Document:

Exhibit 10.3

 

AMENDED AND RESTATED SUBSCRIPTION AGREEMENT

 

This Amended and Restated
Subscription Agreement (this “Agreement”), is made by and between SEVEN STARS CLOUD GROUP, INC., a Nevada
corporation (the “Company”) and GT DOLLAR PTE. LTD., a Singaporean corporation (“Subscriber”)
as of the date this Agreement is accepted by the Company, as set forth on the Company’s signature page hereto.

 

WHEREAS, the Subscriber
and the Company entered into a Subscription Agreement on March 17, 2018 (the “Original Agreement”),
whereby the Subscriber has agreed to purchase from the Company, for the purchase price of Twenty Five Million Sixty Six Thousand
Eight Hundred Seventy Eight Dollars and Twenty Cents ($25,066,878.20), that number of shares of the Company’s common stock,
at the price of One Dollar and Eighty-Two cents ($1.82) per share (“Common Stock”), in a private placement (the
 “Original Offering”); and

 

WHEREAS, following
execution of the Original Agreement, the Subscriber intends to reduce its subscribed amount of the Original Offering to Ten Million
Dollars Ninety-Two Cents ($10,000,000.92) at the price of One Dollar and Eighty-Two cents ($1.82) per share (the “Offering”),
and the Company agrees to the aforesaid changes.

 

WHEREAS, the Subscriber
understands that the Amended Offering is being made without registration of the Common Stock under the Securities Act of 1933,
as amended (the “Securities Act”), or any securities law of any state of the United States or of any other jurisdiction,
and is being made only to “accredited investors” or non-U.S. persons.

 

NOW, THEREFORE, the
Parties agree to amend and restate the Original Agreement in its entirety by entering into this Agreement. For and in consideration
of the premises and the mutual covenants hereinafter set forth, the parties hereto do hereby agree as follows:

 

1. Subscription for Securities.

 

(a) Subscription
for Securities. Subject to the terms and conditions hereinafter set forth, Subscriber hereby irrevocably subscribes for and
agrees to purchase from the Company such amounts of Common Stock as is set forth on the signature page hereof (the “Shares”)
at a price of $1.82 per Share, for an aggregate purchase price of Ten Million Dollars Ninety-Two Cents ($10,000,000.92) (the “Purchase
Price”), and the Company agrees to sell such Shares to Subscriber for the Purchase Price, subject to the Company’s
right, in its sole discretion, to reject this subscription, in whole or in part, at any time prior to the Closing (as defined below).
Subscriber acknowledges that the Shares will be subject to restrictions on transfer as set forth in this Agreement. Subscriber
further acknowledges that absent receipt of the necessary stockholder approval and certain other conditions, the Company is prevented
from issuing to the Subscriber an amount of shares of the Company’s common stock in excess of 19.9% of the Company’s
aggregate shares of common stock outstanding immediately prior to the Closing.

 

    	 	 1	 

     

    

 

2. Terms of Subscription.

 

(a) Payment.
Subscriber shall make payment for the Shares by wire transfer of immediately available funds to an account designated by the Company
in the amount of Ten Million Dollars Ninety-Two Cents ($10,000,000.92) on or prior to June _21__, 2018.

 

(b)
Acceptance of Subscription and Issuance of Shares. It is understood and agreed that the Company shall have the sole
right, at its complete discretion, to accept or reject this subscription, in whole or in part, for any reason and that the same
shall be deemed to be accepted by the Company only when it is signed by a duly authorized officer of the Company and delivered
to the undersigned at the Closing (as defined below). Notwithstanding anything in this Agreement to the contrary, the Company shall
have no obligation to issue any of the Shares to any person who is a resident of a jurisdiction in which the issuance of Shares
to such person would constitute a violation of the securities, “blue sky” or other similar
laws.

 

(c) Closing.
The Offering may be consummated at such place (or by electronic transmission) as may be mutually agreed upon by the parties at
a closing (the “Closing”) to occur on a date as may be determined by the Company, at a time as may be determined
by the Company. Subsequent closings may occur at the discretion of the Company.

 

(d) Closing
Deliverables. At the Closing: (i) Subscriber shall deliver the Purchase Price; and (ii) the Company shall deliver
a share certificate representing the Shares to Subscriber that bears an appropriate legend referring to the fact that the Shares
are subject to transfer restrictions as set forth in the Securities Act.

 

(e) Lockup
Period. In exchange for valuable consideration, the receipt and sufficiency of which are hereby acknowledged, Subscriber agrees
that, during the period beginning on the date this Agreement (and any subsequent Agreement designating the issuance of additional
Company shares to Subscriber) is fully executed and ending on the nine month anniversary thereof, Subscriber will not (and will
cause any spouse, domestic partner, lineal descendant, parent, stepparent, sibling, stepsibling, uncle, aunt, niece, nephew, first
cousin, or any other person with whom the undersigned has a relationship by blood, marriage or adoption not to), without the prior
written consent of the Company, directly or indirectly, (i) sell, offer to sell, contract to sell or lend, pledge, hypothecate
or grant any security interest in, or in any other way transfer or dispose of, any purchased Shares whether now owned or hereafter
acquired by Subscriber (collectively, the “Lock-Up Securities”), (ii) make any demand for, or exercise
any right with respect to the registration of any of the Lock-Up Securities, or the filing of any registration statement, prospectus
or prospectus supplement, (iii) enter into any swap, hedge or any other agreement or any transaction that transfers, in whole
or in part, the economic consequence of ownership of the Lock-Up Securities or (iv) publicly announce the intention to do
any of the foregoing.

 

    	 	 2	 

     

    

 

3. Representations and Warranties
of Subscriber.

 

Subscriber represents and warrants
to the Company that:

 

(a) Reliance
on Exemptions. Subscriber understands that the Shares are being offered and sold in reliance upon specific exemptions from
registration provided in the Securities Act, and upon exemptions from registration under State securities laws, and acknowledges
that the Offering has not been reviewed by the Securities and Exchange Commission or any state agency because it is intended to
be a nonpublic offering exempt from the registration requirements of the Securities Act and State securities laws. Subscriber understands
that the Company is relying upon, and intends that the Company rely upon, the truth and accuracy of, and Subscriber’s compliance
with, the representations, warranties, agreements, acknowledgments and understandings of Subscriber set forth herein in order to
determine the availability of such exemptions and the eligibility of Subscriber to acquire the Shares.

 

(b) Investment
Purpose. The undersigned is either (i) an “accredited investor” if a U.S. investor, or (ii) not a U.S.
person as defined under Rule 902 of Regulation S, and the Shares are being purchased for Subscriber’s own account,
for investment purposes only and not for distribution or resale to others in contravention of the registration requirements of
the Securities Act. Subscriber agrees that it will not sell or otherwise transfer the Shares unless they are registered under the
Securities Act or unless an exemption from such registration is available under the Securities Act and permitted by the certificate
of incorporation of the Company. Subscriber has no contract, undertaking, agreement, or arrangement with any person to sell, distribute,
transfer, or pledge to such person or anyone else the Shares which Subscriber hereby subscribes to purchase, or any interest therein,
and Subscriber has no present plans to enter into any such contract, undertaking, agreement, or arrangement. Subscriber agrees
that the Company and its affiliates shall not be required to give effect to any purported transfer of such Shares except upon compliance
with the foregoing restrictions.

 

(c)
Accredited Investor. Subscriber, is an “accredited investor” as such term is defined in Rule 501
of Regulation D promulgated under the Securities Act, as amended to date, a summary of which is attached hereto as Exhibit B,
and Subscriber is able to bear the economic risk of any investment in the Shares and in the Company. Subscriber shall complete
and deliver to the Company prior to Closing an executed copy of the Accredited Investor Questionnaire attached hereto as Exhibit A.

 

(d) Risk
of Investment. Subscriber recognizes that the purchase of the Shares involves a high degree of risk in that: (i) an investment
in the Company is highly speculative and only investors who can afford the loss of their entire investment should consider investing
in the Company and the Shares; (ii) transferability of the Shares is limited; and (iii) the Company may require substantial
additional funds to operate its business and there can be no assurance that the Offering will be completed.

 

    	 	 3	 

     

    

 

(e) Use
of Proceeds. Subscriber understands that the net proceeds of the Offering will be used for the Company’s operations,
mainly the expansion of digital asset business, particularly in the area of entertainment, intellectual property, arts, and medical
asset.

 

(f) Prior
Investment Experience. Subscriber understands the business in which the Company is engaged and has such knowledge and experience
in business and financial matters that Subscriber is capable of evaluating the merits and risks of the investment in the Shares.
Subscriber has prior investment experience, and Subscriber recognizes the highly speculative nature of this investment.

 

(g) Information
and Non-Reliance.

 

(i) Subscriber
acknowledges that Subscriber has carefully reviewed this Agreement, which Subscriber acknowledges has been provided to Subscriber.
Subscriber has been given the opportunity to ask questions of, and receive answers from, the Company concerning the terms and conditions
of this Offering and the Agreement and to obtain such additional information, to the extent the Company possesses such information
or can acquire it without unreasonable effort or expense, necessary to verify the accuracy of same as Subscriber reasonably desires
in order to evaluate the investment. Subscriber understands the Agreement, and Subscriber has had the opportunity to discuss any
questions regarding the Agreement with Subscriber’s counsel or other advisor. Notwithstanding the foregoing, the only information
upon which Subscriber has relied is that set forth in the Agreement and the results of independent investigation by Subscriber.
Subscriber has received no representations or warranties from the Company, its employees, agents or attorneys in making this investment
decision other than as set forth in the Agreement. Subscriber does not desire to receive any further information.

 

(ii) The Subscriber
represents that it is not relying on (and will not at any time rely on) any communication (written or oral) of the Company, as
investment advice or as a recommendation to purchase the Shares, it being understood that information and explanations related
to the terms and conditions of the Shares and the Agreement shall not be considered investment advice or a recommendation to purchase
the Shares.

 

(iii) The Subscriber
confirms that the Company has not (i) given any guarantee or representation as to the potential success, return, effect or
benefit (either legal, regulatory, tax, financial, accounting or otherwise) of an investment in the Shares or (ii) made any
representation to the Subscriber regarding the legality of an investment in the Shares under applicable legal investment or similar
laws or regulations. In deciding to purchase the Shares, the Subscriber is not relying on the advice or recommendations of the
Company and the Subscriber has made its own independent decision that the investment in the Shares is suitable and appropriate
for the Subscriber.

