Document:

Exhibit 10.3

 

REGISTRATION RIGHTS AGREEMENT

 

THIS REGISTRATION RIGHTS AGREEMENT (this “Agreement”)
is entered into as of June 10, 2021, by and among Lakeshore Acquisition I Corp., a Cayman Islands exempted company (the “Company”),
and the undersigned parties listed under Investors on the signature page hereto (each, an “Investor” and collectively, the
 “Investors”).

 

WHEREAS, the Investors and the Company desire to
enter into this Agreement to provide the Investors with certain rights relating to the registration of the securities held by them as
of the date hereof or that may be held by them upon consummation of a Business Combination (defined below);

 

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

 

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

 

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

 

“Business Combination”
means the acquisition of direct or indirect ownership through a merger, stock exchange, asset acquisition, stock purchase, recapitalization,
reorganization or other similar type of transaction, of one or more businesses or entities.

 

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

 

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

 

“Demand Registration”
is defined in Section 2.1.1.

 

“Demanding Holder”
is defined in Section 2.1.1.

 

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

 

“Form S-3” is defined
in Section 2.3.

 

“Founder Shares” means
the 1,437,500 ordinary shares, par value $0.0001 per share, issued to the Company’s initial shareholders prior to the Company’s
initial public offering, which include up to an aggregate of 187,500 ordinary shares subject to forfeiture by our initial shareholders
to the extent that the underwriters’ over-allotment option is not exercised in full.

 

“Indemnified Party”
is defined in Section 4.3.

 

“Indemnifying
Party” is defined in Section 4.3.

  

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

 

“Investor Indemnified
Party” is defined in Section 4.1.

 

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

 

“Notices”
is defined in Section 6.3.

 

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“Ordinary Shares”
means the ordinary shares, par value $0.0001 per share, of the Company.

 

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

  

“Private Units” means
the Units certain of the Investors are privately purchasing simultaneously with the consummation of the Company’s initial public
offering.

 

 “Private Shares”
means the Ordinary Shares included in the Private Units.

 

“Private Warrants” means
the warrants included in the Private Units.

 

“Pro Rata” is defined
in Section 2.1.4.

 

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

 

“Registrable Securities”
means (i) the Founder Shares, (ii) the Private Shares, (iii) the Private Warrants (and underlying securities), (iv) the Working Capital
Warrants (and underlying securities), if any, and (v) any outstanding Ordinary Shares or any other equity security (including the Ordinary
Shares issued or issuable upon the exercise of any other equity security) of the Company held by an Investor as of the date of this Agreement.
Registrable Securities include any warrants, shares of capital stock or other securities of the Company issued as a dividend or other
distribution with respect to or in exchange for or in replacement of such Founder Shares, Private Shares, Private Warrants (and underlying
securities) and Working Capital Warrants (and underlying securities). As to any particular Registrable Securities, such securities shall
cease to be Registrable Securities when: (a) a Registration Statement with respect to the sale of such securities shall have become effective
under the Securities Act and such securities shall have been sold, transferred, disposed of or exchanged in accordance with such Registration
Statement; (b) such securities shall have been otherwise transferred, new certificates for them not bearing a legend restricting further
transfer shall have been delivered by the Company, and subsequent public distribution of them shall not require registration under the
Securities Act; (c) such securities shall have ceased to be outstanding, or (d) the Registrable Securities are freely saleable under Rule
144 under the Securities Act without volume limitations.

 

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

 

“Representatives” means
Craig-Hallum Capital Group and Roth Capital Partners.

  

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

 

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

 

“Units” means the units
of the Company, each comprised of one Ordinary Share and three-quarters of one warrant, each whole warrant entitling the holder to purchase
one Ordinary Share.

 

“Working Capital Warrants”
means any Warrants held by Investors, officers or directors of the Company or their affiliates which may be issued in payment of working
capital loans made to the Company.

 

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2. REGISTRATION RIGHTS.

 

2.1 Demand Registration.

 

2.1.1 Request for Registration. At
any time and from time to time on or after the date that the Company consummates a Business Combination, the holders of a majority-in-interest
of the Founder Shares, Private Shares, Private Warrants (or underlying securities), Working Capital Warrants (or underlying securities)
or other Registrable Securities, as the case may be, held by the Investors, officers or directors of the Company or their affiliates,
or the transferees of the Investors may make a written demand for registration under the Securities Act of all or part of their Founder
Shares, Private Shares, Private Warrants (or underlying securities), Working Capital Warrants (or underlying securities) or other Registrable
Securities, as the case may be (a “Demand Registration”). Any demand for a Demand Registration shall specify
the number of shares of Registrable Securities proposed to be sold and the intended method(s) of distribution thereof. The Company will,
within ten (10) days of the Company’s receipt of the Demand Registration, notify all holders of Registrable Securities of the demand,
and each holder of Registrable Securities who wishes to include all or a portion of such holder’s Registrable Securities in the
Demand Registration (each such holder including shares of Registrable Securities in such registration, a “Demanding Holder”)
shall so notify the Company, in writing, within three (3) days after the receipt by the holder of the notice from the Company. Upon any
such request, the Demanding Holders shall be entitled to have their Registrable Securities included in the Demand Registration, subject
to Section 2.1.4 and the provisos set forth in Section 3.1.1. The Company shall not be obligated to effect more than an aggregate of two
(2) Demand Registrations under this Section 2.1.1 in respect of all Registrable Securities.

 

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

 

2.1.3 Underwritten Offering. If a
majority-in-interest of the Demanding Holders so elect and such holders so advise the Company as part of their written demand for a Demand
Registration, the offering of such Registrable Securities pursuant to such Demand Registration shall be in the form of an underwritten
offering. In such event, the right of any holder to include its Registrable Securities in such registration shall be conditioned upon
such holder’s participation in such underwriting and the inclusion of such holder’s Registrable Securities in the underwriting
to the extent provided herein. All Demanding Holders proposing to distribute their Registrable Securities through such underwriting shall
enter into an underwriting agreement in customary form with the Underwriter or Underwriters selected for such underwriting by a majority-in-interest
of the holders initiating the Demand Registration.

 

2.1.4 Reduction
of Offering. If the managing Underwriter or Underwriters for a Demand Registration that is to be an underwritten offering
advises the Company and the Demanding Holders in writing that the dollar amount or number of shares of Registrable Securities which
the Demanding Holders desire to sell, taken together with all other Ordinary Shares or other securities which the Company desires to
sell and the Ordinary Shares, if any, as to which registration has been requested pursuant to written contractual piggy-back
registration rights held by other stockholders of the Company who desire to sell, exceeds the maximum dollar amount or maximum
number of shares that can be sold in such offering without adversely affecting the proposed offering price, the timing, the
distribution method, or the probability of success of such offering (such maximum dollar amount or maximum number of shares, as
applicable, the “Maximum Number of Shares”), then the Company shall include in such registration: (i)
first, the Registrable Securities as to which Demand Registration has been requested by the Demanding Holders (pro rata in
accordance with the number of shares that each such Person has requested be included in such registration, regardless of the number
of shares held by each such Person (such proportion is referred to herein as “Pro Rata”)) that can be sold
without exceeding the Maximum Number of Shares; (ii) second, to the extent that the Maximum Number of Shares has not been reached
under the foregoing clause (i), the Ordinary Shares or other securities that the Company desires to sell that can be sold without
exceeding the Maximum Number of Shares; (iii) third, to the extent that the Maximum Number of Shares has not been reached under the
foregoing clauses (i) and (ii), the Registrable Securities of holders exercising their piggy-back registration rights pursuant to
Section 2.2; and (iv) fourth, to the extent that the Maximum Number of Shares has not been reached under the foregoing clauses (i),
(ii), and (iii), the Ordinary Shares or other securities for the account of other persons that the Company is obligated to register
pursuant to written contractual arrangements with such persons and that can be sold without exceeding the Maximum Number of
Shares.

 

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2.1.5 Withdrawal. If a majority-in-interest
of the Demanding Holders disapprove of the terms of any underwriting or are not entitled to include all of their Registrable Securities
in any offering, such majority-in-interest of the Demanding Holders may elect to withdraw from such offering by giving written notice
to the Company and the Underwriter or Underwriters of their request to withdraw prior to the effectiveness of the Registration Statement
filed with the Commission with respect to such Demand Registration. If the majority-in-interest of the Demanding Holders withdraws from
a proposed offering relating to a Demand Registration, then such registration shall not count as a Demand Registration provided for in
Section 2.1. Notwithstanding anything to the contrary in this Agreement, the Company shall be responsible for all costs and expenses
incurred in connection with a registration pursuant to a Demand Registration prior to its withdrawal under this subsection 2.15.

