Document:

Exhibit 4.3

 

ASSIGNMENT, ASSUMPTION AND AMENDED &
RESTATED

WARRANT AGREEMENT

 

THIS ASSIGNMENT, ASSUMPTION
AND AMENDED & RESTATED WARRANT AGREEMENT (this “Agreement”), dated as of September 28, 2022 (the
 “Effective Date”), is by and among Silver Crest Acquisition Corporation, a Cayman Islands exempted company (“SPAC”),
TH International Limited, a Cayman Islands exempted company (the “Company”), and Continental Stock Transfer &
Trust Company, a New York limited purpose trust company, as warrant agent (in such capacity, the “Warrant Agent”).

 

WHEREAS, SPAC and the
Warrant Agent are parties to that certain Warrant Agreement, dated as of January 13, 2021 (the “Existing Warrant Agreement”);

 

WHEREAS, SPAC issued
(i) 17,250,000 warrants as part of the units offered in its initial public offering (the “Public Warrants”)
and (ii) 8,900,000 warrants to Silver Crest Management LLC, a Cayman Islands limited liability company (the “Sponsor”)
in a concurrent private placement (the “Private Placement Warrants”) pursuant to that certain Private Placement
Warrants Purchase Agreement, dated as of January 13, 2021, in each case, on the terms and conditions set forth in the Existing Warrant
Agreement;

 

WHEREAS, on August 13,
2021, the Company, Miami Swan Ltd, a Cayman Islands exempted company and a direct, wholly-owned subsidiary of the Company (“Merger
Sub”), and SPAC entered into that certain Agreement and Plan of Merger (as may be amended from time to time, the “Merger
Agreement”);

 

WHEREAS, upon the terms
and subject to the conditions of the Merger Agreement, on the Effective Date (i) Merger Sub will merge with and into SPAC (the “First
Merger”), with SPAC continuing as the surviving entity after the First Merger and becoming a direct, wholly-owned subsidiary
of the Company, and (ii) SPAC will merge with and into the Company (the “Second Merger” and, together with
the First Merger, the “Mergers”), with the Company continuing as the surviving entity after the Second Merger;

 

WHEREAS, upon consummation
of the Mergers, as provided in Section 4.5 of the Existing Warrant Agreement, (i) the Public Warrants and Private Placement
Warrants will no longer be exercisable for Class A ordinary shares of SPAC, par value $0.0001 per share (the “SPAC Class A
Shares”), but instead will be exercisable (subject to the terms and conditions of the Existing Warrant Agreement as amended
hereby) for a number of ordinary shares of the Company, par value $0.00000939586994067732 per share (the “Ordinary Shares”),
equal to the number of SPAC Class A Shares for which such warrants were exercisable immediately prior to the Mergers, subject to
adjustment as described herein (such warrants as so adjusted and amended, the “Warrants”) and (ii) the
Public Warrants and the Private Placement Warrants issued by by SPAC shall be assumed by the Company;

 

     

     

    

 

WHEREAS, in connection
with the transactions contemplated by the Merger Agreement, SPAC desires to assign to the Company, and the Company desires to assume,
all of SPAC’s rights, interests and obligations under the Existing Warrant Agreement;

 

WHEREAS, in connection
with the transactions contemplated by the Merger Agreement, the Company has agreed to issue to certain PIPE Investors (as defined in the
Merger Agreement) pursuant to the terms of, and subject to the conditions of, that certain Subscription Agreements, dated March 9,
2022, an aggregate of 1,200,000 Warrants (the “PIPE Private Warrants” and such PIPE Investors, the “Qualified
PIPE Investors”), and, for the purpose of this Agreement, all references to “the Private Placement Warrants”
in this Agreement shall be deemed to include the PIPE Private Warrants;

 

WHEREAS, the consummation
of the transactions contemplated by the Merger Agreement will constitute a Business Combination as defined in the Existing Warrant Agreement;

 

WHEREAS, Section 9.8
of the Existing Warrant Agreement provides that SPAC and the Warrant Agent may amend the Existing Warrant Agreement without the consent
of any Registered Holder for the purpose of (i) curing any ambiguity or correcting any defective provision or mistake contained therein,
including to conform the provisions thereof to the description of the terms of the Warrants and the Existing Warrant Agreement set forth
in the registration statements on Form S-1, File No. 333-251655 and 333-252085, and a prospectus (the “Prospectus”)
filed by SPAC with the Securities and Exchange Commission (the “Commission”), and (ii) adding or changing
any provisions with respect to matters or questions arising under the Existing Warrant Agreement as the parties may deem necessary or
desirable and that the parties deem shall not adversely affect the rights of the Registered Holders thereunder;

 

WHEREAS, the Company
desires the Warrant Agent to act on behalf of the Company, and the Warrant Agent is willing to so act, in connection with the issuance,
registration, transfer, exchange, redemption and exercise of the Warrants; and

 

WHEREAS, the Company
desires to provide for the form and provisions of the Warrants, the terms upon which they shall be issued and exercised, and the respective
rights, limitation of rights, and immunities of the Company, the Warrant Agent and the holders of the Warrants; and

 

WHEREAS, all acts and
things have been done and performed which are necessary to make the Warrants, when executed on behalf of the Company and countersigned
by or on behalf of the Warrant Agent (if a physical certificate is issued), as provided herein, the valid, binding and legal obligations
of the Company, and to authorize the execution and delivery of this Agreement.

 

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NOW, THEREFORE, in
consideration of the mutual agreements herein contained, the receipt and sufficiency of which is hereby acknowledged, and intending to
be legally bound, the parties hereto agree as follows:

 

1.            Assignment
and Assumption; Amendment; Appointment of Warrant Agent.

 

1.1            Assignment
and Assumption. SPAC hereby assigns to the Company all of SPAC’s right, title and interest in and to the Existing Warrant Agreement
and the Warrants (each as amended hereby) as of the Closing (as defined in the Merger Agreement). The Company hereby assumes, and agrees
to pay, perform, satisfy and discharge in full, as the same become due, all of SPAC’s liabilities and obligations under the Existing
Warrant Agreement and the Warrants (each as amended hereby) arising from and after the Closing (as defined in the Merger Agreement).

 

1.2            Amendment.
The Company, SPAC and the Warrant Agent hereby amend and restate the Existing Warrant Agreement and the Public Warrants and Private Placement
Warrants issued thereunder in accordance with Section 9.8 of the Existing Warrant Agreement, in its entirety in the form of this
Agreement as of the Closing (as defined in the Merger Agreement).

 

1.3            Appointment
of Warrant Agent. The Company hereby appoints the Warrant Agent to act as agent for the Company for the Warrants, and the Warrant
Agent hereby accepts such appointment and agrees to perform the same in accordance with the terms and conditions set forth in this Agreement.

 

2.            Warrants.

 

2.1            Form of
Warrant. Each Warrant shall initially be issued in registered form only.

 

2.2            Effect
of Countersignature. If a physical certificate is issued, unless and until countersigned by the Warrant Agent pursuant to this Agreement,
a certificated Warrant shall be invalid and of no effect and may not be exercised by the holder thereof.

 

2.3            Registration.

 

2.3.1            Warrant
Register. The Warrant Agent shall maintain books (the “Warrant Register”), for the registration of original
issuance and the registration of transfer of the Warrants. Upon the initial issuance of the Warrants in book-entry form, the Warrant Agent
shall issue and register the Warrants in the names of the respective holders thereof in such denominations and otherwise in accordance
with instructions delivered to the Warrant Agent by the Company. Ownership of beneficial interests in the Public Warrants shall be shown
on, and the transfer of such ownership shall be effected through, records maintained by institutions that have accounts with The Depository
Trust Company (the “Depositary”) (such institution, with respect to a Warrant in its account, a “Participant”).

 

If the Depositary subsequently
ceases to make its book-entry settlement system available for the Public Warrants, the Company may instruct the Warrant Agent regarding
making other arrangements for book-entry settlement. In the event that the Public Warrants are not eligible for, or it is no longer necessary
to have the Public Warrants available in, book-entry form, the Warrant Agent shall provide written instructions to the Depositary to deliver
to the Warrant Agent for cancellation each book-entry Public Warrant, and the Company shall instruct the Warrant Agent to deliver to the
Depositary definitive certificates in physical form evidencing such Warrants, which shall be in the form annexed hereto as Exhibit A.

 

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Physical certificates, if
issued, shall be signed by, or bear the facsimile signature of, the Chairman, Vice Chairman, Chief Executive Officer or other principal
officer of the Company. In the event the person whose facsimile signature has been placed upon any Warrant shall have ceased to serve
in the capacity in which such person signed the Warrant before such Warrant is issued, it may be issued with the same effect as if he
or she had not ceased to be such at the date of issuance.

 

2.3.2            Registered
Holder. Prior to due presentment for registration of transfer of any Warrant, the Company and the Warrant Agent may deem and treat
the person in whose name such Warrant is registered in the Warrant Register (the “Registered Holder”) as the
absolute owner of such Warrant and of each Warrant represented thereby, for the purpose of any exercise thereof, and for all other purposes,
and neither the Company nor the Warrant Agent shall be affected by any notice to the contrary.

 

2.4            [Reserved.]

 

2.5            Fractional
Warrants. The Company shall not issue fractional Warrants. If a holder of Warrants would be entitled to receive a fractional Warrant,
the Company shall round down to the nearest whole number the number of Warrants to be issued to such holder.

