Document:

Exhibit 10.10

 

BORQS
TECHNOLOGIES, INC.

 

2017
EQUITY INCENTIVE PLAN

 

1. 
PURPOSE.
The purpose of this Plan is to provide incentives to attract, retain and motivate eligible persons whose present and potential
contributions are important to the success of the Company, and any Parents, Subsidiaries and Affiliates that exist now or in the
future, by offering them an opportunity to participate in the Company’s future performance through the grant of Awards.
Capitalized terms not defined elsewhere in the Plan are defined in Section 28.

 

2. 
SHARES SUBJECT TO THE PLAN.

 

2.1 
Number of Shares Available.
Subject to Sections 2.6 and 21 and any other applicable provisions hereof, the maximum aggregate number of Shares reserved and
available for grant and issuance pursuant to this Plan as of the date of adoption of the Plan by the Board, is 2,500,000 Shares.

 

2.2 
Lapsed, Returned Awards.
Shares subject to Awards, and Shares issued under the Plan under any Award, will again be available for grant and issuance in
connection with subsequent Awards under this Plan to the extent such Shares: (a) are subject to issuance upon exercise of an Option
or SAR granted under this Plan but which cease to be subject to the Option or SAR for any reason other than exercise of the Option
or SAR; (b) are subject to Awards granted under this Plan that are forfeited or are repurchased by the Company; (c) are subject
to Awards granted under this Plan that otherwise terminate without such Shares being issued; or (d) are surrendered pursuant to
an Exchange Program. To the extent an Award under the Plan is paid out in cash or other property rather than Shares, such cash
payment will not result in reducing the number of Shares available for issuance under the Plan. Unissued Shares used to pay the
exercise price of an Award or withheld to satisfy the tax withholding obligations related to an Award will become available for
future grant or sale under the Plan. For the avoidance of doubt, Shares that otherwise become available for grant and issuance
because of the provisions of this Section 2.2 shall not include Shares subject to Awards that initially became available because
of the substitution clause in Section 21.2 hereof.

 

2.3 
Minimum Share Reserve.
At all times the Company shall reserve and keep available a sufficient number of Shares as shall be required to satisfy the requirements
of all outstanding Awards granted under this Plan.

 

2.4 
Automatic Share Reserve Increase.
The number of Shares available for grant and issuance under the Plan shall be increased on January 1, of each of the calendar
years 2018 through 2027, by the lesser of (a) five percent (5%) of the number of Shares issued and outstanding on each December
31 immediately prior to the date of increase or (b) such number of Shares determined by the Board.

 

2.5 
Limitations.
No more than 5,000,000 Shares shall be issued pursuant to the exercise of ISOs. No Participant will be eligible to receive an
Award or Awards for more than 2,000,000 Shares in any calendar year under this Plan except that new Employees (including new Employees
who are also officers and directors) are eligible to be granted up to a maximum of an Award or Awards for 4,000,000 Shares in
the calendar year in which they commence their employment.

 

     

     

    

 

2.6 
Adjustment of Shares.
If the number of outstanding Shares is changed by a share dividend, recapitalization, share split, reverse share split, subdivision,
combination, reclassification or similar change in the capital structure of the Company, without consideration, then (a) the number
of Shares reserved for issuance and future grant under the Plan set forth in Section 2.1, (b) the Exercise Prices of and number
of Shares subject to outstanding Options and SARs, (c) the number of Shares subject to other outstanding Awards, (d) the maximum
number of Shares that may be issued pursuant to the exercise of ISOs set forth in Section 2.5 and (e) the maximum number of Shares
that may be issued to an individual or to a new Employee in any one calendar year set forth in Section 2.5 shall be proportionately
adjusted, subject to any required action by the Board or the shareholders of the Company and in compliance with applicable securities
laws; provided that fractions of a Share will not be issued.

 

3. 
ELIGIBILITY.
ISOs may be granted only to Employees. All other Awards may be granted to Employees, Consultants and Directors; provided
that such Consultants and Directors render bona fide services not in connection with the offer and sale of securities in a capital-raising
transaction.

 

4. 
ADMINISTRATION.

 

4.1 
Committee Composition; Authority.
This Plan will be administered by the Committee or by the Board acting as the Committee. Subject to the general purposes, terms
and conditions of this Plan, and to the direction of the Board, the Committee will have full power to implement and carry out
this Plan. The Committee will have the authority to:

 

(a) 
construe and interpret this Plan, any Award Agreement
and any other agreement or document executed pursuant to this Plan;

 

(b) 
prescribe, amend and rescind rules and regulations
relating to this Plan or any Award;

 

(c) 
select persons to receive Awards;

 

(d) 
determine the form and terms and conditions,
not inconsistent with the terms of the Plan, of any Award granted hereunder. Such terms and conditions include, but are not limited
to, the exercise price, the time or times when Awards may vest and be exercised (which may be based on performance criteria) or
settled, any vesting acceleration or waiver of forfeiture restrictions, the method to satisfy tax withholding obligations or any
other tax liability legally due and any restriction or limitation regarding any Award or the Shares relating thereto, based in
each case on such factors as the Committee will determine;

 

(e) 
determine the number of Shares or other consideration
subject to Awards;

 

(f) 
determine the Fair Market Value in good faith
and interpret the applicable provisions of this Plan and the definition of Fair Market Value in connection with circumstances
that impact the Fair Market Value, if necessary;

 

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(g) 
determine whether Awards will be granted singly,
in combination with, in tandem with, in replacement of, or as alternatives to, other Awards under this Plan or any other incentive
or compensation plan of the Company or any Parent, Subsidiary, Related Entity or Affiliate;

 

(h) 
grant waivers of Plan or Award conditions;

 

(i) 
determine the vesting, exercisability and payment
of Awards;

 

(j) 
correct any defect, supply any omission or reconcile
any inconsistency in this Plan, any Award or any Award Agreement;

 

(k) 
determine whether an Award has been earned;

 

(l) 
determine the terms and conditions of any, and
to institute any Exchange Program;

 

(m) 
reduce or waive any criteria with respect to
Performance Factors;

 

(n) 
adjust Performance Factors to take into account
changes in law and accounting or tax rules as the Committee deems necessary or appropriate to reflect the impact of extraordinary
or unusual items, events or circumstances to avoid windfalls or hardships;

 

(o) 
adopt rules and/or procedures (including the
adoption of any subplan under this Plan) relating to the operation and administration of the Plan to accommodate requirements
of local law and procedures outside of the United States;

 

(p) 
make all other determinations necessary or advisable
for the administration of this Plan;

 

(q) 
delegate any of the foregoing to a subcommittee
consisting of one or more executive officers pursuant to a specific delegation as permitted by Applicable Law; and

 

(r) 
exercise negative discretion on Performance Awards,
reducing or eliminating the amount to be paid to Participants.

 

4.2 
Committee Interpretation and Discretion.
Any determination made by the Committee with respect to any Award shall be made in its sole discretion at the time of grant of
the Award or, unless in contravention of any express term of the Plan or Award, at any later time, and such determination shall
be final and binding on the Company and all persons having an interest in any Award under the Plan. Any dispute regarding the
interpretation of the Plan or any Award Agreement shall be submitted by the Participant or Company to the Committee for review.
The resolution of such a dispute by the Committee shall be final and binding on the Company and the Participant. The Committee
may delegate to one or more executive officers the authority to review and resolve disputes with respect to Awards held by Participants
who are not Insiders, and such resolution shall be final and binding on the Company and the Participant.

 

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4.3 
Section 162(m) of the Code and Section
16 of the Exchange Act. When necessary or desirable for
an Award to qualify as “performance-based compensation” under Section 162(m) of the Code, the Committee administering
the Plan in accordance with the requirements of Rule 16b-3 and Section 162(m) of the Code shall consist of at least two individuals,
each of whom qualifies as (a) a Non-Employee Director under Rule 16b-3, and (b) an “outside director” pursuant to
Code Section 162(m) and the regulations issued thereunder. At least two (or a majority if more than two then serve on the Committee)
such “outside directors” shall approve the grant of such Award and timely determine (as applicable) the Performance
Period and any Performance Factors upon which vesting or settlement of any portion of such Award is to be subject. When required
by Section 162(m) of the Code, prior to settlement of any such Award at least two (or a majority if more than two then serve on
the Committee) such “outside directors” then serving on the Committee shall determine and certify in writing the extent
to which such Performance Factors have been timely achieved and the extent to which the Shares subject to such Award have thereby
been earned. Awards granted to Participants who are subject to Section 16 of the Exchange Act (to the extent applicable to the
Company) must be approved by two or more “non-employee directors” (as defined in the regulations promulgated under
Section 16 of the Exchange Act). With respect to Participants whose compensation is subject to Section 162(m) of the Code and
for whom the Company intends to seek a tax deduction with respect thereto, and provided that such adjustments are consistent with
the regulations promulgated under Section 162(m) of the Code, the Committee may adjust the performance goals to account for changes
in law and accounting and to make such adjustments as the Committee deems necessary or appropriate to reflect the impact of extraordinary
or unusual items, events or circumstances to avoid windfalls or hardships, including without limitation (a) restructurings, discontinued
operations, extraordinary items, and other unusual or non-recurring charges, (b) an event either not directly related to the operations
of the Company or not within the reasonable control of the Company’s management, or (c) a change in accounting standards
required by generally accepted accounting principles.

 

4.4 
Documentation.
The Award Agreement for a given Award, the Plan and any other documents may be delivered to, and accepted by, a Participant or
any other person in any manner (including electronic distribution or posting) that meets applicable legal requirements.

 

4.5 
Jurisdictions.
Notwithstanding any provision of the Plan to the contrary, in order to comply with the laws in countries in which the Company
and its Subsidiaries, Related Entities and Affiliates operate or have employees or other individuals eligible for Awards, the
Committee, in its sole discretion, shall have the power and authority to: (a) determine which Subsidiaries, Related Entities and
Affiliates shall be covered by the Plan; (b) determine which individuals are eligible to participate in the Plan; (c) modify the
terms and conditions of any Award granted to individuals to comply with Applicable Laws; (d) establish subplans and modify exercise
procedures and other terms and procedures, to the extent the Committee determines such actions to be necessary or advisable (and
such subplans and/or modifications shall be attached to this Plan as appendices); provided, however, that no such subplans and/or
modifications shall increase the share limitations contained in Section 2 hereof; and (e) take any action, before or after an
Award is made, that the Committee determines to be necessary or advisable to obtain approval or comply with any local governmental
regulatory exemptions or approvals. Notwithstanding the foregoing, the Committee may not take any actions hereunder, and no Awards
shall be granted, that would violate the Exchange Act or any other applicable securities law, the Code, or any other applicable
governing statute or law.

 

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5. 
OPTIONS.
An Option is the right but not the obligation to purchase a Share, subject to certain conditions, if applicable. The Committee
may grant Options to eligible Employees, Consultants and Directors and will determine whether such Options will be incentive stock
options within the meaning of the Code (“ISOs”) or Nonqualified Share options (“NSOs”),
the number of Shares subject to the Option, the Exercise Price of the Option, the period during which the Option may vest and
be exercised, and all other terms and conditions of the Option, subject to the following terms of this section.

 

5.1 
Option Grant.
Each Option granted under this Plan will identify the Option as an ISO or an NSO. An Option may be, but need not be, awarded upon
satisfaction of such Performance Factors during any Performance Period as are set out in advance in the Participant’s individual
Award Agreement. If the Option is being earned upon the satisfaction of Performance Factors, then the Committee will: (a) determine
the nature, length and starting date of any Performance Period for each Option; and (b) select from among the Performance Factors
to be used to measure the performance, if any. Performance Periods may overlap and Participants may participate simultaneously
with respect to Options that are subject to different performance goals and other criteria.

 

5.2 
Date of Grant.
The date of grant of an Option will be the date on which the Committee makes the determination to grant such Option, or a specified
future date.

 

5.3 
Exercise Period.
Options may be vested and exercisable within the times or upon the conditions as set forth in the Award Agreement governing such
Option; provided, however, that no Option will be exercisable after the expiration of ten (10) years from the date
the Option is granted; provided, further, that no ISO granted to a person who, at the time the ISO is granted, directly
or by attribution owns more than ten percent (10%) of the total combined voting power of all classes of shares of the Company
or of any Parent or Subsidiary (“Ten Percent Shareholder”) will be exercisable after the expiration
of five (5) years from the date the ISO is granted. The Committee also may provide for Options to become exercisable at one time
or from time to time, periodically or otherwise, in such number of Shares or percentage of Shares as the Committee determines.

 

5.4 
Exercise Price.
The Exercise Price per Share subject to an Option will be determined by the Committee when the Option is granted and set forth
in the Award Agreement and may be a fixed or variable price related to the Fair Market Value of the Shares; provided that
the Exercise Price of any ISO granted to a Ten Percent Shareholder will not be less than one hundred ten percent (110%) of the
Fair Market Value of the Shares on the date of grant. Payment for the Shares purchased may be made in accordance with Section
11 and the Award Agreement and in accordance with any procedures established by the Company. The exercise price per Share subject
to an Option may be amended or adjusted in the absolute discretion of the Committee, the determination of which shall be final,
binding and conclusive. For the avoidance of doubt, to the extent not prohibited by Applicable Laws, a downward adjustment of
the exercise prices of Options mentioned in the preceding sentence shall be effective without the approval of the Company’s
shareholders or the approval of the affected Participants.