 

2.2 Piggy-Back Registration.

 

2.2.1 Piggy-Back Rights. If at any
time on or after the date the Company consummates a Business Combination the Company proposes to file a Registration Statement under the
Securities Act with respect to an offering of equity securities, or securities or other obligations exercisable or exchangeable for, or
convertible into, equity securities, by the Company for its own account or for shareholders of the Company for their account (or by the
Company and by shareholders of the Company including, without limitation, pursuant to Section 2.1), other than a Registration Statement
(i) filed in connection with any employee stock option or other benefit plan, (ii) for an exchange offer or offering of securities solely
to the Company’s existing shareholders, (iii) for an offering of debt that is convertible into equity securities of the Company
or (iv) for a dividend reinvestment plan, then the Company shall (x) give written notice of such proposed filing to the holders of Registrable
Securities as soon as practicable but in no event less than ten (10) days before the anticipated filing date, which notice shall describe
the amount and type of securities to be included in such offering, the intended method(s) of distribution, and the name of the proposed
managing Underwriter or Underwriters, if any, of the offering, and (y) offer to the holders of Registrable Securities in such notice the
opportunity to register the sale of such number of shares of Registrable Securities as such holders may request in writing within three
(3) days following receipt of such notice (a “Piggy-Back Registration”). The Company shall cause such Registrable
Securities to be included in such registration and shall use its best efforts to cause the managing Underwriter or Underwriters of a proposed
underwritten offering to permit the Registrable Securities requested to be included in a Piggy-Back Registration on the same terms and
conditions as any similar securities of the Company and to permit the sale or other disposition of such Registrable Securities in accordance
with the intended method(s) of distribution thereof. All holders of Registrable Securities proposing to distribute their securities through
a Piggy-Back Registration that involves an Underwriter or Underwriters shall enter into an underwriting agreement in customary form with
the Underwriter or Underwriters selected for such Piggy-Back Registration.

 

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2.2.2 Reduction of Offering. If the
managing Underwriter or Underwriters for a Piggy-Back Registration that is to be an underwritten offering advises the Company and the
holders of Registrable Securities in writing that the dollar amount or number of Ordinary Shares which the Company desires to sell, taken
together with Ordinary Shares, if any, as to which registration has been demanded pursuant to separate written contractual arrangements
with persons or entities other than the holders of Registrable Securities hereunder, the Registrable Securities as to which registration
has been requested under this Section 2.2, and the Ordinary Shares, if any, as to which registration has been requested pursuant to the
written contractual piggy-back registration rights of other stockholders of the Company, exceeds the Maximum Number of Shares, then the
Company shall include in any such registration:

 

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

 

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

 

2.2.3 Withdrawal. Any holder of Registrable
Securities may elect to withdraw such holder’s request for inclusion of Registrable Securities in any Piggy-Back Registration by
giving written notice to the Company of such request to withdraw prior to the effectiveness of the Registration Statement. The Company
(whether on its own determination or as the result of a withdrawal by persons making a demand pursuant to written contractual obligations)
may withdraw a Registration Statement at any time prior to the effectiveness of such Registration Statement. Notwithstanding any such
withdrawal, the Company shall pay all expenses incurred by the holders of Registrable Securities in connection with such Piggy-Back Registration
as provided in Section 3.3. 

 

2.2.4 Unlimited Piggy-Back Registration Rights.
For the avoidance of doubt, any registration effected pursuant to Section 2.2 hereof shall not be counted as a registration pursuant to
a Demand Registration effected pursuant to Section 2.1 hereof.

 

2.3 Registrations
on Form S-3. The holders of Registrable Securities may at any time and from time to time request in writing that the Company
register the resale of any or all of such Registrable Securities on Form S-3 or any similar short-form registration which may be
available at such time (“Form S-3”); provided, however, that the Company shall not be obligated to effect
such request through an underwritten offering. Upon receipt of such written request, the Company will promptly give written notice
of the proposed registration to all other holders of Registrable Securities, and each holder of Registrable Securities who
thereafter wishes to include all or a portion of such holder’s Registrable Securities in such registration shall notify the
Company in writing within three (3) days after the receipt by the holder of the notice from the Company and, as soon as practicable
thereafter, the Company shall effect the registration of all or such portion of such holder’s or holders’ Registrable
Securities as are specified in such request, together with all or such portion of the Registrable Securities or other securities of
the Company, if any, of any other holder or holders joining in such request; provided, however, that the Company shall not be
obligated to effect any such registration pursuant to this Section 2.3: (i) if Form S-3 is not available for such offering; or (ii)
if the holders of the Registrable Securities, together with the holders of any other securities of the Company entitled to inclusion
in such registration, propose to sell Registrable Securities and such other securities (if any) at any aggregate price to the public
of less than $5,000,000. Registrations effected pursuant to this Section 2.3 shall not be counted as Demand Registrations effected
pursuant to Section 2.1.

 

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3. REGISTRATION PROCEDURES.

 

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

 

3.1.1 Filing Registration Statement.
The Company shall use its best efforts to, as expeditiously as possible after receipt of a request for a Demand Registration pursuant
to Section 2.1, prepare and file with the Commission a Registration Statement on any form for which the Company then qualifies or which
counsel for the Company shall deem appropriate and which form shall be available for the sale of all Registrable Securities to be registered
thereunder in accordance with the intended method(s) of distribution thereof, and shall use its best efforts to cause such Registration
Statement to become effective and use its best efforts to keep it effective for the period required by Section 3.1.3; provided, however,
that the Company shall have the right to defer any Demand Registration for up to thirty (30) days, and any Piggy-Back Registration for
such period as may be applicable to deferment of any demand registration to which such Piggy-Back Registration relates, in each case if
the Company shall furnish to the holders a certificate signed by the President or Chairman of the Company stating that, in the good faith
judgment of the Board of Directors of the Company, it would be materially detrimental to the Company and its shareholders for such Registration
Statement to be effected at such time; provided further, however, that the Company shall not have the right to exercise the right set
forth in the immediately preceding proviso more than once in any 365-day period in respect of a Demand Registration hereunder.

 

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

 

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

 

3.1.4 Notification.
After the filing of a Registration Statement, the Company shall promptly, and in no event more than two (2) business days after such
filing, notify the holders of Registrable Securities included in such Registration Statement of such filing, and shall further
notify such holders promptly and confirm such advice in writing in all events within two (2) business days of the occurrence of any
of the following: (i) when such Registration Statement becomes effective; (ii) when any post-effective amendment to such
Registration Statement becomes effective; (iii) the issuance or threatened issuance by the Commission of any stop order (and the
Company shall take all actions required to prevent the entry of such stop order or to remove it if entered); and (iv) any request by
the Commission for any amendment or supplement to such Registration Statement or any prospectus relating thereto or for additional
information or of the occurrence of an event requiring the preparation of a supplement or amendment to such prospectus so that, as
thereafter delivered to the purchasers of the securities covered by such Registration Statement, such prospectus will not contain an
untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary to make the
statements therein not misleading, and promptly make available to the holders of Registrable Securities included in such
Registration Statement any such supplement or amendment; except that before filing with the Commission a Registration Statement or
prospectus or any amendment or supplement thereto, including documents incorporated by reference, the Company shall furnish to the
holders of Registrable Securities included in such Registration Statement and to the legal counsel for any such holders, copies of
all such documents proposed to be filed sufficiently in advance of filing to provide such holders and legal counsel with a
reasonable opportunity to review such documents and comment thereon, and the Company shall not file any Registration Statement or
prospectus or amendment or supplement thereto, including documents incorporated by reference, to which such holders or their legal
counsel shall object.

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

3.1.12 Road Show. If the registration
involves the registration of Registrable Securities involving gross proceeds in excess of $12,500,000, the Company shall use its reasonable
efforts to make available senior executives of the Company to participate in customary “road show” presentations that may
be reasonably requested by the Underwriter in any underwritten offering.

