or anywhere else in this Agreement,
any service actually performed by the Provider upon written or oral request by the Recipient in connection with this Agreement
will be deemed to constitute a “Service” for the purposes of ARTICLE 3 and Section 5.2, but such “Service”
will only be incorporated into this Agreement by an amendment as set forth in this Section 2.2 and Section 5.11. Notwithstanding
the foregoing, neither party will have any obligation to agree to provide Additional Services.

Section 2.3           
Scope of Services. Notwithstanding anything to the contrary herein, (i) neither the Provider nor any of its Affiliates
will be required to perform or to cause to be performed any of the Services for the benefit of any third party or any other person
other than the applicable Recipient or its Affiliates, and (ii) the Provider makes no warranties, express or implied, with
respect to the Services, except as provided in Section 2.5.

Section 2.4           
Limitation on Provision of Services.

(a)               
In case performance of any terms or provisions
hereof will be delayed or prevented, in whole or in part, because of, or related to, compliance with any Law, decree, request
or order of any Governmental Authority, either local, state, federal or foreign, or because of riots, war, public disturbance,
strike, labor dispute, fire explosion, storm, flood, acts of God, major breakdown or failure of transportation, manufacturing,
distribution or storage facilities, or for any other reason which is not within the control of the party whose performance is
interfered with and which by the exercise of reasonable diligence such party is unable to prevent (each, a “Force Majeure
Event”), then upon prompt notice by the party so suffering to the other party, the party suffering will be excused from
its obligations hereunder during the period such Force Majeure Event continues, and no liability will attach against either party
on account thereof. No party will be excused from performance if such party fails to use reasonable diligence to remedy the situation
and remove the cause and effect of the Force Majeure Event.

(b)              
If the Provider is unable to provide a Service
hereunder because it does not have the necessary assets because such asset was transferred from the Provider to the Recipient,
the parties will determine a mutually acceptable arrangement to provide the necessary access to such asset and until such time
as access is provided, the Provider’s failure to provide such Service will not be a breach of this Agreement.

(c)               
Notwithstanding anything to the contrary contained
herein, this Agreement will not constitute an agreement for the Provider to provide Services to the Recipient to the extent that
the provision of any such Services would not be in compliance with applicable Laws.

    5

    

    

Section 2.5           
Standard of Performance; Standard of Care.

(a)               
The Provider will use its commercially reasonable
efforts to provide and cause its Affiliates to provide the Services in a manner which is substantially similar in nature, quality
and timeliness to the services provided by the applicable Provider to the applicable Recipient immediately prior to the date hereof;
provided, however, that nothing in this Agreement will require the Provider to prioritize or otherwise favor the Recipient over
any third parties or any of the Provider’s or the Provider’s Affiliates’ business operations. The Recipient
acknowledges that the Provider’s obligation to provide the Services is contingent upon the Recipient (A) providing
in a timely manner all information, documentation, materials, resources and access requested by the Provider and (B) making
timely decisions, approvals and acceptances and taking in a timely manner such other actions requested by the Provider, in each
case that the Provider (in its reasonable business judgment) believes is necessary or desirable to enable the Provider to provide
the Services; provided, however, that the Provider requests such approvals, information, materials or services with reasonable
prior notice to the extent practicable. Notwithstanding anything to the contrary herein, the Provider shall not be responsible
for any failure to provide any Service in the event that the Recipient has not fully complied with the immediately preceding sentence.
The parties acknowledge and agree that nothing contained in the Schedule will be deemed to (A) increase or decrease the standard
of care imposed on the Provider, (B) expand the scope of the Services to be provided as set forth in Article
2, except to the extent that the Schedule references a Service that was not provided immediately prior to the date hereof,
or (C) limit Sections 5.1 and 5.2.

(b)              
In providing the Services, except to the extent
necessary to maintain the level of Service provided on the date hereof (or with respect to any Additional Service, the agreed-upon
level), the Provider will not be obligated to: (A) hire any additional employees or (B) purchase, lease or license any
additional equipment, software or other assets; and in no event will the Provider be obligated to (x) maintain the employment
of any specific employee or (y) pay any costs related to the transfer or conversion of the Recipient’s data to the
Provider or any alternate supplier of Services. Further, the Provider will have the right to designate which personnel it will
assign to perform the Services, and it will have the right to remove and replace any such personnel at any time or designate any
of its Affiliates or a third party provider at any time to perform the Services. At the Recipient’s request, the Provider
will consult in good faith with the Recipient regarding the specific personnel to provide any particular Services; provided, however,
that the Provider’s decision will control and be final and binding.

(c)               
The Provider’s sole responsibility to the
Recipient for errors or omissions committed by the Provider in performing the Services will be to correct such errors or omissions
in the Services at no additional cost to the Recipient; provided, however, that the Recipient must promptly advise the Provider
of any such error or omission of which it becomes aware after having used commercially reasonable efforts to detect any such errors
or omissions.

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(d)              
The Parties and their respective Affiliates will
use good faith efforts to cooperate with each other in connection with the performance of the Services hereunder, including producing
on a timely basis all information that is reasonably requested with respect to the performance of Services; provided, however,
that such cooperation not unreasonably disrupt the normal operations of the parties and their respective Affiliates; provided
further, that the party requesting cooperation will pay all reasonable out-of-pocket costs and expenses incurred by the party
furnishing cooperation, unless otherwise expressly provided in this Agreement or the Master Transaction Agreement. Such cooperation
will include exchanging information, providing electronic access to systems used in connection with the Services and obtaining
or granting all consents, licenses, sublicenses or approvals necessary to permit each party to perform its obligations hereunder.
Notwithstanding anything in this Agreement to the contrary, the Recipient will be solely responsible for paying for the costs
of obtaining such consents, licenses, sublicenses or approvals, including reasonable legal fees and expenses. Either party providing
electronic access to systems used in connection with Services may limit the scope of access to the applicable requirements of
the relevant matter through any reasonable means available, and any such access will be subject to the terms of Section 5.8.
The exchange of information or records (in any format, electronic or otherwise) related to the provision of Services under this
Agreement will be made to the extent that (A) such records/information exist and are created in the ordinary course, (B) do
not involve the incurrence of any material expense, and (C) are reasonably necessary for any such party to comply with its
obligations hereunder or under applicable Law. Subject to the foregoing terms, the parties will cooperate with each other in making
information available as needed in the event of a Tax audit or in connection with statutory or governmental compliance issues,
whether in the PRC or any other country; provided, however, that the provision of such information will be without representation
or warranty as to the accuracy or completeness of such information. For the avoidance of doubt, and without limiting any privilege
or protection that now or hereafter may be shared by the Provider and the Recipient, neither party will be required to provide
any document if the party who would provide such document reasonably believes that so doing would waive any privilege or protection
(e.g., attorney-client privilege) applicable to such document.

(e)               
If the Provider reasonably believes it is unable
to provide any Service because of a failure to obtain necessary consents (e.g., third-party approvals or instructions or approvals
from the Recipient required in the ordinary course of providing a Service), licenses, sublicenses or approvals contemplated by
Section 2.5(d), such failure shall not constitute a breach hereof by the Provider and the parties will cooperate to determine
the best alternative approach; provided, however, that in no event will the Provider be required to provide such Service until
an alternative approach reasonably satisfactory to the Provider is found or the consents, licenses, sublicenses or approvals have
been obtained.

Section 2.6           
Prices for Services. Services provided to any Recipient pursuant to the terms of this Agreement will be charged at the
prices set forth for such Service on the Schedule. At the end of each twelve (12) months during the Service Period, the Provider
will review the charges, costs and expenses actually incurred by the Provider in providing any Service (collectively, “Actual
Cost”) during the previous twelve (12) months. In the event the Provider determines that the Actual Cost for any
service materially differs from the aggregate costs charged to Recipient for that Service for that period, the Provider will deliver
to Recipient documentation for such Actual Cost and the parties will renegotiate in good faith to adjust the appropriate costs
charged to the Recipient prospectively.

    7

    

    

Section 2.7           
Changes in Services. The parties agree and acknowledge that any Provider may make changes from time to time in the manner
of performing the applicable Services if such Provider is making similar changes in performing similar services for itself, its
Affiliates or other third parties, if any, and if such Provider furnishes to the Recipient substantially the same notice (in content
and timing) as such Provider provides to its Affiliates or other third parties, if any, respecting such changes. In addition,
and without limiting the immediately preceding sentence in any way, and notwithstanding any provision of this Agreement to the
contrary, such Provider may make any of the following changes without obtaining the prior consent of the Recipient: (i) changes
to the process of performing a particular Service that do not adversely affect the benefits to the Recipient of such Provider’s
provision or quality of such Service in any material respect or materially increase the charge for such Service; (ii) emergency
changes on a temporary and short-term basis; and (iii) changes to a particular Service in order to comply with applicable
Law or regulatory requirements.

Section 2.8           
Services Performed by Third Parties. Nothing in this Agreement will prevent the Provider from using its Affiliates or third
parties to perform all or any part of a Service hereunder. The Provider will remain fully responsible for the performance of its
obligations under this Agreement in accordance with its terms, including any obligations it performs through its Affiliates or
third parties, and the Provider will be solely responsible for payments due any such Affiliates or third parties.

Section 2.9           
Responsibility for Provider Personnel. All personnel employed, engaged or otherwise furnished by the Provider in connection
with its rendering of the Services will be the Provider’s employees, agents or subcontractors, as the case may be (collectively,
“Provider Personnel”). The Provider will have the sole and exclusive responsibility for Provider Personnel,
will supervise Provider Personnel and will cause Provider Personnel to cooperate with the Recipient in performing the Services
in accordance with the terms and conditions of Section 2.5. The Provider will pay and be responsible for the payment of any
and all premiums, contributions and taxes for workers’ compensation insurance, unemployment compensation, disability insurance,
and all similar provisions now or hereafter imposed by any Governmental Authority with respect to, or measured by, wages, salaries
or other compensation paid, or to be paid, by the Provider to Provider Personnel.

Section 2.10       
Services Rendered as a Work-For-Hire; Return of Equipment; Internal Use; No Sale, Transfer, Assignment; Copies. All materials,
software, tools, data, inventions, works of authorship, documentation, and other innovations of any kind, including any improvements
or modifications to the Provider’s proprietary computer software programs and related materials, that the Provider, or personnel
working for or through the Provider, may make, conceive, develop or reduce to practice, alone or jointly with others, in the course
of performing Services or as a result of such Services, whether or not eligible for patent, copyright, trademark, trade secret
or other legal protection (collectively the “Work Product”), as between the Provider and the Recipient, will
be solely owned by the Provider. Upon the termination of any of the Services, (i) the Recipient will return to the Provider,
as soon as practicable, any equipment or other property of the Provider relating to such terminated Services which is owned or
leased by the Provider and is, or was, in the Recipient’s possession or control; and (ii) the Provider will transfer
to the Recipient, as soon as practicable, any and all supporting, back-up or organizational data or information of the Recipient
used in supplying the Service to the Recipient. In addition, the parties will use good-faith efforts at the termination of this
Agreement or any specific Service provided hereunder, to ensure that all user identifications and passwords related thereto, if
any, are canceled, and that any other data (as well as any and all back-up of that data) pertaining solely to the other party
and related to such Service will be returned to such other party and deleted or removed from the applicable computer systems.
All systems, procedures and related materials provided to the Recipient are for the Recipient’s internal use only and only
as related to the Services or any of the underlying Systems used to provide the Services, and unless the Provider gives its prior
written consent in each and every instance (in its sole discretion), the Recipient may not sell, transfer, assign or otherwise
use the Services provided hereunder, in whole or in part, for the benefit of any person other than an Affiliate of the Recipient.
The Recipient will not copy, modify, reverse engineer, decompile or in any way alter Systems without the Provider’s express
written consent (in its sole discretion).

