Document:

Unassociated Document

    STOCK
OPTION AGREEMENT

    

    This
STOCK OPTION AGREEMENT (the “Agreement”)
is made as of December 3rd, 2010 (the “Execution
Date”), by and between Prime Acquisition Corp., a Cayman Islands exempted
company (the “Company”),
and Dane Chauvel (the “Optionee”).

    

    W I T N E
S S E T H:

    

    In
consideration of the premises and mutual covenants contained herein and for
other good and valuable consideration, the receipt, validity and sufficiency of
which is hereby acknowledged, the parties agree as follows:

    

    1. Grant of
Option.  Subject to the terms and conditions of this Agreement,
the Company confirms that it granted to the Optionee the right (the “Option”)
to purchase all or any part of an aggregate of 25,000 ordinary shares of the
Company, par value $0.001 per share (“Common
Stock”).

    

    2. Vesting
Schedule.  This Option shall vest according to the following
schedule:

    

    
      	
              ·  

            	
              10%
      every calendar quarter, with the first 10% vesting taking place on March
      2, 2011.

            

    

    

    
      	
              ·  

            	
              Vesting
      will cease if the Optionee ceases his Directorship with the Company for
      whatever reason;

            

    

     

    
      	
              ·  

            	
              at
      such time when the Directorship ceases, the Option has 30 calendar days to
      exercise any un-exercised options;

            

    

     

    
      	
              ·  

            	
              if
      there are options left unvested, there shall be no pro rated vesting after
      the previous quarterly vesting;

            

    

    

    3. Exercise
Price.  The price of each share of Common Stock purchased
pursuant to this Option shall be U.S. $0.001, the fair market value on the date
of the grant.

    

    4. Exercise of
Option.  The Optionee may exercise the Option, in whole or in
part, with respect to any whole number of vested shares of Common Stock subject
to the Option.  The Optionee shall exercise the Option by giving the
Company written notice, in a form prescribed by the Company.  Such
notice shall specify the number of shares of Common Stock to be purchased and
shall be accompanied by payment, in U.S. dollars, in cash, by wire transfer of
immediately available funds, or by certified check or by official bank check, of
an amount equal to the Option exercise price per share of Common Stock,
multiplied by the number of shares of Common Stock as to which the Option is
being exercised

    

    5. Delivery of Common Stock
Certificate.  Subject to Section 6, as soon as practicable
after receipt of the notice and payment referred to in Section 4 above, the
Company shall deliver to the Optionee (or, in the case of a broker financed
exercise described in Section 4, to the broker) a certificate or certificates
for such shares of Common Stock purchased pursuant to the Option; provided,
however, that the time of such delivery may be postponed

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    by the
Company for such period of time as the Company may require for compliance with
any law, rule or regulation applicable to the issuance or transfer of shares of
Common Stock.

    

    6. Payment of
Taxes.  Prior to or concurrently with delivery by the Company
to the Optionee of a certificate or certificate(s) representing such shares of
Common Stock, the Optionee shall, if required by the IRS, upon notification of
the amount due, promptly pay or cause to be paid, in cash, any amount necessary
to satisfy any tax requirements (or otherwise satisfy such requirements in a
manner satisfactory to the Company).

    

    7. Termination of
Option.  This Option and all rights of the Optionee to purchase
shares of Common Stock hereunder shall terminate on December 2, 2015 (the “Expiration
Date”) unless terminated earlier in accordance with the terms
hereof.

    

    8. Notice.  All
notices, request, demands, waivers and communications required or permitted to
be given hereunder shall be in writing and shall be delivered in person or
mailed, certified or registered mail with postage prepaid, or sent by facsimile,
as follows:

    

    To
Company:

    

    Prime
Acquisition Corp.

    No. 322,
Zhongshan East Road

    Shijiazhuang

    Hebei Province,
050011

    People’s
Republic of China 

    Attn:
Chief Executive Officer

    

    To
Optionee:

    

    Dane
Chauvel

    3051 West
8th Avenue,

    Vancouver BC

    Canada
V6K 2C2

    

    To the
address of the Optionee included on the signature page of this
Agreement.

