Document:

Exhibit 10.13

 

CONFIDENTIAL

 

SUBSCRIPTION AGREEMENT

 

This Subscription
Agreement (this “Subscription Agreement”) is entered into this [●] day of March, 2022, by
and among TH International Limited, an exempted company incorporated under the laws
of the Cayman Islands with the registered address at the office of Maples Corporate Services Limited, PO Box 309, Ugland House, Grand
Cayman, KY1-1104, Cayman Islands (the “Issuer”), and the undersigned subscriber (“Subscriber”).

 

Whereas,
on August 13, 2021, the Issuer entered into that certain Agreement and Plan of Merger (as may be amended or supplemented from time to
time, and including all schedules and exhibits thereto, the “Merger Agreement”), among the Issuer, Silver Crest
Acquisition Corporation, a Cayman Islands exempted company (“SPAC”), and Miami Swan Ltd, a Cayman Islands exempted
company and wholly-owned subsidiary of the Issuer (“Merger Sub”), pursuant to which, on the terms and subject
to the conditions set forth therein, Merger Sub will merge with and into SPAC, with SPAC surviving as a wholly-owned subsidiary of the
Issuer (the “First Merger”), and immediately following the consummation of the First Merger and as part of the
same overall transaction, the surviving entity of the First Merger will merge with and into the Issuer (the “Second Merger”
and, together with the First Merger, the “Mergers”), with the Issuer surviving the Second Merger. All capitalized
terms used but not defined in this Subscription Agreement shall have the meanings ascribed to such terms in the Merger Agreement;

 

Whereas,
prior to the consummation of the Mergers, the Issuer shall effect the Recapitalization;

 

Whereas,
in connection with, and contingent on the closing of, the Mergers, on the terms and subject to the conditions set forth in this Subscription
Agreement, Subscriber desires to subscribe for and purchase, following the Recapitalization, from the Issuer that number of Company Ordinary
Shares (the “Company Shares”), set forth on the signature page hereto (the “Acquired Shares”)
for a purchase price of $10.00 per share (the “Share Purchase Price”), and an aggregate purchase price set forth
on the signature page hereto (the “Purchase Price”), and the Issuer desires to issue and sell to Subscriber
on the Closing Date (defined below) the Acquired Shares in consideration of the payment of the Purchase Price by or on behalf of Subscriber
to the Issuer at or prior to the Closing Date;

 

Whereas,
Issuer and Subscriber are executing and delivering this Subscription Agreement in reliance upon the exemption from securities registration
afforded by Section 4(a)(2) of the Securities Act of 1933 (codified at 15 U.S.C. Sec. 77a et seq., and hereinafter the “Securities
Act”);

 

Whereas,
in connection with the Mergers, certain other “qualified institutional buyers” (as defined in Rule 144A under
the Securities Act) and “accredited investors” (within the meaning of Rule 501(a) under the Securities Act)
have entered into or may enter into subscription agreements (the “Other Subscription Agreements”) with the Issuer
from time to time prior to the closing of the Mergers, contingent on the closing of the Mergers, with substantially similar terms to this
Subscription Agreement, pursuant to which such other investors have agreed or will agree to subscribe for and purchase, and the Issuer
has agreed or will agree to issue and sell to such other investors (the “Other Subscribers” and, together with
Subscriber, the “Aggregate Subscribers”), on the Closing Date, Company Shares at the Share Purchase Price; and

 

Whereas,
in order to induce the Subscriber to enter into this Agreement, the Issuer agrees that it will, substantially concurrently with and contingent
upon the Closing (as defined below), issue to each of such Subscribers who agrees to pay the Purchase Price of at least $10,000,000 such
number of Company Shares and Company Warrants additionally as set forth on the signature page of such Subscriber to its Subscription Agreement,
and, for the avoidance of doubt, such additional Company Shares and Company Warrants shall be deemed to constitute a portion of the Acquired
Shares but shall not result in any adjustment to the Share Purchase Price.

 

Now,
Therefore, in consideration of the foregoing and the mutual representations, warranties and covenants, and subject to the conditions,
herein contained, and intending to be legally bound hereby, the parties hereto hereby agree as follows:

 

1.                   Subscription.
Subject to the terms and conditions hereof, at the Closing (defined below), Subscriber hereby agrees to subscribe for and purchase,
and the Issuer hereby agrees to issue and sell to Subscriber, upon the payment of the Purchase Price, the Acquired Shares (including
that number of Company Shares and Company Warrants as set forth on the signature page of such Subscriber) (such subscription and
issuance, the “Subscription”).

 

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2.                  
Closing.

 

(a)               
Subject to the satisfaction or waiver of the conditions set forth in Section 2(e) and contingent upon the subsequent
occurrence of the closing of the Mergers, the closing of the Subscription contemplated hereby (the “Closing”)
shall occur on the date (the “Closing Date”) of, and immediately prior to or substantially concurrent with (and
subject to), the closing of the Mergers. For the avoidance of doubt, once the Closing occurs, if the closing of the Mergers does not occur
on or about the timing of the Closing, the Closing shall be deemed as never have occurred ab initio.

 

(b)               
Not less than five (5) business days prior to the scheduled Closing Date (the “Scheduled Closing Date”),
the Issuer shall provide or cause to be delivered written notice to the Subscriber (the “Closing Notice”) of
the Scheduled Closing Date. Subscriber shall deliver to the Issuer (A) at least three (3) business days prior to the Scheduled Closing
Date, to be held on behalf of Subscriber until the Closing in an escrow account by an escrow agent selected by the Company prior to the
date hereof, the Purchase Price for the Acquired Shares by wire transfer of United States dollars in immediately available funds to the
account specified by the Issuer in the Closing Notice and (B) such information as is reasonably requested in the Closing Notice in order
for the Issuer to issue the Acquired Shares to Subscriber at the Closing, including, without limitation, the legal name of the person
in whose name such Acquired Shares are to be issued and a duly executed Internal Revenue Service Form W-9 or W-8, as applicable. On the
Closing Date, the Issuer shall issue the Acquired Shares to Subscriber and cause the Acquired Shares to be delivered in book entry form
and registered in its share register or register of members (as applicable) in the name of Subscriber or the name of such other person
notified by Subscriber to the Issuer prior to Closing, as applicable, and the Purchase Price shall be released from escrow automatically
and without further action by the Issuer or Subscriber; provided, however, that the Issuer’s obligation to issue the
Acquired Shares to the Subscriber is contingent upon the Issuer having received the Purchase Price in full accordance with this Section
2.

 

[In place of 2(b) above,
the below will be included for mutual funds:

 

(b)                
Not less than five (5) business days prior to the scheduled Closing Date (the “Scheduled Closing Date”), the
Issuer shall provide or cause to be delivered written notice to the Subscriber (the “Closing Notice”) of the
Scheduled Closing Date. On the Scheduled Closing Date, Subscriber shall deliver to Issuer (A) the Purchase Price by wire transfer of
United States dollars in immediately available funds to the account specified by the Issuer in the Closing Notice and (B) such information
as is reasonably requested in the Closing Notice in order for the Issuer to issue the Acquired Shares to Subscriber at the Closing, including,
without limitation, the legal name of the person in whose name such Acquired Shares are to be issued and a duly executed Internal Revenue
Service Form W-9 or W-8, as applicable. On the Closing Date, and prior to the release of its Purchase Price by Subscriber, the Issuer
shall issue the Acquired Shares to Subscriber against payment of the Purchase Price and cause the Acquired Shares to be delivered in
book entry form and registered in its share register or register of members (as applicable) in the name of Subscriber or the name of
such other person notified by Subscriber to the Issuer prior to Closing, as applicable, and will provide to Subscriber evidence of such
issuance from the Issuer’s transfer agent (the “Transfer Agent”); provided that, if Subscriber
fails to deliver the Purchase Price within one (1) business day after the Closing Date, such Acquired Shares shall be repurchased for
nil consideration, and book-entries for the Acquired Shares shall be made in the Issuer’s share register or register of members
(as applicable) to record the repurchase and cancellation of the Acquired Shares for nil consideration.]

 

(c)                 In
the event (i) the Closing does not occur within three (3) business days of the Scheduled Closing Date; or (ii) the Closing occurs
but the closing of the Mergers does not occur on or about the timing of the Closing, the Issuer shall promptly (but not later than
two (2) business days thereafter) return the Purchase Price so delivered by Subscriber to the Issuer by wire transfer of United
States dollars in immediately available funds to the account specified by Subscriber, and, to the extent that any Acquired Shares
have been delivered to Subscriber, such Acquired Shares shall be deemed repurchased, and book-entries for the Acquired Shares shall
be deemed cancelled and the Issuer’s share register or register of members (as applicable) shall be updated to record the
repurchase and cancellation of the Acquired Shares; provided that, unless this Subscription Agreement has been terminated
pursuant to Section 7 hereof, such return of funds shall not terminate this Subscription Agreement or relieve the Subscriber
of its obligation to purchase the Acquired Shares at the Closing following the Issuer’s delivery to Subscriber of a new
Closing Notice advising of a new Scheduled Closing Date. For purposes of this Subscription Agreement, “business
day” shall mean a day, other than a Saturday, Sunday or other day on which commercial banks in New York City,
the Cayman Islands, Hong Kong or the PRC are authorized or required by law to close.

 

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(d)               
The Issuer shall issue to Subscriber the Acquired Shares against and upon payment by the Subscriber pursuant to Section
2(b), free and clear of any liens or other restrictions whatsoever (other than those arising under this Subscription Agreement or
applicable state or federal securities laws), in the name of Subscriber or the name of such other person notified by Subscriber to the
Issuer prior to the Closing, as applicable. Each book entry for the Acquired Shares shall contain a notation in substantially the following
form:

 

THE SECURITIES REPRESENTED
HEREBY HAVE NOT BEEN REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED, OR THE SECURITIES LAWS OF ANY STATE OR OTHER
JURISDICTION, AND MAY NOT BE SOLD OR TRANSFERRED IN THE ABSENCE OF SUCH REGISTRATION OR AN EXEMPTION THEREFROM.

 

(e)                
The Closing shall be subject to the satisfaction on the Closing Date, or the waiver by the party or parties hereto that are
entitled to waive such condition pursuant to Section 2(f) below, of each of the following conditions:

 

(i)                 
solely with respect to Subscriber’s obligation to close, the representations and warranties made by the Issuer in this
Subscription Agreement (taking into account the complete legal effect to all the qualifications as to “materiality,” “in
all material respects,” “Material Adverse Effect” or similar qualifiers contained in such representations and warranties)
shall be true and correct in all respects at and as of the Closing Date (other than representations and warranties that speak as of an
earlier date, in which case they shall have been true and correct in all respects as of such earlier date);

 

(ii)               
solely with respect to the Issuer’s obligation to close, the representations and warranties made by Subscriber in this
Subscription Agreement (without giving effect to any qualification as to “materiality,” “in all material respects,”
 “material adverse effect” or similar qualifiers contained in such representations and warranties) shall be true and correct
in all respects at and as of the Closing Date (other than representations and warranties that speak as of an earlier date, in which case
they shall have been true and correct in all respects as of such earlier date), except to the extent that the failure of such representations
and warranties to be so true and correct would not reasonably be expected to prevent, materially delay, or materially impair the ability
of Subscriber to consummate the Closing;

 

(iii)             
the Issuer shall have performed, satisfied and complied in all material respects with all covenants, agreements and conditions
required by this Subscription Agreement to be performed, satisfied or complied with by it at or prior to the Closing, except where the
failure of such performance, satisfaction or compliance would not or would not reasonably be expected to prevent, materially delay, or
materially impair the ability of the Issuer to consummate the Closing;

 

(iv)              
the Subscriber shall have performed, satisfied and complied in all material respects with all covenants, agreements and conditions
required by this Subscription Agreement to be performed, satisfied or complied with by it at or prior to the Closing, except where the
failure of such performance, satisfaction or compliance would not or would not reasonably be expected to prevent, materially delay, or
materially impair the ability of the Subscriber to consummate the Closing;

 

(v)               
the closing of the Mergers shall occur pursuant to the terms of the Merger Agreement immediately after or substantially concurrent
with the Closing; and

 

(vi)              
no government authorities of competent jurisdiction shall have issued, promulgated, enforced or entered any law, regulations,
judgment, decree, injunction, ruling or order that enjoins or prohibits the consummation of the Subscription, or initiated or threatened
in writing any investigation, action, suit, claim or other proceeding aimed at enjoining or prohibiting the consummation of the Subscription.

 

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(f)                 The
conditions provided in Sections 2(e)(i) and 2(e)(iii) may be waived entirely or partly by the Subscriber in its sole discretion;
the conditions provided in Sections 2(e)(ii) and 2(e)(iv) may be waived entirely or partly by the Issuer in its sole discretion;
and the conditions provided in Sections 2(e)(v) and 2(e)(vi) may be waived only by both the Subscriber and the Issuer by
mutual agreement in writing.

 

(g)               
At or prior to the Closing, the parties hereto shall execute and deliver such additional documents and take such additional
actions as the parties reasonably and mutually may deem to be practical and necessary in order to consummate the Subscription as contemplated
by this Subscription Agreement.

 

3.                  
Issuer Representations And Warranties. The Issuer represents and warrants to
Subscriber that:

 

(a)               
The Issuer is an exempted company duly incorporated, is validly existing and is in good standing under the laws of the Cayman
Islands, with corporate power and authority to own, lease and operate its properties and conduct its business as presently conducted and
to enter into, deliver and perform its obligations under this Subscription Agreement.

 

(b)               
As of the Closing Date, the Acquired Shares have been duly authorized by the Issuer and, when issued and delivered to the Subscriber
against full payment for the Acquired Shares in accordance with the terms of this Subscription Agreement and registered in the Issuer’s
share register or register of members (as applicable), the Acquired Shares will be validly issued, fully paid and non-assessable, free
and clear of any liens or other restrictions whatsoever (other than those arising under this Subscription Agreement or applicable state
or federal securities laws) and will not have been issued in violation of or subject to any preemptive or similar rights created under
the Issuer’s memorandum and articles of association or under the laws of the Cayman Islands.

 

(c)                This
Subscription Agreement has been duly authorized, executed and delivered by the Issuer and, assuming that this Subscription Agreement
constitutes the valid and binding agreement of the Subscriber, this Subscription Agreement is enforceable against the Issuer in accordance
with its terms, subject to applicable bankruptcy, insolvency, fraudulent conveyance, reorganization, moratorium and similar laws affecting
or relating to creditors’ rights generally and subject, as to enforceability, to general principles of equity, whether such enforceability
is considered in a proceeding in equity or at law.

 

(d)               
The issuance and sale of the Acquired Shares and the compliance by the Issuer with all of the provisions of this Subscription
Agreement and the consummation of the transactions herein will be done in accordance with The Nasdaq Stock Market LLC (“Nasdaq”)
marketplace rules, and the consummation of the other transactions contemplated herein, do not and will not conflict with or result in
a breach or violation of any of the terms or provisions of, or constitute a default under, or result in the creation or imposition of
any lien, charge or encumbrance upon any of the property or assets of the Issuer pursuant to the terms of (i) any indenture, mortgage,
deed of trust, loan agreement, lease, license or other agreement or instrument to which the Issuer is a party or by which the Issuer is
bound or to which any of the property or assets of the Issuer is subject; (ii) the organizational documents of the Issuer; or (iii) any
statute or any judgment, order, rule or regulation of any court or governmental agency, taxing authority or regulatory body, domestic
or foreign, having jurisdiction over the Issuer or any of its properties that, in the cases of clauses (i) and (iii), would reasonably
be expected to have, individually or in the aggregate, a material adverse effect on the business, properties, financial condition or results
of operations of the Issuer and its subsidiaries taken as a whole (a “Material Adverse Effect”) or materially
affect the validity or enforceability of the Acquired Shares or the ability or legal authority of the Issuer to comply in all material
respects with this Subscription Agreement.

 

(e)                The
Issuer is not required to obtain any consent, waiver, authorization or order of, give any notice to, or make any filing or registration
with, any court or other United States federal, state, local or other governmental authority, self-regulatory organization or other person
in connection with the execution, delivery and performance by the Issuer of this Subscription Agreement (including, without limitation,
the issuance of the Acquired Shares), other than (i) the filing with the United States Securities and Exchange Commission (the “Commission”)
of the Registration Statement (as defined below), (ii) the filings required by applicable state or federal securities laws, (iii) the
filings required in accordance with Section 10(n), (iv) those required by Nasdaq, including with respect to obtaining shareholder
approval, and (v) any consent, waiver, authorization or order of, notice to, or filing or registration, the failure of which to obtain
would not be reasonably likely to have, individually or in the aggregate, a Material Adverse Effect.

 

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(f)                 There is no (i) investigation, action, suit, claim or other proceeding, in each case by or before any governmental authority
pending, or, to the knowledge of the Issuer as of the date of this Subscription Agreement, threatened in writing against the Issuer that
affects or would reasonably be expected to affect the Issuer’s ability to consummate the transactions contemplated by this Subscription
Agreement, or (ii) judgment, decree, injunction, ruling or order of any governmental entity or arbitrator outstanding against the
Issuer  that affects or would be reasonably likely to have, individually or in the aggregate,
a material adverse effect on the validity of the Acquired Shares or the legal authority of the Issuer to enter into and perform its obligations
under this Subscription Agreement.

 

(g)               The
Issuer is in compliance with all applicable laws, except where such non-compliance would not reasonably be expected to have, individually
or in the aggregate, a material adverse effect on the validity of the Acquired Shares or the legal authority of the Issuer to enter into
and perform its obligations under this Subscription Agreement. The Issuer has not received any written communication from a governmental
authority that alleges that the Issuer is not in compliance with or is in default or violation of any applicable law, except where such
non-compliance, default or violation would not reasonably be expected to have, individually or in the aggregate, a material adverse effect
on the validity of the Acquired Shares or the legal authority of the Issuer to enter into and perform its obligations under this Subscription
Agreement.

 

(h)               
Assuming the accuracy of Subscriber’s representations and warranties set forth in Section 4, no registration under
the Securities Act is required for the offer and sale of the Acquired Shares by the Issuer to Subscriber in the manner contemplated by
this Subscription Agreement.

 

(i)                 Neither
the Issuer nor any person acting on its behalf has engaged or will engage in any form of general solicitation or general advertising
(within the meaning of Regulation D of the Securities Act) in connection with any offer or sale of the Acquired Shares.

 

(j)                 Neither
the Issuer, nor any person acting on its behalf has, directly or indirectly, made any offers or sales of any Issuer security or solicited
any offers to buy any security under circumstances that would adversely affect reliance by the Issuer on Section 4(a)(2) of the Securities
Act for the exemption from registration for the transactions contemplated hereby or would require registration of the issuance of the
Acquired Shares.

 

(k)               
Except as provided in this Subscription Agreement, the Other Subscription Agreements, and the agreements in relation to the
investment of $55,000,000 by a certain asset management fund and/or its Affiliates in the Company by way of subscribing for certain convertible
debentures of the Company and Company Ordinary Shares, none of the Issuer, its subsidiaries or any of their affiliates, nor any person
acting on their behalf has, directly or indirectly, made any offers or sales of any security or solicited any offers to buy any security,
under circumstances that would require registration of the issuance of any of the Acquired Shares under the Securities Act, whether through
integration with prior offerings pursuant to Rule 502(a) of the Securities Act or otherwise.

 

(l)                 Except
for placement fees payable to UBS Securities LLC, Merrill Lynch (Asia Pacific) Limited and Inte Securities LLC, in their capacities as
placement agents for the offer and sale of the Acquired Shares (in such capacities, the “Placement Agents”),
the Issuer has not paid, and is not obligated to pay, any brokerage, finder’s or other fee or commission in connection with its
issuance and sale of the Acquired Shares, including, for the avoidance of doubt, any fee or commission payable to any shareholder or
affiliate, as defined in Rule 144 under the Securities Act (“Affiliate”), of the Issuer.

 

(m)             
No “bad actor” disqualifying event described in Rule 506(d)(1)(i)-(viii) of the Securities Act (a
 “Disqualification Event”) is applicable to the Issuer or, to the Issuer’s knowledge, any Issuer Covered
Person, except for a Disqualification Event as to which Rule 506(d)(2)(ii-iv) or (d)(3), is applicable. “Issuer Covered Person”
means, with respect to the Issuer as an “issuer” for purposes of Rule 506 promulgated under the Securities Act,
any person listed in the first paragraph of Rule 506(d)(1). The Issuer represents that it has exercised reasonable care to determine the
accuracy of the representation made by the Issuer in this paragraph.

 

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(n)               
The Other Subscription Agreements have not been and shall not be amended in any material respect following the date of such
Other Subscription Agreement and reflects or shall reflect the same Share Purchase Price and other material terms and conditions with
respect to the purchase of the Acquired Shares that are no more favorable to such subscriber thereunder in any material respect than the
terms of this Subscription Agreement, other than terms particular to the regulatory requirements applicable to such investor or its affiliates
or related funds or are otherwise subject to regulations related to the timing of funding and the issuance of the related Acquired Shares.

 

(o)               
The Issuer’s and the SPAC’s public reports filed with the Commission (collectively, the “Exchange Act
Reports”) did not when filed, and taken as a whole and as amended to the date hereof, contain any untrue statement of a
material fact or omit to state a material fact necessary in order to make the statements made therein, in the light of the circumstances
under which they were made, not misleading and such Exchange Act Reports complied in all material respects with the requirements of the
Securities Exchange Act of 1934, as amended (the “Exchange Act”) and the rules and regulations of the Commission
promulgated thereunder. Each of the Issuer and the SPAC has timely filed each report, statement, schedule, prospectus, and registration
statement that it was required to file with the Commission since its inception. There are no material outstanding or unresolved comments
in comment letters from the Commission Staff with respect to any of the Issuer’s or the SPAC’s filings with the Commission.
The financial statements of each of the Issuer and the SPAC included in the Exchange Act Reports comply in all material respects with
applicable accounting requirements and the rules and regulations of the Commission with respect thereto as in effect at the time of filing
and fairly present in all material respects the financial position of the Issuer and the SPAC (as the case may be) as of and for the dates
thereof and the results of operations and cash flows for the periods then ended, subject, in the case of unaudited statements, to normal,
year-end audit adjustments. A copy of each Exchange Act Report is available to the Subscriber via the Commission’s EDGAR system.

 

4.                  
Subscriber Representations And Warranties. Subscriber represents and warrants
that:

 

(a)               
Subscriber has been duly formed or incorporated and is validly existing in good standing under the laws of its jurisdiction
of incorporation or formation, with the requisite entity power and authority to enter into, deliver and perform its obligations under
this Subscription Agreement.

 

(b)               This
Subscription Agreement has been duly authorized, executed and delivered by Subscriber, and assuming that this Subscription Agreement
constitutes the valid and binding agreement of the Issuer, this Subscription Agreement is the valid and binding obligation of Subscriber,
enforceable against Subscriber in accordance with its terms, subject to applicable bankruptcy, insolvency, fraudulent conveyance, reorganization,
moratorium and similar laws affecting or relating to creditors’ rights generally and subject, as to enforceability, to general
principles of equity, whether such enforceability is considered in a proceeding in equity or at law.

 

(c)                The
execution and delivery by Subscriber of this Subscription Agreement, and the performance by Subscriber of its obligations under this
Subscription Agreement, including the purchase of the Acquired Shares and the consummation of the other transactions contemplated herein,
will not conflict with or result in a breach or violation of any of the terms or provisions of, or constitute a default under, or result
in the creation or imposition of any lien or encumbrance upon any of the property or assets of Subscriber pursuant to the terms of (i)
any indenture, mortgage, deed of trust, loan agreement, lease, license or other agreement or instrument to which Subscriber is a party
or by which Subscriber is bound or to which any of the property or assets of Subscriber is subject; (ii) the organizational documents
of Subscriber; or (iii) any statute or any judgment, order, rule or regulation of any court or governmental agency or body, domestic
or foreign, having jurisdiction over Subscriber or any of Subscriber’s properties that, in the case of clauses (i) and (iii), would
reasonably be expected to have a material adverse effect on the legal authority of Subscriber to comply in all material respects with
the terms of this Subscription Agreement.

 

(d)                Subscriber,
or each of the funds managed by or affiliated with Subscriber for which Subscriber is acting as nominee, as applicable, (i) is a
 “qualified institutional buyer” (as defined in Rule 144A under the Securities Act), an
 “accredited investor” (within the meaning of Rule 501(a) under the Securities Act), in each case,
satisfying the applicable requirements set forth on Schedule A, or an “institutional account” (as defined in
FINRA Rule 4512(c)) of an investment adviser to which Subscriber has delegated investment decision making authority, (ii) is
acquiring the Acquired Shares only for its own account and not for the account of others, or if Subscriber is subscribing for the
Acquired Shares as a fiduciary or agent for one or more investor accounts, each owner of such account is a “qualified
institutional buyer” (as defined above) and Subscriber has full investment discretion with respect to each such
account, and the full power and authority to make the acknowledgements, representations and agreements herein on behalf of each
owner of each such account, and (iii) is not acquiring the Acquired Shares with a view to, or for offer or sale in connection with,
any distribution thereof in violation of the Securities Act. Subscriber has not taken any of the actions set forth in, and is not
subject to, the disqualification provisions of Rule 506(d)(1) of the Securities Act. Subscriber has completed Schedule A
following the signature page hereto and the information contained therein is accurate and complete. Subscriber is not an entity
formed for the specific purpose of acquiring the Acquired Shares, unless such newly formed entity is an entity in which all of the
equity owners are “accredited investors” (within the meaning of Rule 501(a) under the Securities Act).

 

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(e)                Subscriber
acknowledges and agrees that the Acquired Shares are being offered in a transaction not involving any public offering within the meaning
of the Securities Act and that the Acquired Shares have not been registered under the Securities Act. Subscriber acknowledges and agrees
that the Acquired Shares may not be offered, resold, transferred, pledged or otherwise disposed of by Subscriber absent an effective
registration statement under the Securities Act, except (i) to the Issuer or a subsidiary thereof, (ii) to non-U.S. persons pursuant
to offers and sales that occur outside the United States within the meaning of Regulation S under the Securities Act, (iii) pursuant
to Rule 144 under the Securities Act, provided that all of the applicable conditions thereof have been met or (iv) pursuant to another
applicable exemption from the registration requirements of the Securities Act, and that any certificates or book-entry records representing
the Acquired Shares shall contain a legend to such effect. Subscriber acknowledges and agrees that it may be required to bear the financial
risk of an investment in the Acquired Shares for an indefinite period of time. Subscriber acknowledges and agrees that it has been advised
to consult legal counsel prior to making any offer, resale, pledge or transfer of any of the Acquired Shares.

 

(f)                 Subscriber
understands and agrees that Subscriber is purchasing the Acquired Shares directly from the Issuer. Subscriber further acknowledges that
there have been no representations, warranties, covenants and agreements made to Subscriber by the Issuer or any of its officers or directors,
SPAC, the Placement Agents or any of their respective officers, directors, employees or representatives, or any other party to the transaction,
expressly or by implication, other than those representations, warranties, covenants and agreements included in this Subscription Agreement.

 

(g)               
Subscriber’s acquisition and holding of the Acquired Shares will not constitute or result in a non-exempt prohibited
transaction under section 406 of the Employee Retirement Income Security Act of 1974, as amended (“ERISA”),
section 4975 of the Internal Revenue Code of 1986, as amended (the “Code”), or any applicable similar law.

 

(h)               
In making its decision to subscribe for and purchase the Acquired Shares, Subscriber represents that it has relied solely upon
its own independent investigation and the Issuer’s representations, warranties and covenants contained herein. Without limiting
the generality of the foregoing, Subscriber has not relied on any statements or other information provided by or on behalf of the Placement
Agents or any of their respective Affiliates, or any of their respective officers, directors, employees or representatives concerning
the Issuer, the Mergers or the Acquired Shares or the offer and sale of the Acquired Shares.

 

(i)                 Subscriber
acknowledges and agrees that Subscriber has received and has had an adequate opportunity to review such financial and other information
as Subscriber deems necessary in order to make an investment decision with respect to the Acquired Shares, including with respect to
the Issuer and the Mergers and made its own assessment and is satisfied concerning the relevant tax and other economic considerations
relevant to the Subscriber’s investment in the Acquired Shares. Without limiting the generality of the foregoing, Subscriber acknowledges
and agrees that it has reviewed the Investor Presentation that will be filed with the Commission promptly after the execution of this
Subscription Agreement. Subscriber represents and agrees that Subscriber and Subscriber’s professional advisor(s), if any, have
had the full opportunity to ask such questions, receive such answers and obtain such information as Subscriber and such Subscriber’s
professional advisor(s), if any, have deemed necessary to make an investment decision with respect to the Acquired Shares. Subscriber
has been furnished with all materials that it considers relevant to an investment in the Acquired Shares, has had a full opportunity
to ask questions of and receive answers from the Issuer or any person or persons acting on behalf of the Issuer concerning the terms
and conditions of the offering of the Acquired Shares to Subscriber; and that Subscriber is not relying upon, and has not relied upon,
any statement, representation or warranty made by any person, including, without limitation, the Placement Agents, except for the statements,
representations and warranties contained in this Subscription Agreement.

 

    7

     

    

 

(j)                 
In making its decision to purchase the Acquired Shares, the Subscriber has relied solely upon independent investigation made
by Subscriber. Without limiting the generality of the foregoing, Subscriber acknowledges that it has not relied on the Placement Agents
in connection with its determination as to the legality of its acquisition of the Acquired Shares or as to the other matters referred
to herein and the Subscriber has not relied on any investigation that the Placement Agents, any of their respective Affiliates or any
person acting on their behalf have conducted with respect to the Acquired Shares, the Issuer or SPAC. Subscriber further acknowledges
that it has not relied on any information contained in any research reports prepared by the Placement Agents or any of their respective
Affiliates.

 

(k)               Subscriber
became aware of this offering of the Acquired Shares solely by means of direct contact between Subscriber and the Issuer, SPAC, or any
of the Placement Agents, and the Acquired Shares were offered to Subscriber solely by direct contact between Subscriber and the Issuer
or one of the Placement Agents. Subscriber did not become aware of this offering of the Acquired Shares, nor were the Acquired Shares
offered to Subscriber, by any other means. Subscriber acknowledges that the Issuer represents and warrants that the Acquired Shares (i)
were not offered to Subscriber by any form of general solicitation or general advertising and (ii) are not being offered in a manner
involving a public offering under, or in a distribution in violation of, the Securities Act, or any state securities laws. Subscriber
acknowledges that it is not relying upon, and has not relied upon, any statement, representation or warranty made by any person, firm
or corporation (including, without limitation, the Issuer, SPAC, the Placement Agents, any of their respective affiliates or any control
persons, officers, directors, employees, partners, agents or representatives of any of the foregoing), other than the representations
and warranties of the Issuer contained in Section 3 of this Subscription Agreement, in making its investment or decision to invest
in the Issuer.

 

(l)                 The Placement Agents shall have no liability or obligation (including, without limitation, for or with respect to any losses,
claims, damages, obligations, penalties, judgments, awards, liabilities, costs, expenses or disbursements incurred by Subscriber, the
Issuer, SPAC or any other person or entity), whether in contract, tort or otherwise, to Subscriber, or to any person claiming through
Subscriber, in respect of the Subscription, except in each case, to the extent resulting from such Placement Agent’s own gross negligence,
fraud or willful misconduct.

 

(m)             
Subscriber understands, acknowledges and agrees that (i) no disclosure or offering document has been prepared by the Placement
Agents or any of their respective affiliates in connection with the offer and sale of the Acquired Shares; (ii) the Placement Agents and
their respective directors, officers, employees, representatives and controlling persons have made no independent investigation with respect
to the Issuer, SPAC, the transactions contemplated herein or the Acquired Shares or the accuracy, completeness or adequacy of any information
supplied to Subscriber by the Issuer and/or SPAC; (iii) the Placement Agents are not participating in any manner in the Subscription,
including but not limited to the negotiation between the Issuer and the Subscriber with respect to the Subscription, the execution by
the Subscriber of this Subscription Agreement or the issuance or sale of Acquired Shares by the Issuer to the Subscriber as contemplated
herein; and (iv) the Acquired Shares were not offered to Subscriber by any form of advertising or,
to Subscriber’s knowledge, general solicitation (within the meaning of Regulation D), and, to Subscriber’s knowledge,
are not being offered in a manner involving a public offering under, or in a distribution in violation of, the Securities Act, or any
state securities laws.

 

(n)               
Subscriber acknowledges that it is aware that there are substantial risks incident to the purchase and ownership of the Acquired
Shares. Subscriber has such knowledge and experience in financial and business matters as to be capable of evaluating the merits and risks
of an investment in the Acquired Shares, and Subscriber has sought such accounting, legal and tax advice as Subscriber has considered
necessary to make an informed investment decision. Subscriber will not look to the Placement Agents for all or part of any such loss or
losses the Subscriber may suffer and is able to sustain a complete loss on its investment in the Acquired Shares.

