Document:

Unassociated Document

    Exhibit
      10.2

    HANA
      BIOSCIENCES, INC.

    

      
        	
                March
                  13, 2008

              	
                7000
                  Shoreline Court, Suite 370

              
	 	
                South
                  San Francisco, CA 94080

              
	 	
                Ph.
                  (650) 588-6784

              
	 	
                Fax.
                  (650) 228-2754

              

      

    

     

    Dear
      Anne,

    

    I
      am
      delighted to offer you the position of Vice President, Chief Medical Officer
      at
      Hana Biosciences, Inc. You will report to Steven R. Deitcher, M.D., President
      and Chief Executive Officer. Your start date with the Company will be on or
      before Tuesday April 1, 2008.

    

    Your
      base
      salary will be $335,000
      per year (gross, less legally required withholding and other required
      deductions, and any deductions that you voluntarily authorize in writing),
      paid
      semi-monthly. Your target under our bonus program, conditional upon approval
      from Hana’s Board of Directors, and additionally based upon your performance as
      judged by your manager, will be 40% of your pro-rated base salary for the
      remainder of the calendar year in which you start. 

    

    You
      will
      also be provided a “Sign-on Bonus” of $25,000 (gross, less legally required
      withholding and other required deductions, and any deductions that you
      voluntarily authorize in writing). If you remain continuously employed through
      the first anniversary of your start date, you will have no obligation to repay
      the Sign-on Bonus to the Company. However, prior to your first anniversary,
      if
      you voluntarily resign from employment, or the Company terminates your
      employment for “cause” (defined below), you agree to repay the Sign-on Bonus in
      full to the Company. 

    

    As
      an
      additional benefit of this offer, Hana will also make a one-time “Payment” in
      the amount of up to $10,000 (gross) to help defray the cost of the relocation
      expenses that you will incur for packing your household items, moving them
      here,
      and relocating your two automobiles. The Payment will be paid directly to the
      vendor(s) whom you hire for relocation assistance upon your providing us with
      their invoices or statements. If you remain continuously employed through the
      second anniversary of your start date, you will have no obligation to repay
      the
      Payment to the Company. However, prior to your second anniversary, if you
      voluntarily resign from employment, or the company terminates your employment
      for “cause” (defined below), you agree to repay the Payment in full to the
      Company. 

    

    If
      you
      become obligated to repay Hana either or both the Sign-on Bonus or the Payment,
      by signing below to accept our offer of employment, you hereby voluntarily
      authorize Hana to withhold such amounts from your final paycheck, including
      from
      payment of any accrued but unused vacation balance that you have on your last
      day of employment. You will remain obligated to the Company for the balance
      of
      any obligation(s) that remain(s) due after this withholding.

    

    You
      will
      also be granted an option to purchase 200,000 shares of Hana stock which vest
      in
      equal annual installments over three years commencing on the first anniversary
      of your start of employment. The price of your options will be the closing
      price
      of Hana common stock, as reported on Nasdaq, on the last business day prior
      to
      your first day of employment. Future options will be granted per guidelines
      then
      in place for all employees of the company, based on performance and
      contributions as determined by the company’s Board of Directors. 

    

    If
      your
      employment with Hana is terminated by Hana without “cause,” or if you terminate
      your employment with Hana for “good reason,” then you shall be entitled to
      continue receiving your then current annualized base salary for a period of
      six
      months following such termination,
      and the
      Company also will forgive any obligation that you may then still have to repay
      the Payment and Sign-on Bonus; provided,
      however, Hana
      shall have no obligation to pay any compensation or other consideration
      following the termination of your employment unless you execute a separate
      agreement releasing Hana and entities and persons associated with Hana from
      any
      and all claims relating to or in connection with your employment, including
      the
      termination of your employment. For purposes of this letter, the term “cause”
means any of the following actions committed by you: 

     

    
      	 	
              (1)

            	
              Willful
                and repeated failure, disregard or refusal by you to perform your
                employment duties;

            

    

     

    
      	 	
              (2)

            	
              Willful,
                intentional or grossly negligent act by you having the effect of
                injuring,
                in a material way (whether financial or otherwise), the business
                or
                reputation of Hana or any of its affiliates, including but not limited
                to,
                any officer, director, executive or shareholder of Hana or its
                affiliates;

            

    

     

    
      	 	
              (3)

            	
              Willful
                misconduct by you in respect of you duties or obligations, including,
                without limitation, insubordination with respect to lawful directions
                received by you from the Chief Executive Officer, unless such direction
                was contrary to directions given by the
                Board;

            

    

     

    
      	 	
              (4)

            	
              Your
                conviction of any felony or a misdemeanor involving a crime of moral
                turpitude (including entry of a nolo contendere
                plea);

            

    

     

    
      	 	
              (5)

            	
              Hana's
                determination based upon clear and convincing evidence, after a reasonable
                and good-faith investigation following a written allegation by another
                Hana employee, that you engaged in material harassment prohibited
                by law
                (including, without limitation, age, sex or race
                discrimination);

            

    

     

    
      	 	
              (6)

            	
              Any
                misappropriation or embezzlement by you of Hana’s (or its affiliates’)
                property (whether or not a misdemeanor or felony);
                or

            

    

     

    
      	 	
              (7)

            	
              A
                material breach by you of any of your obligations under any other
                agreement or Hana policy, including, without limitation, Hana’s code of
                ethics, employee manual and any invention assignment, confidentiality
                and
                non-solicitation agreement(s).