    

    or to
such other address or to the attention of such other person as the recipient
party shall have specified by prior written notice to the sending party. In the
case of mailing, all such notices, requests, demands, waivers and communications
shall be deemed to have been received on the third business day after the date
of the mailing.  In the case of facsimile after 5:00 P.M. local time
at the place of delivery or on a day that is not a business day, all such
notices, requests, demands, waivers and communications
shall be deemed to have been received on the next business day.

    

    9. Certain
Adjustments.

    

    (a) In the event that the
Company or the division, subsidiary or other affiliated entity for which the
Optionee performs services is sold (including a stock or an asset sale), spun
off, merged, consolidated, reorganized or liquidated, the Board may determine
that (i) the Option shall be assumed, or a substantially equivalent Option shall
be substituted, by an

    
      
         

      

      
        2

        
          

        

      

      
         

      

    

    acquiring
or succeeding entity (or an affiliate thereof) on such terms as the Board
determines to be appropriate; (ii) upon written notice to the Optionee, provide
that the Option shall terminate immediately prior to the consummation of the
transaction unless exercised by the Optionee within a specified period following
the date of the notice (such period of time to be no less than 20 days); (iii)
in the event of a sale or similar transaction under the terms of which holders
of Common Stock receive a payment for each share of Common Stock surrendered in
the transaction (the “Sales
Price”), make or provide for a payment to each Optionee equal to the
amount by which (A) the Sales Price times the number of shares of Common Stock
subject to the Option (to the extent such Option is then exercisable) exceeds
(B) the aggregate exercise price for all such shares of Common Stock; or (iv)
may make such other equitable adjustments as the Board deems
appropriate.

    

    (b) In the event of any stock
dividend or split, recapitalization, combination, exchange or similar change
affecting the Common Stock, the Board shall make any or all of the following
adjustments as it deems appropriate to equitably reflect such
event:  (i) adjust the option price to be paid for any or all shares
subject to this Agreement, (ii) adjust the number of shares of Common Stock (or
such other security as is designated by the Board) subject to this Agreement and
(iii) make any other equitable adjustments or take such other equitable action
as the Board, in its discretion, shall deem appropriate.

    

    (c) Any and all adjustments or
actions taken by the Board pursuant to this Section shall be conclusive and
binding for all purposes.

    

    10. No Restriction on the Right
of the Company to Effect Corporate Changes.  The Option granted
hereunder shall not affect in any way the right or power of the Company or its
stockholders to make or authorize any or all adjustments, recapitalizations,
reorganizations or other changes in the Company’s capital structure or its
business, or any merger or consolidation of the Company, or any issue of stock
or of options, warrants or rights to purchase stock or of bonds, debentures,
preferred or prior preference stocks whose rights are superior to or affect the
Common Stock or the rights of holders thereof or which are convertible into or
exchangeable for Common Stock, or the dissolution or liquidation of the Company,
or any sale or transfer of all or any part of its assets or business, or any
other corporate act or proceeding, whether of a similar character or
otherwise.

    

    11. No Shareholder
Rights.  The Optionee shall have no rights as a shareholder of
the Company with respect to shares of Common Stock subject to the Option until
payment for such shares shall have been made in full and until the date of the
issuance of share certificates for such shares of Common Stock.

    

    12. Nontransferability.

    

    (a) Except as provided in
paragraph (b) of this Section 12, or by will or the laws of descent and
distribution, the Option is not transferable, and may be exercised only by the
Optionee.  In the event of any attempt by the Optionee to transfer,
assign, pledge, hypothecate or otherwise dispose of the Option or of any right
hereunder, except as provided for herein, or in the event of the levy of any
attachment, execution or similar process upon the rights or interest hereby
conferred, the Company may terminate the Option by notice to the Optionee and it
shall thereupon become null and void.

    

    (b) Notwithstanding paragraph
(a), the Optionee may transfer the Option, by gift or a domestic relations
order, to a family member of the Optionee.