    8

    

    

Section 2.11        
Cooperation. Each party will designate in writing to the other party one (1) representative to act as a contact person
with respect to all issues relating to the provision of the Services pursuant to this Agreement. Such representatives will hold
review meetings by telephone or in person, as mutually agreed upon, approximately once every quarter to discuss issues relating
to the provision of the Services under this Agreement (“Review Meetings”). In the Review Meetings such representatives
will be responsible for (A) discussing any problems identified relating to the provision of Services and, to the extent changes
are agreed upon, implementing such changes and (B) providing notice that any Service has since the prior Review Meeting for
the first time exceeded, or is anticipated to exceed, the usual and customary volume for such Service as described in the Schedule.

ARTICLE
3

CHARGES AND PAYMENT.

Section 3.1           
Procedure. Charges for the Services will be charged to and payable by the Recipient. Amounts payable pursuant to the terms
of this Agreement will be paid to the Provider on a quarterly basis.

Section 3.2           
Late Payments. Charges not paid within twenty-five (25) days after the date when payable will bear interest at the
rate of 0.75% per month for the period commencing on the due date and ending on the date that is twenty-five (25) days
after such due date, and thereafter at the rate of 1.5% per month until the date payment is received in full by the Provider.

ARTICLE
4

TERM AND TERMINATION.

Section 4.1           
Termination Dates. Unless otherwise terminated pursuant to this ARTICLE 4, this Agreement will terminate with respect to
any Service at the close of business on the last day of the Service Period for such Service, unless the parties have agreed in
writing to an extension of the Service Period.

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Section 4.2           
Early Termination by the Recipient. As provided in the Schedule (regarding the required number of days for written notice),
the Recipient may terminate this Agreement with respect to either all or any one or more of the Services, at any time and from
time to time (except in the event such termination will constitute a breach by Provider of a third party agreement related to
providing such Services), by giving the required written notice to the Provider of such termination (each, a “Termination
Notice”). Early termination by the Recipient will obligate the Recipient to pay to the Provider a termination fee equal
to the direct costs incurred by the Provider and/or its Affiliates in connection with their provision of Services at the time
of the early termination (the “Termination Fees”). Unless provided otherwise in the Schedule, all Services
of the same type must be terminated simultaneously. As soon as reasonably practicable after its receipt of a Termination Notice,
the Provider will advise the Recipient as to whether early termination of such Services will require the termination or partial
termination, or otherwise affect the provision of, certain other Services. If this will be the case, the Recipient may withdraw
its Termination Notice within thirty (30) days. If the Recipient does not withdraw the Termination Notice within such period,
such termination will be final and the Recipient will be deemed to have agreed to the termination, partial termination or affected
provision of such other Services and to pay the Termination Fees.

Section 4.3           
Termination by the Provider. The Provider may terminate this Agreement with respect to either all or any one or more of
the Services, at any time and from time to time, by giving the required written notice to the Recipient of such termination, if
(i) members of the Renren Group no longer collectively control at least twenty percent (20%) of the voting power of
the then outstanding securities of CM Seven Star, or (ii) Renren, collectively with the other members of the Renren Group,
ceases to be the largest beneficial owner of the then outstanding voting securities of CM Seven Star (for purposes of this clause
(ii), without considering holdings of institutional investors that have acquired CM Seven Star securities in the ordinary course
of their business and not with a purpose nor with the effect of changing or influencing the control of CM Seven Star). Additionally,
the Provider may terminate this Agreement by giving written notice of such termination to the Recipient, if the Recipient breaches
any material provision of this Agreement (including a failure to timely pay an invoiced amount); provided, however,
that the Recipient will have thirty (30) days after receiving such written notice to cure any breach which is curable before
the termination becomes effective.

Section 4.4           
Effect of Termination of Services. In the event of any termination with respect to one or more, but less than all, of the
Services, this Agreement will continue in full force and effect with respect to any Services not so terminated. Upon the termination
of any or all of the Services, the Provider will cease, or cause its applicable Affiliates or third-party providers to cease,
providing the terminated Services. Upon each such termination, the Recipient will promptly (i) pay to the Provider all fees
accrued through the effective date of the Termination Notice, and (ii) reimburse the Provider for the termination costs actually
incurred by the Provider resulting from the Recipient’s early termination of such Services, if any, including those costs
owed to third-party providers, but excluding costs related to the termination of any particular Provider employees in connection
with such termination of Services (including wrongful termination claims) unless the Recipient was notified in writing that such
particular employees were being engaged in order for the Provider to provide such Services.

    10

    

    

Section 4.5           
Data Transmission. In connection with the termination of a particular Service, on or prior to the last day of each relevant
Service Period, the Provider will cooperate fully and will cause its Affiliates to cooperate fully to support any transfer of
data concerning the relevant Services to the applicable Recipient. If requested by the Recipient in connection with the prior
sentence, the Provider will deliver and will cause its Affiliates to deliver to the applicable Recipient, within such time periods
as the parties may reasonably agree, all records, data, files and other information received or computed for the benefit of such
Recipient during the Service Period, in electronic and/or hard copy form; provided, however, that (i) the Provider
will not have any obligation to provide or cause to provide data in any non-standard format and (ii) if the Provider, in
its sole discretion, upon request of the Recipient, chooses to provide data in any non-standard format, the Provider and its Affiliates
will be reimbursed for their reasonable out-of-pocket costs for providing data electronically in any format other than its standard
format, unless expressly provided otherwise in the Schedule.

ARTICLE
5

MISCELLANEOUS.

Section 5.1           
DISCLAIMER OF WARRANTIES. NOTWITHSTANDING ANYTHING TO THE CONTRARY IN THIS AGREEMENT, THE PROVIDER MAKES NO AND DISCLAIMS
ALL WARRANTIES, EXPRESS OR IMPLIED, INCLUDING THE IMPLIED WARRANTIES OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE AND
NONINFRINGEMENT, WITH RESPECT TO THE SERVICES, TO THE EXTENT PERMITTED BY APPLICABLE LAW. THE PROVIDER MAKES NO REPRESENTATIONS
OR WARRANTIES AS TO THE QUALITY, SUITABILITY OR ADEQUACY OF THE SERVICES FOR ANY PURPOSE OR USE.

Section 5.2           
Limitation of Liability; Indemnification

(a)               
Each party acknowledges and agrees that the obligations
of the other party hereunder are exclusively the obligations of such other party and are not guaranteed directly or indirectly
by such other party’s shareholders, members, managers, officers, directors, agents or any other person. Except as otherwise
specifically set forth in the Master Transaction Agreement, and subject to the terms of this Agreement, each party will look only
to the other party and not to any manager, director, officer, employee or agent for satisfaction of any claims, demands or causes
of action for damages, injuries or losses sustained by any party as a result of the other party’s action or inaction.

(b)              
Notwithstanding (A) the Provider’s
agreement to perform the Services in accordance with the provisions hereof, or (B) any term or provision of the Schedule
to the contrary, the Recipient acknowledges that performance by the Provider of the Services pursuant to this Agreement will not
subject the Provider, any of its Affiliates or their respective members, shareholders, managers, directors, officers, employees
or agents to any liability whatsoever, except as directly caused by the gross negligence or willful misconduct on the part of
the Provider or any of its members, shareholders, managers, directors, officers, employees and agents; provided, however, that
the Provider’s liability as a result of such gross negligence or willful misconduct will be limited to an amount not to
exceed the lesser of (i) the price paid for the particular Service, (ii) the Recipient’s or its Affiliate’s
cost of performing the Service itself during the remainder of the applicable Service Period or (iii) the Recipient’s
cost of obtaining the Service from a third party during the remainder of the applicable Service Period; provided further that
the Recipient and its Affiliates will exercise their commercially reasonable efforts to minimize the cost of any such alternatives
to the Services by selecting the most cost effective alternatives which provide the functional equivalent of the Services replaced.

    11

    

    

(c)               
NOTWITHSTANDING ANY OTHER PROVISION OF THIS AGREEMENT
TO THE CONTRARY, IN NO EVENT WILL EITHER PARTY OR ITS RESPECTIVE AFFILIATES BE LIABLE FOR ANY SPECIAL, INCIDENTAL, INDIRECT, COLLATERAL,
CONSEQUENTIAL OR PUNITIVE DAMAGES OR LOST PROFITS SUFFERED BY THE OTHER PARTY OR ITS AFFILIATES, HOWEVER CAUSED AND ON ANY THEORY
OF LIABILITY, IN CONNECTION WITH ANY DAMAGES ARISING HEREUNDER; PROVIDED, HOWEVER, THAT TO THE EXTENT EITHER PARTY OR ITS RESPECTIVE
AFFILIATES IS REQUIRED TO PAY (A) ANY AMOUNT ARISING OUT OF THE INDEMNITY SET FORTH IN Section 5.2(b) AND (B) ANY
SPECIAL, INCIDENTAL, INDIRECT, COLLATERAL, CONSEQUENTIAL OR PUNITIVE DAMAGES OR LOST PROFITS TO A THIRD PARTY WHO IS NOT AN AFFILIATE
OF EITHER PARTY, IN EACH CASE IN CONNECTION WITH A THIRD-PARTY CLAIM, SUCH DAMAGES WILL CONSTITUTE DIRECT DAMAGES OF THE INDEMNIFIED
PARTY AND WILL NOT BE SUBJECT TO THE LIMITATION SET FORTH IN THIS Section 5.2(c).

(d)              
The Recipient agrees to indemnify and hold harmless
the Provider, the Provider or its Affiliates and their respective members, shareholders, managers, directors, officers, employees
and agents with respect to any claims or liabilities (including reasonable attorneys’ fees) (“Claims”),
which may be asserted or imposed against the Provider or such persons by a third party who is not an affiliate of either party,
as a result of (A) the provision of the Services pursuant to this Agreement, or (B) the material breach by the Recipient
of a third-party agreement that causes or constitutes a material breach of such agreement by the Provider, except (with respect
to both of the foregoing) for any claims which are directly caused by the gross negligence or willful misconduct of the Provider
or such persons. Each party as indemnitee (“Indemnitee”) will give the other party as indemnitor (“Indemnitor”)
prompt written notice of any Claims. If Indemnitor does not notify Indemnitee within a reasonable period after Indemnitor’s
receipt of notice of any Claim that Indemnitor is assuming the defense of Indemnitee, then until such defense is assumed by Indemnitor,
Indemnitee shall have the right to defend, contest, settle or compromise such Claim in the exercise of its reasonable judgment
and all costs and expenses of such defense, contest, settlement or compromise (including reasonable outside attorneys’ fees
and expenses) will be reimbursed to Indemnitee by Indemnitor. Upon assumption of the defense of any such Claim, Indemnitor will,
at its own cost and expense, select legal counsel, conduct and control the defense and settlement of any suit or action which
is covered by Indemnitor’s indemnity. Indemnitee shall render all cooperation and assistance reasonably requested by the
Indemnitor and Indemnitor will keep Indemnitee fully apprised of the status of any Claim. Notwithstanding the foregoing, Indemnitee
may, at its election and sole expense, be represented in such action by separate counsel and Indemnitee may, at its election and
sole expense, assume the defense of any such action, if Indemnitee hereby waives Indemnitor’s indemnity hereunder. Unless
Indemnitee waives the indemnity hereunder, in no event shall Indemnitee, as part of the settlement of any claim or proceeding
covered by this indemnity or otherwise, stipulate to, admit or acknowledge any liability or wrongdoing (whether in contract, tort
or otherwise) of any issue which may be covered by this indemnity without the consent of the Indemnitor (such consent not to be
unreasonably withheld or delayed).

    12

    

    

Section 5.3           
Compliance with Law and Governmental Regulations. The Recipient will be solely responsible for (i) compliance with
all Laws affecting its business and (ii) any use the Recipient may make of the Services to assist it in complying with such
Laws. Without limiting any other provisions of this Agreement, the parties agree and acknowledge that neither party has any responsibility
or liability for advising the other party with respect to, or ensuring the other party’s compliance with, any public disclosure,
compliance or reporting obligations of such other party (including the Securities Act of 1933, as amended, the Securities Exchange
Act of 1934, as amended, the Sarbanes-Oxley Act of 2002 and rules and regulations promulgated under such Acts or any successor
provisions), regardless of whether any failure to comply results from information provided hereunder.