 

(o)                Subscriber
acknowledges and agrees that none of the Placement Agents nor any Affiliate of any of the Placement Agents (or any officer,
director, employee or representative of any of the Placement Agents or any Affiliate thereof) has provided Subscriber with any
information or advice with respect to the Acquired Shares nor is such information or advice necessary or desired. Subscriber
acknowledges that the Placement Agents, any Affiliate of any of the Placement Agents (or any officer, director, employee or
representative of any of the Placement Agents or any Affiliate thereof) (i) have not made any representation as to the Issuer,
Issuer’s credit quality, SPAC, or the quality of the Acquired Shares, (ii) may have acquired non-public information with
respect to the Issuer which Subscriber agrees need not be provided to it, (iii) have made no independent investigation with respect
to the Issuer or the Acquired Shares or the accuracy, completeness or adequacy of any information supplied to Subscriber by the
Issuer, (iv) have not acted as Subscriber’s financial advisor, tax advisor, or fiduciary in connection with the issue and
purchase of the Acquired Shares, (v) have not prepared a disclosure or offering document in connection with the offer and sale of
the Acquired Shares and (vi) may have existing or future business relationships with the Issuer and SPAC (including, but not limited
to, lending, depository, risk management, advisory and banking relationships) and will pursue actions and take steps that it deems
or they deem necessary or appropriate to protect its or their interests arising therefrom without regard to the consequences for a
holder of Acquired Shares, and that certain of these actions may have material and adverse consequences for a holder of Acquired
Shares.

 

    8

     

    

 

(p)               
Subscriber represents and acknowledges that, alone, or together with any professional advisor(s), Subscriber has adequately
analyzed and fully considered the risks of an investment in the Acquired Shares and determined that the Acquired Shares are a suitable
investment for Subscriber and that Subscriber is able at this time and in the foreseeable future to bear the economic risk of a total
loss of Subscriber’s investment in the Issuer. Subscriber acknowledges specifically that a possibility of total loss exists.

 

(q)               
Subscriber understands and agrees that no federal or state agency has passed upon or endorsed the merits of the offering of
the Acquired Shares or made any findings or determination as to the fairness of an investment in the Acquired Shares.

 

(r)                
Subscriber is not (i) a person or entity named on the List of Specially Designated Nationals and Blocked Persons, the Executive
Order 13599 List, the Foreign Sanctions Evaders List, or the Sectoral Sanctions Identification List, each of which is administered by
the U.S. Treasury Department’s Office of Foreign Assets Control (“OFAC”) (collectively “OFAC
Lists”), (ii) owned or controlled by, or acting on behalf of, a person, that is named on an OFAC List, (iii) organized,
incorporated, established, located, resident or born in, or a citizen, national, or the government, including any political subdivision,
agency, or instrumentality thereof, of, Cuba, Iran, North Korea, Syria, the Crimea region of Ukraine, or any other country or territory
embargoed or subject to substantial trade restrictions by the United States, (iv) a Designated National as defined in the Cuban Assets
Control Regulations, 31 C.F.R. Part 515, or (v) a non-U.S. shell bank or providing banking services indirectly to a non-U.S. shell bank
(collectively, a “Prohibited Investor”). Subscriber agrees to provide law enforcement agencies, if requested
thereby, such records as required by applicable law, provided that Subscriber is permitted to do so under applicable law. Subscriber represents
that if it is a financial institution subject to the Bank Secrecy Act (31 U.S.C. section 5311 et seq.) (the “BSA”),
as amended by the USA PATRIOT Act of 2001 (the “PATRIOT Act”), and its implementing regulations (collectively,
the “BSA/PATRIOT Act”), Subscriber maintains policies and procedures reasonably designed to comply with applicable
obligations under the BSA/PATRIOT Act. Subscriber also represents that, to the extent required, it maintains policies and procedures reasonably
designed to ensure compliance with OFAC-administered sanctions programs, including for the screening of its investors against the OFAC
Lists. Subscriber further represents and warrants that, to the extent required, it maintains policies and procedures reasonably designed
to ensure that the funds held by Subscriber and used to purchase the Acquired Shares were legally derived.

 

(s)                
Subscriber does not have, as of the date hereof, and during the 30-day period immediately prior to the date hereof, Subscriber
has not entered into, any “put equivalent position” as such term is defined in Rule 16a-1 under the Exchange Act or end of
day short sale positions with respect to the securities of the SPAC or the Issuer.

 

(t)                  If
Subscriber is an employee benefit plan that is subject to Title I of ERISA, a plan, an individual retirement account or other
arrangement that is subject to section 4975 of the Code or an employee benefit plan that is a governmental plan (as defined in
section 3(32) of ERISA), a church plan (as defined in section 3(33) of ERISA), a non-U.S. plan (as described in section 4(b)(4) of
ERISA) or other plan that is not subject to the foregoing but may be subject to provisions under any other federal, state, local,
non-U.S. or other laws or regulations that are similar to such provisions of ERISA or the Code, or an entity whose underlying assets
are considered to include “plan assets” of any such plan, account or arrangement (each, a
 “Plan”) subject to the fiduciary or prohibited transaction provisions of ERISA or section 4975 of the
Code, Subscriber represents and warrants that (i) to its knowledge, neither Issuer, SPAC, nor any of its respective Affiliates that
the Issuer has disclosed to Subscriber for purposes of determining compliance with this section (the “Transaction
Parties”) has acted as the Plan’s fiduciary, or has been relied on for advice, with respect to its decision to
acquire and hold the Acquired Shares, and none of the Transaction Parties shall at any time be relied upon as the Plan’s
fiduciary with respect to any decision to acquire, continue to hold or transfer the Acquired Shares; (ii) the decision to invest in
the Acquired Shares has been made at the recommendation or direction of an “independent fiduciary”
(“Independent Fiduciary”) within the meaning of US Code of Federal Regulations 29 C.F.R. section 2510.3
21(c), as amended from time to time (the “Fiduciary Rule”) who is (A) independent of the Transaction
Parties; (B) is capable of evaluating investment risks independently, both in general and with respect to particular transactions
and investment strategies (within the meaning of the Fiduciary Rule); (C) is a fiduciary (under ERISA and/or section 4975 of the
Code) with respect to Subscriber’s investment in the Acquired Shares and is responsible for exercising independent judgment in
evaluating the investment in the Acquired Shares; and (D) is aware of and acknowledges that (I) none of the Transaction Parties is
undertaking to provide impartial investment advice, or to give advice in a fiduciary capacity, in connection with the
purchaser’s or transferee’s investment in the Acquired Shares, and (II) the Transaction Parties have a financial
interest in the purchaser’s investment in the Acquired Shares on account of the fees and other remuneration they expect to
receive in connection with transactions contemplated hereunder.

 

    9

     

    

 

(u)               
Subscriber has or has commitments to have and, when required to deliver payment to the
Issuer pursuant to Section 2 above, will have, sufficient funds to pay the Purchase Price
and consummate the purchase and sale of the Acquired Shares pursuant to this Subscription Agreement.

 

(v)               
Subscriber acknowledges and agrees, and unconditionally waives any conflicts of interest with respect to, the fact that UBS
Securities LLC is acting as one of the Issuer’s Placement Agent and also acted as sole bookrunning manager for the SPAC’s
initial public offering for which UBS Securities LLC will receive $12,075,000 of
deferred underwriting commission upon the consummation of the Merger.

 

(w)              
Subscriber acknowledges that certain information provided to it was based on projections, and such projections were prepared
based on assumptions and estimates that are inherently uncertain and are subject to a wide variety of significant business, economic and
competitive risks and uncertainties that could cause actual results to differ materially from those contained in the projections. Subscriber
further acknowledges that such information and projections were prepared without the participation of the Placement Agents and that the
Placement Agents do not assume responsibility for independent verification of, or the accuracy or completeness of, such information or
projections.

 

5.                  
Additional Subscriber Agreement. Subscriber hereby agrees that neither Subscriber
nor any person or entity acting on its behalf or pursuant to any understanding with it will engage in any Short Sales with respect to
the SPAC Shares during the period from the date of this Subscription Agreement until the Closing (or such earlier termination of this
Subscription Agreement pursuant to its terms). For purposes of this Section 5, “Short Sales” shall include,
without limitation, all “short sales” as defined in Rule 200 promulgated under Regulation SHO under the Exchange
Act, and all types of direct and indirect stock pledges (other than pledges in the ordinary course of business as part of prime brokerage
arrangements), forward sale contracts, options, puts, calls, swaps and similar arrangements (including on a total return basis), and sales
and other transactions through non-U.S. broker dealers or foreign regulated brokers. Notwithstanding the foregoing, (i) nothing herein
shall prohibit other entities under common management with Subscriber that have no knowledge of this Subscription Agreement or of Subscriber’s
participation in the transactions contemplated hereby (including Subscriber’s controlled affiliates and/or affiliates) from entering
into any Short Sales and (ii) in the case of a Subscriber that is a multi-managed investment vehicle whereby separate portfolio managers
manage separate portions of such Subscriber’s assets and the portfolio managers have no knowledge of the investment decisions made
by the portfolio managers managing other portions of such Subscriber’s assets, the representation set forth above shall only apply
with respect to the portion of assets managed by the portfolio manager that made the investment decision to purchase the Acquired Shares
covered by this Subscription Agreement.

 

6.                  
Registration Rights.

 

(a)                The
Issuer agrees that, within forty-five (45) calendar days after the Closing Date (the “Filing Date”), the
Issuer will file with the Commission (at the Issuer’s sole cost and expense) a registration statement registering the resale
of the Acquired Shares (the “Registration Statement”), and the Issuer shall use its commercially
reasonable efforts to have the Registration Statement declared effective as soon as practicable after the filing thereof; provided, however,
that the Issuer’s obligations to include the Acquired Shares in the Registration Statement are contingent upon Subscriber
furnishing in writing to the Issuer such information regarding Subscriber, the securities of the Issuer held by Subscriber and the
intended method of disposition of the Acquired Shares as shall be reasonably requested by the Issuer to effect the registration of
the Acquired Shares, and Subscriber shall execute such documents in connection with such registration as the Issuer may reasonably
request that are customary of a selling shareholder in similar situations, including providing that the Issuer shall be entitled to
postpone and suspend the effectiveness or use of the Registration Statement during any customary blackout or similar period or as
permitted hereunder. For purposes of clarification, any failure by the Issuer to file the Registration Statement by the Filing Date
or to effect such Registration Statement by the date the Issuer is notified (orally or in writing, whichever is earlier) by the
Commission that the Registration Statement will not be “reviewed” or will not be subject to further review
shall not otherwise relieve the Issuer of its obligations to file or effect the Registration Statement as set forth above in this Section
6. The Issuer will provide a draft of the Registration Statement to Subscriber for review at least five (5) business days in
advance of filing the Registration Statement. In no event shall Subscriber be identified as a statutory underwriter in the
Registration Statement unless requested by the Commission; provided, that if the Commission requests that a Subscriber be
identified as a statutory underwriter in the Registration Statement, Subscriber will have the opportunity to withdraw from the
Registration Statement. Notwithstanding the foregoing, if the Commission prevents the Issuer from including any or all of the
Company Shares proposed to be registered under the Registration Statement due to limitations on the use of Rule 415 of the
Securities Act for the resale of the Company Shares by Subscriber and the relevant Other Subscribers or otherwise, such Registration
Statement shall register for resale such number of Company Shares which is equal to the maximum number of Company Shares as is
permitted by the Commission. In such event, the number of Company Shares to be registered for each selling shareholder named in the
Registration Statement shall be reduced pro rata among all such selling shareholders. In the event the Commission informs the Issuer
that all of such Company Shares cannot, as a result of the application of Rule 415 of the Securities Act, be registered for resale
on the Registration Statement, the Issuer agrees to promptly inform Subscriber thereof and use its commercially reasonable efforts
to file amendments to the Registration Statement as required by the Commission, covering the maximum number of Company Shares
permitted to be registered by the Commission, on Form F-1 or such other form available to register for resale such shares as a
secondary offering.

 

    10

     

    

 

(b)               In
the case of the registration, qualification, exemption or compliance effected by the Issuer pursuant to this Subscription Agreement,
the Issuer shall, upon reasonable request, inform Subscriber as to the status of such registration, qualification, exemption and compliance.
At its expense the Issuer shall:

 

(i)                 
except for such times as the Issuer is permitted hereunder to suspend the use of the prospectus forming part of a Registration
Statement, use its commercially reasonable efforts to keep such registration, and any qualification, exemption or compliance under state
securities laws which the Issuer determines to obtain, continuously effective with respect to Subscriber, and to keep the applicable Registration
Statement or any subsequent shelf registration statement free of any material misstatements or omissions, until the earliest of the following:
(i) Subscriber ceases to hold any Acquired Shares; and (ii) the date all Acquired Shares held by Subscriber may be sold without restriction
under Rule 144, including without limitation, any volume and manner of sale restrictions which may be applicable to Affiliates under Rule
144 and without the requirement for the Issuer to be in compliance with the current public information required under Rule 144(c)(1) or
Rule 144(i)(2), as applicable.

 

(ii)               
advise Subscriber as soon as practicable within five (5) business days:

 

(1)               
when a Registration Statement or any amendment thereto has been filed with the Commission and when such Registration Statement
or any post-effective amendment thereto has become effective;

 

(2)               
after it shall receive notice or obtain knowledge thereof, of any request by the Commission for amendments or supplements to
any Registration Statement or the prospectus included therein or for additional information;

 

(3)               
of the issuance by the Commission of any stop order suspending the effectiveness of any Registration Statement or the initiation
of any proceedings for such purpose;

 

(4)               
of the receipt by the Issuer of any notification with respect to the suspension of the qualification of the Acquired Shares
included therein for sale in any jurisdiction or the initiation or threatening of any proceeding for such purpose; and

 

(5)               
 subject to the provisions in this Subscription Agreement, of the occurrence of any event that requires the making of any changes
in any Registration Statement or prospectus so that, as of such date, the statements therein are not misleading and do not omit to state
a material fact required to be stated therein or necessary to make the statements therein (in the case of a prospectus, in the light of
the circumstances under which they were made) not misleading.

 

    11

     

    

 

(iii)             
use its commercially reasonable efforts to obtain the withdrawal of any order suspending the effectiveness of any Registration
Statement as soon as reasonably practicable;

 

(iv)              
upon the occurrence of any event contemplated above, except for such times as the Issuer is permitted hereunder to suspend,
and has suspended, the use of a prospectus forming part of a Registration Statement, the Issuer shall use its commercially reasonable
efforts to as soon as reasonably practicable prepare a post-effective amendment to such Registration Statement or a supplement to the
related prospectus, or file any other required document so that, as thereafter delivered to purchasers of the Acquired Shares included
therein, such prospectus will not include any untrue statement of a material fact or omit to state any material fact necessary to make
the statements therein, in the light of the circumstances under which they were made, not misleading;

 

(v)               
use its commercially reasonable efforts to cause all Acquired Shares to be listed on each securities exchange or market, if
any, on which the Company Shares issued by the Issuer have been listed;

 

(vi)              
use its commercially reasonable efforts (i) to take all other steps necessary to effect the registration of the Acquired Shares
contemplated hereby and (ii) to file all reports and other materials required to be filed by the Exchange Act so long as the Issuer is
subject to such requirements and the filing of such reports and other documents is required for the applicable provisions of Rule 144
to enable Subscriber to sell the Acquired Shares under Rule 144 for so long as the Subscriber holds Acquired Shares; and

 

(vii)            
cause the Transfer Agent to remove the legend set forth above in Section 2(d), at Subscriber’s request, when the
Acquired Shares are sold pursuant to Rule 144 under the Securities Act or the Registration Statement or may be sold without restriction
under Rule 144. In connection therewith, if required by the Transfer Agent, the Issuer will promptly cause an opinion of counsel to be
delivered to and maintained with the Transfer Agent, together with any other authorizations, certificates and directions required by the
Transfer Agent that authorize and direct the Transfer Agent to transfer such Acquired Shares without any such legend.

 

(c)                 Notwithstanding
anything to the contrary in this Subscription Agreement, the Issuer shall be entitled to delay or postpone the effectiveness of the
Registration Statement, and from time to time to require Subscriber not to sell under the Registration Statement or to suspend the
effectiveness thereof, if (x) the use of the Registration Statement would require the inclusion of financial statements that are
unavailable for reasons beyond the Issuer’s control, (y) the Issuer determines that in order for the Registration Statement to
not contain a material misstatement or omission, an amendment thereto would be needed to include information that would at that time
not otherwise be required in a current, quarterly, or annual report under the Exchange Act, or if (z) such filing or use could
materially affect a bona fide business or financing transaction of the Issuer or its subsidiaries or would require additional
disclosure by the Issuer in the Registration Statement of material information that the Issuer has a bona fide business purpose for
keeping confidential (each such circumstance, a “Suspension Event”); provided, however, that
the Issuer may not delay or suspend the Registration Statement on more than three occasions or for more than ninety (90) total
calendar days, in each case during any twelve-month period. Upon receipt of any written notice from the Issuer of the happening of
any Suspension Event during the period that the Registration Statement is effective or if as a result of a Suspension Event the
Registration Statement or related prospectus contains any untrue statement of a material fact or omits to state any material fact
required to be stated therein or necessary to make the statements therein, in light of the circumstances under which they were made
(in the case of the prospectus) not misleading, Subscriber agrees that it will immediately discontinue offers and sales of the
Acquired Shares under the Registration Statement (excluding, for the avoidance of doubt, sales conducted pursuant to Rule 144) until
Subscriber receives copies of a supplemental or amended prospectus (which the Issuer agrees to promptly prepare) that corrects the
misstatement(s) or omission(s) referred to above and receives notice that any post-effective amendment has become effective or
unless otherwise notified by the Issuer that it may resume such offers and sales; provided, for the avoidance of doubt, that
the Issuer shall not include any material non-public information in any such written notice. If so directed by the Issuer,
Subscriber will deliver to the Issuer or, in Subscriber’s sole discretion destroy, all copies of the prospectus covering the
Acquired Shares in Subscriber’s possession; provided, however, that this obligation to deliver or destroy all
copies of the prospectus covering the Acquired Shares shall not apply (i) to the extent Subscriber is required to retain a copy of
such prospectus (a) in order to comply with applicable legal, regulatory, self-regulatory or professional requirements or (b) in
accordance with a bona fide pre-existing document retention policy or (ii) to copies stored electronically on archival servers as a
result of automatic data back-up.

 

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(d)               
Subscriber may deliver written notice (an “Opt-Out Notice”) to the Issuer requesting that Subscriber
not receive notices from the Issuer otherwise required by this Section 6; provided, however, that Subscriber may
later revoke any such Opt-Out Notice in writing. Following receipt of an Opt-Out Notice from Subscriber (unless subsequently revoked),
(i) the Issuer shall not deliver any such notices to Subscriber and Subscriber shall no longer be entitled to the rights associated with
any such notice and (ii) each time prior to Subscriber’s intended use of an effective Registration Statement, Subscriber will notify
the Issuer in writing at least two (2) business days in advance of such intended use, and if a notice of a Suspension Event was previously
delivered (or would have been delivered but for the provisions of this Section 6(d) and the related suspension period remains in
effect, the Issuer will so notify Subscriber, within one (1) business day of Subscriber’s notification to the Issuer, by delivering
to Subscriber a copy of such previous notice of Suspension Event, and thereafter will provide Subscriber with the related notice of the
conclusion of such Suspension Event immediately upon its availability.

 

(e)                
For purposes of this Section 6, “Acquired Shares” shall mean, as of any date of determination,
the Acquired Shares purchased by Subscriber pursuant to this Subscription Agreement (including any Company Shares issuable upon exercise
of any Acquired Shares) and any other equity security issued or issuable with respect to such Acquired Shares by way of share split, dividend,
distribution, recapitalization, merger, exchange, replacement or similar event, and “Subscriber” shall include
any person to whom the rights under this Section 6 shall have been duly assigned, which shall be deemed to include any person to
whom any Acquired Share has been duly transferred after the Closing.

 

(f)                 
Issuer shall indemnify, to the extent permitted by law, Subscriber (to the extent a seller under the Registration Statement),
its officers, directors, partners, members, managers, employees, stockholders, advisers and agents, and each person who controls Subscriber
(within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act), from and against any and all losses, claims,
damages, liabilities, costs (including reasonable attorneys’ fees) and expenses (collectively, “Losses”),
as incurred, that arise out of or are based upon any untrue or alleged untrue statement of a material fact contained in the Registration
Statement (or incorporated by reference therein), any prospectus included in the Registration Statement or any form of prospectus or in
any amendment or supplement thereto or in any preliminary prospectus, or arising out of or relating to any omission or alleged omission
to state a material fact required to be stated therein or necessary to make the statements therein (in the case of any prospectus or form
of prospectus or supplement thereto, in light of the circumstances under which they were made) not misleading, except to the extent that
such untrue statements or alleged untrue statements or omissions or alleged omissions, are based upon information regarding Subscriber
furnished in writing to Issuer by Subscriber expressly for use therein.

 

(g)               
Subscriber shall indemnify and hold harmless the Issuer, its directors, officers, agents and employees, and each person who
controls the Issuer (within the meaning of Section 15 of the Securities Act and Section 20 of the Exchange Act), to the fullest extent
permitted by applicable law, from and against all Losses, as incurred, that arise out of or are based upon any untrue or alleged untrue
statement of a material fact contained in the Registration Statement, any prospectus included in the Registration Statement, or any form
of prospectus, or in any amendment or supplement thereto or in any preliminary prospectus, or arising out of or relating to any omission
or alleged omission to state a material fact required to be stated therein or necessary to make the statements therein (in the case of
any prospectus, or any form of prospectus or supplement thereto, in light of the circumstances under which they were made) not misleading
to the extent, but only to the extent, that such untrue statements or alleged untrue statements, or omissions, or alleged omissions, are
based upon information regarding Subscriber furnished in writing to the Issuer by Subscriber expressly for use therein. In no event shall
the liability of Subscriber exceed the net proceeds received by Subscriber upon the sale of the Acquired Shares giving rise to such indemnification
obligation. Subscriber shall notify the Issuer promptly of the institution, threat or assertion of any proceeding arising from or in connection
with the transactions contemplated by this Section 6 of which Subscriber is aware.

 

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(h)               
If the indemnification provided under this Section 6 from the indemnifying party is unavailable or insufficient to
hold harmless an indemnified party in respect of any losses, claims, damages, liabilities and expenses referred to herein, then the indemnifying
party, in lieu of indemnifying the indemnified party, shall contribute to the amount paid or payable by the indemnified party as a result
of such losses, claims, damages, liabilities and expenses in such proportion as is appropriate to reflect the relative fault of the indemnifying
party and the indemnified party, as well as any other relevant equitable considerations. The relative fault of the indemnifying party
and indemnified party shall be determined by reference to, among other things, whether any action in question, including any untrue or
alleged untrue statement of a material fact or omission or alleged omission to state a material fact, was made by, or relates to information
supplied by, such indemnifying party or indemnified party, and the indemnifying party’s and indemnified party’s relative
intent, knowledge, access to information and opportunity to correct or prevent such action. The amount paid or payable by a party as
a result of the losses or other liabilities referred to above shall be subject to the limitations set forth in this Section 6
and deemed to include any legal or other fees, charges or expenses reasonably incurred by such party in connection with any investigation
or proceeding. No person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall be
entitled to contribution pursuant to this Section 6 from any person who was not guilty of such fraudulent misrepresentation. Each
indemnifying party’s obligation to make a contribution pursuant to this Section 6(h) shall be individual, not joint and
several, and in no event shall the liability of Subscriber hereunder exceed the net proceeds received by Subscriber upon the sale of
the Acquired Shares giving rise to such indemnification obligation.

 

7.                  
Termination. This Subscription Agreement shall terminate and be void and of no
further force and effect, and all rights and obligations of the parties hereunder shall terminate without any further liability on the
part of any party in respect thereof, upon the earlier to occur of (a) such date and time as the Merger Agreement is validly terminated
in accordance with the terms therein, (b) upon the mutual written agreement of the Issuer, Subscriber and SPAC to terminate this Subscription
Agreement, (c) thirty (30) days after the Termination Date (as may be amended from time to time), if the Closing has not occurred by such
date other than as a result of a breach of the obligations of Subscriber hereunder, or (d) if, on the closing date of the Mergers, any
of the conditions to Closing set forth in Section 2 of this Subscription Agreement have not been satisfied as of the time required
hereunder to be so satisfied or waived by the party entitled to grant such waiver and, as a result thereof, the Subscription contemplated
by this Subscription Agreement are not consummated (each of (a), (b), (c) and (d), a “Termination Event”); provided,
that nothing herein will relieve any party from liability for any willful breach hereof prior to the time of termination, and each party
will be entitled to any remedies at law or in equity to recover losses, liabilities or damages arising from any such willful breach. The
Issuer shall promptly notify Subscriber in writing of the termination of the Merger Agreement promptly after the termination of such agreement.
Upon the occurrence of any Termination Event, any monies paid by the Subscriber to the Issuer in connection herewith shall promptly following
the Termination Event be returned to the Subscriber in accordance with the escrow agreement to be agreed and signed after the date of
this Subscription Agreement, which obligation to return such monies and remedies for losses, liabilities and damages arising from willful
breach shall survive termination of this Subscription Agreement.

 

8.                  
Trust Account Waiver. Subscriber acknowledges that SPAC is a blank check company
with the powers and privileges to effect a merger, amalgamation, share exchange, asset acquisition, share purchase, reorganization or
similar business combination involving SPAC and one or more businesses or entities. Subscriber further acknowledges that, as described
in SPAC’s final prospectus, dated January 15, 2021 (the “Prospectus”), available at www.sec.gov, substantially
all of SPAC’s assets consist of the cash proceeds of SPAC’s initial public offering and private placements of its securities,
and substantially all of those proceeds have been deposited in a trust account (the “Trust Account”) for the
benefit of SPAC, its public shareholders and the underwriters of SPAC’s initial public offering. Except with respect to interest
earned on the funds held in the Trust Account that may be released to SPAC to pay its tax obligations, if any, the cash in the Trust Account
may be disbursed only for the purposes set forth in the Prospectus. Subscriber, on behalf of itself and its representatives, hereby irrevocably
waives any and all right, title and interest, or any claim of any kind they have or may have in the future, in or to any monies held in
the Trust Account, and agrees not to seek recourse against the Trust Account as a result of, or arising out of, this Subscription Agreement;
provided, however, that nothing in this Section 8 shall be deemed to limit Subscriber’s right, title, interest or
claim to the Trust Account by virtue of Subscriber’s record or beneficial ownership of shares in SPAC, pursuant to a validly exercised
redemption right with respect to any such shares in SPAC, except to the extent that Subscriber has otherwise agreed with SPAC to not exercise
such redemption right.

 

    14

     

    

 

9.                  
 Exculpation of Placement Agents. Subscriber acknowledges and agrees for the
express benefit of the Placement Agents, and their Affiliates and their and their Affiliates’ respective officers, directors, employees
or representatives that neither the Placement Agents, nor any of their Affiliates or any of their or their Affiliates’ officers,
directors, employees or representatives shall be liable to Subscriber, pursuant to this Subscription Agreement or any other subscription
agreement related to the private placement of the Acquired Shares, the negotiation hereof or thereof or the subject matter hereof or thereof,
or the transactions contemplated hereby or thereby, for any action heretofore or hereafter taken or omitted to be taken by any of them
in connection with the purchase of the Acquired Shares by Subscriber.

 

10.               
Miscellaneous.

 

(a)               
Each party hereto acknowledges that the other party hereto, the Placement Agents and others will rely on the acknowledgments,
understandings, agreements, representations and warranties contained in this Subscription Agreement. Prior to the Closing, each party
hereto agrees to promptly notify the other party hereto and SPAC if any of the acknowledgments, understandings, agreements, representations
and warranties made by such party as set forth herein are no longer accurate in all material respects. Subscriber further acknowledges
and agrees that each of the Placement Agents is a third-party beneficiary of the representations and warranties of the Issuer and Subscriber
contained in Section 3 and Section 4, respectively. The Subscriber acknowledges and agrees that the purchase by Subscriber
of the Acquired Shares from the Issuer will constitute a reaffirmation of the acknowledgements, understandings, agreements, representations
and warranties herein (as modified by any such notice) by Subscriber as of the time of such subscription.

 

(b)               
Each of the Issuer, Subscriber and SPAC is entitled to rely upon this Subscription Agreement and is irrevocably authorized
to produce this Subscription Agreement or a copy hereof to any interested party in any administrative or legal proceeding or official
inquiry with respect to the matters covered hereby. Each of the Placement Agents is entitled to rely upon the representations and warranties
made by Subscriber in this Subscription Agreement.

 

(c)                
Notwithstanding anything to the contrary in this Subscription Agreement, prior to the Closing, Subscriber may transfer or assign
all or a portion of its rights under this Subscription Agreement; provided, that, such transferee or assignee agrees in writing
to be bound by and subject to the terms and conditions of this Subscription Agreement, makes the representations and warranties in Section
4 and completes Schedule A hereto. In the event of such a transfer or assignment, Subscriber shall update Schedule B to provide the
information required therein.

 

(d)               
All the agreements, representations and warranties made by each party hereto in this Subscription Agreement shall survive the
Closing.

 

(e)                
The Issuer may request from Subscriber such additional information as the Issuer may reasonably deem necessary to evaluate
the eligibility of Subscriber to acquire the Acquired Shares, and Subscriber shall promptly provide such information as may be reasonably
requested, to the extent readily available and to the extent consistent with its internal policies and procedures; provided, that
the Issuer agrees to keep any such information provided by Subscriber confidential, except (i) as necessary to include in any registration
statement the Issuer is required to file hereunder, (ii) as required by the federal securities law or pursuant to other routine proceedings
of regulatory authorities or (iii) to the extent such disclosure is required by law, at the request of the staff of the Commission or
regulatory agency or under the regulations of any national securities exchange on which the Issuer’s securities are listed for trading.
The Subscriber acknowledges and agrees that if it does not provide the Issuer with such requested information, the Issuer may not be able
to register the Acquired Shares for resale pursuant to Section 6 hereof. The Subscriber acknowledges that the Issuer may file a
copy of this Subscription Agreement (or a form of this Subscription Agreement) with the Commission as an exhibit to a periodic report
or a registration statement of the Issuer. Upon written request, the Issuer shall provide such additional information delivered pursuant
to this Section 10(e) to each Placement Agent, provided, that the Placement Agents shall keep such information confidential,
except as may be required by applicable law, rule, regulation or in connection with any legal proceeding or regulatory request.

 

    15

     

    

 

 

(f)                  This
Subscription Agreement may not be modified, waived or terminated (other than pursuant to the terms of Section 7 above) except
by an instrument in writing, signed by (i) each of the parties hereto and (ii) SPAC. For the avoidance of doubt, the Issuer may not
provide any consent to any proposed modification, wavier or termination (other than pursuant to the terms of Section 7 above)
to this Subscription Agreement without the prior written approval of SPAC.

 

(g)               
This Subscription Agreement constitutes the entire agreement, and supersedes all other prior agreements, understandings, representations
and warranties, both written and oral, among the parties, with respect to the subject matter hereof. Except as set forth in Section
10(a) with respect to the persons referenced therein (who shall be express third party beneficiaries of and entitled to enforce such
provision) and as set forth in the immediately following sentence, this Subscription Agreement shall not confer any rights or remedies
upon any person other than the parties hereto, and their respective successor and assigns. SPAC is an express third-party beneficiary
of this Subscription Agreement and entitled to enforce specifically the respective obligations, acknowledgements and waivers of the Issuer
and Subscriber hereunder directly against the Issuer and Subscriber, including pursuant to Section 10(o) (including enforcing Subscriber’s
obligations hereunder to purchase the Acquired Shares and deliver the Purchase Price).

 

(h)               
Except as otherwise provided herein, this Subscription Agreement shall be binding upon, and inure to the benefit of the parties
hereto and their heirs, executors, administrators, successors, legal representatives, and permitted assigns, and the agreements, representations,
warranties, covenants and acknowledgments contained herein shall be deemed to be made by, and be binding upon, such heirs, executors,
administrators, successors, legal representatives and permitted assigns.

 

(i)                 
If any provision of this Subscription Agreement shall be invalid, illegal or unenforceable, the validity, legality or enforceability
of the remaining provisions of this Subscription Agreement shall not in any way be affected or impaired thereby and shall continue in
full force and effect. The parties hereto shall execute and deliver all such further instruments and documents and take all such other
actions as may reasonably be required to carry out the transactions contemplated hereby and to evidence the fulfillment of the agreements
herein contained.

 

(j)                 
This Subscription Agreement may be executed in two (2) or more counterparts (including by facsimile transmission, by e-mail
delivery of a “.pdf” format data file or by other electronic means), all of which shall be considered one and
the same agreement and shall become effective only when signed by a duly authorized person by or on behalf of each party and delivered
to the other parties, it being understood that all parties need not sign the same counterpart. For the avoidance of doubt, the Issuer
reserves the right to accept or reject the Subscriber’s subscription for the Acquired Shares for any reason or for no reason, in
whole or in part, any time until the point when this Subscription Agreement is signed by a duly authorized person by or on behalf of the
Issuer.

 

(k)               
Each party shall pay all of its own expenses in connection with this Subscription Agreement and the transactions contemplated
herein except as otherwise provided in the Subscription Agreement.

