Document:

Exhibit 10.2

 

LOCK-UP AGREEMENT

 

THIS LOCK-UP AGREEMENT
(this “Agreement”) is made as of August [__], 2017 by and among (i) Pacific Special Acquisition Corp.,
a British Virgin Islands business company with limited liability, which will be known after the consummation of the transactions
contemplated by the Merger Agreement (as defined below) as “Borqs Technologies, Inc.” (including any successor entity
thereto, “Purchaser”), (ii) Zhengqi International Holding Limited, a business company incorporated
in the British Virgin Islands with limited liability, in its capacity under the Merger Agreement as the Purchaser Representative
(including any successor Purchaser Representative in accordance with the Merger Agreement, the “Purchaser Representative”),
and (iii) the undersigned (“Holder”). Any capitalized term used but not defined in this Agreement will
have the meaning ascribed to such term in the Merger Agreement.

 

WHEREAS, on
December 27, 2016, (i) Purchaser, (ii) PAAC Merger Subsidiary Limited, an exempted company incorporated under the laws of the Cayman
Islands with limited liability and a wholly-owned subsidiary of the Purchaser (“Merger Sub”), (iii) the
Purchaser Representative, (iv) Borqs International Holding Corp, an exempted company incorporated under the laws of the Cayman
Islands with limited liability (the “Company”), (v) Zhengdong Zou, in the capacity as the Seller Representative
thereunder, and (vi) for limited purposes thereof, Zhengqi International Holding Limited, a business company incorporated in the
British Virgin Islands with limited liability, entered into that certain Merger Agreement (as amended from time to time in accordance
with the terms thereof, including by that First Amendment to Merger Agreement, dated May 10, 2017, and that Second Amendment to
Merger Agreement, dated June 29, 2017, the “Merger Agreement”), pursuant to which Merger Sub will merge
with and into the Company, with the Company continuing as the surviving entity (the “Merger”), and as
a result of which, (i) all of the issued and outstanding capital shares of the Company, immediately prior to the consummation of
the Merger (the “Closing”), shall no longer be outstanding and shall automatically be cancelled and shall
cease to exist, in exchange for the Merger Consideration Shares, subject to the withholding of the Escrow Shares and the Earnout
Shares, in each case being deposited in the Escrow Accounts in accordance with the terms and conditions of the Merger Agreement
and the Escrow Agreement(s), (ii) the Company’s warrant holders immediately prior to the Closing shall be issued replacement
warrants of Purchaser exercisable into Purchaser Ordinary Shares (the “Replacement Purchaser Warrants”)
and (iii) each outstanding Company option shall be assumed by Purchaser and automatically converted into an option exercisable
into Purchaser Ordinary Shares (as equitably adjusted), all upon the terms and subject to the conditions set forth in the Merger
Agreement and in accordance with the applicable provisions of the Companies Law (2016 Revision) of the Cayman Islands;

 

WHEREAS, immediately
prior to the Closing, Holder is a holder of Company Shares and/or Company Warrants in such amounts as set forth underneath Holder’s
name on the signature page hereto; and

 

WHEREAS, pursuant
to the Merger Agreement, and in view of the valuable consideration to be received by Holder thereunder, including the rights under
the Registration Rights Agreement by and among Purchaser, the Purchaser Representative, Holder and the other holders of the Company’s
securities immediately prior to the Closing that are named therein, that is to be entered into on or about the date hereof in connection
with the Merger Agreement (the “Registration Rights Agreement”), Purchaser, the Purchaser Representative,
and Holder desire to enter into this Agreement, pursuant to which the Merger Consideration Shares, the Replacement Purchaser Warrants
and all Purchaser Ordinary Shares underlying the Replacement Purchaser Warrants received by Holder in the Merger (all such securities,
together with any securities paid as dividends or distributions with respect to such securities or into which such securities are
exchanged or converted, the “Restricted Securities”) shall become subject to limitations on disposition
as set forth herein.

 

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NOW, THEREFORE,
in consideration of the premises set forth above, which are incorporated in this Agreement as if fully set forth below, and intending
to be legally bound hereby, the parties hereby agree as follows:

 

1.       Lock-Up
Provisions.

 

(a)       Holder
hereby agrees not to, during the period commencing from the Closing and (A), with respect to fifty percent (50%) of each type of
the Restricted Securities, ending on the earliest of (x) the one (1) year anniversary of the date of the Closing, (y) the date
after the Closing on which Purchaser consummates a liquidation, merger, share exchange or other similar transaction with an unaffiliated
third party that results in all of Purchaser’s shareholders having the right to exchange their equity holdings in Purchaser
for cash, securities or other property (a “Subsequent Transaction”), and (z) the date on which the closing
sale price of the Purchaser Ordinary Shares equals or exceeds $12.50 per share (as adjusted for share splits, share dividends,
reorganizations and recapitalizations) for any twenty (20) trading days within any thirty (30) trading day period commencing after
the Closing, and (B), with respect to the remaining fifty percent (50%) of the Restricted Securities, ending on the earlier of
(x) the one (1) year anniversary of the date of the Closing and (y) the date after the Closing on which Purchaser consummates a
Subsequent Transaction, (the “Lock-Up Period”): (i) lend, offer, pledge, hypothecate, encumber, donate,
assign, sell, contract to sell, sell any option or contract to purchase, purchase any option or contract to sell, grant any option,
right or warrant to purchase, or otherwise transfer or dispose of, directly or indirectly, any Restricted Securities, (ii) enter
into any swap or other arrangement that transfers to another, in whole or in part, any of the economic consequences of ownership
of the Restricted Securities, or (iii) publicly disclose the intention to do any of the foregoing, whether any such transaction
described in clauses (i), (ii), or (iii) above is to be settled by delivery of Restricted Securities or other securities, in cash
or otherwise (any of the foregoing described in clauses (i), (ii), or (iii), a “Prohibited Transfer”);
provided, however, that the foregoing shall not preclude Holder from engaging in any transaction in the securities of another company
in the same sector or in a similar sector as that of the Company. The foregoing sentence shall not apply to the transfer of any
or all of the Restricted Securities owned by Holder (other than Escrow Shares and the Earnout Shares until such Escrow Shares and
Earnout Shares are disbursed to such Holder from the Escrow Accounts in accordance with the terms and conditions of the Merger
Agreement and the Escrow Agreement(s)), (A) by gift, will or intestate succession upon the death of Holder, (B) to any Permitted
Transferee or (C) pursuant to a court order or settlement agreement related to the distribution of assets in connection with the
dissolution of marriage or civil union; provided, however, that in any of cases (A), (B) or (C) it shall be a condition to such
transfer that the transferee executes and delivers to Purchaser and the Purchaser Representative an agreement stating that the
transferee is receiving and holding the Restricted Securities subject to the provisions of this Agreement applicable to Holder,
and there shall be no further transfer of such Restricted Securities except in accordance with this Agreement. As used in this
Agreement, the term “Permitted Transferee” shall mean: (1) the members of Holder’s immediate family
(for purposes of this Agreement, “immediate family” shall mean any relationship by blood, marriage or adoption, not
more remote than first cousin), (2) any trust for the direct or indirect benefit of Holder or the immediate family of Holder, (3)
if Holder is a trust, to the trustor or beneficiary of such trust or to the estate of a beneficiary of such trust, (4) as a distribution
to limited partners, shareholders, members of, or owners of similar equity interests in Holder upon the liquidation and dissolution
of Holder or (5) to any affiliate of Holder or to any investment fund or other entity controlled by Holder.