Section 5.4           
No Partnership or Joint Venture; Independent Contractor. Nothing contained in this Agreement will constitute or be construed
to be or create a partnership or joint venture between the parties or any of their respective Affiliates, successors or assigns.
The parties understand and agree that this Agreement does not make either of them an agent or legal representative of the other
for any purpose whatsoever. No party is granted, by this Agreement or otherwise, any right or authority to assume or create any
obligation or responsibilities, express or implied, on behalf of or in the name of any other party, or to bind any other party
in any manner whatsoever. The parties expressly acknowledge that the Provider is an independent contractor with respect to the
Recipient in all respects, including with respect to the provision of the Services.

Section 5.5           
Non-Exclusivity. The Provider and its Affiliates may provide services of a nature similar to the Services to any other
Person. There is no obligation for the Provider to provide the Services to the Recipient on an exclusive basis.

Section 5.6           
Expenses. Except as otherwise provided herein, each party will pay its own expenses incident to the negotiation, preparation
and performance of this Agreement, including the fees, expenses and disbursements of their respective investment bankers, accountants
and counsel.

Section 5.7           
Further Assurances. From time to time, each party will use its commercially reasonable efforts to take or cause to be taken,
at the cost and expense of the requesting party, such further actions as may be reasonably necessary to consummate or implement
the transactions contemplated hereby or to evidence such matters.

Section 5.8           
Confidentiality.

(a)               
Subject to Section 5.8(c), each party, on
behalf of itself and its respective Affiliates, agrees to hold, and to cause its respective directors, officers, employees, agents,
accountants, counsel and other advisors and representatives to hold, in strict confidence, with at least the same degree of care
that applies to such party’s confidential and proprietary information pursuant to policies in effect as of the date hereof,
all Information concerning the other party and its Affiliates that is either in its possession (including Information in its possession
prior to the date hereof) or furnished by the other party, its Affiliates or their respective directors, officers, managers, employees,
agents, accountants, counsel and other advisors and representatives at any time pursuant to this Agreement or otherwise, and will
not use any such Information other than for such purposes as will be expressly permitted hereunder or thereunder, except, in each
case, to the extent that such Information has been (i) in the public domain through no fault of such party or its Affiliates
or any of their respective directors, officers, managers, employees, agents, accountants, counsel and other advisors and representatives,
(ii) later lawfully acquired from other sources by such party (or its Affiliates) which sources are not themselves bound
by a confidentiality obligation, or (iii) independently generated without reference or prior access to any proprietary or
confidential Information of the other party.

    13

    

    

(b)              
Each party agrees not to release or disclose,
or permit to be released or disclosed, any Information of the other party or its Affiliates to any other Person, except its directors,
officers, employees, agents, accountants, counsel and other advisors and representatives who need to know such Information (who
will be advised of their obligations hereunder with respect to such Information), except in compliance with Section 5.8(c);
provided, however, that any Information may be disclosed to third parties (who will be advised of their obligation hereunder with
respect to such Information) retained by the Provider as the Provider reasonably deems necessary to perform the Services.

(c)               
In the event that any party or any of its Affiliates
either determines on the advice of its counsel that it is required to disclose any Information pursuant to applicable Law (including
pursuant to any rule or regulation of any Governmental Authority) or receives any demand under lawful process or from any Governmental
Authority to disclose or provide Information of any other party (or of the other party’s Affiliates) that is subject to
the confidentiality provisions hereof, such party will notify the other party prior to disclosing or providing such Information
and will cooperate at the expense of such other party in seeking any reasonable protective arrangements (including by seeking
confidential treatment of such Information) requested or required by such other party. Subject to the foregoing, the person that
received such a request or determined that it is required to disclose Information may thereafter disclose or provide Information
to the extent required by such Law (as so advised by counsel) or by lawful process or such Governmental Authority; provided, however,
that such Person provides the other party upon request with a copy of the Information so disclosed.

Section 5.9           
Headings. The Section and paragraph headings contained in this Agreement or in the Schedule hereto and in the table of
contents to this Agreement are for reference purposes only and will not affect in any way the meaning or interpretation of this
Agreement.

Section 5.10         
Interpretation. For all purposes of this Agreement and the Schedule delivered pursuant to this Agreement: (i) the
terms defined in Section 1.1 have the meanings assigned to them in Section 1.1 and include the plural as well as the
singular; (ii) all accounting terms not otherwise defined herein have the meanings assigned under U.S. GAAP; (iii) all
references in this Agreement to designated “Sections”, “Schedule” and other subdivisions are to the designated
Sections, Schedule and other subdivisions of the body of this Agreement; (iv) pronouns of either gender or neuter will include,
as appropriate, the other pronoun forms; (v) the words “herein”, “hereof” and “hereunder”
and other words of similar import refer to this Agreement as a whole and not to any particular Section or other subdivision; (vi) “or”
is not exclusive; (vii) “including” and “includes” will be deemed to be followed by “but not
limited to” and “but is not limited to”, respectively; (viii) “party” or “parties”
refer to a party or parties to this Agreement unless otherwise indicated; (ix) any definition of, or reference to, any law,
agreement, instrument or other document herein will be construed as referring to such law, agreement, instrument or other document
as from time to time amended, supplemented or otherwise modified; and (x) any definition of, or reference to, any statute
will be construed as referring also to any rules and regulations promulgated thereunder.

    14

    

    

Section 5.11        
Amendments. This Agreement (including the Schedule) may not be amended except by an instrument in writing executed by a
duly authorized representative of each party. By an instrument in writing, the Provider, on the one hand, or the Recipient, on
the other hand, may waive compliance by the other with any term or provision of this Agreement (including the Schedule) that such
other party was or is obligated to comply with or perform. Any such waiver will only be effective in the specific instance and
for the specific and limited purpose for which it was given and will not be deemed a waiver of any other provision of this Agreement
(including the Schedule) or of the same breach or default upon any recurrence thereof. No failure on the part of any party to
exercise and no delay in exercising any right hereunder will operate as a waiver thereof nor will any single or partial exercise
of any right hereunder preclude any other or further exercise thereof or the exercise of any other right.

Section 5.12         
Inconsistency. Neither the making nor the acceptance of this Agreement will enlarge, restrict or otherwise modify the terms
of the Master Transaction Agreement or constitute a waiver or release by any party of any liabilities, obligations or commitments
imposed upon them by the terms of the Master Transaction Agreement, including the representations, warranties, covenants, agreements
and other provisions of the Master Transaction Agreement. In the event of any conflict between the terms of this Agreement (including
the Schedule), on the one hand, and the terms of the Master Transaction Agreement, on the other hand, with respect to the subject
matters of this Agreement, the terms of this Agreement will control. In the event of any inconsistency between the terms of this
Agreement, on the one hand, and any of the Schedule, on the other hand, the terms of this Agreement (other than charges for Services)
will control.

Section 5.13        
Notices. Notices, offers, requests or other communications required or permitted to be given by a party pursuant to the
terms of this Agreement shall be given in writing to the other party to the following addresses:

if
to Renren:

5/F,
North Wing

18
Jiuxianqiao Middle Road, Chaoyang District

Beijing
100016

People’s
Republic of China

Attention:
James Jian Liu

Email:
james.liu@renren-inc.com

    15

    

    

if
to Kaixin:

5/F,
North Wing

18
Jiuxianqiao Middle Road, Chaoyang District

Beijing
100016

People’s
Republic of China

Attention:
Thomas Jintao Ren

Email:
jintao.ren@renren-inc.com

or
to such other address, facsimile number or email address as the party to whom notice is given may have previously furnished to
the other in writing as provided herein. Any notice involving non-performance or termination shall be sent by hand delivery or
recognized overnight courier. All other notices may also be sent by facsimile or email, confirmed by mail. All notices shall be
deemed to have been given when received, if hand delivered; when transmitted, if transmitted by facsimile or email; upon confirmation
of delivery, if sent by recognized overnight courier; and upon receipt if mailed.

Section 5.14        
Assignment; No Third-Party Beneficiaries. Neither this Agreement nor any of the rights and obligations of the parties may
be assigned by any party without the prior written consent of the other party, except that (i) the Recipient may assign its
rights under this Agreement to any Affiliate or Affiliates of the Recipient without the prior written consent of the Provider,
(ii) the Provider may assign any rights and obligations hereunder to (A) any Affiliate or Affiliates of the Provider
capable of providing such Services hereunder or (B) third parties to the extent such third parties are routinely used to
provide the Services to Affiliates and businesses of the Provider, in either case without the prior written consent of the Recipient,
and (iii) an assignment by operation of Law in connection with a merger or consolidation will not require the consent of
the other party. Notwithstanding the foregoing, each party will remain liable for all of its respective obligations under this
Agreement. Subject to the first sentence of this Section 5.14, this Agreement will be binding upon and inure to the benefit
of the parties and their respective successors and assigns and no other person will have any right, obligation or benefit hereunder.
Any attempted assignment or transfer in violation of this Section 5.14 will be void.

Section 5.15        
Entire Agreement. This Agreement, the Ancillary Agreements, the Schedule and appendices hereto and thereto contain the
entire agreement between the parties with respect to the subject matter hereof, supersede all previous agreements, negotiations,
discussions, writings, understandings, commitments and conversations with respect to such subject matter and there are no agreements
or understandings between the parties with respect to such subject matter other than those set forth or referred to herein or
therein.

Section 5.16        
Counterparts. This Agreement may be executed in one or more counterparts, all of which will be considered one and the same
agreement, and will become effective when one or more such counterparts have been signed by each of the parties and delivered
to the other party. Delivery of an executed counterpart of a signature page of this Agreement by facsimile or other electronic
imaging means will be effective as delivery of a manually executed counterpart of this Agreement.

    16

    

    

Section 5.17         Severability. If any term or provision of this Agreement is invalid, illegal or incapable of being enforced by any applicable
Law or public policy, all other conditions and provisions of this Agreement will nonetheless remain in full force and effect so
long as the economic and legal substance of the transactions contemplated by this Agreement is not affected in any manner materially
adverse to any party. Upon such determination that any term or other provision is invalid, illegal or incapable of being enforced,
the parties will negotiate in good faith to modify this Agreement so as to effect the original intent of the parties as closely
as possible in a mutually acceptable manner in order that the transactions contemplated by this Agreement are consummated as originally
contemplated to the fullest extent possible.

Section 5.18         Incorporation by Reference. The Schedule to this Agreement is incorporated herein by reference and made a part of this
Agreement as if set forth in full herein.

Section 5.19         Governing Law and Jurisdiction. This Agreement shall be governed by, and construed in accordance with, the laws of Hong
Kong SAR. Subject to Section 5.1 of the Master Transaction Agreement, each of the parties hereby submits unconditionally to the
jurisdiction of, and agrees that venue shall lie exclusively in, the courts Hong Kong SAR for purposes of the resolution of any
disputes arising under this Agreement.

[Signature
pages follow]

    17

    

    

 

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

 

	 	Renren
    Inc.
	 	
	 	Name:
	 	Title:

 

    

    

    

 

	 	Kaixin
    Auto Group
	 	
	 	Name:
	 	Title:Exhibit
10.27

 

Execution
Version

 

STRICTLY
CONFIDENTIAL

 

INVESTOR
RIGHTS AGREEMENT

 

dated
as of April 30, 2019

 

between

 

CM
SEVEN STAR ACQUISITION CORPORATION

 

SHAREHOLDER
VALUE FUND

 

and

 

RENREN
INC.