 

2.6            Private
Placement Warrants.

 

2.6.1            The
Private Placement Warrants shall be identical to the Public Warrants, except that so long as they are held by the Sponsor, the Qualified
PIPE Investors or any of their Permitted Transferees (as defined below) the Private Placement Warrants: (i) may be exercised for
cash or on a “cashless basis,” pursuant to subsection 3.3.1(c) hereof, (ii) including the Ordinary Shares
issuable upon exercise of the Private Placement Warrants, may not be transferred, assigned or sold until thirty (30) days after the Effective
Date, (iii) shall not be redeemable by the Company pursuant to Section 6.1 hereof and (iv) shall only be redeemable
by the Company pursuant to Section 6.2 if the Reference Value (as defined below) is less than $18.00 per share (subject to
adjustment in compliance with Section 4 hereof); provided, however, that in the case of (ii), the Private Placement Warrants
and any Ordinary Shares issued upon exercise of the Private Placement Warrants may be transferred by the holders thereof:

 

(a)            to
Sponsor’s or any of the Qualified PIPE Investors’ officers or directors, any affiliates or family members of any of Sponsor’s
or any of the Qualified PIPE Investors’ officers or directors, any members or partners of the Sponsor or any of the Qualified PIPE
Investors or their affiliates, any affiliates of the Sponsor or any of the Qualified PIPE Investors, or any employees of such affiliates;

 

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(b)            in
the case of an individual, by gift to a member of the individual’s immediate family or to a trust, the beneficiary of which is a
member of the individual’s immediate family, an affiliate of such person or to a charitable organization;

 

(c)            in
the case of an individual, by virtue of laws of descent and distribution upon death of the individual;

 

(d)            in
the case of an individual, pursuant to a qualified domestic relations order;

 

(e)            by
private sales or transfers made in connection with any forward purchase agreement or similar arrangement at prices no greater than the
price at which the Private Placement Warrants or Ordinary Shares, as applicable, were originally purchased;

 

(f)            by
virtue of the organizational documents of the Sponsor or any of the Qualified PIPE Investors seeking to make the transfer, upon liquidation
or dissolution of such entity; or

 

(g)            in
the event of the Company’s completion of a liquidation, merger, share exchange or other similar transaction which results in all
of the public shareholders having the right to exchange their Ordinary Shares for cash, securities or other property subsequent to the
Effective Date; provided, however, that, in the case of clauses (a) through (f), these permitted transferees (the “Permitted
Transferees”) must enter into a written agreement with the Company agreeing to be bound by the transfer restrictions in
this Agreement.

 

3.            Terms
and Exercise of Warrants.

 

3.1            Warrant
Price. Each whole Warrant shall entitle the Registered Holder thereof, subject to the provisions of such Warrant and of this Agreement,
to purchase from the Company the number of Ordinary Shares stated therein, at the price of $11.50 per share, subject to the adjustments
provided in Section 4 hereof and in the second to last sentence of this Section 3.1. The term “Warrant
Price” as used in this Agreement shall mean the price per share (including in cash or by payment of Warrants pursuant to
a “cashless exercise,” to the extent permitted hereunder) described in the prior sentence at which Ordinary Shares may be
purchased at the time a Warrant is exercised. The Company in its sole discretion may lower the Warrant Price at any time prior to the
Expiration Date (as defined below) for a period of not less than fifteen Business Days (unless otherwise required by the Commission, any
national securities exchange on which the Warrants are listed or applicable law); provided that the Company shall provide at least five
days’ prior written notice of such reduction to Registered Holders of the Warrants; and provided further, that any such reduction
shall be identical among all of the Warrants. “Business Day” means a day other than a Saturday, Sunday or federal
holiday, on which banks in New York City are generally open for normal business.

 

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3.2            Duration
of Warrants. A Warrant may be exercised only during the period (the “Exercise Period”) (A) commencing
on the date that is thirty (30) days after the Effective Date, and (B) terminating at the earliest to occur of (x) 5:00 p.m.,
New York City time on the date that is five (5) years after the Effective Date, and (y) other than with respect to the Private
Placement Warrants then held by the Sponsor, the Qualified PIPE Investors or their Permitted Transferees with respect to a redemption
pursuant to Section 6.1 hereof or, if the Reference Value equals or exceeds $18.00 per share (subject to adjustment in compliance
with Section 4 hereof), Section 6.2 hereof, 5:00 p.m., New York City time on the Redemption Date (as defined below)
as provided in Section 6.3 hereof (the “Expiration Date”); provided, however, that the exercise
of any Warrant shall be subject to the satisfaction of any applicable conditions, as set forth in subsection 3.3.2 below, with
respect to an effective registration statement or a valid exemption therefrom being available. Except with respect to the right to receive
the Redemption Price (as defined below) (other than with respect to a Private Placement Warrant then held by the Sponsor, the Qualified
PIPE Investors or their Permitted Transferees in connection with a redemption pursuant to Section 6.1 hereof or, if the Reference
Value equals or exceeds $18.00 per share (subject to adjustment in compliance with Section 4 hereof), Section 6.2
hereof), in the event of a redemption (as set forth in Section 6 hereof), each Warrant (other than a Private Placement Warrant
then held by the Sponsor, the Qualified PIPE Investors or their Permitted Transferees in the event of a redemption pursuant to Section 6.1
hereof or, if the Reference Value equals or exceeds $18.00 per share (subject to adjustment in compliance with Section 4 hereof),
Section 6.2 hereof) not exercised on or before the Expiration Date shall become void, and all rights thereunder and all rights
in respect thereof under this Agreement shall cease at 5:00 p.m. New York City time on the Expiration Date. The Company in its sole
discretion may extend the duration of the Warrants by delaying the Expiration Date; provided that the Company shall provide at least twenty
(20) days prior written notice of any such extension to Registered Holders of the Warrants and, provided further that any such extension
shall be identical in duration among all the Warrants.

 

3.3            Exercise
of Warrants.

 

3.3.1            Payment.
Subject to the provisions of the Warrant and this Agreement, a Warrant may be exercised by the Registered Holder thereof by delivering
to the Warrant Agent at its corporate trust department (i) the Definitive Warrant Certificate evidencing the Warrants to be exercised,
or, in the case of a Warrant represented by a book-entry, the Warrants to be exercised (the “Book-Entry Warrants”)
on the records of the Depositary to an account of the Warrant Agent at the Depositary designated for such purposes in writing by the Warrant
Agent to the Depositary from time to time, (ii) an election to purchase (the “Election to Purchase”) any
Ordinary Shares pursuant to the exercise of a Warrant, properly completed and executed by the Registered Holder on the reverse of the
Definitive Warrant Certificate or, in the case of a Book-Entry Warrant, properly delivered by the Participant in accordance with the Depositary’s
procedures, and (iii) the payment in full of the Warrant Price for each Ordinary Share as to which the Warrant is exercised and any
and all applicable taxes due in connection with the exercise of the Warrant, the exchange of the Warrant for the Ordinary Shares and the
issuance of such Ordinary Shares, as follows:

 

(a)            by
wire transfer of immediately available funds, in good certified check or good bank draft payable to the order of the Warrant Agent;

 

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(b)            [Reserved];

 

(c)            with
respect to any Private Placement Warrant, so long as such Private Placement Warrant is held by the Sponsor, the Qualified PIPE Investors
or a Permitted Transferee, by surrendering the Warrants for that number of Ordinary Shares equal to (i) if in connection with a redemption
of Private Placement Warrants pursuant to Section 6.2 hereof, as provided in Section 6.2 hereof with respect to
a Make-Whole Exercise and (ii) in all other scenarios the quotient obtained by dividing (x) the product of the number of Ordinary
Shares underlying the Warrants, multiplied by the excess of the Sponsor Exercise Fair Market Value (as defined in this subsection 3.3.1(c))
over the Warrant Price by (y) the Sponsor Exercise Fair Market Value. Solely for purposes of this subsection 3.3.1(c), the
 “Sponsor Exercise Fair Market Value” shall mean the average last reported sale price of the Ordinary Shares
for the ten (10) trading days ending on the third (3rd) trading day prior to the date on which notice of exercise of the Private
Placement Warrant is sent to the Warrant Agent;

 

(d)            as
provided in Section 6.2 hereof with respect to a Make-Whole Exercise; or

 

(e)            as
provided in Section 7.4 hereof.

 

3.3.2            Issuance
of Ordinary Shares on Exercise. As soon as practicable after the exercise of any Warrant and the clearance of the funds in payment
of the Warrant Price (if payment is pursuant to subsection 3.3.1(a)), the Company shall issue to the Registered Holder of such
Warrant a book-entry position or certificate, as applicable, for the number of Ordinary Shares to which he, she or it is entitled, registered
in such name or names as may be directed by him, her or it on the register of members of the Company, and if such Warrant shall not have
been exercised in full, a new book-entry position or countersigned Warrant, as applicable, for the number of Ordinary Shares as to which
such Warrant shall not have been exercised. Notwithstanding the foregoing, the Company shall not be obligated to deliver any Ordinary
Shares pursuant to the exercise of a Warrant and shall have no obligation to settle such Warrant exercise unless a registration statement
under the Securities Act with respect to the Ordinary Shares underlying the Public Warrants is then effective and a prospectus relating
thereto is current, subject to the Company’s satisfying its obligations under Section 7.4 or a valid exemption from
registration is available. No Warrant shall be exercisable and the Company shall not be obligated to issue Ordinary Shares upon exercise
of a Warrant unless the Ordinary Shares issuable upon such Warrant exercise have been registered, qualified or deemed to be exempt from
registration or qualification under the securities laws of the state of residence of the Registered Holder of the Warrants. Subject to
Section 4.6 of this Agreement, a Registered Holder of Warrants may exercise its Warrants only for a whole number of Ordinary
Shares. The Company may require holders of Public Warrants to settle the Warrant on a “cashless basis” pursuant to Section 7.4.
If, by reason of any exercise of Warrants on a “cashless basis”, the holder of any Warrant would be entitled, upon the exercise
of such Warrant, to receive a fractional interest in an Ordinary Share, the Company shall round down to the nearest whole number, the
number of Ordinary Shares to be issued to such holder.

