Document:

THIS NOTE HAS NOT BEEN REGISTERED UNDER
THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”). THIS NOTE HAS BEEN ACQUIRED FOR INVESTMENT ONLY AND
MAY NOT BE SOLD, TRANSFERRED OR ASSIGNED IN THE ABSENCE OF REGISTRATION OF THE RESALE THEREOF UNDER THE SECURITIES ACT OR AN OPINION
OF COUNSEL REASONABLY SATISFACTORY IN FORM, SCOPE AND SUBSTANCE TO THE COMPANY THAT SUCH REGISTRATION IS NOT REQUIRED.

PROMISSORY NOTE

 

	Principal Amount: $180,155	Dated as of February 13, 2012

 

CIS Acquisition Ltd., a British Virgin Islands
company (the “Maker”), promises to pay to the order of Intercarbo Holding AG or its registered assigns or successors
in interest (the “Payee”), or order, the principal sum of One Hundred Eighty Thousand One Hundred Fifty-Five
dollars ($180,155) in lawful money of the United States of America, on the terms and conditions described below. All payments on
this Note shall be made by check or wire transfer of immediately available funds or as otherwise determined by the Maker to such
account as the Payee may from time to time designate by written notice in accordance with the provisions of this Note.

 

I.           Principal.
The principal balance of this Promissory Note (this “Note”) shall be payable promptly after the date on
which Maker consummates an initial public offering of its securities. The principal balance may be prepaid at any time.

 

II.          Interest.
No interest shall accrue on the unpaid principal balance of this Note.

 

III.         Application
of Payments. All payments shall be applied first to payment in full of any costs incurred in the collection of any sum due
under this Note, including (without limitation) reasonable attorney’s fees, then to the payment in full of any late charges
and finally to the reduction of the unpaid principal balance of this Note.

 

IV.          Events
of Default. The following shall constitute an event of default (“Event of Default”):

 

A.           Failure
to Make Required Payments. Failure by Maker to pay the principal of this Note within five (5) business days following the date
when due.

 

B.           Voluntary
Liquidation, Etc. If the Maker selects or is forced to enter into voluntary liquidation.

 

C.           Involuntary
Bankruptcy, Etc. If the Maker is forced to enter insolvent liquidation or a petition to wind up the company is filed against the
Maker

 

    	 

    	 

    

 

V.           Remedies.

 

A.           Upon
the occurrence of an Event of Default specified in Section 4(a) hereof, Payee may, by written notice to Maker, declare this Note
to be due immediately and payable, whereupon the unpaid principal amount of this Note, and all other amounts payable thereunder,
shall become immediately due and payable without presentment, demand, protest or other notice of any kind, all of which are hereby
expressly waived, anything contained herein or in the documents evidencing the same to the contrary notwithstanding.

 

B.           Upon
the occurrence of an Event of Default specified in Sections 4(b) and 4(c), the unpaid principal balance of this Note, and all other
sums payable with regard to this Note, shall automatically and immediately become due and payable, in all cases without any action
on the part of Payee.

 

VI.          Waivers.
Maker and all endorsers and guarantors of, and sureties for, this Note waive presentment for payment, demand, notice of dishonor,
protest, and notice of protest with regard to the Note, all errors, defects and imperfections in any proceedings instituted by
Payee under the terms of this Note, and all benefits that might accrue to Maker by virtue of any present or future laws exempting
any property, real or personal, or any part of the proceeds arising from any sale of any such property, from attachment, levy or
sale under execution, or providing for any stay of execution, exemption from civil process, or extension of time for payment; and
Maker agrees that any real estate that may be levied upon pursuant to a judgment obtained by virtue hereof, on any writ of execution
issued hereon, may be sold upon any such writ in whole or in part in any order desired by Payee.

 

VII.         Unconditional
Liability. Maker hereby waives all notices in connection with the delivery, acceptance, performance, default, or enforcement
of the payment of this Note, and agrees that its liability shall be unconditional, without regard to the liability of any other
party, and shall not be affected in any manner by any indulgence, extension of time, renewal, waiver or modification granted or
consented to by Payee, and consents to any and all extensions of time, renewals, waivers, or modifications that may be granted
by Payee with respect to the payment or other provisions of this Note, and agrees that additional makers, endorsers, guarantors,
or sureties may become parties hereto without notice to Maker or affecting Maker’s liability hereunder.