            

    

     

    Provided,
      however, Hana
      will
      have cause to terminate your employment for your acts or omissions under
      paragraphs 1, 3, or 7 that are repeated or continue for, or you fail to correct
      after, 30 calendar days have passed from the date on which you receive written
      notice from the Company of any such act or omission.

     

    For
      purposes of this letter, the term “good reason” means (i) a reduction in your
      annual base salary or annual target bonus rate or a material reduction in the
      benefits provided to you by Hana taken as a whole, in each case without your
      consent, but not if all senior executives of Hana incur any such reduction
      in
      compensation or other benefits; or (ii) a significant reduction in your duties
      and responsibilities; provided, however, that an event shall not constitute
      “good reason” unless you first notify Hana of such event in writing (including
      by email) within 30 days of the date you became aware of such event and the
      event is not corrected by Hana to your reasonable satisfaction within 30 days
      of
      the date of your written notice to Hana. 

    

    Hana
      Biosciences, Inc. provides its employees with a benefit package, paid medical,
      dental, life and disability programs, you will be eligible to participate in
      our
      401k plan and Employee Stock Purchase Plan. You will also be entitled to 3
      weeks
      of vacation pro-rated for the remainder of the calendar year in which you start.
      This offer of employment is also conditioned upon your entry into an invention
      assignment, confidentiality and non-solicitation agreement, in the Company’s
      standard form.

    

    Even
      though some provisions in this offer letter refer to future dates, they are
      only
      reference points for certain events that are scheduled for as long as you are
      employed. Your employment with Hana is for an indefinite term, and nothing
      in
      this Letter modifies your at-will employment relationship with the Company.
      This
      offer expires on March 16, 2008.

    

    Anne,
      I
      believe you will make a significant contribution to Hana, and that we will
      in
      turn provide an environment where you will grow, learn and thrive. The entire
      Hana team looks forward to the opportunity to work with you.

    

    Sincerely
      yours,

     

     

    
      	 	 	 	 
	/s/
              Steven R.
              Deitcher	 	 	 
	
              

            	 	 	
            
	Steven
              R.
              Deitcher, M.D.
President, CEO, and Board Member	 	 	 

    

     

    
      	 	 	 	 
	Accepted:
              /s/ Anne E. Hagey 	 	 	 
	
              

            	 	 	
            
	Date:
              March
              16, 2008 Title	 	 	 

     

    Start
      Date: April
      23, 2008PANSOFT
      COMPANY LIMITED

    

    WARRANT
      AGREEMENT

    

    _________________
      ___, 2008

    

    Anderson
      & Strudwick, Incorporated

    707
      East
      Main Street

    20th
      Floor

    Richmond,
      Virginia 23219

    

    Ladies
      and Gentlemen:

    

    Pansoft
      Company Limited, a British Virgin Islands limited (the “Company”), agrees to
      issue and sell to you a warrant (the “Warrant”) to purchase the number of
      ordinary shares of the Company set forth herein, subject to the terms and
      conditions contained herein.

    

    1. Issuance
      of Warrant; Exercise Price.
      The
      Warrant, which shall be in the form attached hereto as Exhibit
      A,
      shall
      be issued to you concurrently with the execution hereof in consideration of
      the
      payment by you to the Company of the sum of US $0.001 cash per share of ordinary
      shares subject to the Warrant, the receipt and sufficiency of which are hereby
      acknowledged. The Warrant shall provide that you and such other holder(s) of
      the
      Warrant, as such may be assigned in accordance herewith, shall have the right
      to
      purchase an aggregate of up to 120,000 ordinary shares for an exercise price
      equal to $7.20 per share (the “Exercise Price”), as described more fully herein.
      The number, character and Exercise Price of such shares are subject to
      adjustment as hereinafter provided, and the term “shares” shall mean, unless the
      context otherwise requires, the ordinary shares and other securities and
      property receivable upon exercise of the Warrant. The term “Exercise Price”
shall mean, unless the context otherwise requires, the price per share
      purchasable under the Warrant as set forth in this Section 1, as adjusted from
      time to time pursuant to Section 5.

    

    2. Notices
      of Record Date.
      In the
      event of (i) any taking by the Company of a record date with respect to the
      holder(s) of any class of securities of the Company for purposes of determining
      which of such holder(s) are entitled to dividends or other distributions, or
      any
      right to subscribe for, purchase or otherwise acquire shares of stock of any
      class or any other securities or property, or to receive any other right,
      (ii) any capital reorganization of the Company, or reclassification or
      recapitalization of capital stock of the Company or any transfer in one or
      more
      related transactions of all or a majority of the assets or revenue or income
      generating capacity of the Company to, or consolidation or merger of the Comany
      with or into, any other entity or person, or (iii) any voluntary or
      involuntary dissolution or winding up of the Company, then and in each such
      event the Company will mail or cause to be mailed to each holder of a Warrant
      at
      the time outstanding a notice specifying, as the case may be, (a) the date
      on which any such record is to be taken for the purpose of such dividend,
      distribution or right, and stating the amount and character of such dividend,
      distribution or right; or (b) the date on which any such reorganization,
      reclassification, recapitalization, transfer, consolidation, merger, conveyance,
      dissolution, liquidation or winding-up is to take place and the time, if any
      is
      to be

    
      
         

      

      
        
        

        
          

        

      

      
         

      

    

    fixed,
      as
      of which the holders of record of shares (or any other class of stock or
      securities of the Company, or another issuer pursuant to Section 5, receivable
      upon the exercise of the Warrant) shall be entitled to exchange their shares
      (or
      such other stock or securities) for securities or other property deliverable
      upon such event. Any such notice shall be deposited in the United States mail,
      postage prepaid, at least ten (10) days prior to the date therein specified,
      and
      the holder(s) of the Warrant(s) may exercise the Warrant(s) and participate
      in
      such event as a registered holder of shares, upon exercise of the Warrant(s)
      so
      held, within the ten (10) day period from the date of mailing such
      notice.