 

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

 

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

 

3.4 Information. The holders of Registrable
Securities shall provide such information as may reasonably be requested by the Company, or the managing Underwriter, if any, in connection
with the preparation of any Registration Statement, including amendments and supplements thereto, in order to effect the registration
of any Registrable Securities under the Securities Act pursuant to Section 2 and in connection with the Company’s obligation to
comply with federal and applicable state securities laws.

 

    8

     

    

 

4. INDEMNIFICATION
AND CONTRIBUTION.

 

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

 

4.2 Indemnification by Holders of Registrable
Securities. Subject to the limitations set forth in Section 4.4.3 hereof, each selling holder of Registrable Securities will, in the
event that any registration is being effected under the Securities Act pursuant to this Agreement of any Registrable Securities held by
such selling holder, indemnify and hold harmless the Company, each of its directors and officers and each Underwriter (if any), and each
other selling holder and each other person, if any, who controls another selling holder or such Underwriter within the meaning of the
Securities Act, against any losses, claims, judgments, damages or liabilities, whether joint or several, insofar as such losses, claims,
judgments, damages or liabilities (or actions in respect thereof) arise out of or are based upon any untrue statement or allegedly untrue
statement of a material fact contained in any Registration Statement under which the sale of such Registrable Securities was registered
under the Securities Act, any preliminary prospectus, final prospectus or summary prospectus contained in the Registration Statement,
or any amendment or supplement to the Registration Statement, or arise out of or are based upon any omission or the alleged omission to
state a material fact required to be stated therein or necessary to make the statement therein not misleading, if the statement or omission
was made in reliance upon and in conformity with information furnished in writing to the Company by such selling holder expressly for
use therein, and shall reimburse the Company, its directors and officers, and each other selling holder or controlling person for any
legal or other expenses reasonably incurred by any of them in connection with investigation or defending any such loss, claim, damage,
liability or action. Each selling holder’s indemnification obligations hereunder shall be several and not joint and shall be limited
to the amount of any net proceeds actually received by such selling holder.

 

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

 

    9

     

    

 

4.4 Contribution.

 

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

 

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

 

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

 

5. UNDERWRITING AND
DISTRIBUTION.

 

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

 

    10

     

    

 

6. MISCELLANEOUS.

 

6.1 Other Registration Rights. The
Company represents and warrants that no person, other than the holders of the Registrable Securities, has any right to require the Company
to register any shares of the Company’s capital stock for sale or to include shares of the Company’s capital stock in any
registration filed by the Company for the sale of shares of capital stock for its own account or for the account of any other person.

 

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

 

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

 

To the Company:

 

Lakeshore Acquisition I Corp.

Suite A-2F, 555 Shihui Road, Songjiang District,

Shanghai, China, 201100

Attn: Bill Chen, Chief Executive Officer

E-mail:bchen65@126.com

 

with a copy to:

 

Loeb & Loeb LLP

345 Park Avenue

New York, NY 10154

Attn: Giovanni Caruso, Esq.

E-mail: gcaruso@loeb.com

 

 

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

 

6.5 Counterparts. This Agreement may
be executed in multiple counterparts, each of which shall be deemed an original, and all of which taken together shall constitute one
and the same instrument. Delivery of a signed counterpart of this Agreement by facsimile or email/pdf transmission shall constitute valid
and sufficient delivery thereof.

 

    11

     

    

 

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

 

6.7 Modifications and Amendments. No
amendment, modification or termination of this Agreement shall be binding upon any party unless executed in writing by such party.

 

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

 

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

 

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

 

6.11 Governing Law. This Agreement
shall be governed by, interpreted under, and construed in accordance with the internal laws of the State of New York applicable to agreements
made and to be performed within the State of New York, without giving effect to any choice-of-law provisions thereof that would compel
the application of the substantive laws of any other jurisdiction. The Company irrevocably submits to the nonexclusive jurisdiction of
any New York State or United States Federal court sitting in The City of New York, Borough of Manhattan, over any suit, action or proceeding
arising out of or relating to this Agreement. The Company irrevocably waives, to the fullest extent permitted by law, any objection that
they may now or hereafter have to the laying of venue of any such suit, action or proceeding brought in such a court and any claim that
any such suit, action or proceeding brought in such a court has been brought in an inconvenient forum.

 

6.12 FINRA. Notwithstanding the foregoing
provisions, to the extent any Founder Shares and/or Private Units (and the securities underlying the Private Units) are owned by Representatives
or any permitted transferee under FINRA Rule 5110(e)(2), such securities shall be subject to compliance with FINRA Rule 5110(g)(8). The
Representatives may not exercise their demand or “piggyback” registration rights after five and seven years, respectively,
after the effective date of the Company’s initial public offering and may not exercise their demand rights on more than one occasion.
In addition, the Representatives may not exercise the warrant underlying the Private Units more than five years after the effective date
of the Company’s initial public offering.

 

6.13 Waiver of Trial by Jury. EACH
PARTY HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVES THE RIGHT TO A TRIAL BY JURY IN ANY ACTION, SUIT, COUNTERCLAIM OR OTHER PROCEEDING
(WHETHER BASED ON CONTRACT, TORT OR OTHERWISE) ARISING OUT OF, CONNECTED WITH OR RELATING TO THIS AGREEMENT, THE TRANSACTIONS CONTEMPLATED
HEREBY, OR THE ACTIONS OF THE INVESTOR IN THE NEGOTIATION, ADMINISTRATION, PERFORMANCE OR ENFORCEMENT HEREOF.

 

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

 

    12

     

    

 

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

	 	 	COMPANY:
	 	 	 	 
	 	 	LAKESHORE ACQUISITION I CORP.
	 	 	 	 
	 	By:	/s/Bill Chen
	 	 	Name: 	Bill Chen
	 	 	Title:	Chief Executive Officer
	 	 	 	 
	 	 	INVESTORS:
	 	 	 
	 	 	REDONE INVESTMENT LIMITED
	 	 	 
	 	By:	/s/Bill Chen
	 	 	Name: 	Bill Chen
	 	 	Title: 	Managing Member

	 	 	 
	 	 	
    POLAR MULTI-STRATEGY MASTER FUND

    By its investment advisor

    Polar Asset Management Partners Inc.

	 	 	 
	 	By:	/s/Andrew Ma
	 	 	Name: 	Andrew Ma
	 	 	Title:   	Chief Compliance Officer 
	 	 	 
	 	By:	/s/Aatifa Ibrahim
	 	 	Name: 	Aatifa Ibrahim
	 	 	Title:   	Legal Counsel
	 	 	 
	 	 	CR FINANCIAL HOLDINGS INC.
	 	 	 
	 	By:	/s/Gerald Mars
	 	 	Name: 	Gerald Mars
	 	 	Title:   	Managing Director
	 	 	 
	 	 	/s/Bill Chen
	 	 	Bill Chen
	 	 	 
	 	 	/s/John Lipman
	 	 	John Lipman
	 	 	 
	 	 	/s/Laura Li
	 	 	Laura Li
	 	 	 
	 	 	/s/ H. David Sherman
	 	 	H. David Sherman
	 	 	 
	 	 	/s/Jianzhong Lu
	 	 	Jianzhong Lu
	 	 	 
	 	 	/s/Yan Zhu
	 	 	Yan Zhu
	 	 	 

 

[Signature Page to Registration Rights Agreement]

    13

     

    

 

	 	 	MAZ PARTNERS LP
	 	 	 
	 	By:	/s/Walter Schenker
	 	 	Name: 	Walter Schenker
	 	 	Title:   	Principal
	 	 	 
	 	 	MYDA SPAC SELECT LP
	 	 	 
	 	By:	/s/Jason Lieber
	 	 	Name: 	Jason Lieber
	 	 	Title:   	Manager of the General Partner
	 	 	 
	 	 	AMG TRUST
	 	 	 
	 	By:	/s/Aaron Gurewitz
	 	 	Name: 	Aaron Gurewitz
	 	 	Title:   	Trustee
	 	 	 
	 	 	/s/Byron Clarence Roth
	 	 	Byron Clarence Roth
	 	 	 
	 	 	/s/Jesse Pichel
	 	 	Jesse Pichel
	 	 	 
	 	 	/s/Robert Louis III Stephenson
	 	 	Robert Louis III Stephenson
	 	 	 
	 	 	/s/Scott Jonathan Bronson
	 	 	Scott Jonathan Bronson
	 	 	 
	 	 	/s/William Frederick Harfiel III
	 	 	William Frederick Harfiel III
	 	 	 
	 	 	/s/Kevin Patrick Harris
	 	 	Kevin Partick Harris
	 	 	 
	 	 	/s/Steven Lee Dyer
	 	 	Steven Lee Dyer
	 	 	 
	 	 	/s/Donald Ryan Hulstrand
	 	 	Donald Ryan Hulstrand

 

[Signature Page to Registration Rights Agreement]

 

    14Exhibit 10.4

 

INDEMNIFICATION AGREEMENT

 

This Agreement, made and entered into effective
as of June 10, 2021 (“Agreement”), by and between Lakeshore Acquisition I Corp., a Cayman Islands exempted company (“Company”),
and the undersigned indemnitee (“Indemnitee”).