 

    

     

    

 

TABLE
OF CONTENTS

 

Page

 

	ARTICLE
                                         I DEFINITIONS AND INTERPRETATION
	1
	Section
    1.1     Definitions	1
	Section
    1.2     Interpretation and Rules of Construction	5
	ARTICLE
    II BOARD Of DIRECTORS	5
	Section
    2.1     Board Representation	5
	Section
    2.2     Other Matters	7
	ARTICLE
    III REGISTRATION RIGHTS	7
	Section
    3.1     Applicability of Rights	7
	Section
    3.2     Restrictive Legend; Execution by the Company	7
	Section
    3.3     Demand Registration	8
	Section
    3.4     Piggyback Registrations	10
	Section
    3.5     Form S-3/F-3 Registration	12
	Section
    3.6     Obligations of the Company	13
	Section
    3.7     Furnish Information	14
	Section
    3.8     Indemnification	14
	Section
    3.9     Rule 144 Reporting	17
	Section
    3.10   Termination of the Company’s Obligations	17
	Section
    3.11   Re-Sale Rights	18
	Section
    3.12   Transfer of Registration Rights	18
	ARTICLE
    IV OTHER PROVISIONS	18
	Section
    4.1	18
	Section
    4.2	19
	ARTICLE
    V GENERAL PROVISIONS	19
	Section
    5.1     Confidentiality	19
	Section
    5.2     Termination	19
	Section
    5.3     Notices	20
	Section
    5.4     Entire Agreement	20
	Section
    5.5     Governing Law	21
	Section
    5.6     Dispute Resolution	21
	Section
    5.7     Severability	21
	Section
    5.8     Assignments and Transfers; No Third Party Beneficiaries	22

 

		

    i

     

    

 

	Section
    5.9     Construction	22
	Section
    5.10   Counterparts	22
	Section
    5.11   Aggregation of Shares	22
	Section
    5.12   Conflict with Articles or Other Agreements	22
	Section
    5.13   Specific Performance	23
	Section
    5.14   Amendment; Waiver	23
	Section
    5.15   Public Announcements	23

 

    ii

     

    

 

INVESTOR
RIGHTS AGREEMENT

 

THIS
INVESTOR RIGHTS AGREEMENT (this “Agreement”) is made and entered into as of April 30, 2019 by and between CM
Seven Star Acquisition Corporation, an exempted company incorporated under the laws of the Cayman Islands (the “Company”),
Shareholder Value Fund, an exempted company incorporated under the laws of the Cayman Islands (“SVF”), and
Renren Inc. (“Renren”), a company incorporated under the laws of the Cayman Islands.

 

RECITALS

 

WHEREAS,
the Company, Renren and Kaixin Auto Group (“Kaixin”), a company incorporated under the laws of the Cayman Islands,
have entered into a share exchange agreement, dated November 2, 2018 (the “Exchange Agreement”) relating to
the acquisition by the Company of the entire issued share capital of Kaixin; and

 

WHEREAS,
it is a condition to the Closing that the parties hereto enter into this Agreement to set forth certain rights and obligations
of the parties hereto in connection with the transactions contemplated under the Exchange Agreement.

 

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

 

ARTICLE
I

DEFINITIONS AND INTERPRETATION

 

Section
1.1        Definitions.
In this Agreement, except to the extent otherwise provided or that the context otherwise requires:

 

“Affiliate”
means, in respect of a Person, any other Person that, directly or indirectly, through one or more intermediaries, controls, is
controlled by, or is under common control with, such Person, and (i) in the case of a natural person, shall include, without limitation,
such Person’s spouse, parents, children, siblings, mother-in-law and father-in-law and brothers and sisters-in-law, (ii)
in the case of a Shareholder, shall include (A) any Person who holds shares as a nominee for such Shareholder, (B) any shareholder
of such Shareholder, (C) any Person which has a direct and indirect interest in such Shareholder (including, if applicable, any
general partner or limited partner) or any fund manager thereof; (D) any Person that directly or indirectly controls, is controlled
by, under common control with, or is managed by such Shareholder or its fund manager, (E) the relatives of any individual referred
to in (B) above, and (F) any trust controlled by or held for the benefit of such individuals. For the purpose of this definition,
“control” (and correlative terms) shall mean the direct or indirect power, whether by contract, equity ownership or
otherwise, to direct the policies or management of a Person, provided that the direct or indirect ownership of twenty-five percent
(25%) or more of the voting power of a Person is deemed to constitute control of that Person;

 

“Agreement”
has the meaning set forth in the Preamble;

 

“Amendments”
has the meaning set forth in Section 5.1(a)

 

    1

     

    

 

“Arbitration”
has the meaning set forth in Section 5.6;

 

“Articles”
means the Company’s Articles of Association, as amended from time to time;

 

“beneficial
ownership” or “beneficially own” or similar term means beneficial ownership as defined under Rule
13d-3 under the Exchange Act;

 

“Board”
and “Board of Directors” means the Board of Directors of the Company;

 

“Business
Day” has the meaning as defined in the Exchange Agreement;

 

“Claim
Notice” has the meaning set forth in Section 3.8(c);

 

“Closing”
means the closing of the transactions contemplated under the Exchange Agreement, being the date hereof;

 

“Commission”
means the United States Securities and Exchange Commission or any other federal agency at the time administering the Securities
Act or other governmental agency administering the securities laws in the jurisdiction in which the Company’s securities
are registered or being registered;

 

“Company”
has the meaning set forth in the Preamble;

 

“Confidential
Information” has the meaning set forth in Section 5.1;

 

“Director(s)”
means the director(s) of the Company;

 

“Disposition
“ has the meaning set forth in Section 3.1;

 

“Dispute”
has the meaning set forth in Section 5.6;

 

“Email”
has the meaning set forth in Section 5.4;

 

“Equity
Purchase Agreements” has the meanings set forth in Section 5.2(a)

 

“Exchange
Act” means the U.S. Securities Exchange Act of 1934, as amended;

 

“Exchange
Agreement” has the meaning set forth in the Recitals;

 

“Form
S-3/F-3” has the meaning set forth in Section 3.3(a)(iii);

 

“fully-diluted
basis” means, with respect to any determination of a number or percentage of Ordinary Shares, the total number of Ordinary
Shares then outstanding determined according to the treasury method under generally accepted accounting principles in the United
States set forth in the opinions and pronouncements of the Accounting Principles Board of the American Institute of Certified
Public Accountants and statements and pronouncements of the Financial Accounting Standards Board or in such other statements by
such other entity as have been approved by a significant segment of the accounting profession that are in effect from time to
time, as codified and described in FASB Statement No. 18, the FASB Accounting Standards Codification and the Hierarchy of Generally
Accepted Accounting Principles, and applied consistently throughout the periods involved;

 

    2

     

    

 

“HKIAC”
has the meaning set forth in Section 5.6;

 

“Hong
Kong” means the Hong Kong Special Administrative Region of the People’s Republic of China;

 

“Independent
Committee” has the meaning set forth in Section 5.2;

 

“Kaixin”
has the meaning set forth in the recitals.

 

Material
Exchange Agreement Breach” means a breach of the Exchange Agreement by the Company that results in a Purchaser Material
Adverse Effect, as defined therein.

 

“Nasdaq”
means the Nasdaq Stock Market;

 

“Notice
of Arbitration” has the meaning set forth in Section 5.6;

 

“NYSE”
means the New York Stock Exchange;

 

“Ordinary
Shares” means ordinary shares, par value US$0.0001 per share, of the Company;

 

“Permitted
Transferee” means any permitted transferee pursuant to Section 4.1 hereof, provided that, in the case of a permitted
transfer to an Affiliate, such Affiliate shall be bound by this Agreement as if such Affiliate were a party (including without
limitation the Lock-up set forth in Article IV), provided that, prior to such Affiliate ceasing to be an Affiliate of Renren,
such Affiliate shall transfer such Subject Shares back to Renren or another Affiliate of Renren;

 

“Person”
means an individual, corporation, partnership, limited liability company, association, trust, unincorporated organization, or
other entity;

 

“Recapitalization”
means any share split, share dividend, share combination or consolidation, recapitalization, reclassification or other similar
event in relation to the shares of the Company;

 

“register,”
“registered” and “registration” means (i) a registration effected by preparing and filing
a registration statement in compliance with the Securities Act, and the declaration or ordering of the effectiveness of such registration
statement, or (ii) in the context of a public offering in a jurisdiction other than the United States, a registration, qualification
or filing under the applicable securities laws of such other jurisdiction;

 

“Registrable
Securities” means (i) the Subject Shares, (ii) Ordinary Shares of the Company 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, or in
exchange for or in replacement of, any of the foregoing; (iii) any other Ordinary Shares owned or hereafter acquired by Renren;
(iv) Ordinary Shares issued or issuable in respect of the Ordinary Shares described in (i) to (iii) above upon any Recapitalization
or otherwise issued or issuable with respect to such Ordinary Shares; and (v) any depositary receipts issued by an institutional
depositary upon deposit of any of the foregoing. Notwithstanding the foregoing, “Registrable Securities” shall
not include any Registrable Securities sold by a Person in a transaction in which rights under Section 2 are not assigned in accordance
with this Agreement or any Registrable Securities sold in a public offering, whether sold pursuant to Rule 144, or in a registered
offering, or otherwise;

 

    3

     

    

 

“Registration
Expenses” means all expenses incurred by the Company in complying with Sections 3.3, 3.4 or 3.5 hereof, including, without
limitation, all registration, qualification and filing fees, printing expenses, escrow fees, fees and disbursements of counsel
for the Company, blue sky fees and expenses, the expense of any special audits incident to or required by any such registration
and the reasonable fees and disbursements of one counsel for all Shareholders, and any fee charged by any depositary bank, transfer
agent or share registrar, but excluding Selling Expenses. For the avoidance of doubt and subject to Section 3.3(d), the Company
shall pay all expenses incurred in connection with a registration pursuant to Section 3 notwithstanding the cancellation or delay
of the registration process for any reason;

 

“Renren”
has the meaning set forth in the Preamble;

 

“Renren
Nominee” has the meaning set forth in Section 2.1(a);

 

“Restricted
Securities” means the securities of the Company required to bear the legend set forth in Section 3.2(b) of the Exchange
Agreement;

 

“Rule
144” means Rule 144 as promulgated under the Securities Act;

 

“Rule
145” has the meaning set forth in Section 3.3(a)(i);

 

“Securities”
means any Ordinary Share or any equity interest of, or shares of any class in the share capital (ordinary, preferred or otherwise)
of, the Company and any convertible securities, options, warrants and any other type of equity or equity-linked securities convertible,
exercisable or exchangeable for any such equity interest or shares of any class in the share capital of the Company;

 

“Securities
Act” means the United States Securities Act of 1933 as amended from time to time;

 

“Selling
Expenses” means all underwriting discounts and selling commissions;

 

“Shareholder”
or “Shareholders” means Persons who hold the Ordinary Shares from time to time;

 

“Subject
Shares” means the Ordinary Shares issued to Renren at the Closing and subsequently pursuant to the other provisions
of the Exchange Agreement;

 

    4

     

    

 

“Subsidiary”
means any corporation, partnership, trust or other entity of which the Company directly or indirectly owns at the time shares
or interests representing a majority of the voting power of such corporation, partnership, trust or other entity;

 

“SVF”
has the meaning set forth in the Preamble.

 

“SVF
Nominee” has the meaning set forth in Section 2.1(a).

 

“Transaction
Documents” means this Agreement, the Exchange Agreement and each of the other agreements and documents entered into
or delivered by the parties hereto in connection with the transactions contemplated by the Exchange Agreement;

 

“Threshold
Ownership Amount” means, as of a given time, twenty percent (20%) of the then outstanding Ordinary Shares of the Company;

 

“Tribunal”
has the meaning set forth in Section 5.6; and

 

“Violation”
has the meaning set forth in Section 3.8(a).

 

Section
1.2        Interpretation
and Rules of Construction. In this Agreement, except to the extent otherwise provided or that the context otherwise requires:

 

(a)       when
a reference is made in this Agreement to an Article or Section, such reference is to an Article or Section of this Agreement;

 

(b)       the
headings for this Agreement are for reference purposes only and do not affect in any way the meaning or interpretation of this
Agreement;

 

(c)       the
words “hereof,” “herein” and “hereunder” and words of similar import, when used in this Agreement,
refer to this Agreement as a whole and not to any particular provision of this Agreement;

 

(d)       all
terms defined in this Agreement have the defined meanings when used in any certificate or other document made or delivered pursuant
hereto, unless otherwise defined therein;

 

(e)       the
definitions contained in this Agreement are applicable to the singular as well as the plural forms of such terms;

 

(f)        references
to a Person are also to its successors and permitted assigns; and

 

(g)       the
use of the term “or” is not intended to be exclusive.

