Document:

STOCK OPTION AGREEMENT

 

THIS STOCK OPTION AGREEMENT dated as of
July 28, 2012 (this “Agreement”) is entered into by and among: (i) Prime Acquisition Corp., a Cayman Islands company
(the “Company”), (ii) the shareholders of the Company listed on Schedule I (collectively, the “Transferors”)
and (iii) Weidong Guo (the “Purchaser”).

 

WHEREAS, the Company was organized for the
purpose of acquiring, through a merger, capital stock exchange, asset acquisition, stock purchase or similar business combination,
or control through contractual arrangements, one or more operating businesses;

 

WHEREAS, pursuant to a Stock Purchase Agreement
(the “SPA”) dated the date hereof between the Company and Yuantong Investment Holdings Limited, a Cayman Islands company
(“Yuantong”), Vanrock Sunrise Holdings Limited, Aquavenus Investment Holdings Limited and G.H. Martin Co. (collectively
the “Yuantong Shareholders”), the Company is issuing to the Yuantong Shareholders ordinary shares of the Company in
exchange for all of the outstanding securities of Yuantong, resulting in the Company acquiring (the “Acquisition”)
Yuantong; and

 

WHEREAS, the Transferors desire to grant,
and the Purchaser desires to acquire, options to purchase an aggregate of 415,000 ordinary shares (the “Shares”) of
the Company for an aggregate purchase price of $3,108,350, or $7.49 per Share (the “Purchase Price”), from the Transferors,
which options will be exercisable upon the closing of a Business Combination by the Company, as such term is defined in the Company’s
Amended and Restated Memorandum and Articles of Association

 

NOW, THEREFORE, for and in consideration
of the premises and the mutual covenants hereinafter set forth, the parties hereto do hereby agree as follows:

 

		1.	Defined Terms.

 

		1.1.	“Escrow Account” means the escrow account established by the parties hereto to hold 50% of the Purchase Price pursuant
to the Escrow Agreement.

 

		1.2.	“Escrow Agreement” means the escrow agreement in the form attached hereto as Exhibit A to be entered into
as of the date hereof.

 

		1.3.	“Escrow Agent” means Pang & Co., acting as escrow agent under for the Escrow Account.

 

		1.4.	“Market Price” means the closing price of the Company’s ordinary shares as of the immediately preceding trading
day as quoted on the NASDAQ Capital Market (or any successor market, or the New York Stock Exchange, the NYSE MKT, the NASDAQ Global
Select Market, the NASDAQ Global Market or OTC Bulletin Board on which the Company’s ordinary shares are listed or quoted
for trading on the date in question).

 

		1.5.	“Option Price” means $0.01 per Shares.

 

    	 

    	 

    

 

		2.	Option. The Transferors hereby grant the Purchaser, or his assigns, the option to require the Transferors to sell to
the Purchaser or his assignees, the Shares at the Option Price from the date the Company consummates a Business Combination until
the six month anniversary of the closing of the Acquisition (the “Option”). The Purchaser may assign, in whole or in
part, the Option at any time prior to its expiration. The assignment or exercise of the Option with respect to any Shares shall
not limit the Purchaser’s, or his assigns’, rights nor relieve the Purchaser, or his assigns, of their respective obligations
under the Option with respect to any remaining Shares. In order to exercise the Option, the Purchaser, or his assigns, shall deliver
to the Transferors a call option notice in the form of Schedule II hereto. Any partial exercise of the Option shall be pro
rata among the Transferors in proportion to the number of Shares to be transferred as set forth in Schedule I hereto.