 

WHEREAS, the adoption of the Sarbanes-Oxley Act
of 2002 and other laws, rules and regulations being promulgated have increased the potential for liability of officers and directors;
and

 

WHEREAS, the Board of Directors of the Company
(“Board”) has determined that the ability to attract and retain such persons is in the best interests of the Company’s
stockholders; and

 

WHEREAS, it is reasonable, prudent and necessary
for the Company to obligate itself contractually to indemnify, hold harmless, exonerate and to advance expenses on behalf of, such persons
to the fullest extent permitted by applicable law so that such persons will serve or continue to serve the Company free from undue concern
that they will not be adequately indemnified; and

 

WHEREAS, this Agreement is a supplement to and
in furtherance of the Company’s Amended and Restated Memorandum and Articles of Association and any resolutions adopted pursuant
thereto and shall neither be deemed to be a substitute therefor nor to diminish or abrogate any rights of Indemnitee thereunder; and

 

WHEREAS, Indemnitee is willing to serve on behalf
of the Company on the condition that he be indemnified according to the terms of this Agreement;

 

NOW, THEREFORE, in consideration of the premises
and the covenants contained herein, and subject to the provisions of the letter agreement dated as of June 10, 2021, the Company and Indemnitee
do hereby covenant and agree as follows:

 

1. Definitions. For purposes of this Agreement:

 

1.1 “Change in Control” means
a change in control of the Company occurring after the date hereof of a nature that would be required to be reported in response to Item
6(e) of Schedule 14A of Regulation 14A (or in response to any similar item on any similar schedule or form) promulgated under the Securities
Exchange Act of 1934, as amended (“Exchange Act”), whether or not the Company is then subject to such reporting requirement
provided, however, that, without limitation, such a Change in Control shall be deemed to have occurred if after the date hereof (i) any
 “person” (as such term is used in Sections 13(d) and 14(d) of the Exchange Act), other than a person who is an officer or
director of the Company on the date hereof (and any of such person’s affiliates), is or becomes “beneficial owner” (as
defined in Rule 13d-3 under the Exchange Act), directly or indirectly, of securities of the Company representing 50% or more of the combined
voting power of the then outstanding securities of the Company without the prior approval of at least two-thirds of the members of the
Board in office immediately prior to such person attaining such percentage interest; (ii) the Company is a party to a merger, consolidation,
sale of assets or other reorganization, or a proxy contest, as a consequence of which (A) members of the Board in office immediately prior
to such transaction or event constitute less than a majority of the Board thereafter or (B) the voting securities of the Company outstanding
immediately prior to such transaction do not continue to represent (either by remaining outstanding or by being converted into voting
securities of the surviving entity) more than 50% of the combined voting power of the voting securities of the surviving entity outstanding
immediately after such transaction with the power to elect at least a majority of the board of directors or other governing body of such
surviving entity; or (iii) during any period of two consecutive years, individuals who at the beginning of such period constituted the
Board (including for this purpose any new director whose election or nomination for election by the Company’s stockholders was approved
by a vote of at least two-thirds of the directors then still in office who were directors at the beginning of such period or whose election
or nomination for election was previously so approved) cease for any reason to constitute at least a majority of the Board.

 

    1

     

    

 

1.2 “Corporate Status” means
the status of a person who is or was a director, officer, employee, agent or fiduciary of the Company or of any other corporation,
partnership, joint venture, trust, employee benefit plan or other enterprise which such person is or was serving at the request of
the Company. In addition, service at the actual request of the Company, for purposes of this Agreement, Indemnitee shall be deemed
to be serving or to have served at the request of the Company as a director, officer, employee, agent or fiduciary of any other
enterprise if Indemnitee is or was serving as a director, officer, employee, agent or fiduciary of such enterprise and (A) such
enterprise is or at the time of such service was an affiliate of the Company, (B) such enterprise is or at the time of such service
was an employee benefit plan (or related trust) sponsored or maintained by the Company or an affiliate of the Company or (C) the
Company or an affiliate of the Company directly or indirectly caused Indemnitee to be nominated, elected, appointed, designated,
employed, engaged or selected to serve in such capacity

 

1.3 “Disinterested Director” means
a director of the Company who is not and was not a party to the Proceeding in respect of which indemnification is sought by Indemnitee.

 

1.4 “Expenses” means all reasonable
attorneys’ fees, retainers, court costs (including trial and appeals), transcript costs, fees of experts, witness fees, travel expenses,
duplicating costs, printing and binding costs, telephone charges, postage, delivery service fees, federal, state, local, or foreign taxes
imposed as a result of the actual or deemed receipt of any payments under this Agreement, and all other disbursements or expenses of the
types customarily incurred in connection with prosecuting, defending, preparing to prosecute or defend, investigating, or being or preparing
to be a witness in a Proceeding.

 

Expenses also shall include Expenses incurred in
connection with any appeal resulting from any Proceeding, including without limitation the principal, premium, security for, and other
costs relating to any cost bond, supersedeas bond, or other appeal bond or its equivalent. Expenses, however, shall not include amounts
paid in settlement by Indemnitee or the amount of judgments or fines against Indemnitee.

 

1.5 “Independent Counsel” means
a law firm, or a member of a law firm, that is experienced in matters of corporation law and neither presently is, nor in the past five
years has been, retained to represent: (i) the Company or Indemnitee in any other matter material to either such party (other than with
respect to matters concerning Indemnitee under this Agreement, or of other indemnitees under similar indemnification agreements), or (ii)
any other party to the Proceeding giving rise to a claim for indemnification hereunder. Notwithstanding the foregoing, the term “Independent
Counsel” does not include any person who, under the applicable standards of professional conduct then prevailing, would have a conflict
of interest in representing either the Company or Indemnitee in an action to determine Indemnitee’s rights under this Agreement.
Except as provided in the first sentence of Section 9.3 hereof, Independent Counsel shall be selected by (a) the Disinterested Directors
or (b) a committee of the Board consisting of two or more Disinterested Directors or if (a) and (b) above are not possible, then by a
majority of the full Board.

 

1.6 “Proceeding” means any action,
suit, arbitration, alternate dispute resolution mechanism, investigation, administrative hearing or any other proceeding, , whether conducted
by or on behalf of the Company or any other party, whether civil, criminal, administrative or investigative, except one initiated by an
Indemnitee pursuant to Section 11 of this Agreement to enforce his rights under this Agreement.

 

2. Services by Indemnitee.

 

Indemnitee agrees to serve as a director, officer
or employee of the Company. Indemnitee may at any time and for any reason resign from such position (subject to any other contractual
obligation or any obligation imposed by operation of law).

 

3. Indemnification - General.

 

Except with respect to actions finally adjudicated
to be a result of actual fraud or intentional misconduct of the Indemnitee, the Company shall indemnify, and, subject to Section 26 hereof,
advance Expenses to, Indemnitee as provided in this Agreement to the fullest extent permitted by applicable law in effect on the date
hereof and to such greater extent as any amendment to or interpretation of applicable law may thereafter from time to time permit. The
rights of Indemnitee provided under the preceding sentence shall include, but shall not be limited to, the rights set forth in the other
Sections of this Agreement.