    
      
         

      

      
        3

        
          

        

      

      
         

      

    

    (c) Notwithstanding paragraphs
(a) or (b), the Optionee may transfer the Option with the express, prior written
consent of the Company, which consent may be withheld for any reason or for no
reason.

    

    13. Representations By and
Covenants of Optionee. 

      

      The
following representations, warranties and covenants by Optionee are made as of
the date of this Agreement and, unless stated otherwise herein, are also made as
of each date of exercise of this Agreement.

    

    

    (a) If applicable, the
Optionee understands and consents to the placement of a legend on any
certificate or other document evidencing the Shares stating that they have not
been registered under the Securities Act and setting forth or referring to the
restrictions on transferability and sale thereof.

    

    (b) Optionee hereby represents
that the address of Optionee furnished by him on the signature page of this
Agreement is accurate and that said address is the Optionee’s principal
residence.  Optionee understands that the Company is relying on the
accuracy of this representation for purposes of its compliance with United
States federal securities laws and state “blue sky” laws.

    

    (c) This Agreement has been
duly executed and delivered by the Optionee and constitutes the legal, valid and
binding obligation of the Optionee, enforceable in accordance with its
terms.

    

    14. NSO.  It is
intended that this Option shall be a non-qualified stock option and shall not
constitute an incentive stock option for purposes of Section 422 of the Internal
Revenue Code of 1986, as amended.

    

    15. Compliance with Law;
Registration of Shares.

    

    (a) The Option grant provided
hereunder shall be subject to all applicable laws, rules, and regulations of any
applicable jurisdiction or authority or agency thereof and to such approvals by
any regulatory or governmental authority or agency or securities exchange which,
in the opinion of Company’s counsel, may be required or
appropriate.

    

    (b) Notwithstanding any other
provision of this Agreement, the Company shall not be required to issue or
deliver any certificate or certificates for shares of Common Stock under this
Agreement prior to fulfillment of all of the following conditions:

    

    (i) Effectiveness of any
registration or other qualification of such shares of the Company under any law
or regulation of any applicable jurisdiction, authority or agency that the
Board, in its absolute discretion or upon the advice of counsel, deems necessary
or advisable; and

    

    (ii) Grant of any other
consent, approval or permit from any applicable jurisdiction or authority or
agency thereof or securities exchange which the Board shall, in its absolute
discretion or upon the advice of counsel, deem necessary or
advisable.

    
      
         

      

      
        4

        
          

        

      

      
         

      

    

    The
Company shall use all reasonable efforts to obtain any consent, approval or
permit described above.

    

    16. Headings.  The
headings of sections and subsections herein are included solely for convenience
of reference and shall not affect the meaning of any of the provisions of this
Agreement.

    

    17. Severability.  In
the event that any one or more provisions of this Agreement, or any action taken
pursuant to this Agreement, should, for any reason, be unenforceable or invalid
in any respect under the laws of the United States, any state of the United
States or any other jurisdiction, such unenforceability or invalidity shall not
affect any other provision of this Agreement, but in such particular
jurisdiction and instance this Agreement shall be construed as if such
unenforceable or invalid provision had not been contained therein or if the
action in question had not been taken thereunder.

    

    18. Board
Determinations.  In the event that any question or controversy
shall arise with respect to the nature, scope or extent of any one or more
rights conferred by the Option, or any provision of this Agreement, the good
faith determination by the Board of the rights of the Optionee shall be
conclusive, final and binding upon the Optionee and upon any other person who
shall assert any right pursuant to this Option.

    

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

    

    20. Jurisdiction;
Venue.  The Optionee hereby agrees that any action, proceeding
or claim against it arising out of, or relating in any way to this Agreement
shall be brought and enforced in the courts of the State of New York or of the
United States of America for the Southern District of New York, and irrevocably
submits to such jurisdiction, which jurisdiction shall be exclusive. The
Optionee hereby waives any objection to such exclusive jurisdiction and that
such courts represent an inconvenient forum. Any process or summons to be served
upon the Optionee may be served by transmitting a copy thereof by registered or
certified mail, return receipt requested, postage prepaid, addressed to it at
the address set forth herein. Such mailing shall be deemed personal service and
shall be legal and binding upon the Optionee in any action, proceeding or claim.
The Company and the Optionee agree that the prevailing party(ies) in any such
action shall be entitled to recover from the other party(ies) all of its
reasonable attorneys’ fees and expenses relating to such action or proceeding
and/or incurred in connection with the preparation therefore.