 

    	 	 4	 

     

    

 

(h)
Tax Consequences. Subscriber acknowledges that the Offering may involve tax consequences and that the contents of
this Agreement do not contain tax advice or information. Subscriber acknowledges that Subscriber must retain Subscriber’s
own professional advisors to evaluate the tax and other consequences of an investment in the Shares. Subscriber intends to acquire
the Shares without regard to tax consequences.

 

(i) Transfer
or Resale. The Subscriber is acquiring the Shares solely for the Subscriber’s own beneficial account, for investment
purposes, and not with a view to, or for resale in connection with, any distribution of the Shares. Subscriber understands that
the Shares have not been registered under the Securities Act or the securities laws of any state and, as a result thereof, arc
subject to substantial restrictions on transfer. Subscriber acknowledges that Subscriber may be precluded from selling or otherwise
disposing of the Shares for an indefinite period of time. Subscriber consents that the Company may, if it desires, permit the transfer
of the Shares out of Subscriber’s name only when Subscriber’s request for transfer is accompanied by an opinion of
counsel reasonably satisfactory to the Company that neither the sale nor the proposed transfer results in a violation of the Securities
Act or any applicable state “blue sky” laws.

 

(j) No
General Solicitation. Subscriber was not induced to invest in the Company or in the Shares by any form of general solicitation
or general advertising including, but not limited to, the following: (i) any advertisement, article, notice or other communication
published in any newspaper, magazine or similar media or broadcast over the news or radio; (ii) any seminar or meeting whose
attendees were invited by any general solicitation or advertising; and (iii) any solicitation within the United States.

 

(k) Due
Authorization; Enforcement. Subscriber has all requisite power and authority (and in the case of an individual, capacity) to
purchase and hold the Shares, to execute, deliver and perform Subscriber’s obligations under this Agreement and when executed
and delivered by Subscriber, this Agreement will constitute legal, valid and binding agreements of Subscriber enforceable against
Subscriber in accordance with their terms, except as enforceability may be limited by applicable bankruptcy, insolvency, reorganization,
moratorium or similar laws affecting creditors’ and contracting parties’ rights generally, and except as enforceability
may be subject to general principles of equity (regardless of whether such enforceability is considered in a proceeding in equity
or at law).

 

(l) Address.
The residence address of Subscriber furnished by Subscriber on the signature page hereto is Subscriber’s principal residence
if Subscriber is an individual or its principal business address if it is a corporation, partnership, trust or other entity.

 

(m) Compliance
with Laws. The Subscriber will comply with all applicable laws and regulations in effect in any jurisdiction in which the Subscriber
purchases or sells Shares and obtain any consent, approval or permission required for such purchases or sales under the laws and
regulations of any jurisdiction to which the Subscriber is subject or in which the Subscriber makes such purchases or sales, and
the Company shall have no responsibility therefore.

 

    	 	 5	 

     

    

 

(n) Accuracy
of Representations and Warranties. The information set forth herein concerning Subscriber is true and correct. The Subscriber
understands that, unless the Subscriber notifies the Company in writing to the contrary at or before the Closing, each of the Subscriber’s
representations and warranties contained in this Agreement will be deemed to have been reaffirmed and confirmed as of the Closing,
taking into account all information received by the Subscriber.

 

(o) Entity
Representation. If Subscriber is a corporation, partnership, trust or other entity, such entity further represents and warrants
that it was not formed for the purpose of investing in the Company.

 

4. Representations and Warranties
of the Company.

 

The Company represents and warrants
to Subscriber that:

 

(a) Organization.
The Company is organized and validly existing in good standing under the laws of the State of Nevada.

 

(b) Due
Authorization, Enforcement and Valid Issuance. The Company has all requisite power and authority to execute, deliver and perform
its obligations under this Agreement, and when executed and delivered by the Company, this Agreement will constitute legal, valid
and binding agreements of the Company enforceable against the Company in accordance with its terms, except as enforceability may
be limited by applicable bankruptcy, insolvency, reorganization, moratorium or similar laws affecting creditors’ and contracting
parties’ rights generally, and except as enforceability may be subject to general principles of equity (regardless of whether
such enforceability is considered in a proceeding in equity or at law). The Shares have been duly authorized and, when issued and
paid for in accordance with the terms of this Agreement, will be duly and validly issued, fully paid and nonassessable.

 

(c) Noncontravention.
The execution and delivery of this Agreement and the consummation of the transactions contemplated hereby will not conflict with
or constitute a violation of, or default under (i) any material agreement to which the Company is a party or by which it or
any of its properties are bound or (ii) the organizational documents of the Company.

 

5. Conditions to Obligations
of the Subscriber and the Company.

 

The
obligations of the Subscriber to purchase and pay for the Shares specified on the signature page hereof and of the Company to sell
the Shares are subject to the satisfaction at or prior to the Closing of the following conditions precedent:

 

(a) Representations
and Warranties. The representations and warranties of the Subscriber contained in Section 3 hereof and of the Company
contained in Section 4 hereof shall be true and correct as of the Closing in all respects with the same effect
as though such representations and warranties had been made as of the Closing.

 

    	 	 6	 

     

    

 

6. Legends.

 

The certificates representing the Securities
sold pursuant to this Agreement will be imprinted with legends in substantially the following form:

 

“THE
SECURITIES REPRESENTED HEREBY HAVE BEEN ACQUIRED FOR INVESTMENT AND HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933,
AS AMENDED (THE “ACT”). SUCH SHARES MAY NOT BE SOLD, PLEDGED, OR TRANSFERRED PURSUANT TO AN EFFECTIVE REGISTRATION
STATEMENT UNDER THE SECURITIES ACT OR PURSUANT TO AN AVAILABLE EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION
REQUIREMENTS OF TI-1E SECURITIES ACT AND IN ACCORDANCE WITH APPLICABLE STATE SECURITIES LAWS AS EVIDENCED BY A LEGAL OPINION OF
COUNSEL TO THE TRANSFEROR TO SUCH EFFECT, THE SUBSTANCE OF WHICH SHALL BE REASONABLY ACCEPTABLE TO THE COMPANY.”

 

and other legend language that may be determined
by the Company and its counsel from time to time.

 

7. Miscellaneous.

 

(a) Notice.
Any notices, consents, waivers or other communications required or permitted to be given under the terms of this Agreement must
be in writing and will be deemed to have been delivered: (i) upon receipt, when delivered personally; (ii) upon receipt,
when sent by facsimile (provided confirmation of transmission is mechanically or electronically generated and kept on file by the
sending party); or (iii) one (1) business day after deposit with an overnight courier service, in each case properly
addressed to the party to receive the same. The addresses and facsimile numbers for such communications shall be:

 

	If to the

                                                       Company:
	SEVEN STARS CLOUD GROUP, INC.
	 	No. 4 Drive-in Movie Theater Park, No. 21 Liangmaqiao
	 	Road Chaoyang, District, Beijing, P.R.C. 100125
	 	Attn: Legal Department
	 	 
	with a copy

                                           to:
	Cooley LLP
	 	1114 Avenue of the Americas
	 	New York, NY 10036-7798
	 	Attention: William N. Haddad
	If to Subscriber,	 
	 	GT Dollar Ptd. Ltd.
	 	10 Kallang Avenue,
	 	Aperia Tower 2 #13-18, Postal Code 339510
	 	Attn: Legal Department

 

 

    	 	 7	 

     

    

 

(b) Entire
Agreement: Amendment. This Agreement, which includes the exhibits referred to herein, supersedes all other prior oral or written
agreements between Subscriber, the Company, their affiliates and persons acting on their behalf with respect to the matters discussed
herein, and constitutes the entire understanding of the parties with respect to the matters covered herein. No provision of this
Agreement may be amended or waived other than by an instrument in writing signed by the Company and Subscriber.

 

(c) Severability.
If any provision of this Agreement shall be invalid or unenforceable in any jurisdiction, such invalidity or unenforceability shall
not affect the validity or enforceability of the remainder of this Agreement in that jurisdiction or the validity or enforceability
of any provision of this Agreement in any other jurisdiction.

 

(d) Governing
Law. This Agreement shall be governed by and construed in accordance with the laws of the State of Nevada, without giving effect
to any choice of law or conflict of law provision or rule.

 

(e) Successors
and Assigns. This Agreement shall be binding upon and inure to the benefit of the parties and their respective successors and
assigns. Subscriber shall not assign its rights hereunder without the prior written consent of the Company.

 

(f) No
Third-Party Beneficiaries. This Agreement is intended for the benefit of the parties hereto and their respective permitted
successors and assigns, and is not for the benefit of, nor may any provision hereof he enforced by, any other person.

 

(g) Notification
of Changes. The Subscriber hereby covenants and agrees to notify the Company upon the occurrence of any event prior to the
closing of the purchase of the Shares pursuant to this Agreement which would cause any representation, warranty or covenant of
the Subscriber contained in this Agreement to be false or incorrect.

 

(h) Further
Assurances. Each party shall do and perform, or cause to be done and performed, all such further acts and things, and shall
execute and deliver all such other agreements, certificates, instruments and documents, as the other party may reasonably request
in order to early out the intent and accomplish the purposes of this Agreement and the consummation of the transactions contemplated
hereby.

 

(i) Legal
Representation. Subscriber acknowledges that: (i) Subscriber has read this Agreement and the exhibits referred to herein;
(ii) Subscriber understands that the Company has been represented in the preparation, negotiation and execution of the Agreement;
and (iii) Subscriber understands the terms and conditions of this Agreement and is fully aware of their legal and binding
effect

 

    	 	 8	 

     

    

 

(j) Expenses.
Each party will bear its own costs and expenses (including legal and accounting fees and expenses) incurred in connection with
this Agreement and the transactions contemplated hereby.

 

(k) Counterparts.
This Agreement may be executed in counterparts, all of which shall be considered one and the same agreement. The exchange of signature
pages by facsimile transmission, by electronic mail in “portable document format” (“.pdf”) form or by any
other electronic means intended to preserve the original graphic and pictorial appearance of a document shall constitute effective
execution and delivery of this Agreement as to the parties.

