Document:

SECURITIES ESCROW AGREEMENT

 

SECURITIES ESCROW
AGREEMENT, dated as of __________, 2012 (“Agreement”) by and among CIS Acquisition Ltd., a British Virgin Islands
company (“Company”), the undersigned parties listed as Initial Shareholders on the signature page hereto (the
“Initial Shareholders”) Chardan Capital Markets, LLC (“Chardan”), The PrinceRidge Group LLC
(“PrinceRidge”), Maxim Group LLC (“Maxim”), Euro Pacific Capital, Inc. (“EuroPac”) and
American Stock Transfer & Trust Company, LLC, as escrow agent (the “Escrow Agent”).

 

WHEREAS, the Company
has entered into an Underwriting Agreement, dated _________, 2012 (“Underwriting Agreement”) with Chardan, as representative  of the underwriters named therein (collectively, the “Underwriters”)
in connection with a public offering (the “Public Offering”) by the Company of Units (as hereafter defined), pursuant
to which, among other matters, the Underwriters have agreed to purchase up to 4,000,000 units (“Units”) of the Company,
each consisting of one Class A Share of the Company, par value $0.0001 per share (the “Class A Shares”), and one
Warrant (a “Warrant”). Each Warrant evidences the right of the holder thereof to purchase one ordinary share for $10.00,
subject to adjustment, as described in the Warrant Agreement dated as of __________, 2012 by and between the Company and American
Stock Transfer & Trust Company, LLC, as Warrant Agent; and

 

WHEREAS, pursuant to
the Placement Warrant Purchase Agreement, dated as of ____________, 2012, among the Company and the Initial Shareholders, the Company
will issue 4,500,000 warrants (the “Private Placement Warrants”) to purchase ordinary shares in a private placement
that will occur immediately prior to the closing of the IPO (the “Private Placement”);

 

WHEREAS, pursuant
to the Share Purchase Agreement, dated as of ____________, 2012, (the “Share Purchase Agreement”) among
the Company, Chardan,  PrinceRidge, Maxim and EuroPac the Company will issue 136,000 ordinary shares (the “Underwriter
Shares”) in a private placement that will occur immediately prior to the closing of the IPO (the “Underwriter Share
Purchase”);

 

WHEREAS, the Initial
Shareholders have agreed, as a condition of the Underwriters’ obligation to purchase the Units pursuant to the Underwriting
Agreement and to offer them to the public, to deposit all of the Class A Shares (the “Insider Shares”) owned by the
Initial Shareholders prior to the consummation of the Public Offering and the Private Placement in escrow as hereinafter provided;
and

 

WHEREAS, Chardan,
PrinceRidge, Maxim and EuroPac have agreed, as a condition to the purchase of the Underwriter Shares, to deposit all of the
Underwriter Shares (the Insider Shares and Underwriter Shares, collectively, the “Escrow Securities”; provided, however,
that if Chardan does not exercise the over-allotment option in full, the Escrow Securities will equal such lesser amount
as remains after the cancellation of such Insider Shares held in escrow pursuant to Section 3.1), in escrow as
hereinafter provided; and

 

WHEREAS, the
Company, the Initial Shareholders, Chardan, PrinceRidge, Maxim and EuroPac desire that the Escrow Agent accept the
Escrow Securities, in escrow, to be held and disbursed as hereinafter provided.

 

NOW, THEREFORE, IT
IS AGREED:

 

1.
            Appointment of Escrow Agent.  The
Company, the Initial Shareholders, Chardan, PrinceRidge, Maxim and EuroPac hereby appoint the Escrow Agent to act in
accordance with and subject to the terms of this Agreement and the Escrow Agent hereby accepts such appointment and agrees to
act in accordance with and subject to such terms.

 

2.
            Deposit of Escrow Securities.  Prior
to the date of the consummation of the Private Placement and the Public Offering, the Initial Shareholders, Chardan,
PrinceRidge, Maxim and EuroPac shall deliver to the Escrow Agent certificates representing his or her respective
Escrow Securities to be held and disbursed subject to the terms and conditions of this Agreement.  The
Initial Shareholders, Chardan, PrinceRidge, Maxim and EuroPac acknowledge and agree that the certificates representing their
respective Escrow Securities will be legended to reflect the deposit of such Escrow Securities under this Agreement.

 

    	 

    	 

    

 

3.            
Disbursement of the Escrow Securities.

 