    

    21. Amendment.  This
Agreement may not be changed or modified except by an instrument in writing
signed by both of the parties hereto.

    

    22. Counterparts.  This
Agreement may be executed in one or more counterparts, each of which shall be
deemed to be an original, all of which together will constitute one and the same
instrument.

    
      
         

      

      
        5

        
          

        

      

      
         

      

    

    IN
WITNESS WHEREOF, the Company and the Optionee have executed this Agreement
effective as of the date first written above.

    

    
      
        	 
      	
                PRIME
      ACQUISITION CORP.

              
	 
      	 
      
	 
      	 
      
	 
      	
                By:

              	
                
                  /s/
      William Yu

                

              
	 
      	
                Name:  William
      Yu

              
	 
      	
                Title:
      President &CFO

              
	 
      	 
      
	 
      	
                OPTIONEE:

              
	 
      	 
      
	 
      	 
      
	 
      	
                Dane
      Chauvel

              
	 
      	
                3051
      West 8th Avenue,

              
	 
      	
                Vancouver BC

              
	 
      	
                Canada
      V6K 2C2

              
	 
      	 
      
	 
      	
                Facsimile:

              	/s/
      Dane Chauvel 
	 
      	
                Email:
      dane@telus.net

              

      

    

    

    
      
        
        

      

      
        6

        
          

        

      

      
        
        

      

    

     

    
      ADDENDUM
A

       

      <Exercise
of Options>

      No option
may be exercised prior to the consummation of the Company's initial business
combination as set forth in the Company's Amended and Restated Memorandum and
Articles of Association.Unassociated Document

    STOCK
OPTION AGREEMENT

    

    This
STOCK OPTION AGREEMENT (the “Agreement”)
is made as of December 3rd, 2010 (the “Execution
Date”), by and between Prime Acquisition Corp., a Cayman Islands exempted
company (the “Company”),
and Jason Wang (the “Optionee”).

    

    W I T N E
S S E T H:

    

    In
consideration of the premises and mutual covenants contained herein and for
other good and valuable consideration, the receipt, validity and sufficiency of
which is hereby acknowledged, the parties agree as follows:

    

    1. Grant of
Option.  Subject to the terms and conditions of this Agreement,
the Company confirms that it granted to the Optionee the right (the “Option”)
to purchase all or any part of an aggregate of 5,000 ordinary shares of the
Company, par value $0.001 per share (“Common
Stock”).

    

    2. Vesting
Schedule.  This Option shall vest according to the following
schedule:

    

    
      	
              ·  

            	
              10%
      every calendar quarter, with the first 10% vesting taking place on March
      2, 2011.

            

    

     

    
      	
              ·  

            	
              Vesting
      will cease if the Optionee ceases his Directorship with the Company for
      whatever reason;

            

    

     

    
      	
              ·  

            	
              at
      such time when the Directorship ceases, the Option has 30 calendar days to
      exercise any un-exercised options;

            

    

     

    
      	
              ·  

            	
              if
      there are options left unvested, there shall be no pro rated vesting after
      the previous quarterly vesting;

            

    

    

    3. Exercise
Price.  The price of each share of Common Stock purchased
pursuant to this Option shall be U.S. $0.001, the fair market value on the date
of the grant.

