Document:

Exhibit 10.3

 

LOCK-UP AGREEMENT

THIS LOCK-UP AGREEMENT (this
 “Agreement”) is dated as of [·],
2022 by and between the undersigned stockholder (the “Holder”) and ETAO International Co., Ltd., a Cayman Islands company
(“Parent”).

 

A.               
Parent, MC III Merger Sub I Inc., a Cayman Islands corporation and a direct wholly-owned subsidiary of Parent (“Purchaser”),
MC III Merger Sub II Inc., a Cayman Islands company and a direct wholly owned subsidiary of Purchaser (“Merger Sub”),
Etao International Group, a Cayman Islands company (the “Company”) and Wensheng Liu, in his capacity as the Company
stockholders’ representative (the “Stockholders’ Representative”), entered into an Agreement and Plan of Merger
dated as of [•], 2022 (the “Merger Agreement”).

 

B.                
Pursuant to the Merger Agreement, Purchaser, as the surviving company in the Redomestication Merger, will become the 100% stockholder
of the Company.

 

C.                
The Holder is the record and/or beneficial owner of certain Company Ordinary Shares, which will be exchanged for shares of Parent
Common Stock pursuant to the Merger Agreement.

 

D.               
As a condition of, and as a material inducement for Parent to enter into and consummate the transactions contemplated by the Merger
Agreement, the Holder has agreed to execute and deliver this Agreement.

 

NOW, THEREFORE, for and in consideration
of the mutual covenants and agreements set forth herein, and other good and valuable consideration, the receipt and sufficiency of which
is hereby acknowledged, the parties, intending to be legally bound, agree as follows:

 

AGREEMENT

1.                 
Lock-Up.

 

(a)              
During the Lock-up Period, the Holder agrees that it, he or she will not offer, sell, contract to sell, pledge or otherwise dispose
of, directly or indirectly, any of the Lock-up Shares (as defined below), enter into a transaction that would have the same effect, or
enter into any swap, hedge or other arrangement that transfers, in whole or in part, any of the economic consequences of ownership of
the Lock-up Shares or otherwise, publicly disclose the intention to make any offer, sale, pledge or disposition, or to enter into any
transaction, swap, hedge or other arrangement, or engage in any Short Sales (as defined below) with respect to the Lock-up Shares.

 

(b)              
In furtherance of the foregoing, during the Lock-up Period, the Parent will (i) place a stop order on all the Lock-up Shares, including
those which may be covered by a registration statement, and (ii) notify the Parent’s transfer agent in writing of the stop order
and the restrictions on the Lock-up Shares under this Agreement and direct the Parent’s transfer agent not to process any attempts
by the Holder to resell or transfer any Lock-up Shares, except in compliance with this Agreement.

 

     

     

    

 

(c)              
 For purposes hereof, “Short Sales” include, without limitation, all “short sales” as defined in
Rule 200 promulgated under Regulation SHO under the Securities Exchange Act of 1934, as amended (the “Exchange Act”),
and all types of direct and indirect stock pledges, forward sale contracts, options, puts, calls, swaps and similar arrangements (including
on a total return basis), and sales and other transactions through non-US broker dealers or foreign regulated brokers.

 

(d)              
The term “Lock-up Period” means the date that is six (6) months after the Closing Date (as defined in the Merger
Agreement).

 

2.                 
Beneficial Ownership. The Holder hereby represents and warrants that it does not beneficially
own, directly or through its nominees (as determined in accordance with Section 13(d) of the Exchange Act, and the rules and regulations
promulgated thereunder), any shares of Parent Common Stock, or any economic interest in or derivative of such shares, other than those
shares of Parent Common Stock or Purchaser Ordinary Shares (i) issued pursuant to the Merger Agreement) (the “Merger Shares”)
or (ii) acquired directly from Mountain Crest Holdings III LLC pursuant to that Stock Purchase Agreement dated December 16, 2021. For
purposes of this Agreement, the Merger Shares beneficially owned by the Holder, together with any other shares of Parent Common Stock
or Purchaser Ordinary Shares, and including any securities convertible into, or exchangeable for, or representing the rights to receive
Parent Common Stock or Purchaser Ordinary Shares, if any, acquired during the Lock-up Period are collectively referred to as the “Lock-up
Shares,” provided, however, that such Lock-up Shares shall not include shares of Parent Common Stock or Purchaser
Ordinary Shares acquired by such Holder in open market transactions during the Lock-up Period.

 

Notwithstanding the
foregoing, and subject to the conditions below, the undersigned may transfer Lock-Up Shares in connection with (a) transfers or
distributions to the Holder’s direct or indirect affiliates (within the meaning of Rule 405 under the Securities Act of 1933,
as amended) or to the estates of any of the foregoing; (b) transfers by bona fide gift to a member of the Holder’s immediate
family or to a trust, the beneficiary of which is the Holder or a member of the Holder’s immediate family for estate planning
purposes; (c) by virtue of the laws of descent and distribution upon death of the Holder; (d) pursuant to a qualified domestic
relations order, (e) transfers to the Parent’s officers, directors or their affiliates, (f) pledges of Lock-up Shares as
security or collateral in connection with a borrowing or the incurrence of any indebtedness by the Holder, provided, however,
that such borrowing or incurrence of indebtedness is secured by either a portfolio of assets or equity interests issued by multiple
issuers, (g) transfers pursuant to a bona fide third-party tender offer, merger, stock sale, recapitalization, consolidation or
other transaction involving a change of control of Parent; provided, however, that in the event that such tender
offer, merger, recapitalization, consolidation or other such transaction is not completed, the Lock-Up Shares subject to this
Agreement shall remain subject to this Agreement, (h) the establishment of a trading plan pursuant to Rule 10b5-1 promulgated under
the Exchange Act; provided, however, that such plan does not provide for the transfer of Lock-up Shares during the
Lock-Up Period, (i) transfers to satisfy tax withholding obligations in connection with the exercise of options to purchase shares
of Parent Common Stock or the vesting of stock-based awards; and (j) transfers in payment on a “net exercise” or
 “cashless” basis of the exercise or purchase price with respect to the exercise of options to purchase shares of Parent
Common Stock; provided, however, that, in the case of any transfer pursuant to the foregoing (a) through (e) clauses,
it shall be a condition to any such transfer that (i) the transferee/donee agrees to be bound by the terms of this Agreement
(including, without limitation, the restrictions set forth in the preceding sentence) to the same extent as if the transferee/donee
were a party hereto; and (ii) each party (donor, donee, transferor or transferee) shall not be required by law (including without
limitation the disclosure requirements of the Securities Act of 1933, as amended (the “Securities Act”), and the
Exchange Act) to make, and shall agree to not voluntarily make, any filing or public announcement of the transfer or disposition
prior to the expiration of the Lock-Up Period.

 

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3.                 
Representations and Warranties. Each of the parties hereto, by their respective execution and delivery of this Agreement,
hereby represents and warrants to the other that (a) such party has the full right, capacity and authority to enter into, deliver and
perform its respective obligations under this Agreement, (b) this Agreement has been duly executed and delivered by such party and is
a binding and enforceable obligation of such party and, enforceable against such party in accordance with the terms of this Agreement,
and (c) the execution, delivery and performance of such party’s obligations under this Agreement will not conflict with or breach
the terms of any other agreement, contract, commitment or understanding to which such party is a party or to which the assets or securities
of such party are bound. The Holder has independently evaluated the merits of his/her/its decision to enter into and deliver this Agreement,
and such Holder confirms that he/she/it has not relied on the advice of Company, Company’s legal counsel, or any other person.

 

4.                 
No Additional Fees/Payment. Other than the consideration specifically referenced herein, the parties hereto agree
that no fee, payment or additional consideration in any form has been or will be paid to the Holder in connection with this Agreement.

 

5.                 
Notices. Any notices required or permitted to be sent hereunder shall be sent in writing, addressed as specified
below, and shall be deemed given: (a) if by hand or recognized courier service, by 4:00PM on a Business Day, addressee’s day and
time, on the date of delivery, and otherwise on the first Business Day after such delivery; (b) if by email, on the date that transmission
is confirmed electronically, if by 4:00PM on a Business Day, addressee’s day and time, and otherwise on the first Business Day after
the date of such confirmation; or (c) five days after mailing by certified or registered mail, return receipt requested. Notices shall
be addressed to the respective parties as follows (excluding telephone numbers, which are for convenience only), or to such other address
as a party shall specify to the others in accordance with these notice provisions:

 

(a)              
If to Parent, to:

 

ETAO International Co., Ltd.