 

    2

     

    

 

4. Proceedings Other Than Proceedings
by or in the Right of the Company.

 

Indemnitee shall be entitled to the rights of indemnification
provided in this Agreement if, by reason of his Corporate Status, he is, was or is threatened to be made, a party to any threatened, pending
or completed Proceeding, other than a Proceeding by or in the right of the Company. Pursuant to this Agreement, subject to Section 26
hereof, Indemnitee shall be indemnified against Expenses, judgments, penalties, fines and amounts paid in settlement actually and reasonably
incurred by him or on his behalf in connection with any such Proceeding or any claim, issue or matter therein, if he acted in good faith
and in a manner he reasonably believed to be in or not opposed to the best interests of the Company, and, with respect to any criminal
Proceeding, had no reasonable cause to believe his conduct was unlawful; provided, in no event shall Indemnitee be entitled to be indemnified,
held harmless or advanced any amounts hereunder in respect of any Expenses, judgments, liabilities, fines, penalties and amounts paid
in settlement (if any) that Indemnitee may incur by reason of his or her own actual fraud or intentional misconduct. Indemnitee shall
not be found to have committed actual fraud or intentional misconduct for any purpose of this Agreement unless or until a court of competent
jurisdiction shall have made a finding to that effect.

 

5. Proceedings by or in the Right of the Company.

 

Indemnitee shall be entitled to the rights of indemnification
provided in this Agreement if, by reason of his Corporate Status, he was or is threatened to be made, a party to any threatened, pending
or completed Proceeding brought by or in the right of the Company to procure a judgment in its favor. Pursuant to this Agreement, subject
to Section 26 hereof, Indemnitee shall be indemnified against amounts paid in settlement and Expenses actually and reasonably incurred
by him or on his behalf in connection with the defense or settlement of any such Proceeding if he acted in good faith and in a manner
he reasonably believed to be in or not opposed to the best interests of the Company. Notwithstanding the foregoing, no indemnification
under this paragraph shall be made in respect of (1) a threatened or pending Proceeding which is settled or otherwise disposed of, or
(2) any claim, issue or matter as to which such person shall have been adjudged to be liable to the Company, unless and only to the extent
that the court in which such Proceeding shall have been brought, was brought or is pending, shall determine, upon application, that Indemnitee
is fairly and reasonably entitled to indemnity for such portion of the settlement amount and Expenses as the court deems proper.

 

6. Indemnification for Expenses of Party Who is Wholly or Partly
Successful.

 

Notwithstanding any other provision of this Agreement
except for Section 26 hereof, to the extent that Indemnitee is, by reason of his Corporate Status, a party to and is successful, on the
merits or otherwise, in any Proceeding, he shall be indemnified against all Expenses (and, when eligible hereunder, amounts paid in settlement)
actually and reasonably incurred by him or on his behalf in connection therewith. If Indemnitee is not wholly successful in such Proceeding
but is successful, on the merits or otherwise, as to one or more but less than all claims, issues or matters in such Proceeding, the Company
shall indemnify Indemnitee against all Expenses (and, when eligible hereunder, amount paid in settlement) actually and reasonably incurred
by him or on his behalf in connection with each successfully resolved claim, issue or matter. For purposes of this Agreement, the term
 “successful, on the merits or otherwise,” includes, but is not limited to, (i) any termination, withdrawal, or dismissal (with
or without prejudice) of any Proceeding against the Indemnitee without any express finding of liability or guilt against him, and (ii)
the expiration of 90 days after the making of any claim or threat of a Proceeding without the institution of the same and without any
promise or payment made to induce a settlement.

 

7. Indemnification for Expenses as a Witness.

 

Notwithstanding any other provision of this Agreement
except for Section 26 hereof, to the extent that Indemnitee is, by reason of his Corporate Status, a witness in any Proceeding, he shall
be indemnified against all Expenses actually and reasonably incurred by him or on his behalf in connection therewith.

 

    3

     

    

 

8. Advancement of Expenses and Other Amounts.

 

Subject to Section 26 hereof, the Company shall
advance all Expenses, judgments, penalties, fines and, when eligible hereunder, amounts paid in settlement, incurred by or on behalf of
Indemnitee in connection with any Proceeding within thirty (30) days after the receipt by the Company of a statement or statements from
Indemnitee requesting such advance or advances from time to time, whether prior to or after final disposition of such Proceeding. Such
statement or statements shall reasonably evidence the Expenses, judgments, penalties, fines and amounts paid in settlement, incurred by
Indemnitee and shall include or be preceded or accompanied by an agreement by or on behalf of Indemnitee to repay any Expenses, judgments,
penalties, fines and amounts paid in settlement advanced if it shall ultimately be determined that Indemnitee is not entitled to be indemnified
against such Expenses, judgments, penalties, fines and, when eligible hereunder, amounts paid in settlement. In connection with any request
for advancement of Expenses, judgments, penalties, fines and amounts paid in settlement, Indemnitee shall not be required to provide any
documentation or information to the extent that the provision thereof would undermine or otherwise jeopardize attorney-client privilege.
The Company’s obligation in respect of the advancement of Expenses, judgments, penalties, fines and amounts paid in settlement in
connection with a criminal Proceeding in which Indemnitee is a defendant shall terminate at such time as Indemnitee pleads guilty or is
convicted after trial and such conviction becomes final and no longer subject to appeal. Advances shall be unsecured and interest free.
Advances shall be made without regard to Indemnitee’s ability to repay such amounts and without regard to Indemnitee’s ultimate
entitlement to indemnification under the other provisions of this Agreement.

 

9. Procedure for Determination of Entitlement to Indemnification.

 

9.1 To obtain indemnification under this Agreement
in connection with any Proceeding, and for the duration thereof, Indemnitee shall submit to the Company a written request, including therein
or therewith such documentation and information as is reasonably available to Indemnitee and is reasonably necessary to determine whether
and to what extent Indemnitee is entitled to indemnification. The Secretary of the Company shall, promptly upon receipt of any such request
for indemnification, advise the Board in writing that Indemnitee has requested indemnification.

 

9.2 Upon written request by Indemnitee for
indemnification pursuant to Section 9.1 hereof, a determination, if required by applicable law, with respect to Indemnitee’s entitlement
thereto shall be made in such case: (i) if a Change in Control shall have occurred, by Independent Counsel (unless Indemnitee shall request
that such determination be made by the Board or the stockholders, in which case in the manner provided for in clauses (ii) or (iii) of
this Section 9.2) in a written opinion to the Board, a copy of which shall be delivered to Indemnitee; (ii) if a Change of Control shall
not have occurred, at the election of the Company, (A) by the Board by a majority vote of a quorum consisting of Disinterested Directors,
or (B) if a quorum of the Board consisting of Disinterested Directors is not obtainable, by a majority of a committee of the Board consisting
of two or more Disinterested Directors, or (C) by Independent Counsel in a written opinion to the Board, a copy of which shall be delivered
to Indemnitee, or (D) by the stockholders of the Company, by a majority vote of a quorum consisting of stockholders who are not parties
to the proceeding, or if no such quorum is obtainable, by a majority vote of stockholders who are not parties to such proceeding; or (iii)
as provided in Section 10.2 of this Agreement. The Company promptly will advise Indemnitee in writing with respect to any determination
that Indemnitee is or is not entitled to indemnification, including a description of any reason or basis for which indemnification has
been denied. If it is so determined that Indemnitee is entitled to indemnification, payment to Indemnitee shall be made within ten (10)
days after such determination. Indemnitee shall cooperate with the person, persons or entity making such determination with respect to
Indemnitee’s entitlement to indemnification, including providing to such person, persons or entity upon reasonable advance request
any documentation or information which is not privileged or otherwise protected from disclosure and which is reasonably available to Indemnitee
and reasonably necessary to such determination. Any costs or expenses (including attorneys’ fees and disbursements) incurred by
Indemnitee in so cooperating with the person, persons or entity making such determination shall be borne by the Company (irrespective
of the determination as to Indemnitee’s entitlement to indemnification) and the Company hereby indemnifies and agrees to hold Indemnitee
harmless therefrom.