 

		3.	Purchase Price and Escrow. Within 45 days of the execution of this Agreement, the Purchaser shall deliver the Purchase
Price to the Escrow Agent. The Escrow Agent shall then: (i) deliver 50% of the Purchase Price to the Transferors, and (ii) hold
50% of the Purchase Price in the Escrow Account pursuant to the Escrow Agreement. In the event Purchaser fails to deliver the Purchase
Price in accordance with this Section 3, then the number of Shares subject to the Option shall be reduced in proportion to the
unfunded portion of the Purchase Price. Furthermore, in the event that the Acquisition is consummated and the Purchaser fails to
deliver the Purchase Price in accordance with this Section 3, then the Transferors shall be entitled to one ordinary share of the
Company for every Share that ceases to be subject to the Option in accordance with the immediately preceding sentence to be paid
to the Transferors from the consideration to be paid to the Purchaser pursuant to the SPA. For example, if only 45% of the Purchase
Price is funded, then the number of shares subject to the Option will be reduced to 186,750 (415,000 x 45%), and the Transferors
will be entitled to 228,250 ordinary shares (415,000 x 55%) from the Acquisition consideration. Any reduction in the Shares subject
to the Option, and any shares to be received from the Acquisition consideration shall be allocated pro rata among the Transferors.

 

		4.	Ownership. Upon the closing of a Business Combination, the Transferors shall own not less than 415,000 ordinary shares
of Prime, and shall continue to hold sufficient number of ordinary shares of Prime to cover the unexercised portion of the Option
until it expires in accordance with Section 2.

 

		5.	Completion. If the Option is exercised, a closing shall be held on the closing date (the “Closing Date”)
specified in the relevant notice at the offices of the Company’s counsel, Loeb & Loeb LLP, 345 Park Avenue, New York,
NY 10154 at which the Transferors will deliver certificates representing such Shares as shall have been specified in the relevant
notice and the Purchaser, or his assigns, will deliver immediately available funds equal to the Option Price per Share to an account
of the Transferors furnished to the Purchaser and his assigns, as applicable, at least three business days prior to such closing.

 

    	 

    	 

    

 

		6.	Representations and Warranties.

 

		6.1.	Each Transferor hereby represents and warrants to the Purchaser as of the date hereof and as of the Closing Date, as follows:
(i) it is free to enter into this Agreement; (ii) in so doing, it will not violate any other agreement to which it is a party;
(iii) to the extent applicable, it has taken all corporate action necessary to authorize the execution and delivery of this Agreement
and the performance of its obligations under this Agreement, (iv) to the extent applicable, is in good standing in its jurisdiction
of formation, (v) this Agreement is the valid and binding obligation of such Transferor, enforceable against such Transferor in
accordance with its terms; (vi) immediately prior to the closing of each sale pursuant to this Agreement, such Transferor or its
applicable designees will have all rights, title and interest in and to the Shares being sold, and (vii) any Shares sold by such
Transferor and its designees under this Agreement will be owned by such Transferor or its applicable designee free and clear of
all liens and encumbrances, and upon receipt of such Shares the Purchaser of such Shares will have all rights, title and interest
in and to such shares.

 

		6.2.	The Purchaser hereby represents and warrants to the Transferors as of the date hereof and as of the Closing Date, as follows:
(i) it is free to enter into this Agreement; (ii) in so doing, it will not violate any other agreement to which it is a party;
(iii) to the extent applicable, it has taken all corporate action necessary to authorize the execution and delivery of this Agreement
and the performance of its obligations under this Agreement, (iv) to the extent applicable, is in good standing in its jurisdiction
of formation, and (v) this Agreement is the valid and binding obligation of such Purchaser, enforceable against such Purchaser
in accordance with its terms.

 

		7.	Waiver. The Purchaser represents that he has read the final prospectus, dated March 24,
2011, related to the Company’s initial public offering (the “Prospectus”) and understands that the Company has
established the trust account described in the Prospectus for the benefit of the Company’s public shareholders and the underwriters
of its initial public offering, and that, except for certain exceptions described in the Prospectus, the Company may disburse monies
from the trust account only: (i) to the public shareholders in the event of the conversion of their shares or the liquidation of
the Company; or (ii) to the Company and the underwriters after consummation of an acquisition transaction, as described in the
Prospectus. The Purchaser hereby agrees that he does not have any right, title, interest or claim of any kind in or to any monies
in the trust account (the “Claim”), and hereby waives any Claim he may have in the future as a result of, or arising
out of, any negotiations, contracts or agreements with the Company and will not seek recourse against the trust account for any
reason whatsoever.