 

ARTICLE
II

BOARD Of DIRECTORS

 

Section
2.1        Board
Representation

 

(a)       Each
of Renren, the Company and Shareholder Value Fund shall cause to be appointed, nominated and elected, in each case subject to
the Articles and applicable law, (i) while the Company is not a “foreign private issuer” as defined in Rule 3b-4 under
the Exchange Act, four (4) designees of Renren (each, a “Renren Nominee”) to the Board, and while the Company
is a “foreign private issuer” as defined in Rule 3b-4 under the Exchange Act six (6) designees of Renren, or such
number of Directors as needed to cause Renren Nominees to constitute a majority of the Directors, and (ii) one (1) designee (the
“SVF Nominee”) of Shareholder Value Fund (“SVF”) to the Board, in each case on as soon as
reasonably practicable following the date of the Closing. Renren shall ensure that any Renren Nominee, and SVF shall ensure that
any SVF Nominee, meets any applicable requirements under the Articles, Cayman Islands law and the Listing Rules of the Nasdaq
Stock Market (or other applicable stock exchange) to act as a Director. Any Renren Nominee or SVF Nominee shall be subject to
the terms of the Articles with respect to his or her directorship, including the term of office as a member of the designated
class of director.

 

    5

     

    

 

(b)       Notwithstanding
anything to the contrary contained herein, if any Renren Nominee or SVF Nominee resigns, is removed pursuant to Section 2.1(c)
or otherwise, or is unable to continue to serve as a Director of the Company, Renren or SVF (as applicable) may designate a replacement
Director and each of the Company, Renren and SVF shall cause such person to be elected a Director, including through the exercise
of their respective nomination, appointment and and/or voting powers described in Section 2.1(a). (For the avoidance of doubt,
and notwithstanding the resignation or removal of a Director pursuant to this Section 2.1(b), Renren and SVF (as applicable) shall
remain entitled to nominate and designate one Director pursuant to and subject to Section 2.1(a)).

 

(c)       Any
Director of the Company may be removed from the Board of Directors in accordance with applicable law and the governing documents
of the Company; provided, however, that (i) with respect to any Renren Nominee, SVF shall not take any action to cause any such
removal without the prior written consent of Renren unless such removal is required by applicable law or such Director is no longer
qualified to serve as a Director pursuant to applicable Commission or regulatory requirements, and (ii) with respect to any SVF
Nominee, Renren shall not take any action to cause any such removal without the prior written consent of SVF unless such removal
is required by applicable law or such Director is no longer qualified to serve as a Director pursuant to applicable Commission
or regulatory requirements.

 

(d)       The
Company shall ensure, to the extent permitted by applicable law, that any Directors, including any Renren Nominee or SVF Nominee,
nominated or designated pursuant to this Section 2.1 shall enjoy the same rights, capacities, entitlements, indemnification rights
and compensation as any other members of the Board of Directors. Any Renren Nominee or SVF Nominee shall be entitled to reimbursement
for documented, reasonable out-of-pocket expenses incurred in attending meetings of the Board of Directors to the same extent
as other members of the Board of Directors. The Company shall notify the Renren Nominees and the SVF Nominee of all regular meetings
and special meetings of the Board of Directors. The Company shall provide the Renren Nominees and the SVF Nominee with copies
of all notices, minutes, consents and other material that it provides to all other members of the Board of Directors concurrently
with such materials being provided to the other members.

 

    6

     

    

 

(e)       Each
of Renren, SVF and the Company agrees that the Board shall consist of (i) five (5) Directors while the Company is not a “foreign
private issuer” as defined in Rule 3b-4 under the Exchange Act or (ii) seven (7) Directors while the Company is a “foreign
private issuer” as defined in Rule 3b-4 under the Exchange Act, other than as required by applicable laws and regulations.
In the event that applicable laws and/or regulations require the Company to appoint additional members to the Board, in order
to fulfill applicable independence requirements, SFV agrees to grant a proxy to Renren with respect to the vote of all Ordinary
Shares beneficially owned by it with respect to the appointment of any such independent Director(s) or Director nominee(s) (and
any of their successors or replacements).

 

(f)       In
the event that Renren, together with its Affiliates, beneficially owns fewer Ordinary Shares than the Threshold Ownership Amount
or Renren is not the single largest Shareholder of the Company, Renren’s rights, under this Section 2.1 shall terminate
immediately. For the avoidance of doubt, the rights of Renren set forth in this Section 2.1 shall reattach following any termination
thereof pursuant to this Section 2.1(f) in the event that the number of Ordinary Shares owned by Renren and its Affiliates subsequently
surpasses the Threshold Ownership Amount and Renren is the single largest Shareholder of the Company.

 

Section
2.2        Other
Matters

 

(a)       Renren
and SVF agree that for a period of two (2) years following the date of the Closing, subject to applicable law (including laws
related to fiduciary duties), without the prior written consent of SVF, no Renren Nominee nor Renren in its capacity as shareholder
of the Company shall propose or vote for (i) any amendment to the Company’s equity incentive plan which would have the effect
of increasing the number of Ordinary Shares issuable pursuant to such plan, or (ii) any additional equity incentive plan.

 

(b)       Renren
and SVF agree that for a period of six (6) months following the date of the Closing, subject to applicable law (including laws
related to fiduciary duties), without the prior written consent of Renren, no SVF Nominee nor SVF in its capacity as a shareholder
of the Company shall propose or vote for any change, replacement, separation, dismissal or decrease in compensation of any director
of the Company.

 

ARTICLE
III

REGISTRATION RIGHTS

 

Section
3.1        Applicability
of Rights. Renren shall be entitled to the following rights with respect to any potential public offering of Ordinary Shares
in the United States, and to any analogous or equivalent rights with respect to any other offering of shares in any other jurisdiction
pursuant to which the Company undertakes to publicly offer or list such securities for trading on a recognized securities exchange.

 

Section
3.2        Restrictive
Legend; Execution by the Company.

 

The
Company, by its execution in the space provided below, agrees that it will cause the certificates evidencing the Ordinary Shares
to bear the legend required by Section 3.2(b) of the Exchange Agreement, and it shall supply, free of charge, a copy of this Agreement
to any holder of a certificate evidencing Ordinary Shares containing such legend upon written request from such holder to the
Company at its principal office. The parties hereto do hereby agree that the failure to cause the certificates evidencing the
appropriate Ordinary Shares to bear the legend required by Section 3.2(b) of the Exchange Agreement and/or failure of the Company
to supply, free of charge, a copy of this Agreement as provided under this Section 3.2 shall not affect the validity or enforcement
of this Agreement.

 

    7

     

    

 

Section
3.3       Demand
Registration.

 

(a)       Request
by Renren. If the Company shall at any time after six (6) months after the date of this Agreement receive a written request
from Renren that the Company effect a registration, qualification or compliance with respect to the Registrable Securities pursuant
to this Section 2.3, then the Company shall use its best efforts to effect, within 45 Business Days of such request, such registration,
qualification or compliance (including, without limitation, appropriate qualification under applicable blue sky or other state
securities laws and appropriate compliance with applicable regulations issued under the Securities Act and any other governmental
requirements or regulations) as may be so requested and as would permit or facilitate the sale and distribution of all or such
portion of such Registrable Securities as are specified in such request, subject only to the limitations of this Section 2.3;
provided that the Company shall not be obligated to effect any such registration:

 

(i)         During
the period starting with the date sixty (60) days prior to the Company’s estimated date of filing of, and ending on the
date six (6) months immediately following the effective date of, any registration statement pertaining to securities of the Company
(other than a registration of securities in a transaction under Rule 145 promulgated under the Securities Act (“Rule
145”) or with respect to an employee benefit plan), provided that the Company is actively employing in good faith
commercially reasonable efforts to cause such registration statement to become effective;

 

(ii)       After
the Company has effected two such registrations pursuant to this Section 3.3(a), and each such registration has been declared
or ordered effective; or

 

(iii)       If
Renren may dispose of shares of Registrable Securities pursuant to an effective registration statement on Form S-3 or Form F-3
under the Securities Act as in effect on the date hereof or any successor form under the Securities Act (“Form S-3/F-3”)
pursuant to a request made under Section 3.5 hereof.

 

The
Company shall not undertake, or be required to undertake, any action to qualify, register or list any securities on any exchange
other than the Nasdaq in connection with this Section 3.3, provided that the Ordinary Shares continue to be listed on the Nasdaq.

 

    8

     

    

 

(b)       Underwriting.
If Renren intends to distribute the Registrable Securities covered by its request by means of an underwriting, then it shall so
advise the Company as a part of its request made pursuant to this Section 3.3. In the event of an underwritten offering, the right
of Renren to include its Registrable Securities in such registration shall be conditioned upon Renren’s participation in
such underwriting and the inclusion of Renren’s Registrable Securities in the underwriting to the extent provided herein.
If Renren proposes to distribute its securities through such an underwriting, it shall enter into an underwriting agreement in
customary form with the managing underwriter or underwriters selected for such underwriting by it and reasonably acceptable to
the Company. Notwithstanding any other provision of this Section 3.3, if the underwriter(s) advise(s) the Company in writing that
marketing factors require a limitation of the number of securities to be underwritten, then the Company shall so advise Renren,
and the number of Registrable Securities that may be included in the underwriting shall be reduced as required by the underwriter(s)
and allocated among the holders of Registrable Securities on a pro rata basis according to the number of Registrable Securities
then held by each Shareholder requesting registration (including Renren); provided, however, that the number of
Registrable Securities to be included in such underwriting and registration shall not be reduced unless all other securities are
first entirely excluded from the underwriting and registration including, without limitation, all shares that are not Registrable
Securities and are held by any other Person, including, without limitation, any Person who is an employee, officer or director
of any of the Group Companies. If Renren disapproves of the terms of any such underwriting, Renren may elect to withdraw therefrom
by written notice to the Company and the underwriter(s), delivered at least ten (10) Business Days prior to the effective date
of the registration statement. Any Registrable Securities and/or other securities so excluded or withdrawn from such underwriting
shall be excluded and withdrawn from the registration. Renren and all corporations that are Affiliates of Renren shall be deemed
to be a single “Shareholder,” and any pro rata reduction with respect to such “Shareholder” shall
be based upon the aggregate amount of shares carrying registration rights owned by all entities and individuals included in such
“Shareholder,” as defined in this sentence.

 

(c)       Deferral.
Notwithstanding the foregoing, if the Company shall furnish to Renren following its request of the filing of a registration statement
pursuant to this Section 3.3, a certificate signed by CEO of the Company stating that in the good faith judgment of the Board,
it would be materially detrimental to the Company and its shareholders for such registration statement to be filed, then the Company
shall have the right to defer such filing for a period of not more than ninety (90) days after receipt of the request of Renren;
provided, however, that the Company may not utilize this right more than once in any twelve (12) month period; provided,
further that during such ninety (90) day period, the Company shall not file any registration statement pertaining to the
public offering of any securities of the Company.

 

(d)       Expenses.
The Company shall pay all Registration Expenses. If Renren participates in a registration pursuant to Section 3.3(b), Renren shall
bear its proportionate share (based on the total number of shares sold in such registration other than for the account of the
Company) of all Selling Expenses incurred in connection with such registration of securities on behalf of Renren. Notwithstanding
the foregoing, the Company shall not be required to pay for any expenses of any registration proceeding begun pursuant to this
Section 3.3 if the registration request is subsequently withdrawn at the request of Renren, unless Renren agrees that such registration
constitutes the use by Renren of one (1) demand registration pursuant to this Section 3.3; provided, further, however,
that if at the time of such withdrawal, Renren has learned of a material adverse change in the condition, business, or prospects
of the Company not known to Renren at the time of their request for such registration and has withdrawn its request for registration
with reasonable promptness after learning of such material adverse change, then Renren shall not be required to pay any of such
expenses and such registration shall not constitute the use of a demand registration pursuant to this Section 3.3.

