Document:

Amended and Restated Agreement

 Exhibit 10.1 

 
 July 1, 2010 

Donald S. Guthrie 

2 General Washington Drive 

Media, PA 19063 

Re:    Assumption of Amended and Restated Transition, Consulting, Noncompetition and Retirement
Agreement 
 Dear Mr. Guthrie, 

Pursuant to Section 14 of that certain Amended and Restated Transition, Consulting, Noncompetition and Retirement
Agreement, dated November 25, 2008, by and among First Keystone Financial, Inc. (“FKF”), First Keystone Bank (“FKB”) and you, a copy of which is attached hereto as Exhibit A (the “Agreement”), upon the
effectiveness of the merger (“Merger”) of FKF with and into Bryn Mawr Bank Corporation (the “Company”), the Company and its wholly owned subsidiary, The Bryn Mawr Trust Company (the “Bank”) expressly assume all
obligations of FKF and FKB under the Agreement as fully as if the Company and the Bank had been originally made a party thereto, and the Company and the Bank acknowledge that the Agreement shall continue in effect pursuant to the terms thereof
following the Merger. 
  

					
	 BRYN MAWR BANK CORPORATION

		
	 By:
	 	 /S/ Frederick C. Peters

		 	 Name:
	 	 Frederick C. Peters, II

		 	 Title:
	 	 President and Chief Executive Officer

	
	 THE BRYN MAWR TRUST COMPANY

		
	 By:
	 	 /S/ Frederick C. Peters

		 	 Name:
	 	 Frederick C. Peters, II

		 	 Title:
	 	 President and Chief Executive Officer

 EXHIBIT A 

See attached 
  

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 FIRST KEYSTONE FINANCIAL, INC. 

FIRST KEYSTONE BANK 

AMENDED AND RESTATED 

TRANSITION, CONSULTING, NONCOMPETITION AND RETIREMENT AGREEMENT 

This Transition, Consulting, Noncompetition and Retirement Agreement (the “Agreement”) by and between First
Keystone Financial, Inc. (the “Company”), First Keystone Bank (the “Bank”) and Donald S. Guthrie (the “Consultant”) is hereby amended and restated effective as of November 25, 2008. 

WHEREAS, the Company and the Consultant were parties to an employment agreement dated as of December 1, 2004,
pursuant to which the Consultant served as Chief Executive Officer of the Company (the “Company Employment Agreement”); 

WHEREAS, the Bank and the Consultant were parties to an employment agreement dated as of December 1, 2004, pursuant
to which the Consultant served as Chief Executive Officer of the Bank (the “Bank Employment Agreement”); 

WHEREAS, the Consultant was a participant in the Supplemental Executive Retirement Plan adopted by the Bank effective
March 31, 2004 (the “SERP”); 
 WHEREAS, the Company, the Bank and the Consultant entered into a
Transition, Consulting, Noncompetition and Retirement Agreement dated as of March 23, 2005 (the “Prior Agreement”), which superseded the Company Employment Agreement, the Bank Employment Agreement and the SERP (collectively, the
“Plans”), and by which the Consultant agreed to relinquish his rights under the Plans in exchange for the payments and benefits set forth in the Prior Agreement; 

WHEREAS, the Consultant became the interim Chief Executive Officer of both the Company and the Bank effective as of
August 15, 2008 and is currently serving in such capacity; 
 WHEREAS, when the Company and the Bank hire a
new president and chief executive officer, the Consultant will relinquish his position as the interim Chief Executive Officer and will continue to provide Consulting Services for the remainder of the Consulting Period (as such terms are defined
below); and 
 WHEREAS, the Company and the Bank desire to amend and restate the Prior Agreement in order to
comply with Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”), and to reflect the Consultant’s current position as the interim Chief Executive Officer; 

NOW, THEREFORE, in consideration of the mutual covenants set forth herein and other good and valuable consideration, the
parties hereto agree as follows: 
 1.    Effective Date. The “Effective
Date” of the Agreement is May 1, 2005. 
  

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 2.    Consulting Period. The Company and the
Bank hereby agree to engage the Consultant, and the Consultant hereby agrees to provide services to the Company and the Bank, subject to the terms and conditions of this Agreement, for the period commencing on the Effective Date and ending on
April 30, 2010 (the “Consulting Period”). 
 3.    Consulting
Services. 
 (a)    Duties. During the Consulting Period, the Consultant
shall report to the President of the Company and the Bank, except that during the time period the Consultant serves as the interim Chief Executive Officer of the Company and the Bank, the Consultant shall report directly to the Boards of Directors
of the Company and the Bank. During the Consulting Period, the Consultant shall provide his personal advice and counsel to the Company and the Bank regarding their operations, customer relationships, growth and expansion opportunities and other
business matters that may arise in connection with the business and operations of the Company and its subsidiaries in the Commonwealth of Pennsylvania and as may be reasonably requested by the President of the Company and the Bank or his designee
(or by the Boards of Directors of the Company and the Bank while the Consultant is serving as the interim Chief Executive Officer) from time to time (collectively, the “Consulting Services”). Except as set forth below, the Consulting
Services will include, without limitation, monthly meetings or teleconferences between the Consultant and the President of the Company and the Bank; efforts by the Consultant to enhance the business activities of the Company and its subsidiaries in
the Commonwealth of Pennsylvania, including without limitation meeting with existing and potential customers of the Company and its subsidiaries located in such state; attendance at certain public functions in the Commonwealth of Pennsylvania on
behalf of the Company and its subsidiaries; attendance at meetings of the Board of Directors of the Company and the Bank to report on the business activities of the Company and its subsidiaries in the Commonwealth of Pennsylvania and attendance at
certain functions of the Company and its subsidiaries. During the time period that the Consultant serves as the interim Chief Executive Officer of the Company and the Bank, he shall manage the operations of the Company and the Bank, oversee the
officers that report to him, oversee the implementation of the policies adopted by the Boards of Directors of the Company and the Bank, and perform such executive services for the Company and the Bank as may be consistent with his title of interim
Chief Executive Officer. Consulting Services may be provided in person, telephonically, electronically or by correspondence to the extent appropriate under the circumstances. 

(b)    Geographic Location. The Consultant shall provide the Consulting Services in the
Commonwealth of Pennsylvania, including without limitation the market areas of the Company and the Bank. 

(c)    Time Limitation. Other than during the time period that the Consultant serves as
the interim Chief Executive Officer of the Company and the Bank, the Consultant shall not be required to provide Consulting Services hereunder for more than 25 hours per week or 100 hours in any calendar month during the Consulting Period, with the
maximum monthly hours being pro-rated for the first and last month of the Consulting Period. 
  

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 (d)    Directorship. The Consultant was
appointed as Chairman of the Board of Directors of the Bank as of the Effective Date. The Consultant shall continue to serve as Chairman of the Board of Directors of the Company and of the Bank throughout the Consulting Period, provided that
the Consultant continues to be a director in good standing during such period. In addition to the compensation set forth in Section 4 hereof and any fees paid to directors of the Company and the Bank for attendance at meetings, the
Consultant shall receive an annual fee of $15,000.00 for serving as Chairman of the Board of the Company and the Bank during the Consulting Period. 

4.    Compensation. 

(a)    Monthly Payments. In consideration of the obligations and commitments of the
Consultant under this Agreement, including but not limited to Sections 3 and 8 hereof, the Company and/or the Bank agrees to pay to the Consultant an amount equal to $12,500.00 per month on the first business day of each month during the Consulting
Period, commencing May 1, 2005 through and including April 1, 2010 (the “Monthly Fee”). No additional compensation shall be paid to the Consultant during the time period that he serves as the interim Chief Executive Officer
of the Company and the Bank. During the Consulting Period, the Consultant shall be treated as an independent contractor and shall not be deemed to be an employee of the Company or any affiliate or subsidiary of the Company. 

(b)    Medical and Other Benefits. The Company and the Bank shall provide medical insurance
for the benefit of the Consultant and his spouse during the Consulting Period, at no cost to the Consultant and his spouse, with the terms of such coverage being similar to the coverage provided by the Company and the Bank to their
employees. In addition, the Company and the Bank shall provide dental and long-term care insurance coverage for the benefit of the Consultant and his spouse during the Consulting Period, at no cost to the Consultant and his spouse, with the
terms of such coverage being similar to the coverage provided by the Company and the Bank as of the Effective Date of this Agreement. Any insurance premiums payable by the Company and the Bank pursuant to this Section 4(b) shall be payable
at such times and in such amounts (except that the Company and the Bank shall also pay any employee portion of the premiums) as if the Consultant was still an employee of the Company and the Bank, subject to any increases in such amounts imposed by
the insurance company or COBRA, and the amount of insurance premiums required to be paid by the Company and the Bank in any taxable year shall not affect the amount of insurance premiums required to be paid by the Company and the Bank in any other
taxable year; and provided further that if the Consultant’s participation in any group insurance plan is barred, the Company and the Bank shall either arrange to provide the Consultant with insurance benefits substantially similar to those
which the Consultant was entitled to receive under such group insurance plan or, if such coverage cannot be obtained, pay a lump sum cash equivalency amount within thirty (30) days following such bar for the then remaining period based on the
annualized rate of premiums then being paid by the Company and the Bank. 

(c)    Existing Stock Options. The 9,750 vested stock options held by the Consultant as
of the Effective Date of this Agreement to purchase shares of common stock of the Company 
  

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shall remain outstanding and exercisable in accordance with their terms, and the Consultant had three months following the Effective Date to exercise his incentive stock options. 

(d)    Employee Benefit Plans. The Consultant shall be entitled to receive his vested
benefits under the Company’s Employee Stock Ownership Plan and the Bank’s 401(k) Profit Sharing Plan as of the Effective Date in accordance with the terms of such plans. As of the Effective Date, the Consultant shall no longer be entitled
to participate in any of the employee benefit plans or programs offered by the Company, the Bank or any of their subsidiaries, and no additional benefits shall accrue or vest on behalf of the Consultant under such employee benefit plans or programs
after the Effective Date, except as set forth in Sections 4(b) and 4(c) hereof. 

(e)    Lump Sum Payment. In recognition of the years of service that the Consultant
provided to the Company and the Bank prior to the Effective Date and in satisfaction of the Consultant’s accrued and/or carried over but unused vacation leave, the Consultant acknowledges the receipt from the Company and/or the Bank prior to
the Effective Date of a lump sum cash payment equal to $165,519.27. 
 (f)    Use of an
Automobile. During the Consulting Period, the Company and/or the Bank shall provide the Consultant with the continued use of the automobile that was provided for the Consultant’s use immediately prior to the Effective Date. At the
end of the Consulting Period, the Company and/or the Bank shall transfer title to the automobile to the Consultant for no additional consideration. 

