Document:

Exhibit 4.8

 

REGISTRATION
RIGHTS AGREEMENT

 

THIS
REGISTRATION RIGHTS AGREEMENT (this “Agreement”) is entered into as of [●], 202[●]
by and among (i) TH International Limited, a Cayman Islands exempted company (including any successor entity thereto, the “Company”),
and (ii) the undersigned parties listed as “Investors” on the signature page hereto (each, an “Investor”
and collectively, the “Investors”).

 

WHEREAS,
on August 13, 2021, (i) Silver Crest Acquisition Corporation, a Cayman Islands exempted company (“SPAC”),
(ii) the Company and (iii) Miami Swan Ltd, a Cayman Islands exempted company and a wholly-owned subsidiary of the Company (the
 “Merger Sub”) entered into that certain Merger Agreement (as amended and restated after the date hereof, the
 “Merger Agreement”);

 

WHEREAS,
pursuant to the Merger Agreement, subject to the terms and conditions thereof, upon the consummation of the transactions contemplated
thereby (the “Closing”), among other matters, (i) Merger Sub will be merged with and into SPAC (the “First
Merger”), with SPAC surviving the First Merger as a wholly owned subsidiary of the Company, and (ii) SPAC will be
merged with and into the Company (the “Second Merger”), with the Company surviving the Second Merger; and

 

WHEREAS,
in connection with the execution of the Merger Agreement, the Investors (the “Lock-Up Investors”) entered into
a lock-up agreement with the Company (each, as amended from time to time in accordance with the terms thereof, a “Lock-Up
Agreement”), pursuant to which each such Lock-Up Investor agreed not to transfer its Company securities for a certain period
of time after the Closing as stated in the Lock-Up Agreement.

 

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.
Any capitalized term used but not defined in this Agreement will have the meaning ascribed to such term in the Merger Agreement. 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.

 

“Beneficial Owners”
means Cartesian Capital Group, Tencent Holdings Limited, SCC Growth VI Holdco D, Ltd. and Eastern Bell International XXVI Limited.

 

“Business Day”
means a day, other than a Saturday, Sunday or other day on which commercial banks in New York City, the Cayman Islands, Hong Kong or
the PRC (as defined in the Merger Agreement) are authorized or required by law to close.

 

“Closing”
is defined in the recitals to this Agreement.

 

“Company”
is defined in the preamble to this Agreement, and shall include the Company’s successors by merger, acquisition, reorganization
or otherwise.

 

“Disinterested
Independent Director” means an independent director serving on the Company’s board of directors at the applicable
time of determination that is disinterested in this Agreement (i.e., such independent director is not an Investor, an affiliate of an
Investor, or an officer, director, manager, employee, trustee or beneficiary of an Investor or its affiliate, nor an immediate family
member of any of the foregoing).

 

    

     

    

 

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

 

“First Merger”
is defined in the recitals to this Agreement.

 

“Form S-3”
and “Form F-3” mean such respective form under the Securities Act as is in effect on the date hereof or
any successor registration form under the Securities Act subsequently adopted by the SEC which permits inclusion or incorporation of
substantial information by reference to other documents filed by the Company with the SEC.

 

“Government Entity”
means any foreign or domestic governmental authority, agency, instrumentality, bureau, court, board, commission, tribunal, subdivision
or other body of any federal, state, local, regional, or municipal government, any commercial or similar entities that the government
controls or owns (whether partially or completely), including any state-owned and state-operated companies or enterprises, any international
organizations such as the United Nations or the World Bank, and any political party.

 

“Holder”
means any Person owning of record Registrable Securities that have not been sold to the public or pursuant to Rule 144 promulgated
under the Securities Act or any permitted assignee of record of such Registrable Securities to whom rights under this Agreement have
been duly assigned in accordance with this Agreement.

 

“Holder Information”
means such information and affidavits as the Company reasonably requests for use in connection with any Registration.

 

“Investor(s)”
is defined in the preamble to this Agreement, and include any transferee of the Registrable Securities (so long as they remain Registrable
Securities) of an Investor permitted under this Agreement and with respect to a Lock-Up Investor, its Lock-Up Agreement.

 

“Joinder”
is defined in Section 5.2 to this Agreement.

 

“Law”
means all federal, state, foreign, local civil and common law, statute, subordinate legislation, treaty, regulations, directive, decision,
by-law, ordinance, rule, code, order, decree, injunction or judgment of any Government Entity.

 

“Lock-Up Agreement”
is defined in the recitals to this Agreement.

 

“Lock-Up Investor”
is defined in the recitals to this Agreement.

 

“Merger Agreement”
is defined in the recitals to this Agreement.

 

“Merger Sub”
is defined in the recitals to this Agreement.

 

“Person”
means (i) any individual, firm, company, corporation or other body corporate, unincorporated organization, joint venture, association,
organization, trust or partnership, works council or employee representative body, a division or an operating group of any of the foregoing
or any other entity or organization, including any Government Entity (whether or not having separate legal personality); and (ii) that
Person’s legal personal representatives, successors, permitted assigns and permitted nominees in any jurisdiction and whether or
not having separate legal personality but only if such successors, permitted assigns and permitted nominees are not prohibited by this
Agreement.

 

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“Ordinary Shares”
means the ordinary shares of the Company.

 

“Register,”
 “registered” and “registration” mean a registration effected by preparing and filing
a registration statement in compliance with the Securities Act, and the declaration or ordering of effectiveness of such registration
statement.

 

“Registrable
Securities” means (i) any Ordinary Shares held by the Investors as of the date of this Agreement or hereafter by the
Beneficial Owners, either of record or beneficially, issued or issuable upon conversion, exchange or exercise of any other Securities
of the Company (including Ordinary Shares issued or issuable upon the exercise of the SPAC Private Placement Warrants); (ii) any
Ordinary Shares issued as (or issuable upon the conversion or exercise of any warrant, right or other Security which is issued as) a
dividend or other distribution with respect to, or in exchange for or in replacement of, any Securities of the Company described in clause
(i) of this definition; and (iii) any other Ordinary Shares owned or hereafter acquired by any Investor or Beneficial Owner
in its capacity as an affiliate of the Company (as defined in Rule 144). Notwithstanding the foregoing, 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) such
securities are freely saleable under Rule 144 without limitation, including with respect to volume, manner of sale and the availability
of current public information. Notwithstanding anything to the contrary contained herein, a person shall be deemed to be an “Investor
holding Registrable Securities” (or words to that effect) under this Agreement only if they are an Investor or a transferee of
the applicable Registrable Securities (so long as they remain Registrable Securities) of any Investor permitted under this Agreement
and the Lock-Up Agreement.

 

“Registrable
Securities Then Outstanding” means the number of Ordinary Shares that are Registrable Securities and are then issued and
outstanding.

 

“Registration
Statement” means a registration statement filed by the Company with the SEC in compliance with the Securities Act and the
rules and regulations promulgated thereunder for a public offering and sale of equity securities, or securities or other obligations
exercisable or exchangeable for, or convertible into, equity securities (other than a registration statement on Form S-4, 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).

 

“Rule 144”
means Rule 144 promulgated under the Securities Act.

 

“SEC”
means the United States Securities and Exchange Commission or any successor thereto.

 

“Second Merger”
is defined in the recitals to this Agreement.

 

“Securities Act”
means the Securities Act of 1933 of the United States of America, as amended, or any similar federal statute and the rules and regulations
of the SEC thereunder, all as the same shall be in effect at the time.

 

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“Securities”
means any shares, stocks, debentures, funds, bonds, notes or any rights, warrants, options or interests in respect of any of the foregoing
or any other derivatives or instruments having similar economic effect.

 

“SPAC”
is defined in the recitals to this Agreement.

 

“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.             REGISTRATION
RIGHTS.

 

2.1           Demand
Registration.

 

2.1.1        Request
by Holders. If the Company at any time after six (6) months following the consummation of the Closing, receives a written request
from the Holders of at least five (5%) of the Registrable Securities Then Outstanding (the “Demanding Holders”)
that the Company file a registration statement under the Securities Act covering the registration of Registrable Securities pursuant
to this Section 2.1, then the Company shall, no later than ten (10) Business Days after the receipt of such written request,
give written notice of such request (the “Request Notice”) to all Holders, and use reasonable efforts to effect,
as soon as practicable, the registration under the Securities Act of all Registrable Securities that Holders (including other shareholders)
who so request to be registered and included in such registration by written notice given by such Holders to the Company within twenty
(20) calendar days after receipt of the Request Notice, subject only to the limitations of this Section 2.1.

 

2.1.2        Underwriting.
If the Holders initiating the registration request under this Section 2.1 (the “Initiating Holders”) intend
to distribute the Registrable Securities covered by their request by means of an underwriting, then they shall so advise the Company
as a part of their request made pursuant to this Section 2.1 and the Company shall include such information in the written notice
referred to in subsection 2.1.1. In such event, the right of any Holder to include Registrable Securities in such registration will be
conditional upon such Holder’s participation in such underwriting and the inclusion of such Holder’s Registrable Securities
in the underwriting (unless otherwise mutually agreed by a majority in interest of the Initiating Holders and such Holder) to the extent
provided herein. All Holders proposing to distribute their securities through such underwriting shall enter into an underwriting agreement
in customary form with the managing underwriter or underwriters selected for such underwriting by the Holders of a majority of the Registrable
Securities being registered and reasonably acceptable to the Company. Notwithstanding any other provision of this Section 2.1, if
the one or more underwriters advise the Company in writing that marketing factors require a limitation of the number of securities to
be underwritten then the Company shall so advise all Holders of Registrable Securities which would otherwise be registered and underwritten
pursuant hereto, and the number of Registrable Securities that may be included in the underwriting shall be reduced as required by the
underwriter(s) and allocated among the Holders of Registrable Securities on a pro rata basis according to the number of Registrable
Securities Then Outstanding held by each Holder requesting registration (including the Initiating Holders); on the condition that the
number of shares of Registrable Securities to be included in such underwriting and registration will not be reduced unless all other
Securities are first entirely excluded from the underwriting and registration. If any Holder disapproves of the terms of any underwriting,
such Holder may elect to withdraw therefrom by written notice to the Company and the one or more underwriters, delivered prior to the
filing of the “red herring” prospectus related to such offering. Any Registrable Securities excluded and withdrawn from such
underwriting will be withdrawn from the registration. If the underwriter has not limited the number of Registrable Securities to be underwritten,
the Company may include its Securities for its own account in such registration if the underwriter so agrees and if the number of Registrable
Securities which would otherwise have been included in such registration and underwriting will not thereby be limited.