 

VIII.         Notices.
Any notice called for hereunder shall be deemed properly given if (i) sent by certified mail, return receipt requested, (ii)
personally delivered, (iii) dispatched by any form of private or governmental express mail or delivery service providing receipted
delivery or (iv) sent by telefacsimile or (v) to the following addresses or to such other address as either party may designate
by notice in accordance with this Section:

 

If to Maker:

 

CIS Acquisition Ltd.

FH Chambers, P.O. Box 4649

Road Town, Tortola, British Virgin Islands

Attn: Anatoly Danilitskiy, Chief Executive Officer

 

If to Payee:

 

Intercarbo Holding AG

[Address]

 

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Notice shall be deemed given on the earlier
of (i) actual receipt by the receiving party, (ii) the date shown on a telefacsimile transmission confirmation, (iii) the date
reflected on a signed delivery receipt, or (iv) two (2) Business Days following tender of delivery or dispatch by express mail
or delivery service.

 

IX.          Construction.
THIS NOTE SHALL BE CONSTRUED AND ENFORCED IN ACCORDANCE WITH THE LAWS OF NEW YORK, WITHOUT REGARD TO CONFLICT OF LAW PROVISIONS
THEREOF.

 

X.           Jurisdiction.
The courts of New York have exclusive jurisdiction to settle any dispute arising out of or in connection with this agreement
(including a dispute relating to any non-contractual obligations arising out of or in connection with this agreement) and the parties
submit to the exclusive jurisdiction of the courts of New York.

 

XI.          Severability.
Any provision contained in this Note which is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction,
be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and
any such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any
other jurisdiction.

 

XII.         Trust
Waiver. Notwithstanding anything herein to the contrary, the Payee hereby waives any and all right, title, interest or claim
of any kind (“Claim”) in or to any distribution of or from the trust account in which the proceeds of
the initial public offering (the “IPO”) conducted by the Maker (including the deferred underwriters discounts
and commissions) and the proceeds of the sale of the warrants issued in a private placement to occur prior to the effectiveness
of the IPO, as described in greater detail in the registration statement and prospectus to be filed with the Securities and Exchange
Commission in connection with the IPO, and hereby agrees not to seek recourse, reimbursement, payment or satisfaction for any Claim
against the trust account for any reason whatsoever.

 

XIII.         Amendment;
Waiver. Any amendment hereto or waiver of any provision hereof may be made with, and only with, the written consent of the
Maker and the Payee.

 

XIV.         Assignment.
No assignment or transfer of this Note or any rights or obligations hereunder may be made by any party hereto (by operation
of law or otherwise) without the prior written consent of the other party hereto and any attempted assignment without the required
consent shall be void.

 

XV.          Further
Assurance. The Maker shall, at its own cost and expense, execute and do (or procure to be executed and done by any other necessary
party) all such deeds, documents, acts and things as the Payee may from time to time require as may be necessary to give full effect
to this Promissory Note.

 

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IN WITNESS WHEREOF, Maker, intending to be legally bound hereby,
has caused this Note to be duly executed by its Chief Executive Officer the day and year first above written.

 

	 	CIS ACQUISITION LTD.	 
	 	 	 
	 	By:	/s/ Kyle Shostak	 
	 	 	Name:  Kyle Shostak	 
	 	 	Title:	 

 

    	4AGREEMENT

 

AGREEMENT, dated as of January 10, 2012 (this "Agreement"),
by and between CIS Acquisition Ltd., a British Virgin Islands company (the "Company"),
Kyle Shostak (“Shostak”) and CIS Acquisition Holding Co. Ltd. (the "Shareholder").

 

WITNESSETH:

 

WHEREAS, the Company has been formed to conduct an initial
public offering and acquire an operating business (a transaction to acquire an operating business is referred to herein as a “Business
Combination”); and

 

WHEREAS, the Company has asked Shostak to serve as, and
Shostak wishes to serve as, the Chief Financial Officer and a director of the Company;

 

WHEREAS, the Company irrevocably issued to the Shareholder
an aggregate of 2,804,562 of the Company’s ordinary shares (the “Pre-IPO Shares”);

 

WHEREAS, Shostak has been irrevocably issued 70,438 of
the Company’s ordinary shares (the “Shostak Shares”) in reliance on his agreement to enter into this Agreement
with the other parties hereto; and

 

WHEREAS, the Company expects to sell to Shostak and the Shareholder
or its designees or affiliates an aggregate of 7,733,333 warrants (the “Placement Warrants”), each warrant to purchase
on ordinary share of the Company, as described in the Company’s initial public offering prospectus;

 

NOW, THEREFORE, for and good and valuable consideration,
the receipt and legal adequacy of which is hereby acknowledged, the parties hereto hereby agree as follows:

 

1. Agreement.

 

(a) From the date hereof until the closing
of a Business Combination, Shostak will hold the office of Chief Financial Officer of the Company. From the date hereof until the
closing of a Business Combination, the Company agrees that it shall include Shostak on any slate of director nominees it presents
to its shareholders for election to the Company’s Board of Directors and recommend to its shareholders that they vote in
favor of Shostak for election to the Company’s Board of Directors (whether at a meeting or pursuant to a written consent).
Shostak agrees to faithfully, well and to the best of his abilities perform the duties required of him during such time.