    

    3. No
      Impairment.
      The
      Company shall not, by amendment of its organizational documents or through
      any
      reorganization, transfer of assets, consolidation, merger, dissolution, issue
      or
      sale of securities, or any other action, avoid or seek to avoid the observance
      or performance of any other action, avoid or seek to avoid the observance or
      performance of any of the terms of this Agreement or of the Warrant, but will
      at
      all times in good faith take any and all action as may be necessary in order
      to
      protect the rights of the holder(s) of the Warrant against impairment. Without
      limiting the generality of the foregoing, the Company (a) will at all times
      reserve and keep available, solely for issuance and delivery upon exercise
      of
      the Warrant, shares issuable from time to time upon exercise of the Warrant,
      (b)
      will not increase the par value of any shares of stock receivable upon exercise
      of the Warrant above the amount payable in respect thereof upon such exercise,
      and (c) will take all such action as may be necessary or appropriate in order
      that the Company may validly and legally issue fully paid and non-assessable
      stock upon the exercise of the Warrant, or any portion of it.

    

    4. Exercise
      of Warrant.

    

    (a) Exercise
      for Cash.
      At any
      time and from time to time on and after one hundred eighty (180) days after
      the
      closing of the initial public offering of the Company’s ordinary shares (the
“IPO”) and expiring on ________ ___, ______ at 11:59 p.m., Richmond, Virginia
      time (the “Exercise Period”), the Warrant may be exercised as to all or any
      portion of the whole number of shares covered by the Warrant by the holder
      thereof by surrender of the Warrant, accompanied by a subscription for shares
      to
      be purchased in the form attached hereto as Exhibit
      B
      and by a
      check payable to the order of the Company in the amount required for purchase
      of
      the shares as to which the Warrant is being exercised, delivered to the Company
      at its principal office at 3/f Qilu Software Park Building, Jinan Hi-tech Zone,
      Jinan, Shandong, People’s Republic of China 250101, Attention: Chairman.

    

    (b) Cashless
      Exercise.
      In
      addition, during the Exercise Period and to the extent that the Company has
      failed to register the shares issuable hereunder in accordance with Section
      7
      hereof within 90 days of the notification of the Company of the exercise of
      such
      demand registration right, the Warrant may be exercised as to all or any portion
      of the whole number of shares covered by the Warrant by the holder thereof
      by
      surrender of Warrant together with irrevocable instructions to the Company
      to
      issue in exchange for the Warrant the number of shares equal to the product
      of
      (i) the number of shares as to which the Warrant is being exercised multiplied
      by (ii) a fraction the numerator of which is the Current Value of any share
      less
      the Exercise Price therefor and the denominator of which is such Current Value.
      In the case of the

    
      
         

      

      
        -
          2 -

        
          

        

      

      
         

      

    

    purchase
      of less than all the shares purchasable under the Warrant, the Company shall
      cancel such Warrant and shall execute and deliver a new Warrant of like tenor
      for the unexercised balance. For the purposes hereof, “Exercise Date” shall mean
      the date on which all deliveries required to be made to the Company upon
      exercise of the Warrant pursuant to this Section 4 shall have been
      made.

    

    (c) Issuance
      of Certificates.
      Upon
      the exercise of a Warrant in whole or in part, the Company will within five
      (5)
      days thereafter, at its expense (including the payment by the Company of any
      applicable issue or transfer taxes), cause to be issued in the name of and
      delivered to the Warrant holder a certificate or certificates for the number
      of
      fully paid and non-assessable shares to which such holder is entitled upon
      exercise of the Warrant. In the event such holder is entitled to a fractional
      share, in lieu thereof such holder shall be paid a cash amount equal to such
      fraction, multiplied by the Current Value of one full share on the date of
      exercise. Certificates for shares issuable by reason of the exercise of the
      Warrant shall be dated and shall be effective as of the date of the surrendering
      of the Warrant for exercise, notwithstanding any delays in the actual execution,
      issuance or delivery of the certificates for the shares so purchased. In the
      event the Warrant is exercised as to less than the aggregate amount of all
      shares issuable upon exercised as to less than the aggregate amount of all
      shares issuable upon exercise of the Warrant held by such person, the Company
      shall issue a new Warrant to the holder of the Warrant so exercised covering
      the
      aggregate number of shares as to which the Warrant remains unexercised. In
      addition to the foregoing, should the Company fail to issue the stock
      certificate or certificates within the time limits referenced in the first
      sentence of this Section 4(c), if and to the extent not already utilized as
      to
      the Warrant or the shares underlying the Warrant, the holder may utilize the
      cashless exercise contained in Section 4(b) hereof.