 

(l)                 
Notices. Any notice or communication required or permitted hereunder shall be in writing and either delivered personally,
emailed or telecopied, sent by overnight mail via a reputable overnight carrier, or sent by certified or registered mail, postage prepaid,
and shall be deemed to be given and received (a) when so delivered personally, (b) upon receipt of an appropriate electronic answerback
or confirmation when so delivered by telecopy (to such number specified below or another number or numbers as such person may subsequently
designate by notice given hereunder), (c) when sent, if sent on a business day prior to 5:00 p.m. local time of the recipient, with no
mail undeliverable or other rejection notice, if sent by email, or on the business day following the day when sent, if sent on a day that
is not a business day or after 5:00 p.m. local time of the recipient on a business day, with no mail undeliverable or other rejection
notice, if sent by email, or (d) five (5) business days after the date of mailing to the address below or to such other address or addresses
as such person may hereafter designate by notice given hereunder:

 

(i)                 
if to Subscriber, to such address or addresses set forth on the signature page hereto;

 

    16

     

    

 

(ii)         
if to the Issuer, to:

 

TH International Limited

c/o Cartesian Capital Group
LLC

505 5th Avenue, 15th Floor

New York, NY 10017

Attn: Gregory Armstrong; Peter
Yu

Email: Gregory.armstrong@cartesiangroup.com;
peter.yu@cartesiangroup.com

 

with a required copy
(which copy shall not constitute notice) to:

 

Kirkland & Ellis

26th Floor, Gloucester Tower,
The Landmark

15 Queens Road Central Hong
Kong

Attn: Daniel Dusek, Esq.

Email: daniel.dusek@kirkland.com

 

(iii)        
if to the Placement Agents, to:

 

Merrill Lynch (Asia
Pacific) Limited,

55/F Cheung Kong Centre,

2 Queen’s Road Central
Hong Kong,

Attn: Tucker Highfield

Email: tucker.highfield@bofa.com

 

and

 

UBS Securities LLC

1285 Avenue of Americas

New York, New York
10019

Attn: John Delgado-McCollum
and Alex Cahail

Email: john.delgado@ubs.com
and alex.cahail@ubs.com

 

with a required copy
(which copy shall not constitute notice) to:

 

Davis Polk & Wardwell
LLP

18th Floor, The Hong Kong
Club Building

3A Chater Road, Central Hong
Kong

Attn: James C. Lin, Esq.

Email: james.lin@davispolk.com

 

(m)             
This Subscription Agreement, and any claim or cause of action hereunder based upon, arising out of or related to this Subscription
Agreement (whether based on law, in equity, in contract, in tort or any other theory) or the negotiation, execution, performance or enforcement
of this Subscription Agreement, shall be governed by and construed in accordance with the laws of the State of New York, without giving
effect to the principles of conflicts of law thereof.

 

    17

     

    

 

THE PARTIES HERETO
IRREVOCABLY SUBMIT TO THE EXCLUSIVE JURISDICTION OF THE UNITED STATES DISTRICT COURT FOR THE SOUTHERN DISTRICT OF NEW YORK, THE
SUPREME COURT OF THE STATE OF NEW YORK AND THE FEDERAL COURTS OF THE UNITED STATES OF AMERICA LOCATED IN THE STATE OF NEW YORK IN
NEW YORK COUNTY SOLELY IN RESPECT OF THE INTERPRETATION AND ENFORCEMENT OF THE PROVISIONS OF THIS SUBSCRIPTION AGREEMENT AND THE
DOCUMENTS REFERRED TO IN THIS SUBSCRIPTION AGREEMENT AND IN RESPECT OF THE TRANSACTIONS CONTEMPLATED HEREBY, AND HEREBY WAIVE, AND
AGREE NOT TO ASSERT, AS A DEFENSE IN ANY ACTION, SUIT OR PROCEEDING FOR INTERPRETATION OR ENFORCEMENT HEREOF OR SUCH DOCUMENTS THAT
SUCH ACTION, SUIT OR PROCEEDING MAY NOT BE BROUGHT OR IS NOT MAINTAINABLE IN SAID COURTS OR THAT VENUE THEREOF MAY NOT BE
APPROPRIATE OR THAT THIS SUBSCRIPTION AGREEMENT OR ANY SUCH DOCUMENT MAY NOT BE ENFORCED IN OR BY SUCH COURTS, AND THE PARTIES
HERETO IRREVOCABLY AGREE THAT ALL CLAIMS WITH RESPECT TO SUCH ACTION, SUIT OR PROCEEDING SHALL BE HEARD AND DETERMINED BY SUCH A NEW
YORK STATE OR FEDERAL COURT. THE PARTIES HEREBY CONSENT TO AND GRANT ANY SUCH COURT JURISDICTION OVER THE PERSON OF SUCH PARTIES AND
OVER THE SUBJECT MATTER OF SUCH DISPUTE AND AGREE THAT MAILING OF PROCESS OR OTHER PAPERS IN CONNECTION WITH SUCH ACTION, SUIT OR
PROCEEDING IN THE MANNER PROVIDED IN SECTION 10(l) OR IN SUCH OTHER MANNER AS MAY BE PERMITTED BY LAW SHALL BE VALID AND SUFFICIENT
SERVICE THEREOF.

 

EACH PARTY ACKNOWLEDGES AND
AGREES THAT ANY CONTROVERSY WHICH MAY ARISE UNDER THIS SUBSCRIPTION AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY IS LIKELY TO INVOLVE
COMPLICATED AND DIFFICULT ISSUES, AND THEREFORE EACH SUCH PARTY HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVES ANY RIGHT SUCH PARTY MAY
HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS SUBSCRIPTION AGREEMENT
OR THE TRANSACTIONS CONTEMPLATED BY THIS SUBSCRIPTION AGREEMENT. EACH PARTY CERTIFIES AND ACKNOWLEDGES THAT (I) NO REPRESENTATIVE, AGENT
(INCLUDING THE PLACEMENT AGENTS) OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT,
IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER; (II) SUCH PARTY UNDERSTANDS AND HAS CONSIDERED THE IMPLICATIONS OF THE
FOREGOING WAIVER; (III) SUCH PARTY MAKES THE FOREGOING WAIVER VOLUNTARILY AND (IV) SUCH PARTY HAS BEEN INDUCED TO ENTER INTO THIS SUBSCRIPTION
AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVER AND CERTIFICATIONS IN THIS SECTION 10(m).

 

(n)               
The SPAC shall, and the Issuer shall procure that the SPAC shall, by 9:00 a.m., New York City time, on the first (1st) business
day immediately following the date of this Subscription Agreement, issue one or more press releases or file with the Commission a Current
Report on Form 8-K (collectively, the “Disclosure Document”) disclosing all material terms of the transactions
contemplated hereby, the Mergers, and any other material, nonpublic information with respect to the Mergers that the Issuer has provided
to Subscriber at any time prior to the filing of the Disclosure Document. Notwithstanding anything in this Subscription Agreement to the
contrary, the Issuer shall not publicly disclose or use the name or brand of Subscriber or any of its Affiliates or investment advisers,
or include the name or brand of Subscriber or any of its Affiliates or investment advisers in any press release or in any filing with
the Commission or any regulatory agency or trading market, without the prior written consent of Subscriber, except (i) as required by
the federal securities law in connection with the Registration Statement, (ii) the filing of this Subscription Agreement (or a form of
this Subscription Agreement) with the Commission, (iii) the filing of the Schedule 14A, F-4 and related proxy materials to be filed by
the Issuer with respect to the Transaction and (iv) to the extent such disclosure is required by law, at the request of the Staff of the
Commission or regulatory agency or under the regulations of Nasdaq, in which case the Issuer shall provide Subscriber with prior written
notice of such disclosure permitted under this subclause (iv).

 

(o)               
Remedies. The parties agree that irreparable damage would occur if any provision of this Subscription Agreement were not performed
in accordance with the terms hereof, and accordingly, that the parties hereto shall be entitled to an injunction or injunctions to prevent
breaches of this Subscription Agreement or to enforce specifically the performance of the terms and provisions of this Subscription Agreement
in an appropriate court of competent jurisdiction as set forth in Section 10(m), in addition to any other remedy to which any party
is entitled at law or in equity.

 

    18

     

    

 

(p)                Non-Reliance
and Exculpation. Subscriber acknowledges that it is not relying upon, and has not relied upon, any statement, representation or
warranty made by any person, firm or corporation (including, without limitation, the Placement Agents, any of their respective
affiliates or any control persons, officers, directors, employees, partners, agents or representatives of any of the foregoing),
other than the statements, representations and warranties of the Issuer expressly contained in Section 3 of this Subscription
Agreement, in making its investment or decision to invest in the Issuer. Subscriber acknowledges and agrees that none of (i) any
Other Subscriber pursuant to this Subscription Agreement or any Other Subscription Agreement (including any such Other
Subscriber’s affiliates or any control persons, officers, directors, employees, partners, agents or representatives of any of
the foregoing), (ii) the Placement Agents, their respective affiliates or any control persons, officers, directors, employees,
partners, agents or representatives of any of the foregoing, (iii) any other party to this Subscription Agreement, the Other
Subscription Agreements and the Merger Agreement (collectively, the “Transaction Documents” (other than
the Issuer), and (iv) any affiliates, or any control persons, officers, directors, employees, partners, agents or representatives of
any of the Issuer, SPAC or any other party to the Transaction Documents shall be liable to Subscriber, or to any Other Subscriber,
pursuant to this Subscription Agreement or any Other Subscription Agreement, the negotiation hereof or thereof or the subject matter
hereof or thereof, or the transactions contemplated hereby or thereby, including, without limitation, for any action heretofore or
hereafter taken or omitted to be taken by any of them in connection with the purchase of the Company Shares or with respect to any
claim (whether in tort, contract or otherwise) for breach of this Subscription Agreement or in respect of any written or oral
representations made or alleged to be made in connection herewith (except as expressly provided herein), or for any actual or
alleged inaccuracies, misstatements or omissions with respect to any information or materials of any kind furnished in connection
with the Subscription.

 

(q)               
If any change in the number or type of equity securities of the Issuer shall occur between the date hereof and immediately
prior to the Closing by reason of any share dividend, share split, share combination, recapitalization or similar event (in each case,
other than the Recapitalization), then the number of Company Shares purchased by Subscriber and the price per share paid therefor shall
be appropriately adjusted to reflect such change.

 

[Signature page follows.]

 

    19

     

    

 

IN WITNESS WHEREOF, each of the Issuer and Subscriber has executed or caused this Subscription Agreement to be executed by its duly authorized representative as of the date set forth below.

 

	 	 	TH INTERNATIONAL LIMITED
	 	 	 
	 	By:	 
	 	 	Name: 
	 	 	Title:

 

 Date: ____________________, 2022

 

SUBSCRIBER:

 

Signature of Subscriber:

 

	By:	

    	 
	Name:		 
	Title:		 

 

Date: ____________________, 2022

 

Name of Subscriber:

(Please print. Please indicate name and capacity of person signing above)

 

Name in which securities are to be registered (if different):

 

Email Address:

 

	 	 

 

Subscriber’s EIN:

 

	 	 

 

	Address: 	 	 

 

	Attn:	 	 

 

Telephone No.: 

 

	 	 

 

Facsimile No.: 

 

	 	 

 

	Aggregate Number of Acquired Shares 
 subscribed for: _____________________ (including
  _______________Company Shares and __________________ Company Warrants issued pursuant to the sixth recital of this Subscription
  Agreement)	 
	 	 

 

[Signature Page to Subscription
Agreement]

 

     

     

    

 

Aggregate Purchase Price:

$_________________________________

 

You must pay the Purchase Price by wire transfer of United States dollars
in immediately available funds to the account specified by the Issuer in the Closing Notice.

 

    21

     

    

 

SCHEDULE A

ELIGIBILITY REPRESENTATIONS OF SUBSCRIBER

 

This Schedule must be completed by Subscriber and forms
a part of the Subscription Agreement to which it is attached. Capitalized terms used and not otherwise defined in this Schedule have the
meanings given to them in the Subscription Agreement. Subscriber must check the applicable box in either Part A or Part B below and
the applicable box in Part C below.

 

	A.	QUALIFIED INSTITUTIONAL BUYER STATUS

 

(Please check the applicable subparagraphs):

 

	 ̈	Subscriber is a “qualified institutional buyer” (as defined in Rule 144A under the Securities Act (a “QIB”)).

 

*** OR ***

 

	 ̈	Subscriber is subscribing for the Acquired Shares as a fiduciary or agent for one or more investor accounts, and each owner of such accounts is a QIB.
	 	 
	B.	ACCREDITED INVESTOR STATUS

 

(Please check the applicable subparagraphs):

 

Rule 501(a), in relevant part, states that an “accredited
investor” shall mean any person who comes within any of the below listed categories, or who the issuer reasonably believes
comes within any of the below listed categories, at the time of the sale of the securities to that person. Subscriber has indicated, by
marking and initialing the appropriate box below, the provision(s) below which apply to Subscriber and under which Subscriber accordingly
qualifies as an “accredited investor.”

 

	 ̈	Any bank, registered broker or dealer, insurance company, registered investment company, business development company, or small business investment company;
	 	 
	 ̈	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 a bank, insurance company, or registered investment adviser makes the investment decisions, or if the plan has total assets in excess of $5,000,000;
	 	 
	 ̈	Any corporation, similar business trust, partnership or any organization described in Section 501(c)(3) of the Internal Revenue Code, not formed for the specific purpose of acquiring the securities offered, with total assets in excess of $5,000,000; or
	 	 
	 ̈	Any trust with assets in excess of $5,000,000, not formed to acquire the securities offered, whose purchase is directed by a sophisticated person.
	 	 
	 ̈	Any entity in which all of the equity owners are accredited investors.
	 	 
	 ̈	Any entity or natural person that is otherwise qualified as an accredited investor under Rule 501(a).

 

*** AND ***

 

	C.	AFFILIATE STATUS

 

(Please check the applicable box)

 

SUBSCRIBER:

 

	 ̈	is:

 

an “affiliate” (as defined in Rule 144 under
the Securities Act) of the Issuer or acting on behalf of an affiliate of the Issuer.

 

	 ̈	is not:

 

     

     

    

 

SCHEDULE B

SCHEDULE OF TRANSFERS

 

Subscriber’s Subscription was in the amount of ____ Company Shares.
The following transfers of a portion of the Subscription have been made:

 

	Date of Transfer or Reduction	Transferee	 	Number of Transferee

 Acquired

Shares Transferred or 

Reduced	Subscriber Revised Subscription

Amount
	 	 	 	 	 

Schedule B as of ______________, 20__, accepted and agreed to as of
this ____ day of ____________, 20__ by:

	 	 	 

	TH INTERNATIONAL LIMITED	 
	 	 	 
	By:	

    	 
	 	Name:	 
	 	Title:	 
	
     

    Signature of Subscriber:

     

    [SUBSCRIBER]

    
	 

 

	By:	

    	 
	 	Name:	 
	 	Title:Exhibit 10.14

 

Execution Version

 

ORDINARY SHARE PURCHASE AGREEMENT

 

This ORDINARY SHARE PURCHASE AGREEMENT is made and entered into
as of March 11, 2022 (this “Agreement”), by and between CF Principal Investments LLC, a Delaware limited
liability company (the “Investor”), and TH International Limited, a Cayman Islands exempted company (including
any successor entity, the “Company”).

 

RECITALS

 

WHEREAS,
the Company has entered into an Agreement and Plan of Merger, dated as of August 13, 2021, with Miami Swan Ltd, a Cayman Islands
exempted company and wholly owned subsidiary of the Company, and Silver Crest Acquisition Corporation, a blank check company incorporated
as a Cayman Islands exempted company (the “SPAC”) (as amended from time to time, the “Merger Agreement”);

 

WHEREAS,
following the consummation of the transactions contemplated by the Merger Agreement (the “Merger Closing”),
the Company shall be the surviving entity, with ordinary shares (the “Ordinary Shares”) registered under Section 12(b) of
the Exchange Act;

 

WHEREAS,
the parties desire that, upon the terms and subject to the conditions and limitations set forth herein, during the Investment Period,
the Company may issue and sell to the Investor, from time to time as provided herein, and the Investor shall purchase from the Company,
up to the lesser of (i) $100,000,000 in aggregate gross purchase price of newly issued Ordinary Shares and (ii) the Exchange
Cap (to the extent applicable under Section 3.3);

 

WHEREAS,
such sales of Ordinary Shares by the Company to the Investor will be made in reliance upon the provisions of Section 4(a)(2) of
the Securities Act (“Section 4(a)(2)”) and/or Rule 506(b) of Regulation D promulgated by the
Commission under the Securities Act (“Regulation D”), and upon such other exemption from the registration requirements
of the Securities Act as may be available with respect to any or all of the issuances and sales of Ordinary Shares by the Company to the
Investor to be made hereunder;

 

WHEREAS,
the parties hereto are concurrently entering into a Registration Rights Agreement in the form attached as Exhibit A hereto
(the “Registration Rights Agreement”), pursuant to which the Company shall register the resale of the Registrable
Securities, upon the terms and subject to the conditions set forth therein;

 

WHEREAS,
in consideration for the Investor’s execution and delivery of this Agreement, the Company shall issue to the Investor the Commitment
Shares, pursuant to and in accordance with Section 10.1(ii); and

 

WHEREAS,
the Company acknowledges that the Investor is an Affiliate of the Cantor Fitzgerald group of entities, and the Investor’s Affiliate,
Cantor Fitzgerald & Co. (“CF&CO”), is acting as the Investor’s representative in connection
with the transactions contemplated hereby.

 

NOW,
THEREFORE, the parties hereto, intending to be legally bound, hereby agree as follows:

 

ARTICLE I

DEFINITIONS

 

Capitalized terms used in this Agreement shall have the meanings ascribed
to such terms in Annex I hereto, and hereby made a part hereof, or as otherwise set forth in this Agreement.

 

     

     

    

 

ARTICLE II

PURCHASE AND SALE OF ORDINARY SHARES

 

Section 2.1.
Purchase and Sale of Shares. Upon the terms and subject to the conditions of this Agreement, during the Investment Period,
the Company, in its sole discretion, shall have the right, but not the obligation, to issue and sell to the Investor, and the Investor
shall purchase from the Company, up to the lesser of (i) $100,000,000 (the “Total Commitment”) in aggregate
gross purchase price of duly authorized, validly issued, fully paid and non-assessable Ordinary Shares and (ii) the Exchange Cap,
to the extent applicable under Section 3.3 (such lesser amount of Ordinary Shares, the “Aggregate Limit”),
by the delivery to the Investor of VWAP Purchase Notices as provided in Article III.

 

Section 2.2.
Signing Date; Closing Date; Settlement Dates.

 

(i) This Agreement shall become effective and binding upon (a) the
delivery of counterpart signature pages of this Agreement and the Registration Rights Agreement executed by each of the parties hereto
and thereto, and (b) the delivery of a signing certificate, dated as of the Signing Date and substantially in the form attached hereto
as Exhibit B, to the offices of Covington & Burling LLP, Attn: Matthew Gehl, The New York Times Building, 620 Eighth
Avenue, New York, NY 10018, at 10:00 a.m., New York City time.

 

(ii) On a date mutually agreed to by the Company and the Investor,
to be no earlier than the Commitment Shares Determination Date and no later than the Trading Day prior to the filing of the Initial Registration
Statement (the “Closing Date”), the Company shall (a) satisfy the conditions set forth in Section 7.1
(the “Closing”) and (b) issue to the Investor the Commitment Shares, pursuant to and in accordance with
Section 10.1(ii).

 

(iii) In consideration of and in express reliance upon the representations,
warranties and covenants contained in, and upon the terms and subject to the conditions of, this Agreement, during the Investment Period,
the Company, at its sole option and discretion, may issue and sell to the Investor, and, if the Company elects to so issue and sell, the
Investor shall purchase from the Company, the Shares in respect of each VWAP Purchase. The issue of Shares in respect of each VWAP Purchase,
and the payment for such Shares, shall occur in accordance with Section 3.2, provided that all of the conditions precedent
in Article VII shall have been fulfilled at the applicable times set forth in Article VII.

 

Section 2.3.
Initial Public Announcements and Required Filings. The Company shall cause the SPAC to file with the Commission, not
later than 9:00 a.m., New York City time, on the first (1st) business day immediately following the date of this Agreement, a Current
Report on Form 8-K disclosing the execution of this Agreement and the Registration Rights Agreement by the Company and the Investor
and describing the material terms thereof, including, without limitation, the issuance of the Commitment Shares payable by the Company
to the Investor in accordance with Section 10.1(ii), and attaching as exhibits thereto copies of each of this Agreement and the Registration
Rights Agreement (including all exhibits thereto) (the “Current Report”). The Company shall cause the SPAC to
provide the Investor and its legal counsel a reasonable opportunity to comment on a draft of the Current Report prior to filing, and shall
give due consideration to all such comments. From and after the filing of the Current Report with the Commission, all material nonpublic
information delivered to the Investor (or the Investor’s representatives or agents) by the Company or any of its Subsidiaries, or
any of their respective officers, directors, employees, agents or representatives (if any) in connection with the transactions contemplated
by the Transaction Documents shall have been publicly disclosed. The Company shall use its reasonable best efforts to prepare and, as
soon as practicable following the Merger Closing, file with the Commission the Initial Registration Statement and any New Registration
Statement covering only the resale by the Investor of the Registrable Securities in accordance with the Securities Act and the Registration
Rights Agreement. At or before 8:30 a.m., New York City time, on the second (2nd) Trading Day immediately following the Effective Date
of the Initial Registration Statement and any New Registration Statement (or any post-effective amendment thereto), the Company shall
use its reasonable best efforts to file with the Commission in accordance with Rule 424(b) under the Securities Act the final
Prospectus to be used in connection with sales pursuant to such Registration Statement (or post-effective amendment thereto).

 

    2

     

    

 

ARTICLE III

PURCHASE TERMS

 

Subject to the satisfaction of the conditions set forth in Article VII,
the parties agree as follows:

 

Section 3.1.
VWAP Purchases. Upon the initial satisfaction of all of the conditions set forth in Section 7.2 (the “Commencement”
and the date of such initial satisfaction, the “Commencement Date”) and from time to time thereafter, subject
to the satisfaction of all of the conditions set forth in Section 7.3, the Company shall have the right, but not the obligation,
to direct the Investor, by its timely delivery to the Investor of a VWAP Purchase Notice, in substantially the form attached hereto as
Exhibit D, after 6:00 a.m., New York City time, but prior to 9:00 a.m., New York City time, to purchase a number of Shares
equal to the applicable VWAP Purchase Share Amount, not to exceed the applicable VWAP Purchase Maximum Amount, at the applicable VWAP
Purchase Price therefor on such VWAP Purchase Date in accordance with this Agreement (each such purchase, a “VWAP Purchase”).
In addition, the Investor may, in its sole discretion, accept a VWAP Purchase Notice after 9:00 a.m., New York City time, on a VWAP Purchase
Date, provided that such acceptance, once provided, shall be irrevocable and binding and the Company’s obligation to issue the Shares
that are the subject of such VWAP Purchase Notice to the Investor shall be binding; provided further that, if the Investor does not accept
a VWAP Purchase Notice that is delivered after 9:00 a.m., New York City time, such VWAP Purchase Notice shall be deemed to be null and
void. The Investor may also, in its sole discretion, accept additional VWAP Purchase Notices within a Trading Day, in which case any prior
VWAP Purchase Notice accepted by the Investor in such Trading Day shall be null, void, superseded and replaced in its entirety by such
subsequent VWAP Purchase Notice. The Company may timely deliver a VWAP Purchase Notice to the Investor as often as every Trading Day (and
may deliver multiple VWAP Purchase Notices in any given day, it being understood that a subsequent VWAP Purchase Notice will supersede
and replace all earlier VWAP Purchase Notices delivered within the same Trading Day in their entirety), so long as (i) the Closing
Sale Price of the Ordinary Shares on the Trading Day immediately preceding such Trading Day is not less than the Threshold Price, and
(ii) all Shares subject to all prior VWAP Purchases theretofore required to have been received by the Investor as DWAC Shares under
this Agreement have been issued to the Investor as DWAC Shares in accordance with this Agreement. The Investor is obligated to accept
each VWAP Purchase Notice prepared and delivered by the Company in accordance with the terms of and subject to the satisfaction of the
conditions contained in this Agreement. If the Company delivers any VWAP Purchase Notice directing the Investor to purchase a number of
Shares that is in excess of the applicable VWAP Purchase Maximum Amount, such VWAP Purchase Notice shall be void ab initio to the
extent of the amount by which the VWAP Purchase Share Amount set forth in such VWAP Purchase Notice exceeds such applicable VWAP Purchase
Maximum Amount, and the Investor shall have no obligation to purchase such excess Shares in respect of such VWAP Purchase Notice; provided,
however, that the Investor shall remain obligated to purchase the applicable VWAP Purchase Maximum Amount in such VWAP Purchase.
Notwithstanding anything in this paragraph to the contrary, in the case where the Sale Price falls below the Threshold Price during a
Trading Day, the VWAP Purchase Amount shall be calculated using (i) the VWAP Purchase Share Percentage of the aggregate number of
shares traded on the Principal Market for such portion of the VWAP Purchase Date the Sale Price is not below the Threshold Price and (ii) a
VWAP Purchase Price calculated using the volume weighted average price of Ordinary Shares sold during such portion of the VWAP Purchase
Date the Sale Price is not below the Threshold Price. Each VWAP Purchase Notice must include a VWAP Purchase Share Estimate. Each VWAP
Purchase Notice must be accompanied by irrevocable instructions to the Company’s Transfer Agent to immediately issue to the Investor
a number of Ordinary Shares equal to the VWAP Purchase Share Estimate. In no event shall the Investor purchase (or be deemed to have purchased),
pursuant to any VWAP Purchase, a number of Shares constituting the applicable VWAP Purchase Share Amount that exceeds the VWAP Purchase
Share Estimate issued on the VWAP Purchase Date in connection with such VWAP Purchase Notice; however, the Investor will promptly instruct
the Transfer Agent to return to the Company any Shares issued pursuant to the VWAP Purchase Share Estimate that exceeds the number of
Shares constituting the applicable VWAP Purchase Share Amount the Investor actually purchases in connection with such VWAP Purchase (such
amount, the “Excess Shares”). Alternatively, if the Transfer Agent does not return the Excess Shares to the
Company on the VWAP Purchase Date in accordance with the Investor’s instructions, or if otherwise instructed in writing by the Company,
the Investor may retain such Excess Shares (provided the Investor will not be deemed to have purchased such Excess Shares), and such Excess
Shares will be deemed pre-issued Shares that will reduce the number of Shares required to be issued by the Company to the Investor in
accordance with this Section 3.1 on the next VWAP Purchase Date in connection with the next VWAP Purchase Notice. At or prior to
5:30 p.m., New York City time, on the VWAP Purchase Date for each VWAP Purchase, the Investor shall provide to the Company a written confirmation
for such VWAP Purchase setting forth the applicable VWAP Purchase Price per Share to be paid by the Investor in such VWAP Purchase, and
the total aggregate VWAP Purchase Price to be paid by the Investor for the total VWAP Purchase Share Amount purchased by the Investor
in such VWAP Purchase. Notwithstanding the foregoing, the Company shall not deliver any VWAP Purchase Notices to the Investor during the
Post-Effective Amendment Period.

 

    3

     

    

 

Section 3.2.
Settlement. For each VWAP Purchase, the Investor shall pay to the Company an amount in cash equal to the product of
(i) the total number of Shares purchased by the Investor in such VWAP Purchase and (ii) the applicable VWAP Purchase Price for
such Shares (the “VWAP Purchase Amount”), as full payment for such Shares purchased by the Investor in such
VWAP Purchase, via wire transfer of immediately available funds, not later than 5:00 p.m., New York City time, on (a) the second
(2nd) Trading Day following the first Trading Day on which, as of 10:30 a.m., New York City time, on such Trading Day, the Investor shall
have received, as DWAC Shares, all of the Shares purchased by the Investor in such VWAP Purchase. If the Investor fails to pay the VWAP
Purchase Amount when due, the Investor will return the DWAC Shares to the Company. If the Company or the Transfer Agent shall fail for
any reason to issue to the Investor, as DWAC Shares, any Shares purchased by the Investor in a VWAP Purchase prior to 10:30 a.m., New
York City time, on the Trading Day immediately following the applicable VWAP Purchase Date (the “Share Issuance Deadline”),
and if, on or after such Trading Day, the Investor purchases (in an open market transaction or otherwise) Ordinary Shares to transfer
in satisfaction of a sale by the Investor of any Shares not issued by the Company to the Investor by the Share Issuance Deadline in respect
of such VWAP Purchase, then the Company shall, within one (1) Trading Day after the Investor’s request, either (i) pay
cash to the Investor in an amount equal to the Investor’s total purchase price (including brokerage commissions, if any) for the
Ordinary Shares so purchased (the “Cover Price”), at which point the Company’s obligation to issue such
Shares to the Investor as DWAC Shares (and the Investor’s obligation to purchase such Shares from the Company) shall terminate,
or (ii) promptly honor its obligation to issue to the Investor such Shares as DWAC Shares and pay cash to the Investor in an amount
equal to the excess (if any) of the Cover Price over the total purchase price paid by the Investor pursuant to this Agreement for all
of the Shares purchased by the Investor in such VWAP Purchase. The Company shall not issue any fraction of an Ordinary Share to the Investor
in connection with any VWAP Purchase effected pursuant to this Agreement. If the issuance would result in the issuance of a fraction of
an Ordinary Share, the Company shall round such fraction of an Ordinary Share up (if half an Ordinary Share or greater) or down (if less
than half an Ordinary Share) to the nearest whole Ordinary Share; provided, however, that in the event rounding up shall
cause payment for any Ordinary Share to be below the par value thereof, such Ordinary Share shall instead be rounded down. All payments
to be made by the Investor pursuant to this Agreement shall be made by wire transfer of immediately available funds to such account as
the Company may from time to time designate by written notice to the Investor in accordance with the provisions of this Agreement.

 

Section 3.3.
Compliance with Rules of Principal Market.

 

(i) Exchange Cap. The Company shall not issue or
sell any Ordinary Shares pursuant to this Agreement, and the Investor shall not purchase or acquire any Ordinary Shares pursuant to this
Agreement, to the extent that after giving effect thereto, the aggregate number of Ordinary Shares that would be issued pursuant to this
Agreement and the transactions contemplated hereby would exceed the maximum number of Ordinary Shares permitted under applicable rules of
the Principal Market to be issued without a vote of the Company’s shareholders, which number of Ordinary Shares shall be reduced,
on a share-for-share basis, by the number of Ordinary Shares issued or issuable pursuant to any transaction or series of transactions
that may be aggregated with the transactions contemplated by this Agreement under applicable rules of the Principal Market (such
maximum number of Ordinary Shares, the “Exchange Cap”), unless the Company’s shareholders have approved
the issuance of Ordinary Shares pursuant to this Agreement in excess of the Exchange Cap in accordance with the applicable rules of
the Principal Market. For the avoidance of doubt, the Company may, but shall be under no obligation to, request its shareholders to approve
the issuance of Ordinary Shares pursuant to this Agreement; provided, that if such shareholder approval is not obtained, the Exchange
Cap shall be applicable for all purposes of this Agreement and the transactions contemplated hereby at all times during the term of this
Agreement.

 

(ii) General. The Company shall not issue or sell
any Ordinary Shares pursuant to this Agreement if such issuance or sale would reasonably be expected to result in (a) a violation
of the Securities Act or (b) a breach of the rules of the Principal Market. The provisions of this Section 3.3 shall not
be implemented in a manner otherwise than in strict conformity with the terms of this Section 3.3 unless necessary to ensure compliance
with the Securities Act and the applicable rules of the Principal Market.

 

    4

     

    

 

Section 3.4.
Beneficial Ownership Limitation. Notwithstanding anything to the contrary contained in this Agreement, the Company shall
not issue or sell, and the Investor shall not purchase or acquire, any Ordinary Shares under this Agreement which, when aggregated with
all other Ordinary Shares then beneficially owned by the Investor and its Affiliates (as calculated pursuant to Section 13(d) of
the Exchange Act and Rule 13d-3 promulgated thereunder), would result in the beneficial ownership by the Investor and its Affiliates
(on an aggregated basis) of more than 4.99% of the outstanding voting power or Ordinary Shares (the “Beneficial Ownership
Limitation”). Upon the written or oral request of the Investor, the Company shall promptly (but not later than the next
business day on which the Transfer Agent is open for business) confirm orally or in writing to the Investor the number of Ordinary Shares
then outstanding. The Investor and the Company shall each cooperate in good faith in the determinations required under this Section 3.4
and the application of this Section 3.4. The Investor’s written certification to the Company of the applicability of the Beneficial
Ownership Limitation, and the resulting effect thereof hereunder at any time, shall be conclusive with respect to the applicability thereof
and such result absent manifest error. The provisions of this Section 3.4 shall not be construed and implemented in a manner otherwise
than in strict conformity with the terms of this Section 3.4 unless necessary to properly give effect to the limitations contained
in this Section 3.4.

 

ARTICLE IV

REPRESENTATIONS, WARRANTIES AND COVENANTS OF
THE INVESTOR

 

The Investor hereby makes the following representations, warranties
and covenants to the Company:

 

Section 4.1.
Organization and Standing of the Investor. The Investor is a limited liability company duly formed, validly existing
and in good standing under the laws of the State of Delaware.