 

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3.3.3            Valid
Issuance. All Ordinary Shares issued upon the proper exercise of a Warrant in conformity with this Agreement and the Company’s
amended and restated memorandum and articles of association, as amended from time to time shall be validly issued, fully paid and nonassessable.

 

3.3.4            Date
of Issuance. Each person in whose name any book-entry position or certificate, as applicable, for Ordinary Shares is issued and who
is registered in the register of members of the Company shall for all purposes be deemed to have become the holder of record of such Ordinary
Shares on the date on which the Warrant, or book-entry position representing such Warrant, was surrendered and payment of the Warrant
Price was made, irrespective of the date of delivery of such certificate in the case of a certificated Warrant, except that, if the date
of such surrender and payment is a date when the register of members of the Company or book-entry system of the Warrant Agent are closed,
such person shall be deemed to have become the holder of such shares at the close of business on the next succeeding date on which the
register of members of the Company or book-entry system are open.

 

3.3.5            Maximum
Percentage. A holder of a Warrant may notify the Company in writing in the event it elects to be subject to the provisions contained
in this subsection 3.3.5; however, no holder of a Warrant shall be subject to this subsection 3.3.5 unless he, she
or it makes such election. If the election is made by a holder, the Warrant Agent shall not effect the exercise of the holder’s
Warrant, and such holder shall not have the right to exercise such Warrant, to the extent that after giving effect to such exercise, such
person (together with such person’s affiliates), to the Warrant Agent’s actual knowledge, would beneficially own in excess
of 9.8% (or such other amount as a holder may specify) (the “Maximum Percentage”) of the Ordinary Shares outstanding
immediately after giving effect to such exercise. For purposes of the foregoing sentence, the aggregate number of Ordinary Shares beneficially
owned by such person and its affiliates shall include the number of Ordinary Shares issuable upon exercise of the Warrant with respect
to which the determination of such sentence is being made, but shall exclude Ordinary Shares that would be issuable upon (x) exercise
of the remaining, unexercised portion of the Warrant beneficially owned by such person and its affiliates and (y) exercise or conversion
of the unexercised or unconverted portion of any other securities of the Company beneficially owned by such person and its affiliates
(including, without limitation, any convertible notes or convertible preferred shares or warrants) subject to a limitation on conversion
or exercise analogous to the limitation contained herein. Except as set forth in the preceding sentence, for purposes of this paragraph,
beneficial ownership shall be calculated in accordance with Section 13(d) of the Securities Exchange Act of 1934, as amended
(the “Exchange Act”). For purposes of the Warrant, in determining the number of outstanding Ordinary Shares,
the holder may rely on the number of outstanding Ordinary Shares as reflected in (1) the Company’s most recent Annual Report
on Form 20-F, Current Report on Form 6-K or other public filing with the Commission as the case may be, (2) a more recent
public announcement by the Company or (3) any other notice by the Company or Continental Stock Transfer & Trust Company,
as transfer agent (in such capacity, the “Transfer Agent”), setting forth the number of Ordinary Shares outstanding.
For any reason at any time, upon the written request of the holder of the Warrant, the Company shall, within two (2) Business Days,
confirm orally and in writing to such holder the number of Ordinary Shares then outstanding. In any case, the number of issued and outstanding
Ordinary Shares shall be determined after giving effect to the conversion or exercise of equity securities of the Company by the holder
and its affiliates since the date as of which such number of issued and outstanding Ordinary Shares was reported. By written notice to
the Company, the holder of a Warrant may from time to time increase or decrease the Maximum Percentage applicable to such holder to any
other percentage specified in such notice; provided, however, that any such increase shall not be effective until the sixty-first
(61st) day after such notice is delivered to the Company.

 

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4.            Adjustments.

 

4.1            Share
Capitalizations.

 

4.1.1            Sub-Divisions.
If after the date hereof, and subject to the provisions of Section 4.6 below, the number of issued and outstanding Ordinary
Shares is increased by a capitalization or share dividend of Ordinary Shares, or by a sub-division of Ordinary Shares or other similar
event, then, on the effective date of such share capitalization, sub-division or similar event, the number of Ordinary Shares issuable
on exercise of each Warrant shall be increased in proportion to such increase in the issued and outstanding Ordinary Shares. A rights
offering made to all or substantially all holders of Ordinary Shares entitling holders to purchase Ordinary Shares at a price less than
the “Historical Fair Market Value” (as defined below) shall be deemed a capitalization of a number of Ordinary Shares equal
to the product of (i) the number of Ordinary Shares actually sold in such rights offering (or issuable under any other equity securities
sold in such rights offering that are convertible into or exercisable for the Ordinary Shares) multiplied by (ii) one (1) minus
the quotient of (x) the price per Ordinary Share paid in such rights offering divided by (y) the Historical Fair Market Value.
For purposes of this subsection 4.1.1, (i) if the rights offering is for securities convertible into or exercisable for Ordinary
Shares, in determining the price payable for Ordinary Shares, there shall be taken into account any consideration received for such rights,
as well as any additional amount payable upon exercise or conversion and (ii) “Historical Fair Market Value”
means the volume weighted average price of the Ordinary Shares during the ten (10) trading day period ending on the trading day prior
to the first date on which the Ordinary Shares trade on the applicable exchange or in the applicable market, regular way, without the
right to receive such rights. No Ordinary Shares shall be issued at less than their par value.

 

4.1.2            Extraordinary
Dividends. If the Company, at any time while the Warrants are outstanding and unexpired, pays to all or substantially all of the holders
of the Ordinary Shares a dividend or makes a distribution in cash, securities or other assets on account of such Ordinary Shares (or other
shares into which the Warrants are convertible), other than (a) as described in subsection 4.1.1 above, or (b) Ordinary
Cash Dividends (as defined below), (any such non-excluded event being referred to herein as an “Extraordinary Dividend”),
then the Warrant Price shall be decreased, effective immediately after the effective date of such Extraordinary Dividend, by the amount
of cash and/or the fair market value (as determined by the Company’s board of directors (the “Board”),
in good faith) of any securities or other assets paid on each Ordinary Share in respect of such Extraordinary Dividend. For purposes of
this subsection 4.1.2, “Ordinary Cash Dividends” means any cash dividend or cash distribution which,
when combined on a per share basis with the per share amounts of all other cash dividends and cash distributions paid on the Ordinary
Shares during the 365-day period ending on the date of declaration of such dividend or distribution, does not exceed $0.50 per share (which
amount shall be adjusted to appropriately reflect any of the events referred to in other subsections of this Section 4 and
excluding cash dividends or cash distributions that resulted in an adjustment to the Warrant Price or to the number of Ordinary Shares
issuable on exercise of each Warrant) but only with respect to the amount of the aggregate cash dividends or cash distributions equal
to or less than $0.50.

 

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4.2            Aggregation
of Shares. If after the date hereof, and subject to the provisions of Section 4.6 hereof, the number of issued and outstanding
Ordinary Shares is decreased by a consolidation, combination, reverse share split or reclassification of Ordinary Shares or other similar
event, then, on the effective date of such consolidation, combination, reverse share split, reclassification or similar event, the number
of Ordinary Shares issuable on exercise of each Warrant shall be decreased in proportion to such decrease in issued and outstanding Ordinary
Shares.

 

4.3            Adjustments
in Exercise Price. Whenever the number of Ordinary Shares purchasable upon the exercise of the Warrants is adjusted, as provided in
subsection 4.1.1 or Section 4.2 above, the Warrant Price shall be adjusted (to the nearest cent) by multiplying such
Warrant Price immediately prior to such adjustment by a fraction (x) the numerator of which shall be the number of Ordinary Shares
purchasable upon the exercise of the Warrants immediately prior to such adjustment, and (y) the denominator of which shall be the
number of Ordinary Shares so purchasable immediately thereafter.

 

4.4            [Reserved].