 

    4

     

    

 

9.3 If a Change of Control shall have
occurred, Independent Counsel shall be selected by Indemnitee (unless Indemnitee shall request that such selection be made by the
Board), and Indemnitee (or the Board, as the case may be) shall give written notice to the other party advising it of the identity
of Independent Counsel so selected. In either event, Indemnitee or the Company, as the case may be, may, within seven days after
such written notice of selection shall have been given, deliver to the Company or to Indemnitee, as the case may be, a written
objection to such selection. Such objection may be asserted only on the ground that Independent Counsel so selected does not meet
the requirements of “Independent Counsel” as defined in Section 1 of this Agreement, and the objection shall set forth
with particularity the factual basis of such assertion. If such written objection is made, Independent Counsel so selected may not
serve as Independent Counsel unless and until a court has determined that such objection is without merit. If, within 20 days after
submission by Indemnitee of a written request for indemnification pursuant to Section 9.1 hereof, no Independent Counsel shall have
been selected and not objected to, either the Company or Indemnitee may petition a court of competent jurisdiction, for resolution
of any objection which shall have been made by the Company or Indemnitee to the other’s selection of Independent Counsel
and/or for the appointment as Independent Counsel of a person selected by such court or by such other person as such court shall
designate, and the person with respect to whom an objection is so resolved or the person so appointed shall act as Independent
Counsel under Section 9.2 hereof. The Company shall pay any and all reasonable fees and expenses of Independent Counsel incurred by
such Independent Counsel in connection with its actions pursuant to this Agreement, and the Company shall pay all reasonable fees
and expenses incident to the procedures of this Section 9.3, regardless of the manner in which such Independent Counsel was selected
or appointed. Upon the due commencement date of any judicial proceeding pursuant to Section 11.1(iii) of this Agreement, Independent
Counsel shall be discharged and relieved of any further responsibility in such capacity (subject to the applicable standards of
professional conduct then prevailing).

 

10. Presumptions and Effects of Certain
Proceedings.

 

10.1 In making a determination with respect
to entitlement to indemnification hereunder, the person or persons or entity making such determination shall presume that Indemnitee is
entitled to indemnification under this Agreement if Indemnitee has submitted a request for indemnification in accordance with Section
9.1 of this Agreement, and the Company shall have the burden of proof to overcome that presumption by clear and convincing evidence in
connection with the making by any person, persons or entity of any determination contrary to that presumption. Neither the failure of
the Company (including by the Disinterested Directors or Independent Counsel) to have made a determination prior to the commencement of
any action pursuant to this Agreement that indemnification is proper in the circumstances because Indemnitee has met the applicable standard
of conduct, nor an actual determination by the Company (including by the Disinterested Directors or Independent Counsel) that Indemnitee
has not met such applicable standard of conduct, shall be a defense to the action or create a presumption that Indemnitee has not met
the applicable standard of conduct.

 

10.2 If the person,
persons or entity empowered or selected under Section 9 of this Agreement to determine whether Indemnitee is entitled to
indemnification shall not have made a determination within sixty (60) days after receipt by the Company of the request therefor, the
requisite determination of entitlement to indemnification shall be deemed to have been made and Indemnitee shall be entitled to such
indemnification, absent (i) a misstatement by Indemnitee of a material fact, or an omission of a material fact necessary to make
Indemnitee’s statement not materially misleading, in connection with the request for indemnification, or (ii) prohibition of
such indemnification under applicable law; provided, however, that such 60-day period may be extended for a reasonable time, not to
exceed an additional thirty (30) days, if the person, persons or entity making the determination with respect to entitlement to
indemnification in good faith require(s) such additional time for the obtaining or evaluating of documentation and/or information
relating thereto; and provided, further, however, that the foregoing provisions of this Section 10.2 shall not apply (i) if the
determination of entitlement to indemnification is to be made by the stockholders pursuant to Section 9.2 of this Agreement and if
(A) within 15 days after receipt by the Company of the request for such determination the Board has resolved to submit such
determination to the stockholders for their consideration at an annual meeting thereof to be held within 75 days after such receipt
and such determination is made thereat, or (B) a special meeting of stockholders is called within 15 days after such receipt for the
purpose of making such determination, such meeting is held for such purpose within 60 days after having been so called and such
determination is made thereat, or (ii) if the determination of entitlement to indemnification is to be made by Independent Counsel
pursuant to Section 9.2 of this Agreement. In connection with each meeting at which a stockholder determination will be made, the
Company shall solicit proxies that expressly include a proposal to indemnify or reimburse the Indemnitee. The Company shall afford
the Indemnitee ample opportunity to present evidence of the facts upon which the Indemnitee relies for indemnification in any
Company proxy statement relating to such stockholder determination. Subject to the fiduciary duties of its members under applicable
law, the Board will not recommend against indemnification or reimbursement in any proxy statement relating to the proposal to
indemnify or reimburse the Indemnitee.

 

    5

     

    

 

10.3 The termination of any Proceeding or
of any claim, issue or matter therein, by judgment, order, settlement or conviction, or upon a plea of nolo contendere or its equivalent,
shall not (except as otherwise expressly provided in this Agreement) of itself adversely affect the right of Indemnitee to indemnification
or create a presumption that Indemnitee did not act in good faith and in a manner which he reasonably believed to be in or not opposed
to the best interests of the Company or, with respect to any criminal Proceeding, that Indemnitee had reasonable cause to believe that
his conduct was unlawful.

 

10.4 For purposes of this Agreement, the Indemnitee
shall be deemed to have acted in good faith and in a manner he reasonably believed to be in or not opposed to the best interests of the
Company, or, with respect to any criminal Proceeding, to have had no reasonable cause to believe his conduct was unlawful, if his action
is based on (i) the records or books of account of the Company, or another enterprise, including financial statements, (ii) information
supplied to him by the officers of the Company or another enterprise in the course of their duties, (iii) the advice of legal counsel
for the Company or another enterprise, or of an independent certified public accountant or an appraiser or other expert selected with
reasonable care by the Company or another enterprise. The term “another enterprise” as used in this Section shall mean any
other corporation or any partnership, joint venture, trust, employee benefit plan or other enterprise of which the Indemnitee is or was
serving at the request of the Company as a director, officer, partner, trustee, employee or agent. The provisions of this Section shall
not be deemed to be exclusive or to limit in any way the other circumstances in which the Indemnitee may be deemed to have met the applicable
standard of conduct set forth herein. Whether or not the foregoing provisions of this Section 10.4 are satisfied, it shall in any event
be presumed that Indemnitee has at all times acted in good faith and in a manner he reasonably believed to be in or not opposed to the
best interests of the Company, or, with respect to any criminal Proceeding, to have had no reasonable cause to believe Indemnitee’s
conduct was unlawful. Anyone seeking to overcome this presumption shall have the burden of proof and the burden of persuasion by clear
and convincing evidence.

 

10.5 The knowledge and/or actions, or failure to
act, of any other director, officer, trustee, partner, manager, managing member, fiduciary, agent or employee of the Company shall not
be imputed to Indemnitee for purposes of determining the right to indemnification under this Agreement.

 

11. Remedies of Indemnitee.

 

11.1 In the event that (i) a determination
is made pursuant to Section 9 of this Agreement that Indemnitee is not entitled to indemnification under this Agreement, (ii) advancement
of Expenses is not timely made pursuant to Section 8 of this Agreement, (iii) the determination of indemnification is to be made by Independent
Counsel pursuant to Section 9.2 of this Agreement and such determination shall not have been made and delivered in a written opinion within
sixty (60) days after receipt by the Company of the request for indemnification, (iv) payment of indemnification is not made pursuant
to Section 7 of this Agreement within thirty (30) days after receipt by the Company of a written request therefor, or (v) payment of indemnification
is not made within thirty (30) days after a determination has been made that Indemnitee is entitled to indemnification or such determination
is deemed to have been made pursuant to Section 9 or 10 of this Agreement, Indemnitee shall be entitled to an adjudication in an appropriate
court of the State of New York, or in any other court of competent jurisdiction, of his entitlement to such indemnification or advancement
of Expenses, judgments, penalties, fines or, when eligible hereunder, amounts paid in settlement. The Company shall not oppose Indemnitee’s
right to seek any such adjudication.

  

11.2 In the event that a determination shall
have been made pursuant to Section 9 of this Agreement that Indemnitee is not entitled to indemnification, any judicial proceeding commenced
pursuant to this Section shall be conducted in all respects as a de novo trial on the merits and Indemnitee shall not be prejudiced by
reason of that adverse determination.

 

11.3 If a
determination shall have been made or deemed to have been made pursuant to Section 9 or 10 of this Agreement that Indemnitee is
entitled to indemnification, the Company shall be bound by such determination in any judicial proceeding commenced pursuant to this
Section, absent (i) a misstatement by Indemnitee of a material fact, or an omission of a material fact necessary to make
Indemnitee’s statement not materially misleading, in connection with the request for indemnification, or (ii) prohibition of
such indemnification under applicable law.