1460 Broadway, 14th Floor

New York, NY 10036

Attention: Wensheng Liu

E-mail: Wilson.liu@etao.cloud

 

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

Sichenzia Ross Ference, LLP

 

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1185 Avenue of the Americas

31st Floor

New York, NY 10036

Attention:               Jay Kaplowitz

Huan Lou

E-mail:                      jkaplowitz@srf.law

hlou@srf.law

 

(b)              
If to the Holder, to the address set forth on the Holder’s signature page hereto, with a copy, which shall not constitute
notice, to:

_________________________________

_________________________________

_________________________________

Email:

 

or to such other address(es) as any party may
have furnished to the others in writing in accordance herewith.

 

6.                 
Enumeration and Headings. The enumeration and headings contained in this Agreement are for convenience of reference
only and shall not control or affect the meaning or construction of any of the provisions of this Agreement.

 

7.                 
Counterparts. This Agreement may be executed in facsimile and in any number of counterparts, each of which when so
executed and delivered shall be deemed an original, but all of which shall together constitute one and the same agreement.

 

8.                 
Successors and Assigns. This Agreement and the terms, covenants, provisions and conditions hereof shall be binding
upon, and shall inure to the benefit of, the respective heirs, successors and assigns of the parties hereto. The Holder hereby acknowledges
and agrees that this Agreement is entered into for the benefit of and is enforceable by Company and its successors and assigns.

 

9.                 
Severability. If any provision of this Agreement is held to be invalid or unenforceable for any reason, such provision
will be conformed to prevailing law rather than voided, if possible, in order to achieve the intent of the parties and, in any event,
the remaining provisions of this Agreement shall remain in full force and effect and shall be binding upon the parties hereto.

 

10.             
Amendment. This Agreement may be amended or modified by written agreement executed by each of the parties hereto.

 

11.             
Further Assurances. Each party shall do and perform, or cause to be done and performed, all such further acts and
things, and shall execute and deliver all such other agreements, certificates, instruments and documents, as any other party may reasonably
request in order to carry out the intent and accomplish the purposes of this Agreement and the consummation of the transactions contemplated
hereby.

 

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12.             
 No Strict Construction. The language used in this Agreement will be deemed to be the language chosen by the parties
to express their mutual intent, and no rules of strict construction will be applied against any party.

 

13.             
Dispute Resolution. Section 10.8 of the Merger Agreement is incorporated by reference herein to apply with full force
to any disputes arising under this Agreement.

 

14.             
Governing Law. Section 12.6 of the Merger Agreement is incorporated by reference herein to apply with full force
to any disputes arising under this Agreement.

 

15.             
Controlling Agreement. To the extent the terms of this Agreement (as amended, supplemented, restated or otherwise
modified from time to time) directly conflicts with a provisions in the Merger Agreement, the terms of this Agreement shall control.

 

[Signature Page Follows]

 

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

 

	 	ETAO INTERNATIONAL CO., LTD.
	 	 
	 	By:	 
	 	 	Name: [•]
	 	 	Title: [•]
	 	 
	 	HOLDER:
	 	 
	 	[•]
	 	 
	 	By:	 
	 	Name:
	 	Title:Exhibit 10.4

 

AMENDED AND RESTATED

REGISTRATION RIGHTS AGREEMENT

 

THIS AMENDED AND RESTATED
REGISTRATION RIGHTS AGREEMENT (this “Agreement”) effective as of the [●] day of [●], 2022, is
made and entered into by and among ETAO International Co, Ltd. (formerly known as Mountain Crest Acquisition Corp III), a Cayman Islands
exempted company (the “Company”), each of the undersigned parties that are Pre-IPO Investors (as defined below),
and each of the other shareholders of ETAO International Group, a Cayman Islands exempted company (“OpCo”) whose names
are listed on Exhibit A hereto (each a “OpCo Investor” and collectively the “OpCo Investors”)
(each of the foregoing parties (other than the Company) and any person or entity who hereafter becomes a party to this Agreement pursuant
to Section 6.2 of this Agreement, an “Investor” and collectively, the “Investors”).

 

WHEREAS, each of the Company
and certain investors (each, a “Pre-IPO Investor”) is a party to, and hereby consents to, this amendment and
restatement of that certain Registration Rights Agreement, dated May 17, 2021 (the “Original Registration Rights Agreement”),
pursuant to which the Company granted the Pre-IPO Investors certain registration rights with respect to certain securities of the Company,
as set forth therein;

 

WHEREAS, the Company (formerly
known as Mountain Crest Acquisition Corp III), Etao International Group., a Cayman Islands corporation (the “OpCo”),
and Wensheng Liu, in his capacity as the OpCo Stockholders’ Representative (the “Stockholders’ Representative”)
have entered into that certain Agreement and Plan of Merger, as may be amended from time to time (the “Merger Agreement”),
pursuant to which, among other things, (1) the Company’s predecessor will merge with and into a to be formed Cayman Islands company
named MC III Merger Sub I Inc. (“Purchaser”), with the Company being the surviving corporation in the merger (the “Redomestication
Merger”) and (2) OpCo will merge with and into a to be formed Cayman Islands company named MC III Merger Sub II Inc. (“Merger
Sub”), with the OpCo as the surviving corporation in the merger (the “Acquisition Merger”) and, after giving effect
to such merger, OpCo being a wholly owned subsidiary of Purchaser and the Purchaser will change its name to Etao International Co., Ltd.
and become a listed public company on The New York Stock Exchange (the “Transaction”).

 

WHEREAS, the Investors and
the Company desire to enter into this Agreement in connection with the closing of the transactions contemplated by the Merger Agreement
to amend and restate the Original Registration Rights Agreement to provide the Investors with certain rights relating to the registration
of the securities held by them as of the date hereof on the terms and conditions set forth in this Agreement;

 

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

 

1.
DEFINITIONS. The following capitalized terms used herein have the following meanings:

 

     

     

    

 

“Agreement”
means this Agreement, as amended, restated, supplemented, or otherwise modified from time to time.

 

“Blackout Period”
is defined in Section 3.1.1.

 

“Business Day”
means a day other than Saturday, Sunday or other day on which commercial banks in New York, New York are authorized or required by law
to close.

 

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

 

“Ordinary Shares”
means the ordinary shares of the Company.

 

“Company”
is defined in the preamble to this Agreement.

 

“Company Underwritten
Offering” is defined in Section 2.2.1(b).

 

“Company Underwritten
Shelf Offering Requesting Holder” is defined in Section 2.2.1(b).

 

“Demand Registration”
is defined in Section 2.1.1.

 

“Demanding Holder”
is defined in Section 2.1.1.

 

“Effective Date”
means the date the Company consummates the Merger.

 

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

 

“Form F-3 or Form
S-3” is defined in Section 2.3.

 

“Indemnified Party”
is defined in Section 4.3.

 

“Indemnifying
Party” is defined in Section 4.3.

 

“Initial Shares”
means all of the outstanding shares of Common Stock issued prior to the consummation of the Company’s initial public offering.

 

“Investor”
is defined in the preamble to this Agreement.

 

“Investor Indemnified
Party” is defined in Section 4.1.

 

“IPO”
means the Company’s initial public offering.

 

“IPO Escrow Agreement”
means the Stock Escrow Agreement dated as of May 17, 2021 by and among the Company, certain of the Investors and Continental Stock Transfer
 & Trust Company.

 

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“Lock-up Agreement”
is defined in Section 2.1.1.

 

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

 

“Merger”
is defined in the preamble to this Agreement.

 

“Merger Agreement”
is defined in the preamble to this Agreement.

 

“Merger Sub”
is defined in the preamble to this Agreement.

 

“Notices”
is defined in Section 6.3.

 

“OpCo”
is defined in the preamble to this Agreement.

 

“OpCo Investors”
is defined in the preamble to this Agreement.

 

“Original Registration
Rights Agreement” is defined in the preamble to this Agreement.

 

“Person”
means a company, corporation, association, partnership, limited liability company, organization, joint venture, trust or other legal entity,
an individual, a government or political subdivision thereof or a governmental agency.

 

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

 

“PIPE Subscription
Agreements” means the Subscription Agreements, dated as of April [●], 2021, by and among the Company and the subscribers
thereto (as may be amended from time to time).

 

“Pre-IPO Investor”
is defined in the preamble to this Agreement.

 

“Private Units”
means units various Investors privately purchased simultaneously with the consummation of the Company’s initial public offering
and when the underwriters in the Company’s initial public offering exercised their over-allotment option, as described in the prospectus
relating to the Company’s initial public offering.

 

“Pro Rata”
is defined in Section 2.1.4.

 

“Prospectus”
shall mean the prospectus included in any Registration Statement, as supplemented by any and all prospectus supplements and as amended
by any and all post-effective amendments and including all material incorporated by reference in such prospectus.