 

(b)       Without
limiting Section 1(a) above, Holder further acknowledges and agrees that it shall not be permitted to engage in any Prohibited
Transfer with respect to any Escrow Shares until such Escrow Shares are disbursed to such Holder from the Escrow Account in accordance
with the terms and conditions of the Merger Agreement and the Escrow Agreement.

 

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(c)       Notwithstanding
the foregoing, Holder may during the Lock-Up Period pledge its Restricted Securities (other than its Escrow Shares) to an unaffiliated
third party as a guarantee to secure borrowings made by such third party to the Purchaser or any of its Subsidiaries.

 

(d)       If
any Prohibited Transfer is made or attempted contrary to the provisions of this Agreement, such purported Prohibited Transfer shall
be null and void ab initio, and Purchaser shall refuse to recognize any such purported transferee of the Restricted Securities
as one of its equity holders for any purpose. In order to enforce this Section 1, Purchaser may impose stop-transfer
instructions with respect to the Restricted Securities of Holder (and permitted transferees and assigns thereof) until the end
of the Lock-Up Period.

 

(e)       During
the Lock-Up Period (and with respect to any Escrow Shares, if longer, during the period when such Escrow Shares are held in the
Escrow Account), each certificate evidencing any Restricted Securities shall be stamped or otherwise imprinted with a legend in
substantially the following form, in addition to any other applicable legends:

 

“THE SECURITIES REPRESENTED BY
THIS CERTIFICATE ARE SUBJECT TO RESTRICTIONS ON TRANSFER SET FORTH IN A LOCK-UP AGREEMENT, DATED AS OF AUGUST [__], 2017, BY AND
AMONG THE ISSUER OF SUCH SECURITIES (THE “COMPANY”) AND THE COMPANY’S SHAREHOLDER NAMED THEREIN, AS AMENDED.
A COPY OF SUCH LOCK-UP AGREEMENT WILL BE FURNISHED WITHOUT CHARGE BY THE COMPANY TO THE HOLDER HEREOF UPON WRITTEN REQUEST.”

 

(f)       For
the avoidance of any doubt, Holder shall retain all of its rights as a shareholder of Purchaser during the Lock-Up Period, including
the right to vote any Restricted Securities.

 

(g)       To
the extent that any of the Merger Consideration Shares or Replacement Purchaser Warrants held by any other Company Shareholder
subject to a Lock-Up Agreement entered into in connection with the Closing are released from, or not subject to, lockup restrictions
substantially similar to those in this Agreement (a “Lockup Change”), Purchaser shall promptly give Holder
written notice of such Lockup Change and the Restricted Securities subject to the terms of this Agreement shall be immediately
released from, or not subject to, the lockup restrictions in this Agreement with an effectiveness concurrent with, and to substantially
the same extent and effect as, the Lockup Change.

 

2.       Miscellaneous.

 

(a)       Termination
of Merger Agreement. Notwithstanding anything to the contrary contained herein, in the event that the Merger Agreement is terminated
in accordance with its terms prior to the Closing, this Agreement and all rights and obligations of the parties hereunder shall
automatically terminate and be of no further force or effect.

 

(b)       Binding
Effect; Assignment. This Agreement and all of the provisions hereof shall be binding upon and inure to the benefit of the parties
hereto and their respective permitted successors and assigns. This Agreement and all obligations of Holder are personal to Holder
and may not be transferred or delegated by Holder at any time. Purchaser may freely assign any or all of its rights under this
Agreement, in whole or in part, to any successor entity (whether by merger, consolidation, equity sale, asset sale or otherwise)
without obtaining the consent or approval of Holder. If the Purchaser Representative is replaced in accordance with the terms of
the Merger Agreement, the replacement Purchaser Representative shall automatically become a party to this Agreement as if it were
the original Purchaser Representative hereunder.

 

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(c)       Third
Parties. Nothing contained in this Agreement or in any instrument or document executed by any party in connection with the
transactions contemplated hereby shall create any rights in, or be deemed to have been executed for the benefit of, any person
or entity that is not a party hereto or thereto or a successor or permitted assign of such a party.

 

(d)       Governing
Law; Jurisdiction. This Agreement and any dispute or controversy arising out of or relating to this Agreement shall be governed
by and construed in accordance with the laws of the State of New York, without regard to the conflict of law principles thereof.
All Actions arising out of or relating to this Agreement shall be heard and determined exclusively in any state or federal court
located in New York, New York (or in any court in which appeal from such courts may be taken) (the “Specified Courts”).
Each party hereto hereby (i) submits to the exclusive jurisdiction of any Specified Court for the purpose of any Action arising
out of or relating to this Agreement brought by any party hereto and (ii) irrevocably waives, and agrees not to assert by
way of motion, defense or otherwise, in any such Action, any claim that it is not subject personally to the jurisdiction of the
above-named courts, that its property is exempt or immune from attachment or execution, that the Action is brought in an inconvenient
forum, that the venue of the Action is improper, or that this Agreement or the transactions contemplated hereby may not be enforced
in or by any Specified Court. Each party agrees that a final judgment in any Action shall be conclusive and may be enforced in
other jurisdictions by suit on the judgment or in any other manner provided by Law. Each party irrevocably consents to the service
of the summons and complaint and any other process in any other action or proceeding relating to the transactions contemplated
by this Agreement, on behalf of itself, or its property, by personal delivery of copies of such process to such party at the applicable
address set forth in Section 2(g). Nothing in this Section 2(d) shall affect the right of any party
to serve legal process in any other manner permitted by applicable law.

 

(e)       WAIVER
OF JURY TRIAL. EACH OF THE PARTIES HERETO HEREBY WAIVES TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW ANY RIGHT IT MAY
HAVE TO A TRIAL BY JURY WITH RESPECT TO ANY ACTION DIRECTLY OR INDIRECTLY ARISING OUT OF, UNDER OR IN CONNECTION WITH THIS AGREEMENT
OR THE TRANSACTIONS CONTEMPLATED HEREBY. EACH PARTY HERETO (i) CERTIFIES THAT NO REPRESENTATIVE OF ANY OTHER PARTY HAS REPRESENTED,
EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF ANY ACTION, SEEK TO ENFORCE THAT FOREGOING WAIVER AND
(ii) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE
MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION 2(e).