 

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4.5            Replacement
of Securities upon Reorganization, etc. In case of any reclassification or reorganization of the issued and outstanding Ordinary
Shares (other than a change under Section 4.1 or Section 4.2 hereof or that solely affects the par value of such
Ordinary Shares), or in the case of any merger or consolidation of the Company with or into another corporation or entity (other than
a consolidation or merger in which the Company is the continuing entity and that does not result in any reclassification or reorganization
of the issued and outstanding Ordinary Shares), or in the case of any sale or conveyance to another corporation or entity of the assets
or other property of the Company as an entirety or substantially as an entirety in connection with which the Company is dissolved, the
holders of the Warrants shall thereafter have the right to purchase and receive, upon the basis and upon the terms and conditions specified
in the Warrants and in lieu of the Ordinary Shares of the Company immediately theretofore purchasable and receivable upon the exercise
of the rights represented thereby, the kind and amount of shares or stock or other securities or property (including cash) receivable
upon such reclassification, reorganization, merger or consolidation, or upon a dissolution following any such sale or transfer, that the
holder of the Warrants would have received if such holder had exercised his, her or its Warrant(s) immediately prior to such event
(the “Alternative Issuance”); provided, however, that (i) if the holders of the Ordinary Shares were entitled
to exercise a right of election as to the kind or amount of securities, cash or other assets receivable upon such consolidation or merger,
then the kind and amount of securities, cash or other assets constituting the Alternative Issuance for which each Warrant shall become
exercisable shall be deemed to be the weighted average of the kind and amount received per share by the holders of the Ordinary Shares
in such consolidation or merger that affirmatively make such election, and (ii) if a tender, exchange or redemption offer shall have
been made to and accepted by the holders of the Ordinary Shares under circumstances in which, upon completion of such tender or exchange
offer, the maker thereof, together with members of any group (within the meaning of Rule 13d-5(b)(1) under the Exchange Act)
of which such maker is a part, and together with any affiliate or associate of such maker (within the meaning of Rule 12b-2 under
the Exchange Act) and any members of any such group of which any such affiliate or associate is a part, own beneficially (within the meaning
of Rule 13d-3 under the Exchange Act) more than 50% of the issued and outstanding Ordinary Shares, the holder of a Warrant shall
be entitled to receive as the Alternative Issuance, the highest amount of cash, securities or other property to which such holder would
actually have been entitled as a shareholder if such Warrant holder had exercised the Warrant prior to the expiration of such tender or
exchange offer, accepted such offer and all of the Ordinary Shares held by such holder had been purchased pursuant to such tender or exchange
offer, subject to adjustments (from and after the consummation of such tender or exchange offer) as nearly equivalent as possible to the
adjustments provided for in this Section 4; provided further that if less than 70% of the consideration receivable
by the holders of the Ordinary Shares in the applicable event is payable in the form of shares in the successor entity that is listed
for trading on a national securities exchange or is quoted in an established over-the-counter market, or is to be so listed for trading
or quoted immediately following such event, and if the Registered Holder properly exercises the Warrant within thirty (30) days following
the public disclosure of the consummation of such applicable event by the Company pursuant to a Current Report on Form 6-K filed
with the Commission, the Warrant Price shall be reduced by an amount (in dollars) equal to the difference of (i) the Warrant Price
in effect prior to such reduction minus (ii) (A) the Per Share Consideration (as defined below) (but in no event less than zero)
minus (B) the Black-Scholes Warrant Value (as defined below). The “Black-Scholes Warrant Value” means the
value of a Warrant immediately prior to the consummation of the applicable event based on the Black-Scholes Warrant Model for a Capped
American Call on Bloomberg Financial Markets (assuming zero dividends) (“Bloomberg”). For purposes of calculating
such amount, (i) Section 6 of this Agreement shall be taken into account, (ii) the price of each Ordinary Share
shall be the volume weighted average price of the Ordinary Shares during the ten (10) trading day period ending on the trading day
prior to the effective date of the applicable event, (iii) the assumed volatility shall be the 90 day volatility obtained from the
HVT function on Bloomberg determined as of the trading day immediately prior to the day of the announcement of the applicable event and
(iv) the assumed risk-free interest rate shall correspond to the U.S. Treasury rate for a period equal to the remaining term of the
Warrant. “Per Share Consideration” means (i) if the consideration paid to holders of the Ordinary Shares
consists exclusively of cash, the amount of such cash per Ordinary Share, and (ii) in all other cases, the volume weighted average
price of the Ordinary Shares during the ten (10) trading day period ending on the trading day prior to the effective date of the
applicable event. If any reclassification or reorganization also results in a change in Ordinary Shares covered by subsection 4.1.1,
then such adjustment shall be made pursuant to subsection 4.1.1 or Sections 4.2, 4.3 and this Section 4.4.
The provisions of this Section 4.4 shall similarly apply to successive reclassifications, reorganizations, mergers or consolidations,
sales or other transfers. In no event shall the Warrant Price be reduced to less than the par value per share issuable upon exercise of
such Warrant.

 

    	 	11	 

     

    

 

4.6            Notices
of Changes in Warrant. Upon every adjustment of the Warrant Price or the number of Ordinary Shares issuable upon exercise of a Warrant,
the Company shall give written notice thereof to the Warrant Agent, which notice shall state the Warrant Price resulting from such adjustment
and the increase or decrease, if any, in the number of Ordinary Shares purchasable at such price upon the exercise of a Warrant, setting
forth in reasonable detail the method of calculation and the facts upon which such calculation is based. Upon the occurrence of any event
specified in Sections 4.1, 4.2, 4.3, 4.4 or 4.5, the Company shall give written notice of the occurrence
of such event to each holder of a Warrant, at the last address set forth for such holder in the Warrant Register, of the record date or
the effective date of the event. Failure to give such notice, or any defect therein, shall not affect the legality or validity of such
event.

 

4.7            No
Fractional Shares. Notwithstanding any provision contained in this Agreement to the contrary, the Company shall not issue fractional
shares upon the exercise of Warrants. If, by reason of any adjustment made pursuant to this Section 4, the holder of any Warrant
would be entitled, upon the exercise of such Warrant, to receive a fractional interest in a share, the Company shall, upon such exercise,
round down to the nearest whole number the number of Ordinary Shares to be issued to such holder.

 

4.8            Form of
Warrant. The form of Warrant need not be changed because of any adjustment pursuant to this Section 4, and Warrants issued
after such adjustment may state the same Warrant Price and the same number of Ordinary Shares as is stated in the Warrants initially issued
pursuant to this Agreement; provided, however, that the Company may at any time in its sole discretion make any change in the form of
Warrant that the Company may deem appropriate and that does not affect the substance thereof, and any Warrant thereafter issued or countersigned,
whether in exchange or substitution for an outstanding Warrant or otherwise, may be in the form as so changed.

 

5.            Transfer
and Exchange of Warrants.

 

5.1            Registration
of Transfer. The Warrant Agent shall register the transfer, from time to time, of any outstanding Warrant upon the Warrant Register,
upon surrender of such Warrant for transfer, in the case of certificated Warrants, properly endorsed with signatures properly guaranteed
and accompanied by appropriate instructions for transfer. Upon any such transfer, a new Warrant representing an equal aggregate number
of Warrants shall be issued and the old Warrant shall be cancelled by the Warrant Agent. In the case of certificated Warrants, the Warrants
so cancelled shall be delivered by the Warrant Agent to the Company from time to time upon request.

 

    	 	12	 

     

    

 

5.2            Procedure
for Surrender of Warrants. Warrants may be surrendered to the Warrant Agent, together with a written request for exchange or transfer,
and thereupon the Warrant Agent shall issue in exchange therefor one or more new Warrants as requested by the Registered Holder of the
Warrants so surrendered, representing an equal aggregate number of Warrants; provided, however, that except as otherwise provided herein
or with respect to any Book-Entry Warrant, each Book-Entry Warrant may be transferred only in whole and only to the Depositary, to another
nominee of the Depositary, to a successor depository, or to a nominee of a successor depository; provided further, however
that in the event that a Warrant surrendered for transfer bears a restrictive legend (as in the case of the Private Placement Warrants),
the Warrant Agent shall not cancel such Warrant and issue new Warrants in exchange thereof until the Warrant Agent has received an opinion
of counsel for the Company stating that such transfer may be made and indicating whether the new Warrants must also bear a restrictive
legend.

 

5.3            Fractional
Warrants. The Warrant Agent shall not be required to effect any registration of transfer or exchange which shall result in the issuance
of a warrant certificate or book-entry position for a fraction of a Warrant.

 

5.4            Service
Charges. No service charge shall be made for any exchange or registration of transfer of Warrants.

 

5.5            Warrant
Execution and Countersignature. The Warrant Agent is hereby authorized to countersign and to deliver, in accordance with the terms
of this Agreement, the Warrants required to be issued pursuant to the provisions of this Section 5, and the Company, whenever
required by the Warrant Agent, shall supply the Warrant Agent with Warrants duly executed on behalf of the Company for such purpose.

 

6.            Redemption.

 

6.1            Redemption
of Warrants for Cash. Subject to Section 6.5 hereof, not less than all of the outstanding Warrants may be redeemed, at
the option of the Company, at any time during the Exercise Period, at the office of the Warrant Agent, upon notice to the Registered Holders
of the Warrants, as described in Section 6.3 below, at a Redemption Price of $0.01 per Warrant, provided that (a) the
Reference Value equals or exceeds $18.00 per share (subject to adjustment in compliance with Section 4 hereof) and (b) there
is an effective registration statement covering the issuance of the Ordinary Shares issuable upon exercise of the Warrants, and a current
prospectus relating thereto, available throughout the 30-day Redemption Period (as defined in Section 6.3 below).

 

    	 	13	 

     

    

 

6.2            Redemption
of Warrants for Ordinary Shares. Subject to Section 6.5 hereof, not less than all of the outstanding Warrants may be redeemed,
at the option of the Company, at any time during the Exercise Period, at the office of the Warrant Agent, upon notice to the Registered
Holders of the Warrants, as described in Section 6.3 below, at a Redemption Price of $0.10 per Warrant, provided that (i) the
Reference Value equals or exceeds $10.00 per share (subject to adjustment in compliance with Section 4 hereof) and (ii) if
the Reference Value is less than $18.00 per share (subject to adjustment in compliance with Section 4 hereof), the Private
Placement Warrants are also concurrently called for redemption on the same terms as the outstanding Public Warrants. During the 30-day
Redemption Period in connection with a redemption pursuant to this Section 6.2, Registered Holders of the Warrants may elect
to exercise their Warrants on a “cashless basis” pursuant to subsection 3.3.1 and receive a number of Ordinary Shares
determined by reference to the table below, based on the Redemption Date (calculated for purposes of the table as the period to expiration
of the Warrants) and the “Redemption Fair Market Value” (as such term is defined in this Section 6.2) (a “Make-Whole
Exercise”). Solely for purposes of this Section 6.2, the “Redemption Fair Market Value”
shall mean the volume weighted average price of the Ordinary Shares for the ten (10) trading days immediately following the date
on which notice of redemption pursuant to this Section 6.2 is sent to the Registered Holders. In connection with any redemption
pursuant to this Section 6.2, the Company shall provide the Registered Holders with the Redemption Fair Market Value no later
than one (1) Business Day after the ten (10) trading day period described above ends.

