Document:

Exhibit 10.1

 

EXECUTION
COPY

CONFIDENTIAL

 

 

 

 

 

SHARE
EXCHANGE AGREEMENT

 

by
and among

 

DT
ASIA INVESTMENTS LIMITED,

as
the Purchaser,

 

DETIGER
HOLDINGS LIMITED,

as
the DT Representative,

 

ADRIE
GLOBAL HOLDINGS LIMITED,

as
the Company,

 

THE
SHAREHOLDERS OF THE COMPANY NAMED HEREIN,

as
the Sellers

 

and

 

LI
JINGPING,

as
the Seller Representative

 

 

 

Dated
as of January 11, 2016

 

 

 

    	 	 	 

     

    

 

TABLE
OF CONTENTS

 

	 	Page
	I.
    THE SHARE EXCHANGE	2
	1.1.
    Purchase and Sale of Shares	2
	1.2.
    Consideration	2
	1.3.
    Escrow	2
	1.4.
    Company Shareholder Consent	2
	 	 
	II.
    EARN-OUT	3
	2.1.
    Earn-Out	3
	2.2.
    Determination of Earn-Out Payment	4
	2.3.
    Dispute Resolution Procedure	5
	2.4.
    Future Operations	5
	2.5.
    No Earn-Out During Breach of Non-Competition Agreement	5
	 	 
	III.
    CLOSING	6
	3.1.
    Closing	6
	 	 
	IV.
    REPRESENTATIONS AND WARRANTIES OF THE PURCHASER	6
	4.1.
    Due Organization and Good Standing	6
	4.2.
    Authorization; Binding Agreement	6
	4.3.
    Governmental Approvals	7
	4.4.
    Non-Contravention	7
	4.5.
    Capitalization	7
	4.6.
    SEC Filings and Purchaser Financials	8
	4.7.
    Absence of Certain Changes	9
	4.8.
    Compliance with Laws	9
	4.9.
    Actions; Orders; Permits	9
	4.10.
    Taxes and Returns	9
	4.11.
    Employees and Employee Benefit Plans	10
	4.12.
    Properties	10
	4.13.
    Material Contracts	10
	4.14.
    Transactions with Affiliates	10
	4.15.
    Investment Company Act	11
	4.16.
    Finders and Brokers	11
	4.17.
    Trust Account	11
	4.18.
    Ownership of Exchange Shares	11
	4.19.
    Certain Business Practices	11
	4.20.
    Insurance	12
	4.21.
    Independent Investigation	12
	 	 
	V.
    REPRESENTATIONS AND WARRANTIES OF THE COMPANY	13
	5.1.
    Due Organization and Good Standing	13
	5.2.
    Authorization; Binding Agreement	13
	5.3.
    Capitalization	13
	5.4.
    Subsidiaries	14
	5.5.
    Governmental Approvals	15
	5.6.
    Non-Contravention	15
	5.7.
    Financial Statements	15
	5.8.
    Absence of Certain Changes	17 
	5.9.
    Compliance with Laws	17
	5.10.
    Company Permits	17
	5.11.
    Litigation	17

 

    	 	i	 

     

    

 

	5.12.
    Material Contracts	17
	5.13.
    Intellectual Property	19
	5.14.
    Taxes and Returns	21
	5.15.
    Real Property	22
	5.16.
    Personal Property	22
	5.17.
    Title to and Sufficiency of Assets	23
	5.18.
    Employee Matters	23
	5.19.
    Benefit Plans	24
	5.20.
    Environmental Matters	25
	5.21.
    Transactions with Related Persons	26
	5.22.
    Insurance	26
	5.23.
    Books and Records	27
	5.24.
    Loans Receivable	27
	5.25.
    Lending Matters	27
	5.26.
    Certain Business Practices	28
	5.27.
    Investment Company Act	28
	5.28.
    Finders and Investment Bankers	28
	5.29.
    Independent Investigation	28
	5.30.
    Information Supplied	28
	5.31.
    Disclosure	29
	 	 
	VI.
    REPRESENTATIONS AND WARRANTIES OF THE SELLERS	29
	6.1.
    Due Organization and Good Standing	29
	6.2.
    Authorization; Binding Agreement	29
	6.3.
    Ownership	29
	6.4.
    Governmental Approvals	30
	6.5.
    Information Supplied	30
	6.6.
    No Litigation	30
	6.7.
    Investment Representations	30
	6.8.
    Finders and Investment Bankers	30
	6.9.
    Independent Investigation	31
	6.10.
    Information Supplied	31
	 	
	VII.
    COVENANTS	32
	7.1.
    Access and Information	32
	7.2.
    Conduct of Business of the Company	33
	7.3.
    Conduct of Business of the Purchaser	35
	7.4.
    Annual and Interim Financial Statements	37
	7.5.
    Purchaser Public Filings	37
	7.6.
    No Solicitation	37
	7.7.
    No Trading	38
	7.8.
    Notification of Certain Matters	39
	7.9.
    Efforts	39
	7.10.
    Further Assurances	41
	7.11.
    The Proxy Statement; Extension	41
	7.12.
    Public Announcements	43
	7.13.
    Confidential Information	44
	7.14.
    Litigation Support	44
	7.15.
    Documents and Information	45
	7.16.
    Post-Closing Board of Directors and Executive Officers	45
	7.17.
    Supplemental Disclosure Schedules	46

 

    	 	ii	 

     

    

 

	7.18.
    Use of Trust Account Proceeds After the Closing	46
	7.19.
    Purchaser Dividend Policy; Company Pre-Closing Dividend	46
	7.20.
    Purchaser Policies	47
	7.21.
    SOX 404(b) Compliance	47
	7.22.
    Purchaser Fiscal Period	47
	 	 
	VIII.
    SURVIVAL AND INDEMNIFICATION	47
	8.1.
    Survival	47
	8.2.
    Indemnification by the Sellers	48
	8.3.
    Payment from Escrow Account	48
	8.4.
    Limitations and General Indemnification Provisions	49
	8.5.
    Indemnification Procedures	49
	8.6.
    Exclusive Remedy	51
	 	 
	IX.
    CLOSING CONDITIONS	51
	9.1.
    Conditions of Each Party’s Obligations	51
	9.2.
    Conditions to Obligations of the Company and the Sellers	52
	9.3.
    Conditions to Obligations of the Purchaser	54
	9.4.
    Frustration of Conditions	56
	 	 
	X.
    TERMINATION AND EXPENSES	56
	10.1.
    Termination	56
	10.2.
    Effect of Termination	57
	10.3.
    Fees and Expenses	57
	10.4.
    Termination Fee	58
	 	 
	XI.
    WAIVERS AND RELEASES	58
	11.1.
    Waiver of Claims Against Trust	58
	11.2.
    Release and Covenant Not to Sue	59
	 	 
	XII.
    MISCELLANEOUS	59
	12.1.
    Notices	59
	12.2.
    Binding Effect; Assignment	61
	12.3.
    Third Parties	61
	12.4.
    Arbitration	61
	12.5.
    Governing Law; Jurisdiction	62
	12.6.
    WAIVER OF JURY TRIAL	62
	12.7.
    Specific Performance	62
	12.8.
    Severability	63
	12.9.
    Amendment	63
	12.10.
    Waiver	63
	12.11.
    Entire Agreement	63
	12.12.
    Interpretation	64
	12.13.
    Counterparts	64
	12.14.
    DT Representative	64
	12.15.
    Seller Representative	66
	 	 
	XIII.
    DEFINITIONS	67
	13.1.
    Certain Definitions	67
	13.2.
    Section References	77

 

    	 	iii	 

     

    

 

INDEX
OF ANNEXES AND EXHIBITS

 

	Annex	 	Description
	 	 	 
	Annex
    I	 	List
of Sellers

	Annex
    II	 	Adjusted
    Net Income
	Annex
    III	 	Purchaser
    Dividend Policy
	 	 	 
	Exhibit	 	Description
	 	 	 
	Exhibit
    A	 	Form
of Escrow Agreement

	Exhibit
    B	 	Form
    of Non-Competition Agreement
	Exhibit
    C	 	Form
of Lock-Up Agreement

	Exhibit
    D	 	Form
of Registration Rights Agreement

 

    	 	iv	 

     

    

 

SHARE
EXCHANGE AGREEMENT 

 

This
Share Exchange Agreement (this “Agreement”) is made and entered into as of January 11, 2016 by and among
(i) DT Asia Investments Limited, a business company incorporated in the British Virgin Islands with limited liability (the
“Purchaser”), (ii) DeTiger Holdings Limited, a business company incorporated in the British Virgin
Islands with limited liability, in the capacity as the representative from and after the Closing (as defined below) for the shareholders
of the Purchaser as of immediately prior to the Closing in accordance with the terms and conditions of this Agreement (the “DT
Representative”), (iii) Adrie Global Holdings Limited, a business company incorporated in the British Virgin
Islands with limited liability (the “Company”), (iv) each of the shareholders of the Company named on
Annex I hereto (collectively, the “Sellers”) and (v) Li Jingping, an individual residing
in the Xinjiang Province in the People’s Republic of China, in the capacity as the representative for the Sellers in accordance
with the terms and conditions of this Agreement (the “Seller Representative”). The Purchaser, DT Representative,
the Company, the Sellers and the Seller Representative are sometimes referred to herein individually as a “Party”
and, collectively, as the “Parties”.

 

RECITALS:

 

WHEREAS,
the Sellers collectively own 100% of the issued and outstanding shares and other equity interests in or of the Company;

 

WHEREAS,
the Company is a holding company for China Feng Hui Financial Holding Group Co., Limited, a Hong Kong registered company (“HK
Holdings”), which in turn owns 100% of the issued and outstanding equity interests in each of Xinjiang Feng Hui
Jing Kai Direct Lending Limited, a Wholly Foreign-Owned Enterprise registered in Xinjiang, China (“XWFOE”),
and Feng Hui Ding Xin (Beijing) Financial Consulting Co., Limited, a Wholly Foreign-Owned Enterprise registered in Beijing, China
(“BWFOE” and, together with XWFOE, the “WFOEs”);

 

WHEREAS,
prior to the date of this Agreement, the Company and the Sellers consummated an internal reorganization pursuant to which Urumqi
Feng Hui Direct Lending Limited, a registered company in Xinjiang China (“China Lending”), and China
Lending’s shareholders, all of which are located in China (the “China Lending Shareholders”),
entered into certain variable interest entity contracts with BWFOE pursuant to which the profits of China Lending are paid to
BWFOE, and in connection with entering into such contracts, the China Lending will be contractually controlled by BWFOE and China
Lending’s Shareholders became shareholders of the Sellers;

 

WHEREAS,
the Company, indirectly through its subsidiaries and through its relationship with China Lending, provides non-bank micro-credit
lending in China;

 

WHEREAS,
the Sellers desire to sell to the Purchaser, and the Purchaser desires to purchase from the Sellers, all of the issued and outstanding
shares and any other equity interests in or of the Company in exchange for newly issued ordinary shares of the Purchaser, subject
to the terms and conditions set forth herein;

 

WHEREAS,
the Purchaser, with the assistance of the Company, intends to conduct a private placement prior to the Closing pursuant to which
the Purchaser will enter into and consummate subscription agreements with investors (the “PIPE Investors”)
pursuant to which such PIPE Investors will make a private equity investment in the Purchaser in the aggregate amount of at least
Twelve Million U.S. Dollars ($12,000,000) to purchase Class A Preferred Shares of the Purchaser (the “PIPE Shares”)
at a price of Twelve U.S. Dollars ($12.00) per share, such purchases to be consummated prior to the Closing (such transactions,
the “PIPE Investment”); and

 

    	 	1	 

     

    

 

WHEREAS,
certain capitalized terms used herein are defined in Article XIII hereof.

 

NOW,
THEREFORE, in consideration of the premises set forth above, which are incorporated in this Agreement as if fully set forth
below, and the representations, warranties, covenants and agreements contained in this Agreement, and intending to be legally
bound hereby, the Parties hereto agree as follows:

 

Article
I

THE SHARE EXCHANGE

 

1.1
Purchase and Sale of Shares. At the Closing and subject to and upon the terms and conditions of this Agreement, the Sellers
shall sell, transfer, convey, assign and deliver to the Purchaser, and the Purchaser shall purchase, acquire and accept from the
Sellers, all of the issued and outstanding shares (being 20,000,000 shares of US$ 0.00000005 par value each) and other equity
interests in or of the Company (collectively, the “Purchased Shares”), free and clear of all Liens (other
than potential restrictions on resale under applicable securities Laws).

 

1.2
Consideration. At the Closing and subject to and upon the terms and conditions of this Agreement, in full payment for the
Purchased Shares, the Purchaser shall issue and deliver to the Sellers an aggregate of Twenty Million (20,000,000) Purchaser Ordinary
Shares (the “Exchange Shares”), less the Escrow Shares. Each Seller shall receive its pro rata share
of the Exchange Shares based on the percentage of Purchased Shares owned by such Seller as compared to the total number of Purchased
Shares owned by all Sellers (such Seller’s “Pro Rata Share”).

 

1.3
Escrow. At or prior to the Closing, the Purchaser, the DT Representative, the Seller Representative and the Escrow Agent
shall enter into an Escrow Agreement, effective as of the Closing, substantially in the form attached as Exhibit A hereto
(the “Escrow Agreement”), pursuant to which the Purchaser shall cause to be delivered to the Escrow
Agent from the Exchange Shares otherwise deliverable at Closing Eight Million (8,000,000) Purchaser Ordinary Shares (including
any equity securities paid as dividends or distributions with respect to such shares or into which such shares are exchanged or
converted, the “Escrow Shares”), with the Escrow Shares, along with any earnings thereon (excluding
Accrued Dividends), to be held by the Escrow Agent in a segregated escrow account (“Escrow Account”)
in accordance with the terms and conditions of this Agreement and the Escrow Agreement. The portion of the Exchange Shares that
shall be withheld at the Closing for deposit in the Escrow Account shall be allocated among the Sellers pro rata based on each
Seller’s Pro Rata Share. Each Seller shall have the right to vote its portion of such Escrow Shares (based on its Pro Rata
Share, subject to adjustment for any Escrow Shares that are forfeited or earned in a manner other than pro rata among all Sellers
based on their Pro Rata Share) during the time held in the Escrow Account as Escrow Shares. The Parties agree that while any Escrow
Shares are held in the Escrow Account, any dividends or distributions made or otherwise payable on or in respect of such Escrow
Shares shall not be paid to the Escrow Account and shall instead be held by Purchaser as Accrued Dividends in accordance with
the terms and conditions of this Agreement.

 

1.4
Company Shareholder Consent. Each Seller, as a shareholder of the Company, hereby approves, authorizes and consents to
the Company’s execution and delivery of this Agreement and the Ancillary Documents to which it is or is required to be a
party or otherwise bound, the performance by the Company of its obligations hereunder and thereunder and the consummation by the
Company of the transactions contemplated hereby and thereby. Each Seller acknowledges and agrees that the consents set forth herein
are intended and shall constitute such consent of the Sellers as may be required (and shall, if applicable, operate as a written
shareholder resolution of the Company) pursuant to the Company Charter, any other agreement in respect of the Company to which
any Seller is a party and all applicable Laws.

 

    	 	2	 

     

    

 

Article
II

EARN-OUT 

 

2.1
Earn-Out. The Escrow Property shall be held in the Escrow Account and, subject to Article VIII and this Article
II, will only be released to the Sellers (along with the Accrued Dividends) in the event that the Purchaser, the Company and
their respective Subsidiaries meet certain minimum performance requirements in accordance with this Article II. Subject
to Article VIII and this Article II, in the event that (i) the Adjusted Net Income for the calendar year ended December
31, 2016 exceeds the 2016 Earn-Out Target, (ii) the Adjusted Net Income for the calendar year ended December 31, 2017 exceeds
the 2017 Earn-Out Target or (iii) the Adjusted Net Income for the calendar year ended December 31, 2018 exceeds the 2018 Earn-Out
Target, the Sellers shall collectively be entitled to receive (each, an “Earn-Out Payment”) from the
Escrow Account, in each case, one-third (1/3rd) of the Escrow Shares, and from the Purchaser the Accrued Dividends
on such one-third (1/3rd) portion of the Escrow Shares, subject to maximum Earn-Out Payments in the aggregate for all
three calendar years 2016, 2017 and 2018 together (each such calendar year, an “Earn-Out Year”, and
such three-year calendar period, the “Earn-Out Period”) equal to the Escrow Property plus the Accrued
Dividends. In the event that the above Adjusted Net Income targets are not met for any Earn-Out Year, the Sellers shall not be
entitled to receive any Earn-Out Payment for such Earn-Out Year and shall forfeit any right to such Escrow Property and Accrued
Dividends with respect to such Earn-Out Year; provided, however, that in the event that at the end of the Earn-Out
Period the average Adjusted Net Income per Earn-Out Year for all three Earn-Out Years exceeds the Alternative Earn-Out Target
(each of the 2016 Earn-Out Target, the 2017 Earn-Out Target, the 2018 Earn-Out Target and the Alternative Earn-Out Target, an
“Earn-Out Target”), the Sellers shall collectively be entitled to receive all of the Escrow Property
and Accrued Dividends that they previously did not receive (such payment the “Alternative Earn-Out Payment”,
with such Alternative Earn-Out Payment considered an additional Earn-Out Payment). For the avoidance of doubt, failure to qualify
for an Earn-Out Payment in any Earn-Out Year during the Earn-Out Period shall not prevent the Sellers from being able to collectively
receive an Earn-Out Payment in a subsequent Earn-Out Year during the Earn-Out Period. If for any Earn-Out Year there is a final
determination in accordance with Section 2.2 that the Sellers are entitled to receive an Earn-Out Payment for such Earn-Out
Year or the Alternative Earn-Out Payment, then within five (5) Business Days after such final determination, the Purchaser, the
DT Representative and the Seller Representative will provide joint written instructions to the Escrow Agent to release to the
Sellers Escrow Property from the Escrow Account (and Purchaser shall pay the Accrued Dividends) in an aggregate amount (of Escrow
Property and Accrued Dividends) equal to (i) such Earn-Out Payment less (ii) the aggregate amount of any indemnification claims
by any Indemnified Parties under Article VIII that (A) are pending, (B) have been finally determined as due and owing but
are unpaid from the Escrow Account in accordance with Article VIII or (C) have been paid from the Escrow Account in accordance
with Article VIII but have not previously been used to reduce the amount of any prior Earn-Out Payment, with each Seller
receiving its Pro Rata Share of such net Earn-Out Payment. At the end of the Earn-Out Period, if there is any Escrow Property
and/or Accrued Dividends which the Sellers are not entitled to receive in accordance with this Article II, such Escrow
Property and/or Accrued Dividends will be forfeited by the Sellers and distributed to Purchaser from the Escrow Account in the
case of Escrow Property, or retained by the Purchaser, in the case of Accrued Dividends, and within five (5) Business Days after
a final determination in accordance with Section 2.2 that at the end of the Earn-Out Period there is such Escrow Property
to which the Sellers are not entitled to receive, the Purchaser, the DT Representative and the Seller Representative will provide
joint written instructions to the Escrow Agent to release such Escrow Property to the Purchaser. The Purchaser will cancel any
Escrow Shares distributed to the Purchaser from the Escrow Account promptly after its receipt thereof and cancel any Accrued Dividends
payable in respect of such Escrow Shares. Each Seller acknowledges that such Seller’s right to receive the Escrow Shares,
other Escrow Property and Accrued Dividends is contingent based on the performance of the Purchaser, the Company and their respective
Subsidiaries for periods including those after the Closing as set forth in this ‎Article II, and that if the requirements
for the payment of the Earn-Out Payments as set forth in this Article II are not met in accordance with the terms hereof,
the Escrow Shares, the other Escrow Property and the Accrued Dividends will not be paid or delivered to the Sellers, and the Sellers
shall have no right to receive such Escrow Shares, other Escrow Property or Accrued Dividends.