 

(f)       Interpretation.
The titles and subtitles used in this Agreement are for convenience only and are not to be considered in construing or interpreting
this Agreement. In this Agreement, unless the context otherwise requires: (i) any pronoun used in this Agreement shall include
the corresponding masculine, feminine or neuter forms, and the singular form of nouns, pronouns and verbs shall include the plural
and vice versa; (ii) “including” (and with correlative meaning “include”) means including without limiting
the generality of any description preceding or succeeding such term and shall be deemed in each case to be followed by the words
“without limitation”; (iii) the words “herein,” “hereto,” and “hereby” and other
words of similar import in this Agreement shall be deemed in each case to refer to this Agreement as a whole and not to any particular
section or other subdivision of this Agreement; and (iv) the term “or” means “and/or”. The parties have
participated jointly in the negotiation and drafting of this Agreement. Consequently, in the event an ambiguity or question of
intent or interpretation arises, this Agreement shall be construed as if drafted jointly by the parties hereto, and no presumption
or burden of proof shall arise favoring or disfavoring any party by virtue of the authorship of any provision of this Agreement.

 

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(g)       Notices.
All notices, consents, waivers and other communications hereunder shall be in writing and shall be deemed to have been duly given
when delivered (i) in person, (ii) by facsimile or other electronic means, with affirmative confirmation of receipt, (iii) one
Business Day after being sent, if sent by reputable, nationally recognized overnight courier service or (iv) three (3) Business
Days after being mailed, if sent by registered or certified mail, pre-paid and return receipt requested, in each case to the applicable
party at the following addresses (or at such other address for a party as shall be specified by like notice):

 

	
         

        If to Purchaser after the Closing, to:

         

        Borqs Technologies, Inc.

        Tower A, Building B23

        Universal Business Park

        No. 10 Jiuxiangqiao Road

        Chaoyang District, Beijing 100015, China

        Attn: Pat Chan, CEO

        Facsimile No.: 86-10-5975-6363

        Telephone No: 86-10-5975-6336

        Email: pat.chan@borqs.com
	
         

        With copies to (which shall not constitute notice):

         

        the Purchaser Representative (and its copy for notices hereunder)

         

        and

         

        Fenwick & West LLP

        801 California Street

        Mountain View, CA 94041

        Attention: Eva Wang

        Facsimile No.: (650) 938-5200

        Telephone No.: (650) 335-7878

        Email: ewang@fenwick.com

         

	
         

        If to the Purchaser Representative, to:

         

        Zhengqi International Holding Limited

        855 Pudong South Road

        The World Plaza, 27th Floor

        Pudong, Shanghai 200120, China

        Attn: Yaqi (Sophie) Feng, COO

        Facsimile No.: 86-21-8012-9882

        Telephone No: 86-21-8012-9878

        Email: fengyq@tpyzq.com
	
         

        With a copy to (which shall not constitute notice):

         

        Ellenoff Grossman & Schole LLP

        1345 Avenue of the Americas, 11th Floor

        New York, New York 10105

        Attention: Douglas Ellenoff

                         Stuart Neuhauser

        Facsimile No.: (212) 370-7889

        Telephone No.: (212) 370-1300

        Email: ellenoff@egsllp.com

                    sneuhauser@egsllp.com

	 

                                                                                If to Holder, to:  the address set forth under Holder’s name on the signature page hereto.

                                                                                 

 

(h)       Amendments
and Waivers. Any term of this Agreement may be amended and the observance of any term of this Agreement may be waived (either
generally or in a particular instance, and either retroactively or prospectively) only with the written consent of Purchaser, the
Purchaser Representative and Holder. No failure or delay by a party in exercising any right hereunder shall operate as a waiver
thereof. No waivers of or exceptions to any term, condition, or provision of this Agreement, in any one or more instances, shall
be deemed to be or construed as a further or continuing waiver of any such term, condition, or provision.

 

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(i)       Severability.
In case any provision in this Agreement shall be held invalid, illegal or unenforceable in a jurisdiction, such provision shall
be modified or deleted, as to the jurisdiction involved, only to the extent necessary to render the same valid, legal and enforceable,
and the validity, legality and enforceability of the remaining provisions hereof shall not in any way be affected or impaired thereby
nor shall the validity, legality or enforceability of such provision be affected thereby in any other jurisdiction. Upon such determination
that any term or other provision is invalid, illegal or incapable of being enforced, the parties will substitute for any invalid,
illegal or unenforceable provision a suitable and equitable provision that carries out, so far as may be valid, legal and enforceable,
the intent and purpose of such invalid, illegal or unenforceable provision.

 

(j)       Specific
Performance. Holder acknowledges that its obligations under this Agreement are unique, recognizes and affirms that in the event
of a breach of this Agreement by Holder, money damages may be inadequate and Purchaser (and the Purchaser Representative on behalf
of Purchaser) may have not adequate remedy at law, and agrees that irreparable damage would occur in the event that any of the
provisions of this Agreement were not performed by Holder in accordance with their specific terms or were otherwise breached. Accordingly,
each of Purchaser and the Purchaser Representative shall be entitled to seek an injunction or restraining order to prevent breaches
of this Agreement by Holder and to seek to enforce specifically the terms and provisions hereof, without the requirement to post
any bond or other security or to prove that money damages would be inadequate, this being in addition to any other right or remedy
to which such party may be entitled under this Agreement, at law or in equity.

 

(k)       Entire
Agreement. This Agreement constitutes the full and entire understanding and agreement among the parties with respect to the
subject matter hereof, and any other written or oral agreement relating to the subject matter hereof existing between the parties
is expressly canceled; provided, that, for the avoidance of doubt, the foregoing shall not affect the rights and obligations
of the parties under the Merger Agreement or any Ancillary Document, including the Registration Rights Agreement. Notwithstanding
the foregoing, nothing in this Agreement shall limit any of the rights or remedies of Purchaser and the Purchaser Representative
or any of the obligations of Holder under any other agreement between Holder and Purchaser or the Purchaser Representative or any
certificate or instrument executed by Holder in favor of Purchaser or the Purchaser Representative, and nothing in any other agreement,
certificate or instrument shall limit any of the rights or remedies of Purchaser or the Purchaser Representative or any of the
obligations of Holder under this Agreement.