3.1
            The Escrow Securities.  The Escrow Agent
shall hold the Escrow Securities listed under “Share Escrow” on Schedule A until it receives a certificate signed
by the Chief Executive Officer or Chief Financial Officer of the Company stating that twenty-four (24) months have elapsed
from the effective date of the Company’s registration statement relating the Public Offering  (the “Escrow
Period”).  Notwithstanding the foregoing, the Escrow Period shall be extended if the Company has completed an
Acquisition Transaction without liquidating the trust account established at the time of the Public Offering, until such
trust account has been liquidated as described in the prospectus relating to the Public Offering.  Following the
termination of the Escrow Period, the Escrow Agent shall, upon written instructions from each of the Initial Shareholders,
Chardan, PrinceRidge, Maxim, EuroPac and/or their Permitted Transferees (as defined in Section 4.3 below), as applicable,
disburse the applicable Escrow Securities to the Initial Shareholders, Chardan, PrinceRidge, Maxim, EuroPac  and/or such Permitted
Transferees; provided however, that if, after the Company consummates an Acquisition Transaction, it (or the
surviving entity) subsequently consummates a liquidation, merger, share exchange or if there is a tender offer for the
Company’s securities, or other similar transaction which results in all of the shareholders of such entity
having the right to exchange their Escrow Securities for cash, securities or other property, then the Escrow Agent will,
upon receipt of a certificate, executed by the Chief Executive Officer or Chief Financial Officer of the Company, in form
reasonably acceptable to the Escrow Agent, stating that such transaction is then being consummated, release the Escrow
Securities to the Initial Shareholders, Chardan, PrinceRidge, Maxim, EuroPac  or their Permitted Transferees immediately prior to the
consummation of such transaction so that they can similarly participate; provided further, that if the Escrow
Agent is notified by the Company pursuant to Section 6.7 hereof that the Company is being liquidated at any time during the
Escrow Period, then the Escrow Agent shall promptly destroy the certificates representing the Escrow Securities; and provided further,
that if the Escrow Agent is notified by the Company that Chardan did not exercise its over-allotment option (as further
described in the Registration Statement) or exercised it in part, an amount such that the remaining Insider Shares included
in the Escrow Securities shall not exceed 20% of the sum of the Insider Shares and the shares sold in the Public Offering
(but in no event more than 90,000 Insider Shares) shall be forfeited by the Initial Shareholders and any Permitted
Transferee and cancelled by the Company and the Escrow Agent shall promptly destroy the certificates representing such
Insider Shares. For purposes of this Agreement, an “Acquisition Transaction” shall mean an acquisition
of one or more operating businesses by a merger, stock exchange, asset acquisition, stock
purchase or other similar acquisition transaction, or control and pursuant to which holders of Units sold in the Public
Offering have been granted redemption rights with respect to such Units.

  

3.2            
Company Covenants.  The Company hereby covenants and agrees to (i) cause its officers to act in good faith regarding
the release of the Escrow Securities pursuant to Section 3.1, and (ii) to promptly release the Escrow Securities after the end
of the Escrow Period.

 

3.3            
Duties.  The Escrow Agent shall have no further duties hereunder after the disbursement or destruction of the
Escrow Securities in accordance with this Section 3.

 

4.            
Rights of the Initial Shareholders in Escrow Securities.

 

4.1
            Voting Rights as a Shareholder.  Subject
to the terms of the Insider Letters described in Section 4.4 hereof and except as herein provided, the Initial Shareholders,
Chardan, PrinceRidge, Maxim, EuroPac  and each of their affiliates and designees shall retain all of their rights as shareholders of
the Company during the Escrow Period, including, without limitation, the right to vote such shares.

 

4.2
            Dividends and Other Distributions in Respect of the
Escrow Securities.  During the Escrow Period, all dividends payable in cash with respect to the Escrow
Securities shall be paid to the Initial Shareholders, Chardan, PrinceRidge, Maxim, EuroPac  or their Permitted Transferees, but all
dividends payable in shares or other non-cash property (“Non-Cash Dividends”) shall be delivered to the
Escrow Agent to hold in accordance with the terms hereof.  As used herein, the term “Escrow Securities”
shall be deemed to include the Non-Cash Dividends distributed thereon, if any.

 

    	 

    	 

    

 

4.3
            Restrictions on Transfer.  During
the Escrow Period, no sale, transfer, assignment or other disposition may be made of any or all of the Escrow
Securities except (i) by gift to an affiliate or a member of the immediate family of the Initial Shareholder, Chardan,
PrinceRidge or Maxim (or the immediate family of the  officers and/or directors of the Initial Shareholders, Chardan,
PrinceRidge, Maxim or EuroPac) or to a trust or other entity, the beneficiary of which is an  Initial Shareholder,
Chardan, PrinceRidge or Maxim or one of their officers, directors (or member of their respective immediate families), (ii) by
virtue of the laws of descent and distribution upon death of any Initial Shareholder, Chardan, PrinceRidge, Maxim or  EuroPac
or (iii) pursuant to a qualified domestic relations order (such transferees, the “Permitted Transferees”); provided, however,
that such permissive transfers may be implemented only upon the respective transferee’s written agreement to be bound
by the terms and conditions of this Agreement and (i) in the case of the Insider Shares of the Insider Letters signed by each
Initial Shareholder and their affiliates and designees transferring the Insider Shares or, (ii) in the case of the
Underwriter Shares, of the Share Purchase Agreement signed by each of Chardan, PrinceRidge, Maxim  or EuroPac and
their affiliates and designees transferring the Underwriter Shares. During the Escrow Period, neither any  Initial
Shareholder nor Chardan, PrinceRidge, Maxim or EuroPac or any Permitted Transferee shall pledge or grant a security interest
in his, her or its Escrow Securities or grant a security interest in his, her or its rights under this Agreement.

 

4.4
            Insider Letters.  Each of the
Initial Shareholders  Chardan, PrinceRidge, Maxim and their affiliates and designees has executed a letter agreement
with Chardan and the Company, dated as indicated on Schedule A hereto (“Insider Letter”), and which
is filed as an exhibit to the Company’s Registration Statement on Form F-1, Registration No. 333-180224 with
respect to the Units to be issued in the Public Offering (the “Registration Statement”), respecting the rights
and obligations of such Initial Shareholder and its affiliates and designees in certain events, including but not limited to
the liquidation of the Company.