 

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2.1.3        Maximum
Number of Demand Registrations. Other than as contemplated by Section 2.1.6, the Company shall be obligated to effect only two
(2) such registrations pursuant to this Section 2.1 so long as such registrations have been declared or ordered effective.

 

2.1.4        Deferral.
Notwithstanding anything to the contrary contained herein, the Company will not be required to effect a registration pursuant to this
Section 2.1: (i) during the period starting with the date thirty (30) calendar days prior to the Company’s good
faith estimate of the date of the filing of, and ending on a date ninety (90) calendar days following the effective date of, a Company-initiated
registration subject to Section 2.2 below, provided that the Company is actively employing in good faith all reasonable efforts
to cause such registration statement to become effective; (ii) if the Initiating Holders propose to dispose of Registrable Securities
that may be registered on Form S-3 or Form F-3 pursuant to Section 2.3 below; or (iii) if the Company shall furnish
to Holders requesting the filing of a registration statement pursuant to this Section 2.1 a certificate signed by the Chief Executive
Officer or Chairman of the Board of the Company stating that in the good faith judgment of the Board, it would be materially detrimental
to the Company and its shareholders for such registration statement to be filed at such time, then the Company shall have the right to
defer such filing for a period of not more than ninety (90) calendar days after receipt of the request of the Initiating Holders; provided,
however, that the Company may not utilize this right more than once in any twelve (12) month period, and provided further that the Company
shall not register any securities for the account of itself or any other shareholder during such ninety (90) calendar day period (other
than a registration relating solely to the sale of securities of participants in an employee benefit plan, a registration relating to
a corporate reorganization or transaction under Rule 145 of the Securities Act).

 

2.1.5        Expenses.
The Company shall bear all expenses incurred in connection with any registration pursuant to this Section 2.1, including
without limitation all registration, filing and qualification fees, printer’s and accounting fees, fees and disbursements of counsel
for the Company, and reasonable fees and disbursements of one legal counsel for the selling Holders (but excluding underwriters’
discounts and commissions relating to shares sold by the Holders). Each Holder participating in a registration pursuant to this Section 2.1
shall bear such Holder’s proportionate share (based on the total number of shares sold in such registration other than for the
account of the Company) of all discounts, commissions or other amounts payable to underwriter(s) or brokers, in connection with
such offering by the Holders. Notwithstanding any of the foregoing provisions, the Company will not be required to pay for any expenses
of any registration proceeding begun pursuant to this Section 2.1 if the registration request is subsequently withdrawn at the request
of the Holders of a majority of the Registrable Securities to be registered (in which case the participating Holders requesting for the
withdrawal shall bear such expenses), unless all of the Holders of the Registrable Securities agree to forfeit their right to one demand
registration pursuant to this Section 2.1; on the condition, however, that if at the time of such withdrawal, the Holders have learned
of a material adverse change in the conditions, business or prospects of the Company from that known to the Holders at the time of their
request and have withdrawn the request with reasonable promptness following disclosure by the Company of such material adverse change,
then the Holders will not be required to pay any of such expenses and will retain their rights pursuant to this Section 2.1.

 

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2.1.6        Shelf
Registration. The Company shall file within forty-five (45) calendar days of the Closing, and use commercially reasonable efforts
to cause to be declared effective as soon as practicable thereafter (but no later than the earlier of (a) the ninetieth (90th)
day following the filing date thereof if the SEC notifies the Company that it will “review” the Registration Statement and
(b) the tenth (10th) Business Day after the date the Company is notified (orally or in writing,
whichever is earlier) by the SEC that the Registration Statement will not be “reviewed” or will not be subject to further
review), a Registration Statement for a shelf registration on Form S-1 or Form F-1 (the “Form S-1 or
Form F-1 Shelf”) or, if the Company is eligible to use a Registration Statement on Form S-3 or Form F-3,
a shelf registration on Form S-3 or Form F-3 (the “Form S-3 or Form F-3 Shelf” and together with the
Form S-1 or Form F-1 Shelf, each a “Shelf”), in each case, covering the resale of all the Registrable
Securities (determined as of two Business Days prior to such filing) on a delayed or continuous basis. Such Shelf shall provide for the
resale of the Registrable Securities included therein pursuant to any method or combination of methods legally available to, and requested
by, any holder named therein. The Company shall maintain a Shelf in accordance with the terms hereof, and shall prepare and file with
the SEC such amendments, including post-effective amendments, and supplements as may be necessary to keep a Shelf continuously effective,
available for use and in compliance with the provisions of the Securities Act until such time as there are no longer any Registrable
Securities. In the event the Company files a Form S-1 or Form F-1 Shelf, the Company shall use its commercially reasonable
efforts to convert the Form S-1 or Form F-1 Shelf (and any subsequent Shelf) to a Form S-3 or Form F-3 Shelf as soon
as practicable after the Company is eligible to use Form S-3 or Form F-3. Notwithstanding anything to the contrary herein,
to the extent there is an active Shelf under this Section 2.1.6 covering an Investor’s or Investors’ Registrable Securities,
and such Investor or Investors qualify as Demanding Holders pursuant to Section 2.1.1 and wish to request an underwritten offering
from such Shelf, such underwritten offering shall follow the procedures of Section 2.1 but such underwritten offering shall be made
from the Shelf and shall count against the number of long form Demand Registrations that may be made pursuant to Section 2.1.1.
The Company shall have the right to remove any Persons no longer holding Registrable Securities from the Shelf or any other shelf registration
statement by means of a post-effective amendment. In the event that any Holder holds Registrable Securities that are not registered for
resale on a delayed or continuous basis, the Company, upon written request of such Holder, shall promptly use its commercially reasonable
efforts to cause the resale of such Registrable Securities to be covered by either, at the Company’s option, any then available
Shelf (including by means of a post-effective amendment) or by filing a new Shelf and cause the same to become effective as soon as practicable
after such filing and such Shelf shall be subject to the terms hereof; provided, however, that the Company shall only be required to
cause such Registrable Securities to be so covered twice per calendar year for each of the Holders.

 

2.2           Piggy-Back
Registration.

 

2.2.1        Piggy-Back
Rights. The Company shall notify all Holders of Registrable Securities in writing at least twenty (20) calendar days prior to filing
any registration statement under the Securities Act for purposes of effecting a public offering of securities of the Company (including,
but not limited to, registration statements relating to secondary offerings of securities of the Company, but excluding registration
statements relating to any registration under Section 2.1 or Section 2.3, any employee benefit plan, any corporate reorganization
or transaction under Rule 145 of the Securities Act) and will afford each such Holder an opportunity to include in such registration
statement all or any part of the Registrable Securities then held by such Holder. Each Holder desiring to include in any such registration
statement all or any part of the Registrable Securities held by such Holder shall, no later than 18 calendar days after receipt of the
above-described notice from the Company, so notify the Company in writing, and in such notice must indicate the number of Registrable
Securities such Holder wishes to include in such registration statement. If a Holder decides not to include all of its Registrable Securities
in any registration statement thereafter filed by the Company, such Holder shall nevertheless continue to have the right to include any
Registrable Securities in any subsequent registration statement or registration statements as may be filed by the Company with respect
to offerings of its securities, all upon the terms and conditions set forth herein.

 

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2.2.1        Right
to Terminate Registration. The Company may terminate or withdraw any registration initiated by it under this Section 2.2 prior
to the effectiveness of such registration, regardless of whether any Holder has elected to include securities in such registration. The
Company shall bear all expenses of such withdrawn registration in accordance with Section 2.1.1(d).

 

2.2.2        Underwriting.
If a registration statement under which the Company gives notice under this Section 2.2 is for an underwritten offering,
then the Company shall so advise the Holders of Registrable Securities. In such event, the right of any such Holder’s Registrable
Securities to be included in a registration pursuant to this Section 2.2 will 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 Holders proposing to distribute their Registrable Securities through such underwriting shall enter into an underwriting agreement
in customary form with the managing underwriter or underwriters selected for such underwriting. Notwithstanding any other provision of
this Agreement, if the one or more managing underwriters determine in good faith that marketing factors require a limitation of the number
of shares to be underwritten, then the one or more managing underwriters may exclude shares from the registration and the underwriting,
and the number of shares that may be included in the registration and the underwriting shall be allocated, first to the Company, if applicable,
and second, to each of the Holders requesting inclusion of their Registrable Securities in such registration statement on a pro rata
basis based on the total number of Registrable Securities then held by each such Holder (or such other proportions as agreed among all
the selling Holders); except that the right of the one or more underwriters to exclude shares (including Registrable Securities) from
the registration and underwriting as described above shall be restricted so that (i) the number of Registrable Securities included
in any such registration is not reduced below 25% of the aggregate number of Registrable Securities for which inclusion has been requested;
and (ii) all shares that are not Registrable Securities and are held by any other Person, including, without limitation, any Person
who is an employee, officer, consultant or director of the Company (or any subsidiary of the Company), will first be excluded from such
registration and underwriting before any Registrable Securities are so excluded. If any Holder disapproves of the terms of any such underwriting,
such Holder may elect to withdraw therefrom by written notice to the Company and the one or more underwriters, delivered prior to the
filing of the “red herring” prospectus related such offering. Any Registrable Securities excluded or withdrawn from such
underwriting will be excluded and withdrawn from the registration. For any Holder that is a partnership, the Holder and the partners
and retired partners of such Holder, or the estates and family members of any such partners and retired partners and any trusts for the
benefit of any of the foregoing Persons, and for any Holder that is a corporation, the Holder and all corporations that are affiliates
of such Holder, shall be deemed to be a single “Holder” and any pro rata reduction with respect to such “Holder”
shall be based upon the aggregate amount of Registrable Securities owned by all such entities and individuals.