 

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5.5 
Method of Exercise.
Any Option granted hereunder will be vested and exercisable according to the terms of the Plan and at such times and under such
conditions as determined by the Committee and set forth in the Award Agreement. An Option may not be exercised for a fraction
of a Share. An Option will be deemed exercised when the Company receives: (a) notice of exercise (in such form as the Committee
may specify from time to time) from the person entitled to exercise the Option, and (b) full payment for the Shares with respect
to which the Option is exercised (together with applicable withholding taxes). Full payment may consist of any consideration and
method of payment authorized by the Committee and permitted by the Award Agreement and the Plan. Shares issued upon exercise of
an Option will be issued in the name of the Participant. Until the Shares are issued (as evidenced by the appropriate entry on
the books of the Company or of a duly authorized transfer agent of the Company), no right to vote or receive dividends or any
other rights as a shareholder will exist with respect to the Shares, notwithstanding the exercise of the Option. The Company will
issue (or cause to be issued) such Shares promptly after the Option is exercised. No adjustment will be made for a dividend or
other right for which the record date is prior to the date the Shares are issued, except as provided in Section 2.6 of the Plan.
Exercising an Option in any manner will decrease the number of Shares thereafter available, both for purposes of the Plan and
for sale under the Option, by the number of Shares as to which the Option is exercised.

 

5.6 
Termination of Service.
If the Participant’s Service terminates for any reason except for Cause or the Participant’s death or Disability,
then the Participant may exercise such Participant’s Options only to the extent that such Options would have been exercisable
by the Participant on the date Participant’s Service terminates no later than three (3) months after the date Participant’s
Service terminates (or such shorter or longer time period as may be determined by the Committee, with any exercise beyond three
(3) months after the date Participant’s Service terminates deemed to be the exercise of an NSO), but in any event no later
than the expiration date of the Options.

 

(a) 
Death. If the Participant’s Service
terminates because of the Participant’s death (or the Participant dies within three (3) months after the Participant’s
Service terminates other than for Cause or because of the Participant’s Disability), then the Participant’s Options
may be exercised only to the extent that such Options would have been exercisable by the Participant on the date Participant’s
Service terminates, and must be exercised by the Participant’s legal representative or authorized assignee, no later than
twelve (12) months after the date the Participant’s Service terminates (or such shorter time period not less than six (6)
months or longer time period as may be determined by the Committee), but in any event no later than the expiration date of the
Options.

 

(b) 
Disability. If the Participant’s
Service terminates because of the Participant’s Disability, then the Participant’s Options may be exercised only to
the extent that such Options would have been exercisable by the Participant on the date Participant’s Service terminates
and must be exercised by the Participant (or the Participant’s legal representative or authorized assignee) no later than
twelve (12) months after the date the Participant’s Service terminates, but in any event no later than the expiration date
of the Options.

 

(c) 
Cause. If the Participant is terminated
for Cause, then the Participant’s Options shall expire on such Participant’s date of termination of Service, or at
such later time and on such conditions as are determined by the Committee, but in no event later than the expiration date of the
Options. Unless otherwise provided in the Award Agreement, Cause shall have the meaning set forth in the Plan.

 

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5.7 
Limitations on Exercise.
The Committee may specify a minimum number of Shares that may be purchased on any exercise of an Option, provided that such minimum
number will not prevent any Participant from exercising the Option for the full number of Shares for which it is then exercisable.

 

5.8 
Limitations on ISOs.
ISOs may only be granted to employees of the Company or to employees of a “parent corporation” or a “subsidiary
corporation” of the Company as those terms are defined in Section 424 of the Code. With respect to Awards granted as ISOs,
to the extent that the aggregate Fair Market Value of the Shares with respect to which such ISOs are exercisable for the first
time by the Participant during any calendar year (under all plans of the Company and any Parent or Subsidiary) exceeds one hundred
thousand dollars (US$100,000), such Options will be treated as NSOs. For purposes of this Section 5.8, ISOs will be taken into
account in the order in which they were granted. The Fair Market Value of the Shares will be determined as of the time the Option
with respect to such Shares is granted. In the event that the Code or the regulations promulgated thereunder are amended after
the Effective Date to provide for a different limit on the Fair Market Value of Shares permitted to be subject to ISOs, such different
limit will be automatically incorporated herein and will apply to any Options granted after the effective date of such amendment.

 

5.9 
Modification, Extension or Renewal.
The Committee may modify, extend or renew outstanding Options and authorize the grant of new Options in substitution therefor,
provided that any such action may not, without the written consent of a Participant, impair any of such Participant’s
rights under any Option previously granted. Any outstanding ISO that is modified, extended, renewed or otherwise altered will
be treated in accordance with Section 424(h) of the Code. Subject to Section 18 of this Plan, by written notice to affected Participants,
the Committee may reduce the Exercise Price of outstanding Options without the consent of such Participants; provided,
however, that the Exercise Price may not be reduced below the Fair Market Value of the Shares on the date the action is
taken to reduce the Exercise Price.

 

5.10 
No Disqualification.
Notwithstanding any other provision in this Plan, no term of this Plan relating to ISOs will be interpreted, amended or altered,
nor will any discretion or authority granted under this Plan be exercised, so as to disqualify this Plan under Section 422 of
the Code or, without the consent of the Participant affected, to disqualify any ISO under Section 422 of the Code.

 

6. 
RESTRICTED SHARE AWARDS.
A Restricted Share Award is an offer by the Company to sell to an eligible Employee, Consultant or Director Shares that are subject
to restrictions (“Restricted Share”). The Committee will determine to whom an offer will be made, the
number of Shares the Participant may purchase, the Purchase Price, the restrictions under which the Shares will be subject and
all other terms and conditions of the Restricted Share Award, subject to the Plan.

 

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6.1 
Restricted Share Purchase Agreement.
All purchases under a Restricted Share Award will be evidenced by an Award Agreement. Except as may otherwise be provided in an
Award Agreement, a Participant accepts a Restricted Share Award by signing and delivering to the Company an Award Agreement with
full payment of the Purchase Price, within thirty (30) days from the date the Award Agreement was delivered to the Participant.
If the Participant does not accept such Award within thirty (30) days, then the offer of such Restricted Share Award will terminate,
unless the Committee determines otherwise.

 

6.2 
Purchase Price.
The Purchase Price for a Restricted Share Award will be determined by the Committee and may be less than Fair Market Value of
a Share on the date the Restricted Share Award is granted. Payment of the Purchase Price must be made in accordance with Section
11 of the Plan, and the Award Agreement and in accordance with any procedures established by the Company.

 

6.3 
Terms of Restricted Share Awards.
Restricted Share Awards will be subject to such restrictions as the Committee may impose or are required by law. These restrictions
may be based on completion of a specified number of years of service with the Company or upon completion of Performance Factors,
if any, during any Performance Period as set out in advance in the Participant’s Award Agreement. Prior to the grant of
a Restricted Share Award, the Committee shall: (a) determine the nature, length and starting date of any Performance Period for
the Restricted Share Award; (b) select from among the Performance Factors to be used to measure performance goals, if any; and
(c) determine the number of Shares that may be awarded to the Participant. Performance Periods may overlap and a Participant may
participate simultaneously with respect to Restricted Share Awards that are subject to different Performance Periods and having
different performance goals and other criteria.

 

6.4 
Termination of Service.
Except as may be set forth in the Participant’s Award Agreement, vesting ceases on such date Participant’s Service
terminates (unless determined otherwise by the Committee).

 

7. 
SHARE BONUS AWARDS.
A Share Bonus Award is an Award to an eligible Employee, Consultant or Director of Shares for Services to be rendered or for past
Services already rendered to the Company or any Parent, Subsidiary, Related Entity or Affiliate. All Share Bonus Awards shall
be made pursuant to an Award Agreement. No payment from the Participant will be required for Shares awarded pursuant to a Share
Bonus Award.

 

7.1 
Terms of Share Bonus Awards.
The Committee will determine the number of Shares to be awarded to the Participant under a Share Bonus Award and any restrictions
thereon. These restrictions may be based upon completion of a specified number of years of service with the Company or upon satisfaction
of performance goals based on Performance Factors during any Performance Period as set out in advance in the Participant’s
Share Bonus Agreement. Prior to the grant of any Share Bonus Award, the Committee shall: (a) determine the nature, length and
starting date of any Performance Period for the Share Bonus Award; (b) select from among the Performance Factors to be used to
measure performance goals; and (c) determine the number of Shares that may be awarded to the Participant. Performance Periods
may overlap and a Participant may participate simultaneously with respect to Share Bonus Awards that are subject to different
Performance Periods and different performance goals and other criteria.

 

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7.2 
Form of Payment to Participant.
Payment may be made in the form of cash, whole Shares, or a combination thereof, based on the Fair Market Value of the Shares
earned under a Share Bonus Award on the date of payment, as determined in the sole discretion of the Committee.

 

7.3 
Termination of Service.
Except as may be set forth in the Participant’s Award Agreement, vesting ceases on such date Participant’s Service
terminates (unless determined otherwise by the Committee).

 

8. 
SHARE APPRECIATION RIGHTS.
A Share Appreciation Right (“SAR”) is an Award to an eligible Employee, Consultant or Director that
may be settled in cash or Shares (which may consist of Restricted Share), having a value equal to (a) the difference between the
Fair Market Value of a Share on the date of exercise over the Exercise Price multiplied by (b) the number of Shares with respect
to which the SAR is being settled (subject to any maximum number of Shares that may be issuable as specified in an Award Agreement).
All SARs shall be made pursuant to an Award Agreement.

 

8.1 
Terms of SARs.
The Committee will determine the terms of each SAR including, without limitation: (a) the number of Shares subject to the SAR;
(b) the Exercise Price and the time or times during which the SAR may be settled; (c) the consideration to be distributed on settlement
of the SAR; and (d) the effect of the Participant’s termination of Service on each SAR. The Exercise Price of the SAR will
be determined by the Committee when the SAR is granted, and may not be less than Fair Market Value of a Share. A SAR may be awarded
upon satisfaction of Performance Factors, if any, during any Performance Period as are set out in advance in the Participant’s
individual Award Agreement. If the SAR is being earned upon the satisfaction of Performance Factors, then the Committee will:
(x) determine the nature, length and starting date of any Performance Period for each SAR; and (y) select from among the Performance
Factors to be used to measure the performance, if any. Performance Periods may overlap and Participants may participate simultaneously
with respect to SARs that are subject to different Performance Factors and other criteria.

 

8.2 
Exercise Period and Expiration Date.
A SAR will be exercisable within the times or upon the occurrence of events determined by the Committee and set forth in the Award
Agreement governing such SAR. The SAR Agreement shall set forth the expiration date; provided that no SAR will be exercisable
after the expiration of ten (10) years from the date the SAR is granted. The Committee may also provide for SARs to become exercisable
at one time or from time to time, periodically or otherwise (including, without limitation, upon the attainment during a Performance
Period of performance goals based on Performance Factors), in such number of Shares or percentage of the Shares subject to the
SAR as the Committee determines. Notwithstanding the foregoing, the rules of Section 5.6 also will apply to SARs.

 

8.3 
Form of Settlement.
Upon exercise of a SAR, a Participant will be entitled to receive payment from the Company in an amount determined by multiplying
(a) the difference between the Fair Market Value of a Share on the date of exercise over the Exercise Price; times (b) the number
of Shares with respect to which the SAR is exercised. At the discretion of the Committee, the payment from the Company for the
SAR exercise may be in cash, in Shares of equivalent value, or in some combination thereof. The portion of a SAR being settled
may be paid currently or on a deferred basis with such interest or dividend equivalent, if any, as the Committee determines, provided
that the terms of the SAR and any deferral satisfy the requirements of Section 409A of the Code, to the extent a Participant is
subject to Section 409A of the Code.

 

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8.4 
Termination of Service.
Except as may be set forth in the Participant’s Award Agreement, vesting ceases on such date Participant’s Service
terminates (unless determined otherwise by the Committee).

 

9. 
RESTRICTED SHARE UNITS.
A Restricted Share Unit (“RSU”) is an Award to an eligible Employee, Consultant or Director covering
a number of Shares that may be settled in cash, or by issuance of those Shares (which may consist of Restricted Share). All RSUs
shall be made pursuant to an Award Agreement.