 

Section 4.2.
Authorization and Power. The Investor has the requisite corporate power and authority to enter into and perform its
obligations under this Agreement and the Registration Rights Agreement and to purchase or acquire the Shares in accordance with the terms
hereof. The execution, delivery and performance by the Investor of this Agreement and the Registration Rights Agreement and the consummation
by it of the transactions contemplated hereby and thereby have been duly authorized by all necessary action, and no further consent or
authorization of the Investor or its sole member is required. Each of this Agreement and the Registration Rights Agreement has been duly
executed and delivered by the Investor and constitutes a valid and binding obligation of the Investor enforceable against it in accordance
with its terms, except as such enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium, liquidation,
conservatorship, receivership, or similar laws relating to, or affecting generally the enforcement of, creditor’s rights and remedies
or by other equitable principles of general application (including any limitation of equitable remedies) (collectively, the “Enforceability
Exceptions”).

 

Section 4.3.
No Conflicts. The execution, delivery and performance by the Investor of this Agreement and the Registration Rights
Agreement and the consummation by the Investor of the transactions contemplated hereby and thereby do not and shall not (i) result
in a violation of such Investor’s applicable organizational instruments, (ii) conflict with, constitute a default (or an event
which, with notice or lapse of time or both, would become a default) under, or give rise to any rights of termination, amendment, acceleration
or cancellation of, any agreement, mortgage, deed of trust, indenture, note, bond, license, lease agreement, instrument or obligation
to which the Investor is a party or by which it or any of its property or assets are bound, or (iii) result in a violation of any
federal, state, local or foreign statute, rule, or regulation, or any order, judgment or decree of any court or governmental agency applicable
to the Investor or by which any of its properties or assets are bound or affected, except, in the case of clauses (ii) and (iii),
for such conflicts, defaults, terminations, amendments, acceleration, cancellations and violations as would not, individually or in the
aggregate, prohibit or otherwise interfere with, in any material respect, the ability of the Investor to enter into and perform its obligations
under this Agreement and the Registration Rights Agreement. The Investor is not required under any applicable federal, state or local
law, rule or regulation to obtain any consent, authorization or order of, or make any filing or registration with, any court or governmental
agency in order for it to execute, deliver or perform any of its obligations under this Agreement and the Registration Rights Agreement
or to purchase or acquire the Shares in accordance with the terms hereof, other than as may be required by FINRA; provided, however,
that for purposes of the representation made in this sentence, the Investor is assuming and relying upon the accuracy of the relevant
representations and warranties and the compliance with the relevant covenants and agreements of the Company in the Transaction Documents
to which it is a party; provided, further, that the Investor shall exercise commercially reasonable efforts to obtain any
such consent, authorization or order of, or make any such filing or registration with, FINRA.

 

    5

     

    

 

Section 4.4.
Investment Purpose. The Investor is acquiring the Shares for its own account, for investment purposes and not with a
view towards, or for resale in connection with, the public sale or distribution thereof, in violation of the Securities Act or any applicable
state securities laws; provided, however, that by making the representations herein, the Investor does not agree, or make
any representation or warranty, to hold any of the Shares for any minimum or other specific term and reserves the right to dispose of
the Shares at any time in accordance with, or pursuant to, a registration statement filed pursuant to the Registration Rights Agreement
or an applicable exemption under the Securities Act. The Investor is acquiring the Shares hereunder in the ordinary course of its business
and does not presently have any agreement or understanding, directly or indirectly, with any Person to sell or distribute any of the Shares.

 

Section 4.5.
Accredited Investor Status. The Investor is an “accredited investor” as that term is defined in Rule 501(a) of
Regulation D.

 

Section 4.6.
Reliance on Exemptions. The Investor understands that the Shares are being offered and sold to it in reliance on specific
exemptions from the registration requirements of U.S. federal and state securities laws and that the Company is relying in part upon the
truth and accuracy of, and the Investor’s compliance with, the representations, warranties, agreements, acknowledgments and understandings
of the Investor set forth herein in order to determine the availability of such exemptions and the eligibility of the Investor to acquire
the Shares.

 

Section 4.7.
Information. All materials relating to the business, financial condition, management and operations of the Company and
materials relating to the offer and sale of the Shares which have been requested by the Investor have been furnished or otherwise made
available to the Investor or its advisors, including, without limitation, the Commission Documents. The Investor understands that its
investment in the Shares involves a high degree of risk. The Investor is able to bear the economic risk of an investment in the Shares
and has such knowledge and experience in financial and business matters that it is capable of evaluating the merits and risks of a proposed
investment in the Shares. The Investor and its advisors have been afforded the opportunity to ask questions of and receive answers from
representatives of the Company concerning the financial condition and business of the Company and other matters relating to an investment
in the Shares. Neither such inquiries nor any other due diligence investigations conducted by the Investor or its advisors, if any, or
its representatives shall modify, amend or affect the Investor’s right to rely on the Company’s representations and warranties
contained in this Agreement or in any other Transaction Document to which the Company is a party or the Investor’s right to rely
on any other document or instrument executed and/or delivered in connection with this Agreement or the consummation of the transaction
contemplated hereby (including, without limitation, the opinions of the Company’s counsel delivered pursuant to this Agreement and
the Registration Rights Agreement). The Investor has sought such accounting, legal and tax advice as it has considered necessary to make
an informed investment decision with respect to its acquisition of the Shares. The Investor understands that it (and not the Company)
shall be responsible for its own tax liabilities that may arise as a result of this investment or the transactions contemplated by this
Agreement.

 

Section 4.8.
No Governmental Review. The Investor understands that no United States federal or state agency or any other government
or governmental agency has passed on or made any recommendation or endorsement of the Shares or the fairness or suitability of the investment
in the Shares nor have such authorities passed upon or endorsed the merits of the offering of the Shares.

 

Section 4.9.
No General Solicitation. The Investor is not purchasing or acquiring the Shares as a result of any form of general solicitation
or general advertising (within the meaning of Regulation D) in connection with the offer or sale of the Shares.

 

Section 4.10.
Not an Affiliate. The Investor is not an officer, director or Affiliate of the Company. During the Investment Period,
the Investor will not acquire for its own account any Ordinary Shares or securities exercisable for or convertible into Ordinary Shares,
other than pursuant to this Agreement; provided, however, that nothing in this Agreement shall prohibit or be deemed to
prohibit the Investor from purchasing, in an open market transaction or otherwise, Ordinary Shares necessary for the Investor to transfer
in satisfaction of a sale by the Investor of Shares that the Investor anticipated receiving from the Company in connection with the settlement
of a VWAP Purchase if the Company or its Transfer Agent shall have failed for any reason (other than a failure of Investor or its Broker-Dealer
(as defined below) to set up a DWAC and required instructions) to electronically transfer all of the Shares subject to such VWAP Purchase
to the Investor by the applicable Share Issuance Deadline by crediting the Investor’s or its designated Broker-Dealer’s account
at DTC through its DWAC delivery system in compliance with Section 3.2 of this Agreement.

 

    6

     

    

 

Section 4.11.
No Prior Short Sales. At no time prior to the date of this Agreement has the Investor, or any entity managed or controlled
by the Investor, engaged in or effected, in any manner whatsoever, directly or indirectly, for its own principal account, any (i) “short
sale” (as such term is defined in Rule 200 of Regulation SHO of the Exchange Act) of the Ordinary Shares or (ii) hedging
transaction, which establishes a net short position with respect to the Ordinary Shares that remains in effect as of the date of this
Agreement.

 

Section 4.12.
Statutory Underwriter Status. The Investor acknowledges that it will be disclosed as an “underwriter” and
a “selling shareholder” in each Registration Statement and in any Prospectus contained therein to the extent required by applicable
law and to the extent the Prospectus is related to the resale of Registrable Securities.

 

Section 4.13.
Resales of Shares. The Investor will resell such Shares only pursuant to the Registration Statement in which the resale
of such Shares is registered under the Securities Act, in a manner described under the caption “Plan of Distribution” in such
Registration Statement, and in a manner in compliance with all applicable U.S. federal and state securities laws, rules and regulations.

 

Section 4.14.
Residency. The Investor is a resident of the State of Delaware.

 

ARTICLE V

REPRESENTATIONS, WARRANTIES AND COVENANTS OF
THE COMPANY

 

The Company hereby makes the following representations, warranties
and covenants to the Investor:

 

Section 5.1.
Organization, Good Standing and Power. The Company and each of its Subsidiaries are duly organized, validly existing
and in good standing under the laws of their respective jurisdictions of organization. The Company and each of its Subsidiaries are duly
licensed or qualified as a foreign corporation (or other entity, if applicable) for transaction of business and in good standing under
the laws of each other jurisdiction in which their respective ownership or lease of property or the conduct of their respective businesses
requires such license or qualification, and have all entity power and authority necessary to own or hold their respective properties and
to conduct their respective businesses as described in the Commission Documents, except where the failure to be so qualified or in good
standing or have such power or authority would not, individually or in the aggregate, have a material adverse effect or would reasonably
be expected to have a material adverse effect on or a material adverse effect affecting the assets, business, operations, earnings, properties,
condition (financial or otherwise), prospects, shareholder’s equity or results of operations of the Company and the Subsidiaries
taken as a whole, or prevent or materially interfere with consummation of the transactions contemplated hereby (a “Material
Adverse Effect”).

 

Section 5.2.
Subsidiaries. The subsidiaries set forth on Schedule 1 (collectively, the “Subsidiaries”),
are the Company’s only significant subsidiaries (as such term is defined in Rule 1-02 of Regulation S-X promulgated by the
Commission). Except as set forth in the Commission Documents, the Company owns, directly or indirectly, all of the equity interests of
the Subsidiaries free and clear of any lien, charge, security interest, encumbrance, right of first refusal or other restriction, and
all the equity interests of the Subsidiaries are validly issued and are fully paid (or, with respect to any Subsidiaries incorporated
in the PRC, the registered capital of such Subsidiary has been or will be validly issued and fully paid with all contributions within
the time periods permitted under applicable PRC laws and their constitutive documents), non-assessable and free of preemptive and similar
rights. None of the outstanding shares, shares of capital stock of or ownership interests in the Company or any of its Subsidiaries were
issued in violation of any preemptive rights, rights of first refusal or other similar rights to subscribe for or purchase securities
of the Company or such Subsidiary. Except as set forth in the Commission Documents, no Subsidiary is currently prohibited, directly or
indirectly, from paying any dividends to the Company, from making any other distribution on such Subsidiary’s capital stock, from
repaying to the Company any loans or advances to such Subsidiary from the Company or from transferring any of such Subsidiary’s
property or assets to the Company or any other Subsidiary of the Company.

 

    7

     

    

 

Section 5.3.
Authorization, Enforcement. The Company has the requisite corporate power and authority to enter into and perform its
obligations under each of the Transaction Documents to which it is a party and to issue the Shares in accordance with the terms hereof.
Except for approvals of the Company’s Board of Directors or a committee thereof as may be required in connection with any issuance
and sale of Shares to the Investor hereunder (which approvals shall be obtained prior to the delivery of any VWAP Purchase Notice), the
execution, delivery and performance by the Company of each of the Transaction Documents to which it is a party and the consummation by
it of the transactions contemplated hereby and thereby have been duly and validly authorized by all necessary corporate action, and no
further consent or authorization of the Company, its Board of Directors or its shareholders is required. Each of the Transaction Documents
to which the Company is a party has been duly executed and delivered by the Company and constitutes a valid and binding obligation of
the Company enforceable against the Company in accordance with its terms, except as such enforceability may be limited by the Enforceability
Exceptions.

 

Section 5.4.
Capitalization. The authorized share capital of the Company and the shares thereof issued and outstanding are as set
forth in the Commission Documents as of the dates reflected therein. All issued and outstanding shares have been duly authorized and validly
issued and are fully paid and non-assessable. No Ordinary Shares are entitled to preemptive rights after the Merger Closing and, except
as set forth in the Commission Documents, there are no outstanding debt securities and no contracts, commitments, understandings, or arrangements
by which the Company is or may become bound to issue additional shares of the Company or options, warrants, scrip, rights to subscribe
to, calls or commitments of any character whatsoever relating to, or securities or rights convertible into or exchangeable for, any shares
of the Company other than those issued or granted in the ordinary course of business pursuant to the Company’s equity incentive
and/or compensatory plans or arrangements. Except for customary transfer restrictions contained in agreements entered into by the Company
to sell restricted securities or as set forth in the Commission Documents, the Company is not a party to, and it has no Knowledge of,
any agreement that will restrict the voting or transfer of any shares of the Company after the Merger Closing. Except as set forth in
the Commission Documents, there are no securities or instruments containing anti-dilution or similar provisions that will be triggered
by this Agreement or any of the other Transaction Documents or the consummation of the transactions described herein or therein. The Company
has filed with the Commission true and correct copies of the Company’s operative amended and restated memorandum and articles of
association (as amended from time to time, the “Memorandum”).

 

Section 5.5.
Issuance of Shares. The Shares to be issued under this Agreement have been, or with respect to Shares to be purchased
by the Investor pursuant to a particular VWAP Purchase Notice, will be, prior to the issuance to the Investor hereunder of such VWAP Purchase
Notice, duly and validly authorized by all necessary corporate action on the part of the Company. The Commitment Shares, when issued to
the Investor in accordance with this Agreement, and the Shares, if and when issued and sold against payment therefor in accordance with
this Agreement, shall be validly issued and outstanding, fully paid and non-assessable and free from all liens, charges, taxes, security
interests, encumbrances, rights of first refusal, preemptive or similar rights and other encumbrances with respect to the issue thereof,
and the Investor shall be entitled to all rights accorded to a holder of Ordinary Shares. At or prior to Commencement, the Company shall
have duly authorized and reserved a number of Ordinary Shares equal to the Exchange Cap for issuance and sale as Shares to the Investor
pursuant to VWAP Purchases that may be effected by the Company, in its sole discretion, from time to time from and after the Commencement
Date, pursuant to this Agreement.

 

Section 5.6.
No Conflicts. The execution, delivery and performance by the Company of each of the Transaction Documents to which it
is a party and the consummation by the Company of the transactions contemplated hereby and thereby do not and shall not (i) result
in a violation of any provision of the Company’s Memorandum, (ii) conflict with or constitute a material default (or an event
which, with notice or lapse of time or both, would become a material default) under, or give rise to any rights of termination, amendment,
acceleration or cancellation of, any Material Contract, (iii) result in a violation of any federal, state, local or foreign statute,
rule, regulation, order, judgment or decree applicable to the Company or any of its Subsidiaries (including federal and state securities
laws and regulations and the rules and regulations of the Principal Market), except, in the case of clauses (ii) and (iii),
for such conflicts, defaults, terminations, amendments, acceleration, cancellations and violations as would not, individually or in the
aggregate, have a Material Adverse Effect or that have been waived. As of the Commencement Date and each VWAP Purchase Condition Satisfaction
Time (as defined below) thereafter, the Company shall not be required under any federal, state or local rule or regulation to obtain
any consent, authorization or order of, or make any filing or registration with, any court or governmental agency in order for it to execute,
deliver or perform any of its obligations under the Transaction Documents to which it is a party, or to issue the Shares to the Investor
in accordance with the terms hereof and thereof; provided, however, that, for purposes of the representation made in this
sentence, the Company is assuming and relying upon the accuracy of the representations and warranties of the Investor in this Agreement
and the compliance by it with its covenants and agreements contained in this Agreement and the Registration Rights Agreement.

 

    8

     

    

 

Section 5.7.
Commission Documents, Financial Statements; Internal Controls Over Financial Reporting; Accountants.

 

(i) At all times after the Merger Closing, the Company shall have
timely filed (giving effect to permissible extensions in accordance with Rule 12b-25 under the Exchange Act) all filings required
to be filed with or furnished to the Commission by the Company under the Securities Act or the Exchange Act, including those required
to be filed with or furnished to the Commission under Section 13(a) or Section 15(d) of the Exchange Act. No Subsidiary
of the Company is required to file or furnish any report, schedule, registration, form, statement, information or other document with
the Commission. As of its filing date (or, if amended or superseded by a filing, on the date of such amended or superseded filing), each
Commission Document filed with or furnished to the Commission complied in all material respects with the requirements of the Securities
Act or the Exchange Act, as applicable, and other federal, state and local laws, rules and regulations applicable to it. Each Registration
Statement, on the date it is filed with the Commission, on the date it becomes effective and on each VWAP Purchase Date shall comply in
all material respects with the requirements of the Securities Act (including, without limitation, Rule 415 under the Securities Act)
and shall not contain any untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary
in order to make the statements therein not misleading, except that this representation and warranty shall not apply to statements in
or omissions from such Registration Statement made in reliance upon and in conformity with information relating to the Investor furnished
to the Company in writing by or on behalf of the Investor expressly for use therein. The Prospectus and each Prospectus Supplement required
to be filed pursuant to this Agreement or the Registration Rights Agreement after the Signing Date, when taken together, on its date and
on each VWAP Purchase Date shall comply in all material respects with the requirements of the Securities Act (including, without limitation,
Rule 424(b) under the Securities Act) and shall not contain any untrue statement of a material fact or omit to state a material
fact required to be stated therein or necessary in order to make the statements therein, in the light of the circumstances under which
they were made, not misleading, except that this representation and warranty shall not apply to statements in or omissions from the Prospectus
or any Prospectus Supplement made in reliance upon and in conformity with information relating to the Investor furnished to the Company
in writing by or on behalf of the Investor expressly for use therein. The statistical, demographic and market-related data included in
the Registration Statement and Prospectus are based on or derived from sources that the Company believes to be reliable and accurate or
represent the Company’s good faith estimates that are made on the basis of data derived from such sources. Each Commission Document
(other than the Initial Registration Statement or any New Registration Statement, or the Prospectus included therein or any Prospectus
Supplement thereto) to be filed with or furnished to the Commission after the Signing Date and incorporated by reference in the Initial
Registration Statement or any New Registration Statement, or the Prospectus included therein or any Prospectus Supplement thereto required
to be filed pursuant to this Agreement or the Registration Rights Agreement, when such document is filed with or furnished to the Commission
and, if applicable, when such document becomes effective, as the case may be, shall comply in all material respects with the requirements
of the Securities Act or the Exchange Act, as applicable, and other federal, state and local laws, rules and regulations applicable
to it. There are no (i) current or pending audits, investigations, actions, suits or proceedings that are required under the Securities
Act to be described in the Commission Documents that are not so described and (ii) contracts or other documents that are required
under the Securities Act to be filed as exhibits to the Commission Documents that are not so filed. The Company has delivered or made
available to the Investor true and complete copies of all comment letters and substantive correspondence received by the Company from
the Commission relating to the Commission Documents, together with all written responses of the Company thereto in the form such responses
were filed via the Commission’s Electronic Data Gathering, Analysis and Retrieval System. At all times on and after the Commencement
Date, there shall not be any outstanding or unresolved comments or undertakings in such comment letters received by the Company from the
Commission. The Commission has not issued any stop order or other order suspending the effectiveness of any registration statement filed
by the Company under the Securities Act or the Exchange Act.

 

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(ii) The consolidated financial statements of the Company included
or incorporated by reference in the Commission Documents, together with the related notes and schedules, present fairly, in all material
respects, the consolidated financial position of the Company and its then consolidated subsidiaries as of the dates indicated, and the
consolidated results of operations, cash flows and changes in shareholder equity of the Company and its then consolidated subsidiaries
for the periods specified and have been prepared in compliance with the published requirements of the Securities Act and the Exchange
Act, as applicable, and in conformity with generally accepted accounting principles in the United States (“GAAP”)
applied on a consistent basis. Any summary consolidated financial data included or incorporated by reference in the Commission Documents
present fairly the information shown therein and have been compiled on a basis consistent with that of the financial statements included
or incorporated by reference in the Commission Documents, as of the dates and for the periods indicated. Any pro forma condensed combined
financial statements and the pro forma combined financial statements and any other pro forma financial statements or data included or
incorporated by reference in the Commission Documents comply with the requirements of Regulation S-X of the Securities Act, including,
without limitation, Article 11 thereof, and the assumptions used in the preparation of such pro forma financial statements and data
are reasonable, the pro forma adjustments used therein are appropriate to give effect to the circumstances referred to therein and the
pro forma adjustments have been properly applied to the historical amounts in the compilation of those statements and data. There are
no financial statements (historical or pro forma) that are required to be included or incorporated by reference in the Commission Documents
that are not included or incorporated by reference as required. All disclosures contained or incorporated by reference in the Commission
Documents, if any, regarding “non-GAAP financial measures” (as such term is defined by the rules and regulations of the
Commission) comply in all material respects with Regulation G of the Exchange Act and Item 10 of Regulation S-K under the Securities Act,
to the extent applicable. At all times after the Merger Closing, the interactive data in eXtensible Business Reporting Language included
in the Commission Documents, if any, shall fairly present the information called for in all material respects and shall be prepared in
accordance with the Commission’s rules and guidelines applicable thereto. The Company and the Subsidiaries do not have any
material liabilities or obligations, direct or contingent (including any off-balance sheet obligations or any “variable interest
entities” as that term is used in Accounting Standards Codification Paragraph 810-10-25-20), not described in the Commission Documents
which are required to be described in the Commission Documents.

 

(iii) KPMG
Huazhen LLP (such firm, or any successor independent registered public accounting firm for the Company, the “Accountant”),
whose report on the consolidated financial statements of the Company is included in the Commission Documents, are and, during the periods
covered by their report, were an independent public accounting firm within the meaning of the Securities Act and the rules and regulations
of the Public Company Accounting Oversight Board (United States). To the Company’s Knowledge, the Accountant is not in violation
of the auditor independence requirements of the Sarbanes-Oxley Act of 2002 (the “Sarbanes-Oxley Act”) with respect
to the Company.

 

(iv) At all times after the Merger Closing, there shall not be
or have been any failure on the part of the Company or any of the Company’s directors or officers, in their capacities as such,
to comply in all material respects with any applicable provisions of the Sarbanes-Oxley Act and the rules and regulations promulgated
thereunder. At all times after the Merger Closing, each of the principal executive officer and the principal financial officer of the
Company (or each former principal executive officer of the Company and each former principal financial officer of the Company as applicable)
shall have made all certifications required by Sections 302 and 906 of the Sarbanes-Oxley Act with respect to all reports, schedules,
forms, statements and other documents required to be filed by it or furnished by it to the Commission. For purposes of the preceding sentence,
 “principal executive officer” and “principal financial officer” shall have the meanings given to such terms in
the Sarbanes-Oxley Act. At all times after the Merger Closing, the Company and the Subsidiaries will maintain and keep accurate books
and records reflecting their assets and maintain internal accounting controls in a manner designed to provide reasonable assurance regarding
the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with GAAP and including
those policies and procedures that (a) pertain to the maintenance of records that in reasonable detail accurately and fairly reflect
the transactions and dispositions of the assets of the Company, (b) provide reasonable assurance that transactions are recorded as
necessary to permit the preparation of the Company’s consolidated financial statements in accordance with GAAP and that receipts
and expenditures of the Company are being made only in accordance with management’s and the Company’s directors’ authorization,
and (c) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of
the Company’s assets that could have a material effect on its financial statements. At all times after the Merger Closing, the Company
and the Subsidiaries will maintain controls and other procedures, including, without limitation, those required by Sections 302 and 906
of the Sarbanes-Oxley Act, and the applicable regulations thereunder that are designed to ensure that information required to be disclosed
by the Company in the reports that it files or submits under the Exchange Act is recorded, processed, summarized and reported, within
the time periods specified in the Commission’s rules and forms, including, without limitation, controls and procedures designed
to ensure that information required to be disclosed by the Company in the reports that it files or submits under the Exchange Act is accumulated
and communicated to the Company’s management, including its principal executive officer and principal financial officer, or persons
performing similar functions, as appropriate to allow timely decisions regarding required disclosure and to ensure that material information
relating to the Company or the Subsidiaries is made known to them by others within those entities, particularly during the period in which
such periodic reports are being prepared.

 

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Section 5.8.
No Material Adverse Effect; Absence of Certain Changes. Subsequent to the respective dates as of which information is
given in the Commission Documents (including any document deemed incorporated by reference therein), there has not been (i) any Material
Adverse Effect or the occurrence of any development that the Company reasonably expects will result in a Material Adverse Effect, (ii) any
transaction which is material to the Company and the Subsidiaries taken as a whole, (iii) any obligation or liability, direct or
contingent (including any off-balance sheet obligations), incurred by the Company or any Subsidiary, which is material to the Company
and the Subsidiaries taken as a whole, (iv) any material change in the capital stock or outstanding long-term indebtedness of the
Company or any of its Subsidiaries or (v) any dividend or distribution of any kind declared, paid or made on the capital stock of
the Company or any Subsidiary, other than in each case above in the ordinary course of business or as otherwise disclosed in the Commission
Documents (including any document deemed incorporated by reference therein). The Company and its Subsidiaries have conducted their respective
businesses in the ordinary course of business consistent with past practice in all material respects.

 

Section 5.9.
No Material Defaults. Neither the Company nor any of its Subsidiaries is (i) in default in the payment of any Threshold
Debt or (ii) in default in the payment of any other indebtedness or in default under any agreement governing or creating any indebtedness
for borrowed money, obligations evidenced by bonds, debentures, notes or similar instruments, which defaults would, individually or in
the aggregate, have a Material Adverse Effect. The Company has not filed a report pursuant to Section 13(a) or 15(d) of
the Exchange Act indicating that it (i) has failed to pay any dividend or sinking fund installment on preferred shares or (ii) has
defaulted on any installment on indebtedness for borrowed money or on any rental on one or more long-term leases, which defaults would,
individually or in the aggregate, have a Material Adverse Effect. The Commission Documents set forth, as of the respective dates stated
therein, all outstanding secured and unsecured Threshold Debt of the Company or any Subsidiary, or for which the Company or any Subsidiary
has commitments through such dates (other than intra-group Threshold Debt). For the purposes of this Agreement, “Threshold
Debt” shall mean (a) any liabilities for borrowed money or amounts owed in excess of $500,000 (other than trade accounts
payable incurred in the ordinary course of business), (b) all guaranties, endorsements, indemnities and other contingent obligations
in respect of Threshold Debt of others in excess of $500,000, whether or not the same are or should be reflected on the Company’s
balance sheet (or the notes thereto), except guaranties by endorsement of negotiable instruments for deposit or collection or similar
transactions in the ordinary course of business and (c) the present value of any lease payments in excess of $500,000 due under Company
Leases required to be capitalized in accordance with GAAP. Neither the Company nor any of its Subsidiaries is in violation of the
Memorandum or other applicable charter or constitutional documents.

 

Section 5.10.
No Preferential Rights. Except as set forth in the Commission Documents, (i) there are no other outstanding rights,
options, warrants, preemptive rights, rights of first offer, or similar rights for the purchase or acquisition from the Company of any
securities of the Company that will be in effect after the Merger Closing, nor are there any agreements or commitments to issue or execute
any such rights, options, warrants, preemptive rights or rights of first offer, (ii) there are no outstanding rights or obligations
of the Company to repurchase or redeem any of its equity securities and (iii) the Company is not a party to, and it has no Knowledge
of, any shareholders agreement, voting or similar agreement in relation to its equity securities that will be in effect after the Merger
Closing. The respective rights, preferences, privileges, and restrictions of the Shares are as stated in the Company’s Memorandum.
The Company does not have outstanding shareholder purchase rights or “poison pill” or any similar arrangement in effect giving
any Person the right to purchase any equity interest in the Company upon the occurrence of certain events. Except as set forth in the
Commission Documents, the Convertible Note Purchase Agreements of the Company dated December 9, 2021 or the Registration Rights Agreement,
the Company has not granted or agreed to grant, and is not under any obligation to provide, any rights to register under the Securities
Act any of its presently outstanding securities or any of its securities that may be issued subsequently. Except as set forth in the Commission
Documents, no Person has the right to act as an underwriter or as a financial advisor to the Company in connection with the offer and
sale of Ordinary Shares.

 

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Section 5.11.
Material Contracts. Each of the Material Contracts are (i) in full force and effect and (ii) represent the
legal, valid and binding obligations of the Company or one or more of its Subsidiaries party thereto and represents the legal, valid and
binding obligations of the other parties thereto, in each case, subject to the Enforceability Exceptions. Except as would not, individually
or in the aggregate, have a Material Adverse Effect, (a) the Company and its Subsidiaries have performed in all respects all respective
obligations required to be performed by them under each Material Contract and (b) neither the Company, the Company’s Subsidiaries,
nor any other party thereto is in default under any Material Contract. During the last twelve (12) months, neither the Company nor any
of its Subsidiaries has received any written notice of termination or material breach of, or material default under, any Material Contract.
Except as would not, individually or in the aggregate, have a Material Adverse Effect, no event has occurred that would reasonably be
expected to result in a breach of or a default under any Material Contract (in each case, with or without notice or lapse of time or both).
The execution, delivery and performance by the Company of each of the Transaction Documents to which it is a party and the consummation
by the Company of the transactions contemplated hereby and thereby do not and will not in any material respect violate, conflict with,
result in a breach of, result in the termination of, or result in a right of termination under, any Material Contract.

 

Section 5.12.
Solvency. The Company is Solvent. As used herein, the term “Solvent” means, with respect to
any Person on a particular date, that on such date (i) the fair market value of the assets of such Person is greater than the total
amount of liabilities (including known contingent liabilities) of such Person, (ii) the present fair salable value of the assets
of such Person is greater than the amount that will be required to pay the probable liabilities of such Person on its debts as they become
absolute and matured, (iii) such Person is able to realize upon its assets and pay its debts and other liabilities, including contingent
obligations, as they mature, (iv) such Person does not have unreasonably small capital for the business and transaction it is engaged
in and (v) such Person has not taken any steps, and does not expect to take any steps, to seek protection pursuant to any Bankruptcy
Law, nor does such Person have any knowledge that its creditors intend to initiate involuntary bankruptcy, insolvency, reorganization
or liquidation proceedings or other proceedings for relief against such Person under any Bankruptcy Law.

 

Section 5.13.
Real Property.

 

(i) Neither the Company nor any of its Subsidiaries owns any real
property.

 

(ii) Except as would not, individually or in the aggregate, have
a Material Adverse Effect, the Company or one of its Subsidiaries has a good and valid leasehold interest in or contractual right to use
or occupy, subject to the terms of the applicable Company Lease, each real property subject to the Company Leases, free and clear of all
liens, other than Permitted Liens.

 

(iii) Neither the Company nor any of its Subsidiaries has subleased,
licensed or otherwise granted any Person the right to use or occupy any real property subject to a Company Lease or any material portion
thereof.

 

(iv) Except as would not, individually or in the aggregate, have
a Material Adverse Effect, the Company or one of its Subsidiaries has good and marketable title to, or a valid and binding leasehold or
other interest in, all tangible personal property necessary for the conduct of the business of the Company and its Subsidiaries, taken
as a whole, as currently conducted, free and clear of all liens, other than Permitted Liens.

 

Section 5.14.
Intellectual Property.

 

(i) Except as set forth in the Commission Documents, the Company
and its Subsidiaries own, possess, license or have other rights to use all foreign and domestic patents, patent applications, trade and
service marks, trade and service mark registrations, trade names, copyrights, licenses, inventions, trade secrets, technology, Internet
domain names, know-how and other intellectual property (collectively, the “Intellectual Property”), necessary
for the conduct of their respective businesses as now conducted except to the extent that the failure to own, possess, license or otherwise
hold adequate rights to use such Intellectual Property would not, individually or in the aggregate, have a Material Adverse Effect.

 

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(ii) Except as would not, individually or in the aggregate, have
a Material Adverse Effect, the Company and its Subsidiaries (a) exclusively own all Intellectual Property that is owned by the Company
or its Subsidiaries (the “Owned Intellectual Property”) and there are no rights of third parties to any such
Owned Intellectual Property, and (b) have a valid and enforceable license (subject to the Enforceability Exceptions), or other right
to use, all other Intellectual Property necessary for the operation of their businesses as presently conducted (the “Licensed
Intellectual Property” and, together with the Owned Intellectual Property, the “Company Intellectual Property”).

 

(iii) Except
as would not have a Material Adverse Effect, all Company Intellectual Property is free and clear of any liens (other than Permitted
Liens) and is subsisting and unexpired.

 

(iv) Except as would not, individually or in the aggregate, have
a Material Adverse Effect, all Owned Intellectual Property is valid and enforceable and there is no action, suit, proceeding or claim
pending or, to the Knowledge of the Company, threatened against the Company or any of its Subsidiaries, challenging the validity, enforceability,
ownership, registration, or use of any Owned Intellectual Property.

 

(v) Except as would not, individually or in the aggregate, have
a Material Adverse Effect, (a) the conduct of the business of the Company and its Subsidiaries as currently conducted is not infringing
upon, misappropriating or otherwise violating any patent, trademark, copyright, trade secret or other proprietary rights (collectively,
 “Intellectual Property Rights”) of any third party, and has not infringed upon, misappropriated or otherwise
violated any Intellectual Property Rights of any third party during the past three years, and (b) to the Knowledge of the Company,
no third party is infringing upon, misappropriating or otherwise violating, any Company Intellectual Property Rights (excluding all commercially
available off-the-shelf software licensed to the Company or its Subsidiaries). The Company and its Subsidiaries have not received from
any Person any written notice during the past three years that the Company or any of its Subsidiaries is infringing upon, misappropriating
or otherwise violating any Intellectual Property Rights of any Person in any material respect.

 

(vi) The Company and its Subsidiaries have in place commercially
reasonable measures designed to protect and maintain all material Owned Intellectual Property, including the confidentiality of any material
trade secrets included therein.