 

(l)       Further
Assurances. From time to time, at another party’s request and without further consideration (but at the requesting party’s
reasonable cost and expense), each party shall execute and deliver such additional documents and take all such further action as
may be reasonably necessary to consummate the transactions contemplated by this Agreement.

 

(m)       Counterparts;
Facsimile.  This Agreement may also be executed and delivered by facsimile signature or by email in portable document
format in two or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and
the same instrument.

 

[Remainder of Page Intentionally Left
Blank; Signature Pages Follow]

 

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

 

	Purchaser:	 
	 	 	 
	Pacific Special Acquisition Corp.	 
	 	 	 
	By:	                     	 
	Name:	 	 
	Title:	 	 
	 	 	 
	The Purchaser Representative:	 
	 	 	 
	Zhengqi International Holding Limited, 	 
	in its capacity as the Purchaser Representative	 
	 	 	 
	By:	 	 
	Name:	 	 
	Title:	 	 

 

{Additional Signature on the Following
Page}

 

 

{Signature Page to Lock-Up Agreement}

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

 

	Holder:
	 
	Name of Holder:  _______________________________

 

	By:	 	 
	Name:	 	 
	Title:	 	 

 

Number and Type of Company Shares and/or Company Warrants:

 

Company Shares:_________________________________________________

 

_______________________________________________________________

 

Company Warrants:_______________________________________________

 

_______________________________________________________________

 

Address for Notice:

 

Address:_____________________________________

____________________________________________

____________________________________________

 

Facsimile No.:______________________________

Telephone No.:_____________________________

Email:____________________________________

 

 

{Signature Page to Lock-Up Agreement}

 

 

8Exhibit
10.3

 

NON-COMPETITION
AND NON-SOLICITATION AGREEMENT

 

THIS
NON-COMPETITION AND NON-SOLICITATION AGREEMENT (this “Agreement”) is being executed and delivered as
of August 18, 2017 by [_______________________], an individual residing in [____________] (the “Subject Party”),
in favor of and for the benefit of Pacific Special Acquisition Corp., a business company incorporated in the British Virgin
Islands with limited liability, which will be known after the consummation of the transactions contemplated by the Merger Agreement
(as defined below) as “Borqs Technologies, Inc.” (including any successor entity thereto, “Purchaser”),
Borqs International Holding Corp., a company formed under the laws of the Cayman Islands with limited liability (together
with its successors, including the Surviving Company (as defined in the Merger Agreement), the “Company”),
and each of Purchaser’s and/or the Company’s respective present and future successors and direct and indirect Subsidiaries
(collectively with Purchaser and the Company, the “Covered Parties”). Any capitalized term used, but
not defined in this Agreement will have the meaning ascribed to such term in the Merger Agreement.

 

WHEREAS,
on December 27, 2016, Purchaser and the Company entered into that certain Merger Agreement (as amended from time to time in accordance
with the terms thereof, the “Merger Agreement”), by and among (i) Purchaser, (ii) PAAC Merger Subsidiary
Limited, a company formed under the laws of the Cayman Islands with limited liability and a wholly-owned subsidiary of Purchaser
(“Merger Sub”), (iii) Zhengqi International Holding Limited, in the capacity as the Purchaser Representative
thereunder (including any successor Purchaser Representative appointed in accordance therewith, the “Purchaser Representative”),
(iv) Zhengdong Zou, in the capacity as the Seller Representative thereunder, (v) the Company and (vi) for certain limited purposes
thereunder, Zhengqi International Holding Limited, a company incorporated in the British Virgin Islands, pursuant to which, subject
to the terms and conditions thereof, Merger Sub merged with an into the Company, with the Company continuing as the surviving
company, and with the Company’s shareholders receiving equity shares of Purchaser;

 

WHEREAS,
the Company, directly and indirectly through its Subsidiaries (including the WFOE, the VIE Entities and their respective Subsidiaries),
provides software and solutions for connected devices in the Internet of Things industry, and mobile communication service as
a Mobile Virtual Network Operator (the “Business”);

 

WHEREAS,
in connection with, and as a condition to the consummation of the transactions contemplated by the Merger Agreement (the “Transactions”),
and to enable Purchaser and the Company to secure more fully the benefits of the Transactions, including the protection and maintenance
of the goodwill and confidential information of the Company and its Subsidiaries, Purchaser has required that the Subject Party
enter into this Agreement;

 

WHEREAS,
the Subject Party is entering into this Agreement in order to induce Purchaser and Merger Sub to consummate the Transactions,
pursuant to which the Subject Party will directly or indirectly receive a material benefit; and

 

WHEREAS,
the Subject Party, as a former and/or current shareholder, director, officer and/or employee of the Company or its Subsidiaries,
has contributed to the value of the Company and has obtained extensive and valuable knowledge and confidential information concerning
the business of the Company and its Subsidiaries.

 

NOW,
THEREFORE, in order to induce Purchaser to consummate the Transactions, and for other good and valuable consideration, the receipt
and sufficiency of which is hereby acknowledged, the Subject Party hereby agrees as follows:

 

    	 	1	 

     

    

 

1.       Restriction
on Competition.

 

(a)       Restriction.
The Subject Party hereby agrees that during the period from the Closing until the later of (i) the four (4) year anniversary of
the Closing Date and (ii) the date on which the Subject Party is no longer a director, officer, manager, employee or independent
contractor of any Covered Party (the “Termination Date”, and such period from the Closing until the
later of clauses (i) and (ii), the “Restricted Period”), the Subject Party will not, and will cause
its Controlled Affiliates not to, without the prior written consent of Purchaser (which may be withheld in its sole discretion),
anywhere in the People’s Republic of China or in any other markets in which the Covered Parties are engaged, or are actively
contemplating to become engaged, in the Business as of the Closing Date or during the Restricted Period (the “Territory”),
directly or indirectly engage in the Business (other than through a Covered Party) or own, manage, finance or control, or participate
in the ownership, management, financing or control of, or become engaged or serve as an officer, director, member, partner, employee,
agent, consultant, advisor or representative of, a business or entity (other than a Covered Party) that engages in the Business
(a “Competitor”). Notwithstanding the foregoing, the Subject Party and his or her Affiliates may own
passive investments of no more than two percent (2%) of any class of outstanding equity interests in a Competitor that is publicly
traded, so long as the Subject Party and his or her Affiliates and immediate family members are not involved in the management
or control of such Competitor (“Permitted Ownership”).