 

		8.	Notice. Any notice required or permitted to be given or delivered hereunder or by reason of the provisions of this Agreement
shall be in writing and shall be deemed to have been properly served if: (a) delivered personally, (b) delivered by a recognized
overnight courier service instructed to provide next-day delivery, (c) sent by certified or registered mail, return receipt requested
and first class postage prepaid, or (d) sent by facsimile transmission followed by confirmation copy delivered by a recognized
overnight courier service the next day. Such notices, demands and other communications shall be sent to the addresses set forth
below, or to such other addresses or to the attention of such other Person as the recipient has specified by prior written notice
to the sender. Date of service of such notice shall be: (i) the date such notice is personally delivered or sent by facsimile transmission
(with issuance by the transmitting machine of confirmation of successful transmission), (ii) three days after the date of mailing
if sent by certified or registered mail, or (iii) one day after date of delivery to the overnight courier if sent by overnight
courier. Unless otherwise specified in writing, the mailing addresses of the parties hereto shall be as follows:

 

    	 

    	 

    

 

If to the Company or the Transferors, addressed to:

 

_____________________________

_____________________________

_____________________________

		Attention:	______________

		Facsimile:	______________

 

With a copy to (which copy shall not constitute notice):

 

Loeb & Loeb LLP

345 Park Avenue

New York, New York 10154

		Attention:	Mitchell S. Nussbaum, Esq.

		Facsimile:	212-504-3013

 

If to the Purchaser, addressed to:

_____________________________

_____________________________

_____________________________

		Attention:	______________

		Facsimile:	______________

 

		9.	Counterparts; Facsimile Execution. This Agreement may be executed in one or more counterparts, all of which shall be
considered one and the same agreement and shall become effective when one or more counterparts have been signed by each of the
parties and delivered to the other party. Facsimile or other electronic execution and delivery of this Agreement is legal, valid
and binding for all purposes.

 

		10.	Entire Agreement; Third Party Beneficiaries. This Agreement, taken together with all Exhibits, Schedules and Annexes
hereto (a) constitutes the entire agreement, and supersedes all prior agreements and understandings, both written and oral, among
the parties with respect to the matters contemplated hereby and (b) is not intended to confer upon any person other than the parties
any rights or remedies.

 

    	 

    	 

    

 

		11.	Governing Law. In accordance with Section 5-1401 of the General Obligations Law of the State of New York, this Agreement
shall be governed by, and construed in accordance with, the laws of the State of New York without regard to principles of conflicts
of laws that would result in the application of the substantive law of another jurisdiction. The parties hereto agree that any
action, proceeding or claim arising out of or relating in any way to this Agreement shall be resolved through final and binding
arbitration conducted in the City of New York, State of New York in accordance with the rules and regulations of the American Arbitration
Association (AAA), by a panel of three arbitrators selected from the AAA Commercial Disputes Panel instead of any jury trial and
that the arbitrator panel’s decision shall be final and binding to the fullest extent permitted by law and enforceable by
any court having jurisdiction thereof. The cost of such arbitrator and arbitration services, together with the prevailing party’s
legal fees and expenses, shall be borne by the non-prevailing party or as otherwise directed by the arbitrators. The Company, the
Transferors and the Purchaser each hereby appoints, without power of revocation, Loeb & Loeb, LLP, New York, New York, Attn:
Mitchell Nussbaum, as their respective agent to accept and acknowledge on its behalf service of any and all process which may be
served in any action, proceeding or counterclaim in any way relating to or arising out of this Agreement.

 

		12.	Termination. This Agreement, other than Section 11, which shall remain in full force and effect notwithstanding any
termination of this Agreement, shall terminate and be of no further force and effect if the agreements related to the Acquisition
are terminated, as evidenced by the first to occur of the following (i) a public announcement by the Company that such agreements
have been terminated, (ii) a liquidation of the Company’s trust account prior to the closing of the Acquisition, and (iii)
the closing of an acquisition transaction other than the Acquisition.