 

“Register,”
 “Registered” and “Registration” mean a registration effected by preparing and filing
a registration statement or similar document in compliance with the requirements of the Securities Act, and the applicable rules and regulations
promulgated thereunder, and such registration statement becoming effective.

 

“Registrable
Securities” means (i) the Initial Shares, (ii) the Private Units (and underlying shares of Common Stock), (iii) any
other outstanding shares of Common Stock or any other equity security (including the shares of Common Stock issued or issuable upon
the exercise of any other equity security) of the Company held by an Investor as of the Effective Date (including the shares of
Common Stock issued pursuant to the Merger Agreement), and (v) any other equity security of the Company issued or issuable with
respect to any such share of Common Stock by way of a stock dividend or stock split or in connection with a combination of shares,
recapitalization, merger, consolidation or reorganization. As to any particular Registrable Securities, such securities shall cease
to be Registrable Securities when:

 

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(a) a Registration Statement
with respect to the sale of such securities shall have become effective under the Securities Act and such securities shall have been sold,
transferred, disposed of or exchanged in accordance with such Registration Statement; (b) such securities shall have been otherwise transferred,
new certificates for them not bearing a legend restricting further transfer shall have been delivered by the Company and subsequent public
distribution of them shall not require registration under the Securities Act; (c) such securities shall have ceased to be outstanding,
or (d) the Registrable Securities are freely saleable under Rule 144 without volume limitations, requirements of current public information,
manner of sale or any other restrictions under Rule 144.

 

“Registration
Statement” means a registration statement filed by the Company with the Commission in compliance with the Securities Act
and the rules and regulations promulgated thereunder for a public offering and sale of equity securities, or securities or other obligations
exercisable or exchangeable for, or convertible into, equity securities (other than a registration statement on Form F-4/S-4 or Form S-8,
or their successors, or any registration statement covering only securities proposed to be issued in exchange for securities or assets
of another entity).

 

“Release Date”
means the date on which the Initial Shares are disbursed from escrow pursuant to Section 3 of the IPO Escrow Agreement.

 

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

 

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

 

“Underwritten
Offering” means a Registration in which securities of the Company are sold to the Underwriter in a firm commitment underwriting
for distribution to the public.

 

2.
REGISTRATION RIGHTS.

 

2.1 Demand Registration.

 

2.1.1 Request for
Demand Registration. At any time and from time to time on or after (i) the Effective Date with respect to the Private Units (or
underlying shares of Common Stock), (ii) three months prior to the first possible Release Date with respect to the Initial Shares
that are Registrable Securities and subject the IPO Escrow Agreement, or (iii) three months prior to the first possible date on
which the restrictions on transfer will lapse under the Lock-up Agreement entered into in connection with the Merger Agreement (the
 “Lock-up Agreement”) with respect to all Registrable Securities held by the OpCo Investors, the holders of
a majority-in-interest of such Registrable Securities held by the Pre-IPO Investors, on the one hand, or the OpCo Investors, on the
other hand, as the case may be, held by such Investors, or the transferees of such Investors, may make a written demand, on no more
than three occasions in any twelve month period for each of the Pre-IPO Investors and the OpCo Investors, for registration under the
Securities Act of all or part of their Registrable Securities, as the case may be (a “Demand
Registration”). Any demand for a Demand Registration shall specify the number of shares of Registrable Securities
proposed to be sold and the intended method(s) of distribution thereof. The Company will notify all holders of Registrable
Securities of the demand, and each holder of Registrable Securities who wishes to include all or a portion of such holder’s
Registrable Securities in the Demand Registration (each such holder including shares of Registrable Securities in such registration,
a “Demanding Holder”) shall so notify the Company within five (5) days after the receipt by the holder of
the notice from the Company. Upon any such request, the Demanding Holders shall be entitled to have their Registrable Securities
included in the Demand Registration, subject to Section 2.1.4 and the provisos set forth in Section 3.1.1. The Company shall not be
obligated to effect more than an aggregate of one (1) Demand Registration under this Section 2.1.1 in respect of all Registrable
Securities.

 

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2.1.2 Effective Registration.
A registration will not count as a Demand Registration until (i) the Registration Statement filed with the Commission with respect to
such Demand Registration has been declared effective, (ii) the Company has complied with all of its obligations under this Agreement with
respect thereto and (iii) the Registration Statement has remained effective continuously until the earlier of (x) one (1) year after effectiveness
or (y) the date on which all of the Registrable Securities requested by the Demanding Holders to be registered on behalf of the Demanding
Holders in such Registration Statement have been sold; provided, however, that if, after such Registration Statement has
been declared effective, the offering of Registrable Securities pursuant to a Demand Registration is interfered with by any stop order
or injunction of the Commission or any other governmental agency or court, the Registration Statement with respect to such Demand Registration
will be deemed not to have been declared effective, unless and until, (i) such stop order or injunction is removed, rescinded or otherwise
terminated, and (ii) a majority-in-interest of the Demanding Holders thereafter elect to continue the offering; provided, further,
that the Company shall not be obligated to file a second Registration Statement until a Registration Statement that has been filed is
counted as a Demand Registration or is terminated.

 

2.1.3 Underwritten
Offering pursuant to Demand Registration. If a majority-in-interest of the Demanding Holders so elect and such holders so advise
the Company as part of their written demand for a Demand Registration, the offering of such Registrable Securities pursuant to such
Demand Registration, or a portion thereof, shall be in the form of an Underwritten Offering; provided, however, that
the aggregate offering price for any such Underwritten Offering may not be less than $25,000,000, unless the Company is eligible to
register such shares of Common Stock on Form F-3/S-3, or subsequent similar form, in a manner which does not require inclusion of
any information concerning the Company other than to incorporate by reference (including forward incorporation by reference) its
filings under the Exchange Act, in which case the aggregate offering price for any such Underwritten Offering may not be less than
$10,000,000. All such Demanding Holders proposing to distribute their Registrable Securities through such Underwritten Offering
under this Section 2.1.3 shall, at the time of any such Underwritten Offering, enter into an underwriting agreement in customary
form with the Underwriter(s) selected by a majority-in-interest of the Demanding Holder (provided, however, that such
Underwriter(s) is reasonably satisfactory to the Company); provided, further, that any obligation of any such Investor
to indemnify any Person pursuant to any such underwriting agreement shall be several, not joint and several, among such Investors
selling Registrable Securities, and such liability shall be limited to the net amount received by any such Investor from the sale of
his, her or its Registrable Securities pursuant to such Underwritten Offering, and the relative liability of each such Investor
shall be in proportion to such net amounts).

 

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2.1.4 Reduction of Offering
in Connection with Demand Registration. If the managing Underwriter(s) in an Underwritten Offering effected pursuant to a Demand Registration
in good faith advises the Company and the Demanding Holders in writing that the dollar amount or number of shares of Registrable Securities
which the Demanding Holders desire to sell, taken together with all other shares of Common Stock or other securities which the Company
desires to sell and the shares of Common Stock, if any, as to which a registration has been requested pursuant to separate written contractual
piggy-back registration rights held by other shareholders of the Company who desire to sell, exceeds the maximum dollar amount or maximum
number of shares that can be sold in such offering without adversely affecting the proposed offering price, the timing, the distribution
method, or the probability of success of such offering (such maximum dollar amount or maximum number of shares, as applicable, the “Maximum
Number of Shares”), then the Company shall include in such registration: (i) first, the Registrable Securities as to which
Demand Registration has been requested by the Demanding Holders (pro rata in accordance with the number of shares that each such Person
has requested be included in such registration, regardless of the number of shares held by each such Person (such proportion is referred
to herein as “Pro Rata”)) up to the maximum amount that can be sold without exceeding the Maximum Number of
Shares; (ii) second, to the extent that the Maximum Number of Shares has not been reached under the foregoing clause (i), the shares of
Common Stock or other securities that the Company desires to sell that can be sold without exceeding the Maximum Number of Shares; (iii) third,
to the extent that the Maximum Number of Shares has not been reached under the foregoing clauses (i) and (ii), the shares of Common Stock
or other securities for the account of other persons that the Company is obligated to register pursuant to then other written contractual
arrangements with such persons and that can be sold without exceeding the Maximum Number of Shares.

 

2.1.5 Demand Registration
Withdrawal.

 

(a) If a
majority-in-interest of the Demanding Holders disapprove of the terms of any underwriting or are not entitled to include all of
their Registrable Securities in any offering, such majority-in-interest of the Demanding Holders may elect to withdraw from such
offering by giving written notice to the Company and the Underwriter or Underwriters of their request to withdraw prior to the
effectiveness of the Registration Statement filed with the Commission with respect to such Demand Registration. If the
majority-in-interest of the Demanding Holders withdraws from a proposed offering relating to a Demand Registration, then such
registration shall not count as a Demand Registration provided for in this Section 2.1. Notwithstanding the forgoing, an Investor
may withdraw all or any portion of its Registrable Securities included in a Demand Registration from such Demand Registration at any
time prior to the effectiveness of the applicable Registration Statement; provided that such withdrawal shall be irrevocable
and, after making such withdrawal, an Investor shall no longer have any right to include Registrable Securities in the Demand
Registration as to which such withdrawal was made.