 

(b)       Acknowledgment.
The Subject Party acknowledges and agrees, based upon the advice of legal counsel and/or the Subject Party’s own education,
experience and training, that (i) the Subject Party possesses knowledge of confidential information of the Company and its Subsidiaries
and the Business, (ii) the Subject Party’s execution of this Agreement is a material inducement to Purchaser to consummate
the Transactions and to realize the goodwill of the Company and its Subsidiaries, for which the Subject Party and/or his or her
Affiliates will receive a substantial direct or indirect financial benefit, and that Purchaser would not have entered into the
Merger Agreement or consummated the Transactions but for the Subject Party’s agreements set forth in this Agreement; (iii)
it would impair the goodwill of the Company and its Subsidiaries and reduce the value of the assets of the Company and its Subsidiaries
and cause serious and irreparable injury if the Subject Party were to use his or her ability and knowledge by engaging in the
Business in competition with a Covered Party, and/or to otherwise breach the obligations contained herein and that the Covered
Parties would not have an adequate remedy at law because of the unique nature of the Business, (iv) the Subject Party and his
or her Controlled Affiliates have no intention of engaging in the Business during the Restricted Period other than through Permitted
Ownership, (v) the relevant public policy aspects of restrictive covenants, covenants not to compete and non-solicitation provisions
have been discussed, and every effort has been made to limit the restrictions placed upon the Subject Party to those that are
reasonable and necessary to protect the Covered Parties’ legitimate interests, (vi) the Covered Parties conduct and intend
to conduct the Business everywhere in the Territory and compete with other businesses that are or could be located in any part
of the Territory, (vii) the foregoing restrictions on competition are fair and reasonable in type of prohibited activity, geographic
area covered, scope and duration, (viii) the consideration provided to the Subject Party under this Agreement and the Merger Agreement
is not illusory, and (ix) such provisions do not impose a greater restraint than is necessary to protect the goodwill or other
business interests of the Covered Parties.

 

    	 	2	 

     

    

 

2.       No
Solicitation; No Disparagement.

 

(a)       No
Solicitation of Employees and Consultants. The Subject Party agrees that, during the Restricted Period, the Subject Party
and his or her Controlled Affiliates will not, without the prior written consent of Purchaser (which may be withheld in its sole
discretion), either on its own behalf or on behalf of any other Person (other than, if applicable, a Covered Party in the performance
of the Subject Party’s duties on behalf of the Covered Parties), directly or indirectly: (i) hire or engage as an employee,
independent contractor, consultant or otherwise any Covered Personnel (as defined below); (ii) solicit, induce, encourage or otherwise
knowingly cause (or attempt to do any of the foregoing) any Covered Personnel to leave the service (whether as an employee, consultant
or independent contractor) of any Covered Party; or (iii) in any way interfere with or attempt to interfere with the relationship
between any Covered Personnel and any Covered Party; provided, however, the Subject Party will not be deemed to
have violated this Section 2(a) if any Covered Personnel voluntarily and independently solicits an offer of employment
from the Subject Party or his or her Controlled Affiliate (or other Person whom any of them is acting on behalf of) by responding
to a general advertisement or solicitation program conducted by or on behalf of the Subject Party or his or her Controlled Affiliate
(or such other Person whom any of them is acting on behalf of) that is not specifically targeted at such Covered Personnel or
Covered Personnel generally, so long as such Covered Personnel is not hired. For purposes of this Agreement, “Covered
Personnel” shall mean any Person who is or was an employee, consultant or independent contractor of the Covered
Parties, (A) if the relevant time of determination is before the Termination Date, as of such date of determination or during
the one (1) year period preceding such date and, (B) if the relevant time of determination is after the Termination Date, as of
the Termination Date or during the one (1) year period preceding the Termination Date.

 

(b)       Non-Solicitation
of Customers and Suppliers. The Subject Party agrees that, during the Restricted Period, the Subject Party and his or her
Controlled Affiliates will not, without the prior written consent of Purchaser (which may be withheld in its sole discretion),
individually or on behalf of any other Person (other than, if applicable, a Covered Party in the performance of the Subject Party’s
duties on behalf of the Covered Parties), directly or indirectly: (i) solicit, induce, encourage or otherwise knowingly cause
(or attempt to do any of the foregoing) any Covered Customer (as defined below) to (A) cease being, or not become, a client or
customer of any Covered Party with respect to the Business or (B) reduce the amount of business of such Covered Customer with
any Covered Party, or otherwise alter such business relationship in a manner adverse to any Covered Party, in either case, with
respect to or relating to the Business; (ii) interfere with or disrupt (or attempt to interfere with or disrupt) the contractual
relationship between any Covered Party and any Covered Customer; (iii) divert any business with any Covered Customer relating
to the Business from a Covered Party; (iv) solicit for business, provide services to, engage in or do business with, any Covered
Customer for products or services that are part of the Business; or (v) interfere with or disrupt (or attempt to interfere with
or disrupt), any Person that was a vendor, supplier, distributor, agent or other service provider of a Covered Party at the time
of such interference or disruption, for a purpose competitive with a Covered Party as it relates to the Business. For purposes
of this Agreement, a “Covered Customer” shall mean any Person who is or was an actual customer or client
(or prospective customer or client with whom a Covered Party actively marketed or made or taken specific action to make a proposal)
of a Covered Party, (A) if the relevant time of determination is before the Termination Date, as of such date of determination
or during the one (1) year period preceding such date and, (B) if the relevant time of determination is after the Termination
Date, as of the Termination Date or during the one (1) year period preceding the Termination Date.

 

(c)       Non-Disparagement.
The Subject Party agrees that from and after the Closing Date until the second (2nd) anniversary of the end of the
Restricted Period, the Subject Party and its Controlled Affiliates will not, directly or indirectly engage in any conduct that
involves the making or publishing (including through electronic mail distribution or online social media) of any written or oral
statements or remarks (including the repetition or distribution of derogatory rumors, allegations, negative reports or comments)
that are disparaging, deleterious or damaging to the integrity, reputation or good will of one or more Covered Parties or their
respective management, officers, employees, independent contractors or consultants. Notwithstanding the foregoing, subject to
Section 3 below, the provisions of this Section 2(c) shall not restrict the Subject Party from providing truthful
testimony or information in response to a subpoena or investigation by a Governmental Authority or in connection with any legal
action by the Subject Party against any Covered Party under this Agreement, the Merger Agreement or any other Ancillary Document
that is asserted by the Subject Party in good faith.