 

	 	 	Redemption Fair Market Value of Ordinary Shares 

(period to expiration of warrants)	 
	Redemption Date	 	≤ 10.00	 	11.00	 	12.00	 	13.00	 	14.00	 	15.00	 	16.00	 	17.00	 	≥ 18.00	 
	60 months	 	0.261	 	0.281	 	0.297	 	0.311	 	0.324	 	0.337	 	0.348	 	0.358	 	0.361	 
	57 months	 	0.257	 	0.277	 	0.294	 	0.310	 	0.324	 	0.337	 	0.348	 	0.358	 	0.361	 
	54 months	 	0.252	 	0.272	 	0.291	 	0.307	 	0.322	 	0.335	 	0.347	 	0.357	 	0.361	 
	51 months	 	0.246	 	0.268	 	0.287	 	0.304	 	0.320	 	0.333	 	0.346	 	0.357	 	0.361	 
	48 months	 	0.241	 	0.263	 	0.283	 	0.301	 	0.317	 	0.332	 	0.344	 	0.356	 	0.361	 
	45 months	 	0.235	 	0.258	 	0.279	 	0.298	 	0.315	 	0.330	 	0.343	 	0.356	 	0.361	 
	42 months	 	0.228	 	0.252	 	0.274	 	0.294	 	0.312	 	0.328	 	0.342	 	0.355	 	0.361	 
	39 months	 	0.221	 	0.246	 	0.269	 	0.290	 	0.309	 	0.325	 	0.340	 	0.354	 	0.361	 
	36 months	 	0.213	 	0.239	 	0.263	 	0.285	 	0.305	 	0.323	 	0.339	 	0.353	 	0.361	 
	33 months	 	0.205	 	0.232	 	0.257	 	0.280	 	0.301	 	0.320	 	0.337	 	0.352	 	0.361	 
	30 months	 	0.196	 	0.224	 	0.250	 	0.274	 	0.297	 	0.316	 	0.335	 	0.351	 	0.361	 
	27 months	 	0.185	 	0.214	 	0.242	 	0.268	 	0.291	 	0.313	 	0.332	 	0.350	 	0.361	 
	24 months	 	0.173	 	0.204	 	0.233	 	0.260	 	0.285	 	0.308	 	0.329	 	0.348	 	0.361	 
	21 months	 	0.161	 	0.193	 	0.223	 	0.252	 	0.279	 	0.304	 	0.326	 	0.347	 	0.361	 
	18 months	 	0.146	 	0.179	 	0.211	 	0.242	 	0.271	 	0.298	 	0.322	 	0.345	 	0.361	 
	15 months	 	0.130	 	0.164	 	0.197	 	0.230	 	0.262	 	0.291	 	0.317	 	0.342	 	0.361	 
	12 months	 	0.111	 	0.146	 	0.181	 	0.216	 	0.250	 	0.282	 	0.312	 	0.339	 	0.361	 
	9 months	 	0.090	 	0.125	 	0.162	 	0.199	 	0.237	 	0.272	 	0.305	 	0.336	 	0.361	 
	6 months	 	0.065	 	0.099	 	0.137	 	0.178	 	0.219	 	0.259	 	0.296	 	0.331	 	0.361	 
	3 months	 	0.034	 	0.065	 	0.104	 	0.150	 	0.197	 	0.243	 	0.286	 	0.326	 	0.361	 
	0 months	 	—	 	—	 	0.042	 	0.115	 	0.179	 	0.233	 	0.281	 	0.323	 	0.361	 

 

The exact Redemption Fair
Market Value and Redemption Date may not be set forth in the table above, in which case, if the Redemption Fair Market Value is between
two values in the table or the Redemption Date is between two redemption dates in the table, the number of Ordinary Shares to be issued
for each Warrant exercised in a Make-Whole Exercise shall be determined by a straight-line interpolation between the number of shares
set forth for the higher and lower Redemption Fair Market Values and the earlier and later redemption dates, as applicable, based on a
365- or 366-day year, as applicable.

 

    	 	14	 

     

    

 

The share prices set forth
in the column headings of the table above shall be adjusted as of any date on which the number of Ordinary Shares issuable upon exercise
of a Warrant or the Exercise Price is adjusted pursuant to Section 4 hereof. If the number of Ordinary Shares issuable upon
exercise of a Warrant is adjusted pursuant to Section 4 hereof, the adjusted share prices in the column headings shall equal
the share prices immediately prior to such adjustment, multiplied by a fraction, the numerator of which is the number of shares deliverable
upon exercise of a Warrant immediately prior to such adjustment and the denominator of which is the number of shares deliverable upon
exercise of a Warrant as so adjusted. The number of shares in the table above shall be adjusted in the same manner and at the same time
as the number of shares issuable upon exercise of a Warrant. If the Exercise Price of a Warrant is adjusted, (a) [Reserved] and (b) in
the case of an adjustment pursuant to Section 4.1.2 hereof, the adjusted share prices in the column headings shall equal the
share prices immediately prior to such adjustment less the decrease in the Exercise Price pursuant to such Exercise Price adjustment.
In no event shall the number of shares issued in connection with a Make-Whole Exercise exceed 0.361 Ordinary Shares per Warrant (subject
to adjustment).

 

6.3            Date
Fixed for, and Notice of, Redemption; Redemption Price; Reference Value. In the event that the Company elects to redeem the Warrants
pursuant to Sections 6.1 or 6.2, the Company shall fix a date for the redemption (the “Redemption Date”).
Notice of redemption shall be mailed by first class mail, postage prepaid, by the Company not less than thirty (30) days prior to the
Redemption Date (the “30-day Redemption Period”) to the Registered Holders of the Warrants to be redeemed at
their last addresses as they shall appear on the registration books. Any notice mailed in the manner herein provided shall be conclusively
presumed to have been duly given whether or not the Registered Holder received such notice. As used in this Agreement, (a) “Redemption
Price” shall mean the price per Warrant at which any Warrants are redeemed pursuant to Sections 6.1 or 6.2
and (b) “Reference Value” shall mean the last reported sales price of the Ordinary Shares for any twenty
(20) trading days within the thirty (30) trading-day period ending on the third trading day prior to the date on which notice of the redemption
is given.

 

6.4            Exercise
After Notice of Redemption. The Warrants may be exercised, for cash (or on a “cashless basis” in accordance with Section 6.2
of this Agreement) at any time after notice of redemption shall have been given by the Company pursuant to Section 6.3 hereof
and prior to the Redemption Date. On and after the Redemption Date, the record holder of the Warrants shall have no further rights except
to receive, upon surrender of the Warrants, the Redemption Price.

 

    	 	15	 

     

    

 

6.5            Exclusion
of Private Placement Warrants. The Company agrees that (a) the redemption rights provided in Section 6.1 hereof shall
not apply to the Private Placement Warrants if at the time of the redemption such Private Placement Warrants continue to be held by the
Sponsor, the Qualified PIPE Investors or their Permitted Transferees and (b) if the Reference Value equals or exceeds $18.00 per
share (subject to adjustment in compliance with Section 4 hereof), the redemption rights provided in Section 6.2
hereof shall not apply to the Private Placement Warrants if at the time of the redemption such Private Placement Warrants continue to
be held by the Sponsor, the Qualified PIPE Investors or their Permitted Transferees. However, once such Private Placement Warrants are
transferred (other than to Permitted Transferees in accordance with Section 2.6 hereof), the Company may redeem the Private
Placement Warrants pursuant to Section 6.1 or 6.2 hereof, provided that the criteria for redemption are met, including
the opportunity of the holder of such Private Placement Warrants to exercise the Private Placement Warrants prior to redemption pursuant
to Section 6.4 hereof. Private Placement Warrants that are transferred to persons other than Permitted Transferees shall upon
such transfer cease to be Private Placement Warrants and shall become Public Warrants under this Agreement, including for purposes of
Section 9.8 hereof.

 

7.            Other
Provisions Relating to Rights of Holders of Warrants.

 

7.1            No
Rights as Shareholder. A Warrant does not entitle the Registered Holder thereof to any of the rights of a shareholder of the Company,
including, without limitation, the right to receive dividends, or other distributions, to exercise any preemptive rights to vote or to
consent or to receive notice as shareholders in respect of the meetings of shareholders or the election of directors of the Company or
any other matter.

 

7.2            Lost,
Stolen, Mutilated, or Destroyed Warrants. If any Warrant is lost, stolen, mutilated, or destroyed, the Company and the Warrant Agent
may on such terms as to indemnity or otherwise as they may in their discretion impose (which shall, in the case of a mutilated Warrant,
include the surrender thereof), issue a new Warrant of like denomination, tenor, and date as the Warrant so lost, stolen, mutilated, or
destroyed. Any such new Warrant shall constitute a substitute contractual obligation of the Company, whether or not the allegedly lost,
stolen, mutilated, or destroyed Warrant shall be at any time enforceable by anyone.