 

    	 	3	 

     

    

 

2.2
Determination of Earn-Out Payment. As soon as practicable (but in any event within twenty (20) days) after the completion
of the audited consolidated financial statements for the Purchaser and its Subsidiaries for each Earn-Out Year, the Purchaser’s
Chief Financial Officer (the “CFO”) will prepare and deliver to the DT Representative and Seller Representative
a written statement (each, an “Earn-Out Statement”) that sets forth the CFO’s determination in
accordance with the terms of this ‎Article II of the Adjusted Net Income for such Earn-Out Year based on such audited
financial statements, Annex II and the Exchange Rate Acknowledgement, and whether the Sellers are entitled to receive an
Earn-Out Payment for such Earn-Out Year (including giving effect to Section 2.5), and, for the last Earn-Out Year in the
Earn-Out Period, whether the Sellers are entitled to receive the Alternative Earn-Out Payment (including giving effect to Section
2.5). Each of the DT Representative and the Seller Representative will have thirty (30) days after its receipt of an Earn-Out
Statement to review it. To the extent reasonably required to complete their respective reviews of such Earn-Out Statement, the
Purchaser and its Subsidiaries will provide each of the DT Representative and the Seller Representative and their respective Representatives
with reasonable access to the books and records of the Purchaser and its Subsidiaries, their respective finance personnel and
any other information that the DT Representative or the Seller Representative reasonably requests relating to the determination
of the Adjusted Net Income or the Earn-Out Payment for such Earn-Out Year or the Alternative Earn-Out Payment. Either the DT Representative
or the Seller Representative may deliver written notice to the CFO (by providing notice to the Purchaser to the attention of the
CFO) and the other Party on or prior to the thirtieth (30th) day after receipt of an Earn-Out Statement specifying in reasonable
detail any items that they wish to dispute and the basis therefor. If the Seller Representative or the DT Representative fails
to deliver such written notice in such thirty (30) day period, then such Party will have waived its right (and, with respect to
the Seller Representative, the right of the Sellers, and, with respect to the DT Representative, the right of the Purchaser or
its Subsidiaries) to contest such Earn-Out Statement and the calculations set forth therein of the Adjusted Net Income for such
Earn-Out Year. If either the DT Representative or the Seller Representative provides the CFO and the other Party with written
notice of any objections to the Earn-Out Statement in such thirty (30) day period, then the Seller Representative and the DT Representative
will, for a period of twenty (20) days following the date of delivery of such notice, attempt to resolve their differences and
any written resolution by them as to any disputed amount will be final and binding for all purposes under this Agreement. If at
the conclusion of such twenty (20) day period the Seller Representative and the DT Representative have not reached an agreement
on any objections with respect to the Earn-Out Statement, then upon request of either Party the Parties will resolve the dispute
in accordance with the Dispute Resolution Procedure (as set forth in Section 2.3). The Purchaser hereby agrees during the
Earn-Out Period to use its commercially reasonable efforts to maintain a financial reporting system that enables the parties to
calculate the Adjusted Net Income and Earn-Out Payments for purposes of this Article II.

 

    	 	4	 

     

    

 

2.3
Dispute Resolution Procedure. Matters disputed pursuant to Section 2.2 may be referred by either the DT Representative
or the Seller Representative to the Independent Expert for determination in accordance with this Section 2.3. Each of the
Seller Representative and the DT Representative agrees to execute, if requested by the Independent Expert, a reasonable engagement
letter with respect to the determination to be made by the Independent Expert. All fees and expenses of the Independent Expert
will be borne by the Purchaser. Except as provided in the preceding sentence, all other costs and expenses incurred by the Seller
Representative in connection with resolving any dispute hereunder before the Independent Expert will be borne by the Sellers,
and all other costs and expenses incurred by the DT Representative in connection with resolving any dispute hereunder before the
Independent Expert will be borne by the Purchaser. The Independent Expert will determine only those issues still in dispute as
of the Dispute Resolution Notice Date and the Independent Expert’s determination will be based solely upon and consistent
with the terms and conditions of this Agreement. The determination by the Independent Expert will be based solely on presentations
with respect to such disputed items by the DT Representative and the Seller Representative to the Independent Expert and not on
the Independent Expert’s independent review; provided, that such presentations will be deemed to include any work papers,
records, accounts or similar materials delivered to the Independent Expert by the DT Representative or the Seller Representative
in connection with such presentations and any materials delivered to the Independent Expert in response to requests by the Independent
Expert. Each of the Seller Representative and the DT Representative will use their reasonable efforts to make their respective
presentations as promptly as practicable following submission to the Independent Expert of the disputed items, and each such Party
will be entitled, as part of its presentation, to respond to the presentation of the other Party and any questions and requests
of the Independent Expert. In deciding any matter, the Independent Expert will be bound by the provisions of this Agreement, including
this Dispute Resolution Procedure. It is the intent of the parties hereto that the Dispute Resolution Procedure and the activities
of the Independent Expert in connection herewith are not (and should not be considered to be or treated as) an arbitration proceeding
or similar arbitral process and that no formal arbitration rules should be followed (including rules with respect to procedures
and discovery). The Seller Representative and the DT Representative will request that the Independent Expert’s determination
be made within forty-five (45) days after its engagement, or as soon thereafter as possible, will be set forth in a written statement
delivered to the DT Representative and the Seller Representative and will be final, conclusive, non-appealable and binding for
all purposes hereunder (other than for fraud or manifest error). Notwithstanding the foregoing, the Independent Expert shall not
make any determinations with respect to the matters described in Sections 2.4 or 2.5, and any determination made
by the Independent Expert of the applicable Earn-Out Payment for an applicable Earn-Out Year shall be subject to further adjustment
pursuant to such Sections.

 

2.4
Future Operations. Following the Closing (including during the Earn-Out Period), the Purchaser and its Affiliates, including
the Target Companies, will be entitled to operate their respective businesses based upon the business requirements of the Purchaser
and its Affiliates. Each of the Purchaser and its Affiliates, including the Target Companies will be permitted, following the
Closing (including during the Earn-Out Period), to make changes at its sole discretion to its operations, organization, personnel,
accounting practices and other aspects of its business, including actions that may have an impact on the achievement of the Earn-Out
Payments, and the Sellers will have no right to claim the loss of all or any portion of an Earn-Out Payment or other damages as
a result of such decisions.

 

2.5
No Earn-Out During Breach of Non-Competition Agreement. Notwithstanding anything to the contrary contained in this Agreement,
it is the intent of the parties that the Earn-Out Payments will be made to the Sellers only if the Sellers are in compliance with
their obligations under the Non-Competition Agreement. Accordingly, without limiting any other remedies available to the Purchaser
under this Agreement or the Ancillary Documents or under applicable Law, should any Seller at any time following the Closing breach
its obligations under the Non-Competition Agreement, then (a) while such Seller’s breach is continuing and remains uncured
the Purchaser’s obligation to make any Earn-Out Payment to such Seller shall be suspended, and (b) such Seller shall forfeit
any right to (i) any Earn-Out Payment due to such Seller for any Earn-Out Year in which such breach occurs and continues and remains
uncured for at least ten (10) days and, (ii) if such breach is continuing and remains uncured for a period of at least ten (10)
days of any subsequent Earn-Out Year, any Earn-Out Payment for such subsequent Earn-Out Year, if any. For the avoidance of doubt,
if such breach occurs after the completion of any Earn-Out Year, but prior to the payment of the Earn-Out Payment for such Earn-Out
Year, then such Seller shall forfeit any right to the Earn-Out Payment for such Earn-Out Year. Additionally, if the Alternative
Earn-Out Payment would otherwise be payable to such Seller, then for each Earn-Out Year that the Earn-Out Payment is forfeited
pursuant to the prior sentence, the amount of the Alternative Earn-Out Payment shall be reduced by one-third (1/3rd)
of the total Alternative Earn-Out Payment otherwise payable to such Seller. In each case where a Seller forfeits its rights to
an Earn-Out Payment hereunder, the Purchaser shall instead receive such Earn-Out Payments from the Escrow Account.

 

    	 	5	 

     

    

 

Article
III

CLOSING

 

3.1
Closing. Subject to the satisfaction or waiver of the conditions set forth in Article IX, the consummation of the
transactions contemplated by this Agreement (the “Closing”) shall take place at the offices of Ellenoff
Grossman & Schole, LLP, 1345 Avenue of the Americas, New York, NY 10105, on the third (3rd) Business Day after
all the closing conditions to this Agreement have been satisfied or waived at 10:00 a.m. local time, or at such other date, time
or place as the Purchaser and the Company may agree (the date and time at which the Closing is actually held being the “Closing
Date”).

 

Article
IV

REPRESENTATIONS AND WARRANTIES OF THE PURCHASER

 

Except
as set forth in the disclosure schedules delivered by the Purchaser to the Company on the date hereof (the “Purchaser
Disclosure Schedules”), the Section numbers of which are numbered to correspond to the Section numbers of this Agreement
to which they refer, or in the SEC Reports, the Purchaser represents and warrants to the Company as follows:

 

4.1
Due Organization and Good Standing. The Purchaser is a business company duly incorporated, validly existing and in good
standing under the Laws of the British Virgin Islands. The Purchaser has all requisite corporate power and authority to own, lease
and operate its properties and to carry on its business as now being conducted. The Purchaser is duly qualified or licensed and
in good standing to do business in each jurisdiction in which the character of the property owned, leased or operated by it or
the nature of the business conducted by it makes such qualification or licensing necessary. The Purchaser has heretofore made
available to the Company accurate and complete copies of the Organizational Documents of the Purchaser, as currently in effect.
The Purchaser is not in violation of any provision of its Organizational Documents.

 

4.2
Authorization; Binding Agreement. The Purchaser has all requisite corporate power and authority to execute and deliver
this Agreement and each Ancillary Document to which it is a party, to perform the Purchaser’s obligations hereunder and
thereunder and to consummate the transactions contemplated hereby and thereby. The execution and delivery of this Agreement and
each Ancillary Document to which it is a party and the consummation of the transactions contemplated hereby and thereby (a) have
been duly and validly authorized by the board of directors of the Purchaser, and (b) no other corporate proceedings, other than
as set forth elsewhere in the Agreement, on the part of the Purchaser are necessary to authorize the execution and delivery of
this Agreement and each Ancillary Document to which it is a party or to consummate the transactions contemplated hereby and thereby.
This Agreement has been, and each Ancillary Document to which the Purchaser is a party shall be when delivered, duly and validly
executed and delivered by the Purchaser and, assuming the due authorization, execution and delivery of this Agreement and such
Ancillary Documents by the other parties hereto and thereto, constitutes, or when delivered shall constitute, the valid and binding
obligation of the Purchaser, enforceable against the Purchaser in accordance with its terms, except to the extent that enforceability
thereof may be limited by applicable bankruptcy, insolvency, reorganization and moratorium laws and other laws of general application
affecting the enforcement of creditors’ rights generally or by any applicable statute of limitation or by any valid defense
of set-off or counterclaim, and the fact that equitable remedies or relief (including the remedy of specific performance) are
subject to the discretion of the court from which such relief may be sought (collectively, the “Enforceability Exceptions”).

 

    	 	6	 

     

    

 

4.3
Governmental Approvals. Except as otherwise described in Schedule 4.3, no Consent of or with any Governmental Authority,
on the part of the Purchaser is required to be obtained or made in connection with the execution, delivery or performance by the
Purchaser of this Agreement and each Ancillary Document to which it is a party or the consummation by the Purchaser of the transactions
contemplated hereby and thereby, other than (a) pursuant to Antitrust Laws, (b) such filings as contemplated by this Agreement,
(c) any filings required with Nasdaq with respect to the transactions contemplated by this Agreement, (d) applicable requirements,
if any, of the Securities Act, the Exchange Act, and/ or any state “blue sky” securities Laws, and the rules and regulations
thereunder, and (e) where the failure to obtain or make such Consents or to make such filings or notifications, would not reasonably
be expected to have a Material Adverse Effect on the Purchaser.

 

4.4
Non-Contravention. Except as otherwise described in Schedule 4.4, the execution and delivery by the Purchaser of
this Agreement and each Ancillary Document to which it is a party, the consummation by the Purchaser of the transactions contemplated
hereby and thereby, and compliance by the Purchaser with any of the provisions hereof and thereof, will not (a) conflict with
or violate any provision of the Purchaser’s Organizational Documents, (b) subject to obtaining the Consents from Governmental
Authorities referred to in Section 4.3 hereof, and the waiting periods referred to therein having expired, and any
condition precedent to such Consent or waiver having been satisfied, conflict with or violate any Law, Order or Consent applicable
to the Purchaser or any of its properties or assets, or (c) (i) violate, conflict with or result in a breach of, (ii) constitute
a default (or an event which, with notice or lapse of time or both, would constitute a default) under, (iii) result in the termination,
withdrawal, suspension, cancellation or modification of, (iv) accelerate the performance required by the Purchaser under, (v)
result in a right of termination or acceleration under, (vi) give rise to any obligation to make payments or provide compensation
under, (vii) result in the creation of any Lien upon any of the properties or assets of the Purchaser under, (viii) give rise
to any obligation to obtain any third party consent or provide any notice to any Person or (ix) give any Person the right to declare
a default, exercise any remedy, claim a rebate, chargeback, penalty or change in delivery schedule, accelerate the maturity or
performance, cancel, terminate or modify any right, benefit, obligation or other term under, any of the terms, conditions or provisions
of, any Purchaser Material Contract, except for any deviations from any of the foregoing clauses (a), (b) or (c) that would not
reasonably be expected to have a Material Adverse Effect on the Purchaser.

 

4.5
Capitalization.

 

(a)
The Purchaser is authorized to issue (i) an unlimited number of Purchaser Ordinary Shares and (ii) an unlimited number of preferred
shares of no par value comprised within five (5) classes thereof. The issued and outstanding Purchaser Securities as of the date
of this Agreement are set forth on Schedule 4.5(a). All outstanding Purchaser Ordinary Shares are duly authorized, validly
issued, fully paid and non-assessable and not subject to or issued in violation of any purchase option, right of first refusal,
preemptive right, subscription right or any similar right under any provision of the BVI Act, the Purchaser Charter or any Contract
to which the Purchaser is a party. None of the outstanding Purchaser Securities has been issued in violation of any applicable
securities Laws.

 

(b)
Prior to giving effect to the transactions contemplated by this Agreement, the Purchaser does not have any Subsidiaries or own
any equity interests in any other Person.

 

(c)
Except as set forth in Section 4.5(a), there are no (i) outstanding options, warrants, puts, calls, convertible securities,
preemptive or similar rights, (ii) bonds, debentures, notes or other Indebtedness having general voting rights or that are convertible
or exchangeable into securities having such rights or (iii) subscriptions or other rights, agreements, arrangements, Contracts
or commitments of any character, (A) relating to the issued or unissued shares of the Purchaser or (b) obligating the Purchaser
to issue, transfer, deliver or sell or cause to be issued, transferred, delivered, sold or repurchased any options or shares or
securities convertible into or exchangeable for such shares, or (C) obligating the Purchaser to grant, extend or enter into any
such option, warrant, call, subscription or other right, agreement, arrangement or commitment for such capital shares. Other than
the Redemption or as expressly set forth in this Agreement, there are no outstanding obligations of the Purchaser to repurchase,
redeem or otherwise acquire any shares of the Purchaser or to provide funds to make any investment (in the form of a loan, capital
contribution or otherwise) in any Person. Except as set forth in Schedule 4.5(c), there are no shareholders agreements,
voting trusts or other agreements or understandings to which the Purchaser is a party with respect to the voting of any shares
of the Purchaser.