 

2.2.3        Expenses.
All expenses incurred in connection with any registration pursuant to this Section 2.2, including without limitation all
registration, filing and qualification fees, printer’s and accounting fees, fees and disbursements of counsel for the Company,
and reasonable fees and disbursements of one legal counsel for the selling Holders (but excluding underwriters’ discounts and commissions
relating to shares sold by the Holders), shall be borne by the Company.

 

2.2.4        Not
Demand Registration. Registration pursuant to this Section 2.2 will not be deemed to be a demand registration as described in
Section 2.1 above. Except as otherwise provided herein, there will be no limit on the number of times the Holders may request registration
of Registrable Securities under this Section 2.2.

 

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2.3           Form S-3
or Form F-3 Registration.

 

2.3.1        If
the Company receives from any one or more Holder of Registrable Securities Then Outstanding a written request or requests that the Company
effect a registration on Form S-3 or Form F-3 and any related qualification or compliance with respect to all or a part of
the Registrable Securities owned by such Holder or Holders, then the Company will (i) promptly give written notice of the proposed
registration and the Holder’s or Holders’ request therefor, and any related qualification or compliance, to all other Holders
of Registrable Securities; (ii) and use commercially reasonable efforts to effect, as soon as practicable, such registration and
all such qualifications and compliances as may be so requested and as would permit or facilitate the sale and distribution of all or
such portion of such Holders 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 no later
than fourteen (14) calendar days after the Company provides the notice contemplated by this section 2.3.1; except that the Company will
not be obligated to effect any such registration, qualification or compliance pursuant to this Section 2.3:

 

		(a)	if
                                            Form S-3 or Form F-3 is not available for such offering by the Holders;

 

		(b)	if
                                            the Holders, 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 an aggregate price to the public (net of any underwriters’ discounts or
                                            commissions) of less than US$1,000,000;

 

		(c)	if
                                            the Company furnishes the Holders with a certificate signed by the Company’s Chief
                                            Executive Officer or Chairman of the Board 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 Form S-3 or Form F-3 registration to be effected at such
                                            time, in which event the Company may defer the filing of the Form S-3 or Form F-3
                                            registration statement for a period of not more than ninety (90) calendar days after receipt
                                            of the request of the Holder or Holders under this Section 2.3; except that the Company
                                            shall not (i) exercise this right more than once in any twelve (12) month period; and
                                            (ii) register any securities for the account of itself or any other shareholder during
                                            any such ninety (90) day period (other than a registration relating solely to the sale of
                                            securities of participants in an employee benefit plan, a registration relating to a corporate
                                            reorganization or transaction under Rule 145 of the Securities Act);

 

		(d)	if
                                            the Company has, during the twelve (12) month period preceding the date of such request,
                                            already effected two (2) registrations under the Securities Act pursuant to the provisions
                                            of this Section 2.3 and such registrations have been declared or ordered effective;
                                            or

 

		(e)	during
                                            the period starting with the date thirty (30) calendar days prior to the Company’s
                                            good faith estimate of the date of the filing of and ending on a date ninety (90) calendar
                                            days following the effective date of a Company-initiated registration subject to Section 2.2,
                                            so long as the Company is actively employing in good faith reasonable efforts to cause such
                                            registration statement to become effective.

 

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2.3.2        Expenses.
The Company shall bear all expenses incurred in connection with any registration pursuant to this Section 2.3, including without
limitation all registration, filing and qualification fees, printer’s and accounting fees, fees and disbursements of counsel for
the Company, and reasonable fees and disbursements of one legal counsel for the selling Holders (but excluding underwriters’ discounts
and commissions relating to shares sold by the Holders). Notwithstanding any of the foregoing provisions, the Company shall not be required
to pay for any expenses of any registration proceeding begun pursuant to this Section 2.3 if the registration request is subsequently
withdrawn at the request of the Holders of a majority of the Registrable Securities to be registered (in which case the participating
Holders requesting for the withdrawal shall bear such expenses), except that if at the time of such withdrawal, the Holders have learned
of a material adverse change in the condition, business or prospects of the Company from that known to the Holders at the time of their
request and have withdrawn the request with reasonable promptness following disclosure by the Company of such material adverse change,
then the Holders will not be required to pay any of such expenses and will retain their rights pursuant to this Section 2.3.

 

2.3.3        Underwriting.
If the Holders requesting registration on Form S-3 or Form F-3 intend to distribute the Registrable Securities covered by their
request by means of an underwriting, such Holders shall so advise the Company as a part of their request made pursuant to this Section 2.3
and the Company shall include such information in the written notice referred to in Section 2.3.1. The provisions of Section 2.1
will apply to such a request (with the substitution of this Section 2.3 for references to Section 2.1). Subject to the foregoing,
the Company shall file a registration statement covering the Registrable Securities and other securities so requested to be registered
as soon as practicable after receipt of the request or requests of the Holders requesting registration on Form S-3 or Form F-3.

 

2.3.4        Not
Demand Registration. Form S-3 or Form F-3 registrations will not be deemed to be demand registrations as described in Section 2.1.
Except as otherwise provided herein, there will be no limit on the number of times the Holders may request registration of Registrable
Securities under this Section 2.3.

 

3.             REGISTRATION
PROCEDURES.

 

3.1           Filings;
Information. Whenever required to effect the registration of any Registrable Securities under this Agreement, the Company shall,
as expeditiously as reasonably possible:

 

3.1.1        Registration
Statement. Prepare and file with the SEC a registration statement with respect to such Registrable Securities and use reasonable
efforts to cause such registration statement to become effective.

 

3.1.2        Amendments
and Supplements. Prepare and file with the SEC such amendments and supplements to such registration statement and the prospectus
used in connection with such registration statement as may be necessary to comply with the provisions of the Securities Act with respect
to the disposition of all securities covered by such registration statement.

 

3.1.3        State
Securities Laws Compliance. Use reasonable efforts to register and qualify the securities covered by such registration statement
under such other securities or Blue Sky laws of such jurisdictions as is reasonably requested by the Holders, but the Company will not
be required in connection therewith or as a condition thereto to qualify to do business or to file a general consent to service of process
in any such states or jurisdictions.

 

3.1.4        Notification.
Notify each Holder of Registrable Securities covered by such registration statement at any time when a prospectus or free writing prospectus
(to the extent prepared by or on behalf of the Company) relating thereto is required to be delivered under the Securities Act of the
happening of any event as a result of which the prospectus included in such registration statement, as then in effect, includes an untrue
statement of a material fact or omits to state a material fact required to be stated therein or necessary to make the statements therein
not misleading in the light of the circumstances then existing, and, at the request of any such Holder, the Company will, as soon as
reasonably practicable, file and furnish to all such Holders a supplement or amendment to such prospectus or free writing prospectus
(to the extent prepared by or on behalf of the Company) so that, as thereafter delivered to the purchasers of such Registrable Securities,
such prospectus will not contain an untrue statement of a material fact or omit to state any fact necessary to make the statements therein
not misleading in light of the circumstances under which they were made.

 

    9

     

    

 

3.1.5        Opinion
and Comfort Letter. Furnish, at the request of any Holder requesting registration of Registrable Securities, on the date that such
Registrable Securities are delivered to the one or more underwriters for sale, if such securities are being sold through underwriters,
or, if such securities are not being sold through underwriters, on the date that the registration statement with respect to such securities
becomes effective, (i) an opinion, dated as of such date, of each of the Company’s United States securities counsel and the
local counsel which are representing the Company for the purposes of such registration, in form and substance as is customarily given
to underwriters in an underwritten public offering and reasonably satisfactory to a majority in interest of the Holders requesting registration,
addressed to the underwriters, if any, and to the Holders requesting registration of Registrable Securities and (ii) a “comfort
letter”, dated as of such date, from the independent certified public accountants of the Company, in form and substance as is customarily
given by independent certified public accountants to underwriters in an underwritten public offering and reasonably satisfactory to a
majority in interest of the Holders requesting registration, addressed to the underwriters, if any, and to the Holders requesting registration
of Registrable Securities.

 

3.1.6        Exchange.
Cause all such Registrable Securities registered pursuant to this Agreement to be listed on a national exchange or trading system and
on each securities exchange and trading system on which similar securities issued by the Company are then listed.

 

3.1.7        CUSIP.
Provide a transfer agent and registrar for all Registrable Securities registered pursuant to this Agreement and a CUSIP number for all
such Registrable Securities, in each case not later than the effective date of such registration.

 

3.2           Holder
Information. Notwithstanding anything in this Agreement to the contrary, if any Holder does not provide the Company with its requested
Holder Information, the Company may exclude such Holder’s Registrable Securities from the applicable Registration if the Company
determines, based on the advice of counsel, that such information is necessary to effect the Registration and such Holder continues thereafter
to withhold such information. The exclusion of a Holder’s Registrable Securities as a result of this Section 3.2 shall
not affect the registration of the other Registrable Securities to be included in such Registration.

 

    10

     

    

 

4.             INDEMNIFICATION
AND CONTRIBUTION.

 

4.1           Indemnification
by the Company. To the extent permitted by law, the Company shall indemnify and hold harmless each Holder, the partners, members,
officers, directors and stockholders of each Holder, legal counsel and accountants for each Holder, any underwriter (as defined in the
Securities Act) for such Holder and each Person, if any, who controls such Holder or underwriter within the meaning of the Securities
Act or the Exchange Act, against any losses, claims, damages or liabilities (joint or several) to which they may become subject under
the Securities Act, the Exchange Act, any state securities laws or any rule or regulation promulgated under the Securities Act,
insofar as such losses, claims, damages, or liabilities (or actions in respect thereof) arise out of or are based upon any of the following
statements, omissions or violations (collectively a “Violation”): (i) any untrue statement or alleged
untrue statement of a material fact contained in such registration statement, including any preliminary prospectus, final prospectus,
or free writing prospectus contained therein or any amendments or supplements thereto, any issuer information (as defined in Rule 433
of the Securities Act) filed or required to be filed pursuant to Rule 433(d) under the Securities Act or any other document
incident to such registration prepared by or on behalf of the Company or used or referred to by the Company, (ii) the omission or
alleged omission to state in such registration statement a material fact required to be stated therein, or necessary to make the statements
therein not misleading or (iii) any violation or alleged violation by the Company of the Securities Act, the Exchange Act, any state
securities laws or any rule or regulation promulgated under the Securities Act, the Exchange Act or any state securities laws, and
the Company shall reimburse each such Holder, underwriter, controlling Person or other aforementioned Person for any legal or other expenses
reasonably incurred by them in connection with investigating or defending any such loss, claim, damage, liability or action as such expenses
are incurred; except that the indemnity agreement contained in this Section 4 will not apply to amounts paid in settlement of any
such loss, claim, damage, liability or action if such settlement is effected without the consent of the Company (which consent cannot
be unreasonably withheld), nor shall the Company be liable in any such case for any such loss, claim, damage, liability or action to
the extent that it arises out of or is based upon a Violation that occurs in reliance upon and in conformity with written information
furnished expressly for use in connection with such registration by any such Holder, underwriter, controlling Person or other aforementioned
Person.