 

(b) From the date hereof until the closing
of a Business Combination, the Shareholder agrees to vote, or cause to be voted, all of the Pre-IPO Shares together with any other
ordinary shares of the Company owned by the Shareholder, or over which the Shareholder has voting control, from time to time and
at all times, in whatever manner as shall be necessary to ensure that, at each annual or special meeting of shareholders at which
an election of directors of the Company is held or pursuant to any written consent of the shareholders of the Company, Shostak
shall be elected to the Company’s Board of Directors:

 

(c) Shostak hereby agrees that if the Shareholder
is required to either return a portion of the Pre-IPO Shares to the Company for cancellation in connection with a Business Combination
or transfer a portion of the Pre-IPO Shares to a third party in connection with a Business Combination, upon receiving notice to
such effect, Shostak shall return to the Company for cancellation or transfer, as applicable, on the same terms and conditions
and at the same time as the Shareholder, a number of Shostak Shares equal to the product of (i) the number of Shostak Shares outstanding
multiplied by (ii) quotient of the aggregate number of Pre-IPO Shares to be canceled or transferred by the Shareholder divided
by the total number of Pre-IPO Shares outstanding.

 

    	 

    	 

    

 

(d) Immediately
prior to the closing of the Company’s initial public offering, the Company shall sell to Shostak 2.45% of the total Placement
Warrants (initially equal to 189,467 warrants) (the “Shostak Warrants”) on the same terms and conditions as the remaining
97.55% of the Placement Warrants (the “Pre-IPO Warrants”) are sold to the Shareholder or its designees or affiliates.
Shostak hereby agrees that if the Shareholder or its designees or affiliates are required to either
return a portion of the Pre-IPO Warrants to the Company for cancellation in connection with a Business Combination or transfer
a portion of the Pre-IPO Warrants to a third party in connection with a Business Combination, upon receiving notice to such effect,
Shostak shall return to the Company for cancellation or transfer, as applicable, on the same terms and conditions and at the same
time as the Shareholder or its designees or affiliates, a number of Shostak Warrants equal to the product of (i) the number of
Shostak Warrants outstanding multiplied by (ii) the quotient of the aggregate number of Pre-IPO Warrants to be canceled or transferred
by the Shareholder and its designees or affiliates, divided by the total number of Pre-IPO Warrants outstanding.

 

(e) The Company and Shareholder agree that,
prior to completion of the Company’s initial public offering or in connection with a Business Combination, if the members
of the management of the Company receive shares or warrants of the Company, or any successor thereof, either in the form of newly
issued shares or as a result of a transfer by the Shareholder or its designees or affiliates, then Shostak shall be entitled to
at least 2.45% of the aggregate number of shares or warrants so received by the members of the Company’s management on the
same terms and conditions and at the same time as the other members of the Company’s management.

 

2. Breach.

 

(a) Shostak understands that the Company
issued the Shostak Shares and will issue the warrants specified in Section 1(d) of this Agreement, and the Shareholder has consented
to the taking of such actions by the Company, in each case in reliance on Shostak entering into this Agreement and acknowledges
that any breach of this Agreement by Shostak could cause irreparable harm to the other parties hereto and money damages and other
remedies available at law in the event of a breach would not be adequate to compensate the Company and/or the Shareholder for any
such breach. Accordingly, the Company and/or the Shareholder, as applicable, shall be entitled, without the requirement of posting
a bond or other security, to equitable relief, including, without limitation, injunctive relief and specific performance, as a
remedy for any such breach. Such relief shall be in addition to, and not in lieu of, all other remedies available at law or in
equity to the Company and/or the Shareholder.

 

(b) The Company and the Shareholder understand
that Shostak will be performing services for the Company because of the terms of this Agreement and any breach of this Agreement
by any of the parties hereto other than Shostak could cause irreparable harm to Shostak and money damages and other remedies available
at law in the event of a breach would not be adequate to compensate Shostak for any such breach. Accordingly, Shostak shall be
entitled, without the requirement of posting a bond or other security, to equitable relief, including, without limitation, injunctive
relief and specific performance, as a remedy for any such breach. Such relief shall be in addition to, and not in lieu of, all
other remedies available at law or in equity to Shostak.