 

[SIGNATURE PAGES FOLLOW]

 

    	 	 9	 

     

    

 

SUBSCRIBER:

 

/s/ Chan Cheh Shin
                            

GT DOLLAR PTE. LTD

Name: Chan Cheh Shin

Title: Vice President

Date: June __21__, 2018

 

Number of Shares subscribed for:

 

5,494,506 shares of Common Stock at $1.82

per share

 

Total Purchase Price for the Securities:

$10,000,000.92

 

Registered & Mailing Address:

 

	GT Dollar Pte Ltd	 
	10 Kallang Avenue,	 
	Aperia Tower 2 #13-18, Postal Code 339510	 
	Singapore	 

 

    	 	 10	 

     

    

 

COMPANY SIGNATURE PAGE TO AMENDED AND RESTATED SUBSCRIPTION
AGREEMENT

 

–PLEASE DO NOT WRITE BELOW THIS LINE–

 

COMPANY USE ONLY

 

	 	Accepted and Agreed:	 
	 	 	 	 
	 	SEVEN STARS CLOUD GROUP, INC.	 
	 	 	 	 
	 	By:	/s/ Bruno Wu	 
	 	Name:	Bruno Wu	 
	 	Title:	CEO and Chairman	 
	 	 	 	 
		As of: June 21, 2018	 

 

    	 

     

    

 

EXHIBIT A

 

Confidential Accredited Investor Questionnaire

 

To: SEVEN STARS CLOUD GROUP, INC.

 

SEVEN STARS CLOUD GROUP, INC., a Nevada
corporation (the “Company”), is offering in a private placement (“Offering”) pursuant to
an accompanying subscription agreement, including, without limitation, all exhibits and annexes made a part thereto (collectively,
the “Subscription Agreement”) shares of its Common Stock, at price of $1.82 per share (the “Shares”).
The undersigned Subscriber is purchasing Shares pursuant to the Offering and acknowledges that all capitalized terms not otherwise
defined herein have the meanings set forth in the Subscription Agreement.

 

I. The Subscriber represents and warrants
that he or it comes within one category marked below, and that for any category marked, he or it has truthfully set forth,
where applicable, the factual basis or reason the Subscriber comes within that category. ALL INFORMATION IN RESPONSE TO THIS SECTION
WILL BE KEPT STRICTLY CONFIDENTIAL EXCEPT AS NECESSARY FOR THE COMPANY TO COMPLY WITH LAW AND/OR ANY RULES PROMULGATED BY ANY REGULATORY
AGENCY. The undersigned shall furnish any additional information which the Company deems necessary in order to verify the answers
set forth below.

 

	Category A__X___	
        The undersigned is an individual (not a
        partnership, corporation, etc.) whose individual net worth, or joint net worth with his or her spouse, presently exceeds $1,000,000.

         

        Explanation. In calculating net
        worth you may include equity in personal property and real estate (other than the value, after deducting mortgage obligations,
        of Subscriber’s principal residence which may not be included in such net worth calculation), cash, short-term investments,
        stock and securities. Equity in personal property and real estate should be based on the fair market value of such property less
        debt secured by such property.

         

	Category B____	The undersigned is an individual (not a partnership, corporation, etc.) who had an individual income in excess of $200,000 in each of the two most recent years, or joint income with his or her spouse in excess of $300,000 in each of those years (in each case including foreign income, tax exempt income and full amount of capital gains and losses but excluding any income of other family members and any unrealized capital appreciation) and has a reasonable expectation of reaching the same income level in the current year.
	Category C____	The undersigned is a director or executive officer of the Company which is issuing and selling the Shares.
	Category D____	
        The undersigned is a bank; a savings and
        loan association; insurance company; registered investment company; registered business development company; licensed small business
        investment company (“SBIC”); or employee benefit plan within the meaning of Title I of ERISA and (a) the
        investment decision is made by a plan fiduciary which is either a bank, savings and loan association, insurance company or registered
        investment advisor, or (b) the plan has total assets in excess of $5,000,000 or is a self-directed plan with investment decisions
        made solely by persons that are accredited investors.

         

        _______________________________

        _______________________________

        (describe entity)

         

 

    	 

     

    

 

 

	Category E____	
        The undersigned is a private
        business development company as defined in Section 202(a)(22) of the Investment Advisors Act of 1940.

         

        _______________________________

        _______________________________

        (describe entity)

         

	Category F_X___	
        The undersigned is either
        a corporation, partnership, Massachusetts business trust, or non-profit organization within the meaning of Section 501(c)(3)
        of the Internal Revenue Code, in each case not formed for the specific propose of acquiring the Shares and with total assets in
        excess of $5,000,000.

         

        _______________________________

        _______________________________

        (describe entity)

         

	Category G____	The undersigned is a trust with total assets in excess of $5,000,000, not formed for the specific purpose of acquiring the Shares, where the purchase is directed by a “sophisticated person” as defined in Regulation 506(b)(2)(ii) under the Securities Act of 1933.
	Category H____	
        The undersigned is an entity
        (other than a trust) all the equity owners of which are “accredited investors” within one or more of the above categories.
        If relying upon this Category alone, each equity owner must complete a separate copy of this Agreement.

         

        _______________________________

        _______________________________

        (describe entity)

         

	Category I____	The undersigned is not within any of the categories above and is therefore not an accredited investor.

 

For purposes hereof, “individual
income” means adjusted gross income less any income attributable to a spouse or to property owned by a spouse, increased
by the following amounts (but not including airy amounts attributable to a spouse or to property owned by a spouse): (i) the
amount of any interest income received which is tax-exempt wider Section 103 of the Internal Revenue Code of 1986, as amended
(the “Code”), (ii) the amount of losses claimed as a limited partner in a limited partnership (as reported
on Schedule E of Form 1040), (iii) any deduction claimed for depletion under Section 611 et seq. of the Code,
and (iv) any amount by which income from long-term capital gains has been reduced in arriving at adjusted gross income pursuant
to the provisions of Section 12.02 of the Code.

 

The undersigned agrees
that the undersigned will notify the Company at any time on or prior to the execution of the Subscription Agreement or this Questionnaire
in the event that the representations and warranties in the Subscription Agreement or in this Questionnaire shall cease to be true,
accurate and complete.

 

    	 

     

    

 

II.       Disqualification
Events.

 

		1.	Certain Criminal Convictions.

 

Have you been convicted, within the
past ten (10) years (or five (5) years, in the case of the Company, its predecessors and affiliated issuers), of any
felony or misdemeanor involving:

 

		 ̈	in connection with the purchase or sale of any security;

 

		 ̈	involving the making of any false filing with the SEC; or

 

		 ̈	arising out of the conduct of the business of an underwriter, broker, dealer, municipal securities dealer, investment advisor
or paid solicitor of purchasers of securities?

 

		 ̈	Yes. If yes, please explain:
	 	 	 
	 	 	 
	 	 	 
	 	 	 

  

		 ̈	No.

 

		2.	Certain Court Injunctions and Restraining Orders.

 

Are you subject
to any order, judgment or decree of any court of competent jurisdiction that was entered within the past five (5) years and
currently restrains or enjoins you from engaging in any conduct or practice:

 

		 ̈	in connection with the purchase or sale of any security;

 

		 ̈	involving the making of any false filing with the SEC; or

 

		 ̈	arising out of the conduct of the business of an underwriter, broker, dealer, municipal securities dealer, investment adviser
or paid solicitor of purchasers of securities?

 

		 ̈	Yes. If yes, please explain:
	 	 	 
	 	 	 
	 	 	 
	 	 	 

  

		 ̈	No.

 

    	 

     

    

 

		3.	Final Orders of Certain State and Federal Regulators.

 

Are you subject to a Final Order
(as defined below) of state regulators of securities, insurance, banking, savings associations or credit unions; federal banking
agencies; the Commodity Futures Trading Commission; or the National Credit Union Administration that:

 

		 ̈	bars you from:

 

		 ̈	associating with an entity regulated by any of the aforementioned regulators;

 

		 ̈	engaging in the business of securities, insurance or banking; or

 

		 ̈	engaging in savings association or credit union activities; or

 

		 ̈	constitutes a Final Order based on a violation of any law or regulation that prohibits fraudulent, manipulative, or deceptive
conduct entered within the past ten (10) years?

 

		 ̈	Yes. If yes, please explain:
	 	 	 
	 	 	 
	 	 	 
	 	 	 

  

		 ̈	No.

 

The term “Final Order”
means a written directive or declaratory statement issued by a federal or state agency described in Rule 506(d)(1)(iii) under
the Securities Act of 1933 under applicable statutory authority that provides for notice and an opportunity for a hearing, which
constitutes a final disposition or action by that federal or state agency.

 

		4.	SEC Disciplinary Orders.

 

Are you subject to any order of the Securities and
Exchange Commission (“SEC”) that currently:

 

		 ̈	suspends or revokes your registration as a broker, dealer, municipal securities dealer or investment adviser;

		 ̈	places limitations on the activities, functions or operations of, or imposes civil money penalties on, such person; or

		 ̈	bars you from being associated with any entity or from participating in the offering of any penny stock?[1]

 

		 ̈	Yes. If yes, please explain:
	 	 	 
	 	 	 
	 	 	 
	 	 	 

  

		 ̈	No.

 

 

 

		1	A disqualification based
on a suspension or limitation of activities expires when the suspension or limitation expires.

  

    	 

     

    

 

		5.	SEC Cease-and-Desist Orders.

 

Are you subject
to any order of the SEC that was entered within the past five (5) years and currently orders you to cease and desist from
committing or causing a future violation of:

 

		 ̈	any scienter-based (intent-based) anti-fraud provision of the federal securities laws (including,
for example, but not limited to):

 

		 ̈	Section 17(a)(1) of the Securities Act of 1933,

 

		 ̈	Section 10(b) of the Exchange Act and Rule 10b-5, and

 

		 ̈	Section 15(c)(1) of the Securities Exchange Act); or

 

		 ̈	Section 5 of the Securities Act of 1933, which generally requires that securities be registered
and prohibits the sale of unregistered securities.

 

		 ̈	Yes. If yes, please explain:
	 	 	 
	 	 	 
	 	 	 
	 	 	 

 

		 ̈	No.