 

    	 	7	 

     

    

 

(d)
All Indebtedness of the Purchaser is disclosed on Schedule 4.5(d). No Indebtedness of the Purchaser contains any restriction
upon: (i) the prepayment of any of such Indebtedness, (ii) the incurrence of Indebtedness by the Purchaser or (iii) the ability
of the Purchaser to grant any Lien on its properties or assets.

 

(e)
Since the date of formation of the Purchaser, and except as contemplated by this Agreement, the Purchaser has not declared or
paid any distribution or dividend in respect of its shares and has not repurchased, redeemed or otherwise acquired any of its
shares, and the Purchaser’s board of directors has not authorized any of the foregoing.

 

4.6
SEC Filings and Purchaser Financials.

 

(a)
The Purchaser, since its formation, has filed all forms, reports, schedules, statements, registrations statements, prospectuses
and other documents required to be filed or furnished by the Purchaser with the SEC under the Securities Act and/or the Exchange
Act, together with any amendments, restatements or supplements thereto, and will file all such forms, reports, schedules, statements
and other documents required to be filed subsequent to the date of this Agreement. Schedule 4.6 lists and, except to the
extent available on the SEC’s web site through EDGAR, the Purchaser has delivered to the Company copies in the form filed
with the SEC of all of the following: (i) the Purchaser’s Annual Reports on Form 10-K for each fiscal year of the Purchaser
beginning with the first year the Purchaser was required to file such a form, (ii) the Purchaser’s Quarterly Reports on
Form 10-Q for each fiscal quarter that the Purchaser filed such reports to disclose its quarterly financial results in each of
the fiscal years of the Purchaser referred to in clause (i) above, (iii) all other forms, reports, registration statements, prospectuses
and other documents (other than preliminary materials) filed by the Purchaser with the SEC since the beginning of the first fiscal
year referred to in clause (i) above (the forms, reports, registration statements, prospectuses and other documents referred to
in clauses (i), (ii) and (iii) above, whether or not available through EDGAR, are, collectively, the “SEC Reports”)
and (iv) all certifications and statements required by (A) Rules 13a-14 or 15d-14 under the Exchange Act, and (B) 18 U.S.C. §1350
(Section 906 of SOX) with respect to any report referred to in clause (i) above (collectively, the “Public Certifications”).
Except as set forth on Schedule 4.6, the SEC Reports (y) were prepared in all material respects in accordance with the
requirements of the Securities Act and the Exchange Act, as the case may be, and the rules and regulations thereunder and (z)
did not, as of their respective effective dates (in the case of SEC Reports that are registration statements filed pursuant to
the requirements of the Securities Act) and at the time they were filed with the SEC (in the case of all other SEC Reports) 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 made therein, in the light of the circumstances under which they were made, not misleading. The Public Certifications
are each true as of their respective dates of filing. As used in this Section 4.6, the term “file” shall
be broadly construed to include any manner permitted by SEC rules and regulations in which a document or information is furnished,
supplied or otherwise made available to the SEC. As of the date of this Agreement, (A) the Purchaser Public Units, the Purchaser
Ordinary Shares, the Purchaser Rights and the Purchaser Public Warrants are listed on Nasdaq, (B) the Purchaser has not received
any written deficiency notice from Nasdaq relating to the continued listing requirements of such Purchaser Securities, (C) there
are no Actions pending or, to the Knowledge of the Purchaser, threatened against the Purchaser by the Financial Industry Regulatory
Authority with respect to any intention by such entity to suspend, prohibit or terminate the quoting of such Purchaser Securities
on Nasdaq and (D) such Purchaser Securities are in compliance with all of the applicable listing and corporate governance rules
of Nasdaq.

 

    	 	8	 

     

    

 

(b)
The financial statements and notes contained or incorporated by reference in the SEC Reports (the “Purchaser Financials”),
fairly present in all material respects the financial position and the results of operations, changes in shareholders’ equity,
and cash flows of the Purchaser at the respective dates of and for the periods referred to in such financial statements, all in
accordance with (i) GAAP methodologies applied on a consistent basis throughout the periods involved and (ii) Regulation S-X or
Regulation S-K, as applicable (except as may be indicated in the notes thereto and for the omission of notes and audit adjustments
in the case of unaudited quarterly financial statements to the extent permitted by Regulation S-X or Regulation S-K, as applicable).

 

(c)
Except as and to the extent reflected or reserved against in the Purchaser Financials, the Purchaser has not incurred any Liabilities
or obligations of the type required to be reflected on a balance sheet in accordance with GAAP that is not adequately reflected
or reserved on or provided for in the Purchaser Financials, other than Liabilities of the type required to be reflected on a balance
sheet in accordance with GAAP that have been incurred since the Purchaser’s formation in the ordinary course of business.

 

4.7
Absence of Certain Changes. As of the date of this Agreement, except as set forth in Schedule 4.7, the Purchaser
has, (a) since its formation, conducted no business other than its formation, the public offering of its securities (and the related
private offerings), public reporting and its search for an initial Business Combination as described in the IPO Prospectus (including
the investigation of the Target Companies and the negotiation and execution of this Agreement) and related activities and (b)
since March 31, 2015, not been subject to a Material Adverse Effect.

 

4.8
Compliance with Laws. The Purchaser is, and has since its formation been, in compliance with all Laws applicable to it
and the conduct of its business except for such noncompliance which would not reasonably be expected to have a Material Adverse
Effect on the Purchaser, and the Purchaser has not received written notice alleging any violation of applicable Law in any material
respect by the Purchaser.

 

4.9
Actions; Orders; Permits. There is no pending or, to the Knowledge of the Purchaser, threatened material Action to which
the Purchaser is subject. There is no material Action that the Purchaser has pending against any other Person. The Purchaser is
not subject to any material Orders of any Governmental Authority, nor are any such Orders pending. The Purchaser holds all material
Permits necessary to lawfully conduct its business as presently conducted, and to own, lease and operate its assets and properties,
all of which are in full force and effect.

 

4.10
Taxes and Returns.

 

(a)
The Purchaser has or will have timely filed, or caused to be timely filed, all material Tax Returns by it, which Tax Returns are
true, accurate, correct and complete in all material respects, and has paid, collected or withheld, or caused to be paid, collected
or withheld, all material Taxes required to be paid, collected or withheld, other than such Taxes for which adequate reserves
in the Purchaser Financials have been established in accordance with GAAP. Schedule 4.10(a) sets forth each jurisdiction
where the Purchaser files or is required to file a Tax Return. There are no audits, examinations, investigations or other proceedings
pending against the Purchaser in respect of any Tax, and the Purchaser has not been notified in writing of any proposed Tax claims
or assessments against the Purchaser (other than, in each case, claims or assessments for which adequate reserves in the Purchaser
Financials have been established in accordance with GAAP or are immaterial in amount). There are no Liens with respect to any
Taxes upon any of the Purchaser’s assets, other than Permitted Liens. The Purchaser has no outstanding waivers or extensions
of any applicable statute of limitations to assess any material amount of Taxes. There are no outstanding requests by the Purchaser
for any extension of time within which to file any Tax Return or within which to pay any Taxes shown to be due on any Tax Return.

 

    	 	9	 

     

    

 

(b)
Since the date of its formation, the Purchaser has not (i) changed any Tax accounting methods, policies or procedures except as
required by a change in Law, (ii) made, revoked, or amended any material Tax election, (iii) filed any amended Tax Returns or
claim for refund or (iv) entered into any closing agreement affecting or otherwise settled or compromised any material Tax Liability
or refund.

 

4.11
Employees and Employee Benefit Plans. The Purchaser does not (a) have any paid employees or (b) maintain, or have Liability
under, any Benefit Plans.

 

4.12
Properties. The Purchaser does not own, license or otherwise have any right, title or interest in any material Intellectual
Property. The Purchaser does not own or lease any material real property or Personal Property.

 

4.13
Material Contracts.

 

(a)
Except as set forth on Schedule 4.13(a), other than this Agreement and the Ancillary Documents, there are no Contracts
to which the Purchaser is a party or by which any of its properties or assets may be bound, subject or affected, which (i) creates
or imposes a Liability greater than $100,000, (ii) may not be cancelled by the Purchaser on less than sixty (60) days’ prior
notice without payment of a material penalty or termination fee or (iii) prohibits, prevents, restricts or impairs in any material
respect any business practice of the Purchaser as its business as is currently conducted, any acquisition of material property
by the Purchaser, or restricts in any material respect the ability of the Purchaser from engaging in business as currently conducted
by it or from competing with any other Person (each, a “Purchaser Material Contract”). All Purchaser
Material Contracts have been made available to the Company other than those that are exhibits to the SEC Reports.

 

(b)
With respect to each Purchaser Material Contract: (i) the Purchaser Material Contract was entered into at arms’ length and
in the ordinary course of business; (ii) the Purchaser Material Contract is legal, valid, binding and enforceable in all material
respects against the Purchaser and, to the Knowledge of the Purchaser, the other parties thereto, and is in full force and effect
(except as such enforcement may be limited by the Enforceability Exceptions); (iii) the Purchaser is not in breach or default
in any material respect, and no event has occurred that with the passage of time or giving of notice or both would constitute
such a breach or default in any material respect by the Purchaser, or permit termination or acceleration by the other party, under
such Purchaser Material Contract; and (iv) to the Knowledge of the Purchaser, no other party to any Purchaser Material Contract
is in breach or default in any material respect, and no event has occurred that with the passage of time or giving of notice or
both would constitute such a breach or default by such other party, or permit termination or acceleration by the Purchaser under
any Purchaser Material Contract.

 

4.14
Transactions with Affiliates. Schedule 4.14 sets forth a true, correct and complete list of the Contracts and arrangements
that are in existence as of the date of this Agreement under which there are any existing or future Liabilities or obligations
between the Purchaser and any (a) present or former director, officer or employee or Affiliate of the Purchaser, or any family
member of any of the foregoing, or (ii) record or beneficial owner of more than five percent (5%) of the Purchaser’s outstanding
Purchaser Ordinary Shares as of the date hereof.

 

    	 	10	 

     

    

 

4.15
Investment Company Act. The Purchaser is not an “investment company” or a Person directly or indirectly “controlled”
by or acting on behalf of an “investment company”, in each case within the meaning of the Investment Company Act of
1940, as amended.

 

4.16
Finders and Brokers. Except as set forth on Schedule 4.16, no broker, finder or investment banker is entitled to
any brokerage, finder’s or other fee or commission from the Purchaser, the Target Companies or any of their respective Affiliates
in connection with the transactions contemplated hereby based upon arrangements made by or on behalf of the Purchaser.

 

4.17
Trust Account. As of the date of this Agreement, the Purchaser has investments in the Trust Account that will be worth
at least $69,998,000 upon the maturity of such investments, and such monies have been deposited with the Trustee to be held in
trust in accordance with the Trust Agreement. The Trust Agreement is valid and in full force and effect and enforceable in accordance
with its terms (except as such enforcement may be limited by the Enforceability Exceptions) and, as of the date of this Agreement,
has not been amended or modified. There are no separate agreements, side letters, or other agreements or understandings (whether
written or unwritten, express or implied) involving the Purchaser that would cause the descriptions of the Trust Agreement in
the SEC Reports to be inaccurate in any material respect and/or that would entitle any Person other than Purchaser (other than
as set forth in the Trust Agreement, including any shareholders redeeming their Purchaser Ordinary Shares in accordance with the
Redemption) to any portion of the proceeds in the Trust Account upon the Closing after giving effect to the Redemption; provided,
that the Parties acknowledge that the proceeds in the Trust Account may not be protected against claims by third parties that
have not expressly agreed to waive their rights to the monies in the Trust Account, and any agreements with Persons who have not
expressly agreed to waive their rights to the monies in the Trust Account shall not be a breach of this Section 4.17. Additionally,
the Parties acknowledge that in event that the Extension occurs, the Public Shareholders shall have the right to cause the Purchaser
to redeem their Purchaser Ordinary Shares in connection with the Extension.

 

4.18
Ownership of Exchange Shares. All Exchange Shares issued and delivered in accordance with Article I to the Sellers
and the Escrow Agent shall be, upon issuance and delivery of such Exchange Shares, fully paid and non-assessable, free and clear
of all Liens, other than restrictions arising from applicable securities Laws, the Lock-Up Agreement, the Registration Rights
Agreement, the Escrow Agreement, the forfeiture provisions of Article II hereof and any Liens incurred by Seller, and the
issuance and sale of such Exchange Shares pursuant hereto will not be subject to or give rise to any preemptive rights or rights
of first refusal.

 

4.19
Certain Business Practices.

 

(a)
Neither the Purchaser, nor any of its Representatives acting on its behalf, has (i) used any funds for unlawful contributions,
gifts, entertainment or other unlawful expenses relating to political activity, (ii) made any unlawful payment to foreign or domestic
government officials or employees, to foreign or domestic political parties or campaigns or violated any provision of the Foreign
Corrupt Practices Act of 1977, (iii) made any other unlawful payment or (iv) since the formation of the Purchaser, directly or
indirectly, given or agreed to give any gift or similar benefit in any material amount to any customer, supplier, governmental
employee or other Person who is or may be in a position to help or hinder the Purchaser or assist it in connection with any actual
or proposed transaction.

 

    	 	11	 

     

    

 

(b)
The operations of the Purchaser are and have been conducted at all times in compliance with laundering statutes in all applicable
jurisdictions, the rules and regulations thereunder and any related or similar rules, regulations or guidelines, issued, administered
or enforced by any Governmental Authority, and no Action involving the Purchaser with respect to the any of the foregoing is pending
or, to the Knowledge of the Purchaser, threatened.

 

(c)
None of the Purchaser or any of its directors or officers, or, to the Knowledge of the Purchaser, any other Representative acting
on behalf of the Purchaser is currently identified on the specially designated nationals or other blocked person list or otherwise
currently subject to any U.S. sanctions administered by the Office of Foreign Assets Control of the U.S. Treasury Department (“OFAC”),
and the Purchaser has not, directly or indirectly, used any funds, or loaned, contributed or otherwise made available such funds
to any Subsidiary, joint venture partner or other Person, in connection with any sales or operations in Cuba, Iran, Syria, Sudan,
Myanmar or any other country sanctioned by OFAC or for the purpose of financing the activities of any Person currently subject
to, or otherwise in violation of, any U.S. sanctions administered by OFAC in the last five (5) fiscal years.

 

4.20
Insurance. Schedule 4.20 lists all insurance policies (by policy number, insurer, coverage period, coverage amount,
annual premium and type of policy) held by the Purchaser relating to the Purchaser or its business, properties, assets, directors,
officers and employees, copies of which have been provided to the Company. All premiums due and payable under all such insurance
policies have been timely paid and the Purchaser is otherwise in material compliance with the terms of such insurance policies.
All such insurance policies are in full force and effect, and to the Knowledge of the Purchaser, there is no threatened termination
of, or material premium increase with respect to, any of such insurance policies. There have been no insurance claims made by
the Purchaser. The Purchaser has each reported to its insurers all claims and pending circumstances that would reasonably be expected
to result in a claim, except where such failure to report such a claim would not be reasonably likely to have a Material Adverse
Effect on the Purchaser.

 

4.21
Independent Investigation. Without limiting Section 8.4(c) hereof, the Purchaser has conducted its own independent
investigation, review and analysis of the business, results of operations, prospects, condition (financial or otherwise) or assets
of the Target Companies, and acknowledge that it has been provided adequate access to the personnel, properties, assets, premises,
books and records, and other documents and data of the Target Companies for such purpose. The Purchaser acknowledges and agrees
that: (a) in making its decision to enter into this Agreement and to consummate the transactions contemplated hereby, it has relied
solely upon its own investigation and the express representations and warranties of the Company and the Sellers set forth in Article
V and Article VI (including the related portions of the Company Disclosure Schedules and any Supplemental Disclosure
Schedules provided by the Company or the Sellers); and (b) none of the Company, the Sellers or their respective Representatives
have made any representation or warranty as to the Target Companies, the Sellers or this Agreement, except as expressly set forth
in Article V and Article VI (including the related portions of the Company Disclosure Schedules and Supplemental
Disclosure Schedules provided by the Company or the Sellers).

 

    	 	12	 

     

    

 

Article
V

REPRESENTATIONS AND WARRANTIES OF THE COMPANY

 

Except
as set forth in the disclosure schedules delivered by the Company to the Purchaser on the date hereof (the “Company
Disclosure Schedules”), the Section numbers of which are numbered to correspond to the Section numbers of this Agreement
to which they refer, the Company hereby represents and warrants to the Purchaser as follows:

 

5.1
Due Organization and Good Standing. The Company is a business company duly incorporated, validly existing and in good standing
under the Laws of the British Virgin Islands and has all requisite corporate power and authority to own, lease and operate its
properties and to carry on its business as now being conducted. Each Subsidiary of the Company is a corporation or other entity
duly formed, validly existing and in good standing under the Laws of its jurisdiction of organization and has all requisite corporate
power and authority to own, lease and operate its properties and to carry on its business as now being conducted. Except as set
forth in Schedule 5.1, each Target Company is duly qualified or licensed and in good standing in the jurisdiction in which
it is incorporated or registered and in each other jurisdiction where it does business or operates to the extent that the character
of the property owned, or leased or operated by it or the nature of the business conducted by it makes such qualification or licensing
necessary. Schedule 5.1 lists all jurisdictions in which any Target Company is qualified to conduct business and all names
other than its legal name under which any Target Company does business. The Company has provided to the Purchaser accurate and
complete copies of its Organizational Documents and the Organizational Documents of each of its Subsidiaries, each as amended
to date and as currently in effect. No Target Company is in violation of any provision of its Organizational Documents.