    

    (d) Current
      Value.
      For
      purposes of this section, “Current Value” is defined (i) in the case for which a
      public market exists for the shares at the time of such exercise, at a price
      per
      share equal to (A) the average of the means between the closing bid and asked
      prices of the shares in the over-the-counter market for 20 consecutive business
      days commencing 30 business days before the date of such notice, (B) if the
      shares are quoted on the Nasdaq Capital Market, at the average of the means
      of
      the daily closing bid and asked prices of the shares for 20 consecutive business
      days commencing 30 business days before the date of such notice, or (C) if
      the
      shares are listed on any national securities exchange or The Nasdaq National
      Market, at the average of the daily closing prices of the shares for 20
      consecutive business days commencing 30 business days before the date of such
      notice, and (ii) in the case no public market exists at the time of such
      exercise, at the Appraised Value. For the purposes of this Agreement, “Appraised
      Value” is the value determined in accordance with the following procedures. For
      a period of five (5) days after the date of an event (a “Valuation Event”)
      requiring determination of Current Value at a time when no public market exists
      for the shares (the “Negotiation Period”), each party to this Agreement agrees
      to negotiate in good faith to reach agreement upon the Appraised Value of the
      securities or property at issue, as of the date of the Valuation Event, which
      will be the fair market value of such securities or property, without premium
      for control or discount for minority interests, illiquidity or restrictions
      on
      transfer. In the event that the parties are unable to agree upon the Appraised
      Value of such securities or other property by the end of the Negotiation Period,
      then the Appraised Value of such securities or property will be
      determined

    
      
         

      

      
        -
          3 -

        
          

        

      

      
         

      

    

    for
      purposes of this Agreement by a recognized appraisal or investment banking
      firm
      mutually agreeable to the holder(s) of the Warrant and the Company (the
“Appraiser”). If the holder(s) of the Warrant and the Company cannot agree on an
      Appraiser within two (2) business days after the end of the Negotiation Period,
      the Company, on the one hand, and the holder(s) of the Warrant, on the other
      hand, will each select an Appraiser within ten (10) business days after the
      end
      of the Negotiation Period and those Appraisers will determine the fair market
      value of such securities or property, without premium for control or discount
      for minority interests. Such independent Appraiser(s) will be directed to
      determine fair market value of such securities or property as soon as
      practicable, but in no event later than thirty (30) days from the date of its
      selection. The determination by Appraiser(s) of the fair market value will
      be
      conclusive and binding on all parties to this Agreement. If there are two
      Appraisers, and they do not agree as to fair market value, then fair market
      value shall be determined to be the average of the fair market values as
      determined by each Appraiser. Appraised Value of each share at a time when
      (i)
      the Company is not a reporting company under the Securities Exchange Act of
      1934
      and (ii) the shares are not traded in the organized securities markets, will,
      in
      all cases, be calculated by determining the Appraised Value of the entire
      Company taken as a whole and dividing that value by the number of shares then
      outstanding, without premium for control or discount for minority interests,
      illiquidity or restrictions on transfer. The costs of the Appraiser(s) will
      be
      borne by the Company. In no event will the Appraised Value of the shares be
      less
      than the per share consideration received or receivable with respect to the
      shares or securities or property of the same class in connection with a pending
      transaction involving a sale, merger, recapitalization, reorganization,
      consolidation, or share exchange, dissolution of the Company, sale or transfer
      of all or a majority of its assets or revenue or income generating capacity,
      or
      similar transaction.

    

    5. Protection
      Against Dilution.
      The
      Exercise Price for the shares and number of shares issuable upon exercise of
      the
      Warrant, in whole or in part, is subject to adjustment from time to time as
      described in this Section 5. Notwithstanding the foregoing, nothing in this
      Warrant Agreement is intended or may be construed to violate any NASD Conduct
      Rule. In particular, the anti-dilution provisions of this Warrant Agreement
      shall be interpreted in compliance with Rule 2710 (f)(2)(H)(vi) and (vii) of
      the
      NASD Conduct Rules.

    

    (a) Stock
      Dividends, Subdivisions, Reclassifications, Etc.
      In case
      at any time or from time to time after the date of execution of this Agreement,
      the Company shall (i) take a record of the holders of shares for the purpose
      of
      entitling them to receive a dividend or a distribution on shares payable in
      shares or other class of securities, (ii) subdivide or reclassify its
      outstanding shares of shares into a greater number shares, or (iii) combine
      or
      reclassify its outstanding shares into a smaller number of shares, then, and
      in
      each such case, the Exercise Price in effect at the time of the record date
      for
      such dividend or distribution or the effective date of such subdivision,
      combination or reclassification shall be adjusted in such a manner that the
      Exercise Price for the shares issuable upon exercise of the Warrant immediately
      after such event shall bear the same ratio to the Exercise Price in effect
      immediately prior to any such event as the total number of shares outstanding
      immediately prior to such event shall bear to the total number of shares
      outstanding immediately after such event.

    
      
         

      

      
        -
          4 -

        
          

        

      

      
         

      

    

    (b) Adjustment
      of Number of Shares Purchasable.
      When
      any adjustment is required to be made in the Exercise Price under this Section
      5, (i) the number of shares issuable upon exercise of the Warrant, in whole
      or
      in part, shall be changed (upward to the nearest full share) to the number
      of
      shares determined by dividing (x) an amount equal to the number of shares
      issuable pursuant to the exercise of the Warrant immediately prior to the
      adjustment, multiplied by the Exercise Price in effect immediately prior to
      the
      adjustment, by (y) the Exercise Price in effect immediately after such
      adjustment, and (ii) upon exercise of the Warrant, the holder will be entitled
      to receive the number of shares of other securities referred to in Section
      5(a)
      that such holder would have received had the Warrant been exercised prior to
      the
      events referred to in Section 5(a).