 

(vii) To the Company’s Knowledge, there is no third-party
U.S. patent or published U.S. patent application which contains claims for which an Interference Proceeding (as defined in 35 U.S.C. §
135) has been commenced against any patent or patent application described in the Commission Documents as being owned by or licensed to
the Company, which is material to the Company and its Subsidiaries, taken as a whole.

 

(viii) The Company and its Subsidiaries have complied with the
terms of each agreement pursuant to which Licensed Intellectual Property has been licensed to the Company or such Subsidiary, and all
such agreements are in full force and effect, except as would not, individually or in the aggregate, have a Material Adverse Effect.

 

Section 5.15.
Actions Pending. Except as set forth in the Commission Documents, there are no, and during the last two years there
have been no, pending or, to the Knowledge of the Company, threatened actions, suits, proceedings, audits or investigations by or against
the Company or any of its Subsidiaries or of which any property of the Company or any of its Subsidiaries is the subject that, if adversely
decided or resolved, would, individually or in the aggregate, have a Material Adverse Effect. There is no Governmental Order imposed upon
the Company or any of its Subsidiaries that would reasonably be expected to result in liability to or obligations of the Company or any
of its Subsidiaries that would, individually or in the aggregate, have a Material Adverse Effect. Neither the Company nor any of its Subsidiaries
is party to a settlement or similar agreement regarding any of the matters set forth in the two preceding sentences that contains any
ongoing obligations, restrictions or liabilities (of any nature) that would, individually or in the aggregate, have a Material Adverse
Effect.

 

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Section 5.16.
Compliance with Law. Except as set forth in the Commission Documents, each of the Company and its Subsidiaries is, and
during the last two years has been, in compliance with all applicable laws, regulations and statutes except for such noncompliance which
would not, individually or in the aggregate, have a Material Adverse Effect. Except as set forth in the Commission Documents, none of
the Company or its Subsidiaries has received any written notice of non-compliance, nor has Knowledge of, nor has reasonable grounds to
have Knowledge of, any facts that could give rise to a notice of non-compliance with any such laws, regulations and statutes, and has
no Knowledge of any pending change or contemplated change to any applicable law or regulation or governmental position; in each case that
would, individually or in the aggregate, have a Material Adverse Effect.

 

Section 5.17.
Certain Fees. Neither the Company nor any of its Subsidiaries has incurred any liability for any finder’s fees,
brokerage commissions or similar payments in connection with the transactions herein contemplated.

 

Section 5.18.
Disclosure. The Company confirms that neither it nor any other Person acting on its behalf has provided the Investor
or any of its agents, advisors or counsel with any information that constitutes or could reasonably be expected to constitute material
nonpublic information concerning the Company or any of its Subsidiaries, other than the existence of the transactions contemplated by
the Transaction Documents. The Company understands and confirms that the Investor will rely on the foregoing representations in effecting
resales of Shares under the Registration Statement.

 

Section 5.19.
Broker/Dealer Relationships. Neither the Company nor any of the Subsidiaries (i) is required to register as a “broker”
or “dealer” in accordance with the provisions of the Exchange Act or (ii) directly or indirectly through one or more
intermediaries, controls or is a “person associated with a member” or “associated person of a member” (within
the meaning set forth in the FINRA Manual).

 

Section 5.20.
Disclosure Controls. At all times after the Merger Closing, the Company shall maintain a system of “disclosure controls
and procedures” (as defined in Rule 13a-15(e) of the Exchange Act) that complies with the requirements of the Exchange
Act and that has been designed to ensure that information required to be disclosed by the Company in reports that it files or submits
under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the Commission’s rules and
forms, including controls and procedures designed to ensure that such information is accumulated and communicated to the Company’s
management as appropriate to allow timely decisions regarding required disclosure. After the Merger Closing, the Company will carry out
any evaluations of the effectiveness of its disclosure controls and procedures required by Rule 13a-15 of the Exchange Act.

 

Section 5.21.
Permits. Except as set forth in the Commission Documents, each of the Company and its Subsidiaries holds, and during
the last two year period, has held, all material licenses, approvals, consents, registrations, franchises and permits (including, without
limitation, any under Environmental Laws) necessary for the operation of the business of the Company and its Subsidiaries (the “Company
Permits”), except where the failure to hold any such Company Permit would not, individually or in the aggregate, have a
Material Adverse Effect. The Company and its Subsidiaries are, and during the last two years have been, in compliance with and not in
default under such Company Permits, in each case except for such noncompliance that would not, individually or in the aggregate, have
a Material Adverse Effect. Without limiting the generality of the foregoing, all permits, licenses and approvals by, and filings and registrations
and other requisite formalities with, the Governmental Authorities of the PRC that are required to be obtained or made in respect of,
as applicable, the Company or any of its Subsidiaries with respect to its establishment, capital structure, business and operations as
it is now being conducted, including the approval of and registrations or filings with the State Administration for Market Regulation
of the PRC (formerly the State Administration for Industry and Commerce), the Ministry of Commerce of the PRC, the National Development
and Reform Commission of the PRC, the Ministry of Industry and Information Technology of the PRC, the State Administration of Foreign
Exchange of the PRC, the Ministry of Human Resources and Social Security of the PRC, the Fire and Rescue Department Ministry of Emergency
Management and the State Administration of Taxation of the PRC, and their respective local counterparts, if required, have been duly completed
in accordance with applicable laws of the PRC, except for any such permits, licenses and approvals by, and filings and registrations and
other formalities, the absence of which would not, individually or in the aggregate, have a Material Adverse Effect. Each of the Company
and its Subsidiaries, if established in the PRC, has been conducting its business activities within its permitted scope of business, and
has been operating its business in compliance in all material respects with all relevant legal requirements and with all requisite permits,
licenses and approvals granted by, and filings and registrations made with the competent Governmental Authorities of the PRC. Neither
the Company nor any Subsidiary has received, or has any reason to believe that it will receive, any notice of proceedings relating to
the revocation or modification of, or non-compliance with, any Company Permit which, if the subject of an unfavorable decision, ruling
or finding, would, individually or in the aggregate, have a Material Adverse Effect.

 

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Section 5.22.
Environmental Compliance.

 

(i) The Company and its Subsidiaries are, and during the last
two years have been, in compliance with all Environmental Laws applicable thereto, except where the failure to be, or to have been, in
compliance with such Environmental Laws has not had, and would not have, individually or in the aggregate, a Material Adverse Effect.

 

(ii) There are no written claims or notices of violation pending
or issued to or, to the Knowledge of the Company, threatened against either the Company or any of its Subsidiaries alleging violations
of or liability under any Environmental Law that would, individually or in the aggregate, have a Material Adverse Effect.

 

(iii) Neither the Company nor any of its Subsidiaries has treated,
stored, manufactured, transported, handled, disposed or released any Hazardous Materials in any material respect.

 

(iv) To the Knowledge of the Company, neither the Company nor
any of its Subsidiaries has any liability material to the Company and its Subsidiaries, taken as a whole, with respect to the presence
of Hazardous Materials in any real property subject to a Company Lease.

 

(v) Except as set forth in the Commission Documents, neither the
Company nor any of its Subsidiaries has contractually assumed or provided an indemnity with respect to the liability of any other Person
under any Environmental Laws, except where such assumption or indemnity would not, individually or in the aggregate, have a Material Adverse
Effect.

 

Section 5.23.
No Improper Practices.

 

(i) Neither the Company nor the Subsidiaries, nor any director,
officer, or employee of the Company or any Subsidiary nor, to the Company’s Knowledge, any agent, Affiliate or other person acting
on behalf of the Company or any Subsidiary has, in the past five years, made any unlawful contributions to any candidate for any political
office (or failed fully to disclose any contribution in violation of applicable law) or made any contribution or other payment to any
official of, or candidate for, any federal, state, municipal, or foreign office or other person charged with similar public or quasi-public
duty in violation of any applicable law or of the character required to be disclosed in the Commission Documents.

 

(ii) No relationship, direct or indirect, exists between or among
the Company or any Subsidiary or any Affiliate of any of them, on the one hand, and the directors, officers and shareholders of the Company
or any Subsidiary, on the other hand, that is required by the Securities Act to be described in the Commission Documents that is not so
described.

 

(iii) No relationship, direct or indirect, exists between or among
the Company or any Subsidiary or any Affiliate of them, on the one hand, and the directors, officers, or shareholders of the Company or
any Subsidiary, on the other hand, that is required by the rules of FINRA to be described in the Commission Documents that is not
so described.

 

(iv) Except as set forth in the Commission Documents, there are
no material outstanding loans or advances or material guarantees of indebtedness by the Company or any Subsidiary to or for the benefit
of any of their respective officers or directors or any of the members of the families of any of them; no such loans, advances or guarantees
(whether or not material) are required to be disclosed in the Commission Documents that are not so disclosed.

 

(v) The Company has not offered, or caused any placement agent
to offer, Ordinary Shares to any person with the intent to influence unlawfully (a) a customer or supplier of the Company or any
Subsidiary to alter the customer’s or supplier’s level or type of business with the Company or any Subsidiary or (b) a
trade journalist or publication to write or publish favorable information about the Company or any Subsidiary or any of their respective
products or services.

 

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(vi) Neither the Company nor any Subsidiary nor any director,
officer or employee of the Company or any Subsidiary nor, to the Company’s Knowledge, any agent, Affiliate or other person acting
on behalf of the Company or any Subsidiary has (a) violated or is in violation of any Anti-Corruption Laws; (b) promised, offered,
provided, attempted to provide or authorized the provision of anything of value, directly or indirectly, to any person for the purpose
of obtaining or retaining business, influencing any act or decision of the recipient, or securing any improper advantage; or (c) made
any payment of funds of the Company or any Subsidiary or received or retained any funds in violation of any Anti-Corruption Laws.

 

Section 5.24.
Money Laundering Laws. The operations of the Company and each of its Subsidiaries are and have been conducted at all
times in compliance with Money Laundering Laws; and no action, suit or proceeding by or before any Governmental Authority involving the
Company or any of its Subsidiaries with respect to the Money Laundering Laws is pending or, to the Knowledge of the Company, threatened.
The Company has effective controls that are sufficient to provide reasonable assurances that violations of applicable Money Laundering
Laws will be prevented, detected and deterred.

 

Section 5.25.
Off-Balance Sheet Arrangements. There are no transactions, arrangements or other relationships between or among the
Company, or any of its Affiliates and any unconsolidated entity, including, but not limited to, any structural finance, special purpose
or limited purpose entity (each, an “Off-Balance Sheet Transaction”) that could, individually or in the aggregate,
reasonably be expected to affect materially the Company’s liquidity or the availability of or requirements for its capital resources,
including those Off-Balance Sheet Transactions described in the Commission’s Statement about Management’s Discussion and Analysis
of Financial Conditions and Results of Operations (Release Nos. 33-8056; 34-45321; FR-61), required to be described in the Commission
Documents which have not been described as required.

 

Section 5.26.
Transactions With Affiliates. No relationship, direct or indirect, exists between or among the Company or any
of its Subsidiaries on the one hand, and the directors, officers, trustees, managers, shareholders, partners, customers or suppliers of
the Company or any of the Subsidiaries on the other hand, which would be required by the Securities Act or the Exchange Act to be disclosed
in the Commission Documents, which is not so disclosed.

 

Section 5.27.
Labor Disputes. The Company and each of its Subsidiaries are and have been during the past two years in compliance with
all applicable laws respecting labor, employment, immigration, fair employment practices, terms and conditions of employment, workers’
compensation, occupational safety, plant closings, mass layoffs, worker classification, exempt and non-exempt status, compensation and
benefits, statutory social insurances and housing funds, and wages and hours, except as would not, individually or in the aggregate, have
a Material Adverse Effect. None of the Company nor any of its Subsidiaries is bound by or subject to any collective bargaining or similar
agreement with any labor union, and, to the Knowledge of the Company, none of the employees, representatives or agents of the Company
or any of its Subsidiaries is represented by any labor union. No labor disturbance by or dispute with employees of the Company or any
of its Subsidiaries exists or, to the Knowledge of the Company, is threatened which would, individually or in the aggregate, have a Material
Adverse Effect.

 

Section 5.28.
Use of Proceeds. The proceeds from the sale of the Shares by the Company to the Investor shall be used by the Company
in the manner as will be set forth in the Prospectus included in any Registration Statement (and any post-effective amendment thereto)
and any Prospectus Supplement thereto filed pursuant to the Registration Rights Agreement.

 

Section 5.29.
Investment Company Act Status. The Company is not, and as a result of the consummation of the transactions contemplated
by the Transaction Documents and the application of the proceeds from the sale of the Shares as will be set forth in the Prospectus included
in any Registration Statement (and any post-effective amendment thereto) and any Prospectus Supplement thereto filed pursuant to the Registration
Rights Agreement, the Company will not be an “investment company” within the meaning of the Investment Company Act of 1940,
as amended.

 

Section 5.30.
Margin Rules. Neither the issuance, sale and delivery of the Shares nor the application of the proceeds thereof by the
Company as described in the Commission Documents will violate Regulation T, U or X of the Board of Governors of the Federal Reserve System
or any other regulation of such Board of Governors.

 

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Section 5.31.
Taxes. The Company and each of its Subsidiaries have filed all federal, state, local and foreign tax returns which have
been required to be filed and paid all taxes shown thereon, to the extent that such taxes have become due and are not being contested
in good faith, except where the failure to so file or pay would not have a Material Adverse Effect. Except as set forth in the Commission
Documents, no tax deficiency has been determined adversely to the Company or any of its Subsidiaries which has had, or would have, individually
or in the aggregate, a Material Adverse Effect. The Company has no Knowledge of any federal, state or other governmental tax deficiency,
penalty or assessment which has been or might be asserted or threatened against it which would have a Material Adverse Effect.

 

Section 5.32.
ERISA. Each employee benefit plan, within the meaning of Section 3(3) of the Employee Retirement Income Security
Act of 1974, as amended (“ERISA”), that is maintained, administered or contributed to by the Company or any
of its Affiliates for employees or former employees of the Company and any of its Subsidiaries has been maintained in compliance with
its terms and the requirements of any applicable statutes, orders, rules and regulations, including but not limited to ERISA and
the Internal Revenue Code of 1986, as amended (the “Code”), except where noncompliance would not, individually
or in the aggregate, have a Material Adverse Effect. No prohibited transaction, within the meaning of Section 406 of ERISA or Section 4975
of the Code, has occurred which would result in a material liability to the Company with respect to any such plan excluding transactions
effected pursuant to a statutory or administrative exemption; and for each such plan that is subject to the funding rules of Section 412
of the Code or Section 302 of ERISA, no “accumulated funding deficiency” as defined in Section 412 of the Code has
been incurred, whether or not waived, and the fair market value of the assets of each such plan (excluding for these purposes accrued
but unpaid contributions) exceeds the present value of all benefits accrued under such plan determined using reasonable actuarial assumptions.

 

Section 5.33.
Stock Transfer Taxes. All stock or share transfer or other taxes (other than income taxes) which are required to be
paid in connection with the sale and transfer of the Shares to be sold hereunder will be, or will have been, fully paid or provided for
by the Company and all laws imposing such taxes will be or will have been fully complied with.

 

Section 5.34.
Insurance. The Company and each of its Subsidiaries carry, or are covered by, insurance in such amounts and covering
such risks as the Company and each of its Subsidiaries reasonably believe are adequate for the conduct of their properties and as is customary
for companies engaged in similar businesses in similar industries.

 

Section 5.35.
Exemption from Registration. Subject to, and in reliance on, the representations, warranties and covenants made herein
by the Investor, the offer and sale of the Shares in accordance with the terms and conditions of this Agreement is exempt from the registration
requirements of the Securities Act pursuant to Section 4(a)(2) and/or Rule 506(b) of Regulation D; provided,
however, that at the request of and with the express agreements of the Investor (including, without limitation, the representations,
warranties and covenants of Investor set forth in Section 4.9 through 4.13) and, provided the Investor and its Broker-Dealer shall
have provided any deliverables that the Company, its counsel or the Transfer Agent shall reasonably request or require in connection therewith,
the Shares to be issued from and after Commencement to or for the benefit of the Investor pursuant to this Agreement shall be issued to
the Investor or its designee only as DWAC Shares and will not bear legends noting restrictions as to resale of such securities under federal
or state securities laws, nor will any such securities be subject to stop transfer instructions.

 

Section 5.36.
No General Solicitation or Advertising. Neither the Company, nor any of its Subsidiaries or Affiliates, nor any Person
acting on its or their behalf, has engaged in any form of general solicitation or general advertising (within the meaning of Regulation
D) in connection with the offer or sale of the Shares.

 

Section 5.37.
No Integrated Offering. None of the Company, its Subsidiaries or any of their Affiliates, nor any Person acting on their
behalf has, directly or indirectly, made any offers or sales of any security or solicited any offers to buy any security, under circumstances
that would require registration of the issuance of any of the Shares under the Securities Act, whether through integration with prior
offerings or otherwise, or cause this offering of the Shares to require approval of the shareholders of the Company under any applicable
shareholder approval provisions, including, without limitation, under the rules and regulations of the Principal Market. None of
the Company, its Subsidiaries, their Affiliates nor any Person acting on their behalf will take any action or steps referred to in the
preceding sentence that would require registration of the issuance of any of the Shares under the Securities Act or cause the offering
of any of the Shares to be integrated with other offerings.

 

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Section 5.38.
Dilutive Effect. The Company is aware and acknowledges that issuance of the Shares could cause dilution to existing
shareholders and could significantly increase the outstanding number of Ordinary Shares. The Company further acknowledges that its obligation
to issue the Shares to be purchased by the Investor pursuant to a VWAP Purchase is, upon the Company’s delivery to the Investor
of a VWAP Purchase Notice for a VWAP Purchase in accordance with this Agreement, absolute and unconditional following the delivery of
such VWAP Purchase Notice to the Investor, regardless of the dilutive effect that such issuance may have on the ownership interests of
other shareholders of the Company.

 

Section 5.39.
Manipulation of Price. Neither the Company nor any of its officers, directors or Affiliates has, and, to the Knowledge
of the Company, no Person acting on their behalf has, (i) taken, directly or indirectly, any action designed or intended to cause
or to result in the stabilization or manipulation of the price of any security of the Company, or which caused or resulted in, or which
would in the future reasonably be expected to cause or result in, the stabilization or manipulation of the price of any security of the
Company, in each case to facilitate the sale or resale of any of the Shares, (ii) sold, bid for, purchased, or paid any compensation
for soliciting purchases of, any of the Shares, or (iii) paid or agreed to pay to any Person any compensation for soliciting another
to purchase any other securities of the Company. Neither the Company nor any of its officers, directors or Affiliates will during the
term of this Agreement, and, to the Knowledge of the Company, no Person acting on their behalf will during the term of this Agreement,
take any of the actions referred to in the immediately preceding sentence.

 

Section 5.40.
Shell Company Status. The Company is not, and has not previously been at any time, an issuer identified in, or subject
to, Rule 144(i).

 

Section 5.41.
Listing and Maintenance Requirements; DTC Eligibility. At all times after the Merger Closing, (i) the Ordinary
Shares will be registered pursuant to Section 12(b) of the Exchange Act, and the Company shall not have taken action designed
to, or which to its Knowledge is likely to have the effect of, terminating the registration of the Ordinary Shares under the Exchange
Act, nor shall the Company have received any notification that the Commission is contemplating terminating such registration; (ii) the
Company shall not have received notice from the Principal Market to the effect that the Company is not in compliance with the listing
or maintenance requirements of the Principal Market; (iii) the Ordinary Shares shall be eligible for participation in the DTC book
entry system and there shall be Ordinary Shares on deposit at DTC for transfer electronically to third parties via DTC through its Deposit/Withdrawal
at Custodian (“DWAC”) delivery system; and (iv) the Company shall not have received notice from DTC to
the effect that a suspension of, or restriction on, accepting additional deposits of the Ordinary Shares, electronic trading or book-entry
services by DTC with respect to the Ordinary Shares is being imposed or is contemplated.

 

Section 5.42.
Application of Takeover Protections. The Company and its Board of Directors have taken all necessary action, if any,
in order to render inapplicable any control share acquisition, business combination, poison pill (including any distribution under a rights
agreement) or other similar anti-takeover provision under the Company’s Memorandum or the laws of its jurisdiction of formation
that is or could become applicable to the Investor as a result of the Investor and the Company fulfilling their respective obligations
or exercising their respective rights under the Transaction Documents (as applicable), including, without limitation, as a result of the
Company’s issuance of the Shares and the Investor’s ownership of the Shares.

 

Section 5.43.
OFAC. Neither the Company nor any of its Subsidiaries, nor any of their respective directors, officers, employees, agents,
Affiliates or other representatives is currently, or has been in the last five years: (i) a Sanctioned Person; (ii) located,
organized or resident in, or operating from, a Sanctioned Country; (iii) knowingly engaged in any dealings or transactions with any
Sanctioned Person or in any Sanctioned Country, in violation of Sanctions Laws; or (iv) otherwise in violation of applicable Sanctions
Laws or trade control laws. Neither the Company nor any of its Subsidiaries will, directly or indirectly, use the proceeds from the sale
of Shares, or lend, contribute or otherwise make available such proceeds to any subsidiary, joint venture partner or other Person (a) to
fund or facilitate any activities or business of or with any Sanctioned Person or in any Sanctioned Country, or (b) in any other
manner that will result in a violation of Sanctions Laws by any Person (including any Person participating in the transactions contemplated
by the Transaction Documents, whether as underwriter, advisor, investor or otherwise).

 

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Section 5.44.
Information Technology; Compliance with Data Protection Laws.

 

(i) The Company’s and its Subsidiaries’ information
technology assets and equipment, computers, systems, networks, hardware, software, websites, applications, and databases (collectively,
 “IT Systems”) are adequate for, and operate and perform in all material respects as required in connection with,
the operation of the business of the Company as currently conducted, free and clear of all material bugs, errors, defects, Trojan horses,
time bombs, malware and other corruptants, except as would not, individually or in the aggregate, have a Material Adverse Effect. The
Company and its Subsidiaries have implemented and maintain commercially reasonable measures designed to maintain and protect their material
confidential information and the confidentiality, integrity and security of the Company’s and its Subsidiaries’ IT Systems
and data, including all sensitive, confidential or regulated data (“Confidential Data”). The Company and its
Subsidiaries have implemented and maintain commercially reasonable back-up and disaster recovery procedures designed for the continued
operation of their business in the event of a failure of the IT systems. Except as set forth in the Commission Documents, there have been
no breaches, violations, outages or unauthorized uses of or accesses to the IT Systems, except for those that have been remedied without
material cost or liability or the duty to notify any other person, nor any incidents under internal review or investigations relating
to the same. The Company and its Subsidiaries are presently in material compliance with all applicable laws or statutes and all judgments,
orders, rules and regulations of any court or arbitrator or governmental or regulatory authority in effect, internal policies and
contractual obligations of the Company and its Subsidiaries relating to the privacy and security of IT Systems and Confidential Data and
to the protection of such IT Systems and Confidential Data from unauthorized use, access, misappropriation or modification.

 

(ii) The Company and its Subsidiaries are in material compliance,
and for the past three years have been in material compliance, with the Data Protection Laws. To ensure compliance with the Data Protection
Laws, the Company has in place, complies with, and takes appropriate steps to ensure compliance in all material respects with its policies
and procedures relating to the Data Protection Laws, including data privacy and security and the collection, storage, use, processing,
disclosure, handling, and analysis of Confidential Data (the “Policies”). The Company has at all times made
all disclosures to users or customers required under the Data Protections Laws and the Policies, and none of such disclosures made or
contained in any Policy have been inaccurate or in violation of any applicable laws, regulatory rules or requirements, in any material
respect. Neither the Company nor any Subsidiary: (a) has received notice of any actual or potential liability under or relating to,
or actual or potential violation of, any of the Data Protection Laws, and has no Knowledge of any event or condition that would reasonably
be expected to result in any such notice; (b) is currently conducting or paying for, in whole or in part, any investigation, remediation,
or other corrective action pursuant to any Data Protection Law; or (c) is a party to any order, decree, or agreement that imposes
any obligation or liability under any Data Protection Law.

 

Section 5.45.
Acknowledgement Regarding Relationship with Investor and CF&CO. The Company acknowledges and agrees, to the fullest
extent permitted by law, that the Investor is acting solely in the capacity of an arm’s-length purchaser with respect to this Agreement
and the transactions contemplated by the Transaction Documents, and CF&CO is acting as a representative of the Investor in connection
with the transactions contemplated by the Transaction Documents, and of no other party, including the Company. The Company further acknowledges
that while the Investor will be deemed to be a statutory “underwriter” with respect to certain of the transactions contemplated
by the Transaction Documents in accordance with interpretive positions of the Staff of the Commission, the Investor is a “trader”
that is not required to register with the Commission as a broker-dealer under Section 15(a) of the Securities Exchange Act of
1934. The Company further acknowledges that the Investor and its representatives are not acting as a financial advisor or fiduciary of
the Company (or in any similar capacity) with respect to this Agreement and the transactions contemplated by the Transaction Documents,
and any advice given by the Investor or any of its representatives (including CF&CO) or agents in connection therewith is merely incidental
to the Investor’s acquisition of the Shares. The Company understands and acknowledges that employees of CF&CO may discuss market
color, VWAP Purchase Notice timing and parameter considerations and other related capital markets considerations with the Company in connection
with the Transaction Documents and the transactions contemplated thereby, in all cases on behalf of the Investor. The Company acknowledges
and agrees that the Investor has not made and does not make any representations or warranties with respect to the transactions contemplated
by the Transaction Documents other than those specifically set forth in Article IV.

 

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Section 5.46.
Acknowledgement Regarding Investor’s Affiliate Relationships. The Company acknowledges and understands the contents
of this paragraph. Affiliates of the Investor, including CF&CO, engage in a wide range of activities for their own accounts and the
accounts of customers, including corporate finance, mergers and acquisitions, merchant banking, equity and fixed income sales, trading
and research, derivatives, foreign exchange, futures, asset management, custody, clearance and securities lending. In the course of their
respective business, Affiliates of the Investor may, directly or indirectly, hold long or short positions, trade and otherwise conduct
such activities in or with respect to debt or equity securities or bank debt of, or derivative products relating to, the Company. Any
such position will be created, and maintained, independently of the position the Investor takes in the Company. In addition, at any given
time Affiliates of the Investor, including CF&CO, may have been or in the future be engaged by one or more entities that may be competitors
with, or otherwise adverse to, the Company in matters unrelated to the transactions contemplated by the Transaction Documents, and Affiliates
of the Investor, including CF&CO may have or may in the future provide investment banking or other services to the Company in matters
unrelated to the transactions contemplated by the Transaction Documents. Activities of any of the Investor’s Affiliates performed
on behalf of the Company may give rise to actual or apparent conflicts of interest given the Investor’s potentially competing interests
with those of the Company. The Company expressly acknowledges the benefits it receives from the Investor’s participation in the
transactions contemplated by the Transaction Documents, on the one hand, and the Investor’s Affiliates’ activities, if any,
on behalf of the Company unrelated to the transactions contemplated by the Transaction Documents, on the other hand, and understands the
conflict or potential conflict of interest that may arise in this regard, and has consulted with such independent advisors as it deems
appropriate in order to understand and assess the risks associated with these potential conflicts of interest. Consistent with applicable
legal and regulatory requirements, applicable Affiliates of the Investor have adopted policies and procedures to establish and maintain
the independence of their research departments and personnel from their investment banking groups and the Investor. As a result, research
analysts employed by Affiliates of the Investor may hold views, make statements or investment recommendations or publish research reports
with respect to the Company or the transactions contemplated by the Transaction Documents that differ from the views of the Investor.

 

Section 5.47.
Emerging Growth Company Status. From the time of the initial filing of the Company’s first registration statement
with the Commission, the Company has been and is an “emerging growth company,” as defined in Section 2(a) of the
Securities Act.

 

ARTICLE VI

ADDITIONAL COVENANTS

 

The Company covenants with the Investor, and the Investor covenants
with the Company, as follows, which covenants of one party are for the benefit of the other party, during the Investment Period (and with
respect to the Company, for the period following the termination of this Agreement specified in Section 8.3 pursuant to and in accordance
with Section 8.3):

 

Section 6.1.
Securities Compliance. The Company shall notify the Commission and the Principal Market, if and as applicable, in accordance
with their respective rules and regulations, of the transactions contemplated by the Transaction Documents, and shall use its reasonable
best efforts to take all necessary action, undertake all proceedings and obtain all registrations, permits, consents and approvals that
are required for the legal and valid issuance of the Shares to the Investor in accordance with the terms of the Transaction Documents,
as applicable.

 

Section 6.2.
Reservation of Ordinary Shares. The Company has available and shall reserve and keep available at all times, free of
preemptive and other similar rights of shareholders, the requisite aggregate number of authorized but unissued Ordinary Shares to enable
the Company to timely effect the issuance and sale of all Shares to be issued and sold in respect of each VWAP Purchase effected under
this Agreement, at least prior to the delivery by the Company to the Investor of the applicable VWAP Purchase Notice in connection with
such VWAP Purchase. Without limiting the generality of the foregoing, as of the Commencement Date the Company shall have reserved, out
of its authorized and unissued Ordinary Shares, a number of Ordinary Shares equal to the Exchange Cap solely for the purpose of effecting
VWAP Purchases under this Agreement. The number of Ordinary Shares so reserved for the purpose of effecting VWAP Purchases under this
Agreement may be increased from time to time by the Company from and after the Commencement Date, and such number of reserved shares may
be reduced from and after the Commencement Date only by the number of Shares actually issued and sold to the Investor pursuant to any
VWAP Purchase effected from and after the Commencement Date pursuant to this Agreement.

 

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Section 6.3.
Registration and Listing. During the Investment Period, the
Company shall use its reasonable best efforts to cause the Ordinary Shares to continue to be registered as a class of securities under
Sections 12(b) of the Exchange Act, and to comply with its reporting and filing obligations under the Exchange Act, and shall not
take any action or file any document (whether or not permitted by the Securities Act or the Exchange Act) to terminate or suspend such
registration or to terminate or suspend its reporting and filing obligations under the Exchange Act or Securities Act, except as permitted
herein. The Company shall use its reasonable best efforts to continue the listing and trading of its Ordinary Shares and the listing
of the Shares purchased by the Investor hereunder on the Principal Market and to comply with the Company’s reporting, filing and
other obligations under the rules and regulations of the Principal Market. The Company shall not take any action which could be
reasonably expected to result in the delisting or suspension of the Ordinary Shares on the Principal Market (other than in connection
with the listing or quotation of the Ordinary Shares on an Alternative Market). If the Company receives any final and non-appealable
notice that the listing or quotation of the Ordinary Shares on the Principal Market shall be terminated on a date certain, the Company
shall promptly (and in any case within 24 hours) notify the Investor of such fact in writing and shall use its reasonable best efforts
to cause the Ordinary Shares to be listed or quoted on another Principal Market.

 

Section 6.4.
Compliance with Laws.

 

(i) During
the Investment Period, the Company shall comply with applicable provisions of the Securities Act and the Exchange Act, including Regulation
M thereunder, applicable state securities or “Blue Sky” laws, and applicable listing rules of the Principal Market,
in connection with the transactions contemplated by this Agreement and the Registration Rights Agreement, except as would not, individually
or in the aggregate, prohibit or otherwise interfere with the ability of the Company to enter into and perform its obligations under
this Agreement in any material respect or for the Investor to conduct resales of Shares under the Registration Statement in any material
respect.

 

(ii) The
Investor shall comply with all laws, rules, regulations and orders applicable to the performance by it of its obligations under this
Agreement and its investment in the Shares, except as would not, individually or in the aggregate, prohibit or otherwise interfere with
the ability of the Investor to enter into and perform its obligations under this Agreement in any material respect. Without limiting
the foregoing, the Investor shall comply with all applicable provisions of the Securities Act and the Exchange Act, including Regulation
M thereunder, and all applicable state securities or “Blue Sky” laws, in connection with the transactions contemplated by
this Agreement and the Registration Rights Agreement.

 

Section 6.5.
Keeping of Records and Books of Account; Due Diligence.

 

(i) The
Investor and the Company shall each maintain records showing the remaining Total Commitment, the remaining Aggregate Limit and the dates
and VWAP Purchase Share Amount for each VWAP Purchase.

 

(ii) Subject
to the requirements of Section 6.12, from time to time from and after the Signing Date, the Company shall make available for inspection
and review by the Investor during normal business hours and after reasonable advanced notice, customary documentation reasonably requested
by the Investor and/or its appointed counsel or advisors to conduct due diligence.

 

Section 6.6.
No Frustration; No Similar Transactions.

 

(i) No
Frustration. The Company shall not enter into, announce or recommend to its shareholders any agreement, plan, arrangement or
transaction in or of which the terms thereof would restrict, materially delay, conflict with or impair the ability or right of the Company
to perform its obligations under the Transaction Documents to which it is a party, including, without limitation, the obligation of the
Company to issue (a) the Commitment Shares to the Investor in accordance with Section 10.1(ii), and (b) the Shares to
the Investor in respect of a VWAP Purchase not later than the applicable Share Issuance Deadline. For the avoidance of doubt, nothing
in this Section 6.6(i) shall in any way limit the Company’s right to terminate this Agreement in accordance with Section 8.2
(subject in all cases to Section 8.3).