 

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(b) Notwithstanding
anything to the contrary in this Agreement, the Company shall be responsible for the registration expenses described in Section 3.3 incurred
in connection with a Registration pursuant to a Demand Registration or an Underwritten Offering prior to its withdrawal under this Section
2.1.5.

 

2.2 Piggy-Back Registration.

 

2.2.1 Piggy-Back Rights.

 

(a) If at any time
on or after the Effective Date, the Company proposes to file a Registration Statement under the Securities Act with respect to an offering
of equity securities, or securities or other obligations exercisable or exchangeable for, or convertible into, equity securities, by the
Company for its own account or for shareholders of the Company for their account (or by the Company and by shareholders of the Company
including, without limitation, pursuant to Section 2.1), other than a Registration Statement (i) filed in connection with any employee
stock option or other benefit plan, (ii) for an exchange offer or offering of securities solely to the Company’s existing shareholders,
(iii) for an offering of debt that is convertible into equity securities of the Company, (iv) for a dividend reinvestment plan, (v) that
is on Form S-4 or Form F-4 (as promulgated under the Securities Act) relating to equity securities to be issued solely in connection with
any acquisition of any entity or business or their then equivalents, or (vi) filed relating to equity securities to be issued under the
PIPE Subscription Agreements, provided however, that the limitation under (vi) shall only apply to the first Registration Statement
filed by the Company as required under the PIPE Subscription Agreements, then the Company shall (x) give written notice of such proposed
filing to the holders of Registrable Securities as soon as practicable but in no event less than ten (10) days before the anticipated
filing date, which notice shall describe the amount and type of securities to be included in such offering, the intended method(s) of
distribution, and the name of the proposed managing Underwriter or Underwriters, if any, of the offering, and (y) offer to the holders
of Registrable Securities in such notice the opportunity to register the sale of such number of shares of Registrable Securities as such
holders may request in writing within five (5) days following receipt of such notice (a “Piggy-Back Registration”).
The Company shall cause such Registrable Securities to be included in such Piggy-back Registration.

 

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(b) If at any time
on or after the Effective Date, the Company proposes to effect an Underwritten Offering for its own account or for the account of shareholders
of the Company (a “Company Underwritten Offering”), the Company shall notify, in writing, all Investors of Registrable
Securities of such demand, and such Investor who thereafter wishes to include all or a portion of such Investor’s Registrable Securities
in such Underwritten Offering (each such Investor, a “Company Underwritten Shelf Offering Requesting Holder”)
shall so notify the Company, in writing, within five days after the receipt by such Investor of the notice from the Company. Upon receipt
by the Company of any such written notification from a Company Underwritten Shelf Offering Requesting Holder, such Investor shall be entitled,
subject to Sections 2.2.2 and 3.1.1 hereof, to have its Registrable Securities included in the Company Underwritten Offering. The
Company shall use its commercially reasonable efforts to cause the managing Underwriter or Underwriters of a proposed Underwritten Offering
to permit the Registrable Securities requested to be included in a Piggy-Back Registration on the same terms and conditions as any similar
securities of the Company and to permit the sale or other disposition of such Registrable Securities in accordance with the intended method(s)
of distribution thereof. All holders of Registrable Securities proposing to distribute their securities through a Piggy-Back Registration
that involves an Underwriter or Underwriters shall enter into an underwriting agreement in customary form with the Underwriter or Underwriters
selected for such Piggy-Back Registration; provided, however, that any obligation of any such Investor to indemnify any
Person pursuant to any such underwriting agreement shall be several, not joint and several, among such Investors selling Registrable Securities,
and such liability shall be limited to the net amount received by any such Investor from the sale of its Registrable Securities pursuant
to such Underwritten Offering, and the relative liability of each such Investor shall be in proportion to such net amounts.. Notwithstanding
the provisions set forth in the immediately preceding sentences, the right to a Piggy-Back Registration set forth under this Section 2.2.1
with respect to the Registrable Securities shall terminate on the seventh anniversary of the Effective Date.

 

2.2.2 Reduction of
Underwritten Offering in Connection with Piggy-Back Registration. If the managing Underwriter or Underwriters for a Piggy-Back
Registration that is to be an Underwritten Offering advises the Company and the holders of Registrable Securities participating in
the Underwritten Offering in writing that the dollar amount or number of shares of Common Stock which the Company desires to sell in
such Underwritten Offering, taken together with the shares of Common Stock, if any, as to which inclusion in such Underwritten
Offering has been demanded pursuant to separate written contractual arrangements with persons other than the holders of Registrable
Securities hereunder, the Registrable Securities as to which inclusion in such Underwritten Offering has been requested under
Section 2.2.1 above, and the shares of Common Stock, if any, as to which inclusion in such Underwritten Offering has been requested
pursuant to separate written contractual Piggy-Back Registration rights of other shareholders of the Company, exceeds the Maximum
Number of Shares, then the Company shall include in any such registration:

 

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(a) If the Underwritten
Offering is undertaken for the Company’s account: (A) first, the shares of Common Stock or other equity securities that the Company
desires to sell in such Underwritten Offering that can be sold without exceeding the Maximum Number of Shares; (B) second, to the extent
that the Maximum Number of Shares has not been reached under the foregoing clause (A), the shares of Common Stock or other securities,
if any, comprised of Registrable Securities, as to which registration has been requested pursuant to the applicable written contractual
piggy-back registration rights of such security holders, Pro Rata, that can be sold without exceeding the Maximum Number of Shares; and
(C) third, to the extent that the Maximum Number of Shares has not been reached under the foregoing clauses (A) and (B), the shares of
Common Stock or other securities for the account of other persons that the Company is obligated to register pursuant to written contractual
piggy-back registration rights with such persons and that can be sold without exceeding the Maximum Number of Shares;

 

(b) If the registration
is a “demand” registration undertaken at the demand of persons other than either the holders of Registrable Securities, (A)
first, the shares of Common Stock or other securities for the account of the demanding persons and the shares of Common Stock or other
securities comprised of Registrable Securities, Pro Rata, as to which registration has been requested pursuant to the terms hereof, that
can be sold without exceeding the Maximum Number of Shares; (B) second, to the extent that the Maximum Number of Shares has not been reached
under the foregoing clause (A), the shares of Common Stock or other securities that the Company desires to sell that can be sold without
exceeding the Maximum Number of Shares; (C) third, to the extent that the Maximum Number of Shares has not been reached under the foregoing
clauses (A) and (B), the shares of Common Stock or other securities for the account of other persons that the Company is obligated to
register pursuant to written contractual arrangements with such persons, that can be sold without exceeding the Maximum Number of Shares.

 

2.2.3 Piggy-Back
Registration Withdrawal. Any holder of Registrable Securities may elect to withdraw such holder’s request for inclusion of
Registrable Securities in any Piggy-Back Registration by giving written notice to the Company and the Underwriter(s) (if any) of
such request to withdraw prior to the effectiveness of the Registration Statement. The Company (whether on its own determination or
as the result of a withdrawal by persons making a demand pursuant to separate written contractual obligations) may withdraw a
Registration Statement filed with the Commission in connection with a Piggy-back Registration at any time prior to the effectiveness
of such Registration Statement. In the case of any Underwritten Offering in connection with any Piggy-back Registration, any
participating Investor shall have the right to withdraw their respective Registrable Securities from such Underwritten Offering
prior to the pricing of such Underwritten Offering. Notwithstanding anything to the contrary in this Agreement, the Company shall
pay all expenses incurred by the holders of Registrable Securities in connection with such Piggy-Back Registration or Underwritten
Offering prior to its withdrawal as provided in Section 3.3.

 

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2.3 Resale Shelf Registration Rights.