 

5.2
Authorization; Binding Agreement. The Company has all requisite corporate power and authority to execute and deliver this
Agreement and each Ancillary Document to which it is or is required to be a party, to perform the Company’s obligations
hereunder and thereunder and to consummate the transactions contemplated hereby and thereby. The execution and delivery of this
Agreement and each Ancillary Document to which the Company is or is required to be a party and the consummation of the transactions
contemplated hereby and thereby, (a) have been duly and validly authorized by the Company’s board of directors and the Company’s
shareholders to the extent required by the Company’s Organizational Documents, the BVI Act, any other applicable Law or
any Contract to which the Company or any of its shareholders is a party or by which or its securities are bound and (b) no other
corporate proceedings on the part of the Company are necessary to authorize the execution and delivery of this Agreement and each
Ancillary Document to which it is a party or to consummate the transactions contemplated hereby and thereby. This Agreement has
been, and each Ancillary Document to which the Company is or is required to be a party shall be when delivered, duly and validly
executed and delivered by the Company and assuming the due authorization, execution and delivery of this Agreement and any such
Ancillary Document by the other parties hereto and thereto, constitutes, or when delivered shall constitute, the legal, valid
and binding obligation of the Company, enforceable against the Company in accordance with its terms, subject to the Enforceability
Exceptions.

 

5.3
Capitalization.

 

(a)
The Company is authorized to issue 20,000,000 Company Ordinary Shares, all 20,000,000 of which shares are issued and outstanding.
Prior to giving effect to the transactions contemplated by this Agreement, the Sellers are the legal (registered) and beneficial
owners of all of the issued and outstanding shares and other equity interests in or of the Company, with each Seller owning the
shares and any other equity interests in the Company set forth on Schedule 5.3(a), all of which shares and other equity
interests are owned free and clear of any Liens other than those imposed under the Company Charter. The Purchased Shares to be
delivered by the Sellers to the Purchaser at the Closing constitute all of the issued and outstanding shares and other equity
interests in or of the Company. All of the outstanding shares and other equity interests in or of the Company have been duly authorized,
are fully paid and non-assessable and not in violation of any purchase option, right of first refusal, preemptive right, subscription
right or any similar right under any provision of the BVI Act, any other applicable Law, the Company Charter or any Contract to
which the Company is a party or by which it or its securities are bound. The Company holds no shares or other equity interests
in or of the Company in its treasury. None of the outstanding shares or other equity interests in or of the Company were issued
in violation of any applicable securities Laws.

 

    	 	13	 

     

    

 

(b)
Other than as set forth on Schedule 5.3(b), there are no options, warrants or other rights to subscribe for or purchase
any shares or other equity interests in or of the Company or securities convertible into or exchangeable for, or that otherwise
confer on the holder any right to acquire any shares or other equity interests in or of the Company, or preemptive rights or rights
of first refusal or first offer, nor are there any Contracts, commitments, arrangements or restrictions to which the Company or,
to the Knowledge of the Company, any of its shareholders is a party or bound relating to any equity securities of the Company,
whether or not outstanding. There are no outstanding or authorized equity appreciation, phantom equity or similar rights with
respect to the Company. Except as set forth on Schedule 5.3(b), there are no voting trusts, proxies, shareholder agreements
or any other agreements or understandings with respect to the voting of the Company’s shares or other equity interests.
Except as set forth in the Company Charter, there are no outstanding contractual obligations of the Company to repurchase, redeem
or otherwise acquire any shares or other equity interests or securities in or of the Company, nor has the Company granted any
registration rights to any Person with respect to the Company’s equity securities. All of the Company’s securities
have been granted, offered, sold and issued in compliance with all applicable securities Laws. As a result of the consummation
of the transactions contemplated by this Agreement, no shares or other equity interests in or of the Company are issuable and
no rights in connection with any interests, warrants, rights, options or other securities of the Company accelerate or otherwise
become triggered (whether as to vesting, exercisability, convertibility or otherwise).

 

(c)
Except as set forth on Schedule 5.3(c), since January 1, 2010, the Company has not declared or paid any distribution or
dividend in respect of its shares or other equity interests and has not repurchased, redeemed or otherwise acquired any shares
or other equity interests in or of the Company, and the board of directors of the Company has not authorized any of the foregoing.

 

5.4
Subsidiaries.

 

(a)
Schedule 5.4(a) sets forth the name of each Subsidiary of the Company, and with respect to each Subsidiary (a) its jurisdiction
of organization, (b) its authorized shares or other equity interests (if applicable), (c) the number of issued and outstanding
shares or other equity interests and the record holders and beneficial owners thereof and (d) its Tax election to be treated as
a corporate or a disregarded entity under the Code and any state or applicable non-U.S. Tax laws, if any. All of the outstanding
equity securities of each Subsidiary of the Company are duly authorized and validly issued, fully paid and non-assessable (if
applicable), and were offered, sold and delivered in compliance with all applicable securities Laws, and owned by the Company
or one of its Subsidiaries free and clear of all Liens (other than those, if any, imposed by such Subsidiary’s Organizational
Documents). There are no Contracts to which the Company or any of its Affiliates is a party or bound with respect to the voting
(including voting trusts or proxies) of the shares or other equity interests of any Subsidiary of the Company other than the Organizational
Documents of any such Subsidiary. There are no outstanding or authorized options, warrants, rights, agreements, subscriptions,
convertible securities or commitments to which any Subsidiary of the Company is a party or which are binding upon any Subsidiary
of the Company providing for the issuance or redemption of any shares or other equity interests in or of any Subsidiary of the
Company. There are no outstanding equity appreciation, phantom equity, profit participation or similar rights granted by any Subsidiary
of the Company. Except as set forth on Schedule 5.4(a), no Subsidiary of the Company has any limitation on its ability
to make any distributions or dividends to its equity holders, whether by Contract, Order or applicable Law. Except for the equity
interests of the Subsidiaries listed on Schedule 5.4(a), the Company does not own or have any rights to acquire, directly
or indirectly, any shares or other equity interests of any Person. None of the Company or its Subsidiaries is a participant in
any joint venture, partnership or similar arrangement. There are no outstanding contractual obligations of the Company or its
Subsidiaries to provide funds to, or make any investment (in the form of a loan, capital contribution or otherwise) in, any other
Person (other than loans to customers in the ordinary course of business).

 

    	 	14	 

     

    

 

(b)
HK Holdings is the legal and beneficial owner of one hundred percent (100%) of the issued and outstanding equity interests of
each WFOE. Except for the pledge of the shares of China Lending made to BWFOE pursuant to the VIE Contracts, which pledges are
described in Schedule 5.4(b)(i), there are no outstanding options, warrants, rights (including conversion rights, preemptive
rights, rights of first refusal or similar rights) or agreements to purchase or acquire any equity interest, or any securities
convertible into or exchangeable for an equity interest, of either WFOE. BWFOE is a party to certain variable interest entity
contracts with China Lending and the China Lending Shareholders, which are set forth on Schedule 5.4(b)(ii) (the “VIE
Contracts”), pursuant to which the profits of China Lending are paid to BWFOE and China Lending is contractually
controlled by BWFOE. XWFOE operates its business and lends directly to customers in Xinjiang, China. XWFOE is not a party to any
variable interest entity contracts with China Lending or any other Person, and does not otherwise conduct its business through
China Lending or any entity.

 

5.5
Governmental Approvals. Except as otherwise described in Schedule 5.5, no Consent of or with any Governmental Authority
on the part of any Target Company is required to be obtained or made in connection with the execution, delivery or performance
by the Company of this Agreement or any Ancillary Documents or the consummation by the Company of the transactions contemplated
hereby or thereby other than (a) such filings as contemplated by this Agreement and (b) pursuant to Antitrust Laws.

 

5.6
Non-Contravention. Except as otherwise described in Schedule 5.6, the execution and delivery by the Company (or
any other Target Company, as applicable) of this Agreement and each Ancillary Document to which any Target Company is a party
or otherwise bound, and the consummation by any Target Company of the transactions contemplated hereby and thereby and compliance
by any Target Company with any of the provisions hereof and thereof, will not (a) conflict with or violate any provision of any
Target Company’s Organizational Documents, (b) subject to obtaining the Consents from Governmental Authorities referred
to in Section 5.5 hereof, and the waiting periods referred to therein having expired, and any condition precedent to such
Consent or waiver having been satisfied, conflict with or violate any Law, Order or Consent applicable to any Target Company or
any of their properties or assets, or (c) (i) violate, conflict with or result in a breach of, (ii) constitute a default (or an
event which, with notice or lapse of time or both, would constitute a default) under, (iii) result in the termination, withdrawal,
suspension, cancellation or modification of, (iv) accelerate the performance required by any Target Company under, (v) result
in a right of termination or acceleration under, (vi) give rise to any obligation to make payments or provide compensation under,
(vii) result in the creation of any Lien upon any of the properties or assets of any Target Company under, (viii) give rise to
any obligation to obtain any third party consent or provide any notice to any Person or (ix) give any Person the right to declare
a default, exercise any remedy, claim a rebate, chargeback, penalty or change in delivery schedule, accelerate the maturity or
performance, cancel, terminate or modify any right, benefit, obligation or other term under, any of the terms, conditions or provisions
of, any Company Material Contract.

 

5.7
Financial Statements.

 

(a)
As used herein, the term “Company Financials” means the (i) audited consolidated financial
statements of the Target Companies (including, in each case, any related notes thereto), consisting of the consolidated balance
sheets of the Target Companies as of December 31, 2014 and December 31, 2013, and the related consolidated income statements,
changes in shareholder equity and statements of cash flows for the years then ended, (ii) the unaudited financial statements,
consisting of the consolidated balance sheet of the Target Companies as of September 30, 2015 (the “Interim Balance
Sheet Date”) and the related consolidated income statement, changes in shareholder equity and statement of cash
flows for the nine (9) months then ended and (iii) the unaudited management accounting report (the “Management Report”),
consisting of a consolidated balance sheet of the Target Companies as of November 30, 2015 and the related consolidated income
statement for the eleven (11) months then ended. True and correct copies of the Company Financials have been provided to the Purchaser.
The Company Financials (i) accurately reflect the books and records of the Target Companies as of the times and for the periods
referred to therein, (ii) other than the Management Report, were prepared in accordance with GAAP, consistently applied throughout
and among the periods involved (except that the unaudited statements exclude the footnote disclosures and other presentation items
required for GAAP and exclude year-end adjustments which will not be material in amount), and (iii) fairly present in all material
respects the financial position of the Target Companies as of the respective dates thereof and the results of the operations and
cash flows (other than with respect to the Management Report) of the Target Companies for the periods indicated.

 

    	 	15	 

     

    

 

(b)
Each Target Company maintains accurate books and records reflecting its assets and Liabilities and maintains proper and adequate
internal accounting controls that provide reasonable assurance that (i) such Target Company does not maintain any off-the-book
accounts and that such Target Company’s assets are used only in accordance with the Target Company’s management directives,
(ii) transactions are executed with management’s authorization, (iii) transactions are recorded as necessary to permit preparation
of the financial statements of such Target Company and to maintain accountability for such Target Company’s assets, (iv)
access to such Target Company’s assets is permitted only in accordance with management’s authorization and (v) accounts,
notes and other receivables are recorded accurately, and proper and adequate procedures are implemented to effect the collection
of accounts, notes and other receivables on a current and timely basis. No Target Company has been subject to or involved in any
material fraud that involves management or other employees who have a significant role in the internal controls over financial
reporting of the Company and its Subsidiaries. Since January 1, 2012, no Target Company or its Representatives has received any
written complaint, allegation, assertion or claim regarding the accounting or auditing practices, procedures, methodologies or
methods of any Target Company or its internal accounting controls, including any material written complaint, allegation, assertion
or claim that any Target Company has engaged in questionable accounting or auditing practices.

 

(c)
No Target Company has ever been subject to the reporting requirements of Sections 13(a) and 15(d) of the Exchange Act.

 

(d)
All Indebtedness of the Target Companies is disclosed on Schedule 5.7(d). Except as disclosed on Schedule 5.7(d),
no Indebtedness of any Target Company contains any restriction upon (i) the prepayment of any of such Indebtedness, (ii) the incurrence
of Indebtedness by any Target Company, or (iii) the ability of the Target Companies to grant any Lien on their respective properties
or assets.

 

(e)
Except as set forth on Schedule 5.7(e), no Target Company is subject to any Liabilities or obligations (whether or not
required to be reflected on a balance sheet prepared in accordance with GAAP), except for those that are either (i) adequately
reflected or reserved on or provided for in the consolidated balance sheet of the Company and its Subsidiaries as of the Interim
Balance Sheet Date contained in the Company Financials or (ii) not material and that were incurred after the Interim Balance Sheet
Date in the ordinary course of business consistent with past practice (other than Liabilities for breach of any Contract or violation
of any Law).

 

(f)
All financial projections with respect to the Target Companies that were delivered by or on behalf of the Company to the Purchaser
or its Representatives were prepared in good faith using assumptions that the Company believes to be reasonable.

 

    	 	16	 

     

    

 

5.8
Absence of Certain Changes. Except as set forth on Schedule 5.8, since January 1, 2015, each Target Company has
(a) conducted its business only in the ordinary course of business consistent with past practice, (b) not been subject to a Material
Adverse Effect and (c) has not taken any action or committed or agreed to take any action that would be prohibited by Section
7.2(b) (without giving effect to Schedule 7.2) if such action were taken on or after the date hereof without the consent
of the Purchaser.

 

5.9
Compliance with Laws. Except as set forth on Schedule 5.9, no Target Company is or has been in material conflict
or non-compliance with, or in material default or violation of, nor has any Target Company received, since January 1, 2009, any
written or, to the Knowledge of the Company, oral notice of any material conflict or non-compliance with, or material default
or violation of, any applicable Laws by which it or any of its properties, assets, employees, business or operations are or were
bound or affected.

 

5.10
Company Permits. Each Target Company (and its employees who are legally required to be licensed by a Governmental Authority
in order to perform his or her duties with respect to his or her employment with any Target Company), holds all Permits necessary
to lawfully conduct in all material respects its business as presently conducted and as currently contemplated to be conducted,
and to own, lease and operate its assets and properties (collectively, the “Company Permits”).
The Company has made available to the Purchaser true, correct and complete copies of all material Company Permits. All of the
material Company Permits are in full force and effect, and no suspension or cancellation of any of the material Company Permits
is pending or, to the Company’s Knowledge, threatened. No Target Company is in violation in any material respect of the
terms of any Company Permit.

 

5.11
Litigation. Except as described on Schedule 5.11, there is no (a) Action of any nature pending or, to the Company’s
Knowledge, threatened (and no such Action has been brought or, to the Company’s Knowledge, threatened since January 1, 2013)
or (b) Order pending now or rendered by a Governmental Authority since January 1, 2013, in either case of (a) or (b) by or against
any Target Company, its current or former directors, officers or equity holders (provided, that any litigation involving the directors,
officers or equity holders of a Target Company must be related to the Target Company’s business, equity securities or assets),
its business, equity securities or assets. The items listed on Schedule 5.11, if finally determined adverse to the Target
Companies, will not have, either individually or in the aggregate, a Material Adverse Effect upon any Target Company. Since January
1, 2010, none of the current or former officers, senior management or directors of any Target Company have been charged with,
indicted for, arrested for, or convicted of any felony or any crime involving fraud.

 

5.12
Material Contracts.

 

(a)
Schedule 5.12(a) sets forth a true, correct and complete list of, and the Company has made available to the Purchaser (including
written summaries of oral Contracts), true, correct and complete copies of, each Contract to which any Target Company is a party
or by which any Target Company, or any of its properties or assets are bound or affected (each contract required to be set forth
on Schedule 5.12(a), a “Company Material Contract”) that:

 

    	 	17	 

     

    

 

(i)
contains covenants that limit the ability of any Target Company (A) to compete in any line of business or with any Person
or in any geographic area or to sell, or provide any service or product or solicit any Person, including any non-competition covenants,
employee and customer non-solicit covenants, exclusivity restrictions, rights of first refusal or most-favored pricing clauses
or (B) to purchase or acquire an interest in any other Person;

 

(ii)
involves any joint venture, profit-sharing, partnership, limited liability company or other similar agreement or arrangement relating
to the formation, creation, operation, management or control of any partnership or joint venture;

 

(iii)
involves any exchange traded, over the counter or other swap, cap, floor, collar, futures contract, forward contract, option or
other derivative financial instrument or Contract, based on any commodity, security, instrument, asset, rate or index of any kind
or nature whatsoever, whether tangible or intangible, including currencies, interest rates, foreign currency and indices;

 

(iv)
evidences Indebtedness (whether incurred, assumed, guaranteed or secured by any asset) of any Target Company having an outstanding
principal amount in excess of $100,000;

 

(v)
involves the acquisition or disposition, directly or indirectly (by merger or otherwise), of assets with an aggregate value in
excess of $100,000 (other than in the ordinary course of business consistent with past practice) or shares or other equity interests
in or of another Person;

 

(vi)
relates to any merger, consolidation or other business combination with any other Person or the acquisition or disposition of
any other entity or its business or material assets or the sale of any Target Company, its business or material assets;

 

(vii)
by its terms, individually or with all related Contracts, calls for aggregate payments or receipts by the Target Companies under
such Contract or Contracts of more than $2,000,000 in the aggregate;

 

(viii)
obligates the Target Companies to provide continuing indemnification or a guarantee of obligations of a third party after the
date hereof in excess of $100,000 (other than customary indemnification provisions included as ancillary terms in commercial contracts
entered into the ordinary course of business consistent with past practice);

 

(ix)
is between any Target Company and any directors, officers or employees of a Target Company (other than at-will employment arrangements
with employees entered into in the ordinary course of business consistent with past practice), including all non-competition,
severance and indemnification agreements, or any Related Person;

 

(x)
is a VIE Contract or otherwise is between (A) the Company, HK Holdings and/or any WFOE, on the one hand, and (B) China Lending,
any Subsidiary of China Lending or the China Lending Shareholders, on the other hand;

 

(xi)
obligates the Target Companies to make any capital commitment or expenditure in excess of $100,000 (including pursuant to any
joint venture) (excluding for the avoidance of doubt, loan arrangements made to customers and capital commitments and expenditures
made in connection with equipment and real property financing leases with customers, in each case, in the ordinary course of business
consistent with past practice);

 

(xii)
relates to a material settlement entered into within three (3) years prior to the date of this Agreement or under which any Target
Company has outstanding obligations (other than customary confidentiality obligations);

 

(xiii)
provides another Person (other than another Target Company or any manager, director or officer of any Target Company) with a power
of attorney;

 

    	 	18	 

     

    

 

(xiv)
relates to the development, ownership, licensing or use of any Intellectual Property by, to or from any Target Company, other
than Off-the-Shelf Software Agreements; or

 

(xv)
is otherwise material to any Target Company and outside of the ordinary course of business of the Target Companies and not described
in clauses (i) through (xiv) above.