 

4.2           Indemnification
by Investors Holding Registrable Securities. To the extent permitted by law, each selling Holder, severally and not jointly, will
indemnify and hold harmless the Company, each of the Holder’s directors, each of its officers who has signed the registration statement,
each Person, if any, who controls the Company within the meaning of the Securities Act, legal counsel and accountants for the Company,
any underwriter, any other Holder selling securities in such registration statement and any controlling Person of any such underwriter
or other Holder, against any losses, claims, damages or liabilities (joint or several) to which any of the foregoing Persons may become
subject, under the Securities Act, the Exchange Act, any state securities laws or any rule or regulation promulgated under the Securities
Act, the Exchange Act or any state securities laws, insofar as such losses, claims, damages or liabilities (or actions in respect thereto)
arise out of or are based upon any Violation, in each case to the extent (and only to the extent) that such Violation occurs in reliance
upon and in conformity with written information furnished by such Holder expressly for use in connection with such registration; and
each such Holder will reimburse any Person intended to be indemnified pursuant to this Section 4.2 for any legal or other expenses
reasonably incurred by such Person in connection with investigating or defending any such loss, claim, damage, liability or action as
such expenses are incurred; provided, however, that the indemnity agreement contained in this Section 4.2 shall not apply to amounts
paid in settlement of any such loss, claim, damage, liability or action if such settlement is effected without the consent of the Holder
(which consent shall not be unreasonably withheld), and provided that in no event shall a Holder’s liability pursuant to this Section 4.2,
when combined with the amounts paid or payable by such Holder pursuant to Section 4.4 below, exceed the proceeds from the offering
received by such Holder (net of underwriter discounts and commissions and any expenses paid by such Holder).

 

4.3           Conduct
of Indemnification Proceedings. Promptly after receipt by an indemnified party under this Section 4 of notice of the commencement
of any action (including any governmental action) for which a party may be entitled to indemnification, such indemnified party will,
if a claim in respect thereof is to be made against any indemnifying party under this Section 4, deliver to the indemnifying party
a written notice of the commencement thereof and the indemnifying party shall have the right to participate in and, to the extent the
indemnifying party so desires, jointly with any other indemnifying party similarly noticed, to assume the defense thereof with counsel
mutually satisfactory to the parties; provided, however, that an indemnified party (together with all other indemnified parties that
may be represented without conflict by one counsel) shall have the right to retain one (1) separate counsel, with the fees and expenses
to be paid by the indemnifying party, if representation of such indemnified party by the counsel retained by the indemnifying party would
be inappropriate due to actual or potential differing interests between such indemnified party and any other party represented by such
counsel in such proceeding. The failure to deliver written notice to the indemnifying party within a reasonable time of the commencement
of any such action, if prejudicial to its ability to defend such action, shall relieve such indemnifying party of liability to the indemnified
party under this Section 4 to the extent of such prejudice, but the omission to so deliver written notice to the indemnifying party
will not relieve it of any liability that it may have to any indemnified party otherwise than under this Section 4.

 

    11

     

    

 

4.4           Contribution.
If the indemnification provided for in this Section 4 is held by a court of competent jurisdiction to be unavailable to an indemnified
party with respect to any loss, liability, claim, damage or expense referred to herein, then the indemnifying party, in lieu of indemnifying
such indemnified party hereunder, shall contribute to the amount paid or payable by such indemnified party as a result of such loss,
liability, claim, damage or expense in such proportion as is appropriate to reflect the relative fault of the indemnifying party on the
one hand and the indemnified party on the other hand in connection with the statements or omissions that resulted in such loss, liability,
claim, damage or expense, as well as any other relevant equitable considerations; provided, however, that (i) no contribution by
any Holder, when combined with any amounts paid by such Holder pursuant to Section 4.2, shall exceed the net proceeds from the offering
received by such Holder and (ii) no Person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of
the Securities Act) will be entitled to contribution from any Person who was not guilty of such fraudulent misrepresentation; and provided
further that in no event shall a Holder’s liability pursuant to this Section 4.4, when combined with the amounts paid or payable
by such Holder pursuant to Section 4.2, exceed the proceeds from the offering received by such Holder (net of underwriter discounts
and commissions and any expenses paid by such Holder). The relative fault of the indemnifying party and the indemnified party shall be
determined by reference to, among other things, whether the untrue or alleged untrue statement of a material fact or the omission or
alleged omission to state a material fact relates to information supplied by the indemnifying party or by the indemnified party and the
parties’ relative intent, knowledge, access to information and opportunity to correct or prevent such statement or omission.

 

4.5           Survival.
The obligations of the Company and Holders under this Section 4 will survive the completion of any offering of Registrable Securities
in a registration statement under this Section 4 and otherwise.

 

4.6           The
obligations of the parties under this Section 4 shall be in addition to any liability which any party may otherwise have to any
other party.

 

5.             MISCELLANEOUS

 

5.1           No
Registration Rights to Third Parties. Without the prior consent of the Holders of a majority of the Registrable Securities Then Outstanding,
the Company shall not grant, and shall not cause or permit to be created, for the benefit of any Person any registration rights of any
kind (whether similar to the demand, “piggyback” or Form S-3 or Form F-3 registration rights described in this
Agreement, or otherwise) relating to any Securities of the Company, other than rights that are subordinate in right to each Investor.

 

5.2           Third-Party
Beneficiaries; Joinder. Each Beneficial Owner shall be a third-party beneficiary of this Agreement. If any Beneficial Owner
becomes a direct shareholder of the Company, such Beneficial Owners shall become a party to this Agreement and be entitled to and be
bound by all the rights and obligations as a Holder by executing a joinder to this Agreement in the form of Exhibit A attached hereto
(each, a “Joinder”). Upon the execution and delivery of a Joinder by such Beneficial Owner, such Beneficial
Owner shall be deemed as a Holder.

 

    12

     

    

 

5.3           Assignment.
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, unless the Company first provides Investors holding Registrable Securities at least ten (10) Business Days prior written
notice; provided that no assignment or delegation by the Company will relieve the Company of its obligations under this Agreement unless
the Investors holding a majority-in-interest of the Registrable Securities provide their prior written consent, which consent must not
be unreasonably withheld, delayed or conditioned. This Agreement and the rights, duties and obligations of an Investor holding Registrable
Securities hereunder may be freely assigned or delegated by such Investor in conjunction with and to the extent of any transfer of Registrable
Securities by such Investor which is not prohibited by such Investor’s Lock-Up Agreement; provided that no assignment by any Investor
of its rights, duties and obligations hereunder shall be binding upon or obligate the Company unless and until the Company shall have
received (i) written notice of such assignment and (ii) the written agreement of the assignee, in a form reasonably satisfactory
to the Company, to be bound by the terms and provisions of this Agreement (which may be accomplished by an addendum or certificate of
joinder to this Agreement). This Agreement and the provisions hereof shall be binding upon and shall inure to the benefit of each of
the parties, to the permitted assigns of the Investors or of any assignee of the Investors. 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 Section 4 and this Section 5.3.

 

5.4           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 or violated. Accordingly,
to the fullest extent permitted by law, each of the parties agrees that, without posting bond or other undertaking, the other parties
will be entitled to an injunction or injunctions to prevent breaches or violations of the provisions of this Agreement and to enforce
specifically this Agreement and the terms and provisions hereof in any action, claim or suit in addition to any other remedy to which
it may be entitled, at law or in equity. Each party further agrees that, in the event of any action for specific performance in respect
of such breach or violation, it will not assert that the defense that a remedy at law would be adequate.

 

5.5           Reports
under the Exchange Act. the Company covenants that it shall file any reports required to be filed by it under the Securities Act
and the Exchange Act and shall take such further action as Investors holding Registrable Securities may reasonably request, all to the
extent required from time to time to enable such Investors 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 Rule 144 may be amended from
time to time, or any similar rule or regulation hereafter adopted by the SEC.

 

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

 

5.7           Entire
Agreement. This Agreement (together with the Merger Agreement and the Lock-Up Agreements to the extent incorporated herein, and including
all agreements entered into pursuant hereto or thereto or referenced herein or therein and all certificates and instruments delivered
pursuant hereto and thereto) constitutes the entire agreement of the parties with respect to the subject matter hereof and supersedes
all prior and contemporaneous agreements, representations, understandings, negotiations and discussions between the parties, whether
oral or written, relating to the subject matter hereof; provided, that, for the avoidance of doubt, the foregoing shall not affect the
rights and obligations of the parties under the Merger Agreement or any other ancillary document.

 

    13

     

    

 

5.8           Interpretation.
Titles and headings of sections of this Agreement are for convenience only and shall not affect the construction of any provision of
this Agreement. In this Agreement, unless the context otherwise requires: (i) any pronoun used in this Agreement shall include the
corresponding masculine, feminine or neuter forms, and the singular form of nouns, pronouns and verbs shall include the plural and vice
versa; (ii) “including” (and with correlative meaning “include”) means including without limiting the generality
of any description preceding or succeeding such term and shall be deemed in each case to be followed by the words “without limitation”;
(iii) the words “herein,” “hereto,” and “hereby” and other words of similar import in this Agreement
shall be deemed in each case to refer to this Agreement as a whole and not to any particular section or other subdivision of this Agreement;
and (iv) the term “or” means “and/or”. The parties have participated jointly in the negotiation and drafting
of this Agreement. Consequently, in the event an ambiguity or question of intent or interpretation arises, this Agreement shall be construed
as if drafted jointly by the parties hereto, and no presumption or burden of proof shall arise favoring or disfavoring any party by virtue
of the authorship of any provision of this Agreement.