 

2.3.1
Registration Statement Covering Resale of Registrable Securities. The Company shall prepare and file or cause to be prepared and
filed with the Commission, no later than sixty (60) days following the Effective Date (the “Filing Deadline”), a
Registration Statement for an offering to be made on a continuous basis pursuant to Rule 415 of the Securities Act or any successor
thereto registering the resale from time to time by holders of all of the Registrable Securities held by the Holders (the
 “Resale Shelf Registration Statement”). The Resale Shelf Registration Statement shall be on Form F-3 or Form S-3 (or, if
Form F-3 or Form S-3 is not available to be used by the Company at such time, on Form F-1 or Form S-1 or another appropriate form
permitting Registration of such Registrable Securities for resale). If the Resale Shelf Registration Statement is initially filed on
Form F-1 or Form S-1 and thereafter the Company becomes eligible to use Form F-3 or Form S-3 for secondary sales, the Company shall,
as promptly as practicable, cause such Resale Shelf Registration Statement to be amended, or shall file a new replacement Resale
Shelf Registration Statement, such that the Resale Shelf Registration Statement is on Form F-3 or Form S-3. The Company shall use
commercially reasonable efforts to cause the Resale Shelf Registration Statement to be declared effective as soon as possible after
filing, but in no event later than thirty (30) days following the Filing Deadline (the “Effectiveness Deadline”);
provided, however, that the Effectiveness Deadline shall be extended to sixty (60) days after the Filing Deadline if the
Registration Statement is reviewed by, and receives comments from, the Commission; provided, however, that the Company’s
obligations to include the Registrable Securities held by a holder in the Resale Shelf Registration Statement are contingent upon
such holder furnishing in writing to the Company such information regarding the holder, the securities of the Company held by the
holder and the intended method of disposition of the Registrable Securities as shall be reasonably requested by the Company to
effect the registration of the Registrable Securities, and the holder shall execute such documents in connection with such
registration as the Company may reasonably request that are customary of a selling stockholder in similar situations. Once
effective, the Company shall use commercially reasonable efforts to keep the Resale Shelf Registration Statement and Prospectus
included therein continuously effective and to be supplemented and amended to the extent necessary to ensure that such Registration
Statement is available or, if not available, to ensure that another Registration Statement is available, under the Securities Act at
all times until the earliest of (i) the date on which all Registrable Securities and other securities covered by such Registration
Statement have been disposed of in accordance with the intended method(s) of distribution set forth in such Registration Statement
and (ii) the date on which all Registrable Securities and other securities covered by such Registration Statement have ceased to be
Registrable Securities. The Registration Statement filed with the Commission pursuant to this subsection 2.3.1 shall contain a
Prospectus in such form as to permit any holder to sell such Registrable Securities pursuant to Rule 415 under the Securities Act
(or any successor or similar provision adopted by the Commission then in effect) at any time beginning on the effective date for
such Registration Statement (subject to lock-up restrictions under the Lock-up Agreement and the Release Date under the IPO Escrow
Agreement), and shall provide that such Registrable Securities may be sold pursuant to any method or combination of methods legally
available to, and requested by, holders of the Registrable Securities.

 

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2.3.2
Amendments and Supplements. Subject to the provisions of Section 2.3.1 above, the Company shall promptly prepare and file with the
Commission from time to time such amendments and supplements to the Resale Shelf Registration Statement and Prospectus used in
connection therewith as may be necessary to keep the Resale Shelf Registration Statement effective and to comply with the provisions
of the Securities Act with respect to the disposition of all the Registrable Securities. If any Resale Shelf Registration Statement
filed pursuant to Section 2.3.1 is filed on Form F-3 or Form S-3 and thereafter the Company becomes ineligible to use Form F-3 or
Form S-3 for secondary sales, the Company shall promptly notify the holders of such ineligibility and use its commercially
reasonable efforts to file a shelf registration on an appropriate form as promptly as practicable to replace the shelf registration
statement on Form F-3 or Form S-3 and have such replacement Resale Shelf Registration Statement declared effective as promptly as
practicable and to cause such replacement Resale Shelf Registration Statement to remain effective, and to be supplemented and
amended to the extent necessary to ensure that such Resale Shelf Registration Statement is available or, if not available, that
another Resale Shelf Registration Statement is available, for the resale of all the Registrable Securities held by the holders until
all such Registrable Securities have ceased to be Registrable Securities; provided, however, that at any time the Company once again
becomes eligible to use Form F-3 or Form S-3, the Company shall cause such replacement Resale Shelf Registration Statement to be
amended, or shall file a new replacement Resale Shelf Registration Statement, such that the Resale Shelf Registration Statement is
once again on Form F-3 or Form S-3.

 

2.3.3 SEC Cutback.
Notwithstanding the registration obligations set forth in this Section 2.3, in the event the Commission informs the Company that all
of the Registrable Securities cannot, as a result of the application of Rule 415, be registered for resale as a secondary offering
on a single registration statement, the Company agrees to promptly (i) inform each of the holders thereof and use its commercially
reasonable efforts to file amendments to the Resale Shelf Registration Statement as required by the Commission and/or (ii) withdraw
the Resale Shelf Registration Statement and file a new registration statement (a “New Registration Statement”) on Form
F-3 or Form S-3, or if Form F-3 or Form S-3 is not then available to the Company for such registration statement, on such other form
available to register for resale the Registrable Securities as a secondary offering; provided, however, that prior to filing such
amendment or New Registration Statement, the Company shall use its commercially reasonable efforts to advocate with the Commission
for the registration of all of the Registrable Securities in accordance with any publicly-available written or oral guidance,
comments, requirements or requests of the Commission staff (the “SEC Guidance”). Notwithstanding any other provision of
this Agreement, if any SEC Guidance sets forth a limitation on the number of Registrable Securities permitted to be registered on a
particular Registration Statement as a secondary offering (and notwithstanding that the Company used diligent efforts to advocate
with the Commission for the registration of all or a greater number of Registrable Securities), unless otherwise directed in writing
by a holder as to further limit its Registrable Securities to be included on the Registration Statement, the number of Registrable
Securities to be registered on such Registration Statement will be reduced Pro Rata among all such selling shareholders whose
securities are included in such Registration Statement, subject to a determination by the Commission that certain holders must be
reduced first based on the number of Registrable Securities held by such holders. In the event the Company amends the Resale Shelf
Registration Statement or files a New Registration Statement, as the case may be, under clauses (i) or (ii) above, the Company will
use its commercially reasonable efforts to file with the Commission, as promptly as allowed by Commission or SEC Guidance provided
to the Company or to registrants of securities in general, one or more registration statements on Form F-3 or Form S-3 or such other
form available to register for resale those Registrable Securities that were not registered for resale on the Resale Shelf
Registration Statement, as amended, or the New Registration Statement.

 

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2.3.4
Underwritten Shelf Takedown. At any time and from time to time after a Resale Shelf Registration Statement has been declared
effective by the Commission, the holders of Registrable Securities may request to sell all or any portion of the Registrable
Securities in an underwritten offering that is registered pursuant to the Resale Shelf Registration Statement (each, an
 “Underwritten Shelf Takedown”); provided, however, that the Company shall only be obligated to effect an Underwritten
Shelf Takedown if such offering shall include securities with a total offering price (including piggyback securities and before
deduction of underwriting discounts) reasonably expected to exceed, in the aggregate, $10,000,000. All requests for Underwritten
Shelf Takedowns shall be made by giving written notice to the Company at least ten (10) days prior to the public announcement of
such Underwritten Shelf Takedown, which shall specify the approximate number of Registrable Securities proposed to be sold in the
Underwritten Shelf Takedown and the expected price range (net of underwriting discounts and commissions) of such Underwritten Shelf
Takedown. The Company shall include in any Underwritten Shelf Takedown the securities requested to be included by any holder (each a
 “Takedown Requesting Holder”) at least 48 hours prior to the public announcement of such Underwritten Shelf Takedown
pursuant to written contractual piggyback registration rights of such holder (including those set forth herein). All such holders
proposing to distribute their Registrable Securities through an Underwritten Shelf Takedown under this subsection 2.3.4 shall enter
into an underwriting agreement in customary form with the Underwriter(s) selected for such Underwritten Offering by the
majority-in-interest of the Takedown Requesting Holders initiating the Underwritten Shelf Takedown.

 

2.3.5
Reduction of Underwritten Shelf Takedown. If the managing Underwriter(s) in an Underwritten Shelf Takedown, in good faith, advise
the Company and the Takedown Requesting Holders in writing that the dollar amount or number of Registrable Securities that the
Takedown Requesting Holders desire to sell, taken together with all other shares of the Common Stock or other equity securities that
the Company desires to sell, exceeds the Maximum Number of Shares, then the Company shall include in such Underwritten Shelf
Takedown, as follows: (i) first, the Registrable Securities of the Takedown Requesting Holders, on a Pro Rata basis, that can be
sold without exceeding the Maximum Number of Shares; and (ii) second, to the extent that the Maximum Number of Shares has not been
reached under the foregoing clause (i), the Common Stock or other equity securities that the Company desires to sell, which can be
sold without exceeding the Maximum Number of Shares.

 

2.3.6 Registrations
effected pursuant to this Section 2.3 shall not be counted as Demand Registrations effected pursuant to Section 2.1.