 

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(ii) No
Similar Transactions. The Company shall not effect or enter into an agreement to effect an “equity line of credit,”
 “at-the-market offering,” “equity distribution program” or any similar transaction whereby the Company may issue
or sell Ordinary Shares or Ordinary Share Equivalents at a future determined price, other than in connection with an Exempt Issuance.
The Investor shall be entitled to seek injunctive relief against the Company and its Subsidiaries to preclude any such issuance, which
remedy shall be in addition to any right to collect damages, without the necessity of showing economic loss and without any bond or other
security being required.

 

Section 6.7.
Corporate Existence. The Company shall take all steps necessary
to preserve and continue the corporate existence of the Company; provided, however, that, except as provided in Section 6.8,
nothing in this Agreement shall be deemed to prohibit the Company from engaging in any Fundamental Transaction with another Person. For
the avoidance of doubt, nothing in this Section 6.7 shall in any way limit the Company’s right to terminate this Agreement
in accordance with Section 8.2 (subject in all cases to Section 8.3).

 

Section 6.8.
Fundamental Transaction. If a VWAP Purchase Notice has been
delivered to the Investor and the transactions contemplated therein have not yet been fully settled in accordance with the terms and
conditions of this Agreement, the Company shall not effect any Fundamental Transaction until the expiration of five (5) Trading
Days following the date of full settlement thereof and the issuance to the Investor of all of the Shares issuable pursuant to the VWAP
Purchase to which such VWAP Purchase Notice relates.

 

Section 6.9.
Selling Restrictions.

 

(i) Except
as expressly set forth below, the Investor covenants that from and after the Signing Date through and including the Trading Day next
following the expiration or termination of this Agreement as provided in Article VIII (the “Restricted Period”),
none of the Investor or any entity managed or controlled by the Investor (collectively, the “Restricted Persons”
and each of the foregoing is referred to herein as a “Restricted Person”) shall, directly or indirectly, (a) engage
in any Short Sales of Ordinary Shares or (b) hedging transaction, which establishes a net short position with respect to the Ordinary
Shares, with respect to each of clauses (a) and (b) hereof, for the principal account of any Restricted Person. Notwithstanding
the foregoing, it is expressly understood and agreed that nothing contained herein shall (without implication that the contrary would
otherwise be true) prohibit any Restricted Person during the Restricted Period from: (x) selling “long” (as defined
under Rule 200 promulgated under Regulation SHO) the Shares; or (y) selling a number of Ordinary Shares equal to the number
of Shares that such Restricted Person is unconditionally obligated to purchase under a pending VWAP Purchase Notice but has not yet received
from the Company or the Transfer Agent pursuant to this Agreement, so long as (1) such Restricted Person (or the Broker-Dealer,
as applicable) transfers the Shares purchased pursuant to such VWAP Purchase Notice to the purchaser thereof or the applicable Broker-Dealer
promptly upon such Restricted Person’s receipt of such Shares from the Company in accordance with Section 3.2 and (2) neither
the Company nor the Transfer Agent shall have failed for any reason to issue such Shares to the Investor or its Broker-Dealer so that
such Shares are received by the Investor as DWAC Shares by the applicable Share Issuance Deadline.

 

(ii) In
addition to the foregoing, in connection with any sale of Shares (including any sale permitted by paragraph (i) above), the Investor
shall comply in all respects with all applicable laws, rules, regulations and orders, including, without limitation, the requirements
of the Securities Act and the Exchange Act.

 

Section 6.10.
Effective Registration Statement. During the Investment Period,
the Company shall use its reasonable best efforts to maintain the continuous effectiveness of the Initial Registration Statement and
each New Registration Statement filed with the Commission under the Securities Act for the applicable Registration Period pursuant to
and in accordance with the Registration Rights Agreement.

 

Section 6.11.
Blue Sky. The Company shall take such action, if any, as is
necessary by the Company in order to obtain an exemption for or to qualify the Shares for sale by the Company to the Investor pursuant
to the Transaction Documents, and at the request of the Investor, the subsequent resale of Registrable Securities by the Investor, in
each case, under applicable state securities or “Blue Sky” laws and shall provide evidence of any such action so taken to
the Investor from time to time following the Closing Date; provided, however, that the Company shall not be required in
connection therewith or as a condition thereto to (x) qualify to do business in any jurisdiction where it would not otherwise be
required to qualify but for this Section 6.11, (y) subject itself to general taxation in any such jurisdiction, or (z) file
a general consent to service of process in any such jurisdiction.

 

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Section 6.12.
Non-Public Information. Neither the Company or any of its
Subsidiaries, nor any of their respective directors, officers, employees or agents shall disclose any material non-public information
about the Company to the Investor during any VWAP Purchase Period, unless a simultaneous public announcement thereof is made by the Company
in the manner contemplated by Regulation FD. In the event of a breach of the foregoing covenant by the Company or any of its Subsidiaries,
or any of their respective directors, officers, employees and agents (as determined in the reasonable good faith judgment of the Investor),
(i) the Investor shall promptly provide written notice of such breach to the Company and (ii) after such notice has been provided
to the Company and, provided that the Company shall have failed to demonstrate to the Investor in writing within 24 hours that such information
does not constitute material non-public information or the Company shall have failed to publicly disclose such material non-public information
within 24 hours following demand therefor by the Investor, in addition to any other remedy provided herein or in the other Transaction
Documents, if the Investor is holding any Shares at the time of the disclosure of material non-public information, the Investor shall
have the right to make a public disclosure, in the form of a press release, public advertisement or otherwise, of such material non-public
information without the prior approval by the Company, any of its Subsidiaries, or any of their respective directors, officers, employees
or agents. The Investor shall not have any liability to the Company, any of its Subsidiaries, or any of their respective directors, officers,
employees, shareholders or agents, for any such disclosure in compliance with this Section 6.12.

 

Section 6.13.
Broker/Dealer. The Investor shall use one or more broker-dealers
to effectuate all sales, if any, of the Shares that it may purchase or otherwise acquire from the Company pursuant to the Transaction
Documents, as applicable, which (or whom) shall be a DTC participant (collectively, the “Broker-Dealer”). The
Investor shall, from time to time, provide the Company and the Transfer Agent with all information regarding the Broker-Dealer reasonably
requested by the Company and the Transfer Agent. The Investor shall be solely responsible for all fees and commissions of the Broker-Dealer
(if any), which shall not exceed customary brokerage fees and commissions and shall be responsible for designating only a DTC participant
eligible to receive DWAC Shares.

 

Section 6.14.
Disclosure Schedule.

 

(i) The
Company may provide to the Investor, and from time to time update, a disclosure schedule (the “Disclosure Schedule”)
as may be required to satisfy the conditions set forth in Section 7.2(ii) and Section 7.3(i) (to the extent such
condition set forth in Section 7.3(i) relates to the condition in Section 7.2(ii) as of a specific VWAP Purchase
Condition Satisfaction Time). For purposes of this Section 6.14, any disclosure made in a schedule to a Compliance Certificate shall
be deemed to be an update of the Disclosure Schedule. Notwithstanding anything in this Agreement to the contrary, no update to the Disclosure
Schedule pursuant to this Section 6.14 shall cure any breach of a representation or warranty of the Company contained in this Agreement
and made prior to the applicable update and shall not affect any of the Investor’s rights or remedies with respect thereto.

 

(ii) Notwithstanding
anything to the contrary contained in the Disclosure Schedule or this Agreement, the information and disclosure contained in any Schedule
of the Disclosure Schedule shall be deemed to be disclosed and incorporated by reference in any other Schedule of the Disclosure Schedule
as though fully set forth in such Schedule for which applicability of such information and disclosure is readily apparent on its face.
The fact that any item of information is disclosed in the Disclosure Schedule shall not be construed to mean that such information is
required to be disclosed by this Agreement. Except as expressly set forth in this Agreement, such information and the thresholds (whether
based on quantity, qualitative characterization, dollar amounts or otherwise) set forth herein shall not be used as a basis for interpreting
the terms “material” or “Material Adverse Effect” or other similar terms in this Agreement.

 

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Section 6.15.
Delivery of Bring-Down Opinions and Compliance Certificates Upon Occurrence of Certain Events.
Within three (3) Trading Days immediately following each time the Company files or furnishes, as applicable (i) an Annual Report
on Form 20-F under the Exchange Act (including any Form 20-F/A containing amended financial information or a material amendment
to the previously filed Form 20-F); (ii) interim financial information on Form 6-K under the Exchange Act; (iii) a
report on Form 6-K containing amended financial information under the Exchange Act; or (iv) the Initial Registration Statement,
any New Registration Statement, or any supplement or post-effective amendment thereto, and in any case, not more than once per calendar
quarter, the Company shall (a) deliver to the Investor a compliance certificate substantially in the form attached hereto as Exhibit C
(a “Compliance Certificate”), dated as of such date, (b) cause to be furnished to the Investor (1) opinions
from U.S., Cayman Islands and Chinese outside counsel to the Company and (2) a negative assurance letter from U.S. outside counsel
to the Company, in each case in form and substance reasonably satisfactory to the Investor (each such document, a “Bring-Down
Opinion”) and (c) cause to be furnished to the Investor a comfort letter or letters from the independent registered
public accounting firm or firms (in the case of a post-effective amendment, only if such amendment contains amended or new financial
information) whose reports are included or incorporated by reference therein, modified, as necessary, to address such new financial information
or relate to such Registration Statement or post-effective amendment, or the Prospectus contained therein as then amended or supplemented
by such Prospectus Supplement, as applicable, and in form and substance satisfactory to the Investor in its good faith judgment (each,
a “Bring-Down Comfort Letter”).

 

ARTICLE VII

CONDITIONS
TO CLOSING, COMMENCEMENT

AND
VWAP PURCHASES

 

Section 7.1.
Conditions Precedent to Closing. The satisfaction of each
of the conditions set forth in this Section 7.1 on the Closing Date shall constitute the Closing.

 

(i) Accuracy
of the Investor’s Representations and Warranties. The representations and warranties of the Investor contained in this
Agreement (a) that are not qualified by “materiality” shall have been true and correct in all material respects as of
the Signing Date and shall be true and correct in all material respects as of the Closing Date, except to the extent such representations
and warranties are as of another date, in which case, such representations and warranties shall have been or be, as applicable, true
and correct in all material respects as of such other date and (b) that are qualified by “materiality” shall have been
true and correct as of the Signing Date and shall be true and correct as of the Closing Date, except to the extent such representations
and warranties are as of another date, in which case, such representations and warranties shall have been or be, as applicable, true
and correct as of such other date.

 

(ii) Accuracy
of the Company’s Representations and Warranties. The representations and warranties of the Company contained in this Agreement
(a) that are not qualified by “materiality” or “Material Adverse Effect” shall have been true and correct
in all material respects as of the Signing Date and shall be true and correct in all material respects as of the Closing Date, except
to the extent such representations and warranties are as of another date, in which case, such representations and warranties shall have
been or be, as applicable, true and correct in all material respects as of such other date and (b) that are qualified by “materiality”
or “Material Adverse Effect” shall have been true and correct as of the Signing Date and shall be true and correct as of
the Closing Date, except to the extent such representations and warranties are as of another date, in which case, such representations
and warranties shall have been or be, as applicable, true and correct as of such other date.

 

(iii) 
Issuance of Commitment Shares. The Company shall have issued to the Investor, and the Investor shall have received, the
Commitment Shares in accordance with Section 10.1(ii), all of which Commitment Shares shall be fully earned and non-refundable as
of the Closing Date, regardless of whether any VWAP Purchases are made or settled hereunder or any subsequent termination of this Agreement.

 

(iv) Closing
Deliverables. The Investor’s counsel shall have received (a) the opinions of U.S. and Cayman Islands outside counsel
to the Company, dated as of the Closing Date, in form and substance reasonably satisfactory to the Investor, and (b) a Compliance
Certificate, dated as of the Closing Date, except that such Compliance Certificate need only contain clauses (1)-(3) thereof.

 

(v) Current
Report. The Current Report shall have been filed with the Commission as required pursuant to Section 2.3.

 

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(vi) Merger
Closing. The Merger Closing shall have occurred on or prior to the Closing Date.

 

Section 7.2.
Conditions Precedent to Commencement. The right of the Company
to commence delivering VWAP Purchase Notices under this Agreement, and the obligation of the Investor to accept VWAP Purchase Notices
delivered to the Investor by the Company under this Agreement, are subject to the initial satisfaction, at Commencement, of each of the
conditions set forth in this Section 7.2.

 

(i) Accuracy
of the Investor’s Representations and Warranties. The representations and warranties of the Investor contained in this
Agreement (a) that are not qualified by “materiality” or “Material Adverse Effect” shall have been true
and correct in all material respects as of the Signing Date and the Closing Date and shall be true and correct in all material respects
as of the Commencement Date with the same force and effect as if made on such date, except to the extent such representations and warranties
are as of another date, in which case, such representations and warranties shall have been or be, as applicable, true and correct in
all material respects as of such other date and (b) that are qualified by “materiality” or “Material Adverse Effect”
shall have been true and correct as of the Signing Date and the Closing Date and shall be true and correct as of the Commencement Date
with the same force and effect as if made on such date, except to the extent such representations and warranties are as of another date,
in which case, such representations and warranties shall have been or be, as applicable, true and correct as of such other date.

 

(ii) Accuracy
of the Company’s Representations and Warranties. The representations and warranties of the Company contained in this Agreement
(a) that are not qualified by “materiality” or “Material Adverse Effect” shall have been true and correct
in all material respects as of the Signing Date and the Closing Date and shall be true and correct in all material respects as of the
Commencement Date with the same force and effect as if made on such date, except to the extent such representations and warranties are
as of another date, in which case, such representations and warranties shall have been or be, as applicable, true and correct in all
material respects as of such other date and (b) that are qualified by “materiality” or “Material Adverse Effect”
shall have been true and correct as of the Signing Date and the Closing Date and shall be true and correct as of the Commencement Date
with the same force and effect as if made on such date, except to the extent such representations and warranties are as of another date,
in which case, such representations and warranties shall have been and be, as applicable, true and correct as of such other date.

 

(iii) Performance
of the Company. The Closing shall have occurred and the Company shall have performed, satisfied and complied in all material
respects with all other covenants, agreements and conditions required by this Agreement and the Registration Rights Agreement to be performed,
satisfied or complied with by the Company at or prior to the Commencement. The Company shall deliver to the Investor a Compliance Certificate
dated as of the Commencement Date.

 

(iv) Initial
Registration Statement Effective. The Initial Registration Statement covering the resale by the Investor of the Registrable Securities
included therein required to be filed by the Company with the Commission pursuant to Section 2(a) of the Registration Rights
Agreement shall have become effective under the Securities Act, and the Investor shall be permitted to utilize the Prospectus therein
to resell all of the Commitment Shares and the Shares included in such Prospectus.

 

(v) No
Material Notices. None of the following events shall have occurred and be continuing: (a) receipt of any request by the
Commission or any other federal or state governmental authority for any additional information relating to the Initial Registration Statement,
the Prospectus contained therein or any Prospectus Supplement thereto, or for any amendment of or supplement to the Initial Registration
Statement, the Prospectus contained therein or any Prospectus Supplement thereto; (b) the issuance by the Commission or any other
federal or state governmental authority of any stop order suspending the effectiveness of the Initial Registration Statement or prohibiting
or suspending the use of the Prospectus contained therein or any Prospectus Supplement thereto, or of the suspension of qualification
or exemption from qualification of the Shares for offering or sale in any jurisdiction, or the initiation or contemplated initiation
of any proceeding for such purpose; (c) the objection of FINRA to the terms of the transactions contemplated by the Transaction
Documents; or (d) the occurrence of any event or the existence of any condition or state of facts, which makes any statement of
a material fact made in the Initial Registration Statement, the Prospectus contained therein or any Prospectus Supplement thereto untrue
or which requires the making of any additions to or changes to the statements then made in the Initial Registration Statement, the Prospectus
contained therein or any Prospectus Supplement thereto in order to state a material fact required by the Securities Act to be stated
therein or necessary in order to make the statements then made therein (in the case of the Prospectus or any Prospectus Supplement, in
the light of the circumstances under which they were made) not misleading, or which requires an amendment to the Initial Registration
Statement or a supplement to the Prospectus contained therein or any Prospectus Supplement thereto to comply with the Securities Act
or any other law. The Company shall have no Knowledge of any event that could reasonably be expected to have the effect of causing the
suspension of the effectiveness of the Initial Registration Statement or the prohibition or suspension of the use of the Prospectus contained
therein or any Prospectus Supplement thereto in connection with the resale of the Registrable Securities by the Investor.

 

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(vi) Other
Commission Filings. The final Prospectus included in the Initial Registration Statement shall have been filed with the Commission
prior to Commencement in accordance with Section 2.3 and the Registration Rights Agreement. All reports, schedules, registrations,
forms, statements, information and other documents required to have been filed by the Company with the Commission pursuant to the reporting
requirements of the Exchange Act, including all material required to have been filed pursuant to Section 13(a) or 15(d) of
the Exchange Act, prior to Commencement shall have been filed with the Commission.

 

(vii) No
Suspension of Trading in or Notice of Delisting of the Ordinary Shares. Trading in the Ordinary Shares shall not have been suspended
by the Commission, the Principal Market or FINRA (except for any suspension of trading of limited duration agreed to by the Company,
which suspension shall be terminated prior to the Commencement Date), the Company shall not have received any final and non-appealable
notice that the listing or quotation of the Ordinary Shares on the Principal Market shall be terminated on a date certain (unless, prior
to such date certain, the Ordinary Shares are listed or quoted on any Alternative Market), nor shall there have been imposed any suspension
of, or restriction on, accepting additional deposits of the Ordinary Shares, electronic trading or book-entry services by DTC with respect
to the Ordinary Shares that is continuing, the Company shall not have received any notice from DTC to the effect that a suspension of,
or restriction on, accepting additional deposits of the Ordinary Shares, electronic trading or book-entry services by DTC with respect
to the Ordinary Shares is being imposed or is contemplated (unless, prior to such suspension or restriction, DTC shall have notified
the Company in writing that DTC has determined not to impose any such suspension or restriction).

 

(viii) Compliance
with Laws. The Company shall have complied with all applicable federal, state and local governmental laws, rules, regulations
and ordinances in connection with the execution, delivery and performance of this Agreement and the other Transaction Documents to which
it is a party and the consummation of the transactions contemplated hereby and thereby, including, without limitation, having obtained
all permits and qualifications required by any applicable state securities or “Blue Sky” laws for the offer and sale of the
Shares by the Company to the Investor and the subsequent resale of the Registrable Securities by the Investor (or having the availability
of exemptions therefrom).

 

(ix) No
Injunction. No statute, regulation, order, decree, writ, ruling or injunction shall have been enacted, entered, promulgated,
threatened or endorsed by any court or governmental authority of competent jurisdiction which prohibits the consummation of or which
would materially modify or delay any of the transactions contemplated by the Transaction Documents.

 

(x) No
Proceedings or Litigation. No action, suit or proceeding before any arbitrator or any court or governmental authority shall have
been commenced, and no inquiry or investigation by any governmental authority shall have been commenced, against the Company or any Subsidiary,
or any of the officers, directors or Affiliates of the Company or any Subsidiary, seeking to restrain, prevent or change the transactions
contemplated by the Transaction Documents, or seeking material damages in connection with such transactions.

 

(xi) Listing
of Shares. All of the Shares that have been and may be issued pursuant to this Agreement shall have been approved for listing
or quotation on the Principal Market as of the Commencement Date, subject only to notice of issuance.

 

(xii) No
Material Adverse Effect. No condition, occurrence, state of facts or event constituting a Material Adverse Effect shall have
occurred and be continuing.

 

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(xiii) No
Bankruptcy Proceedings. No Person shall have commenced a proceeding against the Company pursuant to or within the meaning of
any Bankruptcy Law. The Company shall not have, pursuant to or within the meaning of any Bankruptcy Law, (a) commenced a voluntary
case, (b) consented to the entry of an order for relief against it in an involuntary case, (c) consented to the appointment
of a Custodian of the Company or for all or substantially all of its property, or (d) made a general assignment for the benefit
of its creditors. A court of competent jurisdiction shall not have entered an order or decree under any Bankruptcy Law that (1) is
for relief against the Company in an involuntary case, (2) appoints a Custodian of the Company or for all or substantially all of
its property, or (3) orders the liquidation of the Company or any of its Subsidiaries.

 

(xiv) Delivery
of Commencement Irrevocable Transfer Agent Instructions and Notice of Effectiveness. The Commencement Irrevocable Transfer Agent
Instructions shall have been executed by the Company and delivered to and acknowledged in writing by the Transfer Agent, and the Notice
of Effectiveness relating to the Initial Registration Statement shall have been executed by the Company’s outside counsel and delivered
to the Transfer Agent, in each case directing the Transfer Agent to issue to the Investor or its designated Broker-Dealer all of the
Shares included in the Initial Registration Statement as DWAC Shares in accordance with this Agreement and the Registration Rights Agreement.

 

(xv) Reservation
of Shares. As of the Commencement Date, the Company shall have reserved out of its authorized and unissued Ordinary Shares a
number of Ordinary Shares equal to the Exchange Cap solely for the purpose of effecting VWAP Purchases under this Agreement.

 

(xvi) Opinions
and Negative Assurance of Company Counsel. On the Commencement Date, the Investor shall have received (a) opinions from
U.S., Cayman Islands and Chinese outside counsel to the Company and (b) a negative assurance letter from U.S. outside counsel to
the Company, in each case dated the Commencement Date and in form and substance reasonably satisfactory to the Investor.

 

(xvii) Comfort
Letters. The Investor shall have received a comfort letter or letters, in form and substance satisfactory to the Investor in
its good faith judgment, from the independent registered public accounting firm or firms whose reports are included or incorporated by
reference in the Registration Statement and the Prospectus, and any Prospectus Supplement, with respect to the audited and unaudited
financial statements (if any) and certain financial information contained therein, in each case dated as of the Commencement Date (except
that the specific date referred to therein for the carrying out of procedures shall be no more than three (3) business days prior
to the Commencement Date).

 

(xviii) FINRA.
On or prior to the Commencement Date, FINRA shall have confirmed in writing
that it has no objection with respect to the fairness and reasonableness of the terms and arrangements of the transactions contemplated
by the Transaction Documents.

 

(xix) Qualified
Independent Underwriter. If the Investor reasonably determines that a Qualified Independent Underwriter must participate in the
transactions contemplated by the Transaction Documents in order for such transactions to comply with FINRA’s rules, the Company
and the Investor shall have executed such documentation as may reasonably be required to engage a Qualified Independent Underwriter to
participate in such transactions.

 

Section 7.3.
Conditions Precedent to VWAP Purchases after Commencement Date.
The right of the Company to deliver VWAP Purchase Notices under this Agreement after the Commencement Date, and the obligation of the
Investor to accept VWAP Purchase Notices under this Agreement after the Commencement Date, are subject to the satisfaction of each of
the conditions set forth in this Section 7.3 at the applicable VWAP Purchase Commencement Time for the VWAP Purchase to be effected
pursuant to the applicable VWAP Purchase Notice timely delivered by the Company to the Investor in accordance with this Agreement (each
such time, a “VWAP Purchase Condition Satisfaction Time”).

 

(i) Satisfaction
of Certain Prior Conditions. Each of the conditions set forth in subsections (i), (ii), (iii), (viii) through (xv) and
(xix) set forth in Section 7.2 shall be satisfied at the applicable VWAP Purchase Condition Satisfaction Time after the Commencement
Date (with the terms “Commencement” and “Commencement Date” in the conditions set forth in subsections (i) through
(iii) of Section 7.2 replaced with “applicable VWAP Purchase Condition Satisfaction Time”); provided, however,
that the Company shall not be required to deliver the Compliance Certificate after the Commencement Date, except as provided in Section 6.15
and Section 7.3(x).

 

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(ii) Initial
Registration Statement Effective. The Initial Registration Statement covering the resale by the Investor of the Registrable Securities
included therein filed by the Company with the Commission pursuant to Section 2(a) of the Registration Rights Agreement, and
any post-effective amendment thereto required to be filed by the Company with the Commission after the Commencement Date and prior to
the applicable VWAP Purchase Date pursuant to the Registration Rights Agreement, in each case shall have become effective under the Securities
Act and shall remain effective for the applicable Registration Period, and the Investor shall be permitted to utilize the Prospectus
therein, and any Prospectus Supplement thereto, to resell all of the Commitment Shares and the Shares included in the Initial Registration
Statement, and any post-effective amendment thereto, that have been issued and sold to the Investor hereunder pursuant to all VWAP Purchase
Notices delivered by the Company to the Investor prior to such applicable VWAP Purchase Date and all of the Shares included in the Initial
Registration Statement, and any post-effective amendment thereto, that are issuable pursuant to the applicable VWAP Purchase Notice delivered
by the Company to the Investor with respect to a VWAP Purchase to be effected hereunder on such applicable VWAP Purchase Date.

 

(iii) Any
Required New Registration Statement Effective. Any New Registration Statement covering the resale by the Investor of the Registrable
Securities included therein, and any post-effective amendment thereto, required to be filed by the Company with the Commission pursuant
to the Registration Rights Agreement after the Commencement Date and prior to the applicable VWAP Purchase Date, in each case shall have
become effective under the Securities Act and shall remain effective for the applicable Registration Period, and the Investor shall be
permitted to utilize the Prospectus therein, and any Prospectus Supplement thereto, to resell (a) all of the Commitment Shares and
the Shares included in such New Registration Statement, and any post-effective amendment thereto, that have been issued and sold to the
Investor hereunder pursuant to all VWAP Purchase Notices delivered by the Company to the Investor prior to such applicable VWAP Purchase
Date and (b) all of the Shares included in such new Registration Statement, and any post-effective amendment thereto, that are issuable
pursuant to the applicable VWAP Purchase Notice delivered by the Company to the Investor with respect to a VWAP Purchase to be effected
hereunder on such applicable VWAP Purchase Date.

 

(iv) Delivery
of Subsequent Irrevocable Transfer Agent Instructions and Notice of Effectiveness. With respect to any post-effective amendment
to the Initial Registration Statement, any New Registration Statement or any post-effective amendment to any New Registration Statement,
in each case becoming effective after the Commencement Date, the Company shall have delivered or caused to be delivered to the Transfer
Agent (a) irrevocable instructions in the form substantially similar to the Commencement Irrevocable Transfer Agent Instructions
executed by the Company and acknowledged in writing by the Transfer Agent and (b) the Notice of Effectiveness, in each case modified
as necessary to refer to such Registration Statement or post-effective amendment and the Registrable Securities included therein, to
issue the Registrable Securities included therein as DWAC Shares in accordance with the terms of this Agreement and the Registration
Rights Agreement.

 

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(v) No
Material Notices. None of the following events shall have occurred and be continuing: (a) receipt of any request by the
Commission or any other federal or state governmental authority for any additional information relating to the Initial Registration Statement
or any post-effective amendment thereto, any New Registration Statement or any post-effective amendment thereto, or the Prospectus contained
in any of the foregoing or any Prospectus Supplement thereto, or for any amendment of or supplement to the Initial Registration Statement
or any post-effective amendment thereto, any New Registration Statement or any post-effective amendment thereto, or the Prospectus contained
in any of the foregoing or any Prospectus Supplement thereto; (b) the issuance by the Commission or any other federal or state governmental
authority of any stop order suspending the effectiveness of the Initial Registration Statement or any post-effective amendment thereto,
any New Registration Statement or any post-effective amendment thereto, or prohibiting or suspending the use of the Prospectus contained
in any of the foregoing or any Prospectus Supplement thereto, or of the suspension of qualification or exemption from qualification of
the Shares for offering or sale in any jurisdiction, or the initiation or contemplated initiation of any proceeding for such purpose;
(c) the objection of FINRA to the terms of the transactions contemplated by the Transaction Documents; or (d) the occurrence
of any event or the existence of any condition or state of facts, which makes any statement of a material fact made in the Initial Registration
Statement or any post-effective amendment thereto, any New Registration Statement or any post-effective amendment thereto, or the Prospectus
contained in any of the foregoing or any Prospectus Supplement thereto untrue or which requires the making of any additions to or changes
to the statements then made in the Initial Registration Statement or any post-effective amendment thereto, any New Registration Statement
or any post-effective amendment thereto, or the Prospectus contained in any of the foregoing or any Prospectus Supplement thereto in
order to state a material fact required by the Securities Act to be stated therein or necessary in order to make the statements then
made therein (in the case of the Prospectus or any Prospectus Supplement, in the light of the circumstances under which they were made)
not misleading, or which requires an amendment to the Initial Registration Statement or any post-effective amendment thereto, any New
Registration Statement or any post-effective amendment thereto, or the Prospectus contained in any of the foregoing or any Prospectus
Supplement thereto to comply with the Securities Act or any other law (other than the transactions contemplated by the applicable VWAP
Purchase Notice delivered by the Company to the Investor with respect to a VWAP Purchase to be effected hereunder on such applicable
VWAP Purchase Date and the settlement thereof). The Company shall have no Knowledge of any event that could reasonably be expected to
have the effect of causing the suspension of the effectiveness of the Initial Registration Statement or any post-effective amendment
thereto, any New Registration Statement or any post-effective amendment thereto, or the prohibition or suspension of the use of the Prospectus
contained in any of the foregoing or any Prospectus Supplement thereto in connection with the resale of the Registrable Securities by
the Investor.

 

(vi) Other
Commission Filings. The final Prospectus included in any post-effective amendment to the Initial Registration Statement, and
any Prospectus Supplement thereto, required to be filed by the Company with the Commission pursuant to Section 2.3 and the Registration
Rights Agreement after the Commencement Date and prior to the applicable VWAP Purchase Date, shall have been filed with the Commission
in accordance with Section 2.3 and the Registration Rights Agreement. The final Prospectus included in any New Registration Statement
and in any post-effective amendment thereto, and any Prospectus Supplement thereto, required to be filed by the Company with the Commission
pursuant to Section 2.3 and the Registration Rights Agreement after the Commencement Date and prior to the applicable VWAP Purchase
Date, shall have been filed with the Commission in accordance with Section 2.3 and the Registration Rights Agreement. All reports,
schedules, registrations, forms, statements, information and other documents required to have been filed by the Company with the Commission
pursuant to the reporting requirements of the Exchange Act, including all material required to have been filed pursuant to Section 13(a) or
15(d) of the Exchange Act, after the Commencement Date and prior to the applicable VWAP Purchase Date, shall have been filed with
the Commission.

 

(vii) No
Suspension of Trading in or Notice of Delisting of the Ordinary Shares. Trading in the Ordinary Shares shall not have been suspended
by the Commission, the Principal Market or FINRA (except for any suspension of trading of limited duration agreed to by the Company,
which suspension shall be terminated prior to the applicable VWAP Purchase Date); the Company shall not have received any final and non-appealable
notice that the listing or quotation of the Ordinary Shares on the Principal Market shall be terminated on a date certain (unless, prior
to such date certain, the Ordinary Shares are listed or quoted on any Alternative Market); there shall not have been imposed any suspension
of, or restriction on, accepting additional deposits of the Ordinary Shares, electronic trading or book-entry services by DTC with respect
to the Ordinary Shares that is continuing; and the Company shall not have received any notice from DTC to the effect that a suspension
of, or restriction on, accepting additional deposits of the Ordinary Shares, electronic trading or book-entry services by DTC with respect
to the Ordinary Shares is being imposed or is contemplated (unless, prior to such suspension or restriction, DTC shall have notified
the Company in writing that DTC has determined not to impose any such suspension or restriction).

 

(viii) Certain
Limitations. The issuance and sale of the Shares issuable pursuant to the applicable VWAP Purchase Notice shall not (a) exceed
the applicable VWAP Purchase Maximum Amount, (b) cause the Aggregate Limit or the Beneficial Ownership Limitation to be exceeded,
or (c) cause the Exchange Cap (to the extent applicable under Section 3.3) to be exceeded, unless in the case of this clause
(c), the Company’s shareholders have theretofore approved the issuance of Ordinary Shares under this Agreement in excess of the
Exchange Cap in accordance with the applicable rules of the Principal Market.

 

(ix) Shares
Authorized and Issued. All of the Shares issuable pursuant to the applicable VWAP Purchase Notice shall have been duly authorized
by all necessary corporate action of the Company. All Shares relating to all prior VWAP Purchase Notices required to have been received
by the Investor as DWAC Shares under this Agreement prior to the applicable VWAP Purchase Condition Satisfaction Time for the applicable
VWAP Purchase shall have been issued to the Investor as DWAC Shares in accordance with this Agreement.

 

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(x) Bring-Down
Opinions of Company Counsel, Bring-Down Comfort Letters and Compliance Certificates. The Investor shall have received (a) all
Bring-Down Opinions which the Company was obligated to instruct its outside counsel to deliver prior to the applicable VWAP Purchase
Condition Satisfaction Time for the applicable VWAP Purchase, (b) all Bring-Down Comfort Letters which the Company was obligated
to instruct delivery of prior to the applicable VWAP Purchase Condition Satisfaction Time for the applicable VWAP Purchase, and (c) all
Compliance Certificates which the Company was obligated to deliver prior to the applicable VWAP Purchase Condition Satisfaction Time
for the applicable VWAP Purchase, in each case in accordance with Section 6.15.

 

(xi) Material
Non-Public Information. Neither the Company nor, in the Investor’s sole discretion, the Investor, shall be in possession
of any material non-public information concerning the Company.