 

    6

     

    

 

11.4 The Company shall be precluded from asserting
in any judicial proceeding commenced pursuant to this Section that the procedures and presumptions of this Agreement are not valid, binding
and enforceable and shall stipulate in any such court that the Company is bound by all the provisions of this Agreement.

 

11.5 In the event that Indemnitee, pursuant
to this Section, seeks a judicial adjudication of his rights under, or to recover damages for breach of, this Agreement or any other agreement,
including any other indemnification, contribution or advancement agreement, or any provision of the Company’s Amended and Restated
Memorandum and Articles of Association now or hereafter in effect, or for recovery under directors’ and officers’ liability
insurance policies maintained by the Company, Indemnitee shall be entitled to recover from the Company, and shall be indemnified by the
Company against, any and all expenses (of the kinds described in the definition of Expenses) actually and reasonably incurred by him in
such judicial adjudication, but only if he prevails therein. If it shall be determined in such judicial adjudication that Indemnitee is
entitled to receive less than all of the indemnification or advancement of expenses sought, the expenses incurred by Indemnitee in connection
with such judicial adjudication shall be appropriately prorated. In addition, the Company shall, if so requested by Indemnitee, advance
the foregoing expenses to Indemnitee, subject to and in accordance with Section 8.

 

12. Procedure Regarding Indemnification.

 

With respect to any Proceedings, the Indemnitee,
prior to taking any action with respect to such Proceeding, shall consult with the Company as to the procedure to be followed in defending,
settling, or compromising the Proceeding and may not consent to any settlement or compromise of the Proceeding without the written consent
of the Company (which consent may not be unreasonably withheld or delayed). The Company shall be entitled to participate in defending,
settling or compromising any Proceeding and to assume the defense of such Proceeding with counsel of its choice and shall assume such
defense if requested by the Indemnitee. Notwithstanding the election by, or obligation of, the Company to assume the defense of a Proceeding,
the Indemnitee shall have the right to participate in the defense of such Proceeding and to employ counsel of Indemnitee's choice, but
the fees and expenses of such counsel shall be at the expense of the Indemnitee unless (i) the employment of such counsel has been authorized
in writing by the Company, or (ii) the Indemnitee has reasonably concluded that there may be defenses available to him which are different
from or additional to those available to the Company (in which latter case the Company shall not have the right to direct the defense
of such Proceeding on behalf of the Indemnitee), in either of which events the fees and expenses of not more than one additional firm
of attorneys selected by the Indemnitee shall be borne by the Company. If the Company assumes the defense of a Proceeding, then counsel
for the Company and Indemnitee shall keep Indemnitee reasonably informed of the status of the Proceeding and promptly send to Indemnitee
copies of all documents filed or produced in the Proceeding, and the Company shall not compromise or settle any such Proceeding without
the written consent of the Indemnitee (which consent may not be unreasonably withheld or delayed) if the relief provided shall be other
than monetary damages and shall promptly notify the Indemnitee of any settlement and the amount thereof.

  

13. Non-Exclusivity; Survival of Rights; Insurance; Subrogation;
Contribution.

 

13.1 The rights of
indemnification and to receive advancement of Expenses as provided by this Agreement shall not be deemed exclusive of any other
rights to which Indemnitee may at any time be entitled under applicable law, the Company’s Amended and Restated Memorandum and
Articles of Association, any agreement, a vote of stockholders or a resolution of directors, or otherwise. No amendment, alteration
or repeal of this Agreement or any provision hereof shall be effective as to any Indemnitee with respect to any action taken or
omitted by such Indemnitee in his Corporate Status prior to such amendment, alteration or repeal. To the extent that a change in
applicable law and the Company’s Amended and Restated Memorandum and Articles of Association, whether by statute or judicial
decision, permits greater indemnification, hold harmless or exoneration rights or advancement of Expenses than would be afforded
currently under the Company’s Amended and Restated Memorandum and Articles of Association or this Agreement, then this
Agreement (without any further action by the parties hereto) shall automatically be deemed to be amended to require that the Company
indemnifies the Indemnitee to the fullest extent permitted by applicable law and the Company’s Amended and Restated Memorandum
and Articles of Association. No right or remedy herein conferred is intended to be exclusive of any other right or remedy, and every
other right and remedy shall be cumulative and in addition to every other right and remedy given hereunder or now or hereafter
existing at law or in equity or otherwise. The assertion or employment of any right or remedy hereunder, or otherwise, shall not
prevent the concurrent assertion or employment of any other right or remedy.

 

    7

     

    

 

13.2 To the extent that the Company maintains
an insurance policy or policies providing liability insurance for directors, officers, employees, agents or fiduciaries of the Company
or of any other corporation, partnership, joint venture, trust, employee benefit plan or other enterprise which such person serves at
the request of the Company, Indemnitee shall be covered by such policy or policies in accordance with its or their terms to the maximum
extent of the coverage available for any such director, officer, employee, agent or fiduciary under such policy or policies. If, at the
time the Company receives notice from any source of a Proceeding as to which Indemnitee is a party or a participant (as a witness, deponent
or otherwise), the Company has director and officer liability insurance in effect, the Company shall give prompt notice of such Proceeding
to the insurers in accordance with the procedures set forth in the respective policies. The Company shall thereafter use commercially
reasonable efforts to cause such insurers to pay, on behalf of Indemnitee, all amounts payable as a result of such Proceeding in accordance
with the terms of such policies.

 

13.3 In the event of any payment under this
Agreement, the Company shall be subrogated to the extent of such payment to all of the rights of recovery of Indemnitee, who shall execute
all papers required and take all action necessary to secure such rights, including execution of such documents as are reasonably necessary
to enable the Company to bring suit to enforce such rights.

 

13.4 The Company shall not be liable under
this Agreement to make any payment of amounts otherwise indemnifiable hereunder if and to the extent that Indemnitee has otherwise actually
received such payment under any insurance policy, contract, agreement or otherwise.

 

13.5 If a determination is made that Indemnitee
is not entitled to indemnification, after Indemnitee submits a written request therefor, under this Agreement, then in respect of any
threatened, pending or completed Proceeding in which the Company is jointly liability with the Indemnitee (or would be if joined in such
Proceeding), the Company shall contribute to the amount of Expenses, judgments, fines and amounts paid in settlement by the Indemnitee
in such proportion as is appropriate to reflect (i) the relative benefits received by the Company on the one hand and the Indemnitee on
the other hand from the transaction from which Proceeding arose, and (ii) the relative fault of the Company on the one hand and of the
Indemnitee on the other hand in connection with the events that resulted in such Expenses, judgments, fines or amounts paid in settlement,
as well as any other relevant equitable considerations. The relative fault of the Company on the one hand and of the Indemnitee on the
other hand shall be determined by reference to, among other things, the parties’ relative intent, knowledge, access to information
and opportunity to correct or prevent the circumstances resulting in such Expenses, judgments, fines or amounts paid in settlement. The
Company agrees that it would not be just and equitable if contribution pursuant to this Section were determined by pro rata allocation
or any other method of allocation that does not take into account the foregoing equitable considerations. The determination as to the
amount of the contribution, if any, shall be made by: (i) a court of competent jurisdiction upon the application of both the Indemnitee
and the Company (if the Proceeding had been brought in, and final determination had been rendered by such court); (ii) the Board by a
majority vote of a quorum consisting of Disinterested Directors; or (iii) Independent Counsel, if a quorum is not obtainable for purpose
of (ii) above, or, even if obtainable, a quorum of Disinterested Directors so directs.

 

14. Duration of Agreement.

 

This Agreement shall
continue until and terminate upon the later of: (a) ten (10) years after the date that Indemnitee shall have ceased to serve as a
director and/or officer of the Company, or (b) the final termination of all pending Proceedings in respect of which Indemnitee is
granted rights of indemnification or advancement of Expenses, judgments, penalties, fines or amounts paid in settlement hereunder
and or any proceeding commenced by Indemnitee pursuant to Section 11 of this Agreement. This Agreement shall be binding upon the
Company and its successors and assigns and shall inure to the benefit of Indemnitee and his spouse, heirs, executors, personal
representatives and administrators. The Company shall require and cause any successor (whether direct or indirect by purchase,
merger, consolidation, or otherwise) to all, substantially all, or a substantial part, of the business and/or assets of the Company,
by written agreement in form and substance satisfactory to Indemnitee, expressly to assume and agree to perform this Agreement in
the same manner and to the same extent that the Company would be required to perform if no such succession had taken place.