 

3. Miscellaneous.

 

(a) Binding Effect. This Agreement
shall be binding upon and inure to the benefit of and be enforceable by the parties hereto and their respective representatives
and permitted successors and assigns.

 

(b) Entire Agreement. This Agreement
contains the entire understanding of the parties and supersedes all prior agreements and understandings between the parties with
respect to its subject matter. This Agreement may be amended only by a written instrument duly executed by each of the parties
hereto.

 

(c) Counterparts. This Agreement
may be executed in one or more counterparts, each of which shall be an original, but each of which together shall constitute one
and the same Agreement. Delivery of an executed counterpart of a signature page by facsimile or electronic transmission shall be
effective as delivery of a manually executed counterpart.

 

(d) Notices. All notices, requests,
claims, demands and other communications hereunder shall be in writing and shall be given (and shall be deemed to have been duly
delivered if so given) by telecopy, mail (registered or certified mail, postage prepaid, return receipt requested) or by any courier
service, provided that any notice delivered as herein provided shall also be delivered by telecopy or e-mail at the time of such
delivery. All communications hereunder shall be delivered to the respective parties at the following addresses (or at such other
address for a party as shall be specified by like notice, provided that notices of a change of address shall be effective only
upon receipt thereof):

 

    	 

    	 	 

    
 

If to the Company to:

  

CIS Acquisition Ltd.

89 Udaltsova Street, Suite 84

Moscow, Russia, 119607

	Attn:	 	 
	Email:	 	 
	Fax:	 	 

 

If to the Shostak or the Shareholder, pursuant to
the information contained on the signature page hereto.

 

In each case, a copy of such notice (which copy will
not be deemed to serve notice on the counter-party) shall be concurrently provided to:

 

Loeb & Loeb LLP

345 Park Avenue

New York, NY 10154-1895

	Attn:	Mitchell S. Nussbaum, Esq.
	Email:	mnussbaum@loeb.com
	Fax:	(212) 504-3013

 

(e) Governing Law; Arbitration. This
Agreement shall be governed by and construed and enforced in accordance with the laws of the State of New York, without regard
to principles of conflicts of laws. The parties hereto agree that any action, proceeding or claim arising out of or relating in
any way to this Agreement shall be resolved through final and binding arbitration conducted in the City of New York, State of New
York in accordance with the rules and regulations of the American Arbitration Association (AAA), by a panel of three arbitrators
selected from the AAA Commercial Disputes Panel instead of any trial and that the arbitrator panel’s decision shall be final
and binding to the fullest extent permitted by law and enforceable by any court having jurisdiction thereof. The cost of such arbitrator
and arbitration services, together with the prevailing party’s legal fees and expenses, shall be borne by the non-prevailing
party or as otherwise directed by the arbitrators.

 

(f) Enforceability. The invalidity
or unenforceability of any provision or provisions of this Agreement shall not affect the validity or enforceability of any other
provision of this Agreement, which shall remain in full force and effect.

 

(g) Remedies Not Exclusive. All rights,
powers and remedies provided under this Agreement or otherwise available in respect hereof at law or in equity will be cumulative
and not alternative, and the exercise of any thereof by either party will not preclude the simultaneous or later exercise of any
other such right, power or remedy by such party.

 

[Remainder of page intentionally left blank]

 

    	 

    	 

    

 

IN WITNESS WHEREOF, the parties hereto have caused this
Agreement to be duly executed as of the date first above written.

 

	CIS ACQUISITION LTD.	 
	 	 
	By:	/s/ Anatoly Danilitskiy	 
	Name: Anatoly Danilitskiy	 
	Title:   CEO & Chairman	 
	 	 
	/s/ Kyle Shostak	 
	Kyle Shostak	 

 

Address:

 

39-06 Kuiken Terrace

Fair Lawn, NJ 07410

	Email:	kshostak@yahoo.com	 
	Fax:	 	 

 

	CIS ACQUISITION HOLDING CO. LTD.	 
	 	 
	By:	/s/ Taras Vazhnov	 
	Name: Taras Vazhnov	 
	Title:   Director	 

 

Address:

 

CIS Acquisition Holding Co. Ltd.

Commerce House, Wickhams

Cay 1, P.O. Box 3140, Road Town

Tortola, British Virgin Islands VG1110

	Attn:	Taras Vazhnov	 
	Email:	taras.vazhnov@gmail.com	 
	Fax:

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