    

    4. Exercise of
Option.  The Optionee may exercise the Option, in whole or in
part, with respect to any whole number of vested shares of Common Stock subject
to the Option.  The Optionee shall exercise the Option by giving the
Company written notice, in a form prescribed by the Company.  Such
notice shall specify the number of shares of Common Stock to be purchased and
shall be accompanied by payment, in U.S. dollars, in cash, by wire transfer of
immediately available funds, or by certified check or by official bank check, of
an amount equal to the Option exercise price per share of Common Stock,
multiplied by the number of shares of Common Stock as to which the Option is
being exercised

    

    5. Delivery of Common Stock
Certificate.  Subject to Section 6, as soon as practicable
after receipt of the notice and payment referred to in Section 4 above, the
Company shall deliver to the Optionee (or, in the case of a broker financed
exercise described in Section 4, to the broker) a certificate or certificates
for such shares of Common Stock purchased pursuant to the Option; provided,
however, that the time of such delivery may be postponed by

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    the
Company for such period of time as the Company may require for compliance with
any law, rule or regulation applicable to the issuance or transfer of shares of
Common Stock.

    

    6. Payment of
Taxes.  Prior to or concurrently with delivery by the Company
to the Optionee of a certificate or certificate(s) representing such shares of
Common Stock, the Optionee shall, if required by the IRS, upon notification of
the amount due, promptly pay or cause to be paid, in cash, any amount necessary
to satisfy any tax requirements (or otherwise satisfy such requirements in a
manner satisfactory to the Company).

    

    7. Termination of
Option.  This Option and all rights of the Optionee to purchase
shares of Common Stock hereunder shall terminate on December 2, 2015 (the “Expiration
Date”) unless terminated earlier in accordance with the terms
hereof.

    

    8. Notice.  All
notices, request, demands, waivers and communications required or permitted to
be given hereunder shall be in writing and shall be delivered in person or
mailed, certified or registered mail with postage prepaid, or sent by facsimile,
as follows:

    

    To
Company:

    

    Prime
Acquisition Corp.

    No. 322,
Zhongshan East Road

    Shijiazhuang

    Hebei Province,
050011

    People’s
Republic of China 

    Attn:
Chief Executive Officer

    

    To
Optionee:

    

    Jason
Wang

    10687
Heather Ridge Dr.

    San
Diego, CA 92130

    United
States of America

    

    To the
address of the Optionee included on the signature page of this
Agreement.

    

    or to
such other address or to the attention of such other person as the recipient
party shall have specified by prior written notice to the sending party. In the
case of mailing, all such notices, requests, demands, waivers and communications
shall be deemed to have been received on the third business day after the date
of the mailing.  In the case of facsimile after 5:00 P.M. local time
at the place of delivery or on a day that is not a business day, all such
notices, requests, demands, waivers and communications shall be deemed to have
been received on the next business day.

    

    9. Certain
Adjustments.

    

    (a) In the event that the
Company or the division, subsidiary or other affiliated entity for which the
Optionee performs services is sold (including a stock or an asset sale), spun
off, merged, consolidated, reorganized or liquidated, the Board may determine
that (i) the Option shall be assumed, or a substantially equivalent Option shall
be substituted, by an

    
      
         

      

      
        2

        
          

        

      

      
         

      

    

    acquiring
or succeeding entity (or an affiliate thereof) on such terms as the Board
determines to be appropriate; (ii) upon written notice to the Optionee, provide
that the Option shall terminate immediately prior to the consummation of the
transaction unless exercised by the Optionee within a specified period following
the date of the notice (such period of time to be no less than 20 days); (iii)
in the event of a sale or similar transaction under the terms of which holders
of Common Stock receive a payment for each share of Common Stock surrendered in
the transaction (the “Sales
Price”), make or provide for a payment to each Optionee equal to the
amount by which (A) the Sales Price times the number of shares of Common Stock
subject to the Option (to the extent such Option is then exercisable) exceeds
(B) the aggregate exercise price for all such shares of Common Stock; or (iv)
may make such other equitable adjustments as the Board deems appropriate.

      

      (b) In the event of any stock
dividend or split, recapitalization, combination, exchange or similar change
affecting the Common Stock, the Board shall make any or all of the following
adjustments as it deems appropriate to equitably reflect such
event:  (i) adjust the option price to be paid for any or all shares
subject to this Agreement, (ii) adjust the number of shares of Common Stock (or
such other security as is designated by the Board) subject to this Agreement and
(iii) make any other equitable adjustments or take such other equitable action
as the Board, in its discretion, shall deem appropriate.