 

4.5             Share
Purchase Agreement. Each of Chardan,  PrinceRidge, Maxim and EuroPac has executed the Share Purchase Agreement, which is
filed as an exhibit to the Registration Statement, respecting the
rights and obligations of each of Chardan, PrinceRidge, Maxim, EuroPac and their affiliates and designees in certain
events, including but not limited to the liquidation of the Company.

 

5.            
Concerning the Escrow Agent.

 

5.1            
Good Faith Reliance.  The Escrow Agent shall not be liable for any action taken or omitted by it in good faith
and in the exercise of its own best judgment, and may rely conclusively and shall be protected in acting upon any order, notice,
demand, certificate, opinion or advice of counsel (including counsel chosen by the Escrow Agent), statement, instrument, report
or other paper or document (not only as to its due execution and the validity and effectiveness of its provisions, but also as
to the truth and acceptability of any information therein contained) which is believed by the Escrow Agent to be genuine and to
be signed or presented by the proper person or persons.  The Escrow Agent shall not be bound by any notice or demand,
or any waiver, modification, termination or rescission of this Agreement unless evidenced by a writing delivered to the Escrow
Agent signed by the proper party or parties and, if the duties or rights of the Escrow Agent are affected, unless it shall have
given its prior written consent thereto.

 

5.2            
Indemnification.  The Escrow Agent shall be indemnified and held harmless by the Company from and against any
expenses, including counsel fees and disbursements, or loss suffered by the Escrow Agent in connection with any action, suit or
other proceeding involving any claim which in any way, directly or indirectly, arises out of or relates to this Agreement, the
services of the Escrow Agent hereunder, or the Escrow Securities held by it hereunder, other than expenses or losses arising from
the gross negligence or willful misconduct of the Escrow Agent.  Promptly after the receipt by the Escrow Agent of notice
of any demand or claim or the commencement of any action, suit or proceeding, the Escrow Agent shall notify the other parties hereto
in writing.  In the event of the receipt of such notice, the Escrow Agent, in its sole discretion, may commence an action
in the nature of interpleader in an appropriate court to determine ownership or disposition of the Escrow Securities or it may
deposit the Escrow Securities with the clerk of any appropriate court or it may retain the Escrow Securities pending receipt of
a final, non-appealable order of a court having jurisdiction over all of the parties hereto directing to whom and under what circumstances
the Escrow Securities are to be disbursed and delivered.  The provisions of this Section 5.2 shall survive in the event
the Escrow Agent resigns or is discharged pursuant to Sections 5.5 or 5.6 below.

 

5.3            
Compensation.  The Escrow Agent shall be entitled to reasonable compensation from the Company for all services
rendered by it hereunder, as set forth on Exhibit A hereto.  The Escrow Agent shall also be entitled to reimbursement
from the Company for all expenses paid or incurred by it in the administration of its duties hereunder including, but not limited
to, all counsel, advisors’ and agents’ fees and disbursements and all taxes or other governmental charges.

 

5.4            
Further Assurances.  From time to time on and after the date hereof, the Company and the Initial Shareholders
shall deliver or cause to be delivered to the Escrow Agent such further documents and instruments and shall do or cause to be done
such further acts as the Escrow Agent shall reasonably request to carry out more effectively the provisions and purposes of this
Agreement, to evidence compliance herewith or to assure itself that it is protected in acting hereunder.

 

    	 

    	 

    

 

5.5
            Resignation.  The Escrow Agent may resign
at any time and be discharged from its duties as escrow agent hereunder by its giving the other parties hereto written notice
and such resignation shall become effective as hereinafter provided.  Such resignation shall become effective at
such time that the Escrow Agent shall turn over to a successor escrow agent appointed by the Company and approved by
the Initial Shareholders, Chardan, PrinceRidge and Maxim or their Permitted Transferees, the Escrow Securities
held hereunder.  If no new escrow agent is so appointed within the 60 day period following the giving of such
notice of resignation, the Escrow Agent may deposit the Escrow Securities with any court it deems appropriate.

 

5.6
            Discharge of Escrow Agent.  The Escrow
Agent shall resign and be discharged from its duties as escrow agent hereunder if so requested in writing at any time by the
Company and a majority of the Initial Shareholders, Chardan, PrinceRidge, Maxim and EuroPac or their Permitted
Transferees, jointly, provided, however, that such resignation shall become effective only upon acceptance of
appointment by a successor escrow agent as provided in Section 5.5.

 

5.7            
Liability.  Notwithstanding anything herein to the contrary, the Escrow Agent shall not be relieved from liability
hereunder for its own gross negligence or its own willful misconduct.

 

6.            
Miscellaneous.

 

6.1            
Governing Law.  This Agreement shall for all purposes be deemed to be made under and shall be construed in accordance
with the laws of the State of New York, without giving effect to any choice-of-law provisions thereof that would compel the application
of the substantive laws of any other jurisdiction.  Each of the parties hereby agrees that any action, proceeding or
claim against it arising out of or relating in any way to this Agreement shall be brought and enforced in the courts of the State
of New York or the United States District Court for the Southern District of New York (each, a “New York court”), and
irrevocably submits to such jurisdiction, which jurisdiction shall be exclusive.  Each of the parties hereby waives any
objection to such exclusive jurisdiction and that such courts represent an inconvenient forum.