 

5.9           Amendments;
Waivers. Any term of this Agreement may be amended and the observance of any term of this Agreement may be waived (either generally
or in a particular instance, and either retroactively or prospectively) only with the written agreement or consent of the Company (after
the Closing by a majority of the Disinterested Independent Directors) and Investors holding a majority-in-interest of the Registrable
Securities; provided, that any amendment or waiver of this Agreement which affects an Investor in a manner materially and adversely disproportionate
to other Investors will also require the consent of such Investor. No failure or delay by a party in exercising any right hereunder shall
operate as a waiver thereof. No waivers of or exceptions to any term, condition, or provision of this Agreement, in any one or more instances,
shall be deemed to be or construed as a further or continuing waiver of any such term, condition, or provision.

 

5.10         Remedies
Cumulative. In the event a party fails to observe or perform any covenant or agreement to be observed or performed under this Agreement,
the other parties 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.

 

5.11         Governing
Law; Jurisdiction. This Agreement shall be governed by, construed and enforced in accordance with the Laws of the State of New York
without regard to the conflict of laws principles thereof. THE PARTIES HERETO IRREVOCABLY SUBMIT TO THE EXCLUSIVE JURISDICTION OF THE
UNITED STATES DISTRICT COURT FOR THE SOUTHERN DISTRICT OF NEW YORK, THE SUPREME COURT OF THE STATE OF NEW YORK AND THE FEDERAL COURTS
OF THE UNITED STATES OF AMERICA LOCATED IN THE STATE OF NEW YORK IN NEW YORK COUNTY SOLELY IN RESPECT OF THE INTERPRETATION AND ENFORCEMENT
OF THE PROVISIONS OF THIS AGREEMENT AND THE DOCUMENTS REFERRED TO IN THIS AGREEMENT AND IN RESPECT OF THE TRANSACTIONS CONTEMPLATED HEREBY,
AND HEREBY WAIVE, AND AGREE NOT TO ASSERT, AS A DEFENSE IN ANY ACTION, SUIT OR PROCEEDING FOR INTERPRETATION OR ENFORCEMENT HEREOF OR
SUCH DOCUMENTS THAT SUCH ACTION, SUIT OR PROCEEDING MAY NOT BE BROUGHT OR IS NOT MAINTAINABLE IN SAID COURTS OR THAT VENUE THEREOF
MAY NOT BE APPROPRIATE OR THAT THIS AGREEMENT OR ANY SUCH DOCUMENT MAY NOT BE ENFORCED IN OR BY SUCH COURTS, AND THE PARTIES
HERETO IRREVOCABLY AGREE THAT ALL CLAIMS WITH RESPECT TO SUCH ACTION, SUIT OR PROCEEDING SHALL BE HEARD AND DETERMINED BY SUCH A NEW
YORK STATE OR FEDERAL COURT. THE PARTIES HEREBY CONSENT TO AND GRANT ANY SUCH COURT JURISDICTION OVER THE PERSON OF SUCH PARTIES AND
OVER THE SUBJECT MATTER OF SUCH DISPUTE AND AGREE THAT MAILING OF PROCESS OR OTHER PAPERS IN CONNECTION WITH SUCH ACTION, SUIT OR PROCEEDING
IN THE MANNER PROVIDED IN SECTION 5.15 OR IN SUCH OTHER MANNER AS MAY BE PERMITTED BY LAW SHALL BE VALID AND SUFFICIENT SERVICE
THEREOF.

 

    14

     

    

 

5.12         WAIVER
OF TRIAL BY JURY. EACH PARTY ACKNOWLEDGES AND AGREES THAT ANY CONTROVERSY WHICH MAY ARISE UNDER THIS AGREEMENT OR THE TRANSACTIONS
CONTEMPLATED HEREBY IS LIKELY TO INVOLVE COMPLICATED AND DIFFICULT ISSUES, AND THEREFORE EACH SUCH PARTY HEREBY IRREVOCABLY AND UNCONDITIONALLY
WAIVES ANY RIGHT SUCH PARTY MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING
TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED BY THIS AGREEMENT. EACH PARTY CERTIFIES AND ACKNOWLEDGES THAT (I) NO REPRESENTATIVE,
AGENT OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION,
SEEK TO ENFORCE THE FOREGOING WAIVER; (II) SUCH PARTY UNDERSTANDS AND HAS CONSIDERED THE IMPLICATIONS OF THE FOREGOING WAIVER; (III) SUCH
PARTY MAKES THE FOREGOING WAIVER VOLUNTARILY AND (IV) SUCH PARTY HAS BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS,
THE MUTUAL WAIVER AND CERTIFICATIONS IN THIS SECTION 5.12.

 

5.13         Authorization
to Act on Behalf of the Company. The parties acknowledge and agree that from and after the Closing, the Disinterested Independent
Directors, by vote, consent, approval or determination of a majority of the Disinterested Independent Directors, is authorized and shall
have the sole right to act on behalf of the Company under this Agreement, including the right to enforce the Company’s rights and
remedies under this Agreement. Without limiting the foregoing, in the event that an Investor serves as a director, officer, employee
or other authorized agent of the Company, such Investor shall have no authority, express or implied, to act or make any determination
on behalf of the Company in connection with this Agreement or any dispute or Action with respect hereto.

 

5.14         Termination
of Merger Agreement. This Agreement shall be binding upon each party upon such party’s execution and delivery of this Agreement,
but this Agreement shall only become effective upon the Closing. In the event that the Merger Agreement is validly terminated in accordance
with its terms prior to the Closing, this Agreement shall automatically terminate and become null and void and be of no further force
or effect, and the parties shall have no obligations hereunder.

 

5.15         Notices.
All notices, consents, waivers and other communications hereunder shall be in writing and shall be deemed to have been duly given when
delivered (i) in person, (ii) by facsimile or other electronic means, with affirmative confirmation of receipt, (iii) one
Business Day after being sent, if sent by reputable, nationally recognized overnight courier service or (iv) three (3) Business
Days after being mailed, if sent by registered or certified mail, pre-paid and return receipt requested, in each case to the applicable
party at the addresses provided under such party’s signature page hereto (or at such other address for such party as shall
be specified by like notice).

 

    15

     

    

 

5.16         Counterparts.
This Agreement may be executed in multiple counterparts (including by facsimile or pdf or other electronic document transmission), each
of which shall be deemed an original, and all of which taken together shall constitute one and the same instrument.

 

{REMAINDER OF PAGE INTENTIONALLY LEFT BLANK;
SIGNATURE PAGES FOLLOW}

 

    16

     

    

 

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

 

	 	Company:
	 	 
	 	TH INTERNATIONAL LIMITED
	 	 
	 	By:
	 	Name:
	 	Title:
	 	 
	 	Address for Notice:
	 	 
	 	Address:
	 	 
	 	Facsimile No.:
	 	Telephone No.:
	 	Email:

 

     

     

    

 

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

 

	 	Investor:
	 	 
	 	[INVESTOR]
	 	 
	 	By:	                 
	 		Name:
	 		Title:
	 	                           
	 	Address
    for Notice:
	 	 
	 	Address:
	 	 
	 	Facsimile
    No.:
	 	Telephone
    No.:
	 	Email:

 

{Exhibit A to Registration Rights Agreement}

 

     

     

    

 

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

 

	 	Investor:
	 	 
	 	[INVESTOR]
	 	 
	 	By:	                 
	 		Name:
	 		Title:
	 	                           
	 	Address
    for Notice:
	 	 
	 	Address:
	 	 
	 	Facsimile
    No.:
	 	Telephone
    No.:
	 	Email:

 

{Signature Page to Registration Rights
Agreement}

 

     

     

    

 

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

 

	 	Investor:
	 	 
	 	[INVESTOR]
	 	 
	 	By:	                 
	 		Name:
	 		Title:
	 	                           
	 	Address
    for Notice:
	 	 
	 	Address:
	 	 
	 	Facsimile
    No.:
	 	Telephone
    No.:
	 	Email:

 

{Signature Page to Registration Rights Agreement}

 

     

     

    

 

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

 

	 	Investor:
	 	 
	 	[INVESTOR]
	 	 
	 	By:	                 
	 		Name:
	 		Title:
	 	                           
	 	Address
    for Notice:
	 	 
	 	Address:
	 	 
	 	Facsimile
    No.:
	 	Telephone
    No.:
	 	Email:

 

{Signature Page to Registration Rights
Agreement}

 

     

     

    

 

EXHIBIT A

 

The
undersigned is executing and delivering this Joinder pursuant to the Registration Rights Agreement dated as of _____, 2021 (as amended,
modified and waived from time to time, the “Registration Agreement”) by and among TH International Limited,
a Cayman Islands exempted company (including any successor entity thereto, the “Company”), and the other parties
named as parties therein (including pursuant to other Joinders). Capitalized terms used herein shall have the meaning set forth in the
Registration Agreement.

 

By executing and delivering this Joinder to the Company, the undersigned
hereby agrees to become a party to, to be bound by, and to comply with the provisions of, the Registration Agreement as a Holder in the
same manner as if the undersigned were an original signatory to the Registration Agreement, and the undersigned will be deemed for all
purposes to be a Holder and the undersigned’s ________ Ordinary Shares of the Company will be deemed for all purposes to be Registrable
Securities under the Registration Agreement.

 

Accordingly, the undersigned has executed and delivered this Joinder
as of the ____ day of _____, 20__.

 

 

	 	 
	 	Signature
	 	 
	 	By: 
	 	Name:
	 	Title:

 

Agreed and Accepted as of

 

______, 20___:

 

TH INTERNATIONAL LIMITED

 

By:     

Name:

Title:

 

{Exhibit A to Registration Rights Agreement}Exhibit 10.1

INVESTMENT MANAGEMENT TRUST AGREEMENT

 

This
Investment Management Trust Agreement (this “Agreement”) is made effective as of January 13, 2021
by and between Silver Crest Acquisition Corporation, a Cayman Islands exempted company (the “Company”), and
Continental Stock Transfer & Trust Company, a New York limited purpose trust company (the “Trustee”).