 

		13.	Assignment. Except as set forth in Section 2 hereof, neither this Agreement nor any of the rights, interests or obligations
under this Agreement shall be assigned, in whole or in part, by operation of law or otherwise by any of the parties without the
prior written consent of the other party. Any purported assignment without such consent shall be void. Subject to the preceding
sentences, this Agreement will be binding upon, inure to the benefit of, and be enforceable by, the parties and their respective
successors and assigns.

 

[remainder of page left intentionally
blank; signature page follows]

 

    	 

    	 

    

 

IN WITNESS WHEREOF, the Parties hereto have caused this Agreement
to be duly executed by their respective authorized signatories as of the date first indicated above.

 

	 	TRANSFERORS:
	 	 
	 	 	/s/ Li Yonghui
	 	 	Li YongHui
	 	 	 
	 	 	/s/ Diana Liu
	 	 	Diana Liu
	 	 	 
	 	 	/s/  William Yu
	 	 	William Yu
	 	 	 
	 	 	/s/ Conrad Yu
	 	 	Conrad Yu
	 	 	 
	 	 	/s/ Byron Yu
	 	 	Byron Yu
	 	 	 
	 	 	PUWAY LIMITED
	 	 	 
	 	 	By:	/s/ Chang Han Ming
	 	 	Name:	Chang Han Ming
	 	 	Title:	Director
	 	 	 
	 	 	/s/ Joseph Liu
	 	 	Joseph Liu
	 	 	 
	 	 	/s/ Steven Liu
	 	 	Steven Liu
	 	 	 
	 	 	/s/ Olivia Yu
	 	 	Olivia Yu
	 	 	 
	 	 	/s/ Joyce Liu
	 	 	Joyce Liu

 

[Purchaser signature page follows]

 

[Signature Page to Stock Option Agreement]

 

    	 

    	 

    

  

	 	PURCHASER
	 	 
	 	/s/ Weidong Guo
	 	Weidong Guo

 

[Company signature page follows]

 

[Signature Page to Stock Option Agreement]

 

    	 

    	 

    

 

	ACKNOWLEDGED AND AGREED:	 
	 	 
	PRIME ACQUISITION CORP.	 
	 	 
	By:	/s/ Diana Liu	 
	Name:	Diana Liu	 
	Title:	CEO	 

 

[End of Signature Pages]

 

[Signature Page to Stock Option Agreement]

  

    	 

    	 

    

 

SCHEDULE I

TRANSFERORS

 

	Name	 	ADDRESS	 	SHARES 
TRANSFERRED	 	 	SHARES 
RETAINED	 
	Li YongHui	 	7375 Union St., Burnaby, B.C. V5A 1J1 Canada	 	 	103,750	 	 	 	206,752	 
	Diana Liu	 	15F, 300 ChangChun Road, Taipei, Taiwan	 	 	124,500	 	 	 	248,103	 
	William Yu	 	15F, 300 ChangChun Road, Taipei, Taiwan	 	 	71,934	 	 	 	143,350	 
	Conrad Yu	 	486 Walsh Rd., Atherton, CA 94027	 	 	17,983	 	 	 	35,837	 
	Byron Yu	 	15F, 300 ChangChun Road, Taipei, Taiwan	 	 	17,983	 	 	 	35,837	 
	Puway Limited	 	P.O. Box 957, Offshore Incorporations Center, Road Town, Tortola, BVI	 	 	41,500	 	 	 	82,701	 
	Joseph Liu	 	Unit 1805, Block 28, Heng Fa Chuen	 	 	14,525	 	 	 	28,945	 
	Steven Liu	 	10F-1, 17 Park St., Taipei, Taiwan 11560	 	 	14,525	 	 	 	28,945	 
	Olivia Yu	 	29032 Sarahills Dr., Saratoga, CA 92130 USA	 	 	4,150	 	 	 	8,271	 
	Joyce Liu	 	10687 Heather Ridge Dr., San Diego, CA	 	 	4,150	 	 	 	8,271	 
	 	 	SUBTOTALS	 	 	415,000	 	 	 	827,012	 

 

    	 

    	 

    

 

SCHEDULE II

OPTION NOTICE

 

To: [TRANSFEROR]

  

Attention:[•]

 

[Date]

 

Ladies and Gentlemen,

 

Option Notice

 

We refer to the Stock Option Agreement (the “Stock
Option Agreement”) dated July ___, 2012 and made between you and the undersigned. Terms defined in the Stock Option Agreement
shall bear the same meaning when used herein.