 

    	 	3	 

     

    

 

3.       Confidentiality.
From and after the Closing Date, the Subject Party will, and will cause its Representatives to, keep confidential and not
(except, if applicable, in the performance of the Subject Party’s duties on behalf of the Covered Parties) directly or indirectly
use, disclose, reveal, publish, transfer or provide access to, any and all Covered Party Information without the prior written
consent of Purchaser (which may be withheld in its sole discretion). As used in this Agreement, “Covered Party Information”
means all material and information relating to the business, affairs and assets of any Covered Party, including material and information
that concerns or relates to such Covered Party’s bidding and proposal, technical, computer hardware or software, administrative,
management, operational, data processing, financial, marketing, sales, human resources, business development, planning and/or
other business activities, regardless of whether such material and information is maintained in physical, electronic, or other
form, that is: (A) gathered, compiled, generated, produced or maintained by such Covered Party through its Representatives, or
provided to such Covered Party by its suppliers, service providers or customers; and (B) intended and maintained by such Covered
Party or its Representatives, suppliers, service providers or customers to be kept in confidence. The obligations set forth in
this Section 3 will not apply to any Covered Party Information where the Subject Party can prove that such material or
information: (i) is known or available through other lawful sources not bound by a confidentiality agreement with, or other confidentiality
obligation to, any Covered Party; (ii) is or becomes publicly known through no violation of this Agreement or other non-disclosure
obligation of the Subject Party or any of its Representatives; (iii) is already in the possession of the Subject Party at the
time of disclosure through lawful sources not bound by a confidentiality agreement or other confidentiality obligation as evidenced
by the Subject Party’s documents and records; or (iv) is required to be disclosed pursuant to an order of any administrative
body or court of competent jurisdiction (provided that (A) the applicable Covered Party is given reasonable prior written notice,
(B) the Subject Party cooperates (and causes its Representatives to cooperate) with any reasonable request of any Covered Party
to seek to prevent or narrow such disclosure and (C) if after compliance with clauses (A) and (B) such disclosure is still required,
the Subject Party and its Representatives only disclose such portion of the Covered Party Information that is expressly required
by such order, as it may be subsequently narrowed).

 

4.       Representations
and Warranties. The Subject Party hereby represents and warrants, to and for the benefit of the Covered Parties as of the
date of this Agreement and as of the Closing Date, that: (a) the Subject Party has full power and capacity to execute and deliver,
and to perform all of the Subject Party’s obligations under, this Agreement; and (b) neither the execution and delivery
of this Agreement nor the performance of the Subject Party’s obligations hereunder will result directly or indirectly in
a violation or breach of any agreement or obligation by which the Subject Party is a party or otherwise bound. By entering into
this Agreement, the Subject Party certifies and acknowledges that the Subject Party has carefully read all of the provisions of
this Agreement, and that the Subject Party voluntarily and knowingly enters into this Agreement.

 

5.       Remedies.
The covenants and undertakings of the Subject Party contained in this Agreement relate to matters which are of a special,
unique and extraordinary character and a violation of any of the terms of this Agreement may cause irreparable injury to the Covered
Parties, the amount of which may be impossible to estimate or determine and which cannot be adequately compensated. The Subject
Party agrees that, in the event of any breach or threatened breach by the Subject Party of any covenant or obligation contained
in this Agreement, each applicable Covered Party will be entitled to obtain the following remedies (in addition to, and not in
lieu of, any other remedy at law or in equity or pursuant to the Merger Agreement or the other Ancillary Documents that may be
available to the Covered Parties, including monetary damages), and a court of competent jurisdiction may award: (i) an injunction,
restraining order or other equitable relief restraining or preventing such breach or threatened breach, without the necessity
of proving actual damages or posting bond or security, which the Subject Party expressly waives; and (ii) recovery of the Covered
Party’s attorneys’ fees and costs incurred in enforcing the Covered Party’s rights under this Agreement. The
Subject Party hereby consents to the award of any of the above remedies to the applicable Covered Party in connection with any
such breach or threatened breach. The Subject Party hereby acknowledges and agrees that in the event of any breach of this Agreement,
any value attributed or allocated to this Agreement (or any other non-competition agreement with the Subject Party) under or in
connection with the Merger Agreement shall not be considered a measure of, or a limit on, the damages of the Covered Parties.

 

    	 	4	 

     

    

 

6.       Survival
of Obligations. The expiration of the Restricted Period will not relieve the Subject Party of any obligation or liability
arising from any breach by the Subject Party of this Agreement during the Restricted Period. Each Subject Party further agrees
that the time period during which the covenants contained in Section 1 and Section 2 of this Agreement will be effective
will be computed by excluding from such computation any time during which the Subject Party is in violation of any provision of
such Sections.

 

7.       Miscellaneous.

 

(a)       Notices.
All notices, consents, waivers and other communications hereunder shall be in writing and shall be deemed to have been duly given
when delivered (i) in person, (ii) by facsimile or other electronic means, with affirmative confirmation of receipt, (iii) one
Business Day after being sent, if sent by reputable, nationally recognized overnight courier service or (iv) three (3) Business
Days after being mailed, if sent by registered or certified mail, pre-paid and return receipt requested, in each case to the applicable
party at the following addresses (or at such other address for a party as shall be specified by like notice):

 

	 

                                                                                                                                  If
        to Purchaser (or any other Covered Party), to:

         

        Borqs
        Technologies, Inc.

        Tower
        A, Building B23

        Universal
        Business Park

        No.
        10 Jiuxiangqiao Road

        Chaoyang
        District, Beijing 100015, China

        Attn:
        Pat Chan, CEO

        Facsimile
        No.: 86-10-5975-6363

        Telephone
        No: 86-10-5975-6336

        Email:
        pat.chan@borqs.com

         

        and

         

        Zhengqi
        International Holding Limited

        855
        Pudong South Road

        The
        World Plaza, 27th Floor

        Pudong,
        Shanghai 200120, China

        Attn:
        Yaqi (Sophie) Feng, COO

        Facsimile
        No.: 86-21-8012-9882

        Telephone
        No: 86-21-8012-9878

        Email:
        fengyq@tpyzq.com

         
	 	 

                                                                                                                                  with
        copies (that will not constitute notice) to: 

         

        Fenwick
        & West LLP

        801
        California Street

        Mountain
        View, CA 94041

        Attention:
        Eva Wang

        Facsimile
        No.: (650) 938-5200

        Telephone
        No.: (650) 335-7878

        Email:
        ewang@fenwick.com

         

        and

         

        Ellenoff
        Grossman & Schole LLP

        1345
        Avenue of the Americas, 11th Floor

        New
        York, New York 10105

        Attn:
        Douglas Ellenoff, Esq.

        Stuart
        Neuhauser, Esq.

        Facsimile
        No.: (212) 370-7889

        Telephone
        No.: (212) 370-1300

        Email:
        ellenoff@egsllp.com

        sneuhauser@egsllp.com

	 	 	 
	If
to the Subject Party, to:

        the
        address below the Subject Party’s name on the signature page to this Agreement.