    

    (c) Adjustment
      for Reorganization, Consolidation, Merger, Etc.
      In case
      of any reorganization or consolidation of the Company with, or any merger of
      the
      Company with or into, another entity (other than a consolidation or merger
      in
      which the Company is the surviving corporation) or in case of any sale or
      transfer to another entity of the majority of assets of the Company, the entity
      resulting from such reorganization or consolidation or surviving such merger
      or
      to which such sale or transfer shall be made, as the case may be, shall make
      suitable provision (which shall be fair and equitable to each holder of a
      Warrant) and shall assume the obligations of the Company hereunder (by written
      instrument executed and mailed to each holder of a Warrant then outstanding)
      pursuant to which, upon exercise of the Warrant, at any time after the
      consummation of such reorganization, consolidation, merger or conveyance, the
      holder shall be entitled to receive the stock or other securities or property
      that such holder would have been entitled to upon consummation if such holder
      had exercised the Warrant immediately prior thereto, all subject to further
      adjustment as provided in this Section 5.

    

    (d) Certificate
      as to Adjustments.
      In the
      event of adjustment as herein provided in paragraphs of this Section 5, the
      Company shall promptly mail to each Warrant holder a certificate setting forth
      the Exercise Price and number of shares issuable upon exercise after such
      adjustment and setting forth a brief statement of facts requiring such
      adjustment. Such certificate shall also set forth the kind and amount of stock
      or other securities or property into which the Warrant shall be exercisable
      after any adjustment of the Exercise Price as provided in this
      Agreement.

    

    (e) Minimum
      Adjustment.
      Notwithstanding the foregoing, no certificate as to adjustment of the Exercise
      Price hereunder shall be made if such adjustment results in a change in the
      Exercise Price then in effect of less than five cents ($0.05) and any adjustment
      of less than five cents ($0.05) of any Exercise Price shall be carried forward
      and shall be made at the time of and together with any subsequent adjustment
      that, together with any subsequent adjustment that, together with the adjustment
      or adjustments so carried forward, amounts to five cents ($0.05) or more;
      provided however, that upon the exercise of a Warrant, the Company shall have
      made all necessary adjustments (to the nearest cent) not theretofore made to
      the
      Exercise Price up to and including the date upon which such Warrant is
      exercised.

    

     

    
      
         

      

      
        -
          5 -

        
          

        

      

      
         

      

    

    7. Registration
      Rights.

    

    (a) Demand
      Registration Under the Securities Act of 1933.
      To the
      extent that sufficient shares have not been registered to permit exercise of
      the
      Warrant, then at any time commencing after the closing of the IPO, through
      and
      including ____________
      ___, ____,
      parties
      who collectively hold a majority of the shares issued or issuable upon the
      exercise of the Warrant shall have the right, exercisable by written notice
      to
      the Company, to have the Company prepare and file with the Securities and
      Exchange Commission (the “Commission”), on one occasion, a registration
      statement and such other documents, including a prospectus, as may be necessary
      in the opinion of both counsel for the Company and counsel for you and any
      other
      holder of a Warrant, in order to comply with the provisions of the Act, so
      as to
      permit a public offering and sale of their respective Warrant, the shares
      underlying the Warrant or other securities held as a result of any adjustment
      made pursuant to Section 5 hereof (collectively, the “Registrable Securities”).
      The Company shall notify each holder of a Warrant and the shares underlying
      the
      Warrant of any such demand registration request within ten (10) days of receipt
      of such request. The notified holder(s) may participate in such demand
      registration by notifying the Company within ten (10) days after receiving
      the
      Company’s notification.

    

    (b) Notice
      to Be Delivered.
      The
      Company covenants and agrees to give written notice of any registration request
      under Section 7(a) by you or any holder(s) to you and to all other holder(s)
      of
      a Warrant or the shares underlying a Warrant within ten (10) days from the
      date
      of the receipt of any such registration request.

    

    (c) Covenants
      of the Company With Respect to Registration.
      In
      connection with any registration under Section 7(a) hereof, the Company
      covenants and agrees as follows:

    

    (i) The
      Company shall use its best efforts to file a registration statement within
      ninety (90) days of receipt of any demand therefore in accordance with Section
      7(a), shall use its best efforts to have any registration statement declared
      effective at the earliest practicable time, and shall furnish you and each
      holder desiring to sell the Registrable Securities held by you or the other
      holder(s) as a result of any adjustment made pursuant to the provisions of
      Section 5 hereof, such number of prospectuses as shall reasonably be
      requested.

     

    (ii) The
      Company shall pay all costs (excluding fees and expenses of counsel for you
      and
      any other holder(s) and any underwriting or selling commissions), fees and
      expenses in connection with all registration statements filed pursuant to
      Section 7(a) hereof including, without limitation, the Company’s legal and
      accounting fees, printing expenses, and blue sky fees and expenses. If the
      Company shall fail to comply with the provisions of Section 7(d), the Company
      shall, in addition to any other equitable or other relief available to you
      and
      any other holder(s), be liable for any or all actual damages (which may include
      damages due to a loss of profit).

    

    (iii) The
      Company will take all necessary action which may be required in qualifying
      or
      registering the Registrable Securities included in a registration statement
      for

    
      
         

      

      
        -
          6 -

        
          

        

      

      
         

      

    

    offering
      and sale under the securities or blue sky laws of such states as reasonably
      are
      requested by you and any other holder(s), provided that the Company shall not
      be
      obligated to execute or file any general consent to service of process or to
      qualify as a foreign corporation to do business under the laws of any such
      jurisdiction.