(g)    Expenses. The Company and/or the Bank shall reimburse the Consultant or otherwise
provide for or pay for all reasonable expenses incurred by the Consultant at the request of the Company and/or the Bank, including, but not by way of limitation, the costs of insurance, repair, maintenance and licensing of the automobile provided by
Section 4(f) hereof, subject to such reasonable documentation as may be requested by the Company and/or the Bank. If such expenses are paid in the first instance by the Consultant, the Company and/or the Bank shall reimburse the Consultant
therefor upon receipt of such reasonable documentation as may be requested by the Company. Such reimbursements or payments shall be made promptly by the Company or the Bank and, in any event, no later than March 15 of the year immediately
following the year in which such expenses were incurred. 

(h)    Proration. The Consultant’s compensation, benefits and expenses shall be paid
by the Company and the Bank in the same proportion as the time and services actually expended by the Consultant on behalf of the Company and the Bank. 

5.    Termination of Consulting Services. 

(a)    Death or Disability. The Consultant’s services shall terminate automatically
upon the Consultant’s death during the Consulting Period. If the Consultant becomes Disabled during the Consulting Period (pursuant to the definition of Disability set forth below), the Company and/or the Bank may give to the Consultant
written notice in accordance with Section 15 of this Agreement of its intention to terminate the Consultant’s services. In such event, the Consultant’s services with the Company and the Bank shall terminate effective on the 60th
day after receipt of 
  

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such notice by the Consultant (the “Disability Effective Date”), provided that, within the 60 days after such receipt, the Consultant shall not have returned to performance of the
Consultant’s duties. For purposes of this Agreement, “Disability” shall mean the Consultant is unable to engage in any substantial gainful activity by reason of any medically determinable physical or mental impairment which can
be expected to result in death or can be expected to last for a continuous period of not less than 12 months, as determined by a physician selected by the Company or its insurers and reasonably acceptable to the Consultant or the Consultant’s
legal representative. 
 (b)    Cause. The Company and the Bank may terminate
the Consultant’s services during the Consulting Period for Cause. For purposes of this Agreement, “Cause” shall mean: 

(i)    the continued failure of the Consultant to perform substantially the
Consultant’s duties with the Company or one of its affiliates (other than any such failure resulting from incapacity due to physical or mental illness), after a written demand for substantial performance is delivered to the Consultant by the
Board of Directors of the Company or the Bank which specifically identifies the manner in which the Board of Directors believes that the Consultant has not substantially performed the Consultant’s duties and after the Consultant has been given
a 15 day period to cure such failure; or 
 (ii)    the willful engaging by
the Consultant in illegal conduct or gross misconduct which violates any code of conduct of the Company and/or the Bank or which is otherwise materially and demonstrably injurious to the Company or the Bank; or 

(iii)    conviction of a felony or a guilty or nolo contendere plea by the
Consultant with respect thereto. 
 For purposes of this provision, no act or failure to act, on the part of the Consultant,
shall be considered “willful” unless it is done, or omitted to be done, by the Consultant in bad faith or without reasonable belief that the Consultant’s action or omission was in the best interests of the Company and/or the
Bank. Any act, or failure to act, based upon authority given pursuant to a resolution duly adopted by the Board of Directors or upon the instructions of the President or a senior officer of the Company and/or the Bank or based upon the advice
of counsel for the Company and/or the Bank shall be conclusively presumed to be done, or omitted to be done, by the Consultant in good faith and in the best interests of the Company and the Bank. The cessation of the services of the Consultant
for conduct described in subparagraph (i) or (ii) above shall not be deemed to be for Cause unless and until there shall have been delivered to the Consultant a copy of a resolution duly adopted by the affirmative vote of a majority of the
entire membership of the Board of Directors of the Company or the Bank at a meeting of the Board of Directors called and held for such purpose (after not less than ten days’ advance notice is provided to the Consultant and the Consultant is
given an opportunity, together with counsel chosen by the Consultant, to be heard before the Board of Directors), finding that, in the good faith opinion of the Board, the Consultant is guilty of the conduct described in subparagraph (i) or
(ii) above, and specifying the particulars thereof in detail. The Company and/or the Bank may suspend the Consultant’s authority (with a continuation of the Monthly Fee during such period of suspension) after the provision of a notice
of intention to terminate the Consultant’s services for 
  

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conduct described in subparagraph (i) or (ii) above and prior to the time the Consultant is given an opportunity to meet with the Board of Directors, and any such suspension shall not
constitute “Good Reason” as defined in Section 5(c) below. 
 (c)    Good
Reason. The Consultant’s services may be terminated by the Consultant for Good Reason. For purposes of this Agreement, “Good Reason” shall mean, in the absence of a written consent of the Consultant, any material breach
of this Agreement by the Company and/or the Bank, including without limitation any of the following: (A) a material reduction in the Monthly Fees payable to the Consultant; or (B) a material diminution in the authority, duties or
responsibilities of the individual to whom the Consultant is required to report; provided, however, that prior to any termination of service for Good Reason, the Consultant must first provide written notice to the Company and the Bank within ninety
(90) days of the initial existence of the condition, describing the existence of such condition, and the Company and the Bank shall thereafter have the right to remedy the condition within thirty (30) days of the date the Company and the
Bank received the written notice from the Consultant. If the Company and the Bank remedy the condition within such thirty (30) day cure period, then no Good Reason shall be deemed to exist with respect to such condition. If the
Company and the Bank do not remedy the condition within such thirty (30) day cure period, then the Consultant may deliver a Notice of Termination for Good Reason at any time within sixty (60) days following the expiration of such cure
period. 
 (d)    Notice of Termination. Any termination by the Company and/or
the Bank for Cause, or by the Consultant for Good Reason, shall be communicated by a written Notice of Termination to the other party hereto given in accordance with Section 15 of this Agreement. For purposes of this Agreement, a
“Notice of Termination” means a written notice which (i) indicates the specific termination provision in this Agreement relied upon, (ii) to the extent applicable, sets forth in reasonable detail the facts and circumstances
claimed to provide a basis for termination of the Consultant’s services under the provision so indicated and (iii) if the Date of Termination (as defined below) is other than the date of receipt of such notice, specifies the termination
date (which date shall be not more than 30 days after the giving of such notice). The failure by the Consultant or the Company and/or the Bank to set forth in the Notice of Termination any fact or circumstance which contributes to a showing of
Good Reason or Cause shall not waive any right of the Consultant or the Company and/or the Bank, respectively, hereunder or preclude the Consultant or the Company and/or the Bank, respectively, from asserting such fact or circumstance in enforcing
the Consultant’s or the Company’s or the Bank’s rights hereunder. 

(e)    Date of Termination. “Date of Termination” means (i) if the
Consultant’s services are terminated by the Company and/or the Bank for Cause, or by the Consultant for Good Reason, the date on which the Notice of Termination is given, or any later date specified therein within 30 days of delivery of such
notice, as the case may be, or (ii) if the Consultant’s services are terminated for any other reason, the Date of Termination shall be the date specified in such Notice of Termination. 

 

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 6.    Obligations of the Company and the Bank upon
Termination of Consulting Services. 
 (a)    Good Reason; Other Than for Cause,
Death or Disability. If, during the Consulting Period, the Company and/or the Bank shall terminate the Consultant’s services other than for Cause, Death or Disability or the Consultant shall terminate his services by the Company and
the Bank for Good Reason, the Company and/or the Bank shall pay to the Consultant in a lump sum in cash within 30 days after the Date of Termination the sum of (1) any accrued but unpaid Monthly Fee of the Consultant through the Date of
Termination (the “Accrued Obligations”), (2) an amount equal to the present value of the Monthly Fees that would have been paid through and including April 30, 2010 (the “Remaining Monthly Fees”), and (3) the
present value of the Retirement Benefits (as defined in Section 9 hereof), with the present values calculated as set forth in Section 6(e) below. In addition, the Company and the Bank shall provide the Consultant and his spouse with
the medial and other benefits set forth in Section 4(b) hereof through April 30, 2010 (the “Medical Benefits”) and shall transfer title to the automobile to the Consultant as provided in Section 4(f) hereof. 

(b)    Death. If the Consultant’s services are terminated by reason of the
Consultant’s death during the Consulting Period, the Company and/or the Bank shall pay to the Consultant’s estate or beneficiary, as applicable, in a lump sum in cash within 30 days after the Date of Termination the sum of (1) any
Accrued Obligations, (2) the present value of the Remaining Monthly Fees, and (3) the present value of the Retirement Benefits (as defined in Section 9 hereof), with the present values calculated as set forth in Section 6(e)
below. In addition, the Company and the Bank shall provide the Consultant’s spouse with the Medical Benefits and shall transfer title to the automobile to the Consultant’s spouse as provided in Section 4(f) hereof. 

(c)    Disability. If the Consultant’s services are terminated by reason of the
Consultant’s Disability during the Consulting Period, the Company and/or the Bank shall pay to the Consultant in a lump sum in cash within 30 days after the Date of Termination the sum of (1) any Accrued Obligations, and (2) the
present value of the Retirement Benefits (as defined in Section 9 hereof), with the present value calculated as set forth in Section 6(e) below. In addition, the Company and the Bank shall provide the Consultant and his spouse with
the Medical Benefits and shall transfer title to the automobile to the Consultant as provided in Section 4(f) hereof. 

(d)    Cause; Other than for Good Reason. If the Consultant’s services shall be
terminated for Cause or the Consultant terminates his services without Good Reason during the Consulting Period, this Agreement shall terminate without further obligations to the Consultant other than for payment of the Accrued Obligations. The
Accrued Obligations shall be paid to the Consultant in a lump sum in cash within 30 days of the Date of Termination. 

(e)    Calculation of Present Values. In calculating the present value of any benefits
hereunder that would otherwise be paid in the future, the future benefits shall be discounted to present value using a discount rate equal to 120% of the applicable short-term, mid-term or long-term federal rate, as published by the Internal Revenue
Service for the month in which the Date of Termination occurs. 
  

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 7.    Full Settlement. Except as provided in
Section 8(d), the obligations of the Company and/or the Bank to make the payments provided for in this Agreement and otherwise to perform its obligations hereunder shall not be affected by any set-off, counterclaim, recoupment, defense or other
claim, right or action which the Company and/or the Bank may have against the Consultant or others. In no event shall the Consultant be obligated to seek other services or take any other action by way of mitigation of the amounts payable to the
Consultant under any of the provisions of this Agreement, and such amounts shall not be reduced whether or not the Consultant obtains other services. 