 

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3.
 REGISTRATION PROCEDURES.

 

3.1 Filings; Information.
Whenever the Company is required to effect the registration of any Registrable Securities pursuant to Section 2, the Company shall use
its commercially reasonable efforts to effect the registration and sale of such Registrable Securities in accordance with the intended
method(s) of distribution thereof as expeditiously as practicable, and in connection with any such request:

 

3.1.1 Filing Registration
Statement; Restriction on Registration Rights. The Company shall use its commercially reasonable efforts to, as expeditiously as possible
after receipt of a request for a Demand Registration pursuant to Section 2.1, prepare and file with the Commission a Registration Statement
on any form for which the Company then qualifies or which counsel for the Company shall deem appropriate and which form shall be available
for the sale of all Registrable Securities to be registered thereunder in accordance with the intended method(s) of distribution thereof,
and shall use its commercially reasonable efforts to cause such Registration Statement to become effective and use its commercially reasonable
efforts to keep it effective for the period required by Section 3.1.3; provided, however, that the Company shall not be
obligated to (but may, at its sole option) (a) effect any Demand Registration or an Underwritten Offering or (b) file a Registration Statement
(or any amendment thereto) or effect an Underwritten Offering if the Company has determined in good faith that the sale of Registrable
Securities pursuant a Registration Statement would require disclosure of material non-public information not otherwise required to be
disclosed under applicable securities laws (i) which disclosure would have a material adverse effect on the Company or (ii) relating to
a material transaction involving the Company (any such period, a “Blackout Period”); provided, however,
that in no event shall any Blackout Period together with other Blackout Periods exceed an aggregate of 60 days in any consecutive 12-month
period. Notwithstanding the foregoing, the Company shall not exercise its rights under this Section 3.1.1 to invoke a Blackout Period
unless it applies the same Blackout Period restrictions contained herein to all other securityholders of the Company with contractual
registration rights.

 

3.1.2 Copies. The Company
shall, prior to filing a Registration Statement or Prospectus, or any amendment or supplement thereto, furnish without charge to the holders
of Registrable Securities included in such registration, and such holders’ legal counsel, copies of such Registration Statement
as proposed to be filed, each amendment and supplement to such Registration Statement (in each case including all exhibits thereto and
documents incorporated by reference therein), the Prospectus included in such Registration Statement, and such other documents as the
holders of Registrable Securities included in such registration or legal counsel for any such holders may request in order to facilitate
the disposition of the Registrable Securities owned by such holders.

 

3.1.3 Amendments and Supplements.
The Company shall prepare and file with the Commission such amendments, including post-effective amendments, and supplements to such Registration
Statement and the Prospectus used in connection therewith as may be necessary to keep such Registration Statement effective and in compliance
with the provisions of the Securities Act until all Registrable Securities and other securities covered by such Registration Statement
have been disposed of in accordance with the intended method(s) of distribution set forth in such Registration Statement or such securities
have been withdrawn.

 

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3.1.4 Notification. After
the filing of a Registration Statement, the Company shall promptly, and in no event more than five (5) Business Days after such filing,
notify the holders of Registrable Securities included in such Registration Statement of such filing, and shall further notify such holders
promptly and confirm such advice in writing in all events within five (5) Business Days of the occurrence of any of the following: (i)
when such Registration Statement becomes effective; (ii) when any post-effective amendment to such Registration Statement becomes effective;
(iii) the issuance or threatened issuance by the Commission of any stop order (and the Company shall take all actions required to prevent
the entry of such stop order or to remove it if entered); and (iv) any written comments by the Commission or any request by the Commission
for any amendment or supplement to such Registration Statement or any Prospectus relating thereto or for additional information or of
the occurrence of an event requiring the preparation of a supplement or amendment to such Prospectus so that, as thereafter delivered
to the purchasers of the securities covered by such Registration Statement, such Prospectus will not contain an untrue statement of a
material fact or omit to state any material fact required to be stated therein or necessary to make the statements therein not misleading,
and promptly make available to the holders of Registrable Securities included in such Registration Statement any such supplement or amendment;
except that not less than two (2) Business Days before filing with the Commission a Registration Statement or not less than one (1) Business
Day before the filing of any related Prospectus or any amendment or supplement thereto, including documents incorporated by reference,
the Company shall (y) furnish to the holders of Registrable Securities included in such Registration Statement and to the legal counsel
for any such holders, copies of all such documents proposed to be filed and (z) cause its officers and directors, counsel and independent
registered public accountants to respond to such inquiries as shall be necessary, in the reasonable opinion of respective counsel to each
such holder, to conduct a reasonable investigation within the meaning of the Securities Act. The Company shall not file any Registration
Statement or Prospectus or amendment or supplement thereto, including documents incorporated by reference, to which such holders or their
legal counsel shall object in good faith, provided that, the Company is notified of such objection in writing no later than two
(2) Business Days after the holders have been so furnished copies of a Registration Statement or one (1) Business Day after the holders
have been so furnished copies of any related Prospectus or amendments or supplements thereto.

 

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

 

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3.1.6 Agreements for Disposition.
The Company shall enter into customary agreements (including, if applicable, an underwriting agreement in customary form) and take such
other actions as are reasonably required in order to expedite or facilitate the disposition of such Registrable Securities. The representations,
warranties and covenants of the Company in any underwriting agreement which are made to or for the benefit of any Underwriters, to the
extent applicable, shall also be made to and for the benefit of the holders of Registrable Securities included in such registration statement.
No holder of Registrable Securities included in such registration statement shall be required to make any representations or warranties
in the underwriting agreement except, if applicable, with respect to such holder’s organization, good standing, authority, title
to Registrable Securities, lack of conflict of such sale with such holder’s material agreements and organizational documents, and
with respect to written information relating to such holder that such holder has furnished in writing expressly for inclusion in such
Registration Statement.

 

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

 

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

 

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

 

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

 

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3.1.11 Listing. The Company
shall use its commercially reasonable efforts to cause all Registrable Securities included in any registration to be listed on such exchanges
or otherwise designated for trading in the same manner as similar securities issued by the Company are then listed or designated or, if
no such similar securities are then listed or designated, in a manner satisfactory to the holders of a majority of the Registrable Securities
included in such registration.

 

3.1.12 Road Show. If
the registration involves the registration of Registrable Securities involving gross proceeds in excess of $50,000,000, the Company shall
use its reasonable efforts to make available senior executives of the Company to participate in customary “road show” presentations
that may be reasonably requested by the Underwriter in any Underwritten Offering.

 

3.1.13 Regulation M.
The Company shall take no direct or indirect action prohibited by Regulation M under the Exchange Act; provided, that, to the extent
that any prohibition is applicable to the Company, the Company will take all reasonable action to make any such prohibition inapplicable.

 

3.2 Obligation to Suspend
Distribution. Upon receipt of any notice from the Company of the happening of any event of the kind described in Section 3.1.4(iv),
or, in the case of a resale registration on Form F-3 or Form S-3 pursuant to Section 2.3 hereof, upon any suspension by the Company, pursuant
to a written insider trading compliance program adopted by the Company’s Board of Directors, of the ability of all “insiders”
covered by such program to transact in the Company’s securities because of the existence of material non-public information, each
holder of Registrable Securities included in any registration shall immediately discontinue disposition of such Registrable Securities
pursuant to the Registration Statement covering such Registrable Securities until such holder receives the supplemented or amended Prospectus
contemplated by Section 3.1.4(iv) or the restriction on the ability of “insiders” to transact in the Company’s securities
is removed, as applicable, and, if so directed by the Company, each such holder will deliver to the Company all copies, other than permanent
file copies then in such holder’s possession, of the most recent Prospectus covering such Registrable Securities at the time of
receipt of such notice.

 

3.3 Registration Expenses.
The Company shall bear all costs and expenses incurred in connection with any Demand Registration pursuant to Section 2.1, any Piggy-Back
Registration pursuant to Section 2.2, and any registration on Form F-3 or Form S-3 effected pursuant to Section 2.3, and all expenses
incurred in performing or complying with its other obligations under this Agreement, whether or not the Registration Statement becomes
effective, including, without limitation: (i) all registration and filing fees; (ii) fees and expenses of compliance with securities
or “blue sky” laws (including fees and disbursements of counsel in connection with blue sky qualifications of the Registrable
Securities); (iii) printing expenses; (iv) the Company’s internal expenses (including, without limitation, all salaries and expenses
of its officers and employees); (v) the fees and expenses incurred in connection with the listing of the Registrable Securities as required
by Section 3.1.11; (vi) Financial Industry Regulatory Authority fees; (vii) fees and disbursements of counsel for the Company and
fees and expenses for independent certified public accountants retained by the Company (including the expenses or costs associated with
the delivery of any opinions or comfort letters requested pursuant to Section 3.1.9); (viii) the reasonable fees and expenses of any
special experts retained by the Company in connection with such registration; and (ix) the reasonable fees and expenses of one legal
counsel selected by the holders of a majority-in-interest of the Registrable Securities included in such registration in an amount not
to exceed $25,000. The Company shall have no obligation to pay any underwriting discounts or selling commissions attributable to the
Registrable Securities being sold by the holders thereof or any fees and disbursements of its counsel in connection therewith, which
underwriting discounts or selling commissions and fees and disbursements of its counsel shall be borne by such holders. Additionally,
in an Underwritten Offering, all selling shareholders and the Company shall bear the expenses of the Underwriter pro rata in proportion
to the respective amount of shares each is selling in such offering.