 

    8

     

    

 

15. Severability.

 

If any provision or provisions of this Agreement
shall be held to be invalid, illegal or unenforceable for any reason whatsoever: (a) the validity, legality and enforceability of the
remaining provisions of this Agreement (including, without limitation, each portion of any Section of this Agreement containing any such
provision held to be invalid, illegal or unenforceable, that is not itself invalid, illegal or unenforceable) shall not in any way be
affected or impaired thereby and shall remain enforceable to the fullest extent permitted by applicable law and the Company’s Amended
and Restated Memorandum and Articles of Association; (b) such provision or provisions shall be deemed reformed to the extent necessary
to conform to applicable law and the Company’s Amended and Restated Memorandum and Articles of Association and to give the maximum
effect to the intent of the parties hereto; and (b) to the fullest extent possible, the provisions of this Agreement (including, without
limitation, each portion of any Section of this Agreement containing any such provision held to be invalid, illegal or unenforceable,
that is not itself invalid, illegal or unenforceable) shall be construed so as to give effect to the intent manifested by the provision
held invalid, illegal or unenforceable.

 

16. Entire Agreement.

 

This Agreement constitutes the entire agreement
between the Company and the Indemnitee with respect to the subject matter hereof and supersedes all prior agreements, understanding, negotiations
and discussion, both written and oral, between the parties hereto with respect to such subject matter (the “Prior Agreements”);
provided, however, that if this Agreement shall ever be held void or unenforceable for any reasons whatsoever, and is not reformed pursuant
to Section 15 hereof, then (i) this Agreement shall not be deemed to have superseded any Prior Agreements; (ii) all of such Prior Agreements
shall be deemed to be in full force and effect notwithstanding the execution of this Agreement; and (iii) the Indemnitee shall be entitled
to maximum indemnification benefits provided under any Prior Agreements, as well as those provided under applicable law, the Company’s
Amended and Restated Memorandum and Articles of Association, a vote of stockholders or resolution of directors.

 

17. Exception to Right of Indemnification or Advancement of
Expenses.

 

17.1 Except as provided in Section 11.5, Indemnitee
shall not be entitled to indemnification or advancement of Expenses, judgments, penalties, fines and amounts paid in settlement under
this Agreement with respect to any Proceeding, or any claim therein, brought or made by him against the Company.

 

17.2 Indemnitee shall not be entitled to indemnification
or advancement of Expenses under this Agreement with respect to any Proceeding, or any claim therein, arising from the purchase and sale
by Indemnitee of securities in violation of Section 16(b) of the Exchange Act or Company similar successor statute.

 

18. Covenant Not to Sue; Limitation of Actions; Release of
Claims.

 

No legal action shall be brought and no cause of
action shall be asserted by or on behalf of the Company (or any of its subsidiaries) against the Indemnitee, his spouse, heirs, executors,
personal representatives or administrators after the expiration of two (2) years from the date of accrual of such cause of action and
any claim or cause of action of the Company (or any of its subsidiaries) shall be extinguished and deemed released unless asserted by
the filing of a legal action within such two (2) year period; provided, however, that if any shorter period of limitation is otherwise
applicable to any such cause of action, such shorter period shall govern.

  

19. Identical Counterparts.

 

This Agreement may be executed in one or more counterparts,
each of which shall for all purposes be deemed to be an original but all of which together shall constitute one and the same Agreement.

 

    9

     

    

 

20. Headings.

 

The headings of the paragraphs of this Agreement
are inserted for convenience only and shall not be deemed to constitute part of this Agreement or to affect the construction thereof.

 

21. Modification and Waiver.

 

No supplement, modification or amendment of this
Agreement shall be binding unless executed in writing by both of the parties hereto. No waiver of any of the provisions of this Agreement
shall be deemed or shall constitute a waiver of any other provisions hereof (whether or not similar) nor shall such waiver constitute
a continuing waiver.

 

22. Notice by Indemnitee.

 

Indemnitee agrees promptly to notify the Company
in writing upon being served with any summons, citation, subpoena, complaint, indictment, information or other document relating any Proceeding
or matter which may be subject to indemnification or advancement of Expenses, judgments, penalties, fines or amounts paid in settlement
covered hereunder. The failure to notify the Company on a timely basis shall not constitute a waiver of Indemnitee’s rights under
this Agreement, except to the extent that such failure or delay (i) causes the amounts paid or to be paid by the Company to be greater
than they otherwise would have been, (ii) adversely affects the Company’s ability to obtain for itself or Indemnitee coverage or
proceeds under any insurance policy available to the Company or Indemnitee, or (iii) otherwise results in prejudice to the Company.

 

23. Notices.

 

All notices, requests, demands and other communications
hereunder shall be in writing and shall be deemed to have been duly given if (i) delivered by hand and receipted for by the party to whom
such notice or other communication shall have been directed, or (ii) mailed by certified or registered mail with postage prepaid, on the
third business day after the date on which it is so mailed:

 

If to Indemnitee, to:

 

c/o Lakeshore Acquisition I Corp.

Suite A-2F, 555 Shihui Road, Songjiang District,

Shanghai, China 201100

 

If to the Company, to:

 

Lakeshore Acquisition I Corp.

Suite A-2F, 555 Shihui Road, Songjiang District,

Shanghai, China 201100

 

or to such other address or such other person as Indemnitee or the
Company shall designate in writing in accordance with this Section, except that notices regarding changes in notices shall be effective
only upon receipt.

  

24. Governing Law.

 

The parties agree that this Agreement shall be
governed by, and construed and enforced in accordance with, the laws of the State of New York applicable to contracts made and performed
in that state without giving effect to the principles of conflicts of laws. The Company and Indemnitee each hereby irrevocably consents
to the jurisdiction of the courts of the State of New York and the federal courts within the State for all purposes in connection with
any action or proceeding that arises out of or relates to this Agreement and agrees that any action instituted under this Agreement shall
be brought only in the United States District Court for the Southern District of New York and any New York State court within that District.

 

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25. Mutual Acknowledgment.

 

Both the Company and Indemnitee acknowledge that,
in certain instances, Federal law or applicable public policy may prohibit the Company from indemnifying its directors and officers under
this Agreement or otherwise. Indemnitee understands and acknowledges that the Company has undertaken or may be required in the future
in certain circumstances to undertake with the Securities and Exchange Commission to submit the question of indemnification to a court
for a determination of the Company’s right under public policy to indemnify Indemnitee.

 

26. Waiver of Claims to Trust Account.

 

Notwithstanding anything herein to the contrary,
Indemnitee hereby agrees that it does not have any right, title, interest or claim of any kind (each, a “Claim”) in or to
any monies in the trust account established in connection with the Company’s initial public offering for the benefit of the Company
and holders of shares issued in such offering, and hereby waives any Claim it may have in the future as a result of, or arising out of,
any services provided to the Company and will not seek recourse against such trust account for any reason whatsoever. Accordingly, Indemnitee
acknowledges and agrees that any indemnification provided hereto will only be able to be satisfied by the Company if (i) the Company has
sufficient funds outside of the Trust Account to satisfy its obligations hereunder or (ii) the Company consummates a Business Combination.

 

27. Miscellaneous.

 

Use of the masculine pronoun shall be deemed to
include usage of the feminine pronoun where appropriate.

 

[Signature Page Follows]

 

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IN WITNESS WHEREOF, the parties hereto have executed
this Agreement on the day and year first above written.

 

	 	LAKESHORE ACQUISITION I CORP.
	 	 	 
	 	By:	/s/Bill Chen
	 	 	Name:   
	Bill Chen
	 	 	Title: 	Chief Executive Officer
	 	 	 
	 	BILL CHEN
	 	 	 
	 	 	/s/Bill Chen
	 	 	 
	 	 	LAURA LI
	 	 	 
	 	 	/s/Laura Li
	 	 	 
	 	 	H. DAVID SHERMAN
	 	 	 
	 	 	/s/H. David Sherman
	 	 	 
	 	 	JIANZHONG LU
	 	 	 
	 	 	/s/Jianzhong Lu
	 	 	 
	 	 	YAN ZHU
	 	 	 
	 	 	/s/Yan Zhu

 

[Signature Page to Indemnification Agreement] 

 

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