8.    Non-Compete; Confidentiality. 

(a)    The Consultant agrees that during the Consulting Period the Consultant will not, directly or
indirectly, (i) become a director, officer, employee, principal, agent, consultant or independent contractor of any insured depository institution, trust company or parent holding company of any such institution or company (excluding the
Company and the Bank) which has an office in the Commonwealth of Pennsylvania (a “Competing Business”), provided, however, that this provision shall not prohibit the Consultant from owning bonds, non-voting preferred stock or up to five
percent (5%) of the outstanding common stock of any such entity if such common stock is publicly traded, (ii) solicit or induce, or cause others to solicit or induce, any employee of the Company or any of its subsidiaries to leave the
services of such entities or (iii) solicit (whether by mail, telephone, personal meeting or any other means) any customer of the Company or any of its subsidiaries to transact business with any other entity, whether or not a Competing Business,
or to reduce or refrain from doing any business with the Company or its subsidiaries, or interfere with or damage (or attempt to interfere with or damage) any relationship between the Company or its subsidiaries and any such customers. 

(b)    Except as required by law or regulation (including without limitation in connection with any
judicial or administrative process or proceeding), the Consultant shall keep secret and confidential and shall not disclose to any third party (other than the Company or any of its subsidiaries or any persons employed or engaged by such entities) in
any fashion or for any purpose whatsoever any information regarding the Company or any of its subsidiaries which is not available to the general public to which the Consultant had access at any time during the course of the Consultant’s service
to the Company or any of its subsidiaries, including, without limitation, any such information relating to: business or operations; plans, strategies, prospects or objectives; products, technology, processes or specifications; research and
development operations or plans; customers and customer lists; distribution, sales, service, support and marketing practices and operations; financial condition, results of operations and prospects; operational strengths and weaknesses; and
personnel and compensation policies and procedures. 
 (c)    The Consultant agrees that
damages at law will be an insufficient remedy to the Company and the Bank in the event that the Consultant violates any of the provisions of paragraph (a) or (b) of this Section 8, and that the Company and/or the Bank may apply for
and, upon the requisite showing, have injunctive relief in any court of competent jurisdiction to restrain the breach or threatened or attempted breach of or otherwise to specifically enforce any of the covenants contained in paragraph (a) or
(b) of this Section 8. The Consultant hereby 
  

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consents to any injunction (temporary or otherwise) which may be issued against the Consultant and to any other court order which may be issued against the Consultant from violating, or directing
the Consultant to comply with, any of the covenants in paragraph (a) or (b) of this Section 8. The Consultant also agrees that such remedies shall be in addition to any and all remedies, including damages, available to the
Company and/or the Bank against the Consultant for such breaches or threatened or attempted breaches. 

(d)    In addition to the rights of the Company and the Bank set forth in paragraph (c) of this
Section 8, in the event that the Consultant shall violate the terms and conditions of paragraphs (a) or (b) of this Section 8, the Company and its subsidiaries may terminate any payments or benefits of any type and regardless of
source payable by the Company or its subsidiaries, if applicable, to the Consultant, other than with respect to payments or benefits to the Consultant under plans or arrangements that are covered by the Employee Retirement Income Security Act of
1974, as amended. 
 9.    Retirement Benefits. 

(a)    Retirement Benefits. If the Consultant satisfies all of his obligations under
Sections 3 and 8 of this Agreement, then following the end of the Consulting Period on April 30, 2010, the Company and/or the Bank shall pay to the Consultant an annual supplemental retirement benefit of $135,175.00 per year, payable in equal
monthly installments on the first day of each month commencing on May 1, 2010 and continuing thereafter for a period of ten (10) years (i.e., ten years certain and continuous) (the “Retirement Benefits”). The Retirement
Benefits are subject to earlier payment as set forth in Section 6 hereof. 

(b)    Death Following the End of the Consulting Period. If the Consultant dies after the
end of the Consulting Period but before all of the Retirement Benefits have been paid, then the Company and/or the Bank shall pay to the Consultant’s estate or beneficiary, as applicable, in a lump sum in cash within 30 days after the date the
Company and/or the Bank receives notice of the Consultant’s death, the present value of the remaining unpaid Retirement Benefits. The present value shall be calculated in accordance with Section 6(e) hereof, with the date of death
substituted for the Date of Termination. 
 (c)    Supplemental Insurance. During the
ten years following the end of the Consulting Period, the Company and/or the Bank shall provide medical insurance which supplements Medicare coverage for the benefit of the Consultant and his spouse at no cost to the Consultant and his
spouse. Any insurance premiums payable by the Company and the Bank pursuant to this Section 9(c) shall be payable at such times and in such amounts as required by the insurance company, and the amount of insurance premiums required to be
paid by the Company and the Bank in any taxable year shall not affect the amount of insurance premiums required to be paid by the Company and the Bank in any other taxable year; provided that if the Consultant’s participation in any insurance
plan is barred, the Company and the Bank shall either arrange to provide the Consultant with insurance benefits substantially similar to those which the Consultant was entitled to receive under such insurance plan or, if such coverage cannot be
obtained, pay a lump sum cash equivalency amount within thirty (30) days following such bar 
  

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for the then remaining period based on the annualized rate of premiums then being paid by the Company and the Bank. 

10.    Designation of Beneficiary. The Consultant may from time to time, by providing a
written notification to the Company and the Bank, designate any person or persons (who may be designated concurrently, contingently or successively), his estate or any trust or trusts created by him to receive benefits which are payable under this
Agreement. Each beneficiary designation shall revoke all prior designations and will be effective only when filed in writing with the Compensation Committees of the Boards of Directors of the Company and the Bank (the
“Committee”). If the Consultant fails to designate a beneficiary or if a beneficiary dies before the date of the Consultant’s death and no contingent beneficiary has been designated, then the benefits which are payable as
aforesaid shall be paid to his estate. If benefits commence to be paid to a beneficiary and such beneficiary dies before all benefits to which such beneficiary is entitled have been paid, the remaining benefits shall be paid to the successive
beneficiary or beneficiaries designated by the Consultant, if any, and if none to the estate of such beneficiary. 

11.    Claims Procedure. The Consultant or his designated beneficiary or beneficiaries
may make a claim for benefits under this Agreement by filing a written request with the Committee. If a claim is wholly or partially denied, the Committee shall furnish the claimant with written notice setting forth in a manner calculated to be
understood by the claimant; 
 (a)    the specific reason or reasons for the
denial; 
 (b)    specific reference to the pertinent provisions of this
Agreement on which the denial is based; 
 (c)    a description of any
additional material or information necessary for the claimant to perfect his claim and an explanation why such material or information is necessary; and 

(d)    appropriate information as to the steps to be taken if the claimant wishes to
submit his claim for review. 
 Such notice shall be furnished to the claimant within ninety (90) days
after the receipt of his claim, unless special circumstances require an extension of time for processing his claim. If an extension of time for processing is required, the Committee shall, prior to the termination of the initial ninety
(90) day period, furnish the claimant with written notice indicating the special circumstances requiring an extension and the date by which the Committee expects to render its decision. In no event shall an extension exceed a period of
ninety (90) days from the end of the initial ninety (90) day period. 
 A claimant may request the
Committee to review a denied claim. Such request shall be in writing and must be delivered to the Committee within sixty (60) days after receipt by the claimant of written notification of denial of claim. A claimant or his duly
authorized representative may: 
  

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 (a)    review pertinent documents, and 

(b)    submit issues and comments in writing. 

The Committee shall notify the claimant of its decision on review not later than sixty (60) days after receipt of a
request for review, unless special circumstances require an extension of time for processing, in which case a decision shall be rendered as soon as possible, but not later than one hundred twenty (120) days after receipt of a request for
review. If an extension of time for review is required because of special circumstances, written notice of the extension must be furnished to the claimant prior to the commencement of the extension. The Committee’s decision on the
review shall be in writing and shall include specific reasons for the decision, as well as specific references to the pertinent provisions of this Agreement on which the decision is based. 

12.    Resolution of Disputes. With the exception of proceedings for equitable relief
brought pursuant to Section 8(c) of this Agreement, any dispute or controversy arising under or in connection with this Agreement may, at the option of any party hereto, be settled exclusively by arbitration in Media, Pennsylvania in accordance
with the rules of the American Arbitration Association then in effect and at the expense of the Company and/or the Bank. Judgment may be entered on the arbitrator’s award in any court having jurisdiction. If a claim for any payments
or benefits under this Agreement or any other provision of this Agreement is disputed by the Company and/or the Bank or the Consultant, the Consultant shall, to the extent and at such time or times as is not prohibited by applicable law, regulation,
regulatory bulletin and/or any other regulatory requirements, as the same exists or may be hereafter promulgated or amended, if the Consultant is successful in his claim, be reimbursed for all reasonable attorney’s fees and expenses incurred by
the Consultant in pursuing such claim. Any payments made pursuant to this Section 12 shall be paid promptly by the Company and/or the Bank and, in any event, within sixty (60) days following the resolution of such dispute. 

13.    Representations and Warranties. Each party hereto represents and warrants to each
other that they have carefully read this Agreement and consulted with respect thereto with their respective counsel and that each of them fully understands the content of this Agreement and its legal effect. Each party hereto also represents
and warrants that this Agreement is a legal, valid and binding obligation of such party which is enforceable against it in accordance with its terms. 

14.    Successors and Assigns. This Agreement will inure to the benefit of and be binding
upon the Consultant and his assigns and upon the Company and the Bank, including any successor to the Company or the Bank by merger or consolidation or any other change in form or any other person or firm or corporation to which all or substantially
all of the assets and business of the Company or the Bank may be sold or otherwise transferred. Any successor to the Company or the Bank by merger, consolidation or other change in form shall expressly in writing assume all obligations of the
Company and the Bank hereunder as fully as if it had been originally made a party hereto, and this Agreement shall continue in effect following any change in control of the Company and/or the Bank. This Agreement may not be assigned by any
party hereto without the written consent of the other party. 
  

 13 

 15.    Notices. Any communication to a party
required or permitted under this Agreement, including any notice, direction, designation, consent, instruction, objection or waiver, shall be in writing and shall be deemed to have been given at such time as it is delivered personally, or five days
after mailing if mailed, postage prepaid, by registered or certified mail, return receipt requested, addressed to such party at the address listed below or at such other address as one such party may by written notice specify to the other party or
parties, as applicable: 
 If to the Consultant: 

Donald S. Guthrie 

At the address last appearing on the 

personnel records of the Bank 

If to the Company and the Bank: 

First Keystone Financial, Inc. 

First Keystone Bank 

22 West State Street 

Media, Pennsylvania 19063 

Attention: President 

16.    Withholding. The Company and/or the Bank may withhold from any amounts payable under
this Agreement such federal, state, local or foreign taxes as shall be required to be withheld pursuant to any applicable law or regulation. 