 

    9

     

    

 

Section
3.4        Piggyback
Registrations.

 

(a)       Notice
of Registration. The Company shall notify Renren in writing of registration of any of its securities, either for its own account
or the account of a security holder or holders (including, but not limited to, registration statements relating to secondary offerings
of securities of the Company, but excluding registration statements relating to (i) any registration under Section 3.3 or Section
3.5 of this Agreement, (ii) any employee benefit plan, or (iii) any corporate reorganization) and will afford Renren an opportunity
to include in such registration all or any part of the Registrable Securities then held by it. If Renren desires to include in
any such registration (and any related qualifications under blue sky laws or other compliance) and in any underwriting involved
therein, all or any part of the Registrable Securities held by Renren, it shall 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
Renren wishes to include in such registration statement. If Renren decides not to include all of its Registrable Securities in
any registration statement thereafter filed by the Company, Renren shall nevertheless continue to have the right to include any
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.

 

(b)       Underwriting.
If a registration under which the Company gives notice under this Section 3.4 is for an underwritten offering, then the Company
shall so advise Renren. In such event, the right of Renren’s Registrable Securities to be included in a registration pursuant
to this Section 3.4 shall be conditioned upon Renren’s participation in such underwriting and the inclusion of Renren’s
Registrable Securities in the underwriting to the extent provided herein. If Renren proposes to distribute its Registrable Securities
through such underwriting, Renren shall enter into an underwriting agreement in customary form with the managing underwriter or
underwriters 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 from the registration and the underwriting, and the number of shares that
may be included in the registration and the underwriting shall be allocated, first to the Company, and second, to
each of the Shareholders 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 Shareholder; provided, however,
that the right of the underwriter(s) to exclude shares (including Registrable Securities) from the registration and underwriting
as described above shall be restricted so that (i) the number of Registrable Securities included in any such registration is not
reduced below thirty percent (30%) of the aggregate number of Registrable Securities for which inclusion has been requested, even
if this will cause the Company to reduce the number of shares it wishes to offer; and (ii) all shares that are not Registrable
Securities and are held by any other Person, including, without limitation, any Person who is an employee, officer or director
of any of the Group Companies shall first be excluded from such registration and underwriting before any Registrable Securities
are so excluded. If Renren disapproves of the terms of any such underwriting, Renren may elect to withdraw therefrom by written
notice to the Company and the underwriter(s), 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.
Renren and all corporations that are Affiliates of Renren shall be deemed to be a single Shareholder, and any pro rata
reduction with respect to Renren shall be based upon the aggregate amount of shares carrying registration rights owned by all
entities and individuals included in such “Shareholder”, as defined in this sentence.

 

    10

     

    

 

(i)       If
the registration is being undertaken on behalf of the Company, first to the Company, and second, to each of the
Shareholders requesting inclusion of their securities pursuant to piggyback registration rights (including those pursuant to this
Agreement) in such registration statement on a pro rata basis based on the total number of securities then held by each
such Shareholder. If Renren disapproves of the terms of any such underwriting, Renren may elect to withdraw therefrom by written
notice to the Company and the underwriter(s), 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.
Renren and all corporations that are Affiliates of Renren shall be deemed to be a single Shareholder, and any pro rata
reduction with respect to Renren shall be based upon the aggregate amount of shares carrying registration rights owned by all
entities and individuals included in such “Shareholder”, as defined in this sentence.

 

(ii)       If
the registration is being undertaken on behalf of securityholders (not including Renren) making a written demand for registration
pursuant to demand registration rights, first to such shareholders making a written demand for registration, and second,
to each of the shareholders requesting inclusion of their securities pursuant to piggyback registration rights (including Renren,
pursuant to this Agreement) in such registration statement on a pro rata basis based on the total number of securities
then held by each such shareholder. If Renren disapproves of the terms of any such underwriting, Renren may elect to withdraw
therefrom by written notice to the Company and the underwriter(s), 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. Renren and all corporations that are Affiliates of Renren shall be deemed to be a single
Shareholder, and any pro rata reduction with respect to Renren shall be based upon the aggregate amount of shares carrying
registration rights owned by all entities and individuals included in such “Shareholder”, as defined in this sentence.

 

(c)       Expenses.
The Company shall pay all Registration Expenses incurred in connection with each registration under this Section 3.4. If Renren
participates in a registration pursuant to this Section 3.4, Renren shall bear its proportionate share (based upon the total number
of shares sold in such registration other than for the account of the Company) of all Selling Expenses incurred in connection
with such registration of securities on behalf of Shareholders.

 

(d)      Not
a Demand Registration. Registration pursuant to this Section 3.4 shall not be deemed to be a demand registration as described
in Section 3.3 above. Except as otherwise provided herein, there shall be no limit on the number of times Renren may request registration
of Registrable Securities under this Section 3.4.

 

    11

     

    

 

Section
3.5        Form
S-3/F-3 Registration.

 

(a)       The
Company shall use its best efforts to qualify for registration on Form S-3/F-3 or any comparable or successor form as early as
possible and use best efforts to maintain such qualification thereafter. If the Company is qualified to use Form S-3/F-3, Renren
shall have a right to request at such time from time to time (such request shall be in writing) that the Company effect a registration
on either Form S-3/F-3 and any related qualification or compliance with respect to all or a part of the Registrable Securities
owned by Renren, and upon receipt of each such request, the Company will:

 

(i)       Registration.
As soon as practicable, effect such registration and all such qualifications and compliances as may be so requested and as would
permit or facilitate the sale and distribution of all or such portion of Renren’s Registrable Securities as are specified
in such request; provided, however, that the Company shall not be obligated to effect any such registration, qualification
or compliance pursuant to this Section 3.5:

 

		(1)	if
                                         Form S-3/F-3 becomes unavailable for such offering by Renren;

 

		(2)	if
                                         Renren, 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 an aggregate price to the public of less than US$1,000,000; or

 

		(3)	if
                                         the Company has effected a registration pursuant to this Section 3.5 during the preceding
                                         six (6) month period.

 

(b)       Expenses.
The Company shall pay all Registration Expenses incurred in connection with each registration requested pursuant to this Section
3.5. Renren shall bear such its proportionate share (based upon the total number of shares sold in such registration other than
for the account of the Company) of all Selling Expenses incurred in connection with such registration of securities.

 

(c)       Maximum
Frequency. Except as otherwise provided herein, Renren may request registration of Registrable Securities three (3) times
under this Section 3.5.

 

(d)       Deferral.
Notwithstanding the foregoing, if the Company shall furnish to Renren a certificate signed by the CEO of the Company stating that
in the good faith judgment of the Board, it would be materially detrimental to the Company and its shareholders for such Form
S-3/F-3 registration statement to be filed, then the Company shall have the right to defer such filing for a period of not more
than ninety (90) days after receipt of the request of Renren; provided, however, that the Company may not utilize
this right more than once in any twelve (12) month period; provided, further that during such ninety (90) day period, the
Company shall not file any registration statement pertaining to the public offering of any securities of the Company.

 

(e)       Not
Demand Registration. Form S-3/F-3 registrations shall not be deemed to be demand registrations as described in Section 3.3
above.

 

    12

     

    

 

(f)       Underwriting.
If the requested registration under this Section 3.5 is for an underwritten offering, the provisions of Section 3.3(b) shall apply.

 

Section
3.6        Obligations
of the Company.

 

Whenever
required to effect the registration of any Registrable Securities under this Agreement, the Company shall keep Renren advised
in writing as to the initiation of such registration and as to the completion thereof, and shall, at its expense and as expeditiously
and as reasonably possible:

 

(a)       Registration
Statement. Prepare and file with the Commission a registration statement with respect to such Registrable Securities and use
its best efforts to cause such registration statement to become effective, and keep any such registration statement effective
for a period of one hundred and twenty (120) days or until Renren has completed the distribution described in the registration
statement relating thereto, whichever occurs first.

 

(b)       Amendments
and Supplements. Prepare and file with the Commission 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 or other applicable securities laws with respect to the disposition of all securities covered by such registration statement.

 

(c)       Registration
Statements and Prospectuses. Furnish to Renren such number of copies of registration statements and prospectuses, including
a preliminary prospectus, in conformity with the requirements of the Securities Act or other applicable securities laws, and such
other documents as it may reasonably request in order to facilitate the disposition of the Registrable Securities owned by it
that are included in such registration.

 

(d)      Blue
Sky. Use its best efforts to register and qualify the securities covered by such registration statement under such other securities
or blue sky laws of such jurisdictions as shall be reasonably requested by Renren, 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 states or jurisdictions.

 

(e)       Deposit
Agreement. If the registration relates to an offering of depositary shares or other securities representing Ordinary Shares
deposited pursuant to a deposit agreement or similar facility, cause the depositary under such agreement or facility to accept
for deposit under such agreement or facility all Registrable Securities requested by Renren to be included in such registration
in accordance with this Section 3.

 

(f)       Underwriting.
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. Renren shall also enter into and perform its obligations
under such an agreement.

 

(g)       Notification.
Notify Renren at any time when a prospectus relating to its Registrable Securities is required to be delivered under the Securities
Act or other applicable securities laws 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.

 

    13

     

    

 

(h)       Opinion
and Comfort Letter. Furnish, at the request of Renren, on the date that such Registrable Securities are delivered to the underwriter(s)
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 purpose of such registration, in form and substance as is customarily given
to underwriters in an underwritten public offering and reasonably satisfactory to Renren, addressed to the underwriters, if any,
and to Renren 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 Renren, addressed to the underwriters, if any, and Renren.

 

(i)        Listing
on Securities Exchange(s). Cause all such Registrable Securities registered pursuant hereto to be listed on the Nasdaq, or
such other internationally recognized exchange, for long as the Company’s securities are listed on such exchange.

 

If
the Company fails to perform any of the Company’s obligations set forth above in this Section 3.6 relating to a demand registration
made pursuant to Section 3.3, such registration shall not constitute the use of a demand registration under Section 3.3.

 

Section
3.7        Furnish
Information.

 

It
shall be a condition precedent to the obligations of the Company to take any action pursuant to Sections 2.3, 2.4 or 2.5 with
respect to the Registrable Securities of Renren, that Renren shall furnish to the Company such information regarding itself, the
Registrable Securities held by it and the intended method of disposition of such securities as shall be reasonably requested in
writing by the Company to timely effect the registration of its Registrable Securities.

 

Section
3.8        Indemnification.

 

The
following indemnification provisions shall apply in the event any Registrable Securities are included in a registration statement
under Sections 2.3, 2.4 or 2.5:

 

(a)       By
the Company. To the extent permitted by law, the Company will indemnify and hold harmless Renren, its partners, officers,
directors, employees, trustees, legal counsel and any underwriter (as determined in the Securities Act) for Renren and each Person,
if any, who controls Renren or underwriter within the meaning of Section 15 of the Securities Act against any expenses, losses,
claims, damages, or liabilities (joint or several) (or actions in respect thereof) to which they may become subject under the
Securities Act, the Exchange Act or other applicable law, insofar as such expenses, 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 (each a “Violation”):

 

    14

     

    

 

(i)       any
untrue statement or alleged untrue statement of a material fact contained in any registration statement, offering circular, preliminary
prospectus, final prospectus or other document, 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, in light of the circumstances in which they were made, not misleading; or

 

(iii)       any
violation or alleged violation of the Securities Act, the Exchange Act, any federal or state or foreign securities law or any
rule or regulation promulgated under the Securities Act, the Exchange Act or other applicable securities law in connection with
the offering covered by such registration statement; and the Company will reimburse Renren, its partners, officers, directors,
employees, legal counsel, underwriters or controlling Person for any legal or other expenses reasonably incurred by them, as incurred,
in connection with investigating or defending any such loss, claim, damage, liability or action; provided, however,
that the indemnity agreement contained in this Section 3.8(a) 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 Renren, underwriter or controlling Person of Renren.