  

6.2            
Amendment.  This Agreement contains the entire agreement and understanding of the parties hereto with respect
to the subject matter hereof. This Agreement or any provision hereof may only be changed, amended or modified by a writing signed
by Escrow Agent and holders of 65% or more of the Escrow Securities, and with the consent of the holders of 80% of the Class A
Shares sold in the Public Offering (the “IPO Shares”), it being the specific intention of the parties hereto that each
holder of an IPO Share is and shall be a third-party beneficiary of this Section 6.3 with the same right and power to enforce this
Section 6.3 as any of the parties hereto.  For purposes of this Section 6.3, the “consent of the holders of 80%
of the IPO Shares” shall mean receipt by the Escrow Agent of a certificate from an entity certifying that either (i) the
holders of record of 80% of the IPO Shares outstanding as of a record date established in accordance with the applicable provisions
of the Company’s Amended and Restated Memorandum and Articles of Association and British Virgin Islands Law (“BVI Law”),
have voted in favor of such amendment or modification or (ii) the holders of record of 80% of the IPO Shares outstanding as of
a record date established in accordance with the applicable provisions of the the Company’s Amended and Restated Memorandum
and Articles of Association and BVI Law have delivered to such entity a signed writing approving such amendment or modification.

 

6.3            
Headings.  The headings contained in this Agreement are for reference purposes only and shall not affect in any
way the meaning or interpretation thereof.

 

6.4            
Binding Effect.  This Agreement shall be binding upon and inure to the benefit of the respective parties hereto
and their legal representatives, successors and assigns.

 

    	 

    	 

    

 

6.6            
Notices.  Any notice or other communication required or which may be given hereunder shall be in writing and either
be delivered personally or by private national courier service, or be mailed, certified or registered mail, return receipt requested,
postage prepaid, and shall be deemed given when so delivered personally or, if sent by private national courier service, on the
next business day after delivery to the courier, or, if mailed, two business days after the date of mailing, as follows:

 

If to the Company,
to:

 

CIS Acquisition Ltd.

89 Udaltsova Street, Suite 84

Moscow, Russia 119607

Attn: Chief Executive Officer

 

If to the Initial Shareholders
or their Permitted Transferees, to:

 

c/o CIS Acquisition Ltd.

89 Udaltsova Street, Suite 84

Moscow, Russia 119607

Attn: [Initial Shareholder]

 

If to Chardan or its Permitted Transferees, to:

 

Chardan Capital Markets LLC

17 State Street, Suite 1600

New York, NY 10004

Attn: Kerry Propper

Fax No.: (646) 465-9039

 

If to PrinceRidge or its Permitted Transferees, to:

 

The PrinceRidge Group LLC

1633 Broadway

28th Floor

New York , NY 10019

Attn: David Batalion

Fax No.: (212) 543 9100

 

If to Maxim or its Permitted Transferees, to:

 

Maxim Group LLC

405 Lexington Avenue

New York, NY 10174

Attn: Paul G. LaRosa

Fax No.: (212) 895-3762

 

If to EuroPac or its Permitted Transferees, to:

 

Euro Pacific Capital, Inc.

386 Park Avenue South

Suite 1604

New York, NY 10016

Attn: Renny Chav

 

and if to the Escrow
Agent, to:

 

American Stock Transfer & Trust Company, LLC

6201 15th Avenue

Brooklyn, NY 11219

Attn: Compliance Department

Fax No. (718) 765-8726

 

A copy of any notice
sent hereunder shall be sent to (but which shall not constitute notice):

 

Loeb & Loeb LLP

345 Park Avenue

New York, New York 10154

Attn:    Mitchell S. Nussbaum, Esq.

  

and:

Golenbock Eiseman Assor Bell & Peskoe LLP

437 Madison Avenue

New York, NY 10022

Attn: Andrew Hudders, Esq. 

Fax.: (212) 754-0330

 

The parties may change
the persons and addresses to which the notices or other communications are to be sent by giving written notice to any such change
in the manner provided herein for giving notice.

 

6.7            
Liquidation of Company.  The Company shall give the Escrow Agent written notification of the liquidation and dissolution
of the Company in the event that the Company fails to consummate an  Acquisition Transaction within the time period(s) specified
in the Registration Statement.

 

    	 

    	 

    

 

- Signature page of the Company immediately
follows –

 

    	 

    	 

    

 

WITNESS the execution
of this Agreement as of the date first above written.

 

	 	CIS ACQUISITION LTD.
	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 
	 	 
	 	Initial Shareholders:
	 	 
	 	 
	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 
	 	 	 
	 	 	 
	 	 	 
	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 
	 	 	 
	 	 	 
	 	 	 
	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 

 

	 	CHARDAN CAPITAL MARKETS, LLC
	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 
	 	 
	 	THE PRINCERIDGE GROUP LLC
	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 
	 	 
	 	MAXIM GROUP LLC
	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 
	 	 
	 	EURO PACFIC CAPITAL, INC.
	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 

 

- Signature page of Escrow Agent immediately
follows –

 

Securities Escrow Agreement

 

    	 

    	 

    

 

WITNESS the execution of this Agreement as of the date first
above written.