17.    Unsecured Promise. Nothing contained in this Agreement shall create or require the
Company or the Bank to create a trust of any kind to fund the benefits payable hereunder. Any insurance policy or other asset acquired or held by, or on behalf of, the Company and/or the Bank or funds allocated by the Company and/or the Bank in
connection with the liabilities assumed by the Company and/or the Bank pursuant to this Agreement shall not be deemed to be held under any trust for the benefit of the Consultant or his beneficiaries or to be a security for the performance of the
obligations of the Company and/or the Bank pursuant hereto but shall be and remain a general asset of the Company and/or the Bank. To the extent that the Consultant or any other person acquires a right to receive payments from the Company
and/or the Bank hereunder, such right shall be no greater than the right of any unsecured general creditor of the Company and/or the Bank. 

18.    Spendthrift Provision. Neither the Consultant nor any other person shall have any right
to commute, sell, assign, transfer, pledge, anticipate, mortgage or otherwise encumber, transfer, hypothecate or convey in advance of actual receipt the amounts, if any, payable hereunder, or any part thereof, which are, and all rights to which are,
expressly declared to be non-assignable and non-transferable. No part of the amounts payable shall, prior to actual payment, be subject to seizure or sequestration for the payment of any debts, judgments, alimony

  

 14 

 
or separate maintenance owed by the Consultant or any other person, nor be transferable by operation of law in the event of the Consultant’s or any other person’s bankruptcy or
insolvency. 
 19.    Entire Agreement; Severability. 

(a)    This Agreement incorporates the entire understanding between the parties relating to the
subject matter hereof, recites the sole consideration for the promises exchanged and supersedes any prior agreements between the Company and the Consultant or between the Bank and the Consultant with respect to the subject matter hereof, including
but not limited to the Plans and the Prior Agreement. In reaching this Agreement, no party has relied upon any representation or promise except those set forth herein. 

(b)    Any term or provision of this Agreement which is invalid or unenforceable in any jurisdiction
shall, as to that jurisdiction, be ineffective to the extent of such invalidity or unenforceability without rendering invalid or unenforceable the remaining terms and provisions of this Agreement or affecting the validity or enforceability of any of
the terms or provisions of this Agreement in any other jurisdiction. If any provision of this Agreement is so broad as to be unenforceable, the provision shall be interpreted to be only so broad as is enforceable. In all such cases, the
parties shall use their reasonable best efforts to substitute a valid, legal and enforceable provision which, insofar as practicable, implements the original purposes and intents of this Agreement. 

20.    Amendment; Waiver. 

(a)    This Agreement may not be amended, supplemented or modified except by an instrument in writing
signed by each party hereto; provided, however, that notwithstanding anything in this Agreement to the contrary, the Company and the Bank may amend in good faith any terms of this Agreement, including retroactively, in order to comply with
Section 409A of the Internal Revenue Code of 1986, as amended. 
 (b)    Failure to
insist upon strict compliance with any of the terms, covenants or conditions hereof shall not be deemed a waiver of such term, covenant or condition. A waiver of any provision of this Agreement must be made in writing, designated as a waiver
and signed by the party against whom its enforcement is sought. Any waiver or relinquishment of any right or power hereunder at any one or more times shall not be deemed a waiver or relinquishment of such right or power at any other time or
times. 
 21.    Counterparts. This Agreement may be executed in two or more
counterparts, each of which shall be deemed an original, and all of which shall constitute one and the same Agreement. 

22.    Governing Law. This Agreement shall be governed by and construed and enforced in
accordance with the laws of the Commonwealth of Pennsylvania applicable to agreements made and entirely to be performed within such jurisdiction. 
  

 15 

 23.    Headings. The headings of sections in
this Agreement are for convenience of reference only and are not intended to qualify the meaning of any section. Any reference to a section number shall refer to a section of this Agreement, unless otherwise stated. 

24.    Release of the Company and Related Parties. 

(a)    In consideration of the payments and benefits to be provided to the Consultant pursuant to
this Agreement, the sufficiency of which is acknowledged hereby, the Consultant, with the intention of binding himself and his heirs, executors, administrators and assigns, does hereby release, remise, acquit and forever discharge the Company and
its subsidiaries and affiliates (the “Company Affiliated Group”), their present and former officers, directors, executives, agents, attorneys and employees, and the successors, predecessors and assigns of each of the foregoing
(collectively, the “Company Released Parties” ), of and from any and all claims, actions, causes of action, complaints, charges, demands, rights, damages, debts, sums of money, accounts, financial obligations, suits, expenses,
attorneys’ fees and liabilities of whatever kind or nature in law, equity or otherwise, whether accrued, absolute, contingent, unliquidated or otherwise and whether now known or unknown, suspected or unsuspected, which the Consultant,
individually or as a member of a class, had, owned or held as of the Effective Date, or had at any time prior to the Effective Date had, owned or held, against any Company Released Party in any capacity, including, without limitation, any and all
claims (i) arising out of or in any way connected with the Consultant’s service to any member of the Company Affiliated Group (or the predecessors thereof) in any capacity, or the termination of such service in any such capacity,
(ii) for severance or vacation benefits, unpaid wages, salary or incentive payments, other than base salary accrued but unpaid as of the Effective Date, (iii) for breach of contract, wrongful discharge, impairment of economic opportunity,
defamation, intentional infliction of emotional harm or other tort, (iv) for any violation of applicable state and local labor and employment laws (including, without limitation, all laws concerning unlawful and unfair labor and employment
practices), (v) for employment discrimination under any applicable federal, state or local statute, provision, order or regulation, and including, without limitation, any claim under Title VII of the Civil Rights Act of 1964 (“Title
VII”), the Civil Rights Act of 1988, the Fair Labor Standards Act, the Americans with Disabilities Act (“ADA”), the Employee Retirement Income Security Act of 1974, as amended (“ ERISA”), the Age
Discrimination in Employment Act (“ADEA”) and any similar or analogous state statute, and (vi) under the Plans, excepting only: 

(A)    the rights of the Consultant (i) relating to the vested stock options set
forth in Section 4(c) hereof (collectively, the “Equity Arrangements”) and (ii) as a stockholder of the Company; 

(B)    the right of the Consultant to receive COBRA continuation coverage in
accordance with applicable law; 
 (C)    rights to indemnification the
Consultant may have under (i) applicable corporate law, (ii) the articles of incorporation, charter or bylaws of any Company Released Party, (iii) any other agreement between the Consultant and a Company Released Party, or
(iv) as an insured under any director’s and officer’s liability insurance policy now or previously in force; 
  

 16 

 (D)    claims for vested benefits under
any health, disability, retirement, life insurance or other similar “employee benefit plan” (within the meaning of Section 3(3) of ERISA) of the Company Affiliated Group existing as of the Effective Date (the “Company Benefit
Plans”); and 
 (E)    the rights of the Consultant under this
Agreement. 
 (b)    The Consultant acknowledges and agrees that the release of claims set
forth in this Section 24 is not to be construed in any way as an admission of any liability whatsoever by any Company Released Party, with any such liability being expressly denied. 

(c)    The release of claims set forth in this Section 24 applies to any relief no matter how
called, including, without limitation, wages, back pay, front pay, compensatory damages, liquidated damages, punitive damages, damages for pain or suffering, costs, and attorney’s fees and expenses. 

(d)    The Consultant specifically acknowledges that his acceptance of the terms of the release of
claims set forth in this Section 24 is, among other things, a specific waiver of his rights, claims and causes of action under Title VII, ADEA, ADA and any state or local law or regulation in respect of discrimination of any kind. 

(e)    The Consultant had a period of 21 days to consider whether to execute the Prior Agreement. To
the extent the Consultant executed the Prior Agreement within less than twenty-one (21) days after its delivery to him, the Consultant hereby acknowledges that his decision to execute such Agreement prior to the expiration of such
twenty-one (21) day period was entirely voluntary. Following the Consultant’s acceptance of the terms and execution of the Prior Agreement, the Consultant had the right for a period of seven days following (and not including) the date
of execution to revoke the Prior Agreement. Since no such revocation occurred, the Prior Agreement became irrevocable in its entirety, and binding and enforceable against the Consultant, on the day next following the day on which the foregoing 7 day
period elapsed. 
 (f)    The Consultant acknowledges and agrees that he has not, with
respect to any transaction or state of facts existing prior to the Effective Date hereof, filed any complaints, charges or lawsuits against any Company Released Party with any governmental agency, court or tribunal. 

(g)    In addition to any other remedy available to the Company and the Bank hereunder, in the event
that, as a result of a challenge brought by a Consultant Released Party (as defined below), the release of claims set forth in Section 24 becomes null and void or is otherwise determined not to be enforceable, then the obligation of the Company
and/or the Bank to make any additional payments or to provide any additional benefits under this Agreement shall immediately cease to be of any force and effect, and the Consultant shall promptly return to the Company and the Bank any payments or
benefits the provision of which by the Company and the Bank was conditioned on the enforceability of this Agreement. 

(h)    Notwithstanding any other provision of this Agreement to the contrary, in consideration of any
payments to be provided by the Company and/or the Bank to the Consultant under Section 6 of this Agreement, the Consultant (or, if applicable, his legal representatives) 

 

 17 

 
upon termination of the Consultant’s services by the Company and/or the Bank shall execute a general release of claims in favor of the Company, its affiliates, subsidiaries and personnel in
a form similar to that set forth in this Section 24 and which is reasonably acceptable to the Company and the Bank. The Consultant (or his legal representatives) shall not be eligible for any payments under Section 6 of this Agreement
until the Consultant (or his legal representatives) has executed such a general release. 

25.    Release of Claims by the Company and the Bank. 

(a)    The Company and the Bank, with the intention of binding themselves and their subsidiaries,
affiliates, predecessors and successors and their directors and officers (collectively, the “Releasing Entities”), do hereby release, remise, acquit and forever discharge the Consultant and his heirs, estate, executors, administrators and
assigns (collectively, the “Consultant Released Parties”), of and from any and all claims, actions, causes of action, complaints, charges, demands, rights, damages, debts, sums of money, accounts, financial obligations, suits,
expenses, attorneys’ fees and liabilities of whatever kind or nature in law, equity or otherwise, whether accrued, absolute, contingent, unliquidated or otherwise and whether now known or unknown, suspected or unsuspected, which the Company,
the Bank and their subsidiaries, affiliates, predecessors and successors, individually or as a member of a class, had, owned or held as of the Effective Date, or had at any time prior to the Effective Date had, owned or held, against any Consultant
Released Party, excepting only: 
 (A)    the rights of the Releasing Entities under this
Agreement, the Equity Arrangements and the Company Benefit Plans; and 
 (B)    the rights
of the Releasing Entities arising by reason of the Consultant having committed a crime or an act or omission to act which constitutes fraud, willful misconduct or gross negligence. 

(b)    The Releasing Entities acknowledge and agree that the release of claims set forth in this
Section 25 is not to be construed in any way as an admission of any liability whatsoever by any Consultant Released Party, with any such liability being expressly denied. 

(c)    The release of claims set forth in this Section 25 applies to any relief no matter how
called, including, without limitation, compensatory damages, liquidated damages, punitive damages, damages for pain or suffering, costs, and attorney’s fees and expenses. 