 

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3.4 Holders’ Information.
The holders of Registrable Securities shall provide such information as may reasonably be requested by the Company, or the managing Underwriter,
if any, in connection with the preparation of any Registration Statement, including amendments and supplements thereto, in order to effect
the registration of any Registrable Securities under the Securities Act pursuant to Section 2 and in connection with the Company’s
obligation to comply with Federal and applicable state securities laws. The Company’s obligations to include the Registrable Securities
in any Registration Statement under this Agreement are contingent upon each holder of Registrable Securities furnishing in writing to
the Company such information regarding such holder, the securities of the Company held by holder and the intended method of disposition
of the Registrable Securities as shall be reasonably requested by the Company to effect the registration of the Registrable Securities,
and such holder shall execute such documents in connection with such registration as the Company may reasonably request that are customary
of a selling stockholder in similar situations.

 

4.
INDEMNIFICATION AND CONTRIBUTION.

 

4.1 Indemnification
by the Company. The Company agrees to indemnify and hold harmless each Investor and each other holder of Registrable Securities,
and each of their respective officers, employees, affiliates, directors, partners, members, attorneys and agents, and each person,
if any, who controls an Investor and each other holder of Registrable Securities (within the meaning of Section 15 of the Securities
Act or Section 20 of the Exchange Act) (each, an “Investor Indemnified Party”), from and against any
expenses, losses, judgments, claims, damages or liabilities, whether joint or several, arising out of or based upon any untrue
statement (or allegedly untrue statement) of a material fact contained in (or incorporated by reference in) any Registration
Statement under which the sale of such Registrable Securities was registered under the Securities Act, any Prospectus contained in
the Registration Statement, or free writing prospectus (as defined in Rule 405 under the Securities Act or any successor rule
thereto), or any amendment or supplement to such Registration Statement, or any filing under any state securities law required to be
filed or furnished, or arising out of or based upon any omission (or alleged omission) to state a material fact required to be
stated therein or necessary to make the statements therein not misleading, or any violation by the Company of the Securities Act or
any rule or regulation promulgated thereunder applicable to the Company and relating to action or inaction required of the Company
in connection with any such registration; and the Company shall promptly reimburse the Investor Indemnified Party for any legal and
any other expenses reasonably incurred by such Investor Indemnified Party in connection with investigating and defending any such
expense, loss, judgment, claim, damage, liability or action; provided, however, that the Company will not be liable in
any such case to the extent that any such expense, loss, claim, damage or liability arises out of or is based upon any untrue
statement or allegedly untrue statement or omission or alleged omission made in such Registration Statement, Prospectus, or free
writing prospectus, or any such amendment or supplement, in reliance upon and in conformity with information furnished to the
Company, in writing, by such selling holder expressly for use therein, and shall reimburse the Company, its directors and officers,
and each other selling holder or controlling Person for any legal or other expenses reasonably incurred by any of them in connection
with investigation or defending any such loss, claim, damage, liability or action. The Company also shall indemnify any Underwriter
of the Registrable Securities, their officers, affiliates, directors, partners, members and agents and each person who controls such
Underwriter (within the meaning of the Securities Act or the Exchange Act, as applicable) on substantially the same basis as that of
the indemnification provided above in this Section 4.1.

 

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4.2 Indemnification by
Holders of Registrable Securities. Each selling holder of Registrable Securities will, , in the event that any registration is being
effected under the Securities Act pursuant to this Agreement of any Registrable Securities held by such selling holder, indemnify and
hold harmless the Company, each of its directors, officers, agents and employees, each Person, if any, who controls the Company (within
the meaning of Section 15 of the Securities Act and Section 20 of the Exchange Act), each Underwriter (if any), and each other selling
holder and each other person, if any, who controls another selling holder or such Underwriter within the meaning of the Securities Act,
and the directors, officers, agents or employees of such controlling Persons, to the fullest extent permitted by applicable law, against
any losses, claims, judgments, damages or liabilities, whether joint or several, insofar as such losses, claims, judgments, damages or
liabilities (or actions in respect thereof) (including, without limitation, reasonable attorneys’ fees and other expenses) arise
out of or are based upon any untrue statement or allegedly untrue statement of a material fact contained in any Registration Statement
under which the sale of such Registrable Securities was registered under the Securities Act, any Prospectus contained in the Registration
Statement, or any amendment or supplement to the Registration Statement, or arise out of or are based upon any omission or the alleged
omission to state a material fact required to be stated therein or necessary to make the statement therein not misleading, if the statement
or omission was made in reliance upon and in conformity with information furnished in writing to the Company by such selling holder expressly
for use therein, and shall reimburse the Company, its directors and officers, and each other selling holder or controlling Person for
any legal or other expenses reasonably incurred by any of them in connection with investigation or defending any such loss, claim, damage,
liability or action. Each selling holder’s indemnification obligations hereunder shall be several and not joint and shall be limited
to the amount of any net proceeds actually received by such selling holder.

 

4.3 Conduct of
Indemnification Proceedings. Promptly after receipt by any person of any notice of any loss, claim, damage or liability or any
action in respect of which indemnity may be sought pursuant to Section 4.1 or 4.2, such person (the “Indemnified
Party”) shall, if a claim in respect thereof is to be made against any other person for indemnification hereunder,
notify such other person (the “Indemnifying Party”) in writing of the loss, claim, judgment, damage,
liability or action; provided, however, that the failure by the Indemnified Party to notify the Indemnifying Party
shall not relieve the Indemnifying Party from any liability which the Indemnifying Party may have to such Indemnified Party
hereunder, except and solely to the extent the Indemnifying Party is actually prejudiced by such failure. If the Indemnified Party
is seeking indemnification with respect to any claim or action brought against the Indemnified Party, then the Indemnifying Party
shall be entitled to participate in such claim or action, and, to the extent that it wishes, jointly with all other Indemnifying
Parties, to assume control of the defense thereof with counsel satisfactory to the Indemnified Party. After notice from the
Indemnifying Party to the Indemnified Party of its election to assume control of the defense of such claim or action, the
Indemnifying Party shall not be liable to the Indemnified Party for any legal or other expenses subsequently incurred by the
Indemnified Party in connection with the defense thereof other than reasonable costs of investigation; provided, however,
that in any action in which both the Indemnified Party and the Indemnifying Party are named as defendants, the Indemnified Party
shall have the right to employ separate counsel (but no more than one such separate counsel) to represent the Indemnified Party and
its controlling persons who may be subject to liability arising out of any claim in respect of which indemnity may be sought by the
Indemnified Party against the Indemnifying Party, with the fees and expenses of such counsel to be paid by such Indemnifying Party
if, based upon the written opinion of counsel of such Indemnified Party, representation of both parties by the same counsel would be
inappropriate due to actual or potential differing interests between them. No Indemnifying Party shall, without the prior written
consent of the Indemnified Party, consent to entry of judgment or effect any settlement of any claim or pending or threatened
proceeding in respect of which the Indemnified Party is or could have been a party and indemnity could have been sought hereunder by
such Indemnified Party, unless such judgment or settlement includes an unconditional release of such Indemnified Party from all
liability arising out of such claim or proceeding.

 

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4.4 Contribution.

 

4.4.1 If the indemnification
provided for in the foregoing Sections 4.1, 4.2 and 4.3 is unavailable to any Indemnified Party in respect of any loss, claim, damage,
liability or action referred to herein, then each such Indemnifying Party, in lieu of indemnifying such Indemnified Party, shall contribute
to the amount paid or payable by such Indemnified Party as a result of such loss, claim, damage, liability or action in such proportion
as is appropriate to reflect the relative fault of the Indemnified Parties and the Indemnifying Parties in connection with the actions
or omissions which resulted in such loss, claim, damage, liability or action, as well as any other relevant equitable considerations.
The relative fault of any Indemnified Party and any Indemnifying Party shall be determined by reference to, among other things, whether
the untrue or alleged untrue statement of a material fact or the omission or alleged omission to state a material fact relates to information
supplied by such Indemnified Party or such Indemnifying Party and the parties’ relative intent, knowledge, access to information
and opportunity to correct or prevent such statement or omission.