 

(b)
Except as disclosed in Schedule 5.12(b), with respect to each Company Material Contract: (i) such Company Material Contract
is valid and binding and enforceable in all respects against the Target Company party thereto (subject to the Enforceability Exceptions)
and, to the Knowledge of the Company, each other party thereto, and is in full force and effect; (ii) no Target Company is in
breach or default in any respect, and no event has occurred that with the passage of time or giving of notice or both would constitute
a breach or default by any Target Company, or permit termination or acceleration by the other party thereto, under such Company
Material Contract; (iii) to the Knowledge of the Company, no other party to such Company Material Contract is in breach or
default in any respect, and no event has occurred that with the passage of time or giving of notice or both would constitute such
a breach or default by such other party, or permit termination or acceleration by any Target Company, under such Company Material
Contract; (iv) no Target Company has received written or, to the Knowledge of the Company, oral notice of an intention by any
party to any such Company Material Contract that provides for a continuing obligation by any party thereto to terminate such Company
Material Contract or amend the terms thereof, other than modifications in the ordinary course of business that do not adversely
affect any Target Company; and (v) no Target Company has waived any rights under any such Material Contract.

 

5.13
Intellectual Property.

 

(a)
Schedule 5.13(a)(i) sets forth: (i) all Patents and Patent applications, Trademark and service mark registrations and applications,
internet domain name registrations and applications, and copyright registrations and applications owned or licensed by a Target
Company or otherwise used or held for use by a Target Company in which a Target Company is the owner, applicant or assignee (“Company
Registered IP”), specifying as to each item, as applicable: (A) the nature of the item, including the title, (B)
the owner of the item, (C) the jurisdictions in which the item is issued or registered or in which an application for issuance
or registration has been filed and (D) the issuance, registration or application numbers and dates; and (ii) all material unregistered
Intellectual Property owned or purported to be owned by a Target Company. Schedule 5.13(a)(ii) sets forth all licenses,
sublicenses and other agreements or permissions (“Company IP Licenses”) (other than “shrink wrap,”
“click wrap,” and “off the shelf” software agreements and other agreements for Software commercially available
on reasonable terms to the public generally with license, maintenance, support and other fees of less than $5,000 per year (collectively,
“Off-the-Shelf Software Agreements”), which are not required to be listed, although such licenses are
“Company IP Licenses” as that term is used herein), under which a Target Company is a licensee or otherwise is authorized
to use or practice any Intellectual Property, and describes (A) the applicable Intellectual Property licensed, sublicensed or
used and (B) any royalties, license fees or other compensation due from a Target Company, if any. Each Target Company owns, free
and clear of all Liens (other than Permitted Liens), has valid and enforceable rights in, and has the unrestricted right to use,
sell, license, transfer or assign, all Intellectual Property currently used, licensed or held for use by such Target Company,
and previously used or licensed by such Target Company, except for the Intellectual Property that is the subject of the Company
IP Licenses. For each Patent and Patent application in the Company Registered IP, the Target Companies have obtained valid assignments
of inventions from each inventor. Except as set forth on Schedule 5.13(a)(iii), all Company Registered IP is owned exclusively
by the applicable Target Company without obligation to pay royalties, licensing fees or other fees, or otherwise account to any
third party with respect to such Company Registered IP.

 

    	 	19	 

     

    

 

(b)
Each Target Company has a valid and enforceable license to use all Intellectual Property that is the subject of the Company IP
Licenses applicable to such Target Company. The Company IP Licenses include all of the licenses, sublicenses and other agreements
or permissions necessary to operate the Target Companies as presently conducted. Each Target Company has performed all obligations
imposed on it in the Company IP Licenses, has made all payments required to date, and such Target Company is not, nor, to the
Knowledge of the Company, is any other party thereto, in breach or default thereunder, nor has any event occurred that with notice
or lapse of time or both would constitute a default thereunder. The continued use by the Target Companies of the Intellectual
Property that is the subject of the Company IP Licenses in the same manner that it is currently being used is not restricted by
any applicable license of any Target Company. All registrations for Copyrights, Patents and Trademarks that are owned by or exclusively
licensed to any Target Company are valid and in force, and all applications to register any Copyrights, Patents and Trademarks
are pending and in good standing, all without challenge of any kind. No Target Company is party to any Contract that requires
a Target Company to assign to any Person all of its rights in any Intellectual Property developed by a Target Company under such
Contract.

 

(c)
Schedule 5.13(c) sets forth all licenses, sublicenses and other agreements or permissions under which a Target Company
is the licensor (each, an “Outbound IP License”), and for each such Outbound IP License, describes (i)
the applicable Intellectual Property licensed, (ii) the licensee under such Outbound IP License, and (iii) any royalties, license
fees or other compensation due to a Target Company, if any. Each Target Company has performed all obligations imposed on it in
the Outbound IP Licenses, and such Target Company is not, nor, to the Knowledge of the Company, is any other party thereto, in
breach or default thereunder, nor has any event occurred that with notice or lapse of time or both would constitute a default
thereunder.

 

(d)
No Action is pending or, to the Company’s Knowledge, threatened that challenges the validity, enforceability, ownership,
or right to use, sell, license or sublicense any Intellectual Property currently licensed, used or held for use by the Target
Companies in any material respect. No Target Company has received any written or, to the Knowledge of the Company, oral notice
or claim asserting or suggesting that any infringement, misappropriation, violation, dilution or unauthorized use of the Intellectual
Property of any other Person is or may be occurring or has or may have occurred, as a consequence of the business activities of
any Target Company. There are no Orders to which any Target Company is a party or its otherwise bound that (i) restrict the rights
of a Target Company to use, transfer, license or enforce any Intellectual Property owned by a Target Company, (ii) restrict the
conduct of the business of a Target Company in order to accommodate a third Person’s Intellectual Property, or (iii) other
than the Outbound IP Licenses, grant any third Person any right with respect to any Intellectual Property owned by a Target Company.
No Target Company is currently infringing, or has, in the past, infringed, misappropriated or violated any Intellectual Property
of any other Person in any material respect in connection with the ownership, use or license of any Intellectual Property owned
or purported to be owned by a Target Company or, to the Knowledge of the Company, otherwise in connection with the conduct of
the respective businesses of the Target Companies. To the Company’s Knowledge, no third party is infringing upon, has misappropriated
or is otherwise violating any Intellectual Property owned, licensed by, licensed to, or otherwise used or held for use by any
Target Company (“Company IP”) in any material respect.

 

(e)
No current or former officers, employees or independent contractors of a Target Company have claimed any ownership interest in
any Intellectual Property owned by a Target Company. To the Knowledge of the Company, there has been no violation of a Target
Company’s policies or practices related to protection of Company IP or any confidentiality or nondisclosure Contract relating
to the Intellectual Property owned by a Target Company.

 

    	 	20	 

     

    

 

(f)
To the Knowledge of the Company, no Person has obtained unauthorized access to third party information and data in the possession
of a Target Company, nor has there been any other material compromise of the security, confidentiality or integrity of such information
or data. Each Target Company has complied with all applicable Laws relating to privacy, personal data protection, and the collection,
processing and use of personal information and its own privacy policies and guidelines. The operation of the business of the Target
Companies has not and does not violate any right to privacy or publicity of any third person, or constitute unfair competition
or trade practices under applicable Law.

 

(g)
The consummation of any of the transactions contemplated by this Agreement will neither violate nor by their terms result in the
material breach, material modification, cancellation, termination, suspension of, or acceleration of any payments with respect
to, or release of source code because of (i) any Contract providing for the license or other use of Intellectual Property owned
by a Target Company, or (ii) any Company IP License. Following the Closing, the Company shall be permitted to exercise, directly
or indirectly through its Subsidiaries, all of the Target Companies’ rights under such Contracts or IP Licenses described
in the previous sentence to the same extent that the Target Companies would have been able to exercise had the transactions contemplated
by this Agreement not occurred, without the payment of any additional amounts or consideration other than ongoing fees, royalties
or payments which the Target Companies would otherwise be required to pay in the absence of such transactions.

 

5.14
Taxes and Returns.

 

(a)
Each Target Company has or will have timely filed, or caused to be timely filed, all Tax Returns and reports required to be filed
by it (taking into account all available extensions), which Tax Returns are true, accurate, correct and complete in all material
respects, and has paid, collected or withheld, or caused to be paid, collected or withheld, all Taxes required to be paid, collected
or withheld, other than such Taxes for which adequate reserves in the Company Financials have been established. Each Target Company
has complied with all applicable Laws relating to Tax.

 

(b)
There is no current pending or, to the Knowledge of the Company, threatened Action against a Target Company by a Governmental
Authority in a jurisdiction where the Target Company does not file Tax Returns that it is or may be subject to taxation by that
jurisdiction.

 

(c)
No Target Company is being audited by any Tax authority or has been notified in writing or, to the Knowledge of the Company, orally
by any Tax authority that any such audit is contemplated or pending. There are no claims, assessments, audits, examinations, investigations
or other Actions pending against a Target Company in respect of any Tax, and no Target Company has been notified in writing of
any proposed Tax claims or assessments against it (other than, in each case, claims or assessments for which adequate reserves
in the Company Financials have been established).

 

(d)
There are no Liens with respect to any Taxes upon any Target Company’s assets, other than Permitted Liens.

 

(e)
Each Target Company has collected or withheld all Taxes currently required to be collected or withheld by it, and all such Taxes
have been paid to the appropriate Governmental Authorities or set aside in appropriate accounts for future payment when due.

 

(f)
No Target Company has any outstanding waivers or extensions of any applicable statute of limitations to assess any amount of Taxes.
There are no outstanding requests by a Target Company for any extension of time within which to file any Tax Return or within
which to pay any Taxes shown to be due on any Tax Return.

 

    	 	21	 

     

    

 

(g)
No Target Company has made any change in accounting method or received a ruling from, or signed an agreement with, any taxing
authority that would reasonably be expected to have a material impact on its Taxes following the Closing.

 

(h)
No Target Company has any Liability for the Taxes of another Person (other than another Target Company) (i) under any applicable
Tax Law, (ii) as a transferee or successor, or (iii) by contract, indemnity or otherwise. No Target Company is a party to or bound
by any Tax indemnity agreement, Tax sharing agreement or Tax allocation agreement or similar agreement, arrangement or practice
with respect to Taxes (including advance pricing agreement, closing agreement or other agreement relating to Taxes with any Governmental
Authority) that will be binding on the Company or its Subsidiaries with respect to any period following the Closing Date.

 

(i)
No Target Company has requested, or is it the subject of or bound by any private letter ruling, technical advice memorandum, closing
agreement or similar ruling, memorandum or agreement with any Governmental Authority with respect to any Taxes, nor is any such
request outstanding.

 

5.15
Real Property. Schedule 5.15 contains a complete and accurate list of all premises currently leased or subleased
or otherwise used or occupied by a Target Company for the operation of the business of a Target Company (the “Leased
Premises”), and of all current leases, lease guarantees, agreements and documents related thereto, including all
amendments, terminations and modifications thereof or waivers thereto (collectively, the “Company Real Property
Leases”), as well as the current annual rent and term under each Company Real Property Lease. The Company
has provided to the Purchaser a true and complete copy of each of the Company Real Property Leases, and in the case of any oral
Company Real Property Lease, a written summary of the material terms of such Company Real Property Lease. The Company Real Property
Leases are valid, binding and enforceable in accordance with their terms and are in full force and effect. To the Knowledge of
the Company, no event has occurred which (whether with or without notice, lapse of time or both or the happening or occurrence
of any other event) would constitute a default on the part of a Target Company or any other party under any of the Company Real
Property Leases, and no Target Company has received notice of any such condition. No Target Company owns or has ever owned any
real property or any interest in real property (other than the leasehold interests in the Company Real Property Leases).

 

5.16
Personal Property. Each item of Personal Property which is currently owned, used or leased by a Target Company with a book
value or fair market value of greater than Twenty-Five Thousand Dollars ($25,000) is set forth on Schedule 5.16, along
with, to the extent applicable, a list of lease agreements and lease guarantees related thereto, including all amendments, terminations
and modifications thereof or waivers thereto (“Company Personal Property Leases”). Except as set forth
in Schedule 5.16, all such items of Personal Property are in good operating condition and repair (reasonable wear and tear
excepted), and are suitable for their intended use in the business of the Target Companies. The Company has provided to the Purchaser
a true and complete copy of each of the Company Personal Property Leases, and in the case of any oral Company Personal Property
Lease, a written summary of the material terms of such Company Personal Property Lease. The Company Personal Property Leases are
valid, binding and enforceable in accordance with their terms and are in full force and effect. To the Knowledge of the Company,
no event has occurred which (whether with or without notice, lapse of time or both or the happening or occurrence of any other
event) would constitute a default on the part of a Target Company or any other party under any of the Company Personal Property
Leases, and no Target Company has received notice of any such condition.

 

    	 	22	 

     

    

 

5.17
Title to and Sufficiency of Assets. Each Target Company has good and marketable title to, or a valid leasehold interest
in or right to use, all of its assets, free and clear of all Liens other than (a) Permitted Liens, (b) the rights of lessors under
leasehold interests, (iii) Liens specifically identified on the Interim Balance Sheet and (d) Liens let forth on Schedule 5.17.
The assets (including Intellectual Property rights and contractual rights) of the Target Companies constitute all of the assets,
rights and properties that are used in the operation of the businesses of the Target Companies as it is now conducted and presently
proposed to be conducted or that are used or held by the Target Companies for use in the operation of the businesses of the Target
Companies, and taken together, are adequate and sufficient for the operation of the businesses of the Target Companies as currently
conducted and as presently proposed to be conducted.

 

5.18
Employee Matters.

 

(a)
Except as set forth in Schedule 5.18(a), no Target Company is a party to any collective bargaining agreement or other Contract
with any group of employees, labor organization or other representative of any of the employees of any Target Company and the
Company has no Knowledge of any activities or proceedings of any labor union or other party to organize or represent such employees.
There has not occurred or, to the Knowledge of the Company, been threatened any strike, slow-down, picketing, work-stoppage, or
other similar labor activity with respect to any such employees. Schedule 5.18(a) sets forth all unresolved labor controversies
(including unresolved grievances and age or other discrimination claims), if any, that are pending or, to the Knowledge of the
Company, threatened between any Target Company and Persons employed by or providing services to a Target Company. No current officer
or employee of a Target Company has provided any Target Company written or, to the Knowledge of the Company, oral notice of his
or her plan to terminate his or her employment with any Target Company.

 

(b)
Except as set forth in Schedule 5.18(b), each Target Company (i) is and has been in compliance in all material respects
with all applicable Laws respecting employment and employment practices, terms and conditions of employment, health and safety
and wages and hours, and other Laws relating to discrimination, disability, labor relations, hours of work, payment of wages and
overtime wages, pay equity, immigration, workers compensation, working conditions, employee scheduling, occupational safety and
health, family and medical leave, and employee terminations, and have not received written notice, or any other form of notice,
that there is any pending Action involving unfair labor practices against a Target Company, (ii) is not liable for any material
arrears of wages or any material penalty for failure to comply with any of the foregoing, and (iii) is not liable for any
material payment to any Governmental Authority with respect to unemployment compensation benefits, social security or other benefits
or obligations for employees, independent contractors or consultants (other than routine payments to be made in the ordinary course
of business and consistent with past practice). There are no Actions pending or, to the Knowledge of the Company, threatened against
a Target Company brought by or on behalf of any applicant for employment, any current or former employee, any Person alleging
to be a current or former employee, or any Governmental Authority, relating to any such Law or regulation, or alleging breach
of any express or implied contract of employment, wrongful termination of employment, or alleging any other discriminatory, wrongful
or tortious conduct in connection with the employment relationship.

 

(c)
Schedule 5.18(c) hereto sets forth a complete and accurate list of all employees of the Target Companies showing for each
as of that date (i) the employee’s name, job title or description, employer, location, salary level (including any bonus,
commission, deferred compensation or other remuneration payable (other than any such arrangements under which payments are at
the discretion of the Target Companies)), (ii) any bonus, commission or other remuneration other than salary paid during the calendar
year ending December 31, 2014, and (iii) any wages, salary, bonus, commission or other compensation due and owing to each employee
during or for the calendar year ending December 31, 2015. Except as set forth on Schedule 5.18(c), (A) no employee is a
party to a written employment Contract with a Target Company and each is employed with a “non-fixed term” in accordance
with the Chinese Labor Contract Law, and (B) the Target Companies have paid in full to all such employees all wages, salaries,
commission, bonuses and other compensation due to its employees, including overtime compensation, and there are no severance payments
which are or could become payable by a Target Company to any such employees under the terms of any written or, to the Company’s
Knowledge, oral agreement, or commitment or any Law, custom, trade or practice. Except as set forth in Schedule 5.18(c),
each such employee has entered into the Company’s standard form of employee non-disclosure, inventions and restrictive covenants
agreement with the Company or its Subsidiaries (whether pursuant to a separate agreement or incorporated as part of such employee’s
overall employment agreement), a copy of which has been provided to the Purchaser by the Company.