(d)    Nothing herein shall be deemed, nor does anything contained herein purport, to be a waiver of
any right or claim or cause of action which by law the Releasing Entities are not permitted to waive. 

(e)    The Company and the Bank acknowledge and agree that they have not, with respect to any
transaction or state of facts existing prior to the Effective Date hereof, filed any complaints, charges or lawsuits against any Consultant Released Party with any governmental agency, court or tribunal. 

26.    Regulatory Provisions. Notwithstanding anything to the contrary contained in this
Agreement, any payments to the Consultant by the Company and/or the Bank, whether 
  

 18 

 
pursuant to this Agreement or otherwise, are subject to and conditioned upon their compliance with Section 18(k) of the Federal Deposit Insurance Act, 12 U.S.C. Section 1828(k), and the
regulations promulgated thereunder in 12 C.F.R. Part 359. 
  

 19 

 IN WITNESS WHEREOF, the Consultant has hereunto set the Consultant’s hand and the
Company and the Bank have caused this Agreement to be executed by their duly authorized officers, all as of the day and year first written above. 
  

							
	 ATTEST:
	 	 EXECUTIVE

				
	 By:
	 	 /s/ Carol Walsh
	 		 	 /s/ Donald S. Guthrie

	 Name:
	 	 Carol Walsh
	 	 Name:
	 	 Donald S. Guthrie

	 Title:
	 	 Senior Vice President and Secretary
	 		 	
			
		 		 	 FIRST KEYSTONE FINANCIAL, INC.

				
		 		 	 By:
	 	 /s/ Hugh J. Garchinsky

		 		 	 Name:
	 	 Hugh J. Garchinsky

		 		 	 Title:
	 	 Chief Financial Officer

			
		 		 	 FIRST KEYSTONE BANK

				
		 		 	 By:
	 	 /s/ Hugh J. Garchinsky

		 		 	 Name:
	 	 Hugh J. Garchinsky

		 		 	 Title:
	 	 Chief Financial Officer

  

 20Registration Rights Agreement, dated July 1, 2010

 Exhibit 10.1 

REGISTRATION RIGHTS AGREEMENT 

THIS REGISTRATION RIGHTS AGREEMENT (this “Agreement”) is made and entered into as of July 1, 2010 by and between
AsiaInfo Holdings, Inc., a Delaware corporation (the “Company”) and LT International Limited, a British Virgin Islands company (the “Shareholder”). 

WHEREAS, Linkage Technologies International Holdings Limited, a company with limited liability organized under the laws of the Cayman
Islands (“Linkage”), which owns all of the outstanding shares of Linkage Technologies Investment Limited, a company with limited liability organized under the laws of the British Virgin Islands (“Linkage BVI”), has
agreed to sell all such Linkage BVI shares to the Company, and as part of the consideration therefor, the Company has agreed to issue to Linkage certain Common Shares (as defined below) of the Company, on the terms and conditions set forth in that
certain Business Combination Agreement dated as of December 4, 2009 (the “Combination Agreement”), by and among the Company, Linkage, and the other parties thereto; 

WHEREAS, it is intended that the Common Shares to be issued to Linkage pursuant to the Combination Agreement be distributed to the
shareholders of Linkage, including the Shareholder, following the closing of the transactions contemplated in the Combination Agreement (the “Closing”); 

WHEREAS, the parties hereto desire to enter into this Agreement to grant Registration Rights (as defined below) to the Shareholder;

 WHEREAS, the Combination Agreement provides that the execution and delivery of this Agreement by the parties hereto shall be
a condition precedent to the Closing; and 
 WHEREAS, the Company seeks to induce the Shareholder to consummate the transactions
contemplated in the Combination Agreement, and seeks to satisfy the conditions precedent to the Closing by entering into this Agreement; 

NOW, THEREFORE, in consideration of the foregoing recitals, the mutual promises hereinafter set forth, and other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto further agree as follows: 

ARTICLE I. 

DEFINITIONS 

Section 1.1 Definitions. Capitalized terms that are not defined in this Agreement shall have the meanings ascribed to such
terms in the Combination Agreement. As used in this Agreement, the following terms shall have the following meanings: 

“Agreement” has the meaning ascribed thereto in the preamble hereto. 

“Applicable Securities Law” means the securities law of the United States, including the Exchange Act and the Securities
Act, and any applicable securities law of any state of the United States. 
 “Business Day” means any weekday
that the banks in the City of New York, Beijing, Nanjing and Hong Kong are generally open for business. 
  

 1 

 “Closing” has the meaning ascribed thereto in the recitals hereof.

 “Combination Agreement” has the meaning ascribed thereto in the recitals hereof. 

“Commission” means the United States Securities and Exchange Commission or any other federal agency at the time
administering the Securities Act. 
 “Common Shares” means shares of common stock, par value $0.01 per share,
of the Company. 
 “Company” has the meaning ascribed thereto in the preamble hereto. 

“Demand Registration” has the meaning ascribed thereto in Section 2.1(a). 

“Exchange Act” means the United States Securities Exchange Act of 1934, as amended, and the rules and regulations
promulgated thereunder. 
 “Form F-1” means a Registration Statement on Form F-1 promulgated by the Commission
under the Securities Act or any substantially similar form then in effect. 
 “Form F-3” means a Registration
Statement on Form F-3 promulgated by the Commission under the Securities Act or any substantially similar form then in effect. 

“Form F-3ASR” means a Registration Statement on Form F-3ASR promulgated by the Commission under the Securities Act or
any substantially similar form then in effect. 
 “Form F-4” means a Registration Statement on Form F-4
promulgated by the Commission under the Securities Act or any substantially similar form then in effect. 
 “Form
S-1” means a Registration Statement on Form S-1 promulgated by the Commission under the Securities Act or any substantially similar form then in effect. 

“Form S-3” means a Registration Statement on Form S-3 promulgated by the Commission under the Securities Act or any
substantially similar form then in effect. 
 “Form S-3ASR” means a Registration Statement on Form S-3ASR
promulgated by the Commission under the Securities Act or any substantially similar form then in effect. 
 “Form
S-4” means a Registration Statement on Form S-4 promulgated by the Commission under the Securities Act or any substantially similar form then in effect. 

“Form S-8” means a Registration Statement on Form S-8 promulgated by the Commission under the Securities Act or any
substantially similar form then in effect. 
 “Holders” means the Shareholder together with its permitted
transferees and assigns. 
 “Hong Kong” means the Hong Kong Special Administrative Region. 

 

 2 

 “Linkage” has the meaning ascribed thereto in the preamble hereto.

 “Linkage BVI” has the meaning ascribed thereto in the recitals hereof. 

“Majority Holders” has the meaning ascribed thereto in Section 2.1(a)(i). 

“Notice of Demand Registration” has the meaning ascribed thereto in Section 2.1(a)(i). 

“Notice of Piggyback Registration” has the meaning ascribed thereto in Section 2.1(b)(i). 

“Other Registration Rights Holders” has the meaning ascribed thereto in Section 2.1(a). 

“Person” means any natural person, corporation, limited liability company, joint stock company, joint venture,
partnership, enterprise, trust, unincorporated organization or any other entity or organization. 
 “Piggyback
Registration” has the meaning ascribed thereto in Section 2.1(b)(i). 
 “Registration Expenses”
means all expenses incurred by the Company incident to the Company’s performance of and compliance with this Agreement, including, without limitation, all stock exchange, Commission, FINRA and state securities registration, listing and filing
fees, printing expenses, fees, and disbursements of counsels for the Company, reasonable fees and disbursements of one special legal counsel to represent the Holders, not to exceed $15,000, “blue sky” fees and expenses and the expense of
any special audits incident to or required by any such registration (but excluding the compensation of regular employees of the Company which shall be paid in any event by the Company). 

“Registrable Securities” means (i) the Common Shares received or to be received by the Shareholder by way of
distribution from Linkage on the Closing Date or as reasonably practicable thereafter in accordance with the Combination Agreement, and (ii) any Common Shares or other securities of the Company that may be subsequently issued or issuable with
respect to the shares referenced in clause (i) as a result of a stock split, dividend, sale, transfer or assignment, in each case, as permitted under this Agreement; provided, however, that the foregoing definition shall exclude
in all cases any securities that (X) are effectively registered under the Securities Act and disposed of in accordance with a Registration Statement covering such securities or (Y) have been disposed of pursuant to, or that have become
eligible for sale free of all restrictions contained in, Rule 144 under the Securities Act or any successor provision. 

“Registration Rights” has the meaning ascribed thereto in Section 2.1. 

“Registration Rights Date” means the date that is the 180th day following the Closing Date. 

“Registration Statement” has the meaning ascribed thereto in Section 2.1(a)(iv). 

 

 3 

 “Securities Act” means the United States Securities Act of 1933, as
amended, and the rules and regulations promulgated thereunder. 
 “Selling Expenses” means all underwriting
discounts and sales commissions, any additional fees and disbursements of the Holders’ legal counsel other than the Holders’ legal counsel referenced to in the definition of “Registration Expenses,” and any transfer taxes
relating to the sale or disposition of the Registrable Securities by the Holders. 
 “Shareholder” has the
meaning ascribed thereto in the preamble hereto. 
 “Violation” has the meaning ascribed thereto in
Section 2.5(a). 
 Section 1.2 Other Interpretive Provisions. The words “hereof,” “herein”
and “hereunder” and words of similar import when used in this Agreement shall refer to this Agreement as a whole and not to any particular provision of this Agreement, and Section, Schedule and Exhibit references are to this Agreement
unless otherwise specified. The words “include,” “includes” and “including” shall be deemed to be followed by the phrase “without limitation.” The meanings given to terms defined herein shall be equally
applicable to both the singular and plural forms of such terms. 
 ARTICLE II. 

REGISTRATION RIGHTS 

Section 2.1 Registration Rights. The Holders shall be entitled to offer for sale from time to time pursuant to a demand or
piggyback Registration Statement the Registrable Securities, subject to the terms and conditions set forth herein (the “Registration Rights”). 

(a) Demand Registration. 

(i) Registration Rights. Subject to Section 2.1(e), any time after the Registration Rights Date with respect to the
Registrable Securities, and upon the written request of the Holders holding at least a majority of the Registrable Securities then outstanding (the “Majority Holders”) specifying the number of Registrable Securities to be registered
and the intended method of disposition thereof (a “Notice of Demand Registration”), the Company shall (i) within fifteen (15) Business Days after receipt of such written request give written notice of the proposed
registration to all other Holders, and (ii) use its reasonable best efforts to cause, as promptly as practicable, the Registrable Securities specified in the request, together with any Registrable Securities of any Holder who requests in
writing to join such registration within fifteen (15) Business Days after the Company’s delivery of written notice, to be registered on a Registration Statement and to have such Registration Statement declared effective by the Commission
(such registration being hereinafter referred to as “Demand Registration”); provided, however, the Company shall not be obligated to effect more than two (2) Demand Registrations under this Agreement with respect
to the Registrable Securities. The Company may include in such registration other securities for sale for (i) its own account or (ii) for the account of any other Person (other than the Holders or any of their Affiliates) who is
contractually entitled to demand registration or piggy-back registration pursuant to registration rights grants by the Company prior to or after the date hereof (each such Person an “Other Registration Rights Holder” and
collectively, the “Other Registration Rights Holders”). 
  