 

		6.	SRO Suspension/Expulsion.

 

Have you been
suspended or expelled from membership in, or suspended or barred from association with a member of, a securities self-regulatory
organization (“SRO”, such as a registered national securities exchange or a registered national or affiliated
securities association, including FINRA) for any act or omission to act constituting conduct inconsistent with just and equitable
principles of trade?

 

		 ̈	Yes. If yes, please explain:
	 	 	 
	 	 	 
	 	 	 
	 	 	 

  

		 ̈	No.

 

    	 

     

    

 

		7.	SEC Stop Orders.

 

Have
you filed (as a registrant or issuer), or were you named as an underwriter in any registration statement or Regulation A offering
statement filed with the SEC that, within the past five (5) years, was the subject
of a refusal order, stop order, or order suspending the Regulation A exemption, or is currently the subject of an investigation
or proceeding to determine whether a stop order or suspension order should be issued?

 

		 ̈	Yes. If yes, please explain:
	 	 	 
	 	 	 
	 	 	 
	 	 	 

 

		 ̈	No.

 

		8.	USPS False Representations Order.

 

Are
you subject to a United States Postal Service (“USPS”) false representation order entered within the past five (5)
years, or are you currently subject to a temporary restraining order or preliminary injunction with respect to conduct alleged
by the USPS to constitute a scheme or device for obtaining money or property through the mail by means of false representations?

  

		 ̈	Yes. If yes, please explain:
	 	 	 
	 	 	 
	 	 	 
	 	 	 

  

		 ̈	No.

 

    	 

     

    

 

III. The undersigned is informed of the
significance to the Company of the foregoing representations and answers contained in this Questionnaire contained herein and such
answers have been provided under the assumption that the Company will rely on them.

 

IV. In furnishing the above information,
the undersigned acknowledges that the Company will be relying thereon in determining, among other things, whether there are reasonable
grounds to believe that the undersigned qualifies as a Purchaser under Section 4(a)(2) and/or Regulation D of the Securities
Act of 1933 and applicable state securities laws for the purposes of the proposed investment.

 

V. The undersigned understands and agrees
that the Company may request further information of the undersigned in verification or amplification of the undersigned’s
knowledge of business affairs, the undersigned’s assets and the undersigned’s ability to bear the economic risk involved
in an investment in the securities of the Company.

 

VI. The undersigned represents to you that
(a) the information contained herein is complete and accurate on the date hereof and may be relied upon by you, (b) the
undersigned will notify you immediately of any change in any such information occurring prior to the acceptance of the subscription
and will promptly send you written continuation of such change. The undersigned hereby certifies that he, she or it has read and
understands the Subscription Agreement related hereto and (c) the undersigned acknowledges that you may be required to publicly
disclose the information provided in this Questionnaire and that he or it consents to such public disclosure.

 

VII. INFORMATION VERIFICATION
CONSENT.

 

BY
SIGNING THIS QUESTIONNAIRE, SUBSCRIBER HEREBY GRANTS THE COMPANY PERMISSION TO REVIEW ALL PUBLICLY AVAILABLE INFORMATION REGARDING
SUBSCRIBER, INCLUDING, BUT NOT LIMITED TO INFORMATION PROVIDED BY THE OFFICE OF FOREIGN ASSETS CONTROL (“OFAC”)
FOR THE PURPOSE OF VERIFYING INFORMATION PROVIDED BY SUBSCRIBER HEREIN.

 

 

[SIGNATURE
PAGE FOLLOWS]

 

 

 

    	 

     

    

 

INVESTOR QUESTIONNAIRE EXECUTION PAGE

 

	 	 
	Signature	 
	 	 
	Chan Cheh Shin	 
	Name Typed or Printed	 
	 	 
	GT DOLLAR PTD. LTD.	 
	Entity Name	 
	 	 
	10 Kallang Avenue, Aperia Tower 2,	 
	Postal Code 339510 SINGAPORE	 
	City, State and Zip Code	 

 

    	 

     

    

 

EXHIBIT B

 

DEFINITION OF ACCREDITED
INVESTOR

 

“Accredited investor”
means any person who comes within any of the following categories, or who the Company reasonably believes comes within any of the
following categories, at the time of the sale of the Shares to that person:

 

		1.	Any bank as defined in Section 3(a)(2) of the Securities Act, or any savings and loan association
or other institution as defined in Section 3(a)(5)(A) of the Securities Act whether acting in its individual or fiduciary
capacity; any broker or dealer registered pursuant to Section 15 of the Securities Exchange Act of 1934; any insurance company
as defined in Section 2(13) of the Securities Act; any investment company registered under the Investment Company Act of 1940
or a business development company as defined in Section 2(a)(48) of that Act; any Small Business Investment Company licensed
by the U.S. Small Business Administration under Section 301(c) or (d) of the Small Business Investment Act of 1958; any plan
established and maintained by a state, its political subdivisions, or any agency or instrumentality of a state or its political
subdivisions, for the benefit of its employees, if such plan has total assets in excess of $5,000,000; any employee benefit plan
within the meaning of the Employee Retirement Income Security Act of 1974 if the investment decision is made by a plan fiduciary,
as defined in Section 3(21) of such Act, which is either a bank, savings and loan association, insurance company, or registered
investment adviser, or if the employee benefit plan has total assets in excess of $5,000,000 or, if a self-directed plan, with
investment decisions made solely by persons that are accredited investors;

 

		2.	Any private business development company as defined in Section 202(a)(22) of the Investment
Advisers Act of 1940;

 

		3.	Any organization described in Section 501(c)(3) of the Internal Revenue Code, corporation,
Massachusetts or similar business trust, or partnership, not formed for the specific purpose of acquiring the Shares offered, with
total assets in excess of $5,000,000;

 

		4.	Any director, executive officer, or general partner of the issuer of the Company, or any director
or executive officer of the Company;

 

		5.	Any natural person whose individual net worth, or joint net worth with that person’s spouse,
at the time of his purchase exceeds $1,000,000, provided that for purposes of this item 5, “net worth” means
the excess of total assets at fair market value (including personal and real property, but excluding the value of a person’s
primary home) over total liabilities (excluding any mortgage on the primary home in an amount of up to the home’s fair
market value, but including any mortgage amount in excess of the home’s fair market value);

 

		6.	Any natural person who had an individual income in excess of $200,000 in each of the two most recent
years or joint income with that person’s spouse in excess of $300,000 in each of those years and has a reasonable expectation
of reaching the same income level in the current year, provided that for purposes of this item 6, “income”
means annual adjusted gross income, as reported for federal income tax purposes, plus (a) the amount of any tax-exempt interest
income received; (b) the amount of losses claimed as a limited partner in a limited partnership; (c) any deduction claimed
for depletion; (d) amounts contributed to an IRA or Keogh retirement plan; (e) alimony paid; and (f) any amount
by which income from long-term capital gains has been reduced in arriving at adjusted gross income pursuant to the provisions of
Section 1202 of the Internal Revenue Code of 1986, as amended;

 

    	 

     

    

 

		7.	Any trust, with total assets in excess of $5,000,000, not fanned for the specific purpose of acquiring
the Shares offered, whose purchase is directed by a sophisticated person as described in Rule 506(b)(2)(ii); and

 

		8.	Any entity in which all of the equity owners are accredited investors.Exhibit 10.4

 

REGISTRATION RIGHTS AGREEMENT

 

This
Registration Rights Agreement (this  "Agreement") is made and entered into as of June 28, 2018 among Seven
Stars Cloud Group, Inc., a Nevada corporation (the  "Company"), and Advantech Capital Investment II Limited,
an exempted company incorporated and existing under the laws of the Cayman Islands (the "Investor").

 

WHEREAS,
the Company and the Investor are parties to an Amended and Restated Convertible Note Purchase Agreement dated as of June 28,
2018 (the "Purchase Agreement"), pursuant to which the Investor is purchasing certain amount of convertible
notes of the Company; and

 

WHEREAS, in connection with the consummation
of the transactions contemplated by the Purchase Agreement, and pursuant to the terms of the Purchase Agreement, the parties hereto
desire to enter into this Agreement in order to grant certain registration rights to the Investor as set forth below.

 

NOW, THEREFORE, in consideration of the
foregoing and the mutual and dependent covenants hereinafter set forth, the parties hereto agree as follows:

 

1.             Defined Terms. As used in this Agreement, the following terms shall have the following meanings:

 

"Affiliate" of a Person
means any other Person that directly, or indirectly through one or more intermediaries, controls or is controlled by, or is under
common control with, such Person. The term "control" (including the terms "controlling", "controlled by"
and "under common control with") means the possession, direct or indirect, of the power to direct or cause the direction
of the management and policies of a Person, whether through the ownership of voting securities, by contract, or otherwise.

 

"Agreement" has the
meaning set forth in the preamble.

 

"Board" means the
board of directors (or any successor governing body) of the Company.

 

"Commission" means
the Securities and Exchange Commission or any other federal agency administering the Securities Act and the Exchange Act at the
time.

 

"Common Stock" means
the common stock of the Company and any other shares of stock issued or issuable with respect thereto (whether by way of a stock
dividend or stock split or in exchange for or upon conversion of such shares or otherwise in connection with a combination of shares,
distribution, recapitalization, merger, consolidation, other corporate reorganization or other similar event with respect to the
Common Stock).

 

     

     

    

 

"Company" has the
meaning set forth in the preamble and includes the Company's successors by merger, acquisition, reorganization or otherwise.

 

"Controlling Person" has
the meaning set forth in Section 5(g).

 

"Demand Registration" has
the meaning set forth in Section 2(b).

 

"DTCDRS" has the meaning
set forth in Section 5(r).

 

"Exchange Act" means
the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder.

 

"Governmental Authority" means
any federal, state, local or foreign government or political subdivision thereof, or any agency or instrumentality of such government
or political subdivision, or any self-regulated organization or other non-governmental regulatory authority or quasi-governmental
authority (to the extent that the rules, regulations or orders of such organization or authority have the force of law), or any
arbitrator, court or tribunal of competent jurisdiction.

 

"Inspectors" has the
meaning set forth in Section 5(h).

 

"Investor" has the
meaning set forth in the preamble.