 

We hereby confirm that we wish to exercise the option granted
under Section 2 of the Stock Option Agreement and accordingly the Option is hereby exercised with respect to ________ Shares.

 

The Closing Date shall be [•].

 

This option notice is irrevocable and is governed by, and shall
be construed in accordance with the laws of the State of New York.

 

	 	Yours faithfully
	 	 
	 	By:	 
	 	Name:
	 	Title:ESCROW AGREEMENT

 

This Escrow Agreement
(this “Agreement”), dated as of this 28th day of July,
2012 (the “Effective Date”), is entered into by and among (i) Prime Acquisition
Corp., a Cayman Islands company (the “Company”), (ii) the shareholders of the Company listed on Schedule
I (collectively, the “Transferors”), (iii) Weidong Guo (the “Purchaser”), and
(iv) Pang & Co. (the “Escrow Agent”).

 

RECITALS

 

WHEREAS, pursuant to a Stock Purchase
Agreement (the “SPA”) dated the date hereof between the Company and Yuantong Investment Holdings Limited, a Cayman
Islands company, Vanrock Sunrise Holdings Limited, Aquavenus Investment Holdings Limited and G.H. Martin Co. (collectively the
“Yuantong Shareholders”), the Yuantong Shareholders are acquiring ordinary shares of the Company;

 

WHEREAS, pursuant to a Share Option
Agreement, (the “Option Agreement”) dated the date hereof between the Transferors and the Purchaser, the Purchaser
has acquired options to purchase an aggregate of 415,000 ordinary shares of the Company for an aggregate purchase price of $3,108,350
(the “Purchase Price”), which options will be exercisable upon the closing of a Business Combination by the Company,
as such term is defined in the Company’s Amended and Restated Memorandum and Articles of Association; and

 

WHEREAS, pursuant
to the Option Agreement, 50% of the Purchase Price will be delivered to the Escrow Agent on the date hereof to be held by the Escrow
Agent in accordance with the terms of this Agreement.

 

NOW THEREFORE,
in consideration of the foregoing and of the promises and covenants contained herein, the receipt and sufficiency of which are
hereby acknowledged, the parties hereto agree as follows:

 

AGREEMENT

 

1.            Appointment
of Escrow Agent. The Company and the Purchaser hereby appoint Pang & Co. as escrow agent for the purposes set forth herein,
and Pang & Co. accepts such appointment under the terms and conditions set forth in this Agreement.

 

2.            Deposit
of Escrow.

 

(a)          In
connection with the signing of the Option Agreement, the Purchaser will deposit the Purchase Price with the Escrow Agent. The Escrow
Agent shall deliver 50% of the Purchase Price received to the Transferors upon receipt of written instrucitons from the Transferors,
and shall hold the remaining 50% (the “Property”) in accordance with the terms of this Agreement. The Property will
be held in a non-interest bearing account maintained by the Escrow Agent. In the event that the Escrow Agent does not receive any
of the Property by 45 days after the date hereof, this Agreement shall terminate and be of no further force or effect. In the event
that the Escrow Agent does not receive the entire Property by 45 days after the date hereof, this Agreement shall terminate and
be of no further force or effect and the Escrow Agent will return any portion of the Property the Escrow Agent received to the
persons who deposited it without interest or deduction, unless the Escrow Agent receives a notice from the Transferors indicating
that the closing of the transactions contemplated by the SPA will proceed regardless of the failure of the Purchaser to fund, in
whole or in part, the Purchase Price, in which case the Property shall consitute the portion of the Property received by the Escrow
Agent prior to the closing of the transactions contemplated by the SPA.