 

    	 	23	 

     

    

 

(d)
Schedule 5.18(d) contains a list of all independent contractors (including consultants) currently engaged by any Target
Company, along with the position, the entity engaging such Person, date of retention and rate of remuneration, most recent increase
(or decrease) in remuneration and amount thereof, for each such Person. Except as set forth on Schedule 5.18(d), all of
such independent contractors are a party to a written Contract with a Target Company. Except as set forth on Schedule 5.18(d),
each such independent contractor has entered into customary covenants regarding confidentiality, non-competition and assignment
of inventions and copyrights in such Person’s agreement with a Target Company, a copy of which has been provided to the
Purchaser by the Company. For the purposes of applicable Law, including the Code, all independent contractors who are currently,
or within the last six (6) years have been, engaged by a Target Company are bona fide independent contractors and not employees
of a Target Company. Each independent contractor is terminable on fewer than thirty (30) days’ notice, without any obligation
of any Target Company to pay severance or a termination fee.

 

5.19
Benefit Plans.

 

(a)
Set forth on Schedule 5.19(a) is a true and complete list of each Foreign Plan of a Target Company (each, a “Company
Benefit Plan”). No Target Company has ever maintained or contributed to (or had an obligation to contribute to)
any “employee benefit plan” (as defined in Section 3(3) of ERISA).

 

(b)
With respect to each Company Benefit Plan which covers any current or former officer, director, consultant or employee (or beneficiary
thereof) of a Target Company, the Company has provided to the Purchaser accurate and complete copies, if applicable, of: (i) all
Company Benefit Plans and related trust agreements or annuity Contracts (including any amendments, modifications or supplements
thereto); (ii) the most recent annual and periodic accounting of plan assets; (iii) the most recent actuarial valuation; and (iv)
all communications with any Governmental Authority concerning any matter that is still pending or for which a Target Company has
any outstanding Liability or obligation.

 

(c)
With respect to each Company Benefit Plan: (i) such Company Benefit Plan has been administered and enforced in all material respects
in accordance with its terms and the requirements of any and all applicable Laws, and has been maintained, where required, in
good standing with applicable regulatory authorities and Governmental Authorities; (ii) no breach of fiduciary duty has occurred;
(iii) no Action is pending, or to the Company’s Knowledge, threatened (other than routine claims for benefits arising in
the ordinary course of administration); and (iv) all contributions and premiums required to be made with respect to a Company
Benefit have been timely made. No Target Company has incurred any obligation in connection with the termination of, or withdrawal
from, any Company Benefit Plan.

 

(d)
The present value of the accrued benefit liabilities (whether or not vested) under each Company Benefit Plan, determined as of
the end of the Company’s most recently ended fiscal year on the basis of actuarial assumptions, each of which is reasonable,
did not exceed the current value of the assets of such Company Benefit Plan allocable to such benefit liabilities.

 

    	 	24	 

     

    

 

(e)
The consummation of the transactions contemplated by this Agreement and the Ancillary Documents will not: (i) entitle any individual
to severance pay, unemployment compensation or other benefits or compensation; or (ii) accelerate the time of payment or vesting,
or increase the amount of any compensation due, or in respect of, any individual.

 

(f)
Except to the extent required by applicable Law, no Target Company provides health or welfare benefits to any former or retired
employee or is obligated to provide such benefits to any active employee following such employee’s retirement or other termination
of employment or service.

 

(g)
All Company Benefit Plans can be terminated at any time as of or after the Closing Date without resulting in any liability to
any Target Company, the Purchaser or their respective Affiliates for any additional contributions, penalties, premiums, fees,
fines, excise taxes or any other charges or liabilities.

 

5.20
Environmental Matters. Except as set forth in Schedule 5.20:

 

(a)
Each Target Company is and has been in compliance in all material respects with all applicable Environmental Laws, including obtaining,
maintaining in good standing, and complying with all material Permits required for its business and operations by Environmental
Laws (“Environmental Permits”), no Action is pending or, to the Company’s Knowledge, threatened
to revoke, modify, or terminate any such Environmental Permit, and, to the Company’s Knowledge, no facts, circumstances,
or conditions currently exist that could adversely affect such continued compliance with Environmental Laws and Environmental
Permits or require capital expenditures to achieve or maintain such continued compliance with Environmental Laws and Environmental
Permits.

 

(b)
No Target Company is the subject of any outstanding Order or Contract with any Governmental Authority or other Person in respect
of any (i) Environmental Laws, (ii) Remedial Action, or (iii) Release or threatened Release of a Hazardous Material. No Target
Company has assumed, contractually or by operation of Law, any Liabilities or obligations under any Environmental Laws.

 

(c)
No Action has been made or is pending, or to the Company’s Knowledge, threatened against any Target Company or any assets
of a Target Company alleging either or both that a Target Company may be in material violation of any Environmental Law or Environmental
Permit or may have any material Liability under any Environmental Law.

 

(d)
No Target Company has manufactured, treated, stored, disposed of, arranged for or permitted the disposal of, generated, handled
or released any Hazardous Material, or owned or operated any property or facility, in a manner that has given or would reasonably
be expected to give rise to any material Liability or obligation under applicable Environmental Laws. No fact, circumstance, or
condition exists in respect of any Target Company or any property currently or formerly owned, operated, or leased by any Target
Company or any property to which a Target Company arranged for the disposal or treatment of Hazardous Materials that could reasonably
be expected to result in a Target Company incurring any material Environmental Liabilities.

 

(e)
There is no investigation of the business, operations, or currently owned, operated, or leased property of a Target Company or,
to the Company’s Knowledge, previously owned, operated, or leased property of a Target Company pending or, to the Company’s
Knowledge, threatened that could lead to the imposition of any Liens under any Environmental Law or material Environmental Liabilities.

 

    	 	25	 

     

    

 

(f)
To the Knowledge of the Company, there is not located at any of the properties of a Target Company any (i) underground storage
tanks, (ii) asbestos-containing material, or (iii) equipment containing polychlorinated biphenyls.

 

(g)
The Company has provided to the Purchaser all environmentally related site assessments, audits, studies, reports and results of
investigations that have been performed in respect of the currently or previously owned, leased, or operated properties of any
Target Company.

 

5.21
Transactions with Related Persons. Except as set forth on Schedule 5.21, no Target Company nor any of its Affiliates,
nor any officer, director, manager, employee, trustee or beneficiary of a Target Company or any of its Affiliates, nor any immediate
family member of any of the foregoing (whether directly or indirectly through an Affiliate of such Person) (each of the foregoing,
a “Related Person”) is presently, or since January 1, 2013 has been, a party to any transaction with
a Target Company, including any Contract or other arrangement (a) providing for the furnishing of services by (other than as officers,
directors or employees of the Target Company), (b) providing for the rental of real property or Personal Property from or (c)
otherwise requiring payments to (other than for services or expenses as directors, officers or employees of the Target Company
in the ordinary course of business consistent with past practice) any Related Person or any Person in which any Related Person
has an interest as an owner, officer, manager, director, trustee or partner or in which any Related Person has any direct or indirect
interest (other than the ownership of securities representing no more than two percent (2%) of the outstanding voting power or
economic interest of a publicly traded company). Except as set forth on Schedule 5.21, no Target Company has outstanding
any Contract or other arrangement or commitment with any Related Person, and no Related Person owns any real property or Personal
Property, or right, tangible or intangible (including Intellectual Property) which is used in the business of any Target Company.
Schedule 5.21 specifically identifies all Contracts, arrangements or commitments set forth on such Schedule 5.21
that cannot be terminated upon sixty (60) days’ notice by the Target Companies without cost or penalty.

 

5.22
Insurance.

 

(a)
Schedule 5.22(a) lists all insurance policies (by policy number, insurer, coverage period, coverage amount, annual premium
and type of policy) held by a Target Company relating to a Target Company or its business, properties, assets, directors, officers
and employees, copies of which have been provided to the Purchaser. All premiums due and payable under all such insurance policies
have been timely paid and the Company and its Subsidiaries are otherwise in material compliance with the terms of such insurance
policies. All such insurance policies are in full force and effect, and to the Knowledge of the Company, there is no threatened
termination of, or material premium increase with respect to, any of such insurance policies.

 

(b)
Schedule 5.22(b) identifies each individual insurance claim in excess of $50,000 made by a Target Company since January
1, 2013. Each Target Company has reported to its insurers all claims and pending circumstances that would reasonably be expected
to result in a claim that could be covered by any such insurance policies, except where such failure to report such a claim would
not be reasonably likely to be material to the Target Companies. No Target Company has made any claim against an insurance policy
as to which the insurer is denying coverage.

 

    	 	26	 

     

    

 

5.23
Books and Records. All of the financial books and records of the Target Companies are complete and accurate in all material
respects and have been maintained in the ordinary course consistent with past practice and in accordance with applicable Laws.

 

5.24
Loans Receivable. All loans receivable of the Target Companies (the “Loans Receivable”) arose
from loans actually provided and represent valid obligations to a Target Company. None of the Loans Receivable are, to the Knowledge
of the Company, subject to any right of recourse, defense, deduction, counterclaim, offset, or set off on the part of the obligor
in excess of any amounts reserved therefor on the Company Financials. All of the Loans Receivable are, to the Knowledge of the
Company, fully collectible according to their terms in amounts not less than the aggregate amounts thereof carried on the books
of the Target Companies (net of reserves) when due.

 

5.25
Lending Matters.

 

(a)
Each of the Target Companies is and has been in compliance in all material respects with all Laws relating to banking, lending
or credit that are applicable to it, the conduct or operation of its business or the ownership or use of any of its assets or
properties, including the regulations issued by the China Banking Regulatory Commission and PBOC. Without limiting the foregoing,
with respect to each of China Lending and XWFOE: (i) such Target Company’s operating funds have either (A) come from its
shareholders or (B) been borrowed from no more than two banking financial institutions, where the funds borrowed from such banking
financial institutions do not exceed and have not exceeded fifty percent (50%) of its Net Capital; and (ii) the outstanding loan
balances of any Loan Obligor to any Target Company does not and has not exceeded five percent (5%) of such Target Company’s
Net Capital.

 

(b)
All loans made by the Target Companies, including to Related Persons, have been made in good faith on an arm’s-length basis.

 

(c)
Schedule 5.25(c) sets forth for the Target Companies as of each of December 31, 2013, December 31, 2014 and September 30,
2015, the aggregate amount of (i) guarantee backed loans, (ii) pledged asset backed loans, and (iii) collateral backed loans.

 

(d)
The fair market value of the collateral or pledge securing the outstanding loan balances of each Loan Obligor with an outstanding
balance in excess of $500,000 exceeds the outstanding loan balance of such Loan Obligor. Each guarantor that has guaranteed the
outstanding loan balances of any Loan Obligator with an outstanding balance in excess of $500,000 was verified by the Target Companies
at the time of the loan to have sufficient net assets and cash flows to satisfy such outstanding loan balances.

 

(e)
The Target Companies have proper and sufficient documentation to enforce each outstanding loan against the applicable Loan Obligor
or Loan Obligors and to enforce any related collateral, pledge and/or guarantee, all of which documentation is in full force and
effect and enforceable in accordance with their respective terms. Any related collateral, pledges and guarantees of the outstanding
loans of the Target Companies, if required by applicable laws of the People’s Republic of China, have been registered with
the applicable Governmental Authorities, and such registrations are in full force and effect.

 

    	 	27	 

     

    

 

5.26
Certain Business Practices.

 

(a)
No Target Company, nor any of their respective Representatives acting on their behalf has (a) used any funds for unlawful contributions,
gifts, entertainment or other unlawful expenses relating to political activity, (b) made any unlawful payment to foreign or domestic
government officials or employees, to foreign or domestic political parties or campaigns or violated any provision of the Foreign
Corrupt Practices Act of 1977 or (c) made any other unlawful payment. No Target Company, nor any of their respective Representatives
acting on their behalf has directly or indirectly, given or agreed to give any gift or similar benefit in any material amount
to any customer, supplier, governmental employee or other Person who is or may be in a position to help or hinder any Target Company
or assist any Target Company in connection with any actual or proposed transaction.

 

(b)
The operations of each Target Company are and have been conducted at all times in compliance with laundering statutes in all applicable
jurisdictions, the rules and regulations thereunder and any related or similar rules, regulations or guidelines, issued, administered
or enforced by any Governmental Authority, and no Action involving a Target Company with respect to the any of the foregoing is
pending or, to the Knowledge of the Company, threatened.

 

(c)
No Target Company or any of their respective directors or officers, or, to the Knowledge of the Company, any other Representative
acting on behalf of a Target Company is currently identified on the specially designated nationals or other blocked person list
or otherwise currently subject to any U.S. sanctions administered by OFAC, and no Target Company has, directly or indirectly,
used any funds, or loaned, contributed or otherwise made available such funds to any Subsidiary, joint venture partner or other
Person, in connection with any sales or operations in Cuba, Iran, Syria, Sudan, Myanmar or any other country sanctioned by OFAC
or for the purpose of financing the activities of any Person currently subject to, or otherwise in violation of, any U.S. sanctions
administered by OFAC in the last five (5) fiscal years.

 

5.27
Investment Company Act. No Target Company is an “investment company” or a Person directly or indirectly “controlled”
by or acting on behalf of an “investment company”, in each case within the meaning of the Investment Company Act of
1940, as amended.

 

5.28
Finders and Investment Bankers. Except as set forth in Schedule 5.28, no Target Company has incurred or will incur
any Liability for any brokerage, finder’s or other fee or commission in connection with the transactions contemplated hereby.

 

5.29
Independent Investigation. Without limiting Section 8.4(c) hereof, the Company has conducted its own independent
investigation, review and analysis of the business, results of operations, prospects, condition (financial or otherwise) or assets
of the Purchaser, and acknowledges that it has been provided adequate access to the personnel, properties, assets, premises, books
and records, and other documents and data of the Purchaser for such purpose. The Company acknowledges and agrees that: (a) in
making its decision to enter into this Agreement and to consummate the transactions contemplated hereby, it has relied solely
upon its own investigation and the express representations and warranties of the Purchaser set forth in Article IV (including
the related portions of the Purchaser Disclosure Schedules and any Supplemental Disclosure Schedules provided by the Purchaser);
and (b) neither the Purchaser nor any of its Representatives have made any representation or warranty as to the Purchaser or this
Agreement, except as expressly set forth in Article IV (including the related portions of the Purchaser Disclosure Schedules
and Supplemental Disclosure Schedules provided by the Purchaser).

 

5.30
Information Supplied. None of the information supplied or to be supplied by the Company expressly for inclusion or incorporation
by reference: (a) in any Current Report on Form 8-K, and any exhibits thereto or any other report, form, registration or other
filing made with any Governmental Authority with respect to the transactions contemplated by this Agreement or any Ancillary Documents;
(b) in the Proxy Documents or the Extension Documents; or (c) in the mailings or other distributions to the Purchaser’s
shareholders and/or prospective investors with respect to the consummation of the transactions contemplated by this Agreement
or in any amendment to any of documents identified in (a) through (c), will, when filed, made available, mailed or distributed,
as the case may be, contain any untrue statement of a material fact or omit to state any material fact required to be stated therein
or necessary in order to make the statements therein, in light of the circumstances under which they are made, not misleading.
None of the information supplied or to be supplied by the Company expressly for inclusion or incorporation by reference in any
of the Signing Press Release, the Signing Filing, the Closing Filing and the Closing Press Release will, when filed or distributed,
as applicable, contain any untrue statement of a material fact or omit to state any material fact required to be stated therein
or necessary in order to make the statements therein, in light of the circumstances under which they are made, not misleading.
Notwithstanding the foregoing, the Company makes no representation, warranty or covenant with respect to any information supplied
by or on behalf of the Purchaser or its Affiliates.

 

    	 	28	 

     

    

 

5.31
Disclosure. No representations or warranties by the Company in this Agreement (including the disclosure schedules hereto)
or the Ancillary Documents, (a) contains or will contain any untrue statement of a material fact, or (b) omits or will omit to
state, when read in conjunction with all of the information contained in this Agreement, the disclosure schedules hereto and the
Ancillary Documents, any fact necessary to make the statements or facts contained therein not materially misleading.

 

Article
VI

REPRESENTATIONS AND WARRANTIES OF THE SELLERS

 

Except
as set forth in the Company Disclosure Schedules, the Section numbers of which are numbered to correspond to the Section numbers
of this Agreement to which they refer, the Sellers hereby severally represent and warrant to the Purchaser as follows:

 

6.1
Due Organization and Good Standing. Each Seller, if not an individual person, is an entity duly organized, validly existing
and in good standing under the Laws of the jurisdiction of its formation and has all requisite power and authority to own, lease
and operate its properties and to carry on its business as now being conducted.

 

6.2
Authorization; Binding Agreement. Each Seller has all requisite power, authority and legal right and capacity to execute
and deliver this Agreement and each Ancillary Document to which it is a party, to perform such Seller’s obligations hereunder
and thereunder and to consummate the transactions contemplated hereby and thereby. This Agreement has been, and each Ancillary
Document to which a Seller is or is required to be a party shall be when delivered, duly and validly executed and delivered by
such Seller and assuming the due authorization, execution and delivery of this Agreement and any such Ancillary Document by the
other parties hereto and thereto, constitutes, or when delivered shall constitute, the legal, valid and binding obligation of
such Seller, enforceable against such Seller in accordance with its terms, subject to the Enforceability Exceptions.