 

7.3            Reservation
of Ordinary Shares. The Company shall at all times reserve and keep available a number of its authorized but unissued Ordinary Shares
that shall be sufficient to permit the exercise in full of all outstanding Warrants issued pursuant to this Agreement.

 

    	 	16	 

     

    

 

7.4            Registration
of Ordinary Shares; Cashless Exercise at Company’s Option.

 

7.4.1            Registration
of the Ordinary Shares. The Company agrees that as soon as practicable, but in no event later than twenty (20) Business Days after
the Effective Date, it shall use its commercially reasonable efforts to file with the Commission a registration statement for the registration,
under the Securities Act, of the Ordinary Shares issuable upon exercise of the Warrants. The Company shall use its commercially reasonable
efforts to cause the same to become effective within sixty (60) Business Days following the Effective Date and to maintain the effectiveness
of such registration statement, and a current prospectus relating thereto, until the expiration or redemption of the Warrants in accordance
with the provisions of this Agreement. If any such registration statement has not been declared effective by the sixtieth (60th)
Business Day following the Effective Date, holders of the Warrants shall have the right, during the period beginning on the sixty-first
(61st) Business Day after the Effective Date and ending upon such registration statement being declared effective by the Commission,
and during any other period when the Company shall fail to have maintained an effective registration statement covering the issuance of
the Ordinary Shares issuable upon exercise of the Warrants, to exercise such Warrants on a “cashless basis,” by exchanging
the Warrants (in accordance with Section 3(a)(9) of the Securities Act or another exemption) for that number of Ordinary Shares
equal to the lesser of (A) the quotient obtained by dividing (x) the product of the number of Ordinary Shares underlying the
Warrants, multiplied by the excess of the “Fair Market Value” (as defined below) over the Warrant Price by (y) the Fair
Market Value and (B) 0.361. Solely for purposes of this subsection 7.4.1, “Fair Market Value” shall
mean the volume-weighted average price of the Ordinary Shares as reported during the ten (10) trading day period ending on the trading
day prior to the date that notice of exercise is received by the Warrant Agent from the holder of such Warrants or its securities broker
or intermediary. The date that notice of “cashless exercise” is received by the Warrant Agent shall be conclusively determined
by the Warrant Agent. In connection with the “cashless exercise” of a Public Warrant, the Company shall, upon request, provide
the Warrant Agent with an opinion of counsel for the Company (which shall be an outside law firm with securities law experience) stating
that (i) the exercise of the Warrants on a “cashless basis” in accordance with this subsection 7.4.1 is not required
to be registered under the Securities Act and (ii) the Ordinary Shares issued upon such exercise shall be freely tradable under United
States federal securities laws by anyone who is not an affiliate (as such term is defined in Rule 144 under the Securities Act) of
the Company and, accordingly, shall not be required to bear a restrictive legend. Except as provided in subsection 7.4.2, for the
avoidance of doubt, unless and until all of the Warrants have been exercised or have expired, the Company shall continue to be obligated
to comply with its registration obligations under the first three sentences of this subsection 7.4.1.

 

7.4.2            Cashless
Exercise at Company’s Option. If the Ordinary Shares are at the time of any exercise of a Public Warrant not listed on a national
securities exchange such that they satisfy the definition of a “covered security” under Section 18(b)(1) of the
Securities Act, the Company may, at its option, (i) require holders of Public Warrants who exercise Public Warrants to exercise such
Public Warrants on a “cashless basis” in accordance with Section 3(a)(9) of the Securities Act as described in subsection
7.4.1 and (ii) in the event the Company so elects, the Company shall (x) not be required to file or maintain in effect a
registration statement for the registration, under the Securities Act, of the Ordinary Shares issuable upon exercise of the Warrants,
notwithstanding anything in this Agreement to the contrary, and (y) use its commercially reasonable efforts to register or qualify
for sale the Ordinary Shares issuable upon exercise of the Public Warrant under applicable blue sky laws to the extent an exemption is
not available.

 

8.            Concerning
the Warrant Agent and Other Matters.

 

8.1            Payment
of Taxes. The Company shall from time to time promptly pay all taxes and charges that may be imposed upon the Company or the Warrant
Agent in respect of the issuance or delivery of Ordinary Shares upon the exercise of the Warrants, but the Company shall not be obligated
to pay any transfer taxes in respect of the Warrants or such shares.

 

    	 	17	 

     

    

 

8.2            Resignation,
Consolidation, or Merger of Warrant Agent.

 

8.2.1            Appointment
of Successor Warrant Agent. The Warrant Agent, or any successor to it hereafter appointed, may resign its duties and be discharged
from all further duties and liabilities hereunder after giving sixty (60) days’ notice in writing to the Company. If the office
of the Warrant Agent becomes vacant by resignation or incapacity to act or otherwise, the Company shall appoint in writing a successor
Warrant Agent in place of the Warrant Agent. If the Company shall fail to make such appointment within a period of thirty (30) days after
it has been notified in writing of such resignation or incapacity by the Warrant Agent or by the holder of a Warrant (who shall, with
such notice, submit his, her or its Warrant for inspection by the Company), then the holder of any Warrant may apply to the Supreme Court
of the State of New York for the County of New York for the appointment of a successor Warrant Agent at the Company’s cost. Any
successor Warrant Agent, whether appointed by the Company or by such court, shall be a corporation or other entity organized and existing
under the laws of the State of New York, in good standing and having its principal office in the United States of America, and authorized
under such laws to exercise corporate trust powers and subject to supervision or examination by federal or state authority. After appointment,
any successor Warrant Agent shall be vested with all the authority, powers, rights, immunities, duties, and obligations of its predecessor
Warrant Agent with like effect as if originally named as Warrant Agent hereunder, without any further act or deed; but if for any reason
it becomes necessary or appropriate, the predecessor Warrant Agent shall execute and deliver, at the expense of the Company, an instrument
transferring to such successor Warrant Agent all the authority, powers, and rights of such predecessor Warrant Agent hereunder; and upon
request of any successor Warrant Agent the Company shall make, execute, acknowledge, and deliver any and all instruments in writing for
more fully and effectually vesting in and confirming to such successor Warrant Agent all such authority, powers, rights, immunities, duties,
and obligations.

 

8.2.2            Notice
of Successor Warrant Agent. In the event a successor Warrant Agent shall be appointed, the Company shall give notice thereof to the
predecessor Warrant Agent and the Transfer Agent for the Ordinary Shares not later than the effective date of any such appointment.

 

8.2.3            Merger
or Consolidation of Warrant Agent. Any entity into which the Warrant Agent may be merged or with which it may be consolidated or any
entity resulting from any merger or consolidation to which the Warrant Agent shall be a party shall be the successor Warrant Agent under
this Agreement without any further act.

 

8.3            Fees
and Expenses of Warrant Agent.

 

8.3.1            Remuneration.
The Company agrees to pay the Warrant Agent reasonable remuneration for its services as such Warrant Agent hereunder and shall, pursuant
to its obligations under this Agreement, reimburse the Warrant Agent upon demand for all expenditures that the Warrant Agent may reasonably
incur in the execution of its duties hereunder.

 

    	 	18	 

     

    

 

8.3.2            Further
Assurances. The Company agrees to perform, execute, acknowledge, and deliver or cause to be performed, executed, acknowledged, and
delivered all such further and other acts, instruments, and assurances as may reasonably be required by the Warrant Agent for the carrying
out or performing of the provisions of this Agreement.

 

8.4            Liability
of Warrant Agent.

 

8.4.1            Reliance
on Company Statement. Whenever in the performance of its duties under this Agreement, the Warrant Agent shall deem it necessary or
desirable that any fact or matter be proved or established by the Company prior to taking or suffering any action hereunder, such fact
or matter (unless other evidence in respect thereof be herein specifically prescribed) may be deemed to be conclusively proved and established
by a statement signed by the Chairman, Vice Chairman, or Chief Executive Officer of the Company and delivered to the Warrant Agent. The
Warrant Agent may rely upon such statement for any action taken or suffered in good faith by it pursuant to the provisions of this Agreement.

 

8.4.2            Indemnity.
The Warrant Agent shall be liable hereunder only for its own gross negligence, willful misconduct, fraud or bad faith. The Company agrees
to indemnify the Warrant Agent and save it harmless against any and all liabilities, including judgments, out-of-pocket costs and reasonable
outside counsel fees, for anything done or omitted by the Warrant Agent in the execution of this Agreement, except as a result of the
Warrant Agent’s gross negligence, willful misconduct, fraud or bad faith.

 

8.4.3            Exclusions.
The Warrant Agent shall have no responsibility with respect to the validity of this Agreement or with respect to the validity or execution
of any Warrant (except its countersignature thereof). The Warrant Agent shall not be responsible for any breach by the Company of any
covenant or condition contained in this Agreement or in any Warrant. The Warrant Agent shall not be responsible to make any adjustments
required under the provisions of Section 4 hereof or responsible for the manner, method, or amount of any such adjustment
or the ascertaining of the existence of facts that would require any such adjustment; nor shall it by any act hereunder be deemed to make
any representation or warranty as to the authorization or reservation of any Ordinary Shares to be issued pursuant to this Agreement or
any Warrant or as to whether any Ordinary Shares shall, when issued, be valid and fully paid and nonassessable.