 

"Long-Form Registration" has
the meaning set forth in Section 2(a).

 

"Person" means an
individual, corporation, partnership, joint venture, limited liability company, Governmental Authority, unincorporated organization,
trust, association or other entity.

 

"Piggyback Registration" has
the meaning set forth in Section 3(a).

 

"Piggyback Registration Statement" has
the meaning set forth in Section 3(a).

 

"Piggyback Shelf Registration Statement" has
the meaning set forth in Section 3(a).

 

"Piggyback Shelf Takedown" has
the meaning set forth in Section 3(a).

 

"Prospectus" means
the prospectus or prospectuses included in any Registration Statement (including, without limitation, a prospectus that includes
any information previously omitted from a prospectus filed as part of an effective Registration Statement in reliance on Rule 430A
under the Securities Act or any successor rule thereto), as amended or supplemented by any prospectus supplement, including any
Shelf Supplement, with respect to the terms of the offering of any portion of the Registrable Securities covered by such Registration
Statement and by all other amendments and supplements to the prospectus, including post-effective amendments and all material incorporated
by reference in such prospectus or prospectuses.

 

    2

     

    

 

"Purchase Agreement" has
the meaning set forth in the recitals.

 

"Records" has the
meaning set forth in Section 5(h).

 

"Registrable Securities" means
(a) the Shares beneficially owned by the Investor or any Shares issuable upon conversion of the Convertible Note owned by the Investor,
and (b) any shares of Common Stock issued or issuable with respect to any shares described in subsection (a) above by way of a
stock dividend or stock split or in exchange for or upon conversion of such shares or otherwise in connection with a combination
of shares, distribution, recapitalization, merger, consolidation, other reorganization or other similar event with respect to the
Common Stock (it being understood that, for purposes of this Agreement, a Person shall be deemed to be a holder of Registrable
Securities whenever such Person has the right to then acquire or obtain from the Company any Registrable Securities, whether or
not such acquisition has actually been effected).

 

"Registration Date" means
the date on which the Company becomes subject to Section 13(a) or Section 15(d) of the Exchange Act.

 

"Registration Statement" means
any registration statement of the Company, including the Prospectus, amendments and supplements (including Shelf Supplements) to
such registration statement, including post-effective amendments, all exhibits and all material incorporated by reference in such
registration statement.

 

"Rule 144" means Rule
144 under the Securities Act or any successor rule thereto.

 

"Securities Act" means
the Securities Act of 1933, as amended, and the rules and regulations promulgated thereunder.

 

"Selling Expenses" means
all underwriting discounts, selling commissions and stock transfer taxes applicable to the sale of Registrable Securities, and
fees and disbursements of counsel for any holder of Registrable Securities, except for the reasonable fees and disbursements of
counsel for the holders of Registrable Securities required to be paid by the Company pursuant to Section 6.

 

"Shares" means the
shares of Common Stock issued or issuable to the Investor.

 

"Shelf Registration" has
the meaning set forth in Section 2(c).

 

"Shelf Registration Statement" has
the meaning set forth in Section 2(c).

 

"Shelf Supplement" has
the meaning set forth in Section 2(d).

 

"Shelf Takedown" has
the meaning set forth in Section 2(c)/Section 2(d).

 

"Shelf Takedown Notice" has
the meaning set forth in Section 2(d).

 

"Short-Form Registration" has
the meaning set forth in Section 2(b).

 

    3

     

    

 

2.             Demand Registration.

 

(a)           At any time after the earlier of 180 days after the date of this Agreement, holders of at least 30% of the Registrable Securities
then outstanding may request registration under the Securities Act of all or any portion of their Registrable Securities pursuant
to a Registration Statement on Form S-1 or any successor form thereto (each, a "Long-Form Registration"). Each
request for a Long-Form Registration shall specify the number of Registrable Securities requested to be included in the Long-Form
Registration. Upon receipt of any such request, the Company shall promptly (but in no event later than 10 days following receipt
thereof) deliver notice of such request to all other holders of Registrable Securities who shall then have 30 days from the date
such notice is given to notify the Company in writing of their desire to be included in such registration. The Company shall prepare
and file with (or confidentially submit to) the Commission a Registration Statement on Form S-1 or any successor form thereto covering
all of the Registrable Securities that the holders thereof have requested to be included in such Long-Form Registration within
10 days after the date on which the initial request is given and shall use its best efforts to cause such Registration Statement
to be declared effective by the Commission as soon as practicable thereafter.

 

(b)           After the Registration Date, the Company shall use its best efforts to qualify and remain qualified to register the offer
and sale of securities under the Securities Act pursuant to a Registration Statement on Form S-3 or any successor form thereto.
At such time as the Company shall have qualified for the use of a Registration Statement on Form S-3 or any successor form thereto,
the holders of Registrable Securities shall have the right to request an unlimited number of registrations under the Securities
Act of all or any portion of their Registrable Securities pursuant to a Registration Statement on Form S-3 or any similar short-form
Registration Statement (each, a "Short-Form Registration" and, together with each Long-Form Registration, a "Demand
Registration"). Each request for a Short-Form Registration shall specify the number of Registrable Securities requested
to be included in the Short-Form Registration. Upon receipt of any such request, the Company shall promptly (but in no event later
than 5 days following receipt thereof) deliver notice of such request to all other holders of Registrable Securities who shall
then have 5 days from the date such notice is given to notify the Company in writing of their desire to be included in such registration.
The Company shall prepare and file with (or confidentially submit to) the Commission a Registration Statement on Form S-3 or any
successor form thereto covering all of the Registrable Securities that the holders thereof have requested to be included in such
Short-Form Registration within 5 days after the date on which the initial request is given and shall use its best efforts to cause
such Registration Statement to be declared effective by the Commission as soon as practicable thereafter.

 

(c)           At such time as the Company shall have qualified for the use of a Registration Statement on Form S-3 or the then appropriate
form for an offering to be made on a delayed or continuous basis pursuant to Rule 415 under the Securities Act or any successor
rule thereto (a "Shelf Registration Statement"), the holders of Registrable Securities shall have the right to
request registration under the Securities Act of all or any portion of their Registrable Securities for an offering on a delayed
or continuous basis pursuant to Rule 415 under the Securities Act or any successor rule thereto (a "Shelf Registration").
Each request for a Shelf Registration shall specify the number of Registrable Securities requested to be included in the Shelf
Registration. Upon receipt of any such request, the Company shall promptly deliver notice of such request to all other holders
of Registrable Securities who shall then have 10 days from the date such notice is given to notify the Company in writing of their
desire to be included in such registration. The Company shall prepare and file with (or confidentially submit to) the Commission
a Shelf Registration Statement covering all of the Registrable Securities that the holders thereof have requested to be included
in such Shelf Registration within 10 days after the date on which the initial request is given and shall use its best efforts to
cause such Shelf Registration Statement to be declared effective by the Commission as soon as practicable thereafter.

 

    4

     

    

 

(d)           The Company shall not be obligated to effect any Long-Form Registration within 60 days after the effective date of a previous
Long-Form Registration, Shelf Takedown or a previous Piggyback Registration in which holders of Registrable Securities were permitted
to register the offer and sale under the Securities Act, and actually sold, all of the shares of Registrable Securities requested
to be included therein. The Company may postpone for up to 120 days the filing or effectiveness of a Registration Statement for
a Demand Registration or the filing of a Shelf Supplement for a Shelf Takedown/a supplement for the purpose of effecting an offering
pursuant to Rule 415 under the Securities Act or any successor rule thereto (a "Shelf Takedown") if the Board
determines in its reasonable good faith judgment that such Demand Registration or Shelf Takedown would (i) materially interfere
with a significant acquisition, corporate organization, financing, securities offering or other similar transaction involving the
Company; (ii) require premature disclosure of material information that the Company has a bona fide business purpose for preserving
as confidential; or (iii) render the Company unable to comply with requirements under the Securities Act or Exchange Act; provided,
that in such event the holders of a majority of the Registrable Securities initiating such Demand Registration or Shelf Takedown
shall be entitled to withdraw such request and, if such request for a Demand Registration is withdrawn, such Demand Registration
shall not count as one of the permitted Demand Registrations hereunder and the Company shall pay all registration expenses in connection
with such registration. The Company may delay a Demand Registration or Shelf Takedown hereunder only once in any period of 12 consecutive
months.

 

(e)           If the holders of the Registrable Securities initially requesting a Demand Registration or Shelf Takedown elect to distribute
the Registrable Securities covered by their request in an underwritten offering, they shall so advise the Company as a part of
their request and the Company shall include such information in its notice to the other holders of Registrable Securities. The
holders of a majority of the Registrable Securities initially requesting the Demand Registration or Shelf Takedown shall select
the investment banking firm or firms to act as the managing underwriter or underwriters in connection with such offering.

 

(f)            The Company shall not include in any Demand Registration or Shelf Takedown any securities which are not Registrable Securities
without the prior written consent of the holders of a majority of the Registrable Securities included in such Demand Registration
or Shelf Takedown, which consent shall not be unreasonably withheld or delayed. If a Demand Registration or Shelf Takedown involves
an underwritten offering and the managing underwriter of the requested Demand Registration or Shelf Takedown advises the Company
and the holders of Registrable Securities in writing that in its reasonable and good faith opinion the number of shares of Common
Stock proposed to be included in the Demand Registration or Shelf Takedown, including all Registrable Securities and all other
shares of Common Stock proposed to be included in such underwritten offering, exceeds the number of shares of Common Stock which
can be sold in such underwritten offering and/or the number of shares of Common Stock proposed to be included in such Demand Registration
or Shelf Takedown would adversely affect the price per share of the Common Stock proposed to be sold in such underwritten offering,
the Company shall include in such Demand Registration or Shelf Takedown (i) first, the shares of Common Stock that the holders
of Registrable Securities propose to sell, and (ii) second, the shares of Common Stock proposed to be included therein by any other
Persons (including shares of Common Stock to be sold for the account of the Company and/or other holders of Common Stock) allocated
among such Persons in such manner as they may agree. If the managing underwriter determines that less than all of the Registrable
Securities proposed to be sold can be included in such offering, then the Registrable Securities that are included in such offering
shall be allocated pro rata among the respective holders thereof on the basis of the number of Registrable Securities owned by
each such holder.