 

9.1 
Terms of RSUs.
The Committee will determine the terms of an RSU including, without limitation: (a) the number of Shares subject to the RSU; (b)
the time or times during which the RSU may be settled; (c) the consideration to be distributed on settlement; and (d) the effect
of the Participant’s termination of Service on each RSU; provided that no RSU shall have a term longer than ten (10)
years. An RSU may be awarded upon satisfaction of such performance goals based on Performance Factors during any Performance Period
as are set out in advance in the Participant’s Award Agreement. If the RSU is being earned upon satisfaction of Performance
Factors, then the Committee will: (x) determine the nature, length and starting date of any Performance Period for the RSU; (y)
select from among the Performance Factors to be used to measure the performance, if any; and (z) determine the number of Shares
deemed subject to the RSU. Performance Periods may overlap and participants may participate simultaneously with respect to RSUs
that are subject to different Performance Periods and different performance goals and other criteria.

 

9.2 
Form and Timing of Settlement.
Payment of earned RSUs shall be made as soon as practicable after the date(s) determined by the Committee and set forth in the
Award Agreement. The Committee, in its sole discretion, may settle earned RSUs in cash, Shares, or a combination of both. The
Committee may also permit a Participant to defer payment under a RSU to a date or dates after the RSU is earned, provided that,
to the extent a Participant is subject to Section 409A of the Code, the terms of the RSU and any deferral shall satisfy the requirements
of Section 409A of the Code.

 

9.3 
Termination of Service.
Except as may be set forth in the Participant’s Award Agreement, vesting ceases on such date Participant’s Service
terminates (unless determined otherwise by the Committee).

 

10. 
PERFORMANCE AWARDS.
A Performance Award is an Award to an eligible Employee, Consultant or Director of an award of Performance Shares or Performance
Units. Grants of Performance Awards shall be made pursuant to an Award Agreement.

 

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10.1 
Types of Performance Awards.
Performance Awards shall include Performance Shares and Performance Units as set forth in Sections 10.1(a) and 10.1(b) below.

 

(a) 
Performance Shares. The Committee may
grant Awards of Performance Shares, designate the Participants to whom Performance Shares are to be awarded and determine the
number of Performance Shares and the terms and conditions of each such Award. .

 

(b) 
Performance Units. The Committee may grant
Awards of Performance Units, designate the Participants to whom Performance Units are to be awarded and determine the number of
Performance Units and the terms and conditions of each such Award.

 

10.2 
Terms of Performance Awards.
The Committee will determine, and each Award Agreement shall set forth, the terms of each Performance Award including, without
limitation: (a) the number of Shares deemed subject to an award of Performance Shares; (b) the Performance Factors and Performance
Period that shall determine the time and extent to which each award of Performance Shares shall be settled; (c) the consideration
to be distributed on settlement; and (d) the effect of the Participant’s termination of Service on each Performance Award.
In establishing Performance Factors and the Performance Period the Committee will: (x) determine the nature, length and starting
date of any Performance Period; (y) select from among the Performance Factors to be used; and (z) determine the number of Shares
deemed subject to the award of Performance Shares. Prior to settlement the Committee shall determine the extent to which Performance
Awards have been earned. Performance Periods may overlap and Participants may participate simultaneously with respect to Performance
Awards that are subject to different Performance Periods and different performance goals and other criteria.

 

10.3 
Termination of Service.
Except as may be set forth in the Participant’s Award Agreement, vesting ceases on the date Participant’s Service
terminates (unless determined otherwise by the Committee).

 

11. 
PAYMENT FOR SHARE PURCHASES.
Payment from a Participant for Shares purchased pursuant to this Plan may be made in cash or by check or, where approved for the
Participant by the Committee and where permitted by law (and to the extent not otherwise set forth in the applicable Award Agreement):

 

(a) 
by cancellation of indebtedness of the Company
to the Participant;

 

(b) 
by surrender of Shares by the Participant that
have a Fair Market Value on the date of surrender equal to the aggregate exercise price of the Shares as to which said Award will
be exercised or settled;

 

(c) 
by waiver of compensation due or accrued to the
Participant for services rendered or to be rendered to the Company or a Parent or Subsidiary;

 

(d) 
by consideration received by the Company pursuant
to a broker-assisted or other form of cashless exercise program implemented by the Company in connection with the Plan;

 

(e) 
by any combination of the foregoing; or

 

(f) 
by any other method of payment as is permitted
by Applicable Law.

 

    	 	11	 

     

    

 

For
avoidance of doubt, cash or check payment by a Participant for Shares may include (i) cash or check denominated in U.S. Dollars,
(ii) to the extent permissible under Applicable Laws, cash or check denominated in Chinese Renminbi, or (iii) cash or check denominated
in any other local currency as approved by the Committee. In the event the exercise price for an Award is paid in Renminbi or
other foreign currency, as permitted by the Committee, the amount payable will be determined by conversion from U.S. dollars at
the official rate promulgated by the People’s Bank of China for Renminbi, or for any other foreign currency, the exchange
rate as selected by the Committee on the date of exercise.

 

Notwithstanding
any other provision of the Plan to the contrary, no Participant who is a member of the Board or an “executive officer”
of the Company within the meaning of Section 13(k) of the Exchange Act shall be permitted to pay the exercise price in any method
that would violate Section 13(k) of the Exchange Act.

 

12. 
SHARES DISTRIBUTED.
Any Shares distributed pursuant to an Award may consist, in whole or in part, of authorized and unissued Shares, treasury shares
(subject to Applicable Laws) or Shares purchased on the open market.

 

13. 
WITHHOLDING TAXES.

 

13.1 
Withholding Generally.
Whenever Shares are to be issued in satisfaction of Awards granted under this Plan or a tax event occurs, the Company may require
the Participant to remit to the Company, or to the Parent, applicable Subsidiary or Related Entity or Affiliate employing the
Participant, an amount sufficient to satisfy applicable U.S. federal, state, local and international withholding tax or social
insurance requirements or any other tax liability legally due from the Participant prior to the delivery of Shares pursuant to
exercise or settlement of any Award. Whenever payments in satisfaction of Awards granted under this Plan are to be made in cash,
such payment will be net of an amount sufficient to satisfy applicable U.S. federal, state, local and international withholding
tax or social insurance requirements or any other tax liability legally due from the Participant. The Fair Market Value of the
Shares will be determined as of the date that the taxes are required to be withheld and such Shares shall be valued based on the
value of the actual trade of Shares, or, if the foregoing does not apply, the Fair Market Value of the Shares as of the previous
trading day.

 

13.2 
Share Withholding.
The Committee, or its delegate(s), as permitted by Applicable Law, in its sole discretion and pursuant to such procedures as it
may specify from time to time and to limitations of local law, may require or permit a Participant to satisfy such tax withholding
obligation or any other tax liability legally due from the Participant, in whole or in part by (without limitation) (a) paying
cash, electing to have the Company withhold otherwise deliverable cash, or Shares having a Fair Market Value equal to the applicable
amount required to be withheld, (c) delivering to the Company already-owned Shares or (d) withholding from the proceeds of the
sale of otherwise deliverable Shares acquired pursuant to an Award either through a voluntary sale or through a mandatory sale
arranged by the Company for the applicable amount required to be withheld.

 

    	 	12	 

     

    

 

14. 
TRANSFERABILITY.

 

14.1 
Transfer Generally.
Unless determined otherwise by the Committee or pursuant to Section 14.2, an Award may not be sold, pledged, assigned, hypothecated,
transferred, or disposed of in any manner other than by will or by the laws of descent or distribution. If the Committee makes
an Award transferable, including, without limitation, by instrument to an inter vivos or testamentary trust in which the Awards
are to be passed to beneficiaries upon the death of the trustor (settlor) or by gift or by domestic relations order to a Permitted
Transferee, such Award will contain such additional terms and conditions as the Committee deems appropriate. All Awards shall
be exercisable: (a) during the Participant’s lifetime only by (i) the Participant, or (ii) the Participant’s guardian
or legal representative; (b) after the Participant’s death, by the legal representative of the Participant’s heirs
or legatees; and (c) in the case of all Awards except ISOs, by a Permitted Transferee.

 

14.2 
Award Transfer Program.
Notwithstanding any contrary provision of the Plan, the Committee shall have all discretion and authority to determine and implement
the terms and conditions of any Award Transfer Program instituted pursuant to this Section 14.2 and shall have the authority to
amend the terms of any Award participating in, or otherwise eligible to participate in, the Award Transfer Program, including
(but not limited to) the authority to (a) amend (including to extend) the expiration date, post-termination exercise period and/or
forfeiture conditions of any such Award, (b) amend or remove any provisions of the Award relating to the Award holder’s
continued service to the Company or its Parent, Subsidiary, Related Entity or Affiliate, (c) amend the permissible payment methods
with respect to the exercise or purchase of any such Award, (d) amend the adjustments to be implemented in the event of changes
in the capitalization and other similar events with respect to such Award, and (e) make such other changes to the terms of such
Award as the Committee deems necessary or appropriate in its sole discretion.

 

15. 
PRIVILEGES OF SHARE OWNERSHIP; RESTRICTIONS
ON SHARES.

 

15.1 
Voting and Dividends.
No Participant will have any of the rights of a shareholder with respect to any Shares until the Shares are issued to the Participant,
except for any dividend equivalent rights permitted by an applicable Award Agreement (“Dividend Equivalent Rights”).
After Shares are issued to the Participant, the Participant will be a shareholder and have all the rights of a shareholder with
respect to such Shares, including the right to vote and receive all dividends or other distributions made or paid with respect
to such Shares; provided that if such Shares are Restricted Shares, then any new, additional or different securities the
Participant may become entitled to receive with respect to such Shares by virtue of a share dividend, share split or any other
change in the corporate or capital structure of the Company will be subject to the same restrictions as the Restricted Shares;
provided, further, that the Participant will have no right to retain such share dividends or share distributions
with respect to Shares that are repurchased pursuant to Section 15.2. However, the Committee, in its discretion, may provide in
the Award Agreement evidencing any Award that the Participant shall be entitled to Dividend Equivalent Rights with respect to
the payment of cash dividends on Shares underlying an Award during the period beginning on the date the Award is granted and ending,
with respect to each Share subject to the Award, on the earlier of the date on which the Award is exercised or settled or the
date on which it is forfeited. Such Dividend Equivalent Rights, if any, shall be credited to the Participant in the form of additional
whole Shares as of the date of payment of such cash dividends on Shares.

 

    	 	13	 

     

    

 

15.2 
Restrictions on Shares.
At the discretion of the Committee, the Company may reserve to itself and/or its assignee(s) a right to repurchase any or all
Unvested Shares (other than Unvested Shares that forfeit on termination of Service) held by a Participant following such Participant’s
termination of Service at any time within ninety (90) days (or such longer or shorter time determined by the Committee) after
the later of the date the Participant’s Service terminates and the date the Participant purchases Shares under this Plan,
for cash and/or cancellation of purchase money indebtedness, at the Participant’s Purchase Price.

 

16. 
CERTIFICATES.
All Shares or other securities whether or not certificated, delivered under this Plan will be subject to such share transfer orders,
legends and other restrictions as the Committee may deem necessary or advisable, including restrictions under any applicable U.S.
federal, state or other securities law, or any rules, regulations and other requirements of the SEC or any stock exchange or automated
quotation system upon which the Shares may be listed or quoted and any non-U.S. exchange controls or securities law restrictions
to which the Shares are subject.

 

17. 
ESCROW; PLEDGE OF SHARES.
To enforce any restrictions on a Participant’s Shares, the Committee may require the Participant to deposit all certificates
representing Shares, together with share powers or other instruments of transfer approved by the Committee, appropriately endorsed
in blank, with the Company or an agent designated by the Company to hold in escrow until such restrictions have lapsed or terminated,
and the Committee may cause a legend or legends referencing such restrictions to be placed on the certificates. Any Participant
who is permitted to execute a promissory note as partial or full consideration for the purchase of Shares under this Plan will
be required to pledge and deposit with the Company all or part of the Shares so purchased as collateral to secure the payment
of the Participant’s obligation to the Company under the promissory note; provided, however, that the Committee
may require or accept other or additional forms of collateral to secure the payment of such obligation and, in any event, the
Company will have full recourse against the Participant under the promissory note notwithstanding any pledge of the Participant’s
Shares or other collateral. In connection with any pledge of the Shares, the Participant will be required to execute and deliver
a written pledge agreement in such form as the Committee will from time to time approve. The Shares purchased with the promissory
note may be released from the pledge on a pro rata basis as the promissory note is paid.

 

18. 
REPRICING; EXCHANGE AND BUYOUT OF AWARDS.
Without prior shareholder approval, the Committee may (a) reprice Options or SARs (and where such repricing is a reduction in
the Exercise Price of outstanding Options or SARs, the consent of the affected Participants is not required provided written notice
is provided to them, notwithstanding any adverse tax consequences to them arising from the repricing), and (b) with the consent
of the respective Participants (unless not required pursuant to Section 5.9 of the Plan), pay cash or issue new Awards in exchange
for the surrender and cancellation of any, or all, outstanding Awards.