 

(b)      By
Renren. To the extent permitted by law, Renren 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 Section
15 of the Securities Act, any underwriter (as determined in the Securities Act) and any other Shareholder selling securities under
such registration statement or any of such other Shareholder’s partners, directors, officers, employees, trustees, legal
counsel and any underwriter (as determined in the Securities Act) for such Shareholder and each Person, if any, who controls such
Shareholder within the meaning of Section 15 of the Securities Act, against any expenses, losses, claims, damages or liabilities
(joint or several) (or actions in respect thereof) to which the Company or any such director, officer, employee, trustee, legal
counsel, controlling Person, underwriter or other such Shareholder, partner or director, officer, employee or controlling Person
of such other Shareholder may become subject under the Securities Act, the Exchange Act or other applicable law, insofar as such
expenses, 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 Renren expressly for use in connection with such registration; and Renren will reimburse any legal or
other expenses reasonably incurred by the Company or any such director, officer, employee, controlling Person, underwriter or
other Shareholder, partner, officer, employee, director or controlling Person of such other Shareholder in connection with investigating
or defending any such loss, claim, damage, liability or action: provided, however, that the indemnity agreement
contained in this Section 3.8(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 Renren, which consent shall not be unreasonably withheld; and provided,
further that the total amounts payable in indemnity by Renren under this Section 3.8(b) plus any amount under Section 3.8(e)
in respect of any Violation shall not exceed the net proceeds received by Renren in the registered offering out of which such
Violation arises.

 

    15

     

    

 

(c)       Notice.
Promptly after receipt by an indemnified party under this Section 3.8 of notice of the commencement of any claim or 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 3.8, deliver to the indemnifying party a written notice of the commencement thereof (a “Claim Notice”)
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, (i) during the period from the delivery of a Claim Notice until retention of counsel by
the indemnifying party; and (ii) 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 shall relieve such indemnifying party of liability to the indemnified party under this Section
3.8 to the extent the indemnifying party is prejudiced as a result thereof, but the omission so to deliver written notice to the
indemnifying party will not relieve it of any liability that it may have to any indemnified party otherwise than under this Section
3.8.

 

(d)      Defect
Eliminated in Final Prospectus. The foregoing indemnity agreements of the Company and Renren are subject to the condition
that, insofar as they relate to any untrue statement, alleged untrue statement, omission or alleged omission made in a preliminary
prospectus or free writing prospectus on file with the Commission at the time the registration statement becomes effective, such
indemnity agreement shall not inure to the benefit of any Person if an amended prospectus is filed with the Commission and delivered
pursuant to the Securities Act at or prior to the time of sale (including, without limitation, a contract of sale, and as further
contemplated by Rule 159 promulgated under the Securities Act) to the Person asserting the loss, liability, claim or damage.

 

(e)       Contribution.
In order to provide for just and equitable contribution to joint liability under the Securities Act in any case in which either
(i) Renren exercising rights under this Agreement, or any controlling Person of Renren, makes a claim for indemnification pursuant
to this Section 3.8 but it is judicially determined (by the entry of a final judgment or decree by a court of competent jurisdiction
and the expiration of time to appeal or the denial of the last right of appeal) that such indemnification may not be enforced
in such case notwithstanding the fact that this Section 3.8 provides for indemnification in such case, or (ii) contribution under
the Securities Act may be required on the part of Renren or any such controlling Person in circumstances for which indemnification
is provided under this Section 3.8; then, and in each such case, the Company and Renren will contribute to the aggregate losses,
claims, damages or liabilities to which they may be subject (after contribution from others) in such proportion so that Renren
is responsible for the portion represented by the percentage that the public offering price of its Registrable Securities offered
by and sold under the registration statement bears to the public offering price of all securities offered by and sold under such
registration statement, and the Company and any other selling Shareholders are responsible for the remaining portion; provided,
however, that, in any such case: (A) Renren will not be required to contribute any amount in excess of the public offering
price of all such Registrable Securities offered and sold by Renren pursuant to such registration statement; and (B) no Person
guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) will be entitled to contribution
from any Person who was not guilty of such fraudulent misrepresentation.

 

    16

     

    

 

(f)       Survival.
The obligations of the Company and Renren under this Section 3.8 shall survive until the fifth (5th) anniversary of the completion
of any offering of Registrable Securities pursuant to a registration statement, regardless of the expiration of any statutes of
limitation or extensions of such statutes.

 

Section
3.9        Rule
144 Reporting.

 

With
a view to making available to Renren the benefits of certain rules and regulations of the Commission which may permit the sale
of the Restricted Securities to the public without registration, the Company agrees to use its best efforts to:

 

(a)       Make
and keep public information available, as those terms are understood and defined in Rule 144 or any similar or analogous rule
promulgated under the Securities Act, at all times after the effective date of the first registration filed by the Company for
an offering of its securities to the general public;

 

(b)       File
with the Commission, in a timely manner, all reports and other documents required of the Company under the Securities Act or the
Exchange Act, at all times after the effective date of the first registration under the Securities Act filed by the Company; and

 

(c)       So
long as Renren owns any Restricted Securities, furnish to Renren forthwith upon request, (i) a written statement by the Company
as to its compliance with the reporting requirements of said Rule 144, and of the Exchange Act (at any time after it has become
subject to such reporting requirements), (ii) a copy of the most recent annual, interim, quarterly or other report of the Company,
and (iii) such other reports and documents as Renren may reasonably request in availing itself of any rule or regulation of the
Commission allowing it to sell any such securities without registration.

 

Section
3.10      Termination
of the Company’s Obligations.

 

Notwithstanding
the foregoing, the Company shall have no obligations pursuant to Sections 2.3, 2.4 or 2.5 with respect to any Registrable Securities
proposed to be sold by Renren in a registered public offering if, in the opinion of counsel to the Company, all such Registrable
Securities proposed to be sold by Renren may then be sold under Rule 144 (i) in one three (3) month period without exceeding the
volume limitations thereunder or (ii) without volume limitations.

 

    17

     

    

 

Section
3.11      Re-Sale
Rights.

 

The
Company shall use its best efforts to assist Renren in the sale or disposition of its Registrable Securities, including the prompt
delivery of applicable instruction letters by the Company and legal opinions from the Company’s counsels in forms reasonably
satisfactory to Renren’s counsel. In the event the Company has depositary receipts listed or traded on any stock exchange
or inter-dealer quotation system, the Company shall pay all costs and fees related to such depositary facility, including conversion
fees and maintenance fees for Registrable Securities held by Renren.

 

Section
3.12      Transfer
of Registration Rights.

 

The
rights to cause the Company to register securities granted to Renren under Sections 2.3, 2.4 or 2.5 may be assigned to a transferee
or assignee in connection with any transfer or assignment of Registrable Securities by Renren; provided that: (a) such
transfer may otherwise be effected in accordance with applicable securities laws, (b) the Company is given prompt notice of the
transfer, (c) such assignee or transferee agrees to be bound by the terms of this Agreement by executing and delivering a Deed
of Adherence (in the same form and substance as set out in Schedule 1 hereto), and(d) such assignee or transferee is (i) an Affiliate
or affiliated fund (United States based or non-United States based) of Renren, (ii) a family member or trust for the benefit of
any shareholder of Renren, or (iii) a transferee of the Registrable Securities originally issued to Renren (as adjusted for Recapitalization)
equal to at least at least five percent (5%) of the total outstanding share capital of the Company (calculated on a fully-diluted
basis.

 

ARTICLE
IV

OTHER PROVISIONS

 

SECTION
4.1.     Lock-Up. Renren agrees that it will not, and Renren shall procure that its Affiliates will
not, without the prior written consent of the Board, (i) offer, pledge, sell, contract to sell, sell any option or contract to
purchase, purchase any option or contract to sell, grant any option, right or warrant for the sale of, lend or otherwise dispose
of or transfer any of its Subject Shares or (ii) enter into any swap or any other agreement or any transaction that transfers,
in whole or in part, directly or indirectly, the economic consequence of ownership of any of its Subject Shares (each of the foregoing
in (i) and (ii) a “Disposition”) prior to the date that is 180 days following the date of this Agreement, provided,
however, that nothing in this Section 4.1 shall apply to or restrict a Disposition by Renren in connection with a transaction
in which (a) any person or group shall have acquired or entered into a binding definitive agreement that has been approved by
the Board (or any duly constituted committee thereof) to acquire (i) more than 50% of the voting securities of the Company or
(ii) assets of the Company and/or its Group Companies representing more than 50% of the consolidated earnings power of the Company
and its Group Companies, taken as a whole, or (b) any person shall have commenced a tender or exchange offer which, if consummated,
would result in such person’s acquisition of Beneficial Ownership of more than 50% of the voting securities of the Company,
and in connection therewith, the Company files with the Commission a Schedule 14D-9 with respect to such offer that does not either
(i) recommend that the Company’s shareholders reject such offer or (ii) advise the Company’s shareholders that the
Board of Directors is considering its response to the offer, (c) Renren transfers its Subject Shares to an Affiliate of Renren
to any direct or indirect shareholder of Renren, or (d) any Dealer Partners or After Sale Partners (each as defined in the Exchange
Agreement) pursuant to their arrangements with Renren. If the Company commits a Material Exchange Agreement Breach, the provisions
of this Section 4.1 shall terminate and not be binding upon Renren from such termination date.

 

    18

     

    

 

SECTION
4.2.     Transfers to Certain Shareholders. The Company acknowledges that, pursuant to the terms of
the Exchange Agreement, Renren has received and will hold certain Ordinary Shares subject to arrangements with Dealer Partners
and After Sale Partners (each as defined in the Exchange Agreement), which will require Renren to transfer certain Ordinary Shares
to the Dealer Partners and After Sale Partners. The Company further commits to the obligations contained in Section 3.9 hereof
with respect to the facilitation of resales of Ordinary Shares by the Dealer Partners and After Sale Partners, and to take commercially
reasonable efforts to make such notations and instructions on its books and records and/or with the registrar of the Ordinary
Shares to reflect such transfers.

 

ARTICLE
V

GENERAL PROVISIONS

 

Section
5.1        Confidentiality.
Each party hereto hereby agrees that it will, and will cause its respective Affiliates and its and their respective representatives
to, hold in strict confidence any non-public records, books, contracts, instruments, computer data and other data and information
concerning the other parties hereto, whether in written, verbal, graphic, electronic or any other form provided by any party hereto
(except to the extent that such information has been (a) previously known by such party on a non-confidential basis from a source
other than the other parties hereto or its representatives, provided that, to such party’s knowledge, such source is not
prohibited from disclosing such information to such party or its representatives by a contractual, legal or fiduciary obligation
to the other parties hereto or its representatives, (b) in the public domain through no breach of this Agreement by such party,
(c) independently developed by such party or on its behalf, or (d) later lawfully acquired from other sources) (the “Confidential
Information”). In the event that a party hereto is requested or required by law, governmental authority, rules of stock
exchanges, or other applicable judicial or governmental order to disclose any Confidential Information concerning any of the other
parties hereto, such party shall, to the extent legally permissible, notify the other party prior to making any such disclosure
by providing the other party with the text of the disclosure requirement and draft disclosure at least 24 hours prior to making
any such disclosure, and, if requested by another party, assist such other party to limit or minimize such disclosure.

 

Section
5.2        Termination.
Unless expressly provided otherwise herein, in addition to the other termination provisions in this Agreement, this Agreement
shall terminate, and have no further force and effect, upon the earliest of: (a) a written agreement to that effect, signed by
all parties hereto, and (b) the date following the Closing on which Renren (together with its Affiliates and Permitted Transferees)
no longer holds any Ordinary Shares of the Company; provided that, notwithstanding the foregoing, Article II shall survive (including
with respect to any transferee or assignee of Renren’s Registrable Securities to whom the rights and obligations of Renren
under Article II were assigned in accordance with this Agreement) any termination of this Agreement until the specific provisions
thereof terminate in accordance with their express terms.

 

    19

     

    

 

Section
5.3        Notices.
All notices, requests and other communications to any party hereunder shall be in writing (including facsimile transmission and
electronic mail transmission (“Email”), so long as a receipt of such Email is requested and received) and shall
be given:

 

If
to the Company:

 

CM
Seven Star Acquisition Corporation 

Address:
          Suite 1306, 13/F. AIA Central, 1 Connaught Road, Central, Hong Kong
SAR

Attention:
        Sing Wang, Anthony Ho and Adrian Cheung

 

If
to Renren:

 

Renren
Inc. 