 4 

 (ii) A registration requested pursuant to Section 2.1(a)(i) shall not be deemed to be
effected for purposes of this Section 2 if it has not been declared effective by the Commission or become effective in accordance with the Securities Act. 

(iii) Limitations on Demand Registration. Notwithstanding anything herein to the contrary, the Company shall not be required to
honor a request for a Demand Registration if: 
 (A) such request is received with respect to Registrable Securities that may
immediately be sold under Rule 144 during any ninety (90) day period and in compliance with the volume limitations of Rule 144; 

(B) such request is received by the Company less than sixty (60) days following the effectiveness of any previous registration
statement filed by the Company (other than a Registration Statement on Form S-4 or S-8 or any successor or similar form that may be adopted by the Commission), regardless of whether the Majority Holders exercised their rights under this Agreement
with respect to such registration; provided, however, that the foregoing limitation is subject to the Company’s compliance with its obligations pursuant to Section 2.1(b) to provide the Majority Holders with the Notice of
Piggyback Registration, and further, provided, that in connection with the relevant Notice of Piggyback Registration the Company shall have included in such registration not less than 20% of the number of Registrable Securities
proposed by the Majority Holders to be included in such registration; or 
 (C) the Majority Holders propose to sell less than
25% of their Registrable Securities. 
 (iv) Registration Statement Form. A Demand Registration hereunder may be
effected on Forms S-1, F-1, S-3, F-3, S-3ASR, F-3ASR or similar form registration statement promulgated by the Commission, and shall permit the disposition of such Registrable Securities in accordance with the intended method or methods specified in
the Notice of Demand Registration for such registration (any registration statement of the Company that covers Registrable Securities pursuant to this Agreement and all amendments and supplements to such registration statement, including any
post-effective amendments, is hereinafter referred to as a “Registration Statement”). 
 (v) Priority of
Cutbacks. If the Demand Registration is to be effected by way of an underwritten public offering and the managing underwriter advises the Company and those Holders participating in the registration hereunder in writing that, in its opinion, the
number of securities requested to be included in such registration (including securities of the Company that are not Registrable Securities) exceeds the number that can be sold in such offering, the Company shall include in any such registration to
the extent of the amount of the securities that the managing underwriter advises the Company can be sold in such offering (A) first, securities requested to be included in such registration by the Holders pro rata on the basis of
the number of securities requested to be included by such Persons, if all of such securities cannot be included, (B) second, securities requested to be included in such registration by the Other Registration Rights Holders pro
rata on the basis of the number of securities requested to be included by such Persons, if all of such securities cannot be included, and (C) third, other securities of the Company proposed to be included in such registration,
allocated among the holders thereof and the Company, if applicable, in accordance with the priorities then existing among the Company and the holders of such other securities; and any securities so excluded shall be withdrawn from and shall not be
included in the Demand Registration. 
  

 5 

 (vi) Preemption of Demand Registration. Notwithstanding anything to the contrary
contained herein, at any time within thirty (30) days after receiving a written request for Demand Registration, the Company may elect to effect an underwritten primary registration in lieu of the Demand Registration if the Company’s Board
of Directors determines that such primary registration would be in the best interests of the Company or if the managing underwriter for a Demand Registration advises the Company in writing that in its opinion, in order to sell the Registrable
Securities to be sold, the Company should include its own securities. If the Company so determines to effect a primary registration, the Company shall give prompt written notice to those Holders participating in the registration hereunder of its
intention to effect such a registration and shall afford those Holders participating in the registration hereunder the rights contained in Section 2.1(b) with respect to Piggyback Registrations. In the event that the Company so elects to effect
a primary registration after receiving a request for a Demand Registration, the requests for a Demand Registration shall be deemed to have been withdrawn and such primary registration shall not be deemed to be a Demand Registration. 

(b) Piggyback Registrations. 

(i) Right to Include Registrable Securities. Notwithstanding any limitations contained in Section 2.1(a)(iii), and subject to
Section 2.1(e) below, if the Company at any time after the Registration Rights Date proposes to file a Registration Statement under the Securities Act (other than a Registration Statement on Form S-4, Form F-4 or Form S-8 or any successor or
similar form that may be adopted by the Commission) registering shares of its Common Shares, whether for sale for the account of the Company or for the account of any holder of securities of the Company (other than Registrable Securities) (a
“Piggyback Registration”), it will each such time give written notice (a “Notice of Piggyback Registration”) at least fifteen (15) Business Days prior to the anticipated filing date, to each of the Holders, of
its intention to do so and of such Holder’s rights under this Section 2.1(b), which Notice of Piggyback Registration shall include a description of the intended method of disposition of such securities. Upon the written request of the
Holders made within fifteen (15) Business Days after receipt of a Notice of Piggyback Registration (which request shall specify the Registrable Securities intended to be disposed of by the Holders and the intended method of disposition
thereof), the Company will use its commercially reasonable best efforts to include in the Registration Statement relating to such Piggyback Registration all Registrable Securities which the Company has been so requested to register. Notwithstanding
the foregoing, if, at any time after giving a Notice of Piggyback Registration and prior to the effective date of the Registration Statement filed in connection with such registration, the Company shall determine for any reason not to register or to
delay registration of such securities, the Company may, at its election, give written notice of such determination to those Holders participating in the registration hereunder and, thereupon, (i) in the case of a determination not to register,
shall be relieved of its obligation to register any Registrable Securities in connection with such registration (but not from its obligation to pay the Registration Expense in connection therewith) without prejudice, however, to the rights of the
Holder to request that such registration be effected as the Demand Registration under Section 2.1(a), and (ii) in the case of a determination to delay registering, shall be permitted to delay registering any Registrable Securities for the
same period as the delay in registering such other securities. No registration effected under this Section 2.1(b) shall relieve the Company of its obligations to effect a Demand Registration under Section 2.1(a). 

 

 6 

 (ii) Priority in Cutbacks. If a Piggyback Registration is to be effected by way of
an underwritten public offering and the managing underwriter advises the Company and the Holders in writing that, in its opinion, the number of securities requested to be included in such registration (including securities of the Company that are
not Registrable Securities) exceeds the number that can be sold in such offering, the Company shall include in such registration to the extent of the amount of the securities that the managing underwriter advises the Company can be sold in such
offering: 
 (A) if such registration as initially proposed by the Company was solely a primary registration of its securities,
(x) first, the securities proposed by the Company to be sold for its own account, (y) second, securities requested to be included in such registration by the Holders and the Other Registration Rights Holders pro rata
on the basis of the number of securities requested to be included by such Persons, and (z) third, any other securities of the Company proposed to be included in such registration, allocated among the holders thereof in accordance with
the priorities then existing among the Company and such holders. 
 (B) if such registration as initially proposed by the
Company was in whole or in part requested by holders of securities of the Company, other than the Majority Holders in their capacity as such pursuant to the Demand Registration, (x) first, such securities held by the holders initiating such
registration and, if applicable, any securities proposed by the Company to be sold for its account, allocated in accordance with the priorities then existing among the Company and such holders, (y) second, securities requested to be included in
such registration by Persons contractually entitled to registration (including the Holders), pro rata, on the basis of the number of securities requested to be included by such Persons, and (z) third, any other securities of the Company
proposed to be included in such registration, allocated among the holders thereof in accordance with the priorities then existing among the Company and the holders of such securities. 

Any securities so excluded shall be withdrawn from and shall not be included in such Piggyback Registration. 

(c) Registration Procedures. 

(i) If the Majority Holders have requested inclusion of their Registrable Securities in a Registration Statement, those Holders
participating in such registration agree to provide in a timely manner information regarding the proposed distribution by the Holders of the Registrable Securities and such other information reasonably requested by the Company in connection with the
preparation of and for inclusion in the Registration Statement. 
 (ii) If and whenever the Company is required to effect the
registration of any Registrable Securities under the Securities Act pursuant to Section 2.1(a) and 2.1(b), the Company will use its reasonable best efforts to effect the registration and sale of such Registrable Securities in accordance with
the intended methods of disposition thereof specified by the Majority Holders. Without limiting the foregoing, the Company in each such case shall, as expeditiously as possible, use its reasonable best efforts to keep the Registration Statement
effective (subject to Section 2.3(d) hereof) and free of material misstatements or omissions (including the preparation and filing of any amendments and supplements necessary for that purposes) until the earlier of: 

(A) the first date on which those Holders participating in the registration hereunder have consummated the sale of all or their
Registrable Securities registered under the Registration Statement; 
  

 7 

 (B) the date on which all of the Registrable Securities registered under the Registration
Statement are eligible for sale pursuant to Rule 144 (or any successor provision) without limitations under the Securities Act; or 

(C) one hundred twenty (120) days after such Registration Statement becomes effective. 

(iii) The Company agrees to provide to those Holders participating in the registration hereunder a reasonable number of copies of the
final Registration Statement and the related prospectus (including any preliminary prospectus) and any amendments or supplements thereto. The Company further agrees that it will use reasonable best efforts to obtain the withdrawal of any order
suspending the effectiveness of any Registration Statement as soon as reasonably practicable. 
 (d) Offers and Sales.
All offers and sales by the Holders under any Registration Statement referred to in Section 2.1(a) or 2.1(b), if any, shall be completed within the period during which such Registration Statement is required to remain effective pursuant to
Section 2.1(c)(ii), and, upon expiration of such period, each such Holder will not offer or sell any Registrable Securities under such Registration Statement. If directed by the Company, those Holders participating in the registration hereunder
will return all undistributed copies of any prospectus in such Holder’s possession upon the expiration of such period. Each Holder shall promptly, but in any event no later that five (5) Business Days after a sale by it of Registrable
Securities, notify the Company of any sale or other transfer by such Holder of Registrable Securities and include in such notice the number of Registrable Securities sold or transferred by such Holder. 