 

WHEREAS,
the Company’s registration statement on Form S-1, File No. 333-251655 (the “Registration Statement”)
and prospectus (the “Prospectus”) for the initial public offering of the Company’s units (the “Units”),
each of which consists of one of the Company’s Class A ordinary shares, par value $0.0001 per share (the “Ordinary
Shares”), and one-half of one redeemable warrant, each whole warrant entitling the holder thereof to purchase one Ordinary
Share (such initial public offering hereinafter referred to as the “Offering”), has been declared effective
as of the date hereof by the U.S. Securities and Exchange Commission; and

 

WHEREAS,
the Company has entered into an Underwriting Agreement (the “Underwriting Agreement”) with UBS Securities
LLC, as underwriter (the “Underwriter”) named therein; and

 

WHEREAS,
as described in the Prospectus, $300,000,000 of the gross proceeds of the Offering and sale of the Private Placement Warrants (as defined
in the Underwriting Agreement) (or $345,000,000 if the Underwriter’s option to purchase additional units is exercised in full) will
be delivered to the Trustee to be deposited and held in a segregated trust account located at all times in the United States (the “Trust
Account”) for the benefit of the Company and the holders of the Ordinary Shares included in the Units issued in the Offering
as hereinafter provided (the amount to be delivered to the Trustee (and any interest subsequently earned thereon) is referred to herein
as the “Property,” the shareholders for whose benefit the Trustee shall hold the Property will be referred to
as the “Public Shareholders,” and the Public Shareholders and the Company will be referred to together as the
 “Beneficiaries”); and

 

WHEREAS,
pursuant to the Underwriting Agreement, a portion of the Property equal to $10,500,000, or $12,075,000 if the Underwriter’s option
to purchase additional units is exercised in full, is attributable to deferred underwriting discounts and commissions that will be payable
by the Company to the Underwriter upon the consummation of the Business Combination (as defined below) (the “Deferred
Discount”); and

 

WHEREAS, the Company and the Trustee desire to
enter into this Agreement to set forth the terms and conditions pursuant to which the Trustee shall hold the Property.

 

NOW THEREFORE, IT IS AGREED:

 

1.                Agreements
and Covenants of Trustee. The Trustee hereby agrees and covenants to:

 

(a)          Hold
the Property in trust for the Beneficiaries in accordance with the terms of this Agreement in the Trust Account established by the Trustee
in the United States at J.P. Morgan Chase Bank, N.A. (or at another U.S. chartered commercial bank with consolidated assets of $100 billion
or more) in the United States, maintained by the Trustee and at a brokerage institution selected by the Trustee that is reasonably satisfactory
to the Company;

 

     

     

    

 

(b)          Manage,
supervise and administer the Trust Account subject to the terms and conditions set forth herein;

 

(c)          In
a timely manner, upon the written instruction of the Company, invest and reinvest the Property in United States government securities
within the meaning of Section 2(a)(16) of the Investment Company Act of 1940, as amended, having a maturity of 185 days or less,
or in money market funds meeting the conditions of paragraphs (d)(1), (d)(2), (d)(3) and (d)(4) of Rule 2a-7 promulgated
under the Investment Company Act of 1940, as amended (or any successor rule), which invest only in direct U.S. government treasury obligations,
as determined by the Company; the Trustee may not invest in any other securities or assets, it being understood that the Trust Account
will earn no interest while account funds are uninvested awaiting the Company’s instructions hereunder and the Trustee may earn
bank credits or other consideration;

 

(d)          Collect
and receive, when due, all principal, interest or other income arising from the Property, which shall become part of the “Property,”
as such term is used herein;

 

(e)          Promptly
notify the Company and the Underwriter of all communications received by the Trustee with respect to any Property requiring action by
the Company;

 

(f)          Supply
any necessary information or documents as may be requested by the Company (or its authorized agents) in connection with the Company’s
preparation of the tax returns relating to assets held in the Trust Account;

 

(g)          Participate
in any plan or proceeding for protecting or enforcing any right or interest arising from the Property if, as and when instructed by the
Company to do so;

 

(h)          Render
to the Company monthly written statements of the activities of, and amounts in, the Trust Account reflecting all receipts and disbursements
of the Trust Account;

 

(i)          Commence
liquidation of the Trust Account only after and promptly after (x) receipt of, and only in accordance with, the terms of a letter
from the Company (“Termination Letter”) in a form substantially similar to that attached hereto as either Exhibit A
or Exhibit B, as applicable, signed on behalf of the Company by its Chief Executive Officer or other authorized officer of
the Company, and complete the liquidation of the Trust Account and distribute the Property in the Trust Account, including interest earned
on the funds held in the Trust Account and not previously released to the Company to pay its income taxes (less up to $100,000 of interest
to pay dissolution expenses), only as directed in the Termination Letter and the other documents referred to therein, or (y) upon
the date which is the later of (1) 24 months after the closing of the Offering and (2) such later date as may be approved by
the Company’s shareholders in accordance with the Company’s amended and restated memorandum and articles of association, if
a Termination Letter has not been received by the Trustee prior to such date, in which case the Trust Account shall be liquidated in accordance
with the procedures set forth in the Termination Letter attached as Exhibit B and the Property in the Trust Account, including
interest earned on the funds held in the Trust Account and not previously released to the Company to pay its income taxes (less up to
$100,000 of interest to pay dissolution expenses), shall be distributed to the Public Shareholders of record as of such date. It is acknowledged
and agreed that there should be no reduction in the principal amount per share initially deposited in the Trust Account;

 

    2 

     

    

 

(j)          Upon
written request from the Company, which may be given from time to time in a form substantially similar to that attached hereto as Exhibit C
(a “Tax Payment Withdrawal Instruction”), withdraw from the Trust Account and distribute to the Company the
amount of interest earned on the Property requested by the Company to cover any tax obligation owed by the Company as a result of assets
of the Company or interest or other income earned on the Property, which amount shall be delivered directly to the Company by electronic
funds transfer or other method of prompt payment, and the Company shall forward such payment to the relevant taxing authority, so long
as there is no reduction in the principal amount per share initially deposited in the Trust Account; provided, however,
that to the extent there is not sufficient cash in the Trust Account to pay such tax obligation, the Trustee shall liquidate such assets
held in the Trust Account as shall be designated by the Company in writing to make such distribution (it being acknowledged and agreed
that any such amount in excess of interest income earned on the Property shall not be payable from the Trust Account). The written request
of the Company referenced above shall constitute presumptive evidence that the Company is entitled to said funds, and the Trustee shall
have no responsibility to look beyond said request;

 

(k)         Upon
written request from the Company, which may be given from time to time in a form substantially similar to that attached hereto as Exhibit D,
the Trustee shall distribute to the remitting brokers on behalf of Public Shareholders redeeming Ordinary Shares the amount required to
pay redeemed Ordinary Shares from Public Shareholders pursuant to the Company’s amended and restated memorandum and articles of
association; and

 

(l)          Not
make any withdrawals or distributions from the Trust Account other than pursuant to Section 1(i), (j) or (k) above.

 

2.             Agreements
and Covenants of the Company. The Company hereby agrees and covenants to:

 

(a)          Give
all instructions to the Trustee hereunder in writing, signed by the Company’s Chief Executive Officer or other authorized officer
of the Company. In addition, except with respect to its duties under Sections 1(i), (j) or (k) hereof,
the Trustee shall be entitled to rely on, and shall be protected in relying on, any verbal or telephonic advice or instruction which it,
in good faith and with reasonable care, believes to be given by any one of the persons authorized above to give written instructions,
provided that the Company shall promptly confirm such instructions in writing;

 

(b)          Subject
to Section 4 hereof, hold the Trustee harmless and indemnify the Trustee from and against any and all expenses, including
reasonable counsel fees and disbursements, or losses suffered by the Trustee in connection with any action taken by it hereunder and in
connection with any action, suit or other proceeding brought against the Trustee involving any claim, or in connection with any claim
or demand, which in any way arises out of or relates to this Agreement, the services of the Trustee hereunder, or the Property or any
interest earned on the Property, except for expenses and losses resulting from the Trustee’s gross negligence, fraud or willful
misconduct. Promptly after the receipt by the Trustee of notice of demand or claim or the commencement of any action, suit or proceeding,
pursuant to which the Trustee intends to seek indemnification under this Section 2(b), it shall notify the Company in writing
of such claim (hereinafter referred to as the “Indemnified Claim”). The Trustee shall have the right to conduct
and manage the defense against such Indemnified Claim; provided that the Trustee shall obtain the consent of the Company with respect
to the selection of counsel, which consent shall not be unreasonably withheld. The Trustee may not agree to settle any Indemnified Claim
without the prior written consent of the Company, which such consent shall not be unreasonably withheld. The Company may participate in
such action with its own counsel;

 

    3 

     

    

 

(c)          Pay
the Trustee the fees set forth on Schedule A hereto, including an initial acceptance fee, annual administration fee and transaction
processing fee, which shall be subject to modification by the parties from time to time. It is expressly understood that the Property
shall not be used to pay such fees unless and until it is distributed to the Company pursuant to Sections 1(i) through
1(k) hereof. The Company shall pay the Trustee the initial acceptance fee and the first annual administration fee at the consummation
of the Offering. The Company shall not be responsible for any other fees or charges of the Trustee except as set forth in this Section 2(c) and
as may be provided in Section 2(b) hereof;

 

(d)          In
connection with any vote of the Company’s shareholders regarding a merger, share exchange, asset acquisition, share purchase, reorganization
or similar business combination involving the Company and one or more businesses (the “Business Combination”),
provide to the Trustee an affidavit or certificate of the inspector of elections for the shareholder meeting verifying the vote of such
shareholders regarding such Business Combination;

 

(e)          Provide
the Underwriter with a copy of any Termination Letter(s) and/or any other correspondence that is sent to the Trustee with respect
to any proposed withdrawal from the Trust Account promptly after it issues the same;

 

(f)          Unless
otherwise agreed between the Company and the Underwriter, ensure that any Instruction Letter (as defined in Exhibit A) delivered
in connection with a Termination Letter in the form of Exhibit A expressly provides that the Deferred Discount is paid directly
to the account or accounts directed by the Underwriter prior to any transfer of the funds held in the Trust Account to the Company or
any other person;

 

(g)          Instruct
the Trustee to make only those distributions that are permitted under this Agreement, and refrain from instructing the Trustee to make
any distributions that are not permitted under this Agreement;

 

(h)          If
the Company seeks to amend any provisions of its amended and restated memorandum and articles of association (A) to modify the substance
or timing of the Company’s obligation to provide holders of the Ordinary Shares the right to have their shares redeemed in connection
with the Company’s initial Business Combination or to redeem 100% of the Ordinary Shares if the Company does not complete its initial
Business Combination within the time period set forth therein or (B) with respect to any other provision relating to the rights of
holders of the Ordinary Shares (in each case, an “Amendment”), the Company will provide the Trustee with a letter
(an “Amendment Notification Letter”) in the form of Exhibit D providing instructions for
the distribution of funds to Public Shareholders who exercise their redemption option in connection with such Amendment; and

 

    4 

     

    

 

(i)          Within
five (5) business days after the Underwriter exercises its option to purchase additional units (or any unexercised portion thereof)
or such option to purchase additional units expires, provide the Trustee with a notice in writing of the total amount of the Deferred
Discount.