 

    	 

    	 

    

 

(b)          The
Property may not be released from Escrow except as provided in Sections 2(a) and 3.

 

3.            Release
of Escrow.

 

(a)          Upon
receiving joint written instructions from the Transferors stating that the transaction contemplated by the SPA has been completed
or that the SPA has been terminated, the Escrow Agent shall promptly release the Property without interest in accordance with the
written instructions from the Transferors.

 

(b)          Upon
receiving joint written instructions from the Company, the Transferors and the Purchaser, the Escrow Agent shall promptly release
the Property without interest in accordance with such joint written instructions.

 

(c)          In
the event that the Escrow Agent has not received a notice pursuant to Section 3(a) or 3(b) by March 24, 2013 (the “Termination
Date”), the Escrow Agent will return any portion of the Property the Escrow Agent received to the Transferors without
interest; provided, however, that the Termination Date may be extended to a later date by mutual agreement of the Escrow Agent,
the Company, the Transferors and the Purchaser.

 

4.            Concerning
the Escrow Agent.

 

(a)          The
Escrow Agent shall not have any liability to any of the parties to this Agreement or to any third party arising out of its services
as Escrow Agent under this Agreement, except for damages directly resulting from the Escrow Agent’s gross negligence or willful
misconduct.

 

(b)          Upon
any delivery or deposit with a court or successor escrow agent of the Property in accordance with this Agreement, the Escrow Agent
shall be fully and forever released and discharged from any liability for serving as Escrow Agent and from any further obligation
under this Agreement.

 

(c)          The
Company, the Transferors and the Purchaser shall jointly and severally indemnify the Escrow Agent and hold it harmless against
any loss, liability, damage or expense (including reasonable attorneys’ fees) that the Escrow Agent may incur as a result
of acting as escrow agent under this Agreement, except for any loss, liability, damage or expense arising from its own gross negligence
or willful misconduct. For this purpose, the term “attorneys’ fees”
includes out-of-pocket fees payable to any counsel, including Loeb & Loeb LLP, retained by the Escrow Agent in connection with
its services under this Agreement (other than fees incurred in connection with the drafting and negotiation of this Agreement)
and, with respect to any matter arising under this Agreement as to which the Escrow Agent performs legal services (other than fees
incurred in connection with the drafting and negotiation of this Agreement), its standard hourly rates and charges then in effect.

 

    	2

    	 

    

 

(d)          The
Escrow Agent shall be entitled to rely upon any judgment, notice, instrument or other writing delivered to it under this Agreement
without being required to determine the authenticity of, or the correctness of any fact stated in, that document and irrespective
of any facts the Escrow Agent may know or be deemed to know in any other capacity. The Escrow Agent may act in reliance upon any
instrument or signature believed by it to be genuine and may assume that any person purporting to give any notice or receipt or
advice or make any statement or execute any document in connection with this Agreement has been duly authorized to do so.

 

(e)          The
Escrow Agent shall have no duties or responsibilities except those expressly set forth in this Agreement. The Escrow Agent shall
not have any obligations arising out of or be bound by the provisions of any other agreement, written or oral, including, but not
limited to, the Option Agreement.

 

(f)          All
of the Escrow Agent’s rights of indemnification provided for in this Agreement shall survive the resignation of the Escrow
Agent, its replacement by a successor Escrow Agent, its delivery or deposit of the Escrow in accordance with this Agreement, the
termination of this Agreement, and any other event that occurs after the Effective Date.

 

(g)          If
any dispute arises in connection with this Agreement, the Escrow Agent may at any time commence an action in the nature of interpleader
or other legal proceedings and may deposit the Property with the clerk of the court.

 

(h)          The
Escrow Agent shall have no responsibility with respect to the sufficiency of the arrangements contemplated by this Escrow Agreement
to accomplish the intentions of the parties.

 

5.            Representations.

 

Each of the Company,
the Transferors, the Purchaser and the Escrow Agent severally represents and warrants as to itself, himself or herself (as applicable)
that: (a) it, he or she (as applicable) has full power and authority to enter into and perform this Agreement; (b) the execution
and delivery of this Agreement by it, he or she (as applicable) was duly authorized by all necessary corporate, partnership or
other action; and (c) this Agreement is enforceable against it, he or she (as applicable) in accordance with its terms.