         

 

    	 	5	 

     

    

 

(b)       Integration
and Non-Exclusivity. This Agreement, the Merger Agreement and the other Ancillary Documents contain the entire agreement between
the Subject Party and the Covered Parties concerning the subject matter hereof. Notwithstanding the foregoing, the rights and
remedies of the Covered Parties under this Agreement are not exclusive of or limited by any other rights or remedies which they
may have, whether at law, in equity, by contract or otherwise, all of which will be cumulative (and not alternative). Without
limiting the generality of the foregoing, the rights and remedies of the Covered Parties, and the obligations and liabilities
of the Subject Party, under this Agreement, are in addition to their respective rights, remedies, obligations and liabilities
(i) under the laws of unfair competition, misappropriation of trade secrets, or other requirements of statutory or common law,
or any applicable rules and regulations and (ii) otherwise conferred by contract, including the Merger Agreement and any other
written agreement between the Subject Party and any of the Covered Parties. Nothing in the Merger Agreement will limit any of
the obligations, liabilities, rights or remedies of the Subject Party or the Covered Parties under this Agreement, nor will any
breach of the Merger Agreement or any other agreement between the Subject Party and any of the Covered Parties limit or otherwise
affect any right or remedy of the Covered Parties under this Agreement. If any term or condition of any other agreement between
the Subject Party and any of the Covered Parties conflicts or is inconsistent with the terms and conditions of this Agreement,
the more restrictive terms will control as to the Subject Party.

 

(c)       Severability;
Reformation. Each provision of this Agreement is separable from every other provision of this Agreement. If any provision
of this Agreement is found or held to be invalid, illegal or unenforceable, in whole or in part, by a court of competent jurisdiction,
then (i) such provision will be deemed amended to conform to applicable laws so as to be valid, legal and enforceable to the fullest
possible extent, (ii) the invalidity, illegality or unenforceability of such provision will not affect the validity, legality
or enforceability of such provision under any other circumstances or in any other jurisdiction, and (iii) the invalidity, illegality
or unenforceability of such provision will not affect the validity, legality or enforceability of the remainder of such provision
or the validity, legality or enforceability of any other provision of this Agreement. The Subject Party and the Covered Parties
will substitute for any invalid, illegal or unenforceable provision a suitable and equitable provision that carries out, so far
as may be valid, legal and enforceable, the intent and purpose of such invalid, illegal or unenforceable provision. Without limiting
the foregoing, if any court of competent jurisdiction determines that any part hereof is unenforceable because of the duration,
geographic area covered, scope of such provision, or otherwise, such court will have the power to reduce the duration, geographic
area covered or scope of such provision, as the case may be, and, in its reduced form, such provision will then be enforceable.
The Subject Party will, at a Covered Party’s request, join such Covered Party in requesting that such court take such action.

 

(d)       Amendment;
Waiver. This Agreement may not be amended or modified in any respect, except by a written agreement executed by the Subject
Party, Purchaser and the Purchaser Representative (or their respective permitted successors or assigns). No waiver will be effective
unless it is expressly set forth in a written instrument executed by the waiving party (and if such waiving party is a Covered
Party, the Purchaser Representative) and any such waiver will have no effect except in the specific instance in which it is given.
Any delay or omission by a party in exercising its rights under this Agreement, or failure to insist upon strict compliance with
any term, covenant, or condition of this Agreement will not be deemed a waiver of such term, covenant, condition or right, nor
will any waiver or relinquishment of any right or power under this Agreement at any time or times be deemed a waiver or relinquishment
of such right or power at any other time or times.

 

    	 	6	 

     

    

 

(e)       Dispute
Resolution. Any dispute, difference, controversy or claim arising in connection with or related or incidental to, or question
occurring under, this Agreement or the subject matter hereof (other than applications for a temporary restraining order, preliminary
injunction, permanent injunction or other equitable relief or application for enforcement of a resolution under this Section
7(e)) (a “Dispute”) shall be governed by this Section 7(e). A party must, in the first instance,
provide written notice of any Disputes to the other parties subject to such Dispute, which notice must provide a reasonably detailed
description of the matters subject to the Dispute. Any Dispute that is not resolved may at any time after the delivery of such
notice immediately be referred to and finally resolved by arbitration pursuant to the then-existing Expedited Procedures of the
Commercial Arbitration Rules (the “AAA Procedures”) of the American Arbitration Association (the “AAA”).
Any party involved in such Dispute may submit the Dispute to the AAA to commence the proceedings after the Resolution Period.
To the extent that the AAA Procedures and this Agreement are in conflict, the terms of this Agreement shall control. The arbitration
shall be conducted by one arbitrator nominated by the AAA promptly (but in any event within five (5) Business Days) after the
submission of the Dispute to the AAA and reasonably acceptable to each party subject to the Dispute, which arbitrator shall be
a commercial lawyer with substantial experience arbitrating disputes under acquisition agreements. The arbitrator shall accept
his or her appointment and begin the arbitration process promptly (but in any event within five (5) Business Days) after his or
her nomination and acceptance by the parties subject to the Dispute. The proceedings shall be streamlined and efficient. The arbitrator
shall decide the Dispute in accordance with the substantive law of the State of New York. Time is of the essence. Each party shall
submit a proposal for resolution of the Dispute to the arbitrator within twenty (20) days after confirmation of the appointment
of the arbitrator. The arbitrator shall have the power to order any party to do, or to refrain from doing, anything consistent
with this Agreement, the Ancillary Documents and applicable Law, including to perform its contractual obligation(s); provided,
that the arbitrator shall be limited to ordering pursuant to the foregoing power (and, for the avoidance of doubt, shall order)
the relevant party (or parties, as applicable) to comply with only one or the other of the proposals. The arbitrator's award shall
be in writing and shall include a reasonable explanation of the arbitrator's reason(s) for selecting one or the other proposal.
The seat of arbitration shall be in New York County, State of New York. The language of the arbitration shall be English.

 

(f)       
Governing Law; Jurisdiction. This Agreement shall be governed by, construed and enforced in accordance with the Laws of
the State of New York without regard to the conflict of laws principles thereof. Subject to Section 7(e), all Actions arising
out of or relating to this Agreement shall be heard and determined exclusively in any state or federal court located in New York,
New York (or in any court in which appeal from such courts may be taken) (the “Specified Courts”). Subject
to Section 7(e), each party hereto hereby (a) submits to the exclusive jurisdiction of any Specified Court for the purpose
of any Action arising out of or relating to this Agreement brought by any party hereto, (b) irrevocably waives, and agrees not
to assert by way of motion, defense or otherwise, in any such Action, any claim that it is not subject personally to the jurisdiction
of the above-named courts, that its property is exempt or immune from attachment or execution, that the Action is brought in an
inconvenient forum, that the venue of the Action is improper, or that this Agreement or the transactions contemplated hereby may
not be enforced in or by any Specified Court and (c) waives any bond, surety or other security that might be required of any other
party with respect thereto. Each party agrees that a final judgment in any Action shall be conclusive and may be enforced in other
jurisdictions by suit on the judgment or in any other manner provided by Law or in equity. Each party irrevocably consents to
the service of the summons and complaint and any other process in any other action or proceeding relating to the transactions
contemplated by this Agreement, on behalf of itself, or its property, by personal delivery of copies of such process to such party
at the applicable address set forth in Section 7(a). Nothing in this Section 7(f) shall affect the right of any
party to serve legal process in any other manner permitted by Law.