 

	 	AMERICAN STOCK TRANSFER
	 	& TRUST COMPANY, LLC,  as Escrow Agent
	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 

 

Securities Escrow Agreement

 

    	 

    	 

    

 

SCHEDULE A

  

	Insider Share Escrow	 		 	 		 
	 	 		 	 	Stock	 
	Name of Initial Shareholder	 	Number of	 	 	Certificate	 
	and Affiliates/Designees	 	Shares	 	 	Number	 
		 	 		 	 	 		 
		 	 		 	 	 		 

 

(1) Up to [____] shares subject to forfeiture pursuant to Section
3.1 of this Agreement.

 

	Underwriter Share Escrow	 	 	 	 		 
	Name of Initial Shareholder 
and Affiliates/Designees	 	Number of
 Shares	 	 	Stock

Certificate
 Number	 
		 	 		 	 	 		 
	 	 	 	 	 	 	 	 	 

 

    	 

    	 

    

 

EXHIBIT A

 

Escrow Agent Fees

 

	Description	 	Amount ($)
	 	 	 
	Fee for acting as Escrow Agent	 	[_____]REGISTRATION RIGHTS AGREEMENT

 

THIS
REGISTRATION RIGHTS AGREEMENT (this “Agreement”) is entered into as of the __ day of ______, 2012, by and among
CIS Acquisition Ltd., a British Virgin Islands company (the “Company”),  the undersigned parties listed as
Insiders on the signature page hereto Chardan Capital Markets, LLC (“Chardan”), The PrinceRidge Group LLC
(“PrinceRidge”), Maxim Group LLC (“Maxim”) and Euro Pacific Capital, Inc. (“EuroPac”) (the Insiders,
Chardan, PrinceRidge, Maxim and EuroPac each, an “Investor” and collectively, the “Investors”).

 

WHEREAS, the Investors
currently hold all of the issued and outstanding securities of the Company; and

 

WHEREAS, the Investors
and the Company desire to enter into this Agreement to provide the Investors with certain rights relating to the registration of
Ordinary Shares (as defined below) owned by them, and the Insider Securities (as defined below) and the Ordinary Shares they may
acquire upon exercise of the Insider Securities;

 

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

 

1.            DEFINITIONS.  THE
FOLLOWING CAPITALIZED TERMS USED HEREIN HAVE THE FOLLOWING MEANINGS:

 

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

 

“Chardan Capital Markets,
LLC” is defined in the preamble to this Agreement.

 

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

 

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

 

“Demand Registration”
is defined in Section 2.1.1.

 

“Demanding Holder”
is defined in Section 2.1.1.

 

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

 

“Form F-3”
is defined in Section 2.3.

 

“Indemnified
Party” is defined in Section 4.3.

 

“Indemnifying
Party” is defined in Section 4.3.

 

“Insider Securities”
means the warrants owned by the Investors prior to the Company’s initial public offering.

 

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

 

“Investor”
and “Investors” are defined in the preamble to this Agreement.

 

“Investor Indemnified
Party” is defined in Section 4.1.

 

    	 

    	 

    

 

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

 

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

 

“Notices”
is defined in Section 6.3.

 

“Ordinary
Shares” shall mean all classes of ordinary shares of the Company, par value $0.0001 per share, including the Class A
Shares acquired by the Insiders on November 28, 2011 and February 13, 2012 and the Class A Shares acquired by Chardan,
PrinceRidge, Maxim and EuroPac pursuant to a Share Purchase Agreement dated as of _______, 2012.

 

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

 

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

 

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

 

“Registrable
Securities” means (i) all of the Ordinary Shares owned or held by the Investors prior to the consummation of the Company’s
initial public offering and (ii) all of the Insider Securities (and underlying Ordinary Shares) owned or held by the Investors
upon consummation of the Company’s initial public offering.  Registrable Securities includes any warrants, Ordinary
Shares or other securities of the Company issued as a dividend or other distribution with respect to or in exchange for or in replacement
of such Ordinary Shares.  As to any particular Registrable Securities, such securities shall cease to be Registrable
Securities when: (a) a Registration Statement with respect to the sale of such securities shall have become effective under the
Securities Act and such securities shall have been sold, transferred, disposed of or exchanged in accordance with such Registration
Statement; (b) such securities shall have been otherwise transferred, new certificates for them not bearing a legend restricting
further transfer shall have been delivered by the Company and subsequent public distribution of them shall not require registration
under the Securities Act; (c) such securities shall have ceased to be outstanding, or (d) the Registrable Securities are salable
without volume restrictions pursuant to Rule 144 in the opinion of counsel to the Company.

 

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

 

“Release
Date” means the earliest date on which any of the Ordinary Shares or Insider Securities may be disbursed from
escrow pursuant to that certain Securities Escrow Agreement dated as of ___________, 2012 by and among the parties hereto
and American Stock Transfer & Trust Company, LLC, as escrow agent or the date on which the Insider Securities
become transferable pursuant to that certain letter agreement dated as of _________, 2012 by and among the parties hereto and
Chardan Capital Markets, LLC, as applicable.

 

“Repurchase Right”
is defined in Section 6.10.1.