    

    

    (c) Any and all adjustments or
actions taken by the Board pursuant to this Section shall be conclusive and
binding for all purposes.

    

    10. No Restriction on the Right
of the Company to Effect Corporate Changes.  The Option granted
hereunder shall not affect in any way the right or power of the Company or its
stockholders to make or authorize any or all adjustments, recapitalizations,
reorganizations or other changes in the Company’s capital structure or its
business, or any merger or consolidation of the Company, or any issue of stock
or of options, warrants or rights to purchase stock or of bonds, debentures,
preferred or prior preference stocks whose rights are superior to or affect the
Common Stock or the rights of holders thereof or which are convertible into or
exchangeable for Common Stock, or the dissolution or liquidation of the Company,
or any sale or transfer of all or any part of its assets or business, or any
other corporate act or proceeding, whether of a similar character or
otherwise.

    

    11. No Shareholder
Rights.  The Optionee shall have no rights as a shareholder of
the Company with respect to shares of Common Stock subject to the Option until
payment for such shares shall have been made in full and until the date of the
issuance of share certificates for such shares of Common Stock.

    

    12. Nontransferability.

    

    (a) Except as provided in
paragraph (b) of this Section 12, or by will or the laws of descent and
distribution, the Option is not transferable, and may be exercised only by the
Optionee.  In the event of any attempt by the Optionee to transfer,
assign, pledge, hypothecate or otherwise dispose of the Option or of any right
hereunder, except as provided for herein, or in the event of the levy of any
attachment, execution or similar process upon the rights or interest hereby
conferred, the Company may terminate the Option by notice to the Optionee and it
shall thereupon become null and void.

    

    (b) Notwithstanding paragraph
(a), the Optionee may transfer the Option, by gift or a domestic relations
order, to a family member of the Optionee.

    
      
         

      

      
        3

        
          

        

      

      
         

      

    

    (c) Notwithstanding paragraphs
(a) or (b), the Optionee may transfer the Option with the express, prior written
consent of the Company, which consent may be withheld for any reason or for no
reason.

    

    13. Representations By and
Covenants of Optionee.

    The
following representations, warranties and covenants by Optionee are made as of
the date of this Agreement and, unless stated otherwise herein, are also made as
of each date of exercise of this Agreement.

    

    (a) If applicable, the
Optionee understands and consents to the placement of a legend on any
certificate or other document evidencing the Shares stating that they have not
been registered under the Securities Act and setting forth or referring to the
restrictions on transferability and sale thereof.

    

    (b) Optionee hereby represents
that the address of Optionee furnished by him on the signature page of this
Agreement is accurate and that said address is the Optionee’s principal
residence.  Optionee understands that the Company is relying on the
accuracy of this representation for purposes of its compliance with United
States federal securities laws and state “blue sky” laws.

    

    (c) This Agreement has been
duly executed and delivered by the Optionee and constitutes the legal, valid and
binding obligation of the Optionee, enforceable in accordance with its
terms.

    

    14. NSO.  It is
intended that this Option shall be a non-qualified stock option and shall not
constitute an incentive stock option for purposes of Section 422 of the Internal
Revenue Code of 1986, as amended.

    

    15. Compliance with Law;
Registration of Shares.

    

    (a) The Option grant provided
hereunder shall be subject to all applicable laws, rules, and regulations of any
applicable jurisdiction or authority or agency thereof and to such approvals by
any regulatory or governmental authority or agency or securities exchange which,
in the opinion of Company’s counsel, may be required or
appropriate.

    

    (b) Notwithstanding any other
provision of this Agreement, the Company shall not be required to issue or
deliver any certificate or certificates for shares of Common Stock under this
Agreement prior to fulfillment of all of the following conditions:

    

    (i) Effectiveness of any
registration or other qualification of such shares of the Company under any law
or regulation of any applicable jurisdiction, authority or agency that the
Board, in its absolute discretion or upon the advice of counsel, deems necessary
or advisable; and

    

    (ii) Grant of any other
consent, approval or permit from any applicable jurisdiction or authority or
agency thereof or securities exchange which the Board shall, in its absolute
discretion or upon the advice of counsel, deem necessary or
advisable.