    

    (iv) The
      Company shall indemnify you and any other holder(s) of the Registrable
      Securities to be sold pursuant to any registration statement and each person,
      if
      any, who controls you or any other holder(s) within the meaning of Section
      15 of
      the Act or Section 20(a) of the Securities Exchange Act of 1934, as amended
      (the
“1934 Act”), against all loss, claim, damage, expense or liability (including
      all expenses reasonably incurred in investigating, preparing or defending
      against any claim whatsoever) to which any of them may become subject under
      the
      Act, the 1934 Act or otherwise, arising from such registration statement to
      the
      same extent and with the same effect as the provisions pursuant to which the
      Company has agreed to indemnify you in the Placement Agreement to be entered
      into by and between you and the Company (the “Placement Agreement”) and to
      provide for just and equitable contribution as set forth in the Placement
      Agreement.

    

    (v) You
      and
      any other holder(s) of the Registrable Securities to be sold pursuant to a
      registration statement, and their successors and assigns, shall severally,
      and
      not jointly, indemnify the Company, its officers and directors and each person,
      if any, who controls the Company within the meaning of Section 15 of the Act
      or
      Section 20(a) of the 1934 Act, against all loss, claim, damage or expense or
      liability (including all expenses reasonably incurred in investigating,
      preparing or defending against any claim whatsoever) to which they may become
      subject under the Act, the 1934 Act or otherwise, arising from information
      furnished by or on behalf of such holder(s), or their successors or assigns,
      for
      specific inclusion in such registration statement to the same extent and with
      the same effect as the provisions contained in the Placement Agreement pursuant
      to which you have agreed to indemnify the Company and to provide for just and
      equitable contribution as set forth in the Placement Agreement.

    

    (vi) Nothing
      contained in this Agreement shall be construed as requiring you or any other
      holder(s) to exercise any portion of their Warrant prior to the initial filing
      of any registration statement or the effectiveness thereof.

    

    (vii) The
      Company shall deliver promptly to you and any other holder(s) of the Registrable
      Securities participating in the offering copies of all correspondence between
      the Commission and the Company, its counsel or auditors and all memoranda
      relating to discussions with the Commission or its staff with respect to the
      registration statement and permit you and the other holder(s) of the Registrable
      Securities to do such investigation, upon reasonable advance notice, with
      respect to information contained in or omitted from the registration statement
      as it deems reasonably necessary to comply with applicable securities laws
      or
      rules of the Financial Industry Regulatory Authority (“FINRA”); provided that
      you and each such holder of the Registrable Securities agree not to disclose
      such information without the prior consent of the Company. Such investigation
      shall include access to books, records and properties and opportunities to
      discuss the business of the Company with its officers and
      independent

    
      
         

      

      
        -
          7 -

        
          

        

      

      
         

      

    

    auditors,
      all to such reasonable extent and at such reasonable times and as often as
      you
      and any other holder(s) of the Registrable Securities shall reasonably
      request.

    

    (viii) If
      required by the underwriters in connection with an underwritten offering which
      includes Registrable Securities pursuant to this Section 7, the Company shall
      enter into an underwriting agreement with one or more underwriters selected
      for
      such underwriting. Such underwriting agreement shall be satisfactory in form
      and
      substance to the Company, you and each other holder of the Registrable
      Securities, and shall contain such representations, warranties and covenants
      by
      the Company and such other terms as are customarily contained in agreements
      of
      that type used by the underwriters. If required by the underwriters, you and
      the
      other holder(s) of the Registrable Securities shall be parties to any
      underwriting agreement relating to an underwritten sale of their Registrable
      Securities and may, at their option, require that any or all the representations
      and warranties of the Company to or for the benefit of such underwriters shall,
      to the extent that they may be applicable, also be made to and for the benefit
      of you and the other holder(s) of the Registrable Securities. You and the other
      holder(s) of the Registrable Securities shall not be required to make any
      representations or warranties to or agreements with the Company or the
      underwriters except as they may relate to you and the other holder(s) of the
      Registrable Securities and their intended methods of distribution.

    

    (ix) In
      connection with any registration statement filed pursuant to Section 7 hereof,
      the Company shall furnish, or cause to be furnished, to you and each holder
      participating in any underwritten offering and to each underwriter, a signed
      counterpart, addressed to you, such holder(s) or underwriter, of (i) an opinion
      of counsel to the Company, dated the effective date of such registration
      statement (and, if such registration includes an underwritten public offering,
      an opinion dated the date of the closing under the underwriting agreement),
      and
      (ii) a “cold comfort” letter, dated the effective date of such registration
      statement (and, if such registration includes an underwritten public offering,
      a
      letter dated the date of the closing under the underwriting agreement), signed
      by the independent public accountants who have issued a report on the Company’s
      financial statements included in such registration statement, in each case
      covering substantially the same matters with respect to such registration
      statement (and the prospectus included therein) and, in the case of such
      accountants’ letter, with respect to events subsequent to the date of such
      financial statements, as are customarily covered in opinions of issuer’s counsel
      and in accountants’ letters delivered to underwriters in underwritten public
      offerings of securities.