 

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

 

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

 

    	2

    	 

    

 

2.            REGISTRATION
RIGHTS.

 

2.1          
Demand Registration .

 

2.1.1          
Request for Registration .  At any time and from time to time on or after the date that is (i) after the Company
consummates an acquisition with respect to the Insider Securities (or underlying Ordinary Shares) or (ii)  three months
prior to the Release Date with respect to all Registrable Securities (to the extent not previously registered by the Company pursuant
to the preceding subclause (i)), the holders of not less than a majority of the Insider Securities or other Registrable Securities,
as the case may be, held by the Investors or the transferee(s) of the Investors, may make a written demand for registration under
the Securities Act of all or part of their Registrable Securities (a “Demand Registration”).  Any demand
for a Demand Registration shall specify the number of shares of Registrable Securities proposed to be sold and the intended method(s)
of distribution thereof.  The Company will notify all holders of Registrable Securities of the demand, and each holder
of Registrable Securities who wishes to include all or a portion of such holder’s Registrable Securities in the Demand Registration
(each such holder including shares of Registrable Securities in such registration, a “Demanding Holder”) shall so notify
the Company within fifteen (15) days after the receipt by the holder of the notice from the Company.  Upon any such request,
the Demanding Holders shall be entitled to have their Registrable Securities included in the Demand Registration, subject to Section
2.1.4 and the provisos set forth in Section 3.1.1.  The Company shall not be obligated to effect more than an aggregate
of two (2) Demand Registrations under this Section 2.1.1 in respect of Registrable Securities.

 

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

 

2.1.3          
Underwritten Offering .  If not less than a majority interest of the Demanding Holders so elect and such holders
so advise the Company as part of their written demand for a Demand Registration, the offering of such Registrable Securities pursuant
to such Demand Registration shall be in the form of an underwritten offering.  In such event, the right of any holder
to include its Registrable Securities in such registration shall be conditioned upon such holder’s participation in such
underwriting and the inclusion of such holder’s Registrable Securities in the underwriting to the extent provided herein.  All
Demanding Holders proposing to distribute their securities through such underwriting shall enter into an underwriting agreement
in customary form with the Underwriter or Underwriters selected for such underwriting by a majority-in-interest of the holders
initiating the Demand Registration.

 

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

    	3

    	 

    

 

2.1.5          
Withdrawal .  If a majority-in-interest of the Demanding Holders disapprove of the terms of any underwriting or
are not entitled to include all of their Registrable Securities in any offering, such majority-in-interest of the Demanding Holders
may elect to withdraw from such offering by giving written notice to the Company and the Underwriter or Underwriters of their request
to withdraw prior to the effectiveness of the Registration Statement filed with the Commission with respect to such Demand Registration.  If
the majority-in-interest of the Demanding Holders withdraws from a proposed offering relating to a Demand Registration, then such
registration shall not count as a Demand Registration.

 

2.2          
Piggy-Back Registration .

 

2.2.1          
Piggy-Back Rights .  If at any time on or after the Release Date the Company proposes to file a Registration Statement
under the Securities Act with respect to an offering of equity securities, or securities or other obligations exercisable or exchangeable
for, or convertible into, equity securities, by the Company for its own account or for shareholders of the Company for their account
(or by the Company and by shareholders of the Company including, without limitation, pursuant to Section 2.1), other than a Registration
Statement (i) filed in connection with any employee stock option or other benefit plan, (ii) for an exchange offer or offering
of securities solely to the Company’s existing shareholders, (iii) for an offering of debt that is convertible into equity
securities of the Company or (iv) for a dividend reinvestment plan, then the Company shall (x) give written notice of such proposed
filing to the holders of Registrable Securities as soon as practicable but in no event less than ten (10) days before the anticipated
filing date, which notice shall describe the amount and type of securities to be included in such offering, the intended method(s)
of distribution, and the name of the proposed managing Underwriter or Underwriters, if any, of the offering, and (y) offer to the
holders of Registrable Securities in such notice the opportunity to register the sale of such number of shares of Registrable Securities
as such holders may request in writing within five (5) days following receipt of such notice (a “Piggy-Back Registration”).  The
Company shall cause such Registrable Securities to be included in such registration and shall use its best efforts to cause the
managing Underwriter or Underwriters of a proposed underwritten offering to permit the Registrable Securities requested to be included
in a Piggy-Back Registration to be included on the same terms and conditions as any similar securities of the Company and to permit
the sale or other disposition of such Registrable Securities in accordance with the intended method(s) of distribution thereof.  All
holders of Registrable Securities proposing to distribute their securities through a Piggy-Back Registration that involves an Underwriter
or Underwriters shall enter into an underwriting agreement in customary form with the Underwriter or Underwriters selected for
such Piggy-Back Registration.