 

    	3

    	 

    

 

6.            Resignation;
Successor Escrow Agent.

 

The Escrow Agent (and
any successor escrow agent) may at any time resign as such upon 60 days’ prior notice to each of the other parties. Upon
receipt of a notice of resignation, each of the Company, the Transferors and the Purchaser shall use its best efforts to select
a successor agent within 30 days, but if within that 30-day period the Escrow Agent has not received a notice signed by the Company,
Transferors and the Purchaser appointing a successor escrow agent and setting forth its name and address, the Escrow Agent may
(but shall not be obligated to) select on behalf of the Company, the Transferors and the Purchaser a bank or trust company to act
as successor escrow agent, for such compensation as that bank or trust company customarily charges and on such terms and conditions
not inconsistent with this Agreement as that bank or trust company reasonably requires. The fees and charges of any successor escrow
agent shall be paid by the Company, Transferors and the Purchaser. A successor escrow agent selected by the resigning Escrow Agent
may become the successor escrow agent by confirming in writing its acceptance of the position. The Company, Transferors and the
Purchaser shall sign such other documents as the successor escrow agent reasonably requests in connection with its appointment,
and each of them hereby irrevocably appoints the Escrow Agent as its attorney-in-fact to sign all such documents in its name and
place. The Escrow Agent may deliver the Escrow Amount to the successor escrow agent selected pursuant to this provision and, upon
such delivery, the successor escrow agent shall become the Escrow Agent for all purposes under this Agreement and shall have all
of the rights and obligations of the Escrow Agent under this Agreement and the resigning Escrow Agent shall have no further responsibilities
or obligations under this Agreement.

 

7.            Notices.

 

Any notice or other communication
under this Agreement shall be in writing and shall be considered given when (a) sent by telecopier, with receipt confirmed, (b)
delivered personally, or (c) one business day after being sent by recognized overnight courier, to the parties at the addresses
set forth below (or at such other address as a party may specify by notice to the other):

 

If to the Transferors or the Purchaser, to their respective
addresses on the signature page hereto:

 

If to Company:

 

Prime Acquisition Corp.

No. 322, Zhongshan East Road

Shijiazhuang

Hebei Province, 050011 China

Attention: William Tsu-Cheng Yu, President

Facsimile: 650-618-2552

 

If to Escrow Agent:

 

Suite 7601A, Level 76, International Commerce Centre

1 Austin Road West

Kowloon, Hong Kong

Attention: Benny Pang

Facsimile: 3923-1100

 

8.            Miscellaneous.

 

(a)          This
Agreement shall terminate immediately after the disbursement by the Escrow Agent of all amounts held in escrow.

 

    	4

    	 

    

 

(b)          All
fees and expenses of the Escrow Agent shall be borne by the Company, the Transferors and the Purchaser.

 

(c)          If
any provision of this Agreement is determined by any court of competent jurisdiction to be invalid or unenforceable in any jurisdiction,
the remaining provisions of this Agreement shall not be affected thereby, and the invalidity or unenforceability in any jurisdiction
shall not invalidate or render unenforceable that provision in any other jurisdiction. It is understood, however, that the parties
intend each provision of this Agreement to be valid and enforceable and each of them waives all rights to object to any provision
of this Agreement.

 

(d)          This
Agreement shall be binding upon and inure solely to the benefit of the parties hereto and their respective successors and permitted
assigns, and shall not be enforceable by or inure to the benefit of any third party. No party may assign its rights or obligations
under this Agreement or any interest in the Escrow Amount without the written consent of the other parties, and any other purported
assignment shall be void. In no event shall the Escrow Agent be required to act upon, or be bound by, any notice, instruction,
objection or other communication given by a person other than the Company, the Transferors and the Purchaser.

 

(e)          This
Agreement shall be governed by and construed in accordance with the law of the State of New York applicable to agreements made
and to be performed in New York.