 

6.3
Ownership. Sellers own good, valid and marketable title to the Purchased Shares, free and clear of any and all Liens, with
each Seller owning the Purchased Shares set forth on Annex I. There are no proxies, voting rights, shareholders’
agreements or other agreements or understandings, to which a Seller is a party or by which a Seller is bound, with respect to
the voting or transfer of any of such Seller’s Purchased Shares other than this Agreement. Upon delivery of the Purchased
Shares to the Purchaser on the Closing Date in accordance with this Agreement, the entire legal and beneficial interest in the
Purchased Shares and good, valid and marketable title to the Purchased Shares, free and clear of all Liens (other than those imposed
by applicable securities Laws or those incurred by the Purchaser), will pass to the Purchaser.

 

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6.4
Governmental Approvals. Except as otherwise described in Schedule 6.4, no Consent of or with any Governmental Authority
on the part of any Seller is required to be obtained or made in connection with the execution, delivery or performance by such
Seller of this Agreement or any Ancillary Documents or the consummation by a Seller of the transactions contemplated hereby or
thereby other than (a) such filings as expressly contemplated by this Agreement and (b) pursuant to Antitrust Laws.

 

6.5
Non-Contravention. Except as otherwise described in Schedule 6.5, the execution and delivery by each Seller of this
Agreement and each Ancillary Document to which it is a party or otherwise bound, and the consummation by such Seller of the transactions
contemplated hereby and thereby, and compliance by each Seller with any of the provisions hereof and thereof, will not (a) conflict
with or violate any provision of any Seller’s Organizational Documents, (b) subject to obtaining the Consents from Governmental
Authorities referred to in Section 6.4 hereof, and the waiting periods referred to therein having expired, and any condition precedent
to such Consent or waiver having been satisfied, conflict with or violate any Law, Order or Consent applicable to any Seller or
any of its properties or assets or (c) (i) violate, conflict with or result in a breach of, (ii) constitute a default (or an event
which, with notice or lapse of time or both, would constitute a default) under, (iii) result in the termination, withdrawal, suspension,
cancellation or modification of, (iv) accelerate the performance required by any Seller under, (v) result in a right of termination
or acceleration under, (vi) give rise to any obligation to make payments or provide compensation under, (vii) result in the creation
of any Lien upon any of the properties or assets of any Seller under, (viii) give rise to any obligation to obtain any third party
consent or provide any notice to any Person or (ix) give any Person the right to declare a default, exercise any remedy, claim
a rebate, chargeback, penalty or change in delivery schedule, accelerate the maturity or performance, cancel, terminate or modify
any right, benefit, obligation or other term under, any of the terms, conditions or provisions of, any Contract to which a Seller
is a party or a Seller or its properties or assets are otherwise bound, except for any deviations from any of the foregoing clauses
(a), (b) or (c) that has not had and would not reasonably be expected to have a Material Adverse Effect on any Seller.

 

6.6
No Litigation. There is no Action pending or, to the Knowledge of such Seller, threatened, nor any Order is outstanding,
against or involving any Seller or any of its officers, directors, managers, shareholders, properties, assets or businesses, whether
at law or in equity, before or by any Governmental Authority, which would reasonably be expected to adversely affect the ability
of such Seller to consummate the transactions contemplated by, and discharge its obligations under, this Agreement and the Ancillary
Documents to which such Seller is a party.

 

6.7
Investment Representations. Each Seller: (a) is an “accredited investor” as such term is defined in Rule 501(a)
of Regulation D under the Securities Act; (b) is acquiring its portion of the Exchange Shares for itself for investment purposes
only, and not with a view towards any resale or distribution of such Exchange Shares; (c) has been advised and understands that
the Exchange Shares (i) are being issued in reliance upon one or more exemptions from the registration requirements of the Securities
Act and any applicable state securities Laws, (ii) have not been and shall not be registered under the Securities Act or any applicable
state securities Laws and, therefore, must be held indefinitely and cannot be resold unless such Exchange Shares are registered
under the Securities Act and all applicable state securities Laws, unless exemptions from registration are available and (iii)
are subject to additional restrictions on transfer pursuant to the Lock-Up Agreement; (d) is aware that an investment in the Purchaser
is a speculative investment and is subject to the risk of complete loss; and (e) acknowledges that except as set forth in the
Registration Rights Agreement, the Purchaser is under no obligation hereunder to register the Exchange Shares under the Securities
Act. No Seller has any Contract with any Person to sell, transfer, or grant participations to such Person, or to any third Person,
with respect to the Exchange Shares. By reason of such Seller’s business or financial experience, or by reason of the business
or financial experience of such Seller’s “purchaser representatives” (as that term is defined in Rule 501(h)
under the Securities Act), each Seller is capable of evaluating the risks and merits of an investment in the Purchaser and of
protecting its interests in connection with this investment. Each Seller has carefully read and understands all materials provided
by or on behalf of the Purchaser or its Representatives to such Seller or such Seller’s Representatives pertaining to an
investment in the Purchaser and has consulted, as such Seller has deemed advisable, with its own attorneys, accountants or investment
advisors with respect to the investment contemplated hereby and its suitability for such Seller. Each Seller acknowledges that
the Exchange Shares are subject to dilution for events not under the control of such Seller. Each Seller has completed its independent
inquiry and has relied fully upon the advice of its own legal counsel, accountant, financial and other Representatives in determining
the legal, tax, financial and other consequences of this Agreement and the transactions contemplated hereby and the suitability
of this Agreement and the transactions contemplated hereby for such Seller and its particular circumstances, and, except as set
forth herein, has not relied upon any representations or advice by the Purchaser or its Representatives. Each Seller acknowledges
and agrees that, except as set forth in Article IV (including the related portions of the Purchaser Disclosure Schedules and any
Supplemental Disclosure Schedules provided by the Purchaser), no representations or warranties have been made by the Purchaser
or any of its Representatives, and that such Seller has not been guaranteed or represented to by any Person, (i) any specific
amount or the event of the distribution of any cash, property or other interest in the Purchaser or (ii) the profitability or
value of the Exchange Shares in any manner whatsoever. Each Seller: (A) has been represented by independent counsel (or has had
the opportunity to consult with independent counsel and has declined to do so); (B) has had the full right and opportunity to
consult with such Seller’s attorneys and other advisors and has availed itself of this right and opportunity; (C) has carefully
read and fully understands this Agreement in its entirety and has had it fully explained to it or him by such counsel; (D) is
fully aware of the contents hereof and the meaning, intent and legal effect thereof; and (E) is competent to execute this Agreement
and has executed this Agreement free from coercion, duress or undue influence.

 

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6.8
Finders and Investment Bankers. No Seller, nor any of their respective Representatives on their behalf, has employed any
broker, finder or investment banker or incurred any liability for any brokerage fees, commissions, finders’ fees or similar
fees in connection with the transactions contemplated by this Agreement.

 

6.9
Independent Investigation. Without limiting Section 8.4(c) hereof, each Seller has conducted its own independent
investigation, review and analysis of the business, results of operations, prospects, condition (financial or otherwise) or assets
of the Purchaser, and acknowledges that it has been provided adequate access to the personnel, properties, assets, premises, books
and records, and other documents and data of the Purchaser for such purpose. Each Seller acknowledges and agrees that: (a) in
making its decision to enter into this Agreement and to consummate the transactions contemplated hereby, it has relied solely
upon its own investigation and the express representations and warranties of the Purchaser set forth in Article IV (including
the related portions of the Purchaser Disclosure Schedules and any Supplemental Disclosure Schedules provided by the Purchaser);
and (b) neither the Purchaser nor any of its Representatives have made any representation or warranty as to the Purchaser or this
Agreement, except as expressly set forth in Article IV (including the related portions of the Purchaser Disclosure Schedules
and Supplemental Disclosure Schedules provided by the Purchaser).

 

6.10
Information Supplied. None of the information supplied or to be supplied by any Seller expressly for inclusion or incorporation
by reference: (a) in any Current Report on Form 8-K, and any exhibits thereto or any other report, form, registration or other
filing made with any Governmental Authority with respect to the transactions contemplated by this Agreement or any Ancillary Documents;
(b) in the Proxy Documents or the Extension Documents; or (c) in the mailings or other distributions to the Purchaser’s
shareholders and/or prospective investors with respect to the consummation of the transactions contemplated by this Agreement
or in any amendment to any of documents identified in (a) through (c), will, when filed, made available, mailed or distributed,
as the case may be, contain any untrue statement of a material fact or omit to state any material fact required to be stated therein
or necessary in order to make the statements therein, in light of the circumstances under which they are made, not misleading.
None of the information supplied or to be supplied by any Seller expressly for inclusion or incorporation by reference in any
of the Signing Press Release, the Signing Filing, the Closing Filing and the Closing Press Release will, when filed or distributed,
as applicable, contain any untrue statement of a material fact or omit to state any material fact required to be stated therein
or necessary in order to make the statements therein, in light of the circumstances under which they are made, not misleading.
Notwithstanding the foregoing, no Seller makes any representation, warranty or covenant with respect to any information supplied
by or on behalf of the Purchaser or its Affiliates.

 

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Article
VII

COVENANTS

 

7.1
Access and Information.

 

(a)
The Company shall give, and shall direct its Representatives to give, the Purchaser and its Representatives, at reasonable times
during normal business hours and upon reasonable intervals and notice, access to all offices and other facilities and to all employees,
properties, Contracts, agreements, commitments, books and records, financial and operating data and other information (including
Tax Returns, internal working papers, client files, client Contracts and director service agreements), of or pertaining to the
Target Companies, as the Purchaser or its Representatives may reasonably request regarding the Target Companies and their respective
businesses, assets, Liabilities, financial condition, prospects, operations, management, employees and other aspects (including
unaudited quarterly financial statements, including a consolidated quarterly balance sheet and income statement, a copy of each
material report, schedule and other document filed with or received by a Governmental Authority pursuant to the requirements of
applicable securities Laws, and independent public accountants’ work papers (subject to the consent or any other conditions
required by such accountants, if any)) and instruct each of the Company’s Representatives to reasonably cooperate with the
Purchaser and its Representatives in their investigation; provided, however, that the Purchaser and its Representatives
shall conduct any such activities in such a manner as not to unreasonably interfere with the business or operations of the Target
Companies.

 

(b)
The Purchaser shall give, and shall direct its Representatives to give, the Company and its Representatives, at reasonable times
during normal business hours and upon reasonable intervals and notice, access to all offices and other facilities and to all employees,
properties, Contracts, agreements, commitments, books and records, financial and operating data and other information (including
Tax Returns, internal working papers, client files, client Contracts and director service agreements), of or pertaining to the
Purchaser or its Subsidiaries, as the Company or its Representatives may reasonably request regarding the Purchaser, its Subsidiaries
and their respective businesses, assets, Liabilities, financial condition, prospects, operations, management, employees and other
aspects (including unaudited quarterly financial statements, including a consolidated quarterly balance sheet and income statement,
a copy of each material report, schedule and other document filed with or received by a Governmental Authority pursuant to the
requirements of applicable securities Laws, and independent public accountants’ work papers (subject to the consent or any
other conditions required by such accountants, if any)) and instruct each of the Purchaser’s Representatives to reasonably
cooperate with the Company and its Representatives in their investigation; provided, however, that the Company and
its Representatives shall conduct any such activities in such a manner as not to unreasonably interfere with the business or operations
of the Purchaser or any of its Subsidiaries.

 

    	 	32	 

     

    

 

7.2
Conduct of Business of the Company.

 

(a)
Unless the Purchaser shall otherwise consent in writing (such consent not to be unreasonably withheld, conditioned or delayed),
during the period from the date of this Agreement and continuing until the earlier of the termination of this Agreement in accordance
with Section 10.1 or the Closing (the “Interim Period”), except as expressly contemplated by
this Agreement or as set forth on Schedule 7.2, the Company shall, and shall cause its Subsidiaries to, (i) conduct their
respective businesses, in all material respects, in the ordinary course of business consistent with past practice, (ii) comply
with all Laws applicable to the Target Companies and their respective businesses, assets and employees, and (iii) take all reasonable
measures necessary or appropriate to preserve intact, in all material respects, their respective business organizations, to keep
available the services of their respective managers, directors, officers, employees and consultants, and to preserve the possession,
control and condition of their respective material assets, all as consistent with past practice.

 

(b)
Without limiting the generality of Section 7.2(a) and except as contemplated by the terms of this Agreement (including
as contemplated by the PIPE Investment) or as set forth on Schedule 7.2, during the Interim Period, without the prior written
consent of the Purchaser (such consent not to be unreasonably withheld, conditioned or delayed), the Company shall not, and shall
cause its Subsidiaries to not:

 

(i)
amend, waive or otherwise change, in any respect, its Organizational Documents;

 

(ii)
authorize for issuance, issue, grant, sell, pledge, dispose of or propose to issue, grant, sell, pledge or dispose of any of its
equity securities or any options, warrants, commitments, subscriptions or rights of any kind to acquire or sell any of its equity
securities, or other securities, including any securities convertible into or exchangeable for any of its shares or other equity
securities or securities of any class and any other equity-based awards, or engage in any hedging transaction with a third Person
with respect to such securities;

 

(iii)
split, combine, recapitalize or reclassify any of its shares or other equity interests or issue any other securities in respect
thereof or pay or set aside any dividend (other than as permitted by Section 7.19(b)) or other distribution (whether in
cash, equity or property or any combination thereof) in respect of its equity interests, or directly or indirectly redeem, purchase
or otherwise acquire or offer to acquire any of its securities;

 

(iv)
other than in the ordinary course of business consistent with past practice, incur, create, assume, prepay or otherwise become
liable for any Indebtedness (directly, contingently or otherwise) in excess of $100,000 (individually or in the aggregate), make
a loan or advance to or investment in any third party, or guarantee or endorse any Indebtedness, Liability or obligation of any
Person;

 

(v)
increase the wages, salaries or compensation of its employees other than in the ordinary course of business, consistent with past
practice, and in any event not in the aggregate by more than five percent (5%), or make or commit to make any bonus payment (whether
in cash, property or securities) to any employee, or materially increase other benefits of employees generally, or enter into,
establish, materially amend or terminate any Company Benefit Plan with, for or in respect of any current consultant, officer,
manager director or employee, in each case other than as required by applicable Law, pursuant to the terms of any Company Benefit
Plans or in the ordinary course of business consistent with past practice;

 

(vi)
make or rescind any material election relating to Taxes, settle any claim, action, suit, litigation, proceeding, arbitration,
investigation, audit or controversy relating to Taxes, file any amended Tax Return or claim for refund, or make any material change
in its accounting or Tax policies or procedures, in each case except as required by applicable Law or in compliance with GAAP;

 

    	 	33	 

     

    

 

(vii)
transfer or license to any Person or otherwise extend, materially amend or modify, permit to lapse or fail to preserve any of
the Company Registered IP, Company Licensed IP or other Company IP, or disclose to any Person who has not entered into a confidentiality
agreement any Trade Secrets;

 

(viii)
other than in the ordinary course of business consistent with past practice, terminate, or waive or assign any material right
under, any Company Material Contract or enter into any Contract (A) involving amounts reasonably expected to exceed $100,000 per
year or $250,000 in the aggregate, (B) that would be a Company Material Contract or (C) with a term longer than one year that
cannot be terminated without payment of a material penalty and upon notice of sixty (60) days or less;

 

(ix)
fail to maintain its books, accounts and records in all material respects in the ordinary course of business consistent with past
practice;

 

(x)
establish any Subsidiary or enter into any new line of business;

 

(xi)
fail to use commercially reasonable efforts to keep in force insurance policies or replacement or revised policies providing insurance
coverage with respect to its assets, operations and activities in such amount and scope of coverage as are currently in effect;

 

(xii)
revalue any of its material assets or make any change in accounting methods, principles or practices, except to the extent required
to comply with GAAP and after consulting with the Company’s outside auditors;

 

(xiii)
other than in the ordinary course of business consistent with past practice, waive, release, assign, settle or compromise any
claim, action or proceeding (including any suit, action, claim, proceeding or investigation relating to this Agreement or the
transactions contemplated hereby), other than waivers, releases, assignments, settlements or compromises that involve only the
payment of monetary damages (and not the imposition of equitable relief on, or the admission of wrongdoing by, the Company or
its Affiliates) not in excess of $100,000 (individually or in the aggregate), or otherwise pay, discharge or satisfy any Actions,
Liabilities or obligations, unless such amount has been reserved in the Company Financials;

 

(xiv)
close or materially reduce its activities, or effect any layoff or other personnel reduction or change, at any of its facilities;

 

(xv)
acquire, including by merger, consolidation, acquisition of stock or assets, or any other form of business combination, any corporation,
partnership, limited liability company, other business organization or any division thereof, or any material amount of assets
outside the ordinary course of business consistent with past practice;

 

(xvi)
other than in the ordinary course of business consistent with past practice, make capital expenditures in excess of $100,000 (individually
for any project (or set of related projects) or $250,000 in the aggregate);

 

(xvii)
adopt a plan of complete or partial liquidation, dissolution, merger, consolidation, restructuring, recapitalization or other
reorganization;

 

    	 	34	 

     

    

 

(xviii)
other than in the ordinary course of business consistent with past practice, voluntarily incur any Liability or obligation (whether
absolute, accrued, contingent or otherwise) in excess of $100,000 individually or $250,000 in the aggregate other than pursuant
to the terms of a Company Material Contract or Company Benefit Plan;

 

(xix)
sell, lease, license, transfer, exchange or swap, mortgage or otherwise pledge or encumber (including securitizations), or otherwise
dispose of any material portion of its properties, assets or rights;

 

(xx)
enter into any agreement, understanding or arrangement with respect to the voting of equity securities of the Company;

 

(xxi)
take any action that would reasonably be expected to significantly delay or impair the obtaining of any consents or approvals
of any Governmental Authority to be obtained in connection with this Agreement;

 

(xxii)
enter into, amend, waive or terminate (other than terminations in accordance with their terms) any transaction with any Related
Person (other than compensation and benefits and advancement of expenses, in each case, provided in the ordinary course of business
consistent with past practice); or

 

(xxiii)
authorize or agree to do any of the foregoing actions.