 

    	4

    	 

    

 

2.2.2          
Reduction of Offering .  If the managing Underwriter or Underwriters for a Piggy-Back Registration that is to
be an underwritten offering advises the Company and the holders of Registrable Securities in writing that the dollar amount or
number of Ordinary Shares exceeds the Maximum Number of Shares, then the Company shall include in any such registration:

 

(i)          If
the registration is undertaken for the Company’s account: (A) first, the Ordinary Shares or other securities that the Company
desires to sell that can be sold without exceeding the Maximum Number of Shares; (B) second, to the extent that the Maximum Number
of Shares has not been reached under the foregoing clause (A), the Ordinary Shares, if any, including the Registrable Securities,
as to which registration has been requested pursuant to written contractual piggy-back registration rights of security holders
(pro rata in accordance with the number of Ordinary Shares which each such person has actually requested to be included in such
registration, regardless of the number of Ordinary Shares with respect to which such persons have the right to request such inclusion)
that can be sold without exceeding the Maximum Number of Shares; and

 

(ii)         If
the registration is a “demand” registration undertaken at the demand of persons other than the holders of Registrable
Securities pursuant to written contractual arrangements with such persons, (A) first, the Ordinary Shares for the account of the
demanding persons that can be sold without exceeding the Maximum Number of Shares; (B) second, to the extent that the Maximum Number
of Shares has not been reached under the foregoing clause (A), the Ordinary Shares or other securities that the Company desires
to sell that can be sold without exceeding the Maximum Number of Shares; and (C) third, to the extent that the Maximum Number of
Shares has not been reached under the foregoing clauses (A) and (B), the Registrable Securities as to which registration has been
requested under this Section 2.2 (pro rata in accordance with the number of shares of Registrable Securities held by each such
holder); and (D) fourth, to the extent that the Maximum Number of Shares has not been reached under the foregoing clauses (A),
(B) and (C), the Ordinary Shares, if any, as to which registration has been requested pursuant to written contractual piggy-back
registration rights which other shareholders desire to sell that can be sold without exceeding the Maximum Number of Shares.

 

2.2.3          
Withdrawal .  Any holder of Registrable Securities may elect to withdraw such holder’s request for inclusion
of Registrable Securities in any Piggy-Back Registration by giving written notice to the Company of such request to withdraw prior
to the effectiveness of the Registration Statement.  The Company may also elect to withdraw a registration statement
at any time prior to the effectiveness of the Registration Statement.  Notwithstanding any such withdrawal, the Company
shall pay all expenses incurred by the holders of Registrable Securities in connection with such Piggy-Back Registration as provided
in Section 3.3.

 

2.3          
Registrations on Form F-3 .  The holders of Registrable Securities may at any time and from time to time, request
in writing that the Company register the resale of any or all of such Registrable Securities on Form F-3 or any similar short-form
registration which may be available at such time (“Form F-3”); provided, however, that the Company shall not be obligated
to effect such request through an underwritten offering.  Upon receipt of such written request, the Company will promptly
give written notice of the proposed registration to all other holders of Registrable Securities, and, as soon as practicable thereafter,
effect the registration of all or such portion of such holder’s or holders’ Registrable Securities as are specified
in such request, together with all or such portion of the Registrable Securities of any other holder or holders joining in such
request as are specified in a written request given within fifteen (15) days after receipt of such written notice from the Company;
provided, however, that the Company shall not be obligated to effect any such registration pursuant to this Section 2.3: (i) if
Form F-3 is not available for such offering; or (ii) if the holders of the Registrable Securities, together with the holders of
any other securities of the Company entitled to inclusion in such registration, propose to sell Registrable Securities and such
other securities (if any) at any aggregate price to the public of less than $500,000.  Registrations effected pursuant
to this Section 2.3 shall not be counted as Demand Registrations effected pursuant to Section 2.1.

 

    	5

    	 

    

 

3.            REGISTRATION
PROCEDURES.

 

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

 

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

 

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

 

3.1.3          
Amendments and Supplements .  The Company shall prepare and file with the Commission such amendments, including
post-effective amendments, and supplements to such Registration Statement and the prospectus used in connection therewith as may
be necessary to keep such Registration Statement effective and in compliance with the provisions of the Securities Act until all
Registrable Securities and other securities covered by such Registration Statement have been disposed of in accordance with the
intended method(s) of distribution set forth in such Registration Statement (which period shall not exceed the sum of one hundred
eighty (180) days plus any period during which any such disposition is interfered with by any stop order or injunction of the Commission
or any governmental agency or court) or such securities have been withdrawn.

 

    	6

    	 

    

 

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

 

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

 

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

 

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

 

    	7

    	 

    

 

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

 

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

 

3.1.10        
Earnings Statement .  The Company shall comply with all applicable rules and regulations of the Commission and
the Securities Act, and make available to its shareholders, as soon as practicable, an earnings statement covering a period of
twelve (12) months, beginning within three (3) months after the effective date of the registration statement, which earnings statement
shall satisfy the provisions of Section 11(a) of the Securities Act and Rule 158 thereunder.

 

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

 

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

 

    	8

    	 

    

 

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

 

4.            INDEMNIFICATION
AND CONTRIBUTION.

 

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

 

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

 

    	9

    	 

    

 

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

 

4.4          
Contribution .

 

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

    	10

    	 

    

 

4.4.2          The
parties hereto agree that it would not be just and equitable if contribution pursuant to this Section 4.4 were determined by pro
rata allocation or by any other method of allocation which does not take account of the equitable considerations referred to in
the immediately preceding Section 4.4.1.  The amount paid or payable by an Indemnified Party as a result of any loss,
claim, damage, liability or action referred to in the immediately preceding paragraph shall be deemed to include, subject to the
limitations set forth above, any legal or other expenses incurred by such Indemnified Party in connection with investigating or
defending any such action or claim.  Notwithstanding the provisions of this Section 4.4, no holder of Registrable Securities
shall be required to contribute any amount in excess of the dollar amount of the net proceeds (after payment of any underwriting
fees, discounts, commissions or taxes) actually received by such holder from the sale of Registrable Securities which gave rise
to such contribution obligation.  No person guilty of fraudulent misrepresentation (within the meaning of Section 11(f)
of the Securities Act) shall be entitled to contribution from any person who was not guilty of such fraudulent misrepresentation.