 

8.5            Acceptance
of Agency. The Warrant Agent hereby accepts the agency established by this Agreement and agrees to perform the same upon the terms
and conditions herein set forth and among other things, shall account promptly to the Company with respect to Warrants exercised and concurrently
account for, and pay to the Company, all monies received by the Warrant Agent for the purchase of Ordinary Shares through the exercise
of the Warrants.

 

    	 	19	 

     

    

 

8.6            Waiver.
The Warrant Agent has no right of set-off or any other right, title, interest or claim of any kind (“Claim”)
in, or to any distribution of, the Trust Account (as defined in that certain Investment Management Trust Agreement, dated as of January 13,
2021, by and between SPAC and Continental Stock Transfer & Trust Company as trustee thereunder) and hereby agrees not to seek
recourse, reimbursement, payment or satisfaction for any Claim against the Trust Account for any reason whatsoever. The Warrant Agent
hereby waives any and all Claims against the Trust Account and any and all rights to seek access to the Trust Account.

 

9.            Miscellaneous
Provisions.

 

9.1            Successors.
All the covenants and provisions of this Agreement by or for the benefit of the Company or the Warrant Agent shall bind and inure to the
benefit of their respective successors and assigns.

 

9.2            Notices.
Any notice, statement or demand authorized by this Agreement to be given or made by the Warrant Agent or by the holder of any Warrant
to or on the Company shall be sufficiently given when so delivered if by hand or overnight delivery or if sent by certified mail or private
courier service within five (5) days after deposit of such notice, postage prepaid, addressed (until another address is filed in
writing by the Company with the Warrant Agent), as follows:

 

	TH International Limited
	c/o Cartesian Capital Group LLC
	505 5th Avenue, 15th Floor
	Attn: Peter Yu, Gregory Armstrong
	E-mail:
    peter.yu@cartesiangroup.com; gregory.armstrong@cartesiangroup.com
	 
	with a copy to:
	 
	Kirkland & Ellis
	26th Floor, Gloucester Tower, The Landmark
	15 Queen’s Road Central, Hong Kong
	Attn: Joseph Raymond Casey; Ram Narayan
	E-mail: joseph.casey@kirkland.com; ram.narayan@kirkland.com
	 
	and
	 
	Kirkland & Ellis LLP
	200 Clarendon Street
	Boston, MA 02116
	United States
	Attn: Armand A. Della Monica
	Email: armand.dellamonica@kirkland.com

 

Any notice, statement or demand
authorized by this Agreement to be given or made by the holder of any Warrant or by the Company to or on the Warrant Agent shall be sufficiently
given when so delivered if by hand or overnight delivery or if sent by certified mail or private courier service within five (5) days
after deposit of such notice, postage prepaid, addressed (until another address is filed in writing by the Warrant Agent with the Company),
as follows:

 

Continental Stock Transfer & Trust Company

One State Street, 30th Floor

New York, NY 10004

Attention: Compliance Department

 

    	 	20	 

     

    

 

9.3            Applicable
Law and Exclusive Forum. The validity, interpretation, and performance of this Agreement and of the Warrants shall be governed in
all respects by the laws of the State of New York. Subject to applicable law, the Company hereby agrees that any action, proceeding or
claim against it arising out of or relating in any way to this Agreement shall be brought and enforced in the courts of the State of New
York or the United States District Court for the Southern District of New York, and irrevocably submits to such jurisdiction, which jurisdiction
shall be exclusive forum for any such action, proceeding or claim. The Company hereby waives any objection to such exclusive jurisdiction
and that such courts represent an inconvenient forum. Notwithstanding the foregoing, the provisions of this paragraph will not apply to
suits brought to enforce any liability or duty created by the Exchange Act or any other claim for which the federal district courts of
the United States of America are the sole and exclusive forum.

 

Any person or entity purchasing
or otherwise acquiring any interest in the Warrants shall be deemed to have notice of and to have consented to the forum provisions in
this Section 9.3. If any action, the subject matter of which is within the scope of the forum provisions above, is filed in
a court other than a court located within the State of New York or the United States District Court for the Southern District of New York
(a “foreign action”) in the name of any warrant holder, such warrant holder shall be deemed to have consented
to: (x) the personal jurisdiction of the state and federal courts located within the State of New York or the United States District
Court for the Southern District of New York in connection with any action brought in any such court to enforce the forum provisions (an
 “enforcement action”), and (y) having service of process made upon such warrant holder in any such enforcement
action by service upon such warrant holder’s counsel in the foreign action as agent for such warrant holder.

 

9.4            Persons
Having Rights under this Agreement. Nothing in this Agreement shall be construed to confer upon, or give to, any person, corporation
or other entity other than the parties hereto and the Registered Holders of the Warrants any right, remedy, or claim under or by reason
of this Agreement or of any covenant, condition, stipulation, promise, or agreement hereof. All covenants, conditions, stipulations, promises,
and agreements contained in this Agreement shall be for the sole and exclusive benefit of the parties hereto and their successors and
assigns and of the Registered Holders of the Warrants.

 

9.5            Examination
of the Warrant Agreement. A copy of this Agreement shall be available at all reasonable times at the office of the Warrant Agent in
the United States of America, for inspection by the Registered Holder of any Warrant. The Warrant Agent may require any such holder to
submit such holder’s Warrant for inspection by the Warrant Agent.

 

    	 	21	 

     

    

 

9.6            Counterparts.
This Agreement may be executed in any number of original or facsimile counterparts and each of such counterparts shall for all purposes
be deemed to be an original, and all such counterparts shall together constitute but one and the same instrument.

 

9.7            Effect
of Headings. The section headings herein are for convenience only and are not part of this Agreement and shall not affect the interpretation
thereof.

 

9.8            Amendments.
This Agreement may be amended by the parties hereto without the consent of any Registered Holder for the purpose of (i) curing any
ambiguity or correcting any mistake, including to conform the provisions hereof to the description of the terms of the Warrants and this
Agreement set forth in the Prospectus, or defective provision contained herein, (ii) amending the definition of “Ordinary Cash
Dividend” as contemplated by and in accordance with the second sentence of subsection 4.1.2 or (iii) adding or changing
any provisions with respect to matters or questions arising under this Agreement as the parties may deem necessary or desirable and that
the parties deem shall not adversely affect the rights of the Registered Holders under this Agreement. All other modifications or amendments,
including any modification or amendment to increase the Warrant Price or shorten the Exercise Period and any amendment to the terms of
only the Private Placement Warrants, shall require the vote or written consent of the Registered Holders of 50% of the then-outstanding
Public Warrants and, solely with respect to any amendment to the terms of the Private Placement Warrants or any provision of this Agreement
with respect to the Private Placement Warrants, 50% of the then-outstanding Private Placement Warrants. Notwithstanding the foregoing,
the Company may lower the Warrant Price or extend the duration of the Exercise Period pursuant to Sections 3.1 and 3.2,
respectively, without the consent of the Registered Holders.

 

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

 

[Signature Page Follows]

 

    	 	22	 

     

    

 

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

 

	 	TH INTERNATIONAL LIMITED
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:
	 	 	 
	 	SILVER CREST ACQUISITION CORPORATION
	 	 
	 	By:	 
	 	 	Name: Liang (Leon) Meng
	 	 	Title: Chairman
	 	 	 
	 	CONTINENTAL STOCK TRANSFER &
    TRUST COMPANY, as Warrant Agent
	 	 
	 	By:	 
	 	 	Name: Margaret B. Lloyd
	 	 	Title: Vice President

 

[Signature Page to Warrant Agreement]

 

     

     

    

 

EXHIBIT A

Form of Warrant Certificate

[FACE]

Number

Warrants

THIS WARRANT SHALL BE VOID IF NOT EXERCISED
PRIOR TO

THE EXPIRATION OF THE EXERCISE PERIOD PROVIDED FOR

IN THE WARRANT AGREEMENT DESCRIBED BELOW

TH International Limited

Incorporated Under the Laws of the Cayman Islands

 

CUSIP [●]

 

Warrant Certificate

 

This Warrant Certificate
certifies that [ ], or registered assigns, is the registered holder of [ ] warrant(s) (the “Warrants”
and each, a “Warrant”) to purchase ordinary shares, [●] par value per share (the “Ordinary
Shares”), of TH International Limited, a Cayman Islands exempted company (the “Company”). Each
Warrant entitles the holder, upon exercise during the period set forth in the Warrant Agreement referred to below, to receive from the
Company that number of fully paid and nonassessable Ordinary Shares as set forth below, at the exercise price (the “Exercise
Price”) as determined pursuant to the Warrant Agreement, payable in lawful money (or through “cashless exercise”
as provided for in the Warrant Agreement) of the United States of America upon surrender of this Warrant Certificate and payment of the
Exercise Price at the office or agency of the Warrant Agent referred to below, subject to the conditions set forth herein and in the Warrant
Agreement. Defined terms used in this Warrant Certificate but not defined herein shall have the meanings given to them in the Warrant
Agreement.

 

Each whole Warrant is initially
exercisable for one fully paid and non-assessable Ordinary Share. Fractional shares shall not be issued upon exercise of any Warrant.
If, upon the exercise of Warrants, a holder would be entitled to receive a fractional interest in an Ordinary Share, the Company shall,
upon exercise, round down to the nearest whole number the number of Ordinary Shares to be issued to the Warrant holder. The number of
Ordinary Shares issuable upon exercise of the Warrants is subject to adjustment upon the occurrence of certain events as set forth in
the Warrant Agreement.