 

    5

     

    

 

3.             Piggyback
Registration.

 

(a)           Whenever the Company proposes to register the offer and sale of any shares of its Common Stock under the Securities Act
(other than a registration (i) pursuant to a Registration Statement on Form S-8 (or other registration solely relating to an offering
or sale to employees or directors of the Company pursuant to any employee stock plan or other employee benefit arrangement), (ii)
pursuant to a Registration Statement on Form S-4 (or similar form that relates to a transaction subject to Rule 145 under the Securities
Act or any successor rule thereto), or (iii) in connection with any dividend or distribution reinvestment or similar plan), whether
for its own account or for the account of one or more stockholders of the Company and the form of Registration Statement (a "Piggyback
Registration Statement") to be used may be used for any registration of Registrable Securities (a "Piggyback Registration"),
the Company shall give prompt written notice (in any event no later than10 days prior to the filing of such Registration Statement)
to the holders of Registrable Securities of its intention to effect such a registration and, subject to Section 3(b) and
Section 3(c), shall include in such registration all Registrable Securities with respect to which the Company has received
written requests for inclusion from the holders of Registrable Securities within 5 days after the Company's notice has been given
to each such holder. A Piggyback Registration shall not be considered a Demand Registration for purposes of Section 2. If
any Piggyback Registration Statement pursuant to which holders of Registrable Securities have registered the offer and sale of
Registrable Securities is a Registration Statement on Form S-3 or the then appropriate form for an offering to be made on a delayed
or continuous basis pursuant to Rule 415 under the Securities Act or any successor rule thereto (a "Piggyback Shelf Registration
Statement"), such holder(s) shall have the right, but not the obligation, to be notified of and to participate in any
offering under such Piggyback Shelf Registration Statement (a "Piggyback Shelf Takedown").

 

(b)           If a Piggyback Registration or Piggyback Shelf Takedown is initiated as a primary underwritten offering on behalf of the
Company and the managing underwriter advises the Company and the holders of Registrable Securities (if any holders of Registrable
Securities have elected to include Registrable Securities in such Piggyback Registration or Piggyback Shelf Takedown) in writing
that in its reasonable and good faith opinion the number of shares of Common Stock proposed to be included in such registration
or takedown, including all Registrable Securities and all other shares of Common Stock proposed to be included in such underwritten
offering, exceeds the number of shares of Common Stock which can be sold in such offering and/or that the number of shares of Common
Stock proposed to be included in any such registration or takedown would adversely affect the price per share of the Common Stock
to be sold in such offering, the Company shall include in such registration or takedown (i) first, the shares of Common Stock that
the Company proposes to sell; (ii) second, the shares of Common Stock requested to be included therein by holders of Registrable
Securities, allocated pro rata among all such holders on the basis of the number of Registrable Securities owned by each such holder
or in such manner as they may otherwise agree; and (iii) third, the shares of Common Stock requested to be included therein by
holders of Common Stock other than holders of Registrable Securities, allocated among such holders in such manner as they may agree;
provided, that in any event the holders of Registrable Securities shall be entitled to register the offer and sale or distribute
at least 30% of the securities to be included in any such registration or takedown.

 

(c)           If a Piggyback Registration or Piggyback Shelf Takedown is initiated as an underwritten offering on behalf of a holder of
Common Stock other than Registrable Securities, and the managing underwriter advises the Company in writing that in its reasonable
and good faith opinion the number of shares of Common Stock proposed to be included in such registration or takedown, including
all Registrable Securities and all other shares of Common Stock proposed to be included in such underwritten offering, exceeds
the number of shares of Common Stock which can be sold in such offering and/or that the number of shares of Common Stock proposed
to be included in any such registration or takedown would adversely affect the price per share of the Common Stock to be sold in
such offering, the Company shall include in such registration or takedown (i) first, the shares of Common Stock requested to be
included therein by the holder(s) requesting such registration or takedown and by the holders of Registrable Securities, allocated
pro rata among all such holders on the basis of the number of shares of Common Stock other than the Registrable Securities (on
a fully diluted, as converted basis) and the number of Registrable Securities, as applicable, owned by all such holders or in such
manner as they may otherwise agree; and (ii) second, the shares of Common Stock requested to be included therein by other holders
of Common Stock, allocated among such holders in such manner as they may agree.

 

(d)           If
any Piggyback Registration or Piggyback Shelf Takedown is initiated as a primary underwritten offering on behalf of the Company,
the Company shall select the investment banking firm or firms to act as the managing underwriter or underwriters in connection
with such offering.

 

    6

     

    

 

4.             Reserved.

 

5.             Registration
Procedures. If and whenever the holders of Registrable Securities request that the offer and sale of any Registrable Securities
be registered under the Securities Act or any Registrable Securities be distributed in a Shelf Takedown pursuant to the provisions
of this Agreement, the Company shall use its best efforts to effect the registration of the offer and sale of such Registrable
Securities under the Securities Act in accordance with the intended method of disposition thereof, and pursuant thereto the Company
shall as soon as practicable and as applicable:

 

(a)           prepare and file with the Commission a Registration Statement covering such Registrable Securities and use its best efforts
to cause such Registration Statement to be declared effective;

 

(b)           in the case of a Long-Form Registration or a Short-Form Registration, prepare and file with the Commission such amendments,
post-effective amendments and supplements to such Registration Statement and the Prospectus used in connection therewith as may
be necessary to keep such Registration Statement effective for a period of not less than 5 days, or if earlier, until all of such
Registrable Securities have been disposed of and to comply with the provisions of the Securities Act with respect to the disposition
of such Registrable Securities in accordance with the intended methods of disposition set forth in such Registration Statement;

 

(c)           at least 5 business days before filing such Registration Statement, Prospectus or amendments or supplements thereto with
the Commission, furnish to one counsel selected by holders of a majority of such Registrable Securities copies of such documents
proposed to be filed, which documents shall be subject to the review, comment and approval of such counsel;

 

(d)           notify each selling holder of Registrable Securities, promptly after the Company receives notice thereof, of the time when
such Registration Statement has been declared effective or a supplement, including a Shelf Supplement, to any Prospectus forming
a part of such Registration Statement has been filed with the Commission;

 

(e)           furnish to each selling holder of Registrable Securities such number of copies of the Prospectus included in such Registration
Statement (including each preliminary Prospectus) and any supplement thereto, including a Shelf Supplement (in each case including
all exhibits and documents incorporated by reference therein), and such other documents as such seller may request in order to
facilitate the disposition of the Registrable Securities owned by such seller;

 

(f)            use its best efforts to register or qualify such Registrable Securities under such other securities or "blue sky"
laws of such jurisdictions as any selling holder requests and do any and all other acts and things which may be necessary or advisable
to enable such holders to consummate the disposition in such jurisdictions of the Registrable Securities owned by such holders;
provided, that the Company shall not be required to qualify generally to do business, subject itself to general taxation
or consent to general service of process in any jurisdiction where it would not otherwise be required to do so but for this Section
5(f);

 

(g)           notify each selling holder of such Registrable Securities, at any time when a Prospectus relating thereto is required to
be delivered under the Securities Act, of the happening of any event that would cause the Prospectus included in such Registration
Statement to contain an untrue statement of a material fact or omit any fact necessary in order to make the statements made therein,
in light of the circumstances under which they were made, not misleading, and, at the request of any such holder, the Company shall
prepare a supplement or amendment to such Prospectus so that, as thereafter delivered to the purchasers of such Registrable Securities,
such Prospectus shall not contain an untrue statement of a material fact or omit to state any fact necessary to make the statements
therein, in light of the circumstances under which they were made, not misleading;

 

    7

     

    

 

(h)           make available for inspection by any selling holder of Registrable Securities, any underwriter participating in any disposition
pursuant to such Registration Statement and any attorney, accountant or other agent retained by any such holder or underwriter
(collectively, the "Inspectors"), all financial and other records, pertinent corporate documents and properties
of the Company (collectively, the "Records"), and cause the Company's officers, directors and employees to supply
all information requested by any such Inspector in connection with such Registration Statement;

 

(i)            provide a transfer agent and registrar (which may be the same entity) for all such Registrable Securities not later than
the effective date of such registration;

 

(j)            use its best efforts to cause such Registrable Securities to be listed on each securities exchange on which the Common Stock
is then listed or, if the Common Stock is not then listed, on a national securities exchange selected by the holders of a majority
of such Registrable Securities;

 

(k)           in
connection with an underwritten offering, enter into such customary agreements (including underwriting and lock-up agreements
in customary form) and take all such other customary actions as the holders of such Registrable Securities or the managing underwriter
of such offering request in order to expedite or facilitate the disposition of such Registrable Securities (including, without
limitation, making appropriate officers of the Company available to participate in "road show" and other customary marketing
activities (including one-on-one meetings with prospective purchasers of the Registrable Securities));

 

(l)            otherwise use its best efforts to comply with all applicable rules and regulations of the Commission and make available
to its stockholders an earnings statement (in a form that satisfies the provisions of Section 11(a) of the Securities Act and Rule
158 under the Securities Act or any successor rule thereto) no later than thirty (30) days after the end of the 12-month period
beginning with the first day of the Company's first full fiscal quarter after the effective date of such Registration Statement,
which earnings statement shall cover said 12-month period, and which requirement will be deemed to be satisfied if the Company
timely files complete and accurate information on Forms 10-K, 10-Q and 8-K under the Exchange Act and otherwise complies with Rule
158 under the Securities Act or any successor rule thereto; and

 

(m)          furnish
to each selling holder of Registrable Securities and each underwriter, if any, with (i) a written legal opinion of the Company's
outside counsel, dated the closing date of the offering, in form and substance as is customarily given in opinions of the Company's
counsel to underwriters in underwritten registered offerings; and (ii) on the date of the applicable Prospectus, on the effective
date of any post-effective amendment to the applicable Registration Statement and at the closing of the offering, dated the respective
dates of delivery thereof, a "comfort" letter signed by the Company's independent certified public accountants in form
and substance as is customarily given in accountants' letters to underwriters in underwritten registered offerings;

 

(n)           without limiting Section 5(f), use its best efforts to cause such Registrable Securities to be registered with or
approved by such other governmental agencies or authorities as may be necessary by virtue of the business and operations of the
Company to enable the holders of such Registrable Securities to consummate the disposition of such Registrable Securities in accordance
with their intended method of distribution thereof;