 

4.4.2 The parties hereto agree
that it would not be just and equitable if contribution pursuant to this Section 4.4 were determined by pro rata allocation or by any
other method of allocation which does not take account of the equitable considerations referred to in the immediately preceding Section
4.4.1.

 

4.4.3 The amount paid or
payable by an Indemnified Party as a result of any loss, claim, damage, liability or action referred to in the immediately preceding
paragraph shall be deemed to include, subject to the limitations set forth above, any legal or other expenses incurred by such
Indemnified Party in connection with investigating or defending any such action or claim. Notwithstanding the provisions of this
Section 4.4, no holder of Registrable Securities shall be required to contribute any amount in excess of the dollar amount of the
net proceeds (after payment of any underwriting fees, discounts, commissions or taxes) actually received by such holder from the
sale of Registrable Securities which gave rise to such contribution obligation. No person guilty of fraudulent misrepresentation
(within the meaning of Section 11(f) of the Securities Act) shall be entitled to contribution from any person who was not guilty of
such fraudulent misrepresentation.

 

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5.
RULE 144.

 

5.1 Rule 144. The Company
covenants that it shall file any reports required to be filed by it under the Securities Act and the Exchange Act and shall take such
further action as the holders of Registrable Securities may reasonably request, all to the extent required from time to time to enable
such holders to sell Registrable Securities without registration under the Securities Act within the limitation of the exemptions provided
by Rule 144 under the Securities Act, as such Rules may be amended from time to time, or any similar rule or regulation hereafter adopted
by the Commission.

 

6.
MISCELLANEOUS.

 

6.1 Other Registration
Rights. The Company represents and warrants that, except as disclosed in the Company’s registration statement on Form F-1 or
Form S-1 (File No. 333-251557) and registration rights granted to certain investors pursuant to the PIPE Subscription Agreements, no person,
other than the holders of the Registrable Securities, has any right to require the Company to register any of the Company’s share
capital for sale or to include the Company’s share capital in any registration filed by the Company for the sale of share capital
for its own account or for the account of any other person.

 

6.2 Assignment; No Third
Party Beneficiaries. This Agreement and the rights, duties and obligations of the Company hereunder may not be assigned or delegated
by the Company in whole or in part. This Agreement and the rights, duties and obligations of the holders of Registrable Securities hereunder
may be freely assigned or delegated by such holder of Registrable Securities in conjunction with and to the extent of any transfer of
Registrable Securities by any such holder. This Agreement and the provisions hereof shall be binding upon and shall inure to the benefit
of each of the parties, to the permitted assigns of the Investors or holder of Registrable Securities or of any assignee of the Investors
or holder of Registrable Securities. This Agreement is not intended to confer any rights or benefits on any persons that are not party
hereto other than as expressly set forth in Article 4 and this Section 6.2.

 

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

 

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To the Company:

 

ETAO International Co., Ltd.

1460 Broadway, 14th Floor

New York, NY 10036

Attn: Wensheng (Wilson) Liu

Email: wilson.liu@etao.cloud

 

with a copy to:

 

Sichenzia Ross Ference, LLP

1185 Avenue of the Americas

31st Floor

New York, NY 10036

Attention:     Huan Lou, Esq.

Email:             hlou@SRF.LAW

 

To an Investor, to the address set forth below such Investor’s
name on Exhibit A hereto.

 

6.4 Severability. This
Agreement shall be deemed severable, and the invalidity or unenforceability of any term or provision hereof shall not affect the validity
or enforceability of this Agreement or of any other term or provision hereof. Furthermore, in lieu of any such invalid or unenforceable
term or provision, the parties hereto intend that there shall be added as a part of this Agreement a provision as similar in terms to
such invalid or unenforceable provision as may be possible that is valid and enforceable.

 

6.5 Counterparts. This
Agreement may be executed in multiple counterparts, each of which shall be deemed an original, and all of which taken together shall constitute
one and the same instrument.

 

6.6 Entire Agreement.
This Agreement (including all agreements entered into pursuant hereto and all certificates and instruments delivered pursuant hereto and
thereto) constitute the entire agreement of the parties with respect to the subject matter hereof and supersede all prior and contemporaneous
agreements, representations, understandings, negotiations and discussions between the parties, whether oral or written.

 

6.7 Modifications and Amendments.
Any term of this Agreement may be amended, modified or terminated and the observance of any term of this Agreement may be waived (either
generally or in a particular instance, and either retroactively or prospectively) with the written consent of the Company and the holders
of a majority of the Registrable Securities then outstanding.

 

6.8 Titles and Headings.
Titles and headings of sections of this Agreement are for convenience only and shall not affect the construction of any provision of this
Agreement.

 

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6.9 Waivers and Extensions.
Any party to this Agreement may waive any right, breach or default which such party has the right to waive, provided that such
waiver will not be effective against the waiving party unless it is in writing, is signed by such party, and specifically refers to this
Agreement. Waivers may be made in advance or after the right waived has arisen or the breach or default waived has occurred. Any waiver
may be conditional. No waiver of any breach of any agreement or provision herein contained shall be deemed a waiver of any preceding or
succeeding breach thereof nor of any other agreement or provision herein contained. No waiver or extension of time for performance of
any obligations or acts shall be deemed a waiver or extension of the time for performance of any other obligations or acts.

 

6.10 Remedies Cumulative.
In the event that the Company fails to observe or perform any covenant or agreement to be observed or performed under this Agreement,
the Investor or any other holder of Registrable Securities may proceed to protect and enforce its rights by suit in equity or action at
law, whether for specific performance of any term contained in this Agreement or for an injunction against the breach of any such term
or in aid of the exercise of any power granted in this Agreement or to enforce any other legal or equitable right, or to take any one
or more of such actions, without being required to post a bond. None of the rights, powers or remedies conferred under this Agreement
shall be mutually exclusive, and each such right, power or remedy shall be cumulative and in addition to any other right, power or remedy,
whether conferred by this Agreement or now or hereafter available at law, in equity, by statute or otherwise.

 

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

 

6.12 Waiver of Trial by
Jury. Each party hereby irrevocably and unconditionally waives the right to a trial by jury in any action, suit, counterclaim or other
proceeding (whether based on contract, tort or otherwise) arising out of, connected with or relating to this Agreement, the transactions
contemplated hereby, or the actions of the Investor in the negotiation, administration, performance or enforcement hereof.

 

6.13 Term. This Agreement
shall terminate upon the earlier of (i) the third anniversary of the date of this Agreement or (ii) the date as of which (A) all of the
Registrable Securities have been sold pursuant to a Registration Statement (but in no event prior to the applicable period referred to
in Section 4(a)(3) of the Securities Act and Rule 174 thereunder (or any successor rule promulgated thereafter by the Commission)) or
(B) the holders of all Registrable Securities are permitted to sell the Registrable Securities under Rule 144 (or any similar provision)
under the Securities Act without limitation on the amount of securities sold or the manner of sale.

 

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

 

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IN WITNESS WHEREOF, the parties
have caused this Amended and Restated Registration Rights Agreement to be executed and delivered by their duly authorized representatives
as of the date first written above.

 

	 	COMPANY:
	 	 
	 	ETAO INTERNATIONAL CO., LTD.
	 	 
	 	By:	           
	 	Name:
	 	Title:

 

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	 	PRE-IPO INVESTORS:
	 	 
	 	Mountain
                                            Crest Holdings III LLC

	 	 
	 	[Name], [Title]
	 	 
	 	 
	 	 
	 	Nelson Haight
	 	 
	 	 
	 	Todd Milbourn
	 	 
	 	 
	 	Wenhua Zhang

 

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	 	OTHER INVESTORS:
	 	 
	 	Chardan Capital Markets, LLC
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:
	 	 
	 	OPCO INVESTORS:
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

    25

     

    

 

 

EXHIBIT A

 

Name and Address of Investors

 

PRE-IPO INVESTORS:

 

Mountain Crest Holdings III LLC

311 W. 43rd Street, 12th Floor

New York, NY 10036

 

Nelson Haight

311 W. 43rd Street, 12th Floor

New York, NY 10036

 

Todd Milbourn

311 W. 43rd Street, 12th Floor

New York, NY 10036

 

Wenhua Zhang

311 W. 43rd Street, 12th Floor

New York, NY 10036

 

OTHER INVESTORS:

 

Chardan Capital Markets, LLC

17 State Street, Suite 2100

New York, New York 10004

 

OPCO INVESTORS: 

 

[Name]

[Address]

 

    26

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