(e) Suspension of Offering. If the Company’s Board of Directors determines in its good faith judgment that the filing of the
Registration Statement under Section 2.1(a) or 2.1(b) hereof or the use of any prospectus would (i) materially impede, delay or interfere with any pending material financing, acquisition or corporate reorganization or other material
corporate development involving the Company or any of its subsidiaries, or (ii) require the disclosure of important information that the Company has a material business purpose for preserving as confidential or the disclosure of which would
materially impede the Company’s ability to consummate a significant transaction, then, upon the Holders’ receipt of written certification from the Company’s Chief Executive Officer of such determination by the Company’s Board of
Directors, the rights of the Holders to offer, sell, or distribute any Registrable Securities pursuant to a Registration Statement or to require the Company to take action with respect to the registration or sale of any Registrable Securities
pursuant to a Registration Statement (including any action contemplated by Section 2.1(c) hereof) shall be suspended until the date (which shall be no later than the 90th day following the date of the notice of suspension) upon which the
Company notifies the Holders in writing that suspension of such rights for the grounds set forth in this Section 2.1(e) is no longer necessary; provided, however, that the Company shall not exercise the right to suspend an
offering pursuant to this Section 2.1(e) more than once in any twelve (12) month period. 
  

 8 

 Section 2.2 Expenses. Except as set forth in this Section 2.2, all
Registration Expenses incurred in connection with any registration pursuant to Sections 2.1(a) or 2.1(b) (but excluding Selling Expenses) shall be borne by the Company. Each Holder participating in a registration pursuant to Sections 2.1(a) or
2.1(b) shall bear such Holder’s proportionate share (based on the total number of shares sold in such registration other than for the account of the Company) of all Selling Expenses or other amounts payable to underwriter(s) or brokers, in
connection with such offering by the Holders. 
 Section 2.3 Obligations of the Company. Whenever required under
Section 2.1 to effect the registration of any Registrable Securities, the Company shall as expeditiously as reasonably practicable: 

(a) Filing of Amendments and Supplements. Prepare and file with the Commission such amendments (including post-effective
amendments) and supplements to the Registration Statement and the prospectus used in connection with the Registration Statement as may be necessary to keep the Registration Statement effective and to comply with the provisions of the Securities Act
with respect to the disposition of all Registrable Securities and other securities of the Company covered by the Registration Statement at all times during the period for which the Company is required to maintain the effectiveness of such
Registration Statement pursuant to the terms of this Agreement. 
 (b) Correction and Updating of Registration Statement and
Prospectus. Upon the occurrence of any event or passage of time that makes the financial statements included in a Registration Statement ineligible for inclusion therein or any statement made in such Registration Statement or Prospectus or any
document incorporated or deemed to be incorporated therein by reference untrue in any material respect or that requires any revisions to such Registration Statement, Prospectus or other documents so that, in the case of such Registration Statement
or the Prospectus, as the case may be, it will not contain any 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, in light of the circumstances under
which they were made, not misleading, as promptly as reasonably possible, prepare a supplement or amendment, including a post-effective amendment, to the affected Registration Statement or a supplement to the related Prospectus or any document
incorporated or deemed to be incorporated therein by reference, and file any other required document so that, as thereafter delivered, no Registration Statement or any Prospectus will contain an untrue statement of a material fact or omit to state a
material fact required to be stated therein or necessary to make the statements therein, in light of the circumstances under which they were made, not misleading. 

(c) Copies of Documents. Furnish to each selling Holder, without charge, such number of conformed copies of the Registration
Statement and of each such amendment and supplement thereto (in each case including all exhibits), such number of copies of the prospectus included in such Registration Statement (including each preliminary prospectus and any summary prospectus), in
conformity with the requirements of the Securities Act, such documents incorporated by reference in such Registration Statement or prospectus, and such other documents, as such selling Holders may reasonably request. 

 

 9 

 (d) Opinion and Comfort Letter. Furnish to any applicable underwriter on behalf of
any selling Holders (i) an opinion of the counsel representing the Company for purposes of such registration, dated the effective date of such Registration Statement (or, if such registration includes an underwritten public offering, dated the
date of the closing under the underwriting agreement with respect to both the effective date of the Registration Statement and the date of the closing under the underwriting agreement), in form and substance as is customarily given by counsel for
the issuer to underwriters in an underwritten public offering, addressed to the underwriters, if any, and (ii) a “cold comfort” letter, dated the effective date of such Registration Statement (and, if such Registration Statement
includes an underwritten public offering, dated the date of the closing under the underwriting agreement) signed by the independent certified public accountants who have certified the Company’s financial statements included in such Registration
Statement, in form and substance as is customarily given by independent certified public accountants to underwriters in an underwritten public offering, addressed to the underwriters. 

(e) “Blue Sky” Qualification. Use commercially reasonable efforts to register or qualify all Registrable Securities and
other securities covered by such Registration Statement under the securities or blue sky laws of such jurisdictions as the applicable selling Holders (or in an underwritten offering, the managing underwriter) shall reasonably request, and do any and
all other acts and things which may be necessary or advisable to enable such Selling Holders to consummate the disposition in such jurisdictions of the Registrable Securities covered by such Registration Statement, except that the Company shall not
for any such purpose be required to qualify generally to do business as a foreign corporation in any jurisdiction wherein it is not so qualified, or to subject itself to taxation in any such jurisdiction, or to consent to general service of process
in any such jurisdiction. 
 (f) Notification of Certain Events. As promptly as practicable after becoming aware thereof,
notify the applicable selling Holders of the happening of any event of which the Company has knowledge, as a result of which the prospectus included in the Registration Statement, as then in effect, includes an untrue statement of a material fact or
omits to state a material fact required to be stated therein or necessary to make the statements therein, in light of the circumstances under which they were made, not misleading, and promptly prepare and file with the Commission a supplement or
amendment to the Registration Statement or other appropriate filing with the Commission to correct such untrue statement or omission, and deliver a number of copies of such supplement or amendment to such selling Holders as such selling Holders may
reasonably request. 
 (g) SEC Stop Orders. As promptly as practicable after becoming aware thereof, notify the
applicable selling Holders (and, in the event of an underwritten offering, the managing underwriters) of the issuance by the Commission of any notice of effectiveness or any stop order or other suspension of the effectiveness of the Registration
Statement at the earliest possible time. 
 (h) Listing Requirements. Cause the Registrable Securities to be listed on
each securities exchange on which similar securities issued by the Company are then listed. 
 (i) Underwriting
Agreement. In the event of any underwritten public offering, enter into and perform its obligations under an underwriting agreement, in usual and customary form and complying with the provisions of Section 2.5, with the managing underwriter
of such offering. 
  

 10 

 (j) Section 11 Information. Make available to its shareholders an earnings
statement which shall satisfy the provisions of Section 11(a) of the Securities Act, provided that the Company shall be deemed to have complied with this Section 2.3(j) if it has complied with Rule 158 under the Securities Act. 

(k) Other Actions. Take all other reasonable actions necessary to expedite and facilitate disposition by the applicable selling
Holders of the Registrable Securities pursuant to the Registration Statement. 
 Section 2.4 Obligations of Holders.
It shall be a condition precedent to the obligations of the Company to register the Registrable Securities of any Holder pursuant to this Section 2 that the selling Holder shall furnish to the Company such information regarding itself, the
Registrable Securities held thereby and the intended method of disposition of such securities as shall be required to timely effect the registration of such Holder’s Registrable Securities. 

Section 2.5 Indemnification. In the event any Registrable Securities are included in a Registration Statement under this
Section 2: 
 (a) Company Indemnity. To the extent permitted by law, the Company will indemnify and hold harmless
each Holder, its partners, officers, directors, agents, any underwriter (as defined in the Securities Act) for such Holder and each Person, if any, who controls (as defined in the Securities Act) such Holder or underwriter against any losses,
claims, damages, or liabilities (joint or several) to which they may become subject under laws which are applicable in connection with any registration, qualification, or compliance, of the Company’s securities insofar as such losses, claims,
damages, or liabilities (or actions in respect thereof) arise out of or are based upon any of the following statements, omissions or violations (collectively a “Violation”): 

(i) any untrue statement or alleged untrue statement of a material fact contained in such Registration Statement, including any
preliminary prospectus or final prospectus contained therein or any amendments or supplements thereto; or 
 (ii) the omission
or alleged omission to state in the Registration Statement, including any preliminary prospectus or final prospectus contained therein or any amendments or supplements thereto, a material fact required to be stated therein, or necessary to make the
statements therein not misleading; 
 and the Company will reimburse each such Holder, its partners, officers, directors, agents, underwriters
or controlling Person for any legal or other expenses reasonably incurred by them, as incurred, in connection with investigating or defending any such loss, claim, damage, liability or action; provided, however, that the indemnity
agreement contained in this Section 2.5(a) shall not apply to amounts paid in settlement of any such loss, claim, damage, liability or action if such settlement is effected without the consent of the Company (which consent shall not be
unreasonably withheld), nor shall the Company be liable in any such case for any such loss, claim, damage, liability or action to the extent that it arises out of or is based upon a Violation that occurs in reliance upon and in conformity with
written information furnished expressly for use in connection with such registration by such Holder, underwriter or controlling Person of such Holder. 
  

 11 

 (b) Holder Indemnity. To the extent permitted by law, in connection with any
Registration Statement filed pursuant hereto, each Holder of Registrable Securities to be covered thereby will, severally and not jointly with any other Holders, indemnify and hold harmless the Company, its partners, officers, directors, agents, any
underwriter (as defined in the Securities Act) for the Company and each Person, if any, who controls (as defined in the Securities Act) the Company or underwriter against any losses, claims, damages, or liabilities (joint or several) to which they
may become subject under laws which are applicable in connection with any registration, qualification, or compliance, of the Company’s securities insofar as such losses, claims, damages, or liabilities (or actions in respect thereof) arise out
of or are based upon any Violation to the extent that such Violation occurs in reliance upon and in conformity with written information furnished expressly for use in connection with such registration by such Holder, and such Holder will reimburse
each of the Company, its partners, officers, directors, agents, underwriters or controlling Persons for any legal or other expenses reasonably incurred by them, as incurred, in connection with investigating or defending any such loss, claim, damage,
liability or action; provided, however, that the indemnity agreement contained in this Section 2.5(b) shall not apply to amounts paid in settlement of any such loss, claim, damage, liability or action if such settlement is
effected without the consent of such Holder (which consent shall not be unreasonably withheld); and provided further, however, that no Holder shall be required to indemnify the Company or any other indemnified party under this
Section 2.5(b) with respect to any amount in excess of the amount of the total net proceeds received by such Holder from sales of the Registrable Securities of such Holder under such Registration Statement. 