 

3.            Limitations
of Liability. The Trustee shall have no responsibility or liability to:

 

(a)          Imply
obligations, perform duties, inquire or otherwise be subject to the provisions of any agreement or document other than this Agreement
and that which is expressly set forth herein;

 

(b)          Take
any action with respect to the Property, other than as directed in Section 1 hereof, and the Trustee shall have no liability
to any third party except for liability arising out of the Trustee’s gross negligence, fraud or willful misconduct;

 

(c)          Institute
any proceeding for the collection of any principal and income arising from, or institute, appear in or defend any proceeding of any kind
with respect to, any of the Property unless and until it shall have received written instructions from the Company given as provided herein
to do so and the Company shall have advanced or guaranteed to it funds sufficient to pay any expenses incident thereto;

 

(d)          Change
the investment of any Property, other than in compliance with Section 1 hereof;

 

(e)          Refund
any depreciation in principal of any Property;

 

(f)          Assume
that the authority of any person designated by the Company to give instructions hereunder shall not be continuing unless provided otherwise
in such designation, or unless the Company shall have delivered a written revocation of such authority to the Trustee;

 

(g)          The
other parties hereto or to anyone else for any action taken or omitted by it, or any action suffered by it to be taken or omitted, in
good faith and in the Trustee’s best judgment, except for the Trustee’s gross negligence, fraud or willful misconduct. The
Trustee 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 Trustee, which counsel may be the Company’s counsel), 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 the Trustee believes, in good faith and with reasonable care, to be genuine and to be signed
or presented by the proper person or persons. The Trustee shall not be bound by any notice or demand, or any waiver, modification, termination
or rescission of this Agreement or any of the terms hereof, unless evidenced by a written instrument delivered to the Trustee, signed
by the proper party or parties and, if the duties or rights of the Trustee are affected, unless it shall give its prior written consent
thereto;

 

    5 

     

    

 

(h)          Verify
the accuracy of the information contained in the Registration Statement;

 

(i)          Provide
any assurance that any Business Combination entered into by the Company or any other action taken by the Company is as contemplated by
the Registration Statement;

 

(j)          File
information returns with respect to the Trust Account with any local, state or federal taxing authority or provide periodic written statements
to the Company documenting the taxes payable by the Company, if any, relating to any interest income earned on the Property;

 

(k)          Prepare,
execute and file tax reports, income or other tax returns and pay any taxes with respect to any income generated by, and activities relating
to, the Trust Account, regardless of whether such tax is payable by the Trust Account or the Company, including, but not limited to, income
tax obligations, except pursuant to Section 1(j) hereof; or

 

(l)          Verify
calculations, qualify or otherwise approve the Company’s written requests for distributions pursuant to Sections 1(i), 1(j) or
1(k) hereof.

 

4.            Trust
Account Waiver. The Trustee has no right of set-off or any right, title, interest or claim of any kind (“Claim”)
to, or to any monies in, the Trust Account, and hereby irrevocably waives any Claim to, or to any monies in, the Trust Account that it
may have now or in the future. In the event the Trustee has any Claim against the Company under this Agreement, including, without limitation,
under Section 2(b) or Section 2(c) hereof, the Trustee shall pursue such Claim solely against the Company
and its assets outside the Trust Account and not against the Property or any monies in the Trust Account.

 

5.            Termination.
This Agreement shall terminate as follows:

 

(a)          If
the Trustee gives written notice to the Company that it desires to resign under this Agreement, the Company shall use its reasonable efforts
to locate a successor trustee, pending which the Trustee shall continue to act in accordance with this Agreement. At such time that the
Company notifies the Trustee that a successor trustee has been appointed by the Company and has agreed to become subject to the terms
of this Agreement, the Trustee shall transfer the management of the Trust Account to the successor trustee, including but not limited
to the transfer of copies of the reports and statements relating to the Trust Account, whereupon this Agreement shall terminate; provided,
however, that in the event that the Company does not locate a successor trustee within ninety (90) days of receipt of the
resignation notice from the Trustee, the Trustee may submit an application to have the Property deposited with any court in the State
of New York or with the United States District Court for the Southern District of New York and upon such deposit, the Trustee shall be
immune from any liability whatsoever; or

 

    6 

     

    

 

(b)          At
such time that the Trustee has completed the liquidation of the Trust Account and its obligations in accordance with the provisions of
Section 1(i) hereof and distributed the Property in accordance with the provisions of the Termination Letter, this Agreement
shall terminate except with respect to Section 2(b).

 

6.            Miscellaneous.

 

(a)          The
Company and the Trustee each acknowledge that the Trustee will follow the security procedures set forth below with respect to funds transferred
from the Trust Account. The Company and the Trustee will each restrict access to confidential information relating to such security procedures
to authorized persons. Each party must notify the other party immediately if it has reason to believe unauthorized persons may have obtained
access to such confidential information, or of any change in its authorized personnel. In executing funds transfers, the Trustee shall
rely upon all information supplied to it by the Company, including account names, account numbers and all other identifying information
relating to a Beneficiary, Beneficiary’s bank or intermediary bank. Except for any liability arising out of the Trustee’s
gross negligence, fraud or willful misconduct, the Trustee shall not be liable for any loss, liability or expense resulting from any error
in the information or transmission of the funds.

 

(b)          This
Agreement shall be governed by and construed and enforced in accordance with the laws of the State of New York, without giving effect
to conflicts of law principles that would result in the application of the substantive laws of another jurisdiction. This Agreement may
be executed in several original or facsimile counterparts, each one of which shall constitute an original, and together shall constitute
but one instrument.

 

(c)          This
Agreement contains the entire agreement and understanding of the parties hereto with respect to the subject matter hereof. Except for
Section 1(i), 1(j) and 1(k) hereof (which sections may not be modified, amended or deleted without
the affirmative vote of sixty-five percent (65%) of the then outstanding Ordinary Shares and Class B ordinary shares, par value $0.0001
per share, of the Company, voting together as a single class; provided that no such amendment will affect any Public Shareholder
who has properly elected to redeem his or her Ordinary Shares in connection with a shareholder vote to amend this Agreement to modify
the substance or timing of the Company’s obligation to provide for the redemption of the Ordinary Shares in connection with an initial
Business Combination or an Amendment or to redeem 100% of its Ordinary Shares if the Company does not complete its initial Business Combination
within the time frame specified in the Company’s amended and restated memorandum and articles of association), this Agreement or
any provision hereof may only be changed, amended or modified (other than to correct a typographical error) by a writing signed by each
of the parties hereto.

 

(d)          The
parties hereto consent to the jurisdiction and venue of any state or federal court located in the City of New York, State of New York,
for purposes of resolving any disputes hereunder. AS TO ANY CLAIM, CROSS-CLAIM OR COUNTERCLAIM IN ANY WAY RELATING TO THIS AGREEMENT,
EACH PARTY WAIVES THE RIGHT TO TRIAL BY JURY.

 

    7 

     

    

 

(e)          Any
notice, consent or request to be given in connection with any of the terms or provisions of this Agreement shall be in writing and shall
be sent by express mail or similar private courier service, by certified mail (return receipt requested), by hand delivery or by electronic
mail:

 

if to the Trustee, to:

 

Continental
Stock Transfer & Trust Company

1 State Street, 30th Floor

New York, New York 10004

		Attn:	Francis Wolf and Celeste Gonzalez

		Email:	fwolf@continentalstock.com

cgonzalez@continentalstock.com

 

if to the Company, to:

 

Silver Crest Acquisition Corporation

Suite 3501, 35/F, Jardine House

1 Connaught Place, Central, Hong Kong

		Attn:	Ho (Derek) Cheung

		Email:	derek@ascendentcp.com

 

in each case, with copies to:

 

Kirkland &
Ellis International LLP

26th Floor, Gloucester Tower, The Landmark

15 Queen’s Road, Central, Hong Kong

		Attn:	Benjamin W. James

		E-mail:	ben.james@kirkland.com

 

and

 

UBS Securities LLC

52/F, IFC 2,

8 Finance Street, Central

Hong Kong

		Attn:	Jonathan So

		Email:	jonathan.so@ubs.com

 

and

 

Ellenoff
Grossman & Schole LLP

1345 Avenue of the Americas

New York, NY 10105

		Attn.:	Richard Baumann

		Email:	rbaumann@esgllp.com

 

    8 

     

    

 

(f)          Each
of the Company and the Trustee hereby represents that it has the full right and power and has been duly authorized to enter into this
Agreement and to perform its respective obligations as contemplated hereunder. The Trustee acknowledges and agrees that it shall not make
any claims or proceed against the Trust Account, including by way of set-off, and shall not be entitled to any funds in the Trust Account
under any circumstance.

 

(g)          This
Agreement is the joint product of the Trustee and the Company and each provision hereof has been subject to the mutual consultation, negotiation
and agreement of such parties and shall not be construed for or against any party hereto.