 

    	 	14	 

     

    

 

19. 
SECURITIES LAW AND OTHER REGULATORY
COMPLIANCE. An Award will not be effective unless such Award
is in compliance with all applicable U.S. federal and state securities and exchange control laws, all Applicable Laws of any other
country or jurisdiction, rules and regulations of any governmental body, and the requirements of any stock exchange or automated
quotation system upon which the Shares may then be listed or quoted, as they are in effect on the date of grant of the Award and
also on the date of exercise or other issuance. Notwithstanding any other provision in this Plan, the Company will have no obligation
to issue or deliver certificates for Shares under this Plan prior to: (a) obtaining any approvals from governmental agencies that
the Company determines are necessary or advisable; and/or (b) completion of any registration or other qualification of such Shares
under any Applicable Law or ruling of any governmental body that the Company determines to be necessary or advisable. The Company
will be under no obligation to register the Shares with the SEC or to effect compliance with the registration, qualification or
listing requirements of any applicable securities laws, exchange control laws, stock exchange or automated quotation system, and
the Company will have no liability for any inability or failure to do so.

 

20. 
NO OBLIGATION TO EMPLOY.
Nothing in this Plan or any Award granted under this Plan will confer or be deemed to confer on any Participant any right to continue
in the employment of, or to continue any other relationship with, the Company or any Parent, Subsidiary, Related Entity or Affiliate
or limit in any way the right of the Company or any Parent, Subsidiary, Related Entity or Affiliate to terminate Participant’s
employment or other relationship at any time.

 

21. 
CORPORATE TRANSACTIONS.

 

21.1 
Assumption or Replacement of Awards
by Successor. In the event that the Company is subject to
a Corporate Transaction, outstanding Awards acquired under the Plan shall be subject to the agreement evidencing the Corporate
Transaction, which need not treat all outstanding Awards in an identical manner. Such agreement, without the Participant’s
consent, shall provide for one or more of the following with respect to all outstanding Awards as of the effective date of such
Corporate Transaction:

 

(a) 
The continuation of an outstanding Award by the
Company (if the Company is the successor entity).

 

(b) 
The assumption of an outstanding Award by the
successor or acquiring entity (if any) of such Corporate Transaction (or by its parents, if any), which assumption will be binding
on all selected Participants; provided that the exercise price and the number and nature of shares issuable upon exercise of any
such Option or Share Appreciation Right, or any Award that is subject to Section 409A of the Code by a Participant who is subject
to Section 409A, will be adjusted appropriately pursuant to Section 424(a) of the Code.

 

(c) 
The substitution by the successor or acquiring
entity in such Corporate Transaction (or by its parents, if any) of equivalent awards with substantially the same terms for such
outstanding Awards (except that the exercise price and the number and nature of shares issuable upon exercise of any such Option
or Share Appreciation Right, or any Award that is subject to Section 409A of the Code by a Participant who is subject to Section
409A, will be adjusted appropriately pursuant to Section 424(a) of the Code).

 

(d) 
The full or partial acceleration of exercisability
or vesting and accelerated expiration of an outstanding Award and lapse of the Company’s right to repurchase or re-acquire
shares acquired under an Award or lapse of forfeiture rights with respect to shares acquired under an Award.

 

    	 	15	 

     

    

 

(e) 
The settlement of the full value of such outstanding
Award (whether or not then vested or exercisable) in cash, cash equivalents, or securities of the successor entity (or its parent,
if any) with a Fair Market Value equal to the required amount, followed by the cancellation of such Awards; provided, however,
that such Award may be cancelled if such Award has no value, as determined by the Committee, in its discretion. Subject to Section
409A of the Code, to the extent applicable, such payment may be made in installments and may be deferred until the date or dates
the Award would have become exercisable or vested. Such payment may be subject to vesting based on the Participant’s continued
service, provided that the vesting schedule shall not be less favorable to the Participant than the schedule under which
the Award would have become vested or exercisable. For purposes of this Section 21.1(e), the Fair Market Value of any security
shall be determined without regard to any vesting conditions that may apply to such security.

 

(f) 
The cancellation of outstanding Awards in exchange
for no consideration.

 

The
Board shall have full power and authority to assign the Company’s right to repurchase or re-acquire or forfeiture rights
to such successor or acquiring corporation. In addition, in the event such successor or acquiring corporation refuses to assume,
convert, replace or substitute Awards, as provided above, pursuant to a Corporate Transaction, the Committee will notify the Participant
in writing or electronically that such Award will be exercisable for a period of time determined by the Committee in its sole
discretion, and such Award will terminate upon the expiration of such period. Awards need not be treated similarly in a Corporate
Transaction.

 

21.2 
Assumption of Awards by the Company.
The Company, from time to time, also may substitute or assume outstanding awards granted by another company, whether in connection
with an acquisition of such other company or otherwise, by either (a) granting an Award under this Plan in substitution of such
other company’s award; or (b) assuming such Award as if it had been granted under this Plan if the terms of such assumed
award could be applied to an Award granted under this Plan. Such substitution or assumption will be permissible if the holder
of the substituted or assumed award would have been eligible to be granted an Award under this Plan if the other company had applied
the rules of this Plan to such grant. In the event the Company assumes an award granted by another company, the terms and conditions
of such award will remain unchanged (except that the Purchase Price or the Exercise Price, as the case may be, and the
number and nature of Shares issuable upon exercise or settlement of any such award will be adjusted appropriately pursuant to
Section 424(a) of the Code). In the event the Company elects to grant a new Option in substitution rather than assuming an existing
Option, such new Option may be granted with a similarly adjusted Exercise Price. Substitute Awards shall not be credited toward
the number of Shares authorized for grant under the Plan or authorized for grant to a Participant in a calendar year.

 

22. 
ADOPTION AND SHAREHOLDER APPROVAL.
This Plan shall be submitted for the approval of the Company’s shareholders, consistent with Applicable Laws, within twelve
(12) months before or after the date this Plan is adopted by the Board.

 

23. 
TERM OF PLAN/GOVERNING LAW.
Unless earlier terminated as provided herein, this Plan will become effective on the Effective Date and will terminate ten (10)
years from such date. This Plan and all Awards granted hereunder shall be governed by and construed in accordance with the laws
of the British Virgin Islands (excluding its conflict of law rules).

 

    	 	16	 

     

    

 

24. 
AMENDMENT OR TERMINATION OF PLAN.
The Board may at any time terminate or amend this Plan in any respect, including, without limitation, amendment of any form of
Award Agreement or instrument to be executed pursuant to this Plan; provided, however, that to the extent necessary
to comply with Applicable Laws, the Board will not, without the approval of the shareholders of the Company, amend this Plan in
any manner that requires such shareholder approval; provided, further, that a Participant’s Award shall be
governed by the version of this Plan then in effect at the time such Award was granted.

 

25. 
NONEXCLUSIVITY OF THE PLAN.
Neither the adoption of this Plan by the Board, the submission of this Plan to the shareholders of the Company for approval, nor
any provision of this Plan will be construed as creating any limitations on the power of the Board to adopt such additional compensation
arrangements as it may deem desirable, including, without limitation, the granting of share Awards and bonuses otherwise than
under this Plan, and such arrangements may be either generally applicable or applicable only in specific cases.

 

26. 
INSIDER TRADING POLICY.
Each Participant who receives an Award shall comply with any policy adopted by the Company from time to time covering transactions
in the Company’s securities by Employees, officers and/or Directors of the Company.

 

27. 
ALL AWARDS SUBJECT TO COMPANY CLAWBACK
OR RECOUPMENT POLICY. All Awards, subject to applicable
law, shall be subject to clawback or recoupment pursuant to any compensation clawback or recoupment policy adopted by the Board
or required by law during the term of Participant’s employment or other service with the Company that is applicable to executive
officers, employees, directors or other service providers of the Company, and in addition to any other remedies available under
such policy and applicable law, may require the cancellation of outstanding Awards and the recoupment of any gains realized with
respect to Awards.

 

28. 
DEFINITIONS.
As used in this Plan, and except as elsewhere defined herein, the following terms will have the following meanings:

 

28.1 
“Affiliate” means
any person or entity that directly or indirectly through one or more intermediaries controls, or is controlled by, or is under
common control with, the Company, including any general partner, managing member, officer or Director of the Company, in each
case as of the date on which, or at any time during the period for which, the determination of affiliation is being made. For
purposes of this definition, the term “control” (including the correlative meanings of the terms “controlled
by” and “under common control with”), as used with respect to any person or entity, means the possession, directly
or indirectly, of the power to direct or cause the direction of the management policies of such person or entity, whether through
the ownership of voting securities or by contract or otherwise.

 

28.2 
“Applicable Laws”
means the requirements relating to the administration of equity-based awards under U.S. state corporate laws, U.S. federal and
state securities laws, the Code, any stock exchange or quotation system on which the Shares are listed or quoted, and the applicable
laws of any other country or jurisdiction where Awards are, or will be, granted under the Plan.

 

    	 	17	 

     

    

 

28.3 
“Award” means any
award under the Plan, including any Option, Restricted Share Award, Share Bonus Award, Share Appreciation Right, Restricted Share
Unit or Performance Award.

 

28.4 
“Award Agreement”
means, with respect to each Award, the written or electronic agreement between the Company and the Participant setting forth the
terms and conditions of the Award, which shall be in substantially a form (which need not be the same for each Participant) that
the Committee (or Board) has from time to time approved, and will comply with and be subject to the terms and conditions of this
Plan.

 

28.5 
“Award Transfer Program”
means any program instituted by the Committee which would permit Participants the opportunity to transfer any outstanding Awards
to a financial institution or other person or entity approved by the Committee.

 

28.6 
“Board” means the
board of Directors of the Company.

 

28.7 
“Cause” means (a)
Participant’s willful failure substantially to perform his or her duties and responsibilities to the Company or deliberate
violation of a Company policy; (b) Participant’s commission of any act of fraud, embezzlement, dishonesty or any other willful
misconduct that has caused or is reasonably expected to result in material injury to the Company; (c) unauthorized use or disclosure
by Participant of any proprietary information or trade secrets of the Company or any other party to whom the Participant owes
an obligation of nondisclosure as a result of his or her relationship with the Company; or (d) Participant’s willful breach
of any of his or her obligations under any written agreement or covenant with the Company. The determination as to whether a Participant
is being terminated for Cause shall be made in good faith by the Company and shall be final and binding on the Participant. The
foregoing definition does not in any way limit the Company’s ability to terminate a Participant’s employment or consulting
relationship at any time as provided in Section 20 above, and the term “Company” will be interpreted to include any
Parent, Subsidiary, Related Entity or Affiliate, as appropriate. Notwithstanding the foregoing, the foregoing definition of “Cause”
may, in part or in whole, be modified or replaced in each individual employment agreement or Award Agreement with any Participant,
provided that such document supersedes the definition provided in this Section 28.7.

 

28.8 
“Code” means the
United States Internal Revenue Code of 1986, as amended, and the regulations promulgated thereunder.

 

28.9 
“Committee” means
the Compensation Committee of the Board or those persons to whom administration of the Plan, or part of the Plan, has been delegated
as permitted by law.

 

28.10 
“Company” means
BORQS Technologies, Inc., or any successor company.

 

28.11 
“Consultant” means
any person, including an advisor or independent contractor, engaged by the Company or a Parent, Subsidiary, Related Entity or
Affiliate to render bona fide services to such entity, provided that such rendered services are not in connection with
the offer or sale of securities in a capital-raising transaction and do not directly or indirectly promote or maintain a market
for the Company’s securities.

 

    	 	18	 

     

    

 

28.12 
“Corporate Transaction”
means the occurrence of any of the following events: (a) any “Person” (as such term is used in Sections 13(d) and
14(d) of the Exchange Act) becomes the “beneficial owner” (as defined in Rule 13d-3 of the Exchange Act), directly
or indirectly, of securities of the Company representing more than fifty percent (50%) of the total voting power represented by
the Company’s then-outstanding voting securities; provided, however, that for purposes of this subclause (a),
the acquisition of additional securities by any one Person who is considered to own more than fifty percent (50%) of the total
voting power of the securities of the Company will not be considered a Corporate Transaction; provided, further,
that the following acquisitions shall not constitute a Corporate Transaction: (I) any acquisition by the Company or any Affiliate,
(II) any acquisition by any employee benefit plan sponsored or maintained by the Company or any Affiliate, or (III) any acquisition
pursuant to a merger or consolidation that would not otherwise constitute a Corporate Transaction by reason of the exception set
forth in subclause (b) below; (b) the consummation of the sale or disposition by the Company of all or substantially all of the
Company’s assets; (c) the consummation of a merger or consolidation of the Company with any other corporation, other than
a merger or consolidation which would result in the voting securities of the Company outstanding immediately prior thereto continuing
to represent (either by remaining outstanding or by being converted into voting securities of the surviving entity or its parent)
at least fifty percent (50%) of the total voting power represented by the voting securities of the Company or such surviving entity
or its parent outstanding immediately after such merger or consolidation; (d) any other transaction which qualifies as a “corporate
transaction” under Section 424(a) of the Code wherein the shareholders of the Company give up all of their equity interest
in the Company (except for the acquisition, sale or transfer of all or substantially all of the outstanding shares of the Company);
or (e) a change in the effective control of the Company that occurs on the date that a majority of members of the Board is replaced
during any twelve (12) month period by members of the Board whose appointment or election is not endorsed by a majority of the
members of the Board prior to the date of the appointment or election; provided, however, that for purpose of this
subclause (e), if any Person is considered to be in effective control of the Company, the acquisition of additional control of
the Company by the same Person will not be considered a Corporate Transaction. For purposes of this definition, Persons will be
considered to be acting as a group if they are owners of a corporation that enters into a merger, consolidation, purchase or acquisition
of shares, or similar business transaction with the Company. Notwithstanding the foregoing, to the extent that any amount constituting
deferred compensation (as defined in Section 409A of the Code) would become payable under this Plan by reason of a Corporate Transaction,
such amount shall become payable only if the event constituting a Corporate Transaction would also qualify as a change in ownership
or effective control of the Company or a change in the ownership of a substantial portion of the assets of the Company, each as
defined within the meaning of Code Section 409A, as it has been and may be amended from time to time, and any proposed or final
Treasury Regulations and IRS guidance that has been promulgated or may be promulgated thereunder from time to time.