 

ARTICLE VIII

TERMINATION

 

Section 8.1.
Automatic Termination. Unless earlier terminated as provided
hereunder, this Agreement shall terminate automatically on the earliest to occur of (i) the first (1st) day of the month next following
the 36-month anniversary of the Effective Date of the Initial Registration Statement (it being hereby acknowledged and agreed that such
term may not be extended by the parties hereto), (ii) the date on which the Investor shall have purchased the Total Commitment worth
of Shares pursuant to this Agreement, (iii) the date on which the Ordinary Shares shall have failed to be listed or quoted on the
Principal Market or any Alternative Market after Commencement, (iv) the date on which, pursuant to or within the meaning of any
Bankruptcy Law, (a) the Company commences a voluntary case, (b) a Custodian is appointed for the Company or for all or substantially
all of its property, (c) the Company makes a general assignment for the benefit of its creditors, or (d) a court of competent
jurisdiction enters an order or decree for relief against the Company in an involuntary case or the liquidation of the Company or any
of its Subsidiaries, and (v) the termination of the Merger Agreement prior to the Merger Closing.

 

Section 8.2.
Other Termination. Subject to Section 8.3, the Company
may terminate this Agreement after the Commencement Date effective upon three (3) Trading Days’ prior written notice to the
Investor in accordance with Section 10.4; provided, however, that (i) the Company shall have issued the Commitment
Shares to the Investor required to be issued to the Investor pursuant to Section 10.1(ii) prior to such termination, and (ii) prior
to issuing any press release, or making any public statement or announcement, with respect to such termination, the Company shall consult
with the Investor and its counsel on the form and substance of such press release or other disclosure. Subject to Section 8.3, this
Agreement may be terminated at any time by the mutual written consent of the parties, effective as of the date of such mutual written
consent unless otherwise provided in such written consent. Subject to Section 8.3, the Investor shall have the right to terminate
this Agreement effective upon three (3) Trading Days’ prior written notice to the Company, which notice shall be made in accordance
with Section 10.4, if: (a) any condition, occurrence, state of facts or event constituting a Material Adverse Effect has occurred
and is continuing; (b) a Fundamental Transaction shall have occurred; (c) the Company is in breach or default in any material
respect of any of its covenants and agreements in the Registration Rights Agreement, and, if such breach or default is capable of being
cured, such breach or default is not cured within fifteen (15) Trading Days after notice of such breach or default is delivered to the
Company pursuant to Section 10.4; (d) while a Registration Statement, or any post-effective amendment thereto, is required
to be maintained effective pursuant to the terms of the Registration Rights Agreement and the Investor holds any Registrable Securities,
the effectiveness of such Registration Statement, or any post-effective amendment thereto, lapses for any reason (including, without
limitation, the issuance of a stop order by the Commission) or such Registration Statement or any post-effective amendment thereto, the
Prospectus contained therein or any Prospectus Supplement thereto otherwise becomes unavailable to the Investor for the resale of all
of the Registrable Securities included therein in accordance with the terms of the Registration Rights Agreement, and such lapse or unavailability
continues for a period of forty-five (45) consecutive Trading Days or for more than an aggregate of ninety (90) Trading Days in any three-hundred-and-sixty-five
(365)-day period, other than due to acts of the Investor; (e) trading in the Ordinary Shares on the Principal Market shall have
been suspended and such suspension continues for a period of five (5) consecutive Trading Days; or (f) the Company is in material
breach or default of any of its covenants and agreements contained in this Agreement, and, if such breach or default is capable of being
cured, such breach or default is not cured within fifteen (15) Trading Days after notice of such breach or default is delivered to the
Company pursuant to Section 10.4. In addition, the Investor shall have the right to terminate this Agreement immediately if, on
the seventh Trading Day following the Merger Closing, the aggregate market value of the outstanding voting and non-voting common equity
(as defined in Rule 405 under the Securities Act) of the Company is less than $100 million (calculated by multiplying (x) the
price at which the common equity of the Company closed on the Principal Market on such date by (y) the number of outstanding shares
on such date) as of that date. Unless notification thereof is required elsewhere in this Agreement (in which case such notification shall
be provided in accordance with such other provision), the Company shall promptly (but in no event later than 24 hours) notify the Investor
(and, if required under applicable law, rule or regulation, including without limitation the applicable rules and regulations
of the Principal Market, the Company shall publicly disclose such information in accordance with applicable law, rule and regulation)
upon becoming aware of any of the events set forth in the third or fourth sentences of this Section 8.2.

 

    30

     

    

 

Section 8.3.
Effect of Termination. In the event of termination by the
Company or the Investor (other than by mutual termination) pursuant to Section 8.2, written notice thereof shall forthwith be given
to the other party as provided in Section 10.4 and the transactions contemplated by this Agreement shall be terminated without further
action by either party. If this Agreement is terminated as provided in Section 8.1 or Section 8.2, this Agreement shall be
of no further force and effect, except that (i) the provisions of Article V (Representations, Warranties and Covenants of the
Company), Article IX (Indemnification), Article X (Miscellaneous) and this Article VIII (Termination) shall remain in
full force and effect indefinitely notwithstanding such termination, and, (ii) so long as the Investor owns any Shares, the covenants
and agreements of the Company contained in Article VI (Additional Covenants) shall remain in full force and notwithstanding such
termination for a period of thirty (30) days following such termination. Notwithstanding anything in this Agreement to the contrary,
no termination of this Agreement by any party shall (i) become effective prior to the second (2nd) Trading Day immediately following
the date on which the purchase of Shares by the Investor pursuant to any pending VWAP Purchase has been fully settled, including, without
limitation, the issuance by the Company to the Investor of all Shares purchased by the Investor pursuant to such pending VWAP Purchase
as DWAC Shares, and the delivery by the Investor to the Company of the aggregate VWAP Purchase Price payable by the Investor for such
Shares, in each case in accordance with the settlement procedures set forth in Section 3.2 (it being hereby acknowledged and agreed
that no termination of this Agreement shall limit, alter, modify, change or otherwise affect any of the Company’s or the Investor’s
rights or obligations under the Transaction Documents with respect to any pending VWAP Purchase that has not fully settled, and that
the parties shall fully perform their respective obligations with respect to any such pending VWAP Purchase under the Transaction Documents),
(ii) limit, alter, modify, change or otherwise affect the Company’s or the Investor’s rights or obligations under the
Registration Rights Agreement, all of which shall survive any such termination, or (iii) affect the Commitment Shares issued or
issuable to the Investor pursuant to Section 10.1(ii), it being hereby acknowledged and agreed that all of the Commitment Shares
shall be fully earned by the Investor and shall be non-refundable as of the Closing Date, regardless of whether any VWAP Purchases are
made or settled hereunder or any subsequent termination of this Agreement. Nothing in this Section 8.3 shall be deemed to release
the Company or the Investor from any liability for any breach or default under this Agreement, the Registration Rights Agreement or any
of the other Transaction Documents to which it is a party, or to impair the rights of the Company and the Investor to compel specific
performance by the other party of its obligations under this Agreement, the Registration Rights Agreement or any of the other Transaction
Documents to which it is a party.

 

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ARTICLE IX

INDEMNIFICATION

 

Section 9.1.
Indemnification of Investor. In consideration of the Investor’s
execution and delivery of this Agreement and acquiring the Shares hereunder and in addition to all of the Company’s other obligations
under the Transaction Documents to which it is a party, subject to the provisions of this Section 9.1, the Company shall, to the
maximum extent permitted by applicable law, indemnify and hold harmless the Investor, its Affiliates and each of its and their respective
directors, officers, shareholders, members, partners, employees, representatives and agents (and any other Person with a functionally
equivalent role of a Person holding such titles notwithstanding the lack of such title or any other title), each Person, if any, who
controls the Investor (within the meaning of Section 15 of the Securities Act or Section 20(a) of the Exchange Act), and
the respective directors, officers, shareholders, members, partners, employees, representatives and agents (and any other Person with
a functionally equivalent role of a Person holding such titles notwithstanding the lack of such title or any other title) of such controlling
Persons (each, an “Investor Party”), each of which shall be an express third-party beneficiary of this Article IX,
from and against all losses, liabilities, obligations, claims, contingencies, damages, costs and expenses (including all judgments, amounts
paid in settlement, court costs, reasonable attorneys’ fees and costs of defense and investigation) (collectively, “Damages”)
that any Investor Party may suffer or incur (a) as a result of, relating to or arising out of or based upon any untrue statement
or alleged untrue statement of a material fact contained in any Commission Document (or any amendment thereto), or the omission or alleged
omission therefrom of a material fact required to be stated therein or necessary to make the statements therein not misleading, or arising
out of any untrue statement or alleged untrue statement of a material fact included in any Commission Document, or the omission or alleged
omission therefrom of a material fact necessary in order to make the statements therein, in the light of the circumstances under which
they were made, not misleading; provided, however, that this indemnity in clause (a) shall not apply to any loss,
liability, claim, damage or expense to the extent arising out of an untrue statement or omission, or alleged untrue statement or omission
in a Commission Document, made in reliance upon and in conformity with information furnished in writing to the Company by the Investor
expressly for use in connection with the preparation of the Registration Statement, Prospectus or Prospectus Supplement or any such amendment
thereof or supplement thereto (it being hereby acknowledged and agreed that the written information set forth on Exhibit C to the
Registration Rights Agreement is the only written information furnished to the Company by or on behalf of the Investor expressly for
use in any Registration Statement, Prospectus or Prospectus Supplement), (b) to the extent of the aggregate amount paid in settlement
of any litigation, or any investigation or proceeding by any Governmental Authority, commenced or threatened, or of any claim whatsoever
based upon any such untrue statement or omission, or any such alleged untrue statement or omission; provided that any such settlement
is effected with the written consent of the Company, which consent shall not unreasonably be delayed, conditioned or withheld, (c) in
investigating, preparing or defending against any litigation, or any investigation or proceeding by any Governmental Authority, commenced
or threatened, or any claim whatsoever based upon any such untrue statement or omission, or any such alleged untrue statement or omission
(whether or not a party), to the extent that any such expense is not paid under clause (a) or (b) above, (d) as a result
of, relating to or arising out of any breach by the Company of its representations, warranties, covenants or agreements under this Agreement,
or (e) as a result of, relating to or arising out of any other action, suit, claim or proceeding against an Investor Party arising
out of or otherwise in connection with the Transaction Documents (except solely to the extent in the case of this clause (e), to the
extent any Damage is determined by a court of competent jurisdiction, not subject to further appeal, to have resulted primarily and directly
from the bad faith or gross negligence of such Investor Party).

 

The Company
shall reimburse any Investor Party promptly upon demand (with accompanying presentation of documentary evidence) for all legal and other
costs and expenses reasonably incurred by such Investor Party in connection with (i) any action, suit, claim or proceeding, whether
at law or in equity, to enforce compliance by the Company with any provision of the Transaction Documents or (ii) any other any
action, suit, claim or proceeding, whether at law or in equity, with respect to which it is entitled to indemnification under this Section 9.1.

 

Section 9.2.
Indemnification of the Company.

 

In
consideration of the Company’s execution and delivery of this Agreement and sale of the Shares hereunder and in addition to all
of the Investor’s other obligations under the Transaction Documents to which it is a party, subject to the provisions of this Section 9.2,
the Investor shall, to the maximum extent permitted by applicable law, indemnify and hold harmless the Company and
each of its directors, officers, shareholders, members, partners, employees, representatives and agents, each Person, if any, who controls
the Investor (within the meaning of Section 15 of the Securities Act or Section 20(a) of the Exchange Act), and the respective
directors, officers, shareholders, members, partners, employees, representatives and agents of such controlling Persons (each, a “Company
Party”), each of which shall be an express third-party beneficiary of this Article IX, from and against Damages that
any Company Party may suffer or incur in connection with the claims described in clauses (a), (b) and (c) of Section 9.1;
provided that such indemnity shall only be required if the Damages occurred as a result of an untrue statement or omission, or alleged
untrue statement or omission in a Commission Document, made in reliance upon and in conformity with information furnished in writing
to the Company by the Investor expressly for use in connection with the preparation of the Registration Statement, Prospectus or Prospectus
Supplement or any amendment thereof or supplement thereto (it being hereby acknowledged and agreed that the written information set forth
on Exhibit C to the Registration Rights Agreement is the only written information furnished to the Company by or on behalf of the
Investor expressly for use in any Registration Statement, Prospectus or Prospectus Supplement).

 

    32

     

    

 

Section 9.3.
Indemnification Procedures.

 

(i) Promptly
after an Investor Party receives notice of a claim or the commencement of an action for which the Investor Party intends to seek indemnification
under Section 9.1, the Investor Party will notify the Company in writing of the claim or commencement of the action, suit or proceeding;
provided, however, that failure to notify the Company will not relieve the Company from liability under Section 9.1,
unless and solely to the extent it has been materially prejudiced by the failure to give such notice as evidenced by the forfeiture by
the Company of substantive rights or defenses. The Company will be entitled to participate in the defense of any claim, action, suit
or proceeding as to which indemnification is being sought, and if the Company acknowledges in writing the obligation to indemnify the
Investor Party against whom the claim or action is brought, the Company may (but will not be required to) assume the defense against
the claim, action, suit or proceeding with counsel satisfactory to the Investor Party. After the Company notifies the Investor Party
that the Company wishes to assume the defense of a claim, action, suit or proceeding, the Company will not be liable for any further
legal or other expenses incurred by the Investor Party in connection with the defense against the claim, action, suit or proceeding unless
(a) the employment of counsel by the Investor Party has been authorized in writing by the Company, (b) the Investor Party has
reasonably concluded (based on advice of counsel) that there may be legal defenses available to it or another Investor Party that are
different from or in addition to those available to the Company, (c) a conflict or potential conflict exists (based on advice of
counsel to the Investor Party) between an Investor Party and the Company (in which case the Company will not have the right to direct
the defense of such action on behalf of the indemnified party) or (d) the Company has not in fact employed counsel to assume the
defense of such action or counsel reasonably satisfactory to the indemnified party, in each case, within a reasonable time after receiving
notice of the commencement of the action; in each of which cases the reasonable fees, disbursements and other charges of counsel will
be at the expense of the Company. It is understood that the Company shall not, in connection with any proceeding or related proceedings
in the same jurisdiction, be liable for the reasonable fees, disbursements and other charges of more than one separate firm (plus local
counsel) admitted to practice in such jurisdiction at any one time for all such similarly situated Investor Parties. The Company will
not be liable for any settlement of any action effected without its prior written consent, which consent shall not be unreasonably withheld,
delayed or conditioned. The Company shall not, without the prior written consent of each indemnified party, settle or compromise or consent
to the entry of any judgment in any pending or threatened claim, action or proceeding relating to the matters contemplated by this Section 9.3(i)
(whether or not any indemnified party is a party thereto), unless such settlement, compromise or consent (x) includes an express
and unconditional release of each indemnified party, in form and substance reasonably satisfactory to such indemnified party, from all
liability arising out of such litigation, investigation, proceeding or claim and (y) does not include a statement as to or an admission
of fault, culpability or a failure to act by or on behalf of any indemnified party.

 

(ii) In
order to provide for just and equitable contribution in circumstances in which the indemnification provided for in the foregoing paragraphs
of this Article IX for any reason is held to be unavailable or insufficient to hold an Investor Party harmless, the Company and
the Investor Party will contribute to the total losses, claims, liabilities, expenses and damages (including any investigative, legal
and other expenses reasonably incurred in connection with, and any amount paid in settlement of, any action, suit or proceeding or any
claim asserted) to which the Company and the Investor Party may be subject in such proportion as shall be appropriate to reflect the
relative benefits received by the Company on the one hand and the Investor on the other hand. The relative benefits received by the Company
on the one hand and the Investor Party on the other hand shall be deemed to be in the same proportion as the total net proceeds from
the aggregate of all VWAP Purchase Amounts (before deducting expenses) received by the Company bear to the aggregate proceeds received
by the Investor from the sale of Shares to bona fide third parties net of the aggregate VWAP Purchase Price paid to the Company therefore
under this Agreement. If, but only if, the allocation provided by the foregoing sentence is not permitted by applicable law, the allocation
of contribution shall be made in such proportion as is appropriate to reflect not only the relative benefits referred to in the foregoing
sentence but also the relative fault of the Company, on the one hand, and the Investor Party, on the other hand, with respect to the
statements or omission that resulted in such loss, claim, liability, expense or damage, or action in respect thereof, as well as any
other relevant equitable considerations with respect to such offering. Such relative fault shall be determined by reference to, among
other things, whether the untrue or alleged untrue statement of a material fact or omission or alleged omission to state a material fact
relates to information supplied by the Company or the Investor Party, the intent of the parties and their relative knowledge, access
to information and opportunity to correct or prevent such statement or omission. The Company and the Investor agree that it would not
be just and equitable if contributions pursuant to this Section 9.3(ii) were to be determined by pro rata allocation or by
any other method of allocation that does not take into account the equitable considerations referred to herein. The amount paid or payable
by an indemnified party as a result of the loss, claim, liability, expense, or damage, or action in respect thereof, referred to above
in this Section 9.3(ii) shall be deemed to include, for the purpose of this Section 9.3(ii), any legal or other expenses
reasonably incurred by such indemnified party in connection with investigating or defending any such action or claim to the extent consistent
with Section 9.3(i) hereof. Notwithstanding the foregoing provisions of this Section 9.3(ii), the Investor shall not be
required to contribute any amount in excess of the aggregate discount to the VWAP for all purchases made under this Agreement and no
person found guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) will be entitled
to contribution from any person who was not guilty of such fraudulent misrepresentation. For purposes of this Section 9.3(ii), any
person who controls a party to this Agreement within the meaning of the Securities Act, any Affiliates of the Investor Party and any
officers, directors, partners, employees or agents of the Investor Party or any of its Affiliates, will have the same rights to contribution
as that party, and each director of the Company and each officer of the Company who signed the Registration Statement will have the same
rights to contribution as the Company, subject in each case to the provisions hereof. Any party entitled to contribution, promptly after
receipt of notice of commencement of any action against such party in respect of which a claim for contribution may be made under this
Section 9.3(ii), will notify any such party or parties from whom contribution may be sought, but the omission to so notify will
not relieve that party or parties from whom contribution may be sought from any other obligation it or they may have under this Section 9.3(ii) except
to the extent that the failure to so notify such other party materially prejudiced the substantive rights or defenses of the party from
whom contribution is sought. No party will be liable for contribution with respect to any action or claim settled without its written
consent if such consent is required pursuant to Section 9.3(i).

 

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(iii) The
remedies provided for in this Article IX are not exclusive and shall not limit any rights or remedies which may otherwise be available
to any Investor Party at law or in equity. To the extent that the undertakings by the Company set forth in Section 9.1 or of the
Investor set forth in Section 9.2 may be unenforceable for any reason, the Company or the Investor, as the case may be, shall make
the maximum contribution to the payment and satisfaction of each of the Damages of the other which is permissible under applicable law,
provided that in no event shall the Investor be obligated to contribute any amount in excess of the fees it actually receives pursuant
to this Agreement.

 

ARTICLE X

MISCELLANEOUS

 

Section 10.1.
Certain Fees and Expenses; Commitment Shares; Commencement Irrevocable Transfer Agent Instructions.

 

(i) Certain
Fees and Expenses. Each party shall bear its own fees and expenses related to the transactions contemplated by this Agreement
except that the Company will reimburse the fees and disbursements of legal counsel to the Investor in an amount not to exceed $75,000
in connection with the entry into this Agreement and $25,000 per fiscal quarter in connection with the Investor’s ongoing due diligence
and review of deliverables subject to Section 6.15. The Company shall pay all U.S. federal, state and local stamp and other similar
transfer and other taxes and duties levied in connection with issuance of the Shares pursuant hereto.

 

(ii) Commitment
Shares. In consideration for the Investor’s execution and delivery of this Agreement, the Company shall issue the Commitment
Shares to the Investor or its designee (in which case such designee name shall have been provided by the Investor to the Company in writing
prior to the Closing Date) on the Closing Date, which issuance shall be evidenced by one or more book-entry statement(s) reflecting
the Commitment Shares in the name of the Investor or its designee. Such book-entry statement(s) shall be delivered to the Investor
by overnight courier at its address set forth in Section 10.4. For the avoidance of doubt, all of the Commitment Shares shall be
fully earned by the Investor and shall be non-refundable as of the Closing Date, regardless of whether any VWAP Purchases are made or
settled hereunder or any subsequent termination of this Agreement. Upon issuance pursuant to this Section 10.1(ii), the Commitment
Shares shall constitute “restricted securities” as such term is defined in Rule 144(a)(3) under the Securities
Act and, subject to the provisions of Section 10.1(iv), the book-entry statement(s) reflecting the Commitment Shares shall
bear the restrictive legend set forth below in Section 10.1(iii). The Commitment Shares shall constitute Registrable Securities
and shall be included in the Initial Registration Statement and any post-effective amendment thereto, and the Prospectus included therein,
and, if necessary to register the resale thereof by the Investor under the Securities Act, in any New Registration Statement and any
post-effective amendment thereto, and the Prospectus included therein, in each case in accordance with this Agreement and the Registration
Rights Agreement.

 

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(iii) Legends.
The book-entry statement(s) reflecting the Commitment Shares, except as set forth below, shall bear a restrictive legend in substantially
the following form (and stop transfer instructions may be placed against transfer of the Commitment Shares):

 

THE SECURITIES
REPRESENTED HEREBY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR APPLICABLE STATE SECURITIES LAWS. THE SECURITIES
HAVE BEEN ACQUIRED FOR INVESTMENT AND MAY NOT BE OFFERED FOR SALE, SOLD, TRANSFERRED OR ASSIGNED IN THE ABSENCE OF AN EFFECTIVE
REGISTRATION STATEMENT FOR THE SECURITIES UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR APPLICABLE STATE SECURITIES LAWS, UNLESS SOLD
PURSUANT TO: (1) RULE 144 UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR (2) AN OPINION OF COUNSEL, IN A CUSTOMARY FORM,
THAT REGISTRATION IS NOT REQUIRED UNDER SAID ACT OR APPLICABLE STATE SECURITIES LAWS.

 

Notwithstanding
the foregoing and for the avoidance of doubt, all Ordinary Shares to be issued in respect of any VWAP Purchase Notice delivered to the
Investor pursuant to this Agreement shall be issued to the Investor in accordance with Section 3.2 by crediting the Investor’s
or its designees’ account at DTC as DWAC Shares, and the Company shall not take any action or give instructions to the Transfer
Agent otherwise.

 

(iv) Irrevocable
Transfer Agent Instructions; Notice of Effectiveness. On the Effective Date of the Initial Registration Statement and prior to
Commencement, the Company shall deliver or cause to be delivered to the Transfer Agent (a) irrevocable instructions executed by
the Company to be acknowledged in writing by the Transfer Agent (the “Commencement Irrevocable Transfer Agent Instructions”)
and (b) the notice of effectiveness in the form attached as an exhibit to the Registration Rights Agreement (the “Notice
of Effectiveness”) relating to the Initial Registration Statement executed by the Company’s outside counsel, in each
case directing the Transfer Agent to issue to the Investor or its designated Broker-Dealer at which the account or accounts to be credited
with the Shares being purchased by the Investor are maintained any Registrable Securities included in the Initial Registration Statement
as DWAC Shares, if and when such Registrable Securities are issued in accordance with this Agreement and the Registration Rights Agreement.
With respect to any post-effective amendment to the Initial Registration Statement, any New Registration Statement or any post-effective
amendment to any New Registration Statement, in each case becoming effective after the Commencement Date, the Company shall deliver or
cause to be delivered to the Transfer Agent (x) irrevocable instructions in the form substantially similar to the Commencement Irrevocable
Transfer Agent Instructions executed by the Company and to be acknowledged in writing by the Transfer Agent and (y) the Notice of
Effectiveness, in each case modified as necessary to refer to such Registration Statement or post-effective amendment and the Registrable
Securities included therein, to issue the Registrable Securities included therein as DWAC Shares in accordance with the terms of this
Agreement and the Registration Rights Agreement. For the avoidance of doubt, all Shares to be issued in respect of any VWAP Purchase
Notice delivered to the Investor pursuant to this Agreement shall be issued to the Investor in accordance with Section 3.2 by crediting
the Investor’s account at DTC as DWAC Shares, and the Company shall not take any action or give instructions to the Transfer Agent
otherwise. The Company represents and warrants to the Investor that, while this Agreement is effective, no instruction other than those
referred to in this Section 10.1(iv) will be given by the Company to the Transfer Agent with respect to the Shares from and
after Commencement, and the Registrable Securities covered by the Initial Registration Statement or any post-effective amendment thereof,
or any New Registration Statement or post-effective amendment thereof, as applicable, shall otherwise be freely transferable on the books
and records of the Company and no stop transfer instructions shall be maintained against the transfer thereof. The Company agrees that
if the Company fails to fully comply with the provisions of this Section 10.1(iv) within three (3) Trading Days after
the date on which the Investor and its Broker-Dealer have provided any deliverables that the Company, its counsel or the Transfer Agent
shall reasonably request or require in connection therewith (if any), the Company shall, at the Investor’s written instruction,
purchase from the Investor all Ordinary Shares purchased or acquired by the Investor pursuant to this Agreement that contain any restrictive
legend or that have any stop transfer orders that prohibit or impede the transfer thereof in any respect at the greater of (i) the
purchase price paid by the Investor for such Ordinary Shares (as applicable) and (ii) the Closing Sale Price of the Ordinary Shares
on the date of the Investor’s written instruction.

 

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Section 10.2.
Specific Enforcement; Consent to Jurisdiction; Waiver of Jury Trial.

 

(i) The
Company and the Investor acknowledge and agree that irreparable damage would occur if any of the provisions of this Agreement were not
performed in accordance with their specific terms or were otherwise breached. It is accordingly agreed that either party shall be entitled
to an injunction or injunctions to prevent or cure breaches of the provisions of this Agreement by the other party and to enforce specifically
the terms and provisions hereof (without the necessity of showing economic loss and without any bond or other security being required),
this being in addition to any other remedy to which either party may be entitled by law or equity.

 

(ii) Each
of the Company and the Investor (a) hereby irrevocably submits to the jurisdiction of the U.S. District Court and other courts of
the United States sitting in the State of New York for the purposes of any suit, action or proceeding arising out of or relating to this
Agreement, and (b) hereby waives, and agrees not to assert in any such suit, action or proceeding, any claim that it is not personally
subject to the jurisdiction of such court, that the suit, action or proceeding is brought in an inconvenient forum or that the venue
of the suit, action or proceeding is improper. Each of the Company and the Investor consents to process being served in any such suit,
action or proceeding by mailing a copy thereof to such party at the address in effect for notices to it under this Agreement and agrees
that such service shall constitute good and sufficient service of process and notice thereof. Nothing in this Section 10.2 shall
affect or limit any right to serve process in any other manner permitted by law.

 

(iii) EACH
OF THE COMPANY AND THE INVESTOR HEREBY WAIVES TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL
BY JURY IN RESPECT TO ANY LITIGATION DIRECTLY OR INDIRECTLY ARISING OUT OF, UNDER OR IN CONNECTION WITH THIS AGREEMENT OR THE TRANSACTIONS
CONTEMPLATED HEREBY OR DISPUTES RELATING HERETO. EACH OF THE COMPANY AND THE INVESTOR (A) CERTIFIES THAT NO REPRESENTATIVE, AGENT
OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION,
SEEK TO ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS
AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION 10.2.

 

Section 10.3.
Entire Agreement. The Transaction Documents set forth the
entire agreement and understanding of the parties with respect to the subject matter hereof and supersede all prior and contemporaneous
agreements, negotiations and understandings between the parties, both oral and written, with respect to such matters. There are no promises,
undertakings, representations or warranties by either party relative to subject matter hereof not expressly set forth in the Transaction
Documents. All exhibits to this Agreement are hereby incorporated by reference in, and made a part of, this Agreement as if set forth
in full herein.

 

Section 10.4.
Notices. Any notice, demand, request, waiver or other communication
required or permitted to be given hereunder shall be in writing and shall be effective (a) upon hand delivery or electronic mail
delivery at the address designated below (if delivered on a business day during normal business hours where such notice is to be received),
or the first (1st) business day following such delivery (if delivered other than on a business day during normal business hours where
such notice is to be received) or (b) on the second (2nd) business day following the date of mailing by express courier service,
fully prepaid, addressed to such address, or upon actual receipt of such mailing, whichever shall first occur. The address for such communications
shall be:

 

If to the
Company:

 

TH International
Limited

c/o Cartesian
Capital Group LLC

505 5th Avenue,
15th Floor

Attention:
Peter Yu; Gregory Armstrong

Email: [***]

 

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

Kirkland &
Ellis

26th Floor,
Gloucester Tower, The Landmark

15 Queen’s
Road Central, Hong Kong

Attention:
Daniel Dusek

Email: [***]

 

    36

     

    

 

If to the
Investor:

 

CF Principal
Investments LLC

499 Park
Avenue

New York,
NY 10022

Attention:
COO

Email: [***]

 

and:

 

CF Principal
Investments LLC

499 Park
Avenue

New York,
NY 10022

Attention:
General Counsel

Facsimile:
[***]

Email: [***]

 

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

 

Covington &
Burling LLP

The New York
Times Building

620 Eighth
Avenue

New York,
NY 10018

Email: [***]

Attention:
Matthew T. Gehl

 

Either party
hereto may from time to time change its address for notices by giving at least five (5) days’ advance written notice of such
changed address to the other party hereto.

 

Section 10.5.
Waivers. No provision of this Agreement may be waived by the
parties from and after the date that is one (1) Trading Day immediately preceding the filing of the Initial Registration Statement
with the Commission. Subject to the immediately preceding sentence, no provision of this Agreement may be waived other than in a written
instrument signed by the party against whom enforcement of such waiver is sought. No failure or delay in the exercise of any power, right
or privilege hereunder shall operate as a waiver thereof, nor shall any single or partial exercise of any such power, right or privilege
preclude other or further exercises thereof or of any other right, power or privilege.

 

Section 10.6.
Amendments. No provision of this Agreement may be amended
by the parties from and after the date that is one (1) Trading Day immediately preceding the filing of the Initial Registration
Statement with the Commission. Subject to the immediately preceding sentence, no provision of this Agreement may be amended other than
by a written instrument signed by both parties hereto.

 

Section 10.7.
Headings. The article, section and subsection headings in
this Agreement are for convenience only and shall not constitute a part of this Agreement for any other purpose and shall not be deemed
to limit or affect any of the provisions hereof. Unless the context clearly indicates otherwise, each pronoun herein shall be deemed
to include the masculine, feminine, neuter, singular and plural forms thereof. The terms “including,” “includes,”
 “include” and words of like import shall be construed broadly as if followed by the words “without limitation.”
The terms “herein,” “hereunder,” “hereof” and words of like import refer to this entire Agreement
instead of just the provision in which they are found.

 

    37

     

    

 

Section 10.8.
Construction. The parties agree that each of them and their
respective counsel has reviewed and had an opportunity to revise the Transaction Documents and, therefore, the normal rule of construction
to the effect that any ambiguities are to be resolved against the drafting party shall not be employed in the interpretation of the Transaction
Documents. In addition, each and every reference to share prices (including the Threshold Price) and number of Ordinary Shares in any
Transaction Document shall, in all cases, be subject to adjustment for any share splits, share combinations, share dividends, recapitalizations,
reorganizations and other similar transactions that occur on or after the date of this Agreement. Any reference in this Agreement to
 “Dollars” or “$” shall mean the lawful currency of the United States of America. Any references to “Section”
or “Article” in this Agreement shall, unless otherwise expressly stated herein, refer to the applicable Section or Article of
this Agreement. Any use of “or” in this Agreement shall be inclusive and each use of “including” shall mean “including,
without limitation.”

 

Section 10.9.
Binding Effect. This Agreement shall be binding upon and inure
to the benefit of the parties hereto and their respective successors. Neither the Company nor the Investor may assign this Agreement
or any of their respective rights or obligations hereunder to any Person.

 

Section 10.10.
No Third Party Beneficiaries. Except as expressly provided
in Article IX, this Agreement is intended only for the benefit of the parties hereto and their respective successors, and is not
for the benefit of, nor may any provision hereof be enforced by, any other Person.

 

Section 10.11.
Governing Law. This Agreement shall be governed by and construed
in accordance with the internal procedural and substantive laws of the State of New York, without giving effect to the choice of law
provisions of such state that would cause the application of the laws of any other jurisdiction.

 

Section 10.12.
Survival. The representations, warranties, covenants and agreements
of the Company and the Investor contained in this Agreement shall survive the execution and delivery hereof until the termination of
this Agreement; provided, however, that (i) the provisions of Article VIII (Termination), Article IX (Indemnification)
and this Article X (Miscellaneous) shall remain in full force and effect indefinitely notwithstanding such termination, and, (ii) so
long as the Investor owns any Shares, the covenants and agreements of the Company and the Investor contained in Article VI (Additional
Covenants), shall remain in full force and effect notwithstanding such termination for a period of thirty (30) days following such termination.