 

5.            UNDERWRITING
AND DISTRIBUTION.

 

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

 

6.            MISCELLANEOUS.

 

6.1
          Other Registration Rights .  Except with respect to
those securities issued or issuable upon exercise of that certain Unit Purchase Option to be issued to Chardan Capital
Markets, LLC or its designees in connection with the Company’s initial public offering in [_______], 2012, the
Company represents and warrants that no person, other than a holder of the Registrable Securities, has any right to require
the Company to register any shares of the Company’s capital stock for sale or to include shares of the
Company’s capital stock in any registration filed by the Company for the sale of shares of capital stock for its own
account or for the account of any other person.

 

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

 

    	11

    	 

    

 

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

 

To the Company:

 

CIS Acquisition Ltd.

89 Udaltsova Street, Suite 84

Moscow, Russia 119607

 

with a copy to:

 

Loeb & Loeb LLP

345 Park Avenue

New York, New York 10154

Attn:  Mitchell S. Nussbaum, Esq.

 

To the Insiders, to:

 

c/o CIS
Acquisition Ltd.

89 Udaltsova Street, Suite 84

Moscow, Russia 119607

Attn: [Insider]

 

To PrinceRidge, to:

 

The PrinceRidge Group LLC

1633 Broadway

28th Floor

New York , NY 10019

Attn: David Batalion

Fax No.: (212) 543 9100

  

To Maxim, to:

 

Maxim Group LLC

405 Lexington Avenue

New York, NY 10174

Attn: Paul G. LaRosa

Fax No.: (212) 895-3762

 

To EuroPac, to:

 

Euro Pacific Capital, Inc,

386 Park Avenue South

Suite 1604

New York, NY 10016

Attn: Renny Chav

 

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

 

6.5          
Counterparts .  This Agreement may be executed in multiple counterparts, each of which shall be deemed an original,
and all of which taken together shall constitute one and the same instrument.

 

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

 

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

    	12

    	 

    

 

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

 

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

 

6.10        
Remedies .

 

6.10.1        
Specific Performance .  Each of the parties acknowledges and agrees that the other parties would be damaged irreparably
in the event any of the provisions of this Agreement are not performed in accordance with their specific terms or otherwise are
breached.  Accordingly, each of the parties agrees that the other parties shall be entitled to an injunction or injunctions
(without the necessity of posting a bond or other security) to prevent breaches of the provisions of this Agreement and to enforce
specifically this Agreement and the terms and provisions hereof in any action instituted in any court of the United States or any
state or other foreign court or governmental body having jurisdiction over the parties and the matter, in addition to any other
remedy to which they may be entitled, at law or in equity.

 

6.11        
Remedies Cumulative .  In the event that the Company fails to observe or perform any covenant or agreement to
be observed or performed under this Agreement, the Investors or any other holder of Registrable Securities may proceed to protect
and enforce its rights by suit in equity or action at law, whether for specific performance of any term contained in this Agreement
or for an injunction against the breach of any such term or in aid of the exercise of any power granted in this Agreement or to
enforce any other legal or equitable right, or to take any one or more of such actions, without being required to post a bond.  None
of the rights, powers or remedies conferred under this Agreement shall be mutually exclusive, and each such right, power or remedy
shall be cumulative and in addition to any other right, power or remedy, whether conferred by this Agreement or now or hereafter
available at law, in equity, by statute or otherwise.

 

6.12        
Governing Law .  This Agreement shall be governed by, interpreted under, and construed in accordance with the
internal laws of the State of New York applicable to agreements made and to be performed within the State of New York, without
giving effect to any choice-of-law provisions thereof that would compel the application of the substantive laws of any other jurisdiction.

 

6.13        
Waiver of Trial by Jury .  Each party hereby irrevocably and unconditionally waives the right to a trial by jury
in any action, suit, counterclaim or other proceeding (whether based on contract, tort or otherwise) arising out of, connected
with or relating to this Agreement, the transactions contemplated hereby, or the actions of the Investors in the negotiation, administration,
performance or enforcement hereof.

 

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

 

    	13

    	 

    

 

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

 

	 	CIS ACQUISITION LTD.
	 	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 

 

	Insiders:	 
	 	 
	 	 
	Name:	 
	Title:	 
	 	 
	Name:	 
	Title:	 
	 	 
	Name:	 
	Title:	 
	 	 
	Name:	 
	Title:	 

 

	CHARDAN CAPITAL MARKETS, LLC	 
	 	 
	By:	 	 
	Name:	 	 
	Title:	 	 
	 	 
	THE PRINCERIDGE GROUP LLC	 
	 	 
	By:	 	 
	Name:	 	 
	Title:	 	 
	 	 
	MAXIM GROUP LLC	 
	 	 
	By:	 	 
	Name:	 	 
	Title:	 	 
	 	 
	EURO PACIFIC CAPITAL, INC.	 
	 	 
	By:	 	 
	Name:	 	 
	Title:	 	 

 

Registration Rights Agreement

 

    	14

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