 

28.13 
“Director” means
a member of the Board.

 

    	 	19	 

     

    

 

28.14 
“Disability” means,
unless otherwise required by Applicable Law or as may be expressly set forth in an applicable employment agreement, Award Agreement
or other applicable contract with the Participant, (a) in the case of incentive stock options, total and permanent disability
as defined in Section 22(e)(3) of the Code, or (b) in the case of other Awards, that the Participant is unable to engage in any
substantial gainful activity by reason of any medically determinable physical or mental impairment that can be expected to result
in death or can be expected to last for a continuous period of not less than 12 months. A Participant will not be considered to
have incurred a Disability unless he or she furnishes proof of such impairment sufficient to satisfy the Committee in its discretion.

 

28.15 
“Effective Date”
means the date this Plan is approved by the Company’s shareholders, the date of which shall be within twelve (12) months
before or after the date this Plan is adopted by the Board.

 

28.16 
“Employee” means
any person, including officers and Directors, employed by the Company or any Parent, Subsidiary, Related Entity or Affiliate.
Neither service as a Director nor payment of a Director’s fee by the Company will be sufficient to constitute “employment”
by the Company.

 

28.17 
“Exchange Act”
means the United States Securities Exchange Act of 1934, as amended.

 

28.18 
“Exchange Program”
means a program pursuant to which (a) outstanding Awards are surrendered, cancelled or exchanged for cash, the same type of Award
or a different Award (or combination thereof), or (b) the exercise price of an outstanding Award is increased or reduced.

 

28.19 
“Exercise Price”
means, with respect to an Option, the price at which a holder may purchase the Shares issuable upon exercise of an Option and
with respect to a SAR, the price at which the SAR is granted to the holder thereof.

 

28.20 
“Fair Market Value”
means, as of any date, the value of an Ordinary Share determined as follows:

 

(a) 
if such Ordinary Share is publicly traded and
is then listed on a national securities exchange, its closing price on the date of determination on the principal national securities
exchange on which the Ordinary Share is listed or admitted to trading as reported in The Wall Street Journal or such other
source as the Committee deems reliable;

 

(b) 
if such Ordinary Share is publicly traded but
is neither listed nor admitted to trading on a national securities exchange, the average of the closing bid and asked prices on
the date of determination as reported in The Wall Street Journal or such other source as the Committee deems reliable;

 

(c) 
if none of the foregoing is applicable, by the
Board or the Committee in good faith.

 

28.21 
“Insider” means
an officer or director of the Company or any other person whose transactions in the Company’s Ordinary Shares are subject
to Section 16 of the Exchange Act.

 

    	 	20	 

     

    

 

28.22 
“IRS” means the
United States Internal Revenue Service.

 

28.23 
“Option” means
an award of an option to purchase Shares pursuant to Section 5.

 

28.24 
“Ordinary Shares”
means the ordinary shares of the Company.

 

28.25 
“Parent” means
any corporation (other than the Company) in an unbroken chain of corporations ending with the Company if each of such corporations
other than the Company owns shares possessing fifty percent (50%) or more of the total combined voting power of all classes of
shares in one of the other corporations in such chain.

 

28.26 
“Participant” means
a person who holds an Award under this Plan.

 

28.27 
“Performance Award”
means an award granted pursuant to Section 10 of the Plan.

 

28.28 
“Performance Factors”
means any of the factors selected by the Committee and specified in an Award Agreement, from among the following objective measures,
either individually, alternatively or in any combination, applied to the Company as a whole or any business unit or Subsidiary,
either individually, alternatively, or in any combination, on a GAAP or non-GAAP basis, and measured, to the extent applicable
on an absolute basis or relative to a pre-established target, to determine whether the performance goals established by the Committee
with respect to applicable Awards have been satisfied.

 

(a) 
Backlog, Bookings, or Billings, or Book-to-Bill
Ratio

 

(b) 
Sales, Revenue, Net Sales, or Net Revenue

 

(c) 
Profit Before Tax;

 

(d) 
Earnings (which may include earnings before interest,
taxes, depreciation and/or amortization, or such measures adjusted for the impact of stock-based compensation expenses or other
items removed from the Company’s net earnings or adjusted EBITDA or similar measures in its periodic announcements of financial
results, and any per share equivalent of any such measure);

 

(e) 
Operating income;

 

(f) 
Operating profit or loss;

 

(g) 
Gross profit or gross margin;

 

(h) 
Any one or more operating expenses as a percentage
of revenue or otherwise;

 

(i) 
Net income or loss;

 

(j) 
Earnings or loss per share;

 

(k) 
Total stockholder return;

 

    	 	21	 

     

    

 

(l) 
Market share;

 

(m) 
Return on assets or return on net assets;

 

(n) 
Public trading price of the Company’s stock;

 

(o) 
Change in stockholder value relative to a pre-determined
index;

 

(p) 
Return on equity or Return on invested capital;

 

(q) 
Cash Flow (including free cash flow or operating
cash flows)

 

(r) 
Balance of cash, cash equivalents and marketable
securities;

 

(s) 
Cash conversion cycle;

 

(t) 
Economic value added;

 

(u) 
Individual business objectives, which may be
confidential;

 

(v) 
Contract awards;

 

(w) 
Expense reduction;

 

(x) 
Credit rating;

 

(y) 
Completion of specifically identified projects,
joint venture or other corporate transaction;

 

(z) 
Development and implementation of a strategic
plan, diversity plan or succession plan;

 

(aa) 
Employee satisfaction;

 

(bb) 
Employee retention;

 

(cc) 
Customer satisfaction;

 

(dd) 
New product invention or innovation;

 

(ee) 
Attainment of research and development milestones;

 

(ff) 
Improvements in productivity;

 

(gg) 
Achievement of working-capital targets and changes
in working capital; and

 

(hh) 
Attainment of objective operating goals and employee
metrics.

 

    	 	22	 

     

    

 

The
Committee may, in recognition of unusual or non-recurring items such as acquisition-related activities or changes in applicable
accounting rules, provide for one or more equitable adjustments (based on objective standards) to the Performance Factors to preserve
the Committee’s original intent regarding the Performance Factors at the time of the initial award grant. It is within the
sole discretion of the Committee to make or not make any such equitable adjustments.

 

28.29 
“Performance Period”
means one or more periods of time, which may be of varying and overlapping durations, as the Committee may select, over which
the attainment of one or more Performance Factors will be measured for the purpose of determining a Participant’s right
to, and the payment of, a Performance Award.

 

28.30 
“Performance Share”
means an Award granted pursuant to Section 10 of the Plan, the payment of which is contingent upon achieving certain performance
goals established by the Committee.

 

28.31 
“Performance Unit”
means a right granted to a Participant pursuant to Section 10 to receive a designated amount of property other than Shares, the
payment of which is contingent upon achieving certain performance goals established by the Committee.

 

28.32 
“Permitted Transferee”
means any child, stepchild, grandchild, parent, stepparent, grandparent, spouse, former spouse, sibling, niece, nephew, mother-in-law,
father-in-law, son-in-law, daughter-in-law, brother-in-law, or sister-in-law (including adoptive relationships) of the Employee,
any person sharing the Employee’s household (other than a tenant or employee), a trust in which these persons (or the Employee)
have more than 50% of the beneficial interest, a foundation in which these persons (or the Employee) control the management of
assets, and any other entity in which these persons (or the Employee) own more than 50% of the voting interests.

 

28.33 
“Plan” means this
BORQS Technologies, Inc. 2017 Equity Incentive Plan.

 

28.34 
“Purchase Price”
means the price to be paid for Shares acquired under the Plan, other than Shares acquired upon exercise of an Option or SAR.

 

28.35 
“Related Entity”
means any person or entity (including any subsidiary thereof) in or of which the Company or a Subsidiary holds a substantial economic
interest, or possesses the power to direct or cause the direction of the management policies, directly or indirectly, through
the ownership of voting securities, by contract, or other arrangements as trustee, executor or otherwise, but which, for purposes
of the Plan, is not a Subsidiary and which the Board designates as a Related Entity in a matter consistent with Applicable Law,
including without limitation any Variable Interest Entity of the Company or any of its Subsidiaries.

 

28.36 
“Restricted Share Award”
means an award of Shares pursuant to Section 6 of the Plan, or issued pursuant to the early exercise of an Option.

 

28.37 
“Restricted Share Unit”
means an award granted pursuant to Section 9 of the Plan.

 

28.38 
“SEC” means the
United States Securities and Exchange Commission.

 

28.39 
“Securities Act”
means the United States Securities Act of 1933, as amended.

 

    	 	23	 

     

    

 

28.40 
“Service” shall
mean service as an Employee, Consultant and Director, to the Company or a Parent, Subsidiary, Related Entity or Affiliate, subject
to such further limitations as may be set forth in the Plan or the applicable Award Agreement. An Employee will not be deemed
to have ceased to provide Service in the case of sick leave or any other leave of absence approved by the Company, if (a) such
leave is for a period of not more than 90 days, or (b) reemployment upon the expiration of such leave is guaranteed by contract
or statute, or (c) formal policy adopted from time to time by the Company’s Board and issued and promulgated to employees
in writing provides otherwise. In the case of any Employee on an approved leave of absence or a reduction in hours worked (for
illustrative purposes only, a change in schedule from that of full-time to part-time), the Committee may make such provisions
respecting suspension of or modification to vesting of the Award while on leave from the employ of the Company or a Parent, Subsidiary,
Related Entity or Affiliate or during such change in working hours as it may deem appropriate, except that in no event may an
Award be exercised after the expiration of the term set forth in the applicable Award Agreement. An employee shall have terminated
employment as of the date he or she ceases to provide Service (regardless of whether the termination is in breach of local employment
laws or is later found to be invalid) and employment shall not be extended by any notice period or garden leave mandated by local
law, provided however, that a change in status from an employee to a consultant or advisor shall not terminate the service provider’s
Service, unless determined by the Committee, in its discretion. The Committee will have sole discretion to determine whether a
Participant has ceased to provide Service and the effective date on which the Participant ceased to provide Service.

 

28.41 
“Shares” means
Ordinary Shares and the ordinary shares or common stock of any successor entity.

 

28.42 
“Share Appreciation Right”
means an award granted pursuant to Section 8 of the Plan.

 

28.43 
“Share Bonus Award”
means an award granted pursuant to Section 7 of the Plan.

 

28.44 
“Subsidiary” means
any corporation (other than the Company) in an unbroken chain of corporations beginning with the Company if each of the corporations
other than the last corporation in the unbroken chain owns stock possessing fifty percent (50%) or more of the total combined
voting power of all classes of stock in one of the other corporations in such chain.

 

28.45 
“Treasury Regulations”
means regulations promulgated by the United States Treasury Department.

 

28.46 
“Unvested Shares”
means Shares that have not yet vested or are subject to a right of repurchase in favor of the Company (or any successor thereto).

 

 

24Exhibit
10.11

 

WARRANT

 

THIS
WARRANT (“WARRANT”) TO PURCHASE SHARES IN THE CAPITAL OF BORQS TECHNOLOGIES, INC.,
A BRITISH VIRGIN ISLANDS COMPANY No. 1880410 (THE “COMPANY”) IS ISSUED ON THE ISSUE DATE PURSUANT TO THE TERMS
GOVERNING ISSUANCE OF REPLACEMENT WARRANTS OF THAT CERTAIN Merger Agreement, dated as
of December 27, 2016 (as amended or modified by the First Amendment to Merger Agreement dated as of May 10, 2017 and the Second
Amendment to Merger Agreement dated as of June 29, 2017 between the parties, the “Merger Agreement”), by and among
Pacific Special Acquisition Corp., a business company incorporated in the British Virgin Islands with limited liability (the “Purchaser”),
Borqs International Holding Corp (THE “SURVIVING COMPANY”), AND CERTAIN OTHER PARTIES THERETO.