 

7.3
Conduct of Business of the Purchaser.

 

(a)
Unless the Company shall otherwise consent in writing (such consent not to be unreasonably withheld, conditioned or delayed),
during the Interim Period, except as expressly contemplated by this Agreement or the Extension Documents or as set forth on Schedule
7.3, the Purchaser shall, and shall cause its Subsidiaries to, (i) conduct their respective businesses, in all material respects,
in the ordinary course of business consistent with past practice, (ii) comply with all Laws applicable to the Purchaser and its
Subsidiaries and their respective businesses, assets and employees, and (iii) take all reasonable measures necessary or appropriate
to preserve intact, in all material respects, their respective business organizations, to keep available the services of their
respective managers, directors, officers, employees and consultants, and to preserve the possession, control and condition of
their respective material assets, all as consistent with past practice.

 

(b)
Without limiting the generality of Section 7.3(a) and except as contemplated by the terms of this Agreement or the Extension
Documents or as set forth on Schedule 7.3, during the Interim Period, without the prior written consent of the Company
(such consent not to be unreasonably withheld, conditioned or delayed), the Purchaser shall not, and shall cause its Subsidiaries
to not:

 

(i)
amend, waive or otherwise change, in any respect, its Organizational Documents;

 

(ii)
except as contemplated herein, authorize for issuance, issue, grant, sell, pledge, dispose of or propose to issue, grant, sell,
pledge or dispose of any of its equity securities or any options, warrants, commitments, subscriptions or rights of any kind to
acquire or sell any of its equity securities, or other securities, including any securities convertible into or exchangeable for
any of its equity securities or other security interests of any class and any other equity-based awards, or engage in any hedging
transaction with a third Person with respect to such securities;

 

    	 	35	 

     

    

 

(iii)
split, combine, recapitalize or reclassify any of its shares or other equity interests or issue any other securities in respect
thereof or pay or set aside any dividend or other distribution (whether in cash, equity or property or any combination thereof)
in respect of its shares or other equity interests, or directly or indirectly redeem, purchase or otherwise acquire or offer to
acquire any of its securities;

 

(iv)
incur, create, assume, prepay or otherwise become liable for any Indebtedness (directly, contingently or otherwise) in excess
of $100,000 (individually or in the aggregate), make a loan or advance to or investment in any third party, or guarantee or endorse
any Indebtedness, Liability or obligation of any Person;

 

(v)
make or rescind any material election relating to Taxes, settle any claim, action, suit, litigation, proceeding, arbitration,
investigation, audit or controversy relating to Taxes, file any amended Tax Return or claim for refund, or make any material change
in its accounting or Tax policies or procedures, in each case except as required by applicable Law or in compliance with GAAP;

 

(vi)
amend, waive or otherwise change in any manner adverse to the Purchaser, fail in any material respect to comply with the provisions
of or take any action that would reasonably be expected to result in a material default under, the Trust Agreement;

 

(vii)
terminate, waive or assign any material right under any material agreement to which it is a party;

 

(viii)
fail to maintain its books, accounts and records in all material respects in the ordinary course of business consistent with past
practice;

 

(ix)
establish any Subsidiary or enter into any new line of business;

 

(x)
fail to use commercially reasonable efforts to keep in force insurance policies or replacement or revised policies providing insurance
coverage with respect to its assets, operations and activities in such amount and scope of coverage as are currently in effect;

 

(xi)
revalue any of its material assets or make any change in accounting methods, principles or practices, except to the extent required
to comply with GAAP and after consulting the Purchaser’s outside auditors;

 

(xii)
waive, release, assign, settle or compromise any claim, action or proceeding (including any suit, action, claim, proceeding or
investigation relating to this Agreement or the transactions contemplated hereby), other than waivers, releases, assignments,
settlements or compromises that involve only the payment of monetary damages (and not the imposition of equitable relief on, or
the admission of wrongdoing by, the Purchaser) not in excess of $100,000 (individually or in the aggregate), or otherwise pay,
discharge or satisfy any Actions, Liabilities or obligations, unless such amount has been reserved in the Purchaser Financials;

 

(xiii)
acquire, including by merger, consolidation, acquisition of stock or assets, or any other form of business combination, any corporation,
partnership, limited liability company, other business organization or any division thereof, or any material amount of assets
outside the ordinary course of business;

 

(xiv)
make capital expenditures in excess of $100,000 individually for any project (or set of related projects) or $250,000 in the aggregate;

 

    	 	36	 

     

    

 

(xv)
adopt a plan of complete or partial liquidation, dissolution, merger, consolidation, restructuring, recapitalization or other
reorganization;

 

(xvi)
voluntarily incur any Liability or obligation (whether absolute, accrued, contingent or otherwise) in excess of $100,000 individually
or $250,000 in the aggregate other than pursuant to the terms of a material Contract in existence as of the date of this Agreement
or entered into in the ordinary course of business or in accordance with the terms of this Section 7.3 during the Interim
Period;

 

(xvii)
sell, lease, license, transfer, exchange or swap, mortgage or otherwise pledge or encumber (including securitizations), or otherwise
dispose of any material portion of its properties, assets or rights;

 

(xviii)
enter into any agreement, understanding or arrangement with respect to the voting of Purchaser Securities;

 

(xix)
take any action that would reasonably be expected to significantly delay or impair the obtaining of any consents or approvals
of any Governmental Authority to be obtained in connection with this Agreement; or

 

(xx)
authorize or agree to do any of the foregoing actions.

 

7.4
Annual and Interim Financial Statements. From the date hereof through the Closing Date, within thirty (30) calendar days
following the end of each three-month quarterly period and each fiscal year, the Company shall deliver to the Purchaser an unaudited
consolidated income statement and an unaudited consolidated balance sheet for the period from the Interim Balance Sheet Date through
the end of such quarterly period or fiscal year and the applicable comparative period in the preceding fiscal year, in each case
accompanied by a certificate of the Chief Financial Officer of the Company to the effect that all such financial statements fairly
present the consolidated financial position and results of operations of the Target Companies as of the date or for the periods
indicated, in accordance with GAAP, subject to year-end audit adjustments and excluding footnotes. From the date hereof through
the Closing Date, the Company will also promptly deliver to the Purchaser copies of any audited consolidated financial statements
of the Company and its Subsidiaries that the Company’s certified public accountants may issue.

 

7.5
Purchaser Public Filings. During the Interim Period, the Purchaser will keep current and timely file all of its public
filings with the SEC and otherwise comply in all material respects with applicable securities Laws and shall use its commercially
reasonable efforts to maintain the listing of the Purchaser Public Units, the Purchaser Ordinary Shares, the Purchaser Rights
and the Purchaser Public Warrants on Nasdaq.

 

7.6
No Solicitation.

 

(a)
For purposes of this Agreement, (i) an “Acquisition Proposal” means any inquiry, proposal or offer,
or any indication of interest in making an offer or proposal, from any Person or group at any time relating to an Alternative
Transaction, and (ii) an “Alternative Transaction” means (A) with respect to the Company, the Sellers
and their respective Affiliates, a transaction (other than the transactions contemplated by this Agreement) concerning the sale
of (x) all or any material part of the business or assets of the Company or its Subsidiaries (other than in the ordinary course
of business consistent with past practice) or (y) any of the shares or other equity interests or profits of the Company or its
Subsidiaries, in any case, whether such transaction takes the form of a sale of shares or other equity, assets, merger, consolidation,
issuance of debt securities, management Contract, joint venture or partnership, or otherwise and (B) with respect to the Purchaser
and its Affiliates, a transaction (other than the transactions contemplated by this Agreement) concerning a Business Combination.

 

    	 	37	 

     

    

 

(b)
During the Interim Period, in order to induce the other Parties to continue to commit to expend management time and financial
resources in furtherance of the transactions contemplated hereby, each Party shall not, and shall cause its Representatives to
not, without the prior written consent of the Company and the Purchaser, directly or indirectly, (i) solicit, assist, initiate
or facilitate the making, submission or announcement of, or intentionally encourage, any Acquisition Proposal, (ii) furnish any
non-public information regarding such Party or its Affiliates (or, with respect to any Seller, any Target Company) or their respective
businesses, operations, assets, Liabilities, financial condition, prospects or employees to any Person or group (other than a
Party to this Agreement or their respective Representatives) in connection with or in response to an Acquisition Proposal, (iii) engage
or participate in discussions or negotiations with any Person or group with respect to, or that could be expected to lead to,
an Acquisition Proposal, (iv) approve, endorse or recommend, or publicly propose to approve, endorse or recommend, any Acquisition
Proposal, (v) negotiate or enter into any letter of intent, agreement in principle, acquisition agreement or other similar agreement
related to any Acquisition Proposal, or (vi) release any third Person from, or waive any provision of, any confidentiality agreement
to which such Party is a party.

 

(c)
Each Party shall notify the others as promptly as practicable (and in any event within 48 hours) orally and in writing of the
receipt by such Party or any of its Representatives of (i) any bona fide inquiries, proposals or offers, requests for information
or requests for discussions or negotiations regarding or constituting any Acquisition Proposal or any bona fide inquiries, proposals
or offers, requests for information or requests for discussions or negotiations that could be expected to result in an Acquisition
Proposal, and (ii) any request for non-public information relating to such Party or its Affiliates (or with respect to any
Seller, any Target Company), specifying in each case, the material terms and conditions thereof (including a copy thereof if in
writing or a written summary thereof if oral) and the identity of the party making such inquiry, proposal, offer or request for
information. Each Party shall keep the others promptly informed of the status of any such inquiries, proposals, offers or requests
for information. During the Interim Period, each Party shall, and shall cause its Representatives to, immediately cease and cause
to be terminated any solicitations, discussions or negotiations with any Person with respect to any Acquisition Proposal and shall,
and shall direct its Representatives to, cease and terminate any such solicitations, discussions or negotiations.

 

7.7
No Trading. The Company and the Sellers acknowledge and agree that each is aware, and that the Company’s Affiliates
are aware (and each of their respective Representatives is aware or, upon receipt of any material nonpublic information of the
Purchaser, will be advised) of the restrictions imposed by the Federal Securities Laws and other applicable foreign and domestic
Laws on a Person possessing material nonpublic information about a publicly traded company. Each of the Company and the Sellers
hereby agree that, while any of them are in possession of such material nonpublic information, it shall not purchase or sell any
securities of the Purchaser (other than acquire the Exchange Shares in accordance with Article I and Article II), communicate
such information to any third party, take any other action with respect to the Purchaser in violation of such Laws, or cause or
encourage any third party to do any of the foregoing.

 

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7.8
Notification of Certain Matters. During the Interim Period, each of the Parties shall give prompt notice to the other Parties
if such Party or its Affiliates (or, with respect to the Company, any Seller): (a) fails to comply with or satisfy any covenant,
condition or agreement to be complied with or satisfied by it or its Affiliates (or, with respect to the Company, any Seller)
hereunder in any material respect; (b) receives any notice or other communication in writing from any third party (including any
Governmental Authority) alleging (i) that the Consent of such third party is or may be required in connection with the transactions
contemplated by this Agreement or (ii) any non-compliance with any Law by such Party or its Affiliates (or, with respect to the
Company, any Seller); (c) receives any notice or other communication from any Governmental Authority in connection with the transactions
contemplated by this Agreement; (d) discovers any fact or circumstance that, or becomes aware of the occurrence or non-occurrence
of any event the occurrence or non-occurrence of which, would reasonably be expected to cause or result in any of the conditions
to set forth in Article IX not being satisfied or the satisfaction of those conditions being materially delayed; or (e) becomes
aware of the commencement or threat, in writing, of any Action against such Party or any of its Affiliates (or, with respect to
the Company, any Seller), or any of their respective properties or assets, or, to the Knowledge of such Party, any officer, director,
partner, member or manager, in his, her or its capacity as such, of such Party or of its Affiliates (or, with respect to the Company,
any Seller) with respect to the consummation of the transactions contemplated by this Agreement. No such notice shall constitute
an acknowledgement or admission by the Party providing the notice regarding whether or not any of the conditions to the Closing
have been satisfied or in determining whether or not any of the representations, warranties or covenants contained in this Agreement
have been breached.

 

7.9
Efforts.

 

(a)
Subject to the terms and conditions of this Agreement, each Party shall use its commercially reasonable efforts, and shall cooperate
fully with the other Parties, to take, or cause to be taken, all actions and to do, or cause to be done, all things necessary,
proper or advisable under applicable Laws and regulations to consummate the transactions contemplated by this Agreement (including
the receipt of all applicable consents of Governmental Authorities) and to comply as promptly as practicable with all requirements
of Governmental Authorities applicable to the transactions contemplated by this Agreement.

 

(b)
In furtherance and not in limitation of Section 7.9(a), to the extent required under any Laws that are designed to prohibit,
restrict or regulate actions having the purpose or effect of monopolization or restraint of trade (“Antitrust Laws”),
each Party hereto agrees to make any required filing or application under Antitrust Laws, as applicable, at such Party’s
sole cost and expense, with respect to the transactions contemplated hereby as promptly as practicable, to supply as promptly
as reasonably practicable any additional information and documentary material that may be requested pursuant to Antitrust Laws
and to take all other actions necessary, proper or advisable to cause the expiration or termination of the applicable waiting
periods under Antitrust Laws as soon as practicable, including by requesting early termination of the waiting period provided
for under the Antitrust Laws. Each Party shall, in connection with its efforts to obtain all requisite approvals and authorizations
for the transactions contemplated by this Agreement under any Antitrust Law, use its commercially reasonable efforts to: (i) cooperate
in all respects with each other Party or its Affiliates in connection with any filing or submission and in connection with any
investigation or other inquiry, including any proceeding initiated by a private Person; (ii) keep the other Parties reasonably
informed of any communication received by such Party or its Representatives from, or given by such Party or its Representatives
to, any Governmental Authority and of any communication received or given in connection with any proceeding by a private Person,
in each case regarding any of the transactions contemplated by this Agreement; (iii) permit a Representative of the other Parties
and their respective outside counsel to review any communication given by it to, and consult with each other in advance of any
meeting or conference with, any Governmental Authority or, in connection with any proceeding by a private Person, with any other
Person, and to the extent permitted by such Governmental Authority or other Person, give a Representative or Representatives of
the other Parties the opportunity to attend and participate in such meetings and conferences; (iv) in the event a Party’s
Representative is prohibited from participating in or attending any meetings or conferences, the other Parties shall keep such
Party promptly and reasonably apprised with respect thereto; and (v) use commercially reasonable efforts to cooperate in the filing
of any memoranda, white papers, filings, correspondence or other written communications explaining or defending the transactions
contemplated hereby, articulating any regulatory or competitive argument, and/or responding to requests or objections made by
any Governmental Authority.

 

    	 	39	 

     

    

 

(c)
As soon as reasonably practicable following the date of this Agreement, the Parties shall cooperate in all respects with each
other and use (and shall cause their respective Affiliates to use) their respective commercially reasonable efforts to prepare
and file with Governmental Authorities requests for approval of the transactions contemplated by this Agreement and shall use
all commercially reasonable efforts to have such Governmental Authorities approve the transactions contemplated by this Agreement.
Each Party shall give prompt written notice to the other Parties if such Party or its Representatives (or with respect to the
Company, any Seller) receives any notice from such Governmental Authorities in connection with the transactions contemplated by
this Agreement, and shall promptly furnish the other Parties with a copy of such Governmental Authority notice. If any Governmental
Authority requires that a hearing or meeting be held in connection with its approval of the transactions contemplated hereby,
whether prior to the Closing or after the Closing, each Party shall arrange for Representatives of such Party to be present for
such hearing or meeting. If any objections are asserted with respect to the transactions contemplated by this Agreement under
any applicable Law or if any suit is instituted (or threatened to be instituted) by any applicable Governmental Authority or any
private party challenging any of the transactions contemplated by this Agreement as violative of any applicable Law or which would
otherwise prevent, materially impede or materially delay the consummation of the transactions contemplated hereby, the Parties
shall use their commercially reasonable efforts to resolve any such objections or suits so as to permit consummation of the transactions
contemplated by this Agreement, including in order to resolve such objections or suits which, in any case if not resolved, could
reasonably be expected to prevent, materially impede or materially delay the consummation of the transactions contemplated hereby.
In the event any Action is instituted (or threatened to be instituted) by a Governmental Authority or private party challenging
the transactions contemplated by this Agreement, or any Ancillary Document, the Parties shall, and shall cause their respective
Representatives to, cooperate in all respects with each other and use their respective commercially reasonable efforts to contest
and resist any such Action and to have vacated, lifted, reversed or overturned any Order, whether temporary, preliminary or permanent,
that is in effect and that prohibits, prevents or restricts consummation of the transactions contemplated by this Agreement.

 

(d)
Prior to the Closing, each Party shall use its commercially reasonable efforts to obtain any Consents of Governmental Authorities
or other third Persons as may be necessary for the consummation by such Party or its Affiliates of the transactions contemplated
by this Agreement or required as a result of the execution or performance of, or consummation of the transactions contemplated
by, this Agreement by such Party or its Affiliates, and the other Parties shall provide reasonable cooperation in connection with
such efforts.

 

(e)
Notwithstanding anything herein to the contrary, no Party shall be required to agree to any term, condition or modification with
respect to obtaining any Consents in connection with the transactions contemplated by this Agreement that would result in, or
would be reasonably likely to result in: (i) a Material Adverse Effect to such Party or its Affiliates, or (ii) such Party having
to cease, sell or otherwise dispose of any material assets or businesses (including the requirement that any such assets or business
be held separate).

 

(f)