 

    	 	7	 

     

    

 

(g)       WAIVER
OF JURY TRIAL. EACH OF THE PARTIES HERETO HEREBY WAIVES TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW ANY RIGHT IT MAY
HAVE TO A TRIAL BY JURY WITH RESPECT TO ANY ACTION DIRECTLY OR INDIRECTLY ARISING OUT OF, UNDER OR IN CONNECTION WITH THIS AGREEMENT
OR THE TRANSACTIONS CONTEMPLATED HEREBY. EACH PARTY HERETO (A) CERTIFIES THAT NO REPRESENTATIVE OF ANY OTHER PARTY HAS REPRESENTED,
EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF ANY ACTION, SEEK TO ENFORCE THAT FOREGOING WAIVER AND
(B) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE
MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION 7(g). ANY PARTY HERETO MAY FILE AN ORIGINAL COUNTERPART OR A COPY OF
THIS SECTION 7(g) WITH ANY COURT AS WRITTEN EVIDENCE OF THE CONSENT OF EACH SUCH PARTY TO THE WAIVER OF ITS RIGHT TO TRIAL
BY JURY.

 

(h)       Successors
and Assigns; Third Party Beneficiaries. This Agreement will be binding upon the Subject Party and the Subject Party’s
estate, successors and assigns, and will inure to the benefit of the Covered Parties, and their respective successors and assigns.
Each Covered Party may freely assign any or all of its rights under this Agreement, at any time, in whole or in part, to any Person
which acquires, in one or more transactions, at least a majority of the equity securities (whether by equity sale, merger or otherwise)
of such Covered Party or all or substantially all of the assets of such Covered Party and its Subsidiaries, taken as a whole,
without obtaining the consent or approval of the Subject Party. The Subject Party agrees that the obligations of the Subject Party
under this Agreement are personal and will not be assigned by the Subject Party. Each of the Covered Parties are express third
party beneficiaries of this Agreement and will be considered parties under and for purposes of this Agreement.

 

(i)       Purchaser
Representative Authorized to Act on Behalf of Covered Parties. The parties acknowledge and agree that the Purchaser Representative
is authorized and shall have the sole right to act on behalf of Purchaser and the other Covered Parties under this Agreement,
including the right to enforce Purchaser’s rights and remedies under this Agreement. Without limiting the foregoing, in
the event that the Subject Party serves as a director, officer, employee or other authorized agent of a Covered Party, the Subject
Party shall have no authority, express or implied, to act or make any determination on behalf of a Covered Party in connection
with this Agreement or any dispute or Action with respect hereto.

 

(j)       Construction.
The Subject Party acknowledges that the Subject Party has been represented by counsel, or had the opportunity to be represented
by counsel of the Subject Party’s choice. Any rule of construction to the effect that ambiguities are to be resolved against
the drafting party will not be applied in the construction or interpretation of this Agreement. Neither the drafting history nor
the negotiating history of this Agreement will be used or referred to in connection with the construction or interpretation of
this Agreement. The headings and subheadings contained in this Agreement are for reference purposes only and shall not affect
in any way the meaning or interpretation of this Agreement. In this Agreement: (i) the words “include,” “includes”
and “including” when used herein shall be deemed in each case to be followed by the words “without limitation”;
(ii) the definitions contained herein are applicable to the singular as well as the plural forms of such terms; (iii) whenever
required by the context, any pronoun shall include the corresponding masculine, feminine or neuter forms, and the singular form
of nouns, pronouns and verbs shall include the plural and vice versa; (iv) the words “herein,” “hereto,”
and “hereby” and other words of similar import shall be deemed in each case to refer to this Agreement as a whole
and not to any particular Section or other subdivision of this Agreement; (v) the word “if” and other words of similar
import when used herein shall be deemed in each case to be followed by the phrase “and only if”; (vi) the term “or”
means “and/or”; and (vii) any agreement or instrument defined or referred to herein or in any agreement or instrument
that is referred to herein means such agreement or instrument as from time to time amended, modified or supplemented, including
by waiver or consent and references to all attachments thereto and instruments incorporated therein.

 

(k)       Counterparts.
This Agreement may be executed in one or more counterparts, and by the different parties hereto in separate counterparts, each
of which when executed shall be deemed to be an original but all of which taken together shall constitute one and the same agreement.
A photocopy, faxed, scanned and/or emailed copy of this Agreement or any signature page to this Agreement, shall have the same
validity and enforceability as an originally signed copy.

 

(l)       Effectiveness.
This Agreement shall be binding upon the Subject Party upon the Subject Party’s execution and delivery of this Agreement,
but this Agreement shall only become effective upon the consummation of the Transactions. In the event that the Merger Agreement
is validly terminated in accordance with its terms prior to the consummation of the Transactions, this Agreement shall automatically
terminate and become null and void, and the parties shall have no obligations hereunder.

 

[Remainder
of Page Intentionally Left Blank; Signature Page Follows]

 

    	 	8	 

     

    

 

IN
WITNESS WHEREOF, the undersigned has duly executed and delivered this Non-Competition and Non-Solicitation Agreement as of the
date first written above.

 

	 	Subject Party:
	 	 	 
	 	Signature:	 
	 	Print
Name:	 

 

	 	Address for Notice:
	 	 	 
	 	Address:	 
	 	 
	 	 

 

	 	Facsimile
    No.:	 
	 	Telephone
    No.:	 
	 	Email:	 

 

{Signature
Page to Non-Competition Agreement}

 

    	 		 

     

    

 

Acknowledged
and accepted as of the date first written above:

 

	Purchaser:	 
	 	 	 
	PACIFIC SPECIAL ACQUISITION CORP.	 
	 	                         	 
	By:	 	 
	Name:	 	 
	Title:	 	 
	 	 	 
	Company:	 
	 	 	 
	BORQS INTERNATIONAL HOLDING CORP.	 
	 	 	 
	By:	 	 
	Name:
    	 	 
	Title:	 	 

 

	The Purchaser Representative:	 
	 	 	 
	ZHENGQI INTERNATIONAL HOLDING

LIMITED, solely in its capacity as the Purchaser

Representative hereunder	 
	 	 	 
	By:
    	     	 
		Name: 	 
		Title: 	 
	 	 	 

 

{Signature
Page to Non-Competition Agreement}

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