 

	Company:	Borqs Technologies,
    Inc., a British Virgin Islands company, Business No. 1880410
	Warrant Shares:	Ordinary Shares
	Number of Shares:	Up to [●] shares,
    subject to adjustment
	Exchange Price:	$5.36 per Share, subject
    to adjustment
	Issue Date:	August 18, 2017
	Expiration Date:	August 26, 2023

  

The
term “Holder” shall initially refer to [●], a [●] company, which is the initial holder of this Warrant
and shall further refer to any subsequent permitted holder of this Warrant from time to time.

  

The
Company does hereby certify and agree that Holder that this Warrant is issued in consideration of the cancellation of that warrant
of the Surviving Company previously held by Holder and issued to Holder (the “Previous Warrant”) pursuant to
that certain Loan Agreement between Borqs Hong Kong Limited (the “Borrower”) and [●] (the “Loan Agreement”),
and that Holder, or its permitted successors and assigns, hereby is entitled to Exchange or Exercise this Warrant in the Company
for up to [●] ([●]) shares of the Company’s Ordinary Shares (the “Warrant Shares”). This Warrant
is subject to adjustment as set forth in this Warrant. Capitalized terms used but not defined in this Warrant have their meanings
as set forth in the Loan Agreement, whether or not the Loan Agreement is then in effect. When the term “convert” or
“conversion” in relation to the Warrant is used herein, it includes an Exchange and an Exercise, each as defined in
Section 1.3(a), below, as applicable.

  

Section
1.       Term, Price and Exchange of Warrant.

  

1.1    Term
of Warrant. This Warrant shall be convertible from the Issue Date until the expiration date set forth above (hereinafter referred
to as the “Expiration Date”).

  

     

     

    

  

1.2    
Exchange Price. The price per Share at which the Warrant Shares are issuable upon conversion of this Warrant shall be $5.36
per Warrant Share (the “Exchange Price”).

 

1.3    
Conversion of Warrant.

  

(a)   
This Warrant may be exercised, in whole or in part, upon surrender of this Warrant to the Company, together with the Election
to Exchange or Exercise attached hereto as Exhibit A (the “Election”) duly completed and executed with “Exercise”
selected as the mode of conversion, and upon payment to the Company of the Exercise Price for the number of Warrant Shares in
respect of which this Warrant is then being exercised (an “Exercise”). In whole or in part in lieu of an Exercise,
Holder may convert this Warrant on a cashless basis by so indicating in the Election and proceeding in accordance with the remainder
of this Section 1.3 (an “Exchange”). In each above case, Holder shall surrender this Warrant to the Company
at its then principal offices, together with the Election duly completed and executed.

  

(b)       Upon
an Exchange, the Holder shall receive Warrant Shares such that, without the payment of any funds, the Holder shall surrender this
Warrant in exchange for the number of Warrant Shares equal to “X” (as defined below), computed using the following
formula:

 

Y * (A-B)

X = _____________

A

 

Where

  

	X	=	the number of Warrant Shares to be issued to Holder
	Y	=	the number of Warrant Shares to be converted under this Warrant
	A	=	the Fair Market Value of one Warrant Share
	B	=	the Exchange Price (as adjusted to the date of such calculations)
	*	=	multiplied by

 

(c)       For
purposes of calculating Fair Market Value for purposes of Exchanging this Warrant, the “Fair Market Value” of one
Warrant Share shall be (i) if the Company’s securities become listed on an internationally-recognized securities exchange,
inter-dealer quotation system or over-the-counter market (a “Trading Market”, the average closing sale price
reported on such exchange for such listed securities during the 20-trading day period immediately prior to the date Holder delivers
its Election to the Company, or (ii) if the Company’s securities are traded over-the-counter, the highest average of bid
and ask price for such securities over the 20-trading day period immediately prior to the day Holder delivers its Election to
the Company, in each case of (i) and (ii), above, if the Warrant Shares are convertible into such listed or over-the-counter traded
securities other than on a one-to-one basis, multiplied by the ratio at which one Warrant Share converts into such other security.
If the Company’s securities are not listed or traded as contemplated in clauses (i) or (ii), above, the Fair Market Value
of the Warrant Shares shall be the price per Warrant Share which the Company could obtain from a willing buyer of Warrant Shares
sold by the Company from its authorized maximum number of shares, initially as the Board of Directors of the Company (“Board”)
shall determine in its reasonable good faith judgment, subject to Holder’s valuation rights below, but in no event less
than the price to which a holder of Warrant Shares would be entitled based on an enterprise valuation of the Company (including
its Subsidiaries if part of a Group) as a going concern and the application of the rights, preferences and privileges of the Company’s
outstanding securities as set forth in the Company’s Constitutional Documents without discount for minority, control or
lack of marketability. For the avoidance of doubt, if the Board relies on an appraisal to determine the Fair Market Value of the
Warrant Shares, such determined Fair Market Value from such appraisal may not assume the automatic conversion of all convertible
securities in deriving such Fair Market Value but, instead, shall be based on enterprise value and application of the rights,
preferences and privileges of the Company’s outstanding securities as set forth in the Company’s Constitutional Documents
as if the Company (or Group) were being sold in an Acquisition for cash to determine what dollar value each class of security
would receive upon such Acquisition. If the Warrant is to be converted in connection with an Acquisition (in fact), the Fair Market
Value of a Warrant Share shall be based on the enterprise value specified or implied in such Acquisition and shall be the greater
of (A) the value attributable to the Warrant Shares and (B) the value attributable to the Company securities into which the Warrant
Shares are (or may be) convertible (but subject to Holder’s conversion directly into such other Company securities). If
Holder disagrees the Board's determination, Holder may engage an independent appraiser to determine fair market value of the Warrant
Shares the foregoing basis at shared expense between the Company and Holder. If the fair market value difference between the Board's
determination and the determination by the Holder's appraiser is less than 30%, then the average between the two determinations
shall be deemed to be the fair market value. If the difference is 30% or more, then the parties shall agree a second appraiser,
with each party bearing half of the expense of such second appraiser, and the determination of such appraiser shall be deemed
to be the fair market value.

 

    2

     

    

 

(d)     
                                         In the event that Holder converts this Warrant in connection with a transaction in which
                                         shares of the same class and series as the Warrant Shares are converted into another
                                         security, Holder may effect a conversion directly into such other security.

 

(e))     
Subject to Section 2 hereof, upon delivery of the duly completed and executed Election, the Company shall issue and deliver within
two (2) business days to Holder or such other person as Holder may designate in writing a certificate or certificates and a certified
copy of the register of members of the Company maintained under section 41 of the BVI Business Companies Act, 2004 (as amended)
evidencing the Holder’s ownership of the number of Warrant Shares so acquired upon the conversion of this Warrant. Such
certificate(s) or other legal evidence shall be deemed to have been issued and any person so designated to be named therein shall
be deemed to have become a shareholder of the Company and a holder of record of such Warrant Shares as of the date the Election
is delivered to the Company, provided, however, Holder’s admission as a shareholder shall be subject to Holder’s execution
and delivery of such agreements as may be required of all shareholders or of an accession or similar agreement by which Holder
agrees to be bound by such agreements. If this Warrant is converted in part, a new warrant substantially identical to this Warrant
for the number of Shares not converted shall be promptly executed and delivered to Holder by the Company.

 

1.4)     
Fractional Interests. The Company shall not be required to issue fractions of Warrant Shares upon the conversion of this
Warrant. If any fraction of a Warrant Share would be issuable upon the conversion of this Warrant (or any portion thereof), the
Company shall purchase such fraction for an amount in cash equal to the fair market value of a Warrant Share as determined by
the Board in its reasonable judgment.

  

1.5       Register.
A register of holders (the “Register”) shall be kept by or on behalf of the Company at its registered office or at
such other place as may be permitted by applicable law. There shall be entered in the Register:

 

		(a)	the
                                         names and addresses of the person(s) for the time being entitled to be registered as
                                         the holders of this Warrant;

 

		(b)	the
                                         number of Warrants held by every such registered holder; and

 

		(c)	the
                                         date on which the name of every such registered holder is entered in the Register in
                                         respect of the Warrants standing to its name.

  

Any
change in the name or address of the Holder shall be notified to the Company in writing within a reasonable time after the change
occurs which shall cause the Register to be altered accordingly. The Holder and any person authorised by the Holder shall be at
liberty at all reasonable times during office hours to inspect the Register and to take copies of or extracts from it or any part
of it. The Company shall be entitled to treat the Holder as the absolute owner of this Warrant and accordingly shall not, except
as ordered by a court of competent jurisdiction or as required by law, be bound to recognise any equitable or other claim to,
or interest in, this Warrant on the part of any other person, whether or not it shall have express or other notice of that claim
or interest. The Holder will be recognised by the Company as entitled to this Warrant free from any equity, set off or cross claim
on the part of the Company against the original or any intermediate holder of such Warrant.

  

1.6       Certain
Definitions. For purposes of this Warrant:

 

“Acquisition”
means, in any single transaction or series of related transactions: (i) any sale or other disposition (including exclusive license)
of all or substantially all of the assets of the Company in whatever form and however consummated, (ii) any reorganization, consolidation,
merger or acquisition of the Company or a Controlling interest in the Company, or (iii) any liquidation or deemed liquidation
under the Company’s Constitutional Documents.

 

    3

     

    

 

An
“Affiliate” of, or person “affiliated” with, a specified Person, is a Person that directly, or
indirectly through one or more intermediaries, beneficially owns or is beneficially owned, controls or is controlled by, or is
under common control with, the Person specified, and any person or entity that owns or controls directly or indirectly ten percent
(10%) or more of the Shares of Company shall be deemed to be an Affiliate of the Company.

 

“Constitutional
Documents” means the Company’s Certificate of Incorporation, any Certificate of Incorporation on Change of Name,
its Memorandum and Articles of Association (as amended and restated, as applicable) and any agreements between or among the Company
and holders of any class or series of its shares.

 

“Control”
(including the terms “controlling”, “controlled by” and “under common control with”) means
the possession, direct or indirect through one or more Affiliates, of the power to direct or cause the direction of the management
and policies of a person, whether through the ownership or voting of voting securities, by contract, or otherwise.

 

“Founder(s)”
means the Person(s) who have founded and / or direct the PRC businesses that comprise the business of the Group.

 

“Group”
means the Company, together with its direct and indirect subsidiaries and Affiliates, that comprise the business enterprise in
which the Company is the beneficial owner, by actual share ownership, contract or otherwise.

 

“Liquidity
Event” means a transaction in which any holders of equity in the Group and/or Local Management of the Group (whether
the corporate vehicle for such holders now exists or exists in the future) would be reasonably expected to substantially achieve
a financial exit or return from their investments in the Group, such as an initial public offering or listing or quotation of
the Company’s shares, an Acquisition, a change of Control or any transaction or event with similar effect to any of the
foregoing, and the term “Liquidity Vehicle” means the entity through which a Liquidity Event is to be ultimately
consummated.

 

“Local
Management” means the Founder(s) and/or management of the Group operating entities and would typically, but not exclusively,
be the Persons who founded and / or managed the operating entities prior to investor participation through the funding of the
Company.

  

“Localization
Transaction” has the meaning set forth in Section 1.8.

 

“Marketable
Securities” means securities meeting all of the following requirements: (i) the issuer thereof is then subject to the
reporting requirements of Section 13 or Section 15(d) of the Securities Exchange Act of 1934, as amended (the “Exchange
Act”) or comparable reporting requirements of the exchange or in the jurisdiction in which the Company’s securities
are listed or traded, and is then current in its filing of all required reports and other information thereunder; (ii) the class
and series of shares or other security of the issuer that would be received by Holder in connection with the Acquisition were
Holder to exercise this Warrant on or prior to the closing thereof is then traded on a Trading Market, (iii) Holder would be able
to publicly re-sell, within thirty (30) calendar days following the closing of such Acquisition, all of the issuer’s shares
and/or other securities that would be received by Holder in such Acquisition were Holder to exercise this Warrant in full on or
prior to the closing of such Acquisition, and (iv) Holder is not subject to any lock-up or similar restriction (whether contractual
or regulatory).

 

    4

     

    

 

“Person”
or “person” means any individual, sole proprietorship, partnership, joint venture, trust, unincorporated organization,
association, corporation, government, or any agency or political division thereof, or any other entity of any kind.

 

1.6       Automatic
Conversion upon Expiration. Upon the Expiration Date, this Warrant shall automatically be deemed on and as of such date to
be Exchanged pursuant to Section 1.3 as to all Warrant Shares (or such other securities) for which this Warrant has become convertible
and for which it shall not previously have been converted for Warrant Shares (or if not then outstanding, into such other class
and series of securities into which the Warrant Shares is then convertible), and the Company shall promptly deliver a certificate
and a certified copy of the register of members of the Company maintained under section 41 of the BVI Business Companies Act,
2004 (as amended) or other legal evidence of ownership of such other securities issued upon such Exchange to Holder.