Address:
          5/F, North Wing, 18 Jiuxianqiao Middle Road, Chaoyang District, Beijing
100016, People’s Republic of China

Email:
               james.liu@renren-inc.com

Tel:                    +86
(10) 8448-1818

Attention:
       James Jian Liu

 

with a copy to:

 

Skadden,
Arps, Slate, Meagher & Flom 

Address:
         42/F, Edinburgh Tower, The Landmark, 15 Queen’s Road Central Hong
Kong SAR

Email:
                kenneth.chase@skadden.com

Tel:
                   +852 3740 4700

Attention:         Kenneth W.
Chase

 

A
party may change or supplement the addresses given above, or designate additional addresses, for the purposes of this Section
5.3 by giving the other parties written notice of the new address in the manner set forth above.

 

Section
5.4        Entire Agreement. This Agreement and
the other Transaction Documents, together with all the schedules and exhibits hereto and thereto and the certificates and other
written instruments delivered in connection therewith from time to time on and following the date hereof, constitute and contain
the entire agreement and understanding of the parties with respect to the subject matter hereof and thereof, and supersedes any
and all prior negotiations, correspondence, agreements, understandings, duties or obligations between the parties respecting the
subject matter hereof and thereof. Each party expressly represents and warrants that it is not relying on any oral or written
representations, warranties, covenants or agreements outside of this Agreement and the other Transaction Documents.

 

Section
5.5        Governing
Law. This Agreement shall be governed by and construed in accordance with the law of Hong Kong SAR, without regard to conflict
of law principles.

 

    20

     

    

 

Section
5.6        Dispute
Resolution. Any dispute arising out of or in connection with this Agreement, including any question regarding its existence,
validity or termination and the Parties’ rights and obligations hereunder (each, a “Dispute”) shall be
referred to and finally resolved by arbitration (the “Arbitration”) in the following manner:

 

(a)       The
Arbitration shall be administered by the Hong Kong International Arbitration Centre (“HKIAC”);

 

(b)       The
Arbitration shall be procedurally governed by the HKIAC Administered Arbitration Rules as in force at the date on which the claimant
party notifies the respondent party in writing (such notice, a “Notice of Arbitration”) of its intent to pursue
Arbitration, which are deemed to be incorporated by reference and may be amended by this Section 5.6;

 

(c)       The
seat and venue of the Arbitration shall be Hong Kong and the language of the Arbitration shall be English;

 

(d)       A
Dispute subject to Arbitration shall be determined by a panel of three (3) arbitrators (the “Tribunal”). One
(1) arbitrator shall be nominated by the claimant party (and to the extent that there is more than one (1) claimant party, by
mutual agreement among the claimant parties) and one (1) arbitrator shall be nominated by the respondent party (and to the extent
that there is more than one (1) respondent party, by mutual agreement among the respondent parties). The third arbitrator shall
be jointly nominated by the claimant party’s and respondent party’s respectively nominated arbitrators and shall act
as the presiding arbitrator. If the claimant party or the respondent party fails to nominate its arbitrator within thirty (30)
days from the date of receipt of the Notice of Arbitration by the respondent party or the claimant and respondent parties’
nominated arbitrators fail to jointly nominate the presiding arbitrator within thirty (30) days of the nomination of the respondent-nominated
arbitrator, either party to the Dispute may request the Chairperson of the HKIAC to appoint such arbitrator; and

 

(e)       The
parties agree that all documents and evidence submitted in the Arbitration (including any statements of case and any interim or
final award, as well as the fact that an arbitral award has been made) shall remain confidential both during and after any final
award that is rendered unless the parties otherwise agree in writing. The arbitral award is final and binding upon the parties
to the Arbitration.

 

Section
5.7        Severability. If any provision of
this Agreement is found to be invalid or unenforceable, then such provision shall be construed, to the extent feasible, so as
to render the provision enforceable and to provide for the consummation of the transactions contemplated hereby on substantially
the same terms as originally set forth herein, and if no feasible interpretation would save such provision, it shall be severed
from the remainder of this Agreement, which shall remain in full force and effect unless the severed provision is essential to
the rights or benefits intended by the parties. In such event, the parties shall use commercially reasonable efforts to negotiate,
in good faith, a substitute, valid and enforceable provision or agreement, which most nearly effects the parties’ intent
in entering into this Agreement.

 

    21

     

    

 

Section
5.8        Assignments
and Transfers; No Third Party Beneficiaries. Except as otherwise provided herein, this Agreement and the rights and obligations
of the parties hereto hereunder shall inure to the benefit of, and be binding upon, their respective successors and permitted
assigns (and shall inure to the benefit of and be enforceable by any transferee of equity securities held by Renren but only to
the extent of such transfer), but shall not otherwise be for the benefit of any third party. Subject to Section 5.2 hereof, (a)
the rights of Renren under this Agreement are assignable in connection with the transfer of any Ordinary Shares held by Renren
but only to the extent of such transfer, and (b) the rights of Renren hereunder (including without limitation its rights under
Article III of this Agreement) are assignable in the connection with the transfer of any Ordinary Shares held by Renren to any
of its Affiliates (in each case subject to applicable securities laws and other laws), provided, however, that in either case
(y) no party may be assigned any of the foregoing rights unless the Company is given written notice by the assigning party stating
the name and address of the assignee and identifying the securities of the Company as to which the rights in question are being
assigned; and (z) any such transferee shall execute and deliver to the Company and Renren a Deed of Adherence (in the same form
and substance as set out in Schedule 1 hereto), subject to the terms and conditions hereof. This Agreement and the rights and
obligations of any party hereunder shall not otherwise be assigned without the mutual written consent of the other parties hereto,

 

Section
5.9        Construction.
Each of the parties has participated in the drafting and negotiation of this Agreement. If an ambiguity or question of intent
or interpretation arises, this Agreement must be construed as if it is drafted by all the parties and no presumption or burden
of proof shall arise favoring or disfavoring any party by virtue of authorship of any of the provisions of this Agreement.

 

Section
5.10      Counterparts. This Agreement may
be executed in two or more identical counterparts, all of which shall be considered one and the same agreement and shall become
effective when counterparts have been signed by each party and delivered to the other parties. A facsimile or “PDF”
signature shall be considered due execution and shall be binding upon the signatory thereto with the same force and effect as
if the signature were an original.

 

Section
5.11      Aggregation
of Shares. All Securities held or acquired by Renren and/or its Affiliates and Permitted Transferees shall be aggregated together
for the purpose of determining the availability of any rights of Renren under this Agreement.

 

Section
5.12      Conflict
with Articles or Other Agreements. In the event of any conflict or inconsistency between the provisions of this Agreement
and the provisions of the Articles, the parties shall, notwithstanding the conflict or inconsistency, act so as to effect the
intent of this Agreement to the greatest extent possible under the circumstances. The Company agrees that in the event that any
holder of Ordinary Shares is, after the date of this Agreement, granted any registration rights that are more favorable to such
other holder than those rights provided to Renren pursuant to Article II hereof, Renren shall be promptly notified in writing
of such modification to the rights and the Company shall amend this Agreement to grant Renren the same rights from the date that
those rights are provided to such other holder.

 

    22

     

    

 

Section
5.13      Specific
Performance. The parties hereto acknowledge and agree irreparable harm may occur for which money damages would not be an adequate
remedy in the event that any of the provisions of this Agreement were not performed in accordance with their specific terms or
were otherwise breached. It is accordingly agreed that, in addition to any other remedies at law or in equity, the parties to
this Agreement shall be entitled to injunction to prevent breaches of this Agreement and to enforce specifically the terms and
provisions of this Agreement without posting any bond or other undertaking.

 

Section
5.14      Amendment;
Waiver. This Agreement may be amended, modified or supplemented only by a written instrument duly executed by all the parties
hereto. The observance of any provision in this Agreement may be waived (either generally or in a particular instance and either
retroactively or prospectively) only by the written consent of the party against whom such waiver is to be effective. Any amendment
or waiver effected in accordance with this Section 5.14 shall be binding upon the parties hereof and their respective assigns.
It is agreed that no delay or omission to exercise any right, power or remedy accruing to any party, upon any breach, default
or noncompliance by another party under this Agreement, shall impair any such right, power or remedy, nor shall it be construed
to be a waiver of any such breach, default or noncompliance, or any acquiescence therein, or of or in any similar breach, default
or noncompliance thereafter occurring.

 

Section
5.15      Public
Announcements. Without limiting any other provision of this Agreement, the parties hereto, to the extent permitted by applicable
law, will consult with each other before issuance, and provide each other the opportunity to review, comment upon and agree on
any press release or public statement with respect to this Agreement, the other Transaction Documents and the transactions contemplated
hereby and thereby and the ongoing business relationship among the parties. The parties hereto will not issue any such press release
or make any such public statement without the prior written consent of the other party, except as may be required by law or any
listing agreement with or requirement of the Nasdaq, the NYSE or any other applicable securities exchange, provided that the disclosing
party shall, to the extent permitted by applicable law or any listing agreement with or requirement of the Nasdaq, the NYSE or
any other applicable securities exchange, and if reasonably practicable, inform the other parties about the disclosure to be made
pursuant to such requirements prior to the disclosure.

 

[Signature
Pages Follow]

 

    23

     

    

 

IN
WITNESS WHEREOF, the parties have caused their respective duly authorized representatives to execute this Agreement as of
the date and year first above written.

 

	 	CM
SEVEN STAR ACQUISITION CORPORATION

	 	 	 
	 	By:	 
	 	Name:
	 	Title:

 

    24

     

    

 

IN
WITNESS WHEREOF, the parties have caused their respective duly authorized representatives to execute this Agreement as of
the date and year first above written.

 

		SHAREHOLDER VALUE FUND
	 	 
	 	By:	 
	 	Name:
	 	Title:

 

    25

     

    

 

IN
WITNESS WHEREOF, the parties have caused their respective duly authorized representatives to execute this Agreement as of
the date and year first above written.

	 	 
	 	RENREN INC.
	 	 
	 	By:	 
	 	Name:
	 	Title:

 

    26

     

    

 

Schedule
1

FORM
OF DEED OF ADHERENCE

 

THIS
DEED is made the day of 20[ ] by [ ] of [ ] (the “Permitted Transferee”) and is supplemental to the Investor
Rights Agreement dated [ ], 2019 made between CM Seven Star Acquisition Corporation (the “Company”), Shareholder
Value Fund and Renren Inc. (such agreement as amended, restated or supplemented from time to time, the “Investor Rights
Agreement”).

 

WITNESSETH
as follows:

 

The
[Permitted Transferee] confirms that it has been provided with a copy of the Investor Rights Agreement and all amendments, restatements
and supplements thereto and hereby covenants with each of the parties to the Investor Rights Agreement from time to time to observe,
perform and be bound by all the terms and conditions of the Investor Rights Agreement which are capable of applying to the Permitted
Transferee to the intent and effect that the Permitted Transferee shall be deemed as and with effect from the date hereof to be
a party to the Investor Rights Agreement and to be subject to the obligations thereof.

 

The
address and facsimile number at which notices are to be served on the Permitted Transferee under the Investor Rights Agreement
and the person for whose attention notices are to be addressed are as follows:

 

[to
insert contact details]

 

Words
and expressions defined in the Investor Rights Agreement shall have the same meaning in this Deed. This Deed shall be governed
by and construed in accordance with the laws of the State of New York.

 

This
Deed shall take effect as a deed poll for the benefit of the Company, Renren Inc. and any other parties to the Investor Rights
Agreement.

 

IN
WITNESS whereof the Permitted Transferee has executed this Deed the day and year first above written.

 

THE
COMMON SEAL of [ ].

 

was
hereunto affixed        )

 

in
the presence of:           ) 

	 	 
	(Director)	 
	 	 
	(Director/Secretary)	 

 

    1

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00295-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00295-of-00352.parquet"}]]