 

(f)           The
Supreme Court of the State of New York, County of New York, and the United States District Court for the Southern District of New
York shall have exclusive jurisdiction over the parties (and the subject matter) with respect to any dispute or controversy arising
under or in connection with this Agreement. A summons or complaint or other process in any such action or proceeding served by
United States certified mail or in such other manner as may be permitted by law shall be valid and sufficient service.

 

(g)          This
Agreement contains a complete statement of the arrangements among the parties with respect to the subject matter hereof and cannot
be changed or terminated orally. Any waiver must be in writing.

 

(h)          This
Agreement may be executed in any number of counterparts, each of which shall be deemed to be an original and all of which taken
together shall constitute one and the same instrument.

 

(i)            The
section headings used herein are for convenience of reference only and shall not affect the construction or interpretation of this
Agreement.

 

[Signature Pages Follow]

 

    	5

    	 

    

 

 

IN WITNESS WHEREOF,
the parties to this Agreement have executed, or caused to be executed on their behalf, this Agreement as of the date first above
written. 

 

	 	Company
	 	 
	 	PRIME ACQUISITION CORP.
	 	 
	 	By:	/s/ Diana Liu
	 	Name: Diana Liu
	 	Title:   CEO

 

[Transferor signature page follows]

 

[Signature Page to Escrow Agreement]

 

    	 

    	 

    

 

	Transferors	 	 
	 	 	 
	/s/     Li, Yonghui	 	/s/     Diana Liu
	Name: Li, YongHui	 	Name: Diana Liu
	 	 	 
	Address:	 	Address:
	7375 Union St.	 	15F, 300 ChangChun Road
	Burnaby, B.C. V5A 1J1, Canada	 	Taipei, Taiwan 10487
	 	 	 
	/s/ William Yu	 	/s/    Conrad Yu
	Name: William Yu	 	Name: Conrad Yu
	 	 	 
	Address:	 	Address:
	15F, 300 ChangChun Road	 	486 Walsh Rd.
	Taipei, Taiwan 10487	 	Atherton, CA 94027
	 	 	 
	/s/ Byron Yu	 	/s/    Joseph Liu
	Name: Byron Yu	 	Name: Joseph Liu
	 	 	 
	Address:	 	Address:
	15F, 300 ChangChun Road	 	Unit 1805, Block 28, Heng Fa Chuen
	Taipei, Taiwan 10487	 	ChaiWan, Hong Kong
	 	 	 
	/s/  Steven Liu	 	/s/ Olivia Yu
	Name: Steven Liu	 	Name: Olivia Yu
	 	 	 
	Address:	 	Address:
	10F-1, 17 Park Street	 	29032 Sarahills Drive
	Taipei, Taiwan 11560	 	Saratoga, CA 92130
	 	 	 
	/s/  Joyce Liu 	 	PUWAY LIMITED
	Name: Joyce Liu 	 	 
	 	 	By:	  /s/  Chang Han Ming
	Address: 	 	Name: Chang Han Ming
	10687 Heather Ridge Drive	 	Title:   Director
	San Diego, CA 92130 USA	 	 
	 	 	Address:
	 	 	 
	 	 	P.O. Box 957
	 	 	Offshore Incorporations Center
	 	 	Road Town, Tortola, BVI

 

[Purchaser signature page follows]

 

[Signature Page to Escrow Agreement]

 

    	 

    	 

    

 

	 	Purchaser
	 	 
	 	/s/ Weidong Guo
	 	Name: Weidong Guo
	 	 
	 	Address:
	 	 
	 	 
	 	 

 

[Escrow Agent signature page follows]

 

[Signature Page to Escrow Agreement]

 

    	 

    	 

    

 

	 	Escrow Agent:
	 	 
	 	PANG & CO.
	 	 
	 	By:	/s/ Benny Pang
	 	 	Name:  Benny Pang
	 	 	Title:    Partner

  

[End of Signature Pages]

 

[Signature Page to Escrow Agreement]

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00206-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00206-of-00352.parquet"}]]