 

1.7       Treatment
of Warrant Upon Acquisition of Company. Without prejudice to Holder’s right to convert this Warrant at any time at its
option, upon the closing of any Acquisition in which the sole consideration is cash or Marketable Securities or a combination
of the foregoing, Holder shall (at its sole option) either (i) convert this Warrant, and such conversion will be deemed effective
immediately prior to the consummation of such Acquisition or (ii) if Holder elects not to convert this Warrant, this Warrant will
expire upon the consummation of such Acquisition. The Company shall provide reasonable advance notice of an Acquisition and in
no event shall such advance notice be less than ten (10) Business Days. In all other Acquisitions (including without limitation,
where the consideration is part cash and part other consideration that is not (all) Marketable Securities), the surviving entity
shall (unless Holder elects to convert this Warrant), as a condition to such Acquisition, assume the obligations of the Company
under this Warrant mutatis mutandis and to the extent applicable, in which case this Warrant shall be exercisable for the same
securities as would be deliverable for the Warrant Shares issuable upon Exchange of the unexchanged portion of this Warrant as
if such Warrant Shares were issued shares on the record date for the Acquisition (and the Warrant Price and/or number of Warrant
Shares shall be adjusted accordingly).

 

    5

     

    

 

1.8       Conditional
Repurchase Obligation Upon Reorganization of Off-Shore Holding Company Structure.

 

(a)       The
Company acknowledges that as of the Issue Date, the Company is the penultimate holding company in a multi-entity group, some of
the operating entities of which are entities formed under the laws of jurisdictions other than the British Virgin Islands, including
the PRC, and the group has been structured so that as of the Issue Date the Company is anticipated to be the corporate vehicle
in which a Liquidity Event will be effected for the benefit of the Group’s beneficial owners. Without limiting the adjustments
that may be required under Section 4, if: (i) the Group should be reorganized (whether in anticipation of a Liquidity
Event or otherwise) such that after such reorganization a Group entity other than the Company will be the vehicle in which such
Liquidity Event is to be consummated (any such Group reorganization transaction, including a so-called “de-VIE” transaction
in respect of a PRC localization, a “Localization Transaction”), and (ii) in connection with a Localization
Transaction (A) for any reason (other than the laws of its own jurisdiction of domicile) Holder is unable to receive and hold
its pro rata ownership in the new Liquidity Vehicle (or receive consideration, if the Localization Transaction is consummated
directly or indirectly in connection with a Liquidity Event) due to a legal or regulatory impediment (such as, for example only
in the case of the PRC, restrictions on non-PRC Person ownership of a warrant or equity in any new PRC Liquidity Vehicle), then,
without limiting Holder’s right to transfer this Warrant to or receive an equivalent warrant in such surviving PRC entity
in the name of a Holder-designated PRC Person that may lawfully hold such new warrant without such regulatory impediment, or
(B) Holder is not provided the opportunity to exchange this Warrant for a warrant or equivalent equity in the new Liquidity
Vehicle, then, as a joint and several obligation, the Company, the Borrower under the Loan Agreement (whether or
not the Loan Agreement is then in effect) and/or the new Liquidity Vehicle shall, upon initial closing of such Localization Transaction,
purchase this Warrant for the amount that Holder would receive on an as-converted into Warrant Shares basis, applying the liquidation
preferences and adjustments as would reasonably apply assuming a liquidation of the Company under the Company’s Constitutional
Documents, with the value to be assumed for purposes of determining the amount attributable to the Warrant Shares being the Enterprise
Valuation (such purchase amount, the “Warrant Purchase Price” and such term as defined below).

 

(b)       The
Warrant Purchase Price determined in accordance with this Section shall be paid in cash in full upon the initial closing of the
Localization Transaction and shall not be subject to any post-Localization Transaction closing contingencies or adjustments, including
without limitation, earn-out or escrowed consideration.

 

(c)       The
term “Enterprise Valuation” means the fair market value of the Group at the time of a Localization Transaction,
which shall be mutually agreed between Holder and the Company and which may be inferred from the implied valuation in connection
with any then recent arm’s length Group equity or convertible debt financing, the valuation used for purposes of new proposed
investment in the Group, as anticipated to be localized, any then recent and comprehensive (from a Group perspective) independent
professional valuation report or, failing agreement between the Company and Holder as to the fair market value of the Group, by
independent appraisal as contemplated in Section 1.3(c).

 

    6

     

    

 

Section
2.      Exchange and Transfer of Warrant.

  

(a)     This Warrant may be transferred, in whole or in part, without restriction, subject only to (i) Holder’s compliance with
applicable securities laws (which, in the case of Affiliates, shall be deemed satisfied by Holder (and transferee) certification
of Affiliate status), and (ii) the transferee holder of the new Warrant assuming the obligations of Holder set forth in this Warrant.
A transfer may be registered with the Company by submission to it of the annexed Assignment Form attached hereto as Exhibit
B duly completed and executed. After the Company’s registration of a transfer of this Warrant, the Company will issue
and deliver to the transferee a new warrant (representing the portion of this Warrant so transferred) upon the same terms and
conditions as this Warrant and in substantially identical form, which the Company will register in the new holder’s name.
In the event of registration of a partial transfer of this Warrant, the Company shall concurrently issue and deliver to the transferring
holder a new warrant that entitles the transferring holder to the balance of this Warrant not so transferred and that otherwise
is upon the same terms and conditions as this Warrant. Upon the delivery of this Warrant for transfer, the transferee holder shall
for all purposes become the holder of the new warrant issued for the portion of this Warrant so transferred, irrespective of the
date of actual delivery of the new warrant representing the portion of this Warrant so transferred.

   

(b)     
In the event of the loss, theft or destruction of this Warrant, the Company shall execute and deliver an identical new warrant
to Holder in substitution therefor upon the Company's receipt of (i) evidence reasonably satisfactory to the Company of such event,
and (ii) if requested by the Company, an indemnity agreement in reasonable and customary form.

  

(c)     
The Company shall pay its own and all Holder’s reasonable costs and expenses incurred in connection with the conversion,
transfer or replacement of this Warrant, including, without limitation, securities compliance, the costs of preparation, execution
and delivery of a new warrant and of certificates or other legal evidence of all Warrant Shares.

 

Section
3.      Certain Covenants.

 

(a)    The Company shall ensure that any approval of its Board and shareholders required for issuance of this Warrant and of the Warrant
Shares issuable upon conversion hereof (which shall, for the avoidance of doubt, include any securities into which Warrant Shares
are or become convertible) remains in full force and effect until the earlier of conversion or the Expiration Date.

  

(b)     The Company will not, by amendment of its Constitutional Documents or through reorganization, consolidation, merger, amalgamation,
sale of assets or otherwise, avoid or seek to avoid the observance or performance of any of the terms of this Warrant. Without
limiting the foregoing, the Company will from time to time take all such action as may be necessary or appropriate in order that
the Company may validly and legally issue Warrant Shares upon the conversion of this Warrant.

 

    7

     

    

 

(d)     The
Company shall not treat the Warrant or the Warrant Shares as being granted or issued as property transferred in connection with
the performance of services or otherwise as compensation for services rendered.

  

(e)       The
Company shall not characterize the Warrant as an ownership interest in the Company or Holder as a shareholder of the Company until
such time as Holder converts the Warrant for Warrant Shares and is entered as a shareholder of the Company’s register of
members.

 

(f)       The
Company shall ensure and shall procure that at all times this Warrant is in effect, Holder shall have the benefits accorded “Investors”
under that certain Registration Rights Agreement among the Company, the Purchaser Representative and such Investors of even date
with this Warrant and the Company shall not consent to any amendment of the Registration Rights Agreement that would have the
effect of treating Holder differently than or depriving Holder of benefits that are accorded other Investors under the Registration
Rights Agreement.

  

Section
4.     Adjustments to Number of Warrant Shares, Etc.

  

4.1     
Adjustments. In order to prevent dilution of the rights granted hereunder, the Number of Shares and Exchange Price shall
be subject to adjustment from time to time in accordance with this Section 4. Upon each adjustment of the Exchange Price pursuant
to this Section 4, Holder shall thereafter be entitled to acquire upon conversion, at the Exchange Price resulting from such adjustment,
the number of Warrant Shares obtainable by multiplying the Exchange Price in effect immediately prior to such adjustment by the
number of Warrant Shares acquirable immediately prior to such adjustment and dividing the product thereof by the new Exchange
Price resulting from such adjustment.

  

4.2     
Subdivisions, Combinations and Stock Dividends. If the Company shall at any time subdivide by split-up or otherwise, the
class and series of Company securities into which the Warrant could then be converted into a greater number of shares, or issue
additional securities as a dividend, bonus issue or otherwise with respect to such securities into which the Warrant could be
converted, then the Exchange Price in effect immediately prior to such subdivision or share dividend or bonus issue shall be proportionately
reduced and the number of shares acquirable upon exchange hereunder shall be proportionately increased. Conversely, if the class
and series of Company securities into which the Warrant could then be converted are combined into a smaller number of shares,
the Exchange Price in effect immediately prior to such combination shall be proportionately increased.

  

4.3     
Reclassification, Exchange, Substitutions, Etc. Upon any reclassification, exchange, substitution, or other event that
results in a change of the number and/or class of the securities issuable upon exchange or exercise of this Warrant, Holder shall
be entitled to receive, upon conversion of this Warrant, the number and kind of securities and property that Holder would have
received for the Warrant Shares if this Warrant had been converted immediately before such reclassification, exchange, substitution,
or other event. Such an event shall include any automatic conversion of the outstanding or issuable securities of the Company
of the same class or series as the Warrant Shares to Ordinary Shares pursuant to the Company’s Constitutional Documents
upon the closing of a public offering of the Company's Ordinary Shares. The Company or its successor shall promptly issue to Holder
an amendment to this Warrant setting forth the number and kind of such new securities or other property issuable upon exchange
or exercise of this Warrant as a result of such reclassification, exchange, substitution or other event that results in a change
of the number and/or class of securities issuable upon exchange or exercise of this Warrant. The amendment to this Warrant shall
provide for adjustments (as determined in good faith by the Board) which shall be as nearly equivalent as may be practicable to
the adjustments provided for in this Article 4 including, without limitation, adjustments to the Warrant Price and to the number
of securities or property issuable upon exchange of the new Warrant. The provisions of Sections 4.2 and 4.3 shall similarly apply
to successive subdivisions, combinations, Share dividends, distributions, reclassifications, exchanges, substitutions, and dilutive
events.

 

    8

     

    

 

4.4     
Notices of Record Date, Etc. In the event that the Company shall:

  

(1)    declare or propose to declare any dividend upon Company securities, whether payable in cash, property, shares or other securities
and whether or not a regular cash dividend, or

  

(2)    offer for sale any additional shares of any class or series of the Company’s stock or securities exchangeable for or convertible
into such stock in any transaction that would give rise (regardless of waivers thereof) to pre-emptive rights of any class or
series of shareholders, or

  

(3)    effect or approve any reclassification, exchange, substitution or recapitalization of the authorized shares of the Company, including
any subdivision or combination of its issued shares, or consolidation or merger of the Company with, or sale of all or substantially
all of its assets to, another corporation, or to liquidate, dissolve or wind up (including an assignment for the benefit of creditors),
or

  

(4)    offer holders of registration rights the opportunity to participate in any public offering of the Company’s securities,
or receive a notice or demand for redemption of Company securities, or

  

(5)    offer shareholders the opportunity to participate in any public offering of the Company’s securities, then, in connection
with such event, the Company shall give to Holder:

  

(i)     at least ten (10) days prior written notice of the date on which the books of the Company shall close or a record shall be taken
for such a distribution or offer in respect of the matters referred to in (1) or (2) above, or for determining rights to vote
in respect of the matters referred to in (3) above; and

  

    9

     

    

  

(ii)     
in the case of the matters referred to in (4) and (5) above, the greater of (A) ten (10) days prior written notice of the date
when the same shall take place and (B) the date that notice is or is required to be given to any shareholder.

  

Such
notice in accordance with the foregoing clause (1) shall also specify, in the case of any such distribution, the date on which
the holders of Company securities shall be entitled thereto and the terms of such distribution, and such notice in accordance
with clause (2) shall also specify the date on which the holders of Company securities shall be entitled to convert their stock
for securities or other property deliverable upon such reorganization, reclassification, exchange, substitution, consolidation,
merger or sale, as the case may be, and the terms of such exchange. Each such written notice shall be given by first class mail,
postage prepaid, addressed to the holder of this Warrant at the address of Holder.

 

4.5     Adjustment for Capitalization Table Errors. The parties acknowledge their mutual agreement that the initial Number of Shares
is based on the capitalization of the Surviving Company having been, in all material respects, as represented to Holder at the
time of the issuance of the Previous Warrant. If the fully-diluted equity of the Company was not, as of the issue date of the
Previous Warrant, in fact as represented to the Holder, the Number of Shares and / or Exchange Price shall be equitably adjusted
under Section 4.6.

  

4.6     Adjustments by Board. If any event occurs as to which the provisions of this Section 4 are not strictly applicable or if
strictly applicable would not fairly protect the rights of Holder in accordance with the essential intent and principles of such
provisions, then the Board shall make an adjustment in the application of such provisions, in accordance with such essential intent
and principles, so as to protect such rights.