     

    (x) The
      Company shall promptly notify you and each holder of the Registrable Securities
      covered by such registration statement, at any time when a prospectus relating
      thereto is required to be delivered under the Act, upon the Company’s discovery
      that, or upon 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 any material fact required to
      be
      stated therein or necessary to make the statements therein not misleading in
      the
      light of the circumstances under which they were made, and upon receipt of
      such
      notice you and each holder shall not effect any sale of securities and shall
      immediately cease utilizing or distributing such prospectus. At the request
      of
      you or any such holder(s), the

    
      
         

      

      
        -
          8 -

        
          

        

      

      
         

      

    

    Company
      shall promptly prepare and furnish to you or such holder(s) and each
      underwriter, if any, a reasonable number of copies of a supplement to or an
      amendment of such prospectus as may be necessary so that, as thereafter
      delivered to the purchasers of such securities, such prospectus shall not
      include an untrue statement of a material fact or omit to state a material
      fact
      required to be stated therein or necessary to make the statements therein not
      misleading in the light of the circumstances under which they were
      made.

    

    (xi) For
      purposes of this Agreement, the term “majority” in reference to you and the
      other holder(s) of a Warrant or the shares underlying an unexercised Warrant,
      shall mean in excess of fifty percent (50%) of the shares underlying the then
      outstanding Warrant(s) that have not been resold to the public pursuant to
      Rule
      144 under the Act or a registration statement filed with the Commission under
      the Act.

    

    8. Stock
      Exchange Listing.
      In the
      event the Company lists its shares on any national securities exchange or
      market, the Company will, at its expense, also list on such exchange, upon
      exercise of a Warrant, all shares issuable pursuant to such
      Warrant.

    

    9. Restrictive
      Legend.
      Executed copies of this Agreement shall be filed in the principal office of
      the
      Company. Instruments evidencing all or part of the Warrant shall contain the
      legend shown on Exhibit
      A
      until
      one hundred eighty (180) days after the closing of the IPO, after which time
      such legend may be removed at the request of the holder thereof.

    

    10. Successors
      and Assigns; Binding Effect.
      This
      Agreement shall be binding upon and inure to the benefit of you and the Company
      and their respective successors and permitted assigns.

    

    11. Notices.
      Any
      notice hereunder shall be given by registered or certified mail, if to the
      Company, at its principal office referred to in Section 5 and, if to a holder,
      to the holder’s address shown in the Warrant ledger of the Company, provided
      that any holder may at any time on three (3) days’ written notice to the Company
      designate or substitute another address where notice is to be given. Notice
      shall be deemed given and received after a certified or registered letter,
      properly addressed with postage prepaid, is deposited in the U.S.
      mail.

    

    12. Severability.
      Every
      provision of this Agreement is intended to be severable. If any term or
      provision hereof is illegal or invalid for any reason whatsoever, such
      illegality or invalidity shall not affect the remainder of this
      Agreement.

    

    13. Assignment;
      Replacement of Warrant.
      The
      Warrant and the shares underlying the Warrant may be sold, transferred,
      assigned, pledged or hypothecated by you prior to one hundred eighty (180)
      days
      after the closing of the IPO only to bona
      fide
      officers
      of Anderson & Strudwick, Incorporated, who in turn shall be subject to the
      same restriction. Any assignment shall be effected in accordance with the Form
      of Assignment attached hereto as Exhibit
      C.
      If the
      Warrant is assigned, in whole or in part, the Warrant shall be surrendered
      at
      the principal office of the Company, and thereupon, in the case of a partial
      assignment, a new Warrant shall be issued to the holder thereof covering the
      number of shares not assigned, and the assignee shall be

    
      
         

      

      
        -
          9 -

        
          

        

      

      
         

      

    

    entitled
      to receive a new Warrant covering the number of shares so assigned. Upon receipt
      of evidence reasonably satisfactory to the Company of the loss, theft,
      destruction or mutilation of any Warrant and appropriate bond or indemnification
      protection, the Company shall issue a new Warrant of like tenor.

    

    14. Rights
      of Shareholders.
      Until
      exercised, the Warrant shall not entitle the holder thereof to any of the rights
      of a shareholder of the Company.

    

    15. Governing
      Law.
      This
      Agreement shall be governed and construed in accordance with the laws of the
      Commonwealth of Virginia without giving effect to the principles of choice
      of
      laws thereof.

    

    16. Definition.
      All
      references to the word “you” in this Agreement shall be deemed to apply with
      equal effect to any persons or entities to whom a Warrant has been transferred
      in accordance with the terms hereof, and, where appropriate, to any persons
      or
      entities holding shares issuable upon exercise of a Warrant.

    

    17. Headings.
      The
      headings herein are for purposes of reference only and shall not limit or
      otherwise affect the meaning of any of the provisions hereof.

    

    Very
      truly yours,

     

    PANSOFT
      COMPANY LIMITED

     

     

    By:

      
        

      

    

    Hugh
      Wang, Chairman

     

    Date:

      
        

      

    

    

    Accepted
      as of the ____ day of _____________, 2008.

    

    ANDERSON
      & STRUDWICK, INCORPORATED

    

    

    By:

      
        

      

      Title:

       

    

    Date:

     

     

    
      
         

      

      
        -
          10 -

        
          

        

      

      
         

      

    

     

    EXHIBIT
      A

    

    No.
      ____

    ___________
      Ordinary Shares

    (as
      may
      be adjusted pursuant to the terms of the Warrant Agreement)

    

    PANSOFT
      COMPANY LIMITED.