(c) Notice. Promptly after receipt by an indemnified party under this Section 2.5 of notice of the commencement of any action
(including any governmental action), such indemnified party will, if a claim in respect thereof is to be made against any indemnifying party under this Section 2.5, deliver to the indemnifying party a written notice of the commencement thereof
and the indemnifying party shall have the right to participate in, and, to the extent the indemnifying party so desires, jointly with any other indemnifying party similarly noticed, to assume the defense thereof with counsel mutually satisfactory to
the parties; provided, however, that an indemnified party shall have the right to retain its own counsel, with the fees and expenses to be paid by the indemnifying party, if representation of such indemnified party by the counsel
retained by the indemnifying party would be inappropriate due to a material conflict of interest between such indemnified party and any other party represented by such counsel in such proceeding. The failure to deliver written notice to the
indemnifying party within a reasonable time of the commencement of any such action shall relieve such indemnifying party of liability to the indemnified party under this Section 2.5 to the extent the indemnifying party is prejudiced as a result
thereof, but the omission to so deliver written notice to the indemnifying party will not otherwise relieve it of any liability that it may have to any indemnified party under this Section 2.5. 

(d) Contribution. If any indemnification provided for in this Section 2.5 is held by a court of competent jurisdiction to be
unavailable to an indemnified party with respect to any loss, liability, claim, damage or expense referred to herein, the indemnifying party, in lieu of indemnifying such indemnified party hereunder, shall contribute to the amount paid or payable by
such indemnified party as a result of such loss, liability, claim, damage or expense in such proportion as is appropriate to reflect the relative fault of the indemnifying party, on the one hand, and of the indemnified party, on the other, in
connection with the statements or omissions that resulted in such loss, liability, claim, damage or expense, as well as any other relevant equitable considerations. The relative fault of the indemnifying party and of the indemnified party shall be
determined by reference to, among other things, whether the untrue or alleged untrue statement of a material fact or the omission to state a material fact relates to information supplied by the indemnifying party or by the indemnified party and the
parties’ relative intent, knowledge, access to information, and opportunity to correct or prevent such statement or omission. 
  

 12 

 Section 2.6 Termination of the Company’s Obligations. The registration
rights granted under this Section 2 shall automatically terminate with respect to each Holder as of the date and time at which such Holder no longer beneficially owns any Registrable Securities; provided, however, that
Section 2.6 and the provisions of Article III shall survive such termination. 
 Section 2.7 Rule 144
Reporting. With a view to making available the benefits of Rule 144 promulgated under the Securities Act and any comparable provision of Applicable Securities Law that may at any time permit the sale of the Registrable Securities to the public
without registration, the Company agrees to: 
 (a) make and keep public information available, as those terms are understood
and defined in Rule 144 under the Securities Act; and 
 (b) use reasonable best efforts to file with the Commission in a timely
manner all reports and other documents required of the Company under Applicable Securities Law, and to furnish to any Holder, upon request by such Holder, a written statement by the Company as to whether it has complied with the current public
information requirements of Rule 144 under the Securities Act. 
 Section 2.8 Lock-Up Agreements. In connection with
the registration pursuant to this Agreement of any of the Holders’ Registrable Securities in an underwritten public offering (other than a registration that counts as a Demand Registration), if the managing underwriter advises the Company and
the Holders participating in the registration hereunder in writing that, in its good faith judgment, the Holders need to enter into a lock up agreement with respect to securities held by the Holders of the Company (other than the Registrable
Securities covered by such Registration Statement), the Holders agree to enter into a customary lock up agreement with respect to the securities held by the Holders of the Company (other than the Registrable Securities covered by such Registration
Statement). 
 ARTICLE III. 

MISCELLANEOUS 

Section 3.1 Binding Effect; Assignment. 

(a) Notwithstanding anything herein to the contrary, the rights of the Shareholder under this Agreement may be assigned or transferred by
the Shareholder (or any assignee or transferee permitted hereunder) to any transferee or assignee of any of the Registrable Securities held by the Shareholder (or such assignee or transferee), provided that (x) the Company is, within a
reasonable time after such transfer or assignment, furnished with written notice of the name and address of such transferee or assignee and the securities with respect to which such rights are being assigned, and (y) such transferee or assignee
agrees in writing to be bound by and subject to the terms and conditions of this Section 3.1 and the terms and conditions of each Section of this Agreement with respect to which any rights are being assigned thereto under this clause. From the
time of such transfer or assignment, for all purposes of each Section of this agreement with respect to which rights are assigned thereto under this clause, such transferee or assignee shall be treated as a “Shareholder” and a
“Holder”. 
  

 13 

 (b) This Agreement shall be binding upon and shall be enforceable by each party, its
successors and permitted assigns. Except as provided in Section 3.1(a) and Section 3.1(b), no party may assign any of its rights or obligations hereunder without the prior written approval of the other parties. 

Section 3.2 Governing Law. This Agreement shall be construed under and governed by the Laws of the State of New York.

 Section 3.3 Amendment. This Agreement may not be amended, modified or supplemented except upon the execution and
delivery of a written agreement executed by the parties hereto. 
 Section 3.4 Waiver. Any of the terms or
conditions of this Agreement which may be lawfully waived may be waived in writing at any time by each party entitled to the benefits thereof. Any waiver of any of the provisions of this Agreement by any party hereto shall be binding only if set
forth in an instrument in writing signed on behalf of such party. No failure to enforce any provision of this Agreement shall be deemed to or shall constitute a waiver of such provision and no waiver of any of the provisions of this Agreement shall
be deemed to or shall constitute a waiver of any other provision hereof (whether or not similar) nor shall such waiver constitute a continuing waiver. 

Section 3.5 Notices. Any notice, demand, or communication required or permitted to be given by any provision of this
Agreement shall be deemed to have been sufficiently given or served for all purposes if (i) personally delivered, (ii) sent by a nationally recognized overnight courier service to the recipient at the address below indicated or
(iii) delivered by facsimile which is confirmed in writing by sending a copy of such facsimile to the recipient thereof pursuant to clause (i) or (ii) above: 

If to the Company: 

AsiaInfo Holdings, Inc. 

4th
 Floor, Zhongdian Information Tower 
 6 Zhongguancun South
Street, Haidian District 
 Beijing 100086, China 

Attn: Wei Li, Chief Financial Officer 

+86 10 8216 6028 (tel) 

+86 10 8216 6699 (fax) 

and 
 DLA Piper
Beijing Representative Office 
 20th Floor, South Tower, Beijing Kerry Center 

No. 1 Guanghua Road, Chaoyang District 
  

 14 

 Beijing 100020, PRC 

Attention: Matthew D. Adler 

                 Steven Liu 

+86 10 6561 1788 (tel) 

+86 10 6561 5158 (fax) 

If to the Holder: 

LT International Limited 

No. 16 Building, No. 12 Dinghuaimen 

Nanjing 210013, PRC 

Attention: Libin Sun 

Fax:      +86 25 8375 3969 

Tel:    +86 25 8375 3888 

and 

Latham & Watkins 

41/F, One Exchange Square 

8 Connaught Place 

Central, Hong Kong 

Attn: David Zhang, Esq. 

+852 2522 7886 (tel) 

+852 2522 7006 (fax) 
 or to
such other address as any party hereto may, from time to time, designate in a written notice given in like manner. 
 Except as
otherwise provided herein, any notice under this Agreement will be deemed to have been given (x) on the date such notice is personally delivered or delivered by facsimile or (y) the next succeeding Business Day after the date such notice
is delivered to the overnight courier service if sent by overnight courier; provided that in each case notices received after 4:00 p.m. (local time of the recipient) shall be deemed to have been duly given on the next Business Day. 

Section 3.6 Complete Agreement. This Agreement, the Combination Agreement, the other agreements contemplated in the
Combination Agreement and the other documents and writings referred to herein or delivered pursuant hereto contain the entire understanding of the parties with respect to the subject matter hereof and thereof and supersede all prior agreements and
understandings, both written and oral, between the parties with respect to the subject matter hereof and thereof. This Agreement shall be binding upon and shall inure to the benefit of the parties hereto and their respective successors and permitted
assigns. 
 Section 3.7 Counterparts. This Agreement may be executed in one or more counterparts, all of which shall
be considered one and the same agreement and each of which shall be deemed an original. 
 Section 3.8 Headings. The
headings contained in this Agreement are for reference only and shall not affect in any way the meaning or interpretation of this Agreement. 

Section 3.9 Severability. Any provision of this Agreement that is invalid, illegal or unenforceable in any jurisdiction
shall, as to that jurisdiction, be ineffective to the extent of such invalidity, illegality or unenforceability, without affecting in any way the remaining provisions hereof in such jurisdiction or rendering that or any other provision of this
Agreement invalid, illegal or unenforceable in any other jurisdiction. Third Parties. Nothing herein expressed or implied is intended or shall be construed to confer upon or give to any Person or corporation, other than the parties hereto and
their permitted successors or assigns, any rights or remedies under or by reason of this Agreement. Dispute Resolution. Any dispute, controversy or claim arising out of or relating to this Agreement, or the interpretation, breach, termination
or validity hereof, shall be resolved through consultation. Such consultation shall begin immediately after one party hereto has delivered to any other party hereto a written request for such consultation. If within thirty (30) days following
the date on which such notice is given the dispute cannot be resolved, the dispute shall be submitted to arbitration upon the request of any party to such dispute with notice to the others. The arbitration shall be conducted in Hong Kong under the
auspices of the Hong Kong International Arbitration Centre (the “HKIAC”). There shall be three (3) arbitrators. Each opposing party to a dispute shall be entitled to appoint one arbitrator, and the third arbitrator shall be
jointly appointed by the disputing parties or, failing such agreement by thirty (30) days after the appointment by each party of its arbitrator, the HKIAC shall appoint the third arbitrator. 

 

 15 

 (b) The arbitration proceedings shall be conducted in English. The arbitration tribunal
shall apply the UNCITRAL Arbitration Rules as administered by the HKIAC at the time of the arbitration. 
 (c) The arbitrators
shall decide any dispute submitted by the parties to the arbitration strictly in accordance with the substantive laws of New York and shall not apply any other substantive law. 

(d) Each party hereto shall cooperate with the other in making full disclosure of and providing complete access to all information and
documents requested by the others in connection with such arbitration proceedings, subject only to any confidentiality obligations binding on such party. 

(e) The award of the arbitration tribunal shall be final and binding upon the disputing parties, and the prevailing party or parties may
apply to a court of competent jurisdiction for enforcement of such award. 
 (f) Any party shall be entitled to seek preliminary
injunctive relief from any court of competent jurisdiction pending the constitution of the arbitral tribunal. 
 [remainder of
page intentionally left blank] 
  

 16 

 IN WITNESS WHEREOF the parties hereto have caused their duly authorized representatives to
execute this Agreement as of the first date written above. 
  

			
	ASIAINFO HOLDINGS, INC.
		
	By:	 	 /s/ Steve Zhang

	Name:	 	Steve Zhang
	Title:	 	President & CEO
	
	LT INTERNATIONAL LIMITED
		
	By:	 	 /s/ Libin Sun

	 For and on behalf of LT International Limited

	Name:	 	Libin Sun
	Title:	 	Director

 [SIGNATURE PAGE TO
REGISTRATION RIGHTS AGREEMENT]

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