    
      
         

      

      
        4

        
          

        

      

      
         

      

    

    The
Company shall use all reasonable efforts to obtain any consent, approval or
permit described above.

    

    16. Headings.  The
headings of sections and subsections herein are included solely for convenience
of reference and shall not affect the meaning of any of the provisions of this
Agreement.

    

    17. Severability.  In
the event that any one or more provisions of this Agreement, or any action taken
pursuant to this Agreement, should, for any reason, be unenforceable or invalid
in any respect under the laws of the United States, any state of the United
States or any other jurisdiction, such unenforceability or invalidity shall not
affect any other provision of this Agreement, but in such particular
jurisdiction and instance this Agreement shall be construed as if such
unenforceable or invalid provision had not been contained therein or if the
action in question had not been taken thereunder.

    

    18. Board
Determinations.  In the event that any question or controversy
shall arise with respect to the nature, scope or extent of any one or more
rights conferred by the Option, or any provision of this Agreement, the good
faith determination by the Board of the rights of the Optionee shall be
conclusive, final and binding upon the Optionee and upon any other person who
shall assert any right pursuant to this Option.

    

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

    

    20. Jurisdiction;
Venue.  The Optionee hereby agrees that any action, proceeding
or claim against it arising out of, or relating in any way to this Agreement
shall be brought and enforced in the courts of the State of New York or of the
United States of America for the Southern District of New York, and irrevocably
submits to such jurisdiction, which jurisdiction shall be exclusive. The
Optionee hereby waives any objection to such exclusive jurisdiction and that
such courts represent an inconvenient forum. Any process or summons to be served
upon the Optionee may be served by transmitting a copy thereof by registered or
certified mail, return receipt requested, postage prepaid, addressed to it at
the address set forth herein. Such mailing shall be deemed personal service and
shall be legal and binding upon the Optionee in any action, proceeding or claim.
The Company and the Optionee agree that the prevailing party(ies) in any such
action shall be entitled to recover from the other party(ies) all of its
reasonable attorneys’ fees and expenses relating to such action or proceeding
and/or incurred in connection with the preparation therefore.

    

    21. Amendment.  This
Agreement may not be changed or modified except by an instrument in writing
signed by both of the parties hereto.

    

    22. Counterparts.  This
Agreement may be executed in one or more counterparts, each of which shall be
deemed to be an original, all of which together will constitute one and the same
instrument.

    
      
         

      

      
        5

        
          

        

      

      
         

      

    

    IN
WITNESS WHEREOF, the Company and the Optionee have executed this Agreement
effective as of the date first written above.

    

    

    
      	 
      	 
      	 
      
	 
      	
              PRIME
      ACQUISITION CORP.

            	 
      
	 
      	 
      	 
      
	 
      	 
      	 
      
	 
      	
              By:

            	
              
                /s/
      William Yu

              

            
	 
      	
              Name:  William
      Yu

            	 
      
	 
      	
              Title:
      President &CFO

            	 
      
	 
      	 
      	 
      
	 
      	
              OPTIONEE:

            	 
      
	 
      	 
      	 
      
	 
      	 
      	 
      
	 
      	
              Jason
      Wang

            	 
      
	 
      	
              10687
      Heather Ridge Dr.

            	 
      
	 
      	
              San
      Diego, CA 92130

            	 
      
	 
      	
              United
      States of America

            	 
      
	 
      	 
      	 
      
	 
      	
              Facsimile:

            	/s/ 
      Jason Wang	 
      
	 
      	 
      	 
      
	 
      	
              Email:
      jcwang@autochinaintl.com

            	 
      
	 
      	 
      	 
      

    

     

    
      
        
        

      

      
        6

        
          

        

      

      
        
        

      

    

    
      
         

        ADDENDUM
A

        

         

        <Exercise
of Options>

        No option
may be exercised prior to the consummation of the Company's initial business
combination as set forth in the Company's Amended and Restated Memorandum and
Articles of Association.

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00183-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00183-of-00352.parquet"}]]