 

(o)           notify the holders of Registrable Securities promptly of any request by the Commission for the amending or supplementing
of such Registration Statement or Prospectus or for additional information;

 

(p)           advise the holders of Registrable Securities, promptly after it shall receive notice or obtain knowledge thereof, of the
issuance of any stop order by the Commission suspending the effectiveness of such Registration Statement or the initiation or threatening
of any proceeding for such purpose and promptly use its best efforts to prevent the issuance of any stop order or to obtain its
withdrawal at the earliest possible moment if such stop order should be issued;

    8

     

    

 

(q)           permit any holder of Registrable Securities which holder, in its sole and exclusive judgment, might be deemed to be an underwriter
or a "controlling person" (within the meaning of Section 15 of the Securities Act and Section 20 of the Exchange Act)
(a "Controlling Person") of the Company, to participate in the preparation of such Registration Statement and
to require the insertion therein of language, furnished to the Company in writing, which in the reasonable judgment of such holder
and its counsel should be included;

 

(r)            cooperate with the holders of the Registrable Securities to facilitate the timely preparation and delivery of certificates
representing the Registrable Securities to be sold pursuant to such Registration Statement or Rule 144 free of any restrictive
legends and representing such number of shares of Common Stock and registered in such names as the holders of the Registrable Securities
may reasonably request a reasonable period of time prior to sales of Registrable Securities pursuant to such Registration Statement
or Rule 144; provided, that the Company may satisfy its obligations hereunder without issuing physical stock certificates
through the use of The Depository Trust Company's Direct Registration System (the "DTCDRS");

 

(s)           not later than the effective date of such Registration Statement, provide a CUSIP number for all Registrable Securities
and provide the applicable transfer agent with printed certificates for the Registrable Securities which are in a form eligible
for deposit with The Depository Trust Company; provided, that the Company may satisfy its obligations hereunder without
issuing physical stock certificates through the use of the DTCDRS;

 

(t)            take
no direct or indirect action prohibited by Regulation M under the Exchange Act; provided, that, to the extent that any
prohibition is applicable to the Company, the Company will take all reasonable action to make any such prohibition inapplicable;
and

 

(u)           otherwise
use its best efforts to take all other steps necessary to effect the registration of such Registrable Securities contemplated
hereby.

 

6.             Expenses.
All expenses (other than Selling Expenses) incurred by the Company in complying with its obligations pursuant to this Agreement
and in connection with the registration and disposition of Registrable Securities shall be paid by the Company, including, without
limitation, all (i) registration and filing fees (including, without limitation, any fees relating to filings required to be made
with, or the listing of any Registrable Securities on, any securities exchange or over-the-counter trading market on which the
Registrable Securities are listed or quoted); (ii) underwriting expenses (other than fees, commissions or discounts); (iii) expenses
of any audits incident to or required by any such registration; (iv) fees and expenses of complying with securities and "blue
sky" laws (including, without limitation, fees and disbursements of counsel for the Company in connection with "blue
sky" qualifications or exemptions of the Registrable Securities); (v) printing expenses; (vi) messenger, telephone and delivery
expenses; (vii) fees and expenses of the Company's counsel and accountants; (viii) Financial Industry Regulatory Authority, Inc.
filing fees (if any); and (ix) fees and expenses of one counsel for the holders of Registrable Securities participating in such
registration as a group (selected by, in the case of a registration under Section 2(a), the holders of a majority of the
Registrable Securities initially requesting such registration, and, in the case of all other registrations hereunder, the holders
of a majority of the Registrable Securities included in the registration). In addition, the Company shall be responsible for all
of its internal expenses incurred in connection with the consummation of the transactions contemplated by this Agreement (including,
without limitation, all salaries and expenses of its officers and employees performing legal or accounting duties) and the expense
of any annual audits. All Selling Expenses relating to the offer and sale of Registrable Securities registered under the Securities
Act pursuant to this Agreement shall be borne and paid by the holders of such Registrable Securities, in proportion to the number
of Registrable Securities included in such registration for each such holder.

 

    9

     

    

 

7.             Indemnification.

 

(a)           The Company shall indemnify and hold harmless, to the fullest extent permitted by law, each holder of Registrable Securities,
such holder's officers, directors, managers, members, partners, stockholders and Affiliates, each underwriter, broker or any other
Person acting on behalf of such holder of Registrable Securities and each other Controlling Person, if any, who controls any of
the foregoing Persons, against all losses, claims, actions, damages, liabilities and expenses, joint or several, to which any of
the foregoing Persons may become subject under the Securities Act or otherwise, insofar as such losses, claims, actions, damages,
liabilities or expenses arise out of or are based upon any untrue or alleged untrue statement of a material fact contained in any
Registration Statement, Prospectus, preliminary Prospectus, free writing prospectus (as defined in Rule 405 under the Securities
Act or any successor rule thereto) or any amendment thereof or supplement thereto or any omission or alleged omission of a material
fact required to be stated therein or necessary to make the statements therein (in the case of a Prospectus, preliminary Prospectus
or free writing prospectus, in light of the circumstances under which they were made) not misleading; and shall reimburse such
Persons for any legal or other expenses reasonably incurred by any of them in connection with investigating or defending any such
loss, claim, action, damage or liability, except insofar as the same are caused by or contained in any information furnished in
writing to the Company by such holder expressly for use therein or by such holder's failure to deliver a copy of the Registration
Statement, Prospectus, preliminary Prospectus, free writing prospectus (as defined in Rule 405 under the Securities Act or any
successor rule thereto) or any amendments or supplements thereto (if the same was required by applicable law to be so delivered)
after the Company has furnished such holder with a sufficient number of copies of the same prior to any written confirmation of
the sale of Registrable Securities. This indemnity shall be in addition to any liability the Company may otherwise have.

 

(b)           In connection with any registration in which a holder of Registrable Securities is participating, each such holder shall
furnish to the Company in writing such information as the Company reasonably requests for use in connection with any such Registration
Statement or Prospectus and, to the extent permitted by law, shall indemnify and hold harmless, the Company, each director of the
Company, each officer of the Company who shall sign such Registration Statement, each underwriter, broker or other Person acting
on behalf of the holders of Registrable Securities and each Controlling Person who controls any of the foregoing Persons against
any losses, claims, actions, damages, liabilities or expenses resulting from any untrue or alleged untrue statement of material
fact contained in the Registration Statement, Prospectus, preliminary Prospectus, free writing prospectus (as defined in Rule 405
under the Securities Act or any successor rule thereto) or any amendment thereof or supplement thereto or any omission or alleged
omission of a material fact required to be stated therein or necessary to make the statements therein (in the case of a Prospectus,
preliminary Prospectus or free writing prospectus, in light of the circumstances under which they were made) not misleading, but
only to the extent that such untrue statement or omission is contained in any information so furnished in writing by such holder;
provided, that the obligation to indemnify shall be several, not joint and several, for each holder and shall not exceed
an amount equal to the net proceeds (after underwriting fees, commissions or discounts) actually received by such holder from the
sale of Registrable Securities pursuant to such Registration Statement. This indemnity shall be in addition to any liability the
selling holder may otherwise have.

 

    10

     

    

 

(c)           Promptly after receipt by an indemnified party of notice of the commencement of any action involving a claim referred to
in this Section 7, such indemnified party shall, if a claim in respect thereof is made against an indemnifying party, give
written notice to the latter of the commencement of such action. The failure of any indemnified party to notify an indemnifying
party of any such action shall not (unless such failure shall have a material adverse effect on the indemnifying party) relieve
the indemnifying party from any liability in respect of such action that it may have to such indemnified party hereunder. In case
any such action is brought against an indemnified party, the indemnifying party shall be entitled to participate in and to assume
the defense of the claims in any such action that are subject or potentially subject to indemnification hereunder, jointly with
any other indemnifying party similarly notified to the extent that it may wish, with counsel reasonably satisfactory to such indemnified
party, and after written notice from the indemnifying party to such indemnified party of its election so to assume the defense
thereof, the indemnifying party shall not be responsible for any legal or other expenses subsequently incurred by the indemnified
party in connection with the defense thereof; provided, that, if (i) any indemnified party shall have reasonably concluded
that there may be one or more legal or equitable defenses available to such indemnified party which are additional to or conflict
with those available to the indemnifying party, or that such claim or litigation involves or could have an effect upon matters
beyond the scope of the indemnity provided hereunder, or (ii) such action seeks an injunction or equitable relief against any indemnified
party or involves actual or alleged criminal activity, the indemnifying party shall not have the right to assume the defense of
such action on behalf of such indemnified party without such indemnified party's prior written consent (but, without such consent,
shall have the right to participate therein with counsel of its choice) and such indemnifying party shall reimburse such indemnified
party and any Controlling Person of such indemnified party for that portion of the fees and expenses of any counsel retained by
the indemnified party which is reasonably related to the matters covered by the indemnity provided hereunder. If the indemnifying
party is not entitled to, or elects not to, assume the defense of a claim, it shall not be obligated to pay the fees and expenses
of more than one counsel for all parties indemnified by such indemnifying party with respect to such claim, unless in the reasonable
judgment of any indemnified party a conflict of interest may exist between such indemnified party and any other of such indemnified
parties with respect to such claim. In such instance, the conflicting indemnified parties shall have a right to retain one separate
counsel, chosen by the holders of a majority of the Registrable Securities included in the registration, at the expense of the
indemnifying party.