  

4.7     Officer’s Statement as to Adjustments. Whenever the Number of Shares subject to this Warrant is required to be or
is adjusted as provided in Section 4, the Company shall forthwith file at the office designated for the conversion of this Warrant
a statement, signed by the chief financial officer of the Company, showing in reasonable detail the facts requiring such adjustment
and the number of issuable Warrant Shares that will be effective after such adjustment. If such notice relates to an adjustment
resulting from an event referred to in Section 4.3, such notice shall be included as part of the notice required to be mailed
or published under the provisions of Section 4.4.

  

4.8     Issue of Securities other than Warrant Shares. In the event that at any time, as a result of any adjustment made pursuant
to Section 4, Holder thereafter shall become entitled to receive any securities of the Company, other than Warrant Shares, thereafter
the number of such other securities so receivable upon conversion of this Warrant shall be subject to adjustment from time to
time in a manner and on terms as nearly equivalent as practicable to the provisions with respect to the Warrant Shares contained
in Section 4.

  

    10

     

    

 

Section
5.      Rights of the Warrant Holder.

  

This
Warrant shall entitle Holder, upon Conversion, to the benefit of all rights as are applicable to any shareholder of the Company
holding shares that are the same class and series as the Warrant Shares.

  

Section
6.    Representations, Warranties and Covenants of the Company. The Company represents and warrants to, and covenants with,
Holder that:

  

6.1     Corporate Power; Authorization. The Company has all requisite corporate power
and has taken all requisite corporate action to execute and deliver this Warrant, to issue the Warrant and Warrant Shares and
to carry out and perform all of its obligations hereunder. This Warrant has been duly authorized, executed and delivered on behalf
of the Company and constitutes the valid and binding agreement of the Company, enforceable in accordance with its terms, except
(i) as limited by applicable bankruptcy, insolvency, reorganization or similar laws relating to or affecting the enforcement of
creditors' rights generally and (ii) as limited by equitable principles generally. Any person executing this Warrant on behalf
of the Company is a duly authorized officer of the Company with all necessary legal authority to bind the Company generally and
with the specific legal authority to cause the Company to execute and deliver this Warrant.

 

6.2     Validity
of Securities. This Warrant, when sold by the Company against the consideration therefor as provided herein, will be validly
authorized, issued and fully paid. The issuance and delivery of the Warrant is not subject to any consent, approval, pre-emptive
or any similar rights of the shareholders of the Company (which has not been duly secured or waived), including without limitation
any pre-emptive rights, rights of first refusal or any liens or encumbrances except for restrictions on transfer provided for
herein or under applicable securities laws; and when and if Warrant Shares are issued upon conversion and in accordance with the
terms hereof and this Warrant is converted for such Warrant Shares, such shares will be, at each such issuance, validly issued
Warrant Shares of the Company, in compliance with all applicable securities laws and free of any liens or encumbrances except
for restrictions on transfer provided for herein, in the Constitutional Documents or under such applicable securities laws.

   

6.3     Capitalization.
At the Issue Date, the Company is authorized to issue an unlimited number of Ordinary shares of a no par value. As of the Issue
Date hereof, the Company has reserved a total of 530,432 Ordinary shares under its 2017 Equity Incentive Plan, of which 0 shares
are reserved for issuance upon exercise of outstanding options, and has assumed a total of 3,628,196 outstanding options pursuant
to its assumption of the Borqs 2007 Global Share Plan. A true, correct and current copy of the Company’s Constitutional
Documents, as proposed to be amended in connection with the consummation of the transactions outlined in the Merger Agreement
(the “Merger”), is attached to the Proxy Statement filed with the U.S. Securities and Exchange Commission on July
14, 2017 (the “Proxy Statement”). Except as specified in the Proxy Statement, there are no other options, warrants,
conversion privileges or other contractual rights presently outstanding to purchase or otherwise acquire any authorized but unissued
shares of the Company or other securities.

 

    11

     

    

 

6.4     No
Conflict. The execution and delivery of this Warrant do not, and the consummation of the transactions contemplated hereby
and thereby will not, conflict with, or result in any violation of, or default (with or without notice or lapse of time, or both),
or give rise to a right of termination, cancellation or acceleration of any obligation or to a loss of a material benefit, under,
any provision of the Company’s Constitutional Documents, as amended, or any mortgage, indenture, lease or other agreement
or instrument, permit, concession, franchise, license, judgment, order, decree, statute, law, ordinance, rule or regulation applicable
to the Company, its properties or assets, the effect of which would have a material adverse effect on the Company or materially
impair or restrict its power to perform its obligations as contemplated hereby.

  

6.5       Governmental
and other Consents. As at the Issue Date, no consent, approval, order or authorization of, or registration, qualification,
designation, declaration or filing with, any governmental authority or other person or entity is required on the part of the Company
in connection with the issuance, sale and delivery of the Warrant and the Warrant Shares, except such filings as shall have been
made prior to and shall be effective on and as of the date hereof. All Company and shareholder consents required in connection
with issuance of the Warrant and Warrant Shares have either been obtained by the Company or no such consents are required.

  

6.6       Exempt
from Registration. As at the Issue Date, assuming the accuracy of the representations and warranties of Holder in Section
7 hereof, the offer, sale and issuance of the Warrant and the Warrant Shares will be exempt from any registration requirements
under British Virgin Islands law.

  

Section
7.       Representations and Warranties of Holder. Holder hereby represents and warrants to the Company as of the Issue Date
as follows:

 

7.1       Investment
Experience. Holder is an “accredited investor” within the meaning of Rule 501 under the Securities Act of the
United States of America, and was not organized for the specific purpose of acquiring the Securities. Holder is aware of the Company’s
business affairs and financial condition and has acquired sufficient information about the Company to reach an informed and knowledgeable
decision to acquire the Securities. Holder has such business and financial experience as is required to give it the capacity to
protect its own interests in connection with the purchase of the Warrant and the Warrant Shares.

 

7.2       Investment
Intent. Holder is purchasing the Warrant for investment for its own account only and not with a view to, or for resale in
connection with, any “distribution” thereof within the meaning of the Securities Act. Holder understands that the
Warrant has not been registered under the Securities Act or registered or qualified under any state securities law in reliance
on specific exemptions therefrom, which exemptions may depend upon, among other things, the bona fide nature of Holder’s
investment intent as expressed herein.

 

    12

     

    

 

7.3       Authorization.
Holder has all requisite power and has taken all requisite action required of it to carry out and perform all of its obligations
hereunder. The execution and delivery of this Warrant has been duly authorized, executed and delivered on behalf of Holder and
constitutes the valid and binding agreement of Holder, enforceable in accordance with its terms, except (i) as limited by applicable
bankruptcy, insolvency, reorganization or similar laws relating to or affecting the enforcement of creditors’ rights generally
and (ii) as limited by equitable principles generally. The consummation of the transactions contemplated herein and the fulfillment
of the terms herein will not result in a breach of any of the terms or provisions of Holder’s constitutional documents or
instruments. Any person executing this Warrant on behalf of Holder is a duly authorized officer of Holder with all necessary legal
authority to bind Holder generally and with the specific legal authority to cause Holder to execute and deliver this Warrant.

 

Section
8.     Notices.

 

All
notices to be given under this Warrant shall be in writing and shall be given: (i) personally, or (ii) by reputable private delivery
service, (iii) by regular first-class mail, or certified mail return receipt requested, or (iv) by fax, or (v) by electronic mail.
If sent by fax or electronic mail, such notice shall also be sent concurrently by one of the other methods provided herein. Notices
may be sent to the parties in accordance with their contact details specified below or to any other address, fax number or electronic
mail address later designated in writing by a party. All notices shall be deemed to have been given upon delivery in the case
of notices personally delivered, or at the expiration of one Business Day following delivery to the private delivery service,
or two Business Days following the deposit thereof in the United States mail, with postage prepaid, or upon receipt during the
Business Day where received in the case of notices sent by fax or electronic mail, but subject to reasonably concurrent transmission
by another method, as specified above. The addresses for such communications shall be:

 

if
to Holder, at

 

[●]

 

or
if to the Company, at

  

Borqs
International Holding Corp.

Tower A, Building B23

Universal Business Park

No. 10 Jiuxiangqiao Road

Chaoyang District, Beijing 100015, China

Attn: Pat Chan, CEO

Facsimile No.: 86-10-5975-6363

Telephone No: 86-10-5975-6336

Email: pat.chan@borqs.com

 

with
a copy to:

 

Fenwick
& West LLP

801 California Street

Mountain View, CA 94041

Attn: Eva Wang

Facsimile No.: (650) 938-5200

Telephone No.: (650) 335-7878

Email: ewang@fenwick.com

 

Each
party hereto may from time to time change its address for notices under this Section 9 by giving at least 10 calendar days' notice
of such changes address to the other party hereto.

 

    13

     

    

 

Section
10.      Amendments and Waivers.

 

This
Warrant and any term hereof may be changed, waived, discharged or terminated only by an instrument in writing signed by the party
against which enforcement of such change, waiver, discharge or termination is sought.

  

Section
11.     Applicable Law; Severability.

  

This
Warrant shall be governed by laws of the British Virgin Islands and for the benefit of the Holder, the Company agrees that the
courts of the British Virgin Islands have jurisdiction to hear and determine any action, suit or proceeding, and settle any disputes,
in connection with this Warrant and accordingly submits to the jurisdiction of the British Virgin Islands courts. The Company
waives any objection which it may have to the British Virgin Islands courts on the grounds of inconvenient forum or otherwise
as regards proceedings in connection with this Warrant, agrees not to argue before any court or tribunal that such courts are
an inappropriate or inconvenient forum and agrees that a judgment or order of the British Virgin Islands courts in connection
with this Warrant is conclusive and binding on it and may be enforced in the courts of any other jurisdiction. If any one or more
of the provisions contained in this Warrant, or any application of any provision thereof, shall be invalid, illegal, or unenforceable
in any respect, the validity, legality and enforceability of the remaining provisions contained herein and all other applications
of any provision thereof shall not in any way be affected or impaired thereby.

 

Section
12.     Specific Performance.

 

Without
prejudice to any other rights or remedies that the Holder may have, the Company acknowledges and agrees that damages alone would
not be an adequate remedy for any breach of the terms of this Warrant by the Company. Accordingly, the Holder shall be entitled,
to the remedies of injunction, specific performance or other equitable relief for any actual breach of the terms of this Warrant.

 

Section
13.     Construction.

  

Section
headings are only used in this Agreement for convenience. The Company and Holder each acknowledge that the headings may not describe
completely the subject matter of the applicable Section, and the headings shall not be used in any manner to construe, limit,
define or interpret any term or provision of this Agreement. This Agreement has been fully reviewed and negotiated between the
parties and no uncertainty or ambiguity in any term or provision of this Agreement shall be construed strictly against either
party under any rule of construction or otherwise.

  

[REMAINDER
OF PAGE INTENTIONALLY LEFT BLANK]

 

    14

     

    

 

IN
WITNESS WHEREOF, the Company has caused this Warrant to be duly executed on the day and year first above written.

 

	COMPANY:	ACKNOWLEDGED AND AGREED:
	 	 
	BORQS TECHNOLOGIES, INC.	HOLDER:
	 	 
	 	[NAME]

 

	By:	 	 	By:	 
	 	 	 	 	 
	Name:	 	 	Name:	 
	 	 	 	 	 
	Title:	 	 	Title:	 

  

BORQS INTERNATIONAL HOLDING CORP Warrant
Signature Page

 

     

     

    

 

Exhibit
A

 

To:     
BORQS TECHNOLOGIES, INC.

  

ELECTION
TO EXCHANGE OR EXERCISE

  

The
undersigned hereby exercises its right to Exchange its Warrant for _________________ fully paid, validly issued and nonassessable:

  

☐
Ordinary Shares 

 

The
undersigned hereby exercises its right to Exercise its Warrant for _________________ fully paid, validly issued and nonassessable:

 

☐ 
Ordinary Shares 

  

[check
one box]

 

covered
by the attached Warrant in accordance with the terms thereof.

  

and
requests that certificates or other legal evidence of ownership of such Shares be issued in the name of, and delivered to:

 

______________________

______________________

______________________

  

Date:
_____________________ [Holder]

 

	 	By	 
	 		Name:
	 		Title:

 

     

     

    

 

Exhibit
B

 

ASSIGNMENT
FORM

 

To:    
BORQS TECHNOLOGIES, INC.

  

The
undersigned hereby assigns and transfers this Warrant to

 __________________________________________________

(Insert
assignee’s social security or tax identification number)

 

____________________________________________________________________

(Print
or type assignee’s name, address and postal code)

 

____________________________________________________________________

 

____________________________________________________________________

 

and
irrevocably appoints _______________________________________ to transfer this Warrant on the books of the Company.

 

Date:
__________________

  

	 	[HOLDER]
	 	 	 
	 	By:	 
	 		
	 	Name:	

  

Title:
__________________________

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