    ORDINARY
      SHARES PURCHASE WARRANT

    

    THIS
      IS
      TO CERTIFY that ANDERSON & STRUDWICK, INCORPORATED or its assigns as
      permitted in that certain Warrant Agreement (the “Warrant Agreement”) dated
      ____________ ___, ____ between the Company (as hereafter defined) and Anderson
      & Strudwick, Incorporated is entitled to purchase at any time or from time
      to time on or after the closing of the initial public offering of the Company’s
      ordinary shares and before ____________ ___, ____, _____ ordinary shares of
      Pansoft Company Limited, a British Virgin Islands limited company (the
      “Company”), for an exercise price per share as set forth in the Warrant
      Agreement referred to herein. This Warrant is issued pursuant to the Agreement,
      and all rights of the holder of this Warrant are further governed by, and
      subject to the terms and provisions of such Warrant Agreement, copies of which
      are available upon request to the Company. The holder of this Warrant and the
      shares issuable upon the exercise hereof shall be entitled to the benefits,
      rights and privileges and subject to the obligations, duties and liabilities
      provided in the Warrant Agreement.

    

    UNTIL
      ONE
      HUNDRED EIGHTY (180) DAYS AFTER THE CLOSING OF THE INITIAL PUBLIC OFFERING
      OF
      THE COMMON STOCK OF PANSOFT COMPANY LIMITED, NEITHER ANDERSON & STRUDWICK,
      INCORPORATED NOR ANY ASSIGNEE OF ALL OR A PORTION OF THE RIGHTS PURSUANT TO
      THIS
      WARRANT MAY SELL, TRANSFER, ASSIGN, PLEDGE OR HYPOTHECATE ANY OF ITS RIGHTS
      PURSUANT TO THIS WARRANT OTHER THAN TO BONA FIDE OFFICERS OF ANDERSON &
STRUDWICK, INCORPORATED.

    

    Subject
      to the provisions of the Securities Act of 1933, of the Warrant Agreement and
      of
      this Warrant, this Warrant and all rights hereunder are transferable, in whole
      or in part, only to the extent expressly permitted in such documents and then
      only at the office of the Company at Pansoft Company Limited.,
      3/F
      Quilu Software Park Building, Jinan Hi-Tech Zone, Jinan, Shandong, People’s
      Republic of China 250101, Attention: Chairman, by the holder hereof or by a
      duly
      authorized attorney-in-fact, upon surrender of this Warrant duly endorsed,
      together with the Assignment hereof duly endorsed. Until transfer hereof on
      the
      books of the Company, the Company may treat the registered holder hereof as
      the
      owner hereof for all purposes.

    

    IN
      WITNESS WHEREOF, the Company has caused this Warrant to be executed and its
      corporate seal to be hereunto affixed by its proper corporate officers thereunto
      duly authorized.

    

    PANSOFT
      COMPANY LIMITED

     

     

    By:

      
        

      

    

    (SEAL)

    Hugh
      Wang, Chairman

    

    ATTEST:

     

     

     

    
      

    

    Secretary

     

    
      
         

      

      
        
        

        
          

        

      

      
         

      

    

     

    EXHIBIT
      B

     

    FORM
      OF SUBSCRIPTION

    

    To
      Pansoft Company Limited:

    

    The
      undersigned, the holder of Warrant Number ______, hereby irrevocably elects
      to
      exercise the purchase right represented by such Warrant, and to purchase
      thereunder _________* ordinary shares of Pansoft Company Limited.

    

    As
      payment therefor, the undersigned (mark one):

    

    ______
      herewith makes a payment in cash or by check of U.S. $___________, or

    

    ______requests
      to utilize the cashless exercise provision in Section 4(b) of the Warrant
      Agreement.

    

    Further,
      the undersigned requests that the certificate or certificates for such shares
      be
      issued in the name of and delivered to the undersigned. The undersigned
      acknowledges and agrees that shares to be received by the undersigned are
      subject to the restrictions on transfer set forth in the Warrant.

     

     

    
      
        

      

    

    (Signature)

     

     

    
      
        

      

    

    (Address)

    

    Dated:

      
        

      

       

       

    

    *
      Insert
      here the number of ordinary shares set forth on the face of the Warrant (or,
      in
      the case of a partial exercise, the portion thereof as to which the Warrant
      is
      being exercised), in either case without making any adjustment (which adjustment
      will be made in the issuance of such shares, other stock, securities, property,
      or cash) for additional ordinary shares or any other stock or other securities
      or property or cash that, pursuant to the adjustment provisions of the Warrant,
      is deliverable upon exercise.

    
      
         

      

      
        
        

        
          

        

      

      
         

      

    

     

    EXHIBIT
      C

    

    FORM
      OF ASSIGNMENT

    

    

    (To
      be
      signed only upon transfer of Warrant)

    

    For
      value
      received, the undersigned hereby sells, assigns and transfers unto
      ________________ the right represented by Warrant Number ____ to purchase
      _______________ ordinary shares of Pansoft Company Limited to which the attached
      Warrant relates, and appoints ______________ as Attorney-in-Fact to transfer
      such right on the books of Pansoft Company Limited with the full power of
      substitution in the premises. At the conclusion of the Assignment, the
      undersigned and _______________ will receive Warrants reflecting the separate
      rights to purchase ______________ ordinary shares of Pansoft Company
      Limited.

    

    The
      undersigned represents and warrants that the transfer of the attached Warrant
      is
      permitted by the terms of the Warrant Agreement pursuant to which the attached
      Warrant has been issued, and the transferee hereof, by acceptance of this
      Assignment, agrees to be bound by the terms of the Warrant Agreement with the
      same force and effect as if a signatory thereto. 

    

    
       

       

      
        
          

        

      

      (Signature)

       

       

      
        
          

        

      

      (Address)

      

      Dated:

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