 

(d)           If the indemnification provided for hereunder is held by a court of competent jurisdiction to be unavailable to an indemnified
party with respect to any loss, claim, damage, liability or action referred to herein, then the indemnifying party, in lieu of
indemnifying such indemnified party hereunder, shall contribute to the amounts paid or payable by such indemnified party as a result
of such loss, claim, damage, liability or action in such proportion as is appropriate to reflect the relative fault of the indemnifying
party on the one hand and of the indemnified party on the other in connection with the statements or omissions which resulted in
such loss, claim, damage, liability or action as well as any other relevant equitable considerations; provided, that the
maximum amount of liability in respect of such contribution shall be limited, in the case of each holder of Registrable Securities,
to an amount equal to the net proceeds (after underwriting fees, commissions or discounts) actually received by such seller from
the sale of Registrable Securities effected pursuant to such registration. The relative fault of the indemnifying party and of
the indemnified party shall be determined by reference to, among other things, whether the untrue or alleged untrue statement of
a material fact or the omission or alleged omission to state a material fact relates to information supplied by the indemnifying
party or by the indemnified party, whether the violation of the Securities Act or any other similar federal or state securities
laws or rule or regulation promulgated thereunder applicable to the Company and relating to action or inaction required of the
Company in connection with any applicable registration, qualification or compliance was perpetrated by the indemnifying party or
the indemnified party and the parties' relative intent, knowledge, access to information and opportunity to correct or prevent
such statement or omission. The parties agree that it would not be just and equitable if contribution pursuant hereto were determined
by pro rata allocation or by any other method or allocation which does not take account of the equitable considerations referred
to herein. No Person guilty or liable of fraudulent misrepresentation within the meaning of Section 11(f) of the Securities Act
shall be entitled to contribution from any Person who was not guilty of such fraudulent misrepresentation.

 

    11

     

    

 

8.             Participation
in Underwritten Registrations. No Person may participate in any registration hereunder which is underwritten unless such Person
(a) agrees to sell such Person's securities on the basis provided in any underwriting arrangements approved by the Person or Persons
entitled hereunder to approve such arrangements and (b) completes and executes all questionnaires, powers of attorney, indemnities,
underwriting agreements and other documents required under the terms of such underwriting arrangements; provided, that
no holder of Registrable Securities included in any underwritten registration shall be required to make any representations or
warranties to the Company or the underwriters (other than representations and warranties regarding such holder, such holder's
ownership of its shares of Common Stock to be sold in the offering and such holder's intended method of distribution) or to undertake
any indemnification obligations to the Company or the underwriters with respect thereto, except as otherwise provided in Section
7.

 

9.             Rule 144 Compliance. With a view to making available to the holders of Registrable Securities the benefits of Rule
144 and any other rule or regulation of the Commission that may at any time permit a holder to sell securities of the Company to
the public without registration, the Company shall:

 

(a)           make
and keep public information available, as those terms are understood and defined in Rule 144, at all times after the Registration
Date;

 

(b)           file with the Commission in a timely manner all reports and other documents required of the Company under the Securities
Act and the Exchange Act, at any time after the Registration Date; and

 

(c)           furnish
to any holder so long as the holder owns Registrable Securities, promptly upon request, a written statement by the Company as
to its compliance with the reporting requirements of Rule 144 and of the Securities Act and the Exchange Act, a copy of the most
recent annual or quarterly report of the Company, and such other reports and documents so filed or furnished by the Company as
such holder may request in connection with the sale of Registrable Securities without registration.

 

10.           Preservation
of Rights. The Company shall not (a) grant any registration rights to third parties which are more favorable than or inconsistent
with the rights granted hereunder, or (b) enter into any agreement, take any action, or permit any change to occur, with respect
to its securities that violates or subordinates the rights expressly granted to the holders of Registrable Securities in this
Agreement.

 

11.           Termination. This Agreement shall terminate and be of no further force or effect when there shall no longer be any
Registrable Securities outstanding; provided, that the provisions of Section 6 and Section 7 shall survive
any such termination.

 

12.           Notices. All notices, requests, consents, claims, demands, waivers and other communications hereunder shall be in
writing and shall be deemed to have been given (a) when delivered by hand (with written confirmation of receipt); (b) when received
by the addressee if sent by a nationally recognized overnight courier (receipt requested); (c) on the date sent by facsimile or
e-mail of a PDF document (with confirmation of transmission) if sent during normal business hours of the recipient, and on the
next Business Day if sent after normal business hours of the recipient; or (d) on the third day after the date mailed, by certified
or registered mail, return receipt requested, postage prepaid. Such communications must be sent to the respective parties at the
addresses indicated below (or at such other address for a party as shall be specified in a notice given in accordance with this
Section 13).

 

    12

     

    

 

	 	If to the Company, at:	
        Seven Stars Cloud Group, Inc.

        No. 4 Drive-in Movie Theater Park, No. 21 Liangmaqiao Road,
        Chaoyang District, Beijing, P.R.C. 100125

        Attn: Legal Department

        Telecopy: 86+10-8586-2775

         

        With a copy to:

        Seven Stars Cloud Group, Inc.

        55 Broadway, 19th Floor

        New York, NY 10006

        Attn: President

        Telecopy:

	 	 	 
	 	If to the Purchaser, at:	
        190 Elgin Avenue, George Town, Grand Cayman KY 1-9005, Cayman
        Islands

         

        With a copy to:

        Suite 1702-03, One Exchange Square, 8 Connaught Place, Central,
        Hong Kong

        Phone +852 2801 6988

        Fax: +852 28014882

        Attn: Finance Department

 

13.           Entire
Agreement. This Agreement, together with the Purchase Agreement and any related exhibits and schedules thereto, constitutes
the sole and entire agreement of the parties to this Agreement with respect to the subject matter contained herein, and supersedes
all prior and contemporaneous understandings and agreements, both written and oral, with respect to such subject matter. Notwithstanding
the foregoing, in the event of any conflict between the terms and provisions of this Agreement and those of the Purchase Agreement,
the terms and conditions of this Agreement shall control.

 

14.           Successor
and Assigns. This Agreement shall be binding upon and shall inure to the benefit of the parties hereto and their respective
successors and permitted assigns. Each Investor may assign its rights hereunder to any purchaser or transferee of Registrable
Securities; provided, that such purchaser or transferee shall, as a condition to the effectiveness of such assignment,
be required to execute a counterpart to this Agreement agreeing to be treated as an Investor whereupon such purchaser or transferee
shall have the benefits of, and shall be subject to the restrictions contained in, this Agreement as if such purchaser or transferee
was originally included in the definition of an Investor herein and had originally been a party hereto.

 

15.           No Third-Party Beneficiaries. This Agreement is for the sole benefit of the parties hereto and their respective successors
and permitted assigns and nothing herein, express or implied, is intended to or shall confer upon any other Person any legal or
equitable right, benefit or remedy of any nature whatsoever, under or by reason of this Agreement.

 

16.           Headings.
The headings in this Agreement are for reference only and shall not affect the interpretation of this Agreement.

 

17.           Amendment,
Modification and Waiver. Except as otherwise provided herein, the provisions of this Agreement may only be amended, modified,
supplemented or waived with the prior written consent of the Company and the holders of a majority of the Registrable Securities.
No waiver by any party or parties shall operate or be construed as a waiver in respect of any failure, breach or default not expressly
identified by such written waiver, whether of a similar or different character, and whether occurring before or after that waiver.
Except as otherwise set forth in this Agreement, no failure to exercise, or delay in exercising, any right, remedy, power or privilege
arising from this Agreement shall operate or be construed as a waiver thereof; nor shall any single or partial exercise of any
right, remedy, power or privilege hereunder preclude any other or further exercise thereof or the exercise of any other right,
remedy, power or privilege.

 

    13

     

    

 

18.           Severability.
If any term or provision of this Agreement is invalid, illegal or unenforceable in any jurisdiction, such invalidity, illegality
or unenforceability shall not affect any other term or provision of this Agreement or invalidate or render unenforceable such
term or provision in any other jurisdiction. Upon such determination that any term or other provision is invalid, illegal or unenforceable,
the parties hereto shall negotiate in good faith to modify this Agreement so as to effect the original intent of the parties as
closely as possible in a mutually acceptable manner in order that the transactions contemplated hereby be consummated as originally
contemplated to the greatest extent possible.

 

19.           Remedies. Each holder of Registrable Securities, in addition to being entitled to exercise all rights granted by
law, including recovery of damages, shall be entitled to specific performance of its rights under this Agreement. The Company acknowledges
that monetary damages would not be adequate compensation for any loss incurred by reason of a breach by it of the provisions of
this Agreement and the Company hereby agrees to waive the defense in any action for specific performance that a remedy at law would
be adequate.

 

20.           Governing
Law; Submission to Jurisdiction. This Agreement shall be governed by and construed in accordance with the internal laws of
the State of New York without giving effect to any choice or conflict of law provision or rule. Any dispute arising out of or
relating to this Agreement, including any question regarding its existence, validity or termination (“Dispute”) shall
be referred to and finally resolved by arbitration at the Hong Kong International Arbitration Centre in accordance with the Hong
Kong International Arbitration Centre Administered Arbitration Rules then in force. There shall be three arbitrators. Each Party
has the right to appoint one arbitrator and the third arbitrator shall be appointed by the Hong Kong International Arbitration
Centre. The language to be used in the arbitration proceedings shall be English. The seat of arbitration shall be Hong Kong. Each
of the Parties irrevocably waives any immunity to jurisdiction to which it may be entitled or become entitled (including without
limitation sovereign immunity, immunity to pre-award attachment, post-award attachment or otherwise) in any arbitration proceedings
and/or enforcement proceedings against it arising out of or based on this Agreement or the transactions contemplated hereby..

 

21.           Counterparts. This Agreement may be executed in counterparts, each of which shall be deemed to be an original, but
all of which together shall be deemed to be one and the same agreement. A signed copy of this Agreement delivered by facsimile,
e-mail or other means of electronic transmission shall be deemed to have the same legal effect as delivery of an original signed
copy of this Agreement.

 

22.           Further
Assurances. Each of the parties to this Agreement shall, and shall cause their Affiliates to, execute and deliver such additional
documents, instruments, conveyances and assurances and take such further actions as may be required to carry out the provisions
hereof and to give effect to the transactions contemplated hereby.

 

[SIGNATURE PAGE FOLLOWS]

 

    14

     

    

 

IN WITNESS WHEREOF, the parties hereto have executed
this Agreement on the date first written above.

 

	 	Seven Stars Cloud Group,
Inc.

	 	 	 
	 	By:  	/s/
    Bruno Wu
	 	 	Name:  	Bruno
    Wu 

	 	 	Title:	CEO and Chairman
	 	 	 
	 	 	 
	 	Advantech Capital Investment
II Limited

	 	 	 
	 	By:	/s/
    Wong Kok Wai      
	 	 	Name:  	Wong Kok Wai
	 	 	Title:	Director

 

    15

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