 

The initial Exercise Price
per one Ordinary Share for any Warrant is equal to $11.50 per share. The Exercise Price is subject to adjustment upon the occurrence of
certain events as set forth in the Warrant Agreement.

 

Subject to the conditions
set forth in the Warrant Agreement, the Warrants may be exercised only during the Exercise Period and to the extent not exercised by the
end of such Exercise Period, such Warrants shall become void. The Warrants may be redeemed, subject to certain conditions as set forth
in the Warrant Agreement.

 

    	 	A-1	 

     

    

 

Reference is hereby made to
the further provisions of this Warrant Certificate set forth on the reverse hereof and such further provisions shall for all purposes
have the same effect as though fully set forth at this place.

 

This Warrant Certificate shall
not be valid unless countersigned by the Warrant Agent, as such term is used in the Warrant Agreement. This Warrant Certificate shall
be governed by and construed in accordance with the internal laws of the State of New York.

 

	 	TH INTERNATIONAL LIMITED
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:
	 	 	 
	 	CONTINENTAL STOCK TRANSFER &
    TRUST COMPANY, AS WARRANT AGENT
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

    	 	A-2	 

     

    

 

[Form of Warrant Certificate]

[Reverse]

 

The Warrants evidenced by
this Warrant Certificate are part of a duly authorized issue of Warrants entitling the holder on exercise to receive [ ] Ordinary Shares
and are issued or to be issued pursuant to an Assignment, Assumption and Amended and Restated Warrant Agreement, dated as of [●],
202[●] (as amended from time to time, the “Warrant Agreement”), duly executed and delivered by the Company
to Continental Stock Transfer & Trust Company, a New York limited purpose trust company, as warrant agent (the “Warrant
Agent”), which Warrant Agreement is hereby incorporated by reference in and made a part of this instrument and is hereby
referred to for a description of the rights, limitation of rights, obligations, duties and immunities thereunder of the Warrant Agent,
the Company and the holders (the words “holders” or “holder” meaning the Registered
Holders or Registered Holder, respectively) of the Warrants. A copy of the Warrant Agreement may be obtained by the holder hereof upon
written request to the Company. Defined terms used in this Warrant Certificate but not defined herein shall have the meanings given to
them in the Warrant Agreement.

 

Warrants may be exercised
at any time during the Exercise Period set forth in the Warrant Agreement. The holder of Warrants evidenced by this Warrant Certificate
may exercise them by surrendering this Warrant Certificate, with the form of Election to Purchase set forth hereon properly completed
and executed, together with payment of the Exercise Price as specified in the Warrant Agreement (or through “cashless exercise”
as provided for in the Warrant Agreement) at the principal corporate trust office of the Warrant Agent. In the event that upon any exercise
of Warrants evidenced hereby the number of Warrants exercised shall be less than the total number of Warrants evidenced hereby, there
shall be issued to the holder hereof, or his, her or its assignee, a new Warrant Certificate evidencing the number of Warrants not exercised.

 

Notwithstanding anything else
in this Warrant Certificate or the Warrant Agreement, no Warrant may be exercised unless at the time of exercise (i) a registration
statement covering the issuance of the Ordinary Shares to be issued upon exercise is effective under the Securities Act and (ii) a
prospectus thereunder relating to the Ordinary Shares is current, except through “cashless exercise” as provided for
in the Warrant Agreement.

 

The Warrant Agreement provides
that upon the occurrence of certain events the number of Ordinary Shares issuable upon exercise of the Warrants set forth on the face
hereof may, subject to certain conditions, be adjusted. If, upon exercise of a Warrant, the holder thereof would be entitled to receive
a fractional interest in an Ordinary Share, the Company shall, upon exercise, round down to the nearest whole number of Ordinary Shares
to be issued to the holder of the Warrant.

 

     

     

    

 

Warrant Certificates, when
surrendered at the principal corporate trust office of the Warrant Agent by the Registered Holder thereof in person or by legal representative
or attorney duly authorized in writing, may be exchanged, in the manner and subject to the limitations provided in the Warrant Agreement,
but without payment of any service charge, for another Warrant Certificate or Warrant Certificates of like tenor evidencing in the aggregate
a like number of Warrants.

 

Upon due presentation for
registration of transfer of this Warrant Certificate at the office of the Warrant Agent, a new Warrant Certificate or Warrant Certificates
of like tenor and evidencing in the aggregate a like number of Warrants shall be issued to the transferee(s) in exchange for this
Warrant Certificate, subject to the limitations provided in the Warrant Agreement, without charge except for any tax or other governmental
charge imposed in connection therewith.

 

The Company and the Warrant
Agent may deem and treat the Registered Holder(s) hereof as the absolute owner(s) of this Warrant Certificate (notwithstanding
any notation of ownership or other writing hereon made by anyone), for the purpose of any exercise hereof, of any distribution to the
holder(s) hereof, and for all other purposes, and neither the Company nor the Warrant Agent shall be affected by any notice to the
contrary. Neither the Warrants nor this Warrant Certificate entitles any holder hereof to any rights of a shareholder of the Company.

 

     

     

    

 

Election to Purchase

(To Be Executed Upon Exercise of Warrant)

 

The undersigned hereby irrevocably
elects to exercise the right, represented by this Warrant Certificate, to receive [●] Ordinary Shares and herewith tenders payment
for such Ordinary Shares to the order of TH International Limited (the “Company”) in the amount of $[ ] in accordance
with the terms hereof. The undersigned requests that a certificate for such Ordinary Shares be registered in the name of [●], whose
address is [●] and that such Ordinary Shares be delivered to [●], whose address is [●]. If said [●] number of Ordinary
Shares is less than all of the Ordinary Shares purchasable hereunder, the undersigned requests that a new Warrant Certificate representing
the remaining balance of such Ordinary Shares be registered in the name of [●], whose address is [●] and that such Warrant Certificate
be delivered to [●], whose address is [●].

 

In the event that the Warrant
has been called for redemption by the Company pursuant to Section 6.2 of the Warrant Agreement and a holder thereof elects
to exercise its Warrant pursuant to a Make-Whole Exercise, the number of Ordinary Shares that this Warrant is exercisable for shall be
determined in accordance with subsection 3.3.1(c) or Section 6.2 of the Warrant Agreement, as applicable.

 

In the event that the Warrant
is a Private Placement Warrant that is to be exercised on a “cashless” basis pursuant to subsection 3.3.1(c) of
the Warrant Agreement, the number of Ordinary Shares that this Warrant is exercisable for shall be determined in accordance with subsection
3.3.1(c) of the Warrant Agreement.

 

In the event that the Warrant
is to be exercised on a “cashless” basis pursuant to Section 7.4 of the Warrant Agreement, the number of Ordinary
Shares that this Warrant is exercisable for shall be determined in accordance with Section 7.4 of the Warrant Agreement.

 

In the event that the Warrant
may be exercised, to the extent allowed by the Warrant Agreement, through cashless exercise (i) the number of Ordinary Shares that
this Warrant is exercisable for would be determined in accordance with the relevant section of the Warrant Agreement which allows for
such cashless exercise and (ii) the holder hereof shall complete the following: The undersigned hereby irrevocably elects to exercise
the right, represented by this Warrant Certificate, through the cashless exercise provisions of the Warrant Agreement, to receive Ordinary
Shares. If said number of Ordinary Shares is less than all of the Ordinary Shares purchasable hereunder (after giving effect to the cashless
exercise), the undersigned requests that a new Warrant Certificate representing the remaining balance of such Ordinary Shares be registered
in the name of [●], whose address is [●] and that such Warrant Certificate be delivered to [●], whose address is [●].

 

[Signature Page Follows]

 

     

     

    

 

Date [__], 20__

 

	 	 
	 	(Signature)
	 	 
	 	 
	 	(Address)
	 	 
	 	(Tax Identification Number)
	 	 
	Signature Guaranteed:	 
	 	 
	 	 

 

THE SIGNATURE(S) SHOULD BE GUARANTEED BY
AN ELIGIBLE GUARANTOR INSTITUTION (BANKS, STOCKBROKERS, SAVINGS AND LOAN ASSOCIATIONS AND CREDIT UNIONS WITH MEMBERSHIP IN AN APPROVED
SIGNATURE GUARANTEE MEDALLION PROGRAM, PURSUANT TO S.E.C. RULE 17Ad-15 UNDER THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED).Exhibit 4.4

 

REGISTRATION
RIGHTS AGREEMENT

 

THIS
REGISTRATION RIGHTS AGREEMENT (this “Agreement”) is entered into as of September 28,
2022 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.

 

    2

    

    

 

“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.

 

    3

    

    

 

“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.

 

    4

    

    

 

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.

 

    5

    

    

 

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.

 

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).

 

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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.

 

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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.

 

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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.

 

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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.

 

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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.

 

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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.

 

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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).

 

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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:
	 	 	 
	 	Tim Hortons Restaurants International GmbH
	 	 	 
	 	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:
	 	 
	 	Pangaea Two Acquisition Holdings XXIIB Limited

 

		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:
	 	 
	 	L&L Tomorrow Holdings Limited

 

		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:
	 	 
	 	Lord Winterfell Limited

 

		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:
	 	 
	 	THC Hope IB Limited

 

		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:
	 	 
	 	SILVER CREST MANAGEMENT LLC

 

		By:	

Name:

Title:

 

	 	Address for Notice:
	 	 
	 	Address:
	 	 
	 	 
	 	 
	 	Facsimile No.:
	 	Telephone No.:
	 	Email:

 

{Exhibit A 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}

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