 

(h)          This
Agreement may be executed in any number of counterparts, each of which shall be deemed to be an original, but all such counterparts shall
together constitute one and the same instrument. Delivery of a signed counterpart of this Agreement by facsimile or electronic transmission
shall constitute valid and sufficient delivery thereof.

 

(i)          Each
of the Company and the Trustee hereby acknowledges and agrees that the Underwriter is a third-party beneficiary of this Agreement.

 

(j)          Except
as specified herein, no party to this Agreement may assign its rights or delegate its obligations hereunder to any other person or entity.

 

[Signature Page Follows]

 

    9 

     

    

 

IN
WITNESS WHEREOF, the parties have duly executed this Investment Management Trust Agreement as of the date first written above.

 

	 	CONTINENTAL STOCK TRANSFER & TRUST COMPANY,
	 	as Trustee
	 	 	 
	 	By:	/s/ Francis Wolf
	 	Name:	Francis Wolf
	 	Title:	Vice President
	 	 
	 	SILVER CREST ACQUISITION CORPORATION
	 	 	 
	 	By:	/s/ Liang (Leon) Meng
	 	Name:	Liang (Leon) Meng
	 	Title:	Chairman

 

[Signature Page to Investment Trust Agreement]

 

     

     

    

 

SCHEDULE A

 

	Fee Item	 	Time and method of payment	 	Amount	 
	Initial acceptance fee	 	Initial closing of IPO by wire transfer	 	$	3,500.00	 
	Annual fee	 	First year, initial closing of IPO by wire transfer; thereafter on the anniversary of the effective date of the IPO by wire transfer or check	 	$	10,000.00	 
	Transaction processing fee for disbursements to Company under Sections 1(i),(j), and (k)	 	Billed by Trustee to Company under Section 1	 	$	 250.00	 
	Paying Agent services as required pursuant to Section 1(i) and 1(k)	 	Billed to Company upon delivery of service pursuant to Section 1(i) and 1(k)	 	Prevailing rates	 

 

     

     

    

 

EXHIBIT A

 

[Letterhead of Company]

 

[Insert date]

 

Continental Stock Transfer & Trust Company

1 State Street, 30th Floor

New York, New York 10004

Attn: Francis Wolf and Celeste Gonzalez

 

		Re:	Trust Account - Termination Letter

 

Dear Mr. Wolf and Ms. Gonzalez:

 

Pursuant
to Section 1(i) of the Investment Management Trust Agreement between Silver Crest Acquisition Corporation (the “Company”)
and Continental Stock Transfer & Trust Company (“Trustee”), dated as of January 13, 2021 (the
 “Trust Agreement”), this is to advise you that the Company has entered into an agreement with                           
(the “Target Business”) to consummate a business combination with Target Business (the “Business
Combination”) on or about [insert date]. The Company shall notify you at least seventy-two (72) hours in advance
of the actual date (or such shorter time period as you may agree) of the consummation of the Business Combination (the “Consummation
Date”). Capitalized terms used but not defined herein shall have the meanings set forth in the Trust Agreement.

 

In accordance with the terms of the Trust Agreement,
we hereby authorize you to commence to liquidate all of the assets of the Trust Account, and to transfer the proceeds into the trust operating
account at J.P. Morgan Chase Bank, N.A. to the effect that, on the Consummation Date, all of the funds held in the Trust Account will
be immediately available for transfer to the account or accounts that the Underwriter (with respect to the Deferred Discount) and the
Company shall direct on the Consummation Date. It is acknowledged and agreed that while the funds are on deposit in said trust operating
account at J.P. Morgan Chase Bank, N.A. awaiting distribution, neither the Company nor the Underwriter will earn any interest or dividends.

 

On
the Consummation Date (i) counsel for the Company shall deliver to you written notification that the Business Combination has been
consummated, or will be consummated substantially concurrently with your transfer of funds to the accounts as directed by the Company
(the “Notification”), and (ii) the Company shall deliver to you (a) a certificate by the Chief
Executive Officer or other authorized officer of the Company, which verifies that the Business Combination has been approved by a vote
of the Company’s shareholders, if a vote is held and (b) joint written instruction signed by the Company and the Underwriter
with respect to the transfer of the funds held in the Trust Account, including payment of the Deferred Discount from the Trust Account
(the “Instruction Letter”). You are hereby directed and authorized to transfer the funds held in the Trust Account
immediately upon your receipt of the Notification and the Instruction Letter, in accordance with the terms of the Instruction Letter.
In the event that certain deposits held in the Trust Account may not be liquidated by the Consummation Date without penalty, you will
notify the Company in writing of the same and the Company shall direct you as to whether such funds should remain in the Trust Account
and be distributed after the Consummation Date to the Company. Upon the distribution of all the funds, net of any payments necessary for
reasonable unreimbursed expenses related to liquidating the Trust Account, your obligations under the Trust Agreement shall be terminated.

 

     

     

    

 

In the event that the Business Combination is not
consummated on the Consummation Date described in the notice thereof and we have not notified you on or before the original Consummation
Date of a new Consummation Date, then upon receipt by the Trustee of written instructions from the Company, the funds held in the Trust
Account shall be reinvested as provided in Section 1(c) of the Trust Agreement on the business day immediately following the
Consummation Date as set forth in such notice as soon thereafter as possible.

 

	 	Very truly yours,
	 	 
	 	Silver Crest Acquisition Corporation
	 	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 

 

		cc:	UBS Securities LLC

 

    13

     

    

 

EXHIBIT B

 

[Letterhead of Company]

 

[Insert date]

 

Continental Stock Transfer & Trust Company

1 State Street, 30th Floor

New York, New York 10004

Attn: Francis Wolf and Celeste Gonzalez

 

		Re:	Trust Account - Termination Letter

 

Dear Mr. Wolf and Ms. Gonzalez:

 

Pursuant
to Section 1(i) of the Investment Management Trust Agreement between Silver Crest Acquisition Corporation (the “Company”)
and Continental Stock Transfer & Trust Company (the “Trustee”), dated as of January 13, 2021 (the
 “Trust Agreement”), this is to advise you that the Company has been unable to effect a business combination
with a Target Business (the “Business Combination”) within the time frame specified in the Company’s Amended
and Restated Memorandum and Articles of Association, as described in the Company’s Prospectus relating to the Offering. Capitalized
terms used but not defined herein shall have the meanings set forth in the Trust Agreement.

 

In accordance with the terms of the Trust Agreement,
we hereby authorize you to liquidate all of the assets in the Trust Account and to transfer the total proceeds into the trust operating
account at J.P. Morgan Chase Bank, N.A. to await distribution to the Public Shareholders. The Company has selected                           
as the effective date for the purpose of determining when the Public Shareholders will be entitled to receive their share of the liquidation
proceeds. It is acknowledged that no interest will be earned by the Company on the liquidation proceeds while on deposit in the trust
operating account. You agree to be the Paying Agent of record and, in your separate capacity as Paying Agent, agree to distribute said
funds directly to the Company’s Public Shareholders in accordance with the terms of the Trust Agreement and the Amended and Restated
Memorandum and Articles of Association of the Company. Upon the distribution of all the funds, net of any payments necessary for reasonable
unreimbursed expenses related to liquidating the Trust Account, your obligations under the Trust Agreement shall be terminated, except
to the extent otherwise provided in Section 1(j) of the Trust Agreement.

 

	 	Very truly yours,
	 	 
	 	Silver Crest Acquisition Corporation
	 	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 

 

		cc:	UBS Securities LLC

 

     

     

    

 

EXHIBIT C

 

[Letterhead of Company]

 

[Insert date]

 

Continental Stock Transfer & Trust Company

1 State Street, 30th Floor

New York, New York 10004

Attn: Francis Wolf and Celeste Gonzalez

 

		Re:	Trust Account - Tax Payment Withdrawal Instruction

 

Dear Mr. Wolf and Ms. Gonzalez:

 

Pursuant
to Section 1(j) of the Investment Management Trust Agreement between Silver Crest Acquisition Corporation (the “Company”)
and Continental Stock Transfer & Trust Company (the “Trustee”), dated as of January 13, 2021 (the
 “Trust Agreement”), the Company hereby requests that you deliver to the Company $                          
of the interest income earned on the Property as of the date hereof. Capitalized terms used but not defined herein shall have the meanings
set forth in the Trust Agreement.

 

The Company needs such funds to pay for the tax
obligations as set forth on the attached tax return or tax statement. In accordance with the terms of the Trust Agreement, you are hereby
directed and authorized to transfer (via wire transfer) such funds promptly upon your receipt of this letter to the Company’s operating
account at:

 

[WIRE INSTRUCTION INFORMATION]

 

	 	Very truly yours,
	 	 
	 	Silver Crest Acquisition Corporation
	 	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 

 

		cc:	UBS Securities LLC

 

     

     

    

 

EXHIBIT D

 

[Letterhead of Company]

 

[Insert date]

 

Continental Stock Transfer & Trust Company

1 State Street, 30th Floor

New York, New York 10004

Attn: Francis Wolf and Celeste Gonzalez

 

		Re:	Trust Account - Shareholder Redemption Withdrawal Instruction

 

Dear Mr. Wolf and Ms. Gonzalez:

 

Pursuant
to Section 1(k) of the Investment Management Trust Agreement between Silver Crest Acquisition Corporation (the “Company”)
and Continental Stock Transfer & Trust Company (the “Trustee”), dated as of January 13, 2021 (the
 “Trust Agreement”), the Company hereby requests that you deliver to the Company’s shareholders $                          
of the principal and interest income earned on the Property as of the date hereof. Capitalized terms used but not defined herein shall
have the meanings set forth in the Trust Agreement.

 

Pursuant
to Section 1(k) of the Trust Agreement, this is to advise you that the Company has sought an Amendment. Accordingly, in accordance
with the terms of the Trust Agreement, we hereby authorize you to liquidate a sufficient portion of the Trust Account and to transfer
$[·] of the proceeds of the Trust Account to the trust operating account at [·]
for distribution to the shareholders that have requested redemption of their shares in connection with such Amendment.

 

	 	Very truly yours,
	 	 
	 	Silver Crest Acquisition Corporation
	 	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 

 

		cc:	UBS Securities LLC

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