 

Section 10.13.
Counterparts. This Agreement may be executed in two or more
identical counterparts, all of which shall be considered one and the same agreement and shall become effective when counterparts have
been signed by each party and delivered to the other party; provided that a facsimile signature or signature delivered by e-mail
in a “.pdf” format data file, including any electronic signature complying with the U.S. federal ESIGN Act of 2000, e.g.,
www.docusign.com, www.echosign.adobe.com, etc., shall be considered due execution and shall be binding upon the signatory thereto
with the same force and effect as if the signature were an original signature.

 

Section 10.14.
Publicity. The Company shall afford the Investor and its counsel
a reasonable opportunity to review and comment upon, shall consult with the Investor and its counsel on the form and substance of, and
shall give due consideration to all such comments from the Investor or its counsel on, any press release, Commission filing or any other
public disclosure made by or on behalf of the Company relating to the Investor, its purchases hereunder or any aspect of the Transaction
Documents or the transactions contemplated thereby, prior to the issuance, filing or public disclosure thereof. For the avoidance of
doubt, the Company shall not be required to submit for review any such disclosure (i) contained in periodic reports filed with the
Commission under the Exchange Act if it shall have previously provided the same disclosure to the Investor or its counsel for review
in connection with a previous filing or (ii) any Prospectus Supplement if it contains disclosure that does not reference the Investor,
its purchases hereunder or any aspect of the Transaction Documents or the transactions contemplated thereby.

 

Section 10.15.
Severability. The provisions of this Agreement are severable
and, if any court of competent jurisdiction shall determine that any one or more of the provisions or part of the provisions contained
in this Agreement shall, for any reason, be held to be invalid, illegal or unenforceable in any respect, such invalidity, illegality
or unenforceability shall not affect any other provision or part of a provision of this Agreement, and this Agreement shall be reformed
and construed as if such invalid or illegal or unenforceable provision, or part of such provision, had never been contained herein, so
that such provisions would be valid, legal and enforceable to the maximum extent possible.

 

Section 10.16.
Further Assurances. From and after the Signing Date, upon
the request of the Investor or the Company, each of the Company and the Investor shall execute and deliver such instrument, documents
and other writings as may be reasonably necessary or desirable to confirm and carry out and to effectuate fully the intent and purposes
of this Agreement.

 

    38

     

    

 

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

 

	 	TH
                                        International Limited
	 	 
	 	By:	/s/ Paul Hong 
	 	Name:	Paul Hong
	 	Title:	Director
	 	 
	 	CF
                                        Principal Investments LLC
	 	 
	 	By:	/s/ Mark Kaplan 
	 	Name:	Mark Kaplan 
	 	Title:	Global Chief Operating Officer 

 

    

     

    

 

ANNEX I

 

DEFINITIONS

 

“Affiliate” means any Person that, directly
or indirectly through one or more intermediaries, controls, is controlled by, or is under common control with a Person, as such terms
are used in and construed under Rule 144.

 

“Alternative Market”
means the New York Stock Exchange, the NYSE American, the Nasdaq Global Select Market, or the Nasdaq Global Market.

 

“Anti-Corruption Laws” means the PRC Anti-Unfair
Competition Law, the anti-bribery provisions of the PRC Criminal Law, the U.S. Foreign Corrupt Practices Act of 1977 (as amended), the
United Kingdom Bribery Act 2010 and any other applicable anti-bribery or anti-corruption laws.

 

“Bankruptcy Law” means Title 11, U.S. Code,
or any similar U.S. federal or state law or foreign law for the relief of debtors.

 

“Block” means any trade in excess of 100,000
Ordinary Shares on a single Trading Day to a single purchaser, as reported on Bloomberg through its “VWAP” function.

 

“Bloomberg” means Bloomberg, L.P.

 

“Closing Sale Price” means, for the Ordinary
Shares as of any date, the last closing trade price for the Ordinary Shares on the Principal Market, as reported by Bloomberg, or, if
the Principal Market begins to operate on an extended hours basis and does not designate the closing trade price for the Ordinary Shares,
then the last trade price for the Ordinary Shares prior to 4:00 p.m., New York City time, as reported by Bloomberg. All such determinations
shall be appropriately adjusted for any share splits, share dividends, share combinations, recapitalizations or other similar transactions.

 

“Commission” means the U.S. Securities and
Exchange Commission or any successor entity.

 

“Commission Documents” shall mean (i) with
respect to any date prior to the Commencement Date, the Company’s registration statement on Form F-4 (File No. 333-259743)
initially filed with the Commission on September 23, 2021, including any related prospectus or prospectuses, as amended, including
the financial statements, schedules, exhibits and all other documents filed as a part thereof or incorporated therein together with the
Current Report on Form 8-K filed by the SPAC with the Commission on March 9, 2022 and (ii) with respect to the Commencement
Date and any date thereafter, each effective Registration Statement, as amended, the Prospectus contained therein and each Prospectus
Supplement thereto and all information contained in such filings and all documents and disclosures that have been or are deemed to be
incorporated by reference therein.

 

“Commitment Shares” means a number of duly
authorized, validly issued, fully paid and non-assessable Ordinary Shares equal to the quotient obtained by dividing (i) $3,000,000
and (ii) the fair market value of the Ordinary Shares on the Commitment Shares Determination Date.

 

“Commitment Shares Determination Date” means
the earlier to occur of (i) the second Trading Day prior to the filing of the Initial Registration Statement and (ii) the Trading
Day prior to the Investor sending an invoice to the Company for the Commitment Shares.

 

“Company Lease” means any contract pursuant
to which the Company or any of its Subsidiaries leases, subleases or occupies any real property.

 

“Contract” means any written or oral legally
binding contract, agreement, understanding, arrangement, subcontract, loan or credit agreement, note, bond, indenture, mortgage, purchase
order, deed of trust, lease, sublease, instrument, or other legally binding commitment, obligation or undertaking to which the Company
or any of its Subsidiaries is a party or is bound.

 

     

     

    

 

“Custodian” shall mean any receiver, trustee,
assignee, liquidator or similar official under any Bankruptcy Law.

 

“Data Protection Laws” means any applicable
laws relating to data privacy, data protection and data security, including with respect to the collection, use, storage, transmission,
disclosure, transfer (including cross-border transfer), processing, retention, and disposal of personal information as that, or a similar
or equivalent, term is defined under such applicable law.

 

“DTC” means The Depository Trust Company,
a subsidiary of The Depository Trust & Clearing Corporation, or any successor thereto.

 

“DWAC Shares” means Ordinary Shares issued
pursuant to this Agreement that are (i) issued in electronic form, (ii) freely tradable and transferable and without restriction
on resale and without stop transfer instructions maintained against the transfer thereof and (iii) timely credited by the Company
to the Investor’s or its designated Broker-Dealer at which the account or accounts to be credited with the Shares being purchased
by Investor are maintained specified DWAC account with DTC under its Fast Automated Securities Transfer (FAST) Program, or any similar
program hereafter adopted by DTC performing substantially the same function.

 

“Effective Date” means, with respect to the
Initial Registration Statement filed pursuant to Section 2(a) of the Registration Rights Agreement (or any post-effective amendment
thereto) or any New Registration Statement filed pursuant to Section 2(c) of the Registration Rights Agreement (or any post-effective
amendment thereto), as applicable, the date on which the Initial Registration Statement (or any post-effective amendment thereto) or any
New Registration Statement (or any post-effective amendment thereto) becomes effective.

 

“Environmental Laws” means any and all applicable
laws relating to pollution, protection of the environment (including natural resources) and, solely to the extent related to exposure
to Hazardous Materials, public or worker health and safety, or the use, storage, emission, distribution, transport, handling, disposal
or release of, or exposure of any Person to, Hazardous Materials.

 

“Exchange Act” means the Securities Exchange
Act of 1934, as amended, and the rules and regulations of the Commission thereunder.

 

“Exempt Issuance” means the issuance of (i) Ordinary
Shares, options or other equity incentive awards to employees, officers, directors or vendors of the Company pursuant to any equity incentive
plan duly adopted for such purpose, by the Company’s Board of Directors or a majority of the members of a committee of the Board
of Directors established for such purpose, (ii) (a) any Shares issued to the Investor pursuant to this Agreement, (b) any
securities issued upon the exercise or exchange of or conversion of any Ordinary Shares or Ordinary Share Equivalents held by the Investor
at any time, or (c) any securities issued upon the exercise or exchange of or conversion of any Ordinary Share Equivalents issued
and outstanding on the date of this Agreement, including, for the avoidance of doubt, the convertible notes issued under the indenture,
dated as of December 30, 2021, between the Company and Wilmington Savings Fund Society, FSB, as trustee, provided that such securities
referred to in this clause (c) have not been amended since the date of this Agreement to increase the number of such securities or
to decrease the exercise price, exchange price or conversion price of such securities, (iii) securities issued pursuant to acquisitions,
divestitures, licenses, partnerships, collaborations or strategic transactions approved by the Company’s Board of Directors or a
majority of the members of a committee of directors established for such purpose, provided that any such issuance shall only be to a Person
(or to the equity holders of a Person) which is, itself or through its subsidiaries, an operating company or an asset in a business synergistic
with the business of the Company and shall provide to the Company additional benefits in addition to the investment of funds, but shall
not include a transaction in which the Company is issuing securities primarily for the purpose of raising capital or to an entity whose
primary business is investing in securities, (iv) Ordinary Shares issued by the Company to the Investor or an Affiliate of the Investor
in connection with any “equity line of credit” or other continuous offering or similar offering of Ordinary Shares pursuant
to one or more written agreements between the Company and the Investor or an Affiliate of the Investor, whereby the Company may sell Ordinary
Shares to the Investor or an Affiliate of the Investor at a future determined price, or (v) Ordinary Shares issued by the Company
by any method deemed to be an “at the market offering” as defined in Rule 415(a)(4) under the Securities Act, exclusively
to or through Cantor Fitzgerald & Co., as the Company’s sales agent, pursuant to one or more written agreements between
the Company and Cantor Fitzgerald & Co.

 

“FINRA” means the Financial Industry Regulatory
Authority.

 

     

     

    

 

“Fundamental Transaction” means that (i) the
Company shall, directly or indirectly, in one or more related transactions, (a) consolidate or merge with or into (whether or not
the Company is the surviving corporation) another Person, with the result that the holders of the Company’s share capital immediately
prior to such consolidation or merger together beneficially own less than 50% of the outstanding voting power of the surviving or resulting
corporation, (b) sell, lease, license, assign, transfer, convey or otherwise dispose of all or substantially all of the properties
or assets of the Company to another Person, (c) take action to facilitate a purchase, tender or exchange offer by another Person
that is accepted by the holders of more than 50% of the outstanding Ordinary Shares (excluding any Ordinary Shares held by the Person
or Persons making or party to, or associated or affiliated with the Persons making or party to, such purchase, tender or exchange offer),
(d) consummate a stock or share purchase agreement or other business combination (including, without limitation, a reorganization,
recapitalization, spin-off or scheme of arrangement) with another Person whereby such other Person acquires more than 50% of the outstanding
Ordinary Shares (not including any Ordinary Shares held by the other Person or other Persons making or party to, or associated or affiliated
with the other Persons making or party to, such stock or share purchase agreement or other business combination), or (e) reorganize,
recapitalize or reclassify its Ordinary Shares, or (ii) any “person” or “group” (as these terms are used
for purposes of Sections 13(d) and 14(d) of the Exchange Act) is or shall become the “beneficial owner” (as defined
in Rule 13d-3 under the Exchange Act), directly or indirectly, of 50% of the aggregate ordinary voting power represented by issued
and outstanding Ordinary Shares.

 

“Governmental Authority” means (i) any
federal, provincial, state, local, municipal, national or international government or governmental authority, regulatory or administrative
agency, governmental commission, department, board, bureau, agency or instrumentality, court, tribunal, arbitrator or arbitral body (public
or private); (ii) any self-regulatory organization; or (iii) any political subdivision of any of the foregoing.

 

“Governmental Order” means any order, judgment,
injunction, decree, writ, ruling, stipulation, determination or award, in each case, entered by or with any Governmental Authority.

 

“Hazardous Material” means any substance,
material, or other matter regulated as toxic or hazardous, or as a contaminant or for which standards are imposed, by any governmental
authority because of its deleterious impact on the environment including but not limited to petroleum and petroleum byproduct and distillates,
asbestos and asbestos-containing materials, urea formaldehyde, polychlorinated biphenyls, mold, radon gas, radioactive substances, and
poly- and perfluoroalkyl substances.

 

“Initial Registration Statement” shall have
the meaning assigned to such term in the Registration Rights Agreement.

 

“Investment Period” means the period commencing
on the Effective Date of the Initial Registration Statement and expiring on the date this Agreement is terminated pursuant to Article VIII.

 

“Knowledge” means the actual knowledge of
the Company’s Chief Executive Officer, the Company’s President, and the Company’s Chief Financial Officer, in each case
after reasonable inquiry of all officers, directors and employees of the Company and its Subsidiaries who would reasonably be expected
to have knowledge or information with respect to the matter in question.

 

“Material Contracts” means any Contract that
is expressly referred to in or filed or incorporated by reference as an exhibit to a Commission Document or that, if terminated or subject
to default by a party thereto, would, individually or in the aggregate, have a Material Adverse Effect.

 

“Money Laundering Laws” means applicable
financial recordkeeping and reporting requirements of the U.S. Currency and Foreign Transaction Reporting Act of 1970, the U.S. Money
Laundering Control Act of 1986 and all money laundering-related laws of all jurisdictions where the Company or its Subsidiaries conduct
business or own assets, and any related or similar law issued, administered or enforced by any Governmental Authority.

 

     

     

    

 

“New Registration Statement” shall have the
meaning assigned to such term in the Registration Rights Agreement.

 

“Ordinary Share Equivalents” means any securities
of the Company or its Subsidiaries which entitle the holder thereof to acquire at any time Ordinary Shares, including, without limitation,
any debt, preferred stock or shares, rights, options, warrants or other instrument that is at any time convertible into or exercisable
or exchangeable for, or otherwise entitles the holder thereof to receive, Ordinary Shares.

 

“Permitted Liens” means (i) statutory
or common law liens of mechanics, materialmen, warehousemen, landlords, carriers, repairmen, construction contractors and other similar
liens that arise in the ordinary course of business that relate to amounts (a) not yet delinquent or that are being contested in
good faith through appropriate actions and (b) for which appropriate reserves have been established in accordance with GAAP, (ii) liens
arising under original purchase price conditional sales contracts and equipment leases with third parties entered into in the ordinary
course of business consistent with past practice, (iii) liens for taxes not yet delinquent or which are being contested in good faith
through appropriate actions for which appropriate reserves have been established in accordance with GAAP, (iv) with respect to any
real property subject to a Company Lease (a) the interests and rights of the respective lessors with respect thereto, including any
statutory landlord liens and any lien thereon and (b) any lien permitted under a Company Lease, (v) liens, defects or imperfections
on title, encumbrances and restrictions on real property (including easements, covenants, rights of way and similar restrictions of record)
that are matters of record or would be discovered by a current, accurate survey or physical inspection of such real property, in all cases,
that do not materially impair the value or materially interfere with the present uses of such real property, (vi) liens that do not,
individually or in the aggregate, materially and adversely affect, or materially disrupt, the ordinary course operation of the businesses
of the Company and its Subsidiaries, taken as a whole, (vii) non-exclusive licenses or sublicenses of Intellectual Property entered
into in the ordinary course of business, (viii) liens that secure obligations that are reflected as liabilities on the audited financial
statements of the Company (which such liens are referenced, or the existence of which such liens is referred to, in the notes to the audited
financial statements of the Company), (ix) liens securing any indebtedness of the Company or its Subsidiaries, (x) liens arising
under applicable securities laws, (xi) with respect to an entity, liens arising under the organizational documents of such entity,
in each case that do not materially interfere with the use made or proposed to be made of the subject property by the Company or any of
its Subsidiaries or would not, individually or in the aggregate, have a Material Adverse Effect.

 

“Person” means any person or entity, whether
a natural person, trustee, corporation, partnership, limited partnership, limited liability company, trust, unincorporated organization,
business association, firm, joint venture, governmental agency or authority.

 

“Post-Effective Amendment Period” means the
period commencing at 9:30 a.m., New York City time, on the fifth (5th) Trading Day immediately prior to the filing of any post-effective
amendment to the Initial Registration Statement or any New Registration Statement, and ending at 9:30 a.m., New York City time, on the
Trading Day immediately following, the Effective Date of such post-effective amendment.

 

“PRC” means the People’s Republic
of China, excluding, for the purposes of this Agreement only, the Hong Kong Special Administrative Region, the Macau Special Administrative
Region and Taiwan.

 

“Principal
Market” means the Nasdaq Stock Market; provided, however, that
if the Company’s Ordinary Shares are ever listed or traded on an Alternative Market, then the “Principal Market” shall
mean such Alternative Market on which the Company’s Ordinary Shares are then listed or traded.

 

“Prospectus” means the prospectus in the
form included in a Registration Statement, as supplemented from time to time by any Prospectus Supplement, including the documents incorporated
by reference therein.

 

“Prospectus Supplement” means any prospectus
supplement to the Prospectus filed with the Commission from time to time pursuant to Rule 424(b) under the Securities Act, including
the documents incorporated by reference therein.

 

“Qualified Independent Underwriter” shall
have the meaning assigned to such term in FINRA Rule 5121(f)(12).

 

     

     

    

 

“Registrable Securities” shall have the meaning
assigned to such term in the Registration Rights Agreement.

 

“Registration Period” shall have the meaning
assigned to such term in the Registration Rights Agreement.

 

“Registration Statement” shall have the meaning
assigned to such term in the Registration Rights Agreement.

 

“Rule 144” means Rule 144 promulgated
by the Commission pursuant to the Securities Act, as such Rule may be amended from time to time, or any similar rule or regulation
hereafter adopted by the Commission having substantially the same effect.

 

“Sale
Price” means any trade price for the Ordinary Shares on the Principal Market
during normal trading hours, as reported by the Principal Market.

 

“Sanctioned Country” means at any time, a
country or territory which is itself the subject or target of any Sanctions Laws that broadly prohibit dealings with that country or territory
(at the time of this Agreement, the Crimea region, Cuba, Iran, North Korea and Syria).

 

“Sanctioned Person” means (i) any Person
identified in any sanctions-related list of designated Persons maintained by (a) the United States Department of the Treasury’s
Office of Foreign Assets Control, the United States Department of Commerce, Bureau of Industry and Security, or the United States Department
of State; (b) Her Majesty’s Treasury of the United Kingdom; (c) any committee of the United Nations Security Council;
(d) the European Union, (e) the PRC, or (f) any other relevant sanctions authority; (ii) any Person located, organized,
or resident in, organized in, or a Governmental Authority or government instrumentality of, any Sanctioned Country; and (iii) any
Person directly or indirectly owned or controlled by, or acting for the benefit or on behalf of, a Person described in clause (i) or
(ii), either individually or in the aggregate.

 

“Sanctions Laws” means those trade, economic
and financial sanctions laws administered, enacted or enforced from time to time by (i) the United States (including the Department
of the Treasury’s Office of Foreign Assets Control), (ii) the European Union and enforced by its member states, (iii) the
United Nations, (iv) Her Majesty’s Treasury of the United Kingdom, (v) the PRC or (vi) any other relevant sanctions
authority.

 

“Securities Act” shall mean the Securities
Act of 1933, as amended, and the rules and regulations of the Commission thereunder.

 

“Shares” shall mean the Ordinary Shares that
are and/or may be purchased by the Investor under this Agreement pursuant to one or more VWAP Purchase Notices.

 

“Short Sales” shall mean “short sales”
as defined in Rule 200 promulgated under Regulation SHO under the Exchange Act.

 

“Signing Date” means the date of this Agreement.

 

“Threshold Price” means with respect to any
particular VWAP Purchase Notice, the Sale Price on the VWAP Purchase Date equal to the greater of (i) 90% of the Closing Sale Price
on the Trading Day immediately preceding the VWAP Purchase Date or (ii) such higher price as set forth by the Company in the VWAP
Purchase Notice.

 

“Trading Day” shall mean any day on which
the Principal Market is open for trading (regular way), including any day on which the Principal Market is open for trading (regular way)
for a period of time less than the customary time.

 

“Transaction Documents” means, collectively,
this Agreement (as qualified by the Commission Documents) and the exhibits hereto, the Registration Rights Agreement and the exhibits
thereto, and each of the other documents, certificates and instruments entered into or furnished by the parties hereto in connection with
the transactions contemplated hereby and thereby.

 

     

     

    

 

“Transfer Agent” means Continental Stock
Transfer & Trust Company, or any successor thereof as the Company’s transfer agent.

 

“VWAP” means, for the Ordinary Shares for
a specified period, the dollar volume-weighted average price for the Ordinary Shares on the Principal Market, for such period, as reported
by Bloomberg through its “AQR” function. All such determinations shall be appropriately adjusted for any share dividend, share
split, share combination, recapitalization or other similar transaction during such period.

 

“VWAP Purchase Commencement Time” means,
with respect to a VWAP Purchase made pursuant to Section 3.1, 9:30:01 a.m., New York City time, on the applicable VWAP Purchase Date,
or such later time on such VWAP Purchase Date publicly announced by the Principal Market as the official open (or commencement) of trading
(regular way) on the Principal Market on such VWAP Purchase Date; provided, however, that if a VWAP Purchase Notice is delivered
after 9:00 a.m., New York City time, on a VWAP Purchase Date, then the VWAP Purchase Commencement Time shall start only upon receipt by
the Company of written confirmation (which may be by email) of acceptance by the Investor, and which confirmation shall specify the VWAP
Purchase Commencement Time.

 

“VWAP Purchase Date” means, with respect
to a VWAP Purchase made pursuant to Section 3.1, the Trading Day on which the Investor (i) receives, after 6:00 a.m., New York
City time, but prior to 9:00 a.m., New York City time, a valid VWAP Purchase Notice for such VWAP Purchase in accordance with this Agreement
or (ii) accepts (which it may do or decline to do in its sole discretion) a VWAP Purchase Notice delivered after 9:00 a.m., New York
City time.

 

“VWAP Purchase Maximum Amount” means, with
respect to a VWAP Purchase made pursuant to Section 3.1, a number of Ordinary Shares equal to the lesser of (i) a number of
Ordinary Shares which, when aggregated with all other Ordinary Shares then beneficially owned by the Investor and its Affiliates (as calculated
pursuant to Section 13(d) of the Exchange Act and Rule 13d-3 promulgated thereunder), would result in the beneficial ownership
by the Investor of more than the Beneficial Ownership Limitation and (ii) a number of Shares equal to (a) the VWAP Purchase
Share Percentage multiplied by (b) the total number (or volume) of Ordinary Shares traded on the Principal Market during the applicable
VWAP Purchase Period on the applicable VWAP Purchase Date for such VWAP Purchase and (iii) the VWAP Purchase Share Estimate.

 

“VWAP Purchase Notice” means, with respect
to a VWAP Purchase made pursuant to Section 3.1, an irrevocable written notice delivered by the Company to the Investor directing
the Investor to purchase a VWAP Purchase Share Amount (such specified VWAP Purchase Share Amount subject to adjustment as set forth in
Section 3.1 as necessary to give effect to the VWAP Purchase Maximum Amount), at the applicable VWAP Purchase Price therefor on the
applicable VWAP Purchase Date for such VWAP Purchase in accordance with this Agreement.

 

“VWAP Purchase Period” means, with respect
to a VWAP Purchase made pursuant to Section 3.1, the period on the applicable VWAP Purchase Date for such VWAP Purchase beginning
at the applicable VWAP Purchase Commencement Time and ending at the applicable VWAP Purchase Termination Time.

 

“VWAP Purchase Price” means the purchase
price per Share to be purchased by the Investor in such VWAP Purchase on such VWAP Purchase Date equal to ninety-seven percent (97%) of
the VWAP over the applicable VWAP Purchase Period on such VWAP Purchase Date for such VWAP Purchase. Notwithstanding anything in this
Agreement to the contrary, on any Trading Day on which the Company delivers, and the Investor accepts, a VWAP Purchase Notice for a VWAP
Purchase Share Request Percentage in excess of the VWAP Purchase Share Percentage, the VWAP Purchase Price shall be calculated using the
lower of: (i) the VWAP over the applicable VWAP Purchase Period on such VWAP Purchase Date for such VWAP Purchase; and (ii) the
lowest Sale Price in any Block sold on such Trading Day following the delivery and acceptance of such VWAP Purchase Notice for a VWAP
Purchase Share Request Percentage in excess of the VWAP Purchase Share Percentage.

 

“VWAP Purchase Share Amount” means, with
respect to a VWAP Purchase made pursuant to Section 3.1, the number of Shares to be purchased by the Investor in such VWAP Purchase
as specified by the Company in the applicable VWAP Purchase Notice, which number of Shares shall not exceed the applicable VWAP Purchase
Maximum Amount.

 

     

     

    

 

“VWAP
Purchase Share Estimate” means the number of Ordinary Shares constituting
a good faith estimate by the Company of the number of Shares that the Investor shall have the obligation to buy pursuant to the VWAP Purchase
Notice.

 

“VWAP Purchase Share Percentage” means, with
respect to a VWAP Purchase made pursuant to Section 3.1, twenty percent (20%).

 

“VWAP Purchase Share Request Percentage”
means the percentage set forth in any VWAP Purchase Notice.

 

“VWAP Purchase Termination Time” means, with
respect to a VWAP Purchase made pursuant to Section 3.1, 4:00 p.m., New York City time, on the applicable VWAP Purchase Date, or
such earlier time publicly announced by the Principal Market as the official close of trading (regular way) on the Principal Market on
such applicable VWAP Purchase Date.

 

     

     

    

 

SCHEDULE 1

 

SUBSIDIARIES

 

	#	Company Name	Shareholding	Jurisdiction of Incorporation
	1.	
    TH Hong Kong International Limited

    (天好(香港)国际有限公司)
	TH International Limited: 100%	Hong Kong
	2.	
    Tim Hortons (China) Holdings Co., Ltd. (“TH China”)

    (天好(中国)投资有限公司)
	TH Hong Kong International Limited: 100%	PRC
	3.	
    Tim Hortons (Shanghai) Food and Beverage Co., Ltd.

    (提姆(上海)餐饮管理有限公司)
	Tim Hortons (China) Holdings Co., Ltd.: 100%	PRC
	4.	
    Tim Hortons (Beijing) Food and Beverage Service Co., Ltd.

    (天好(北京)餐饮服务有限公司)
	Tim Hortons (China) Holdings Co., Ltd.: 100%	PRC
	5.	
    Tim Coffee (Shenzhen) Co., Ltd.

    (天好咖啡(深圳)有限公司)
	Tim Hortons (China) Holdings Co., Ltd.: 100%	PRC
	6.	
    Shanghai Donuts Enterprise Management Co., Ltd. (“Shanghai
    Donuts”)

    (上海哆呐思企业管理有限公司)1
	
    Tim Hortons (China) Holdings Co., Ltd.: 40%;

    Shanghai
    Yinguike Food and Beverage Management Co., Ltd. (上海饮归客餐饮管理有限公司,
    “Shanghai Yinguike”): 60%
	PRC

 

1
According to the Shareholder Agreement regarding Setting up Shanghai Donuts and its supplementary agreements, (i) TH China
and Shanghai Yinguike represent 51% and 49% voting right, respectively, on the daily management and other matters and such matters shall
obtain the approval by the shareholders representing more than half of the voting rights; (ii) the board of Shanghai Donuts consists
of three (3) directors, two (2) of which are designated by TH China.

 

     

     

    

 

EXHIBIT A

 

FORM OF REGISTRATION RIGHTS AGREEMENT

 

     

     

    

 

EXHIBIT B

 

SIGNING CERTIFICATE

 

March  , 2022

 

The undersigned, the Director of TH International Limited, a Cayman
Islands exempted company (the “Company”), delivers this certificate in connection with the Ordinary Share Purchase
Agreement, dated as of March  , 2022 (the “Agreement”), by and between the Company and CF Principal Investments
LLC, a Delaware limited liability company (the “Investor”), and hereby certifies on the date hereof that (capitalized
terms used herein without definition have the meanings assigned to them in the Agreement):

 

1. The undersigned is the duly appointed Director of the Company.

 

2. The Board of Directors of the Company has approved the transactions
contemplated by the Transaction Documents; said approval has not been amended, rescinded or modified and remains in full force and effect
as of the date hereof. Attached hereto as Exhibit A are true, correct and complete copies of the resolutions duly adopted
by the Board of Directors of the Company via unanimous written consent on March 8, 2022.

 

3. Each person who, as an officer of the Company, or as attorney-in-fact
of an officer of the Company, signed the Transaction Documents to which the Company is a party was duly elected, qualified and acting
as such officer or duly appointed and acting as such attorney-in-fact, and the signature of each such person appearing on any such document
is his genuine signature.

 

IN
WITNESS WHEREOF, I have signed my name as of the date first above written.

 

	 	 
		Name: Paul Hong
		Title: Director

 

     

     

    

 

Exhibit A

 

Board Resolutions of the Company

 

     

     

    

 

EXHIBIT C

 

COMPLIANCE CERTIFICATE

 

The
undersigned, the [●] of TH International Limited, a Cayman Islands exempted company (the “Company”),
delivers this certificate in connection with the Ordinary Share Purchase Agreement, dated as of [●], 2022 (the “Agreement”),
by and between the Company and CF Principal Investments LLC, a Delaware limited liability company (the “Investor”),
and hereby certifies on the date hereof that, to the best of his or her knowledge after reasonable investigation, on behalf of the Company
(capitalized terms used herein without definition have the meanings assigned to them in the Agreement):

 

1.
The undersigned is the duly appointed [●] of the Company.

 

2. Attached hereto as Exhibit A is a true, complete and
correct copy of the amended and restated memorandum and articles of association of the Company, as amended through the date hereof (the
 “Memorandum”). The Memorandum has not been further amended or restated, no document with respect to any amendment
to the Memorandum has been filed, the Memorandum is in full force and effect on the date hereof, and no action has been taken by the Company
in contemplation of any amendment to the Memorandum or the dissolution, merger or consolidation of the Company.

 

3. Except as set forth in the Commission Documents, the representations
and warranties of the Company set forth in Article V of the Agreement (i) that are not qualified by “materiality”
or “Material Adverse Effect” are true and correct in all material respects as of [the Commencement Date] [the date hereof]
with the same force and effect as if made on [the Commencement Date] [the date hereof], except to the extent such representations and
warranties are as of another date, in which case, such representations and warranties are true and correct in all material respects as
of such other date and (ii) that are qualified by “materiality” or “Material Adverse Effect” are true and
correct as of [the Commencement Date] [the date hereof] with the same force and effect as if made on [the Commencement Date] [the date
hereof], except to the extent such representations and warranties are as of another date, in which case, such representations and warranties
are true and correct as of such other date.

 

4. The Company has performed, satisfied and complied in all material
respects with all covenants, agreements and conditions required by the Agreement and the Registration Rights Agreement to be performed,
satisfied or complied with by the Company [at or prior to Commencement][on or prior to the date hereof].

 

5. The Shares issuable in respect of each VWAP Purchase Notice effected
pursuant to the Agreement shall be issued to the Investor electronically as DWAC Shares, and shall be freely tradable and transferable
and without restriction on resale and without any stop transfer instructions maintained against such Shares.

 

6. As of [the Commencement Date][the date hereof], the Company does
not possess any material non-public information.

 

7.
As of [the Commencement Date][the date hereof], the Company has reserved out of its authorized and unissued Ordinary Shares [●]
Ordinary Shares solely for the purpose of effecting VWAP Purchases under the Agreement.

 

8. No stop order suspending the effectiveness of the Registration Statement
or the use of the Prospectus under the Securities Act has been issued and no proceedings for such purpose or pursuant to Section 8A
of the Securities Act are pending before or, to the knowledge of the Company, threatened by the Commission.

 

     

     

    

 

The
undersigned has executed this Certificate this [●] day of [●], 202[●].

 

	 	By:	 
	 	 
	 	Name:	 
	 	 
	 	Title:	 

 

     

     

    

 

EXHIBIT D

 

FORM OF VWAP PURCHASE NOTICE

 

	From:	 	TH International Limited 
	To:	 	CF Principal Investments LLC
	Attention:	 	Chief Operating Officer 
	C/o:	 	CFControlledEquityOffering@cantor.com
	 	 	
	Subject:	 	VWAP Purchase Notice
	 	 	 	 
	Date:	 	[●], 202[●] 
	Time:	 	[●]

 

Ladies and Gentlemen:

 

Pursuant
to the terms and subject to the conditions contained in the Ordinary Share Purchase Agreement (the “Agreement”)
between TH International Limited, a Cayman Islands exempted company (the “Company”), and CF Principal
Investments LLC (the “Investor”), dated [●], 2022, the Company hereby directs the Investor to purchase
a number of shares constituting [●]% of the total volume of the Company’s Ordinary Shares, traded on the Principal Market
during the applicable VWAP Purchase Period, at the relevant VWAP Purchase Price; provided, however, that if such number
exceeds the VWAP Purchase Share Estimate of [●] Ordinary Shares, which the Company represents is no greater than the VWAP Purchase
Share Amount, then the Investor will instead purchase the number of Ordinary Shares equal to the VWAP Purchase Share Estimate. The Company
represents that all conditions set forth in Section 7.3 of the Agreement (including without limitation Section 7.3(xi) in
respect of material non-public information) have been satisfied. Capitalized terms used herein without definition have the meanings assigned
to them in the Agreement.

 

	 	 
	 	 
	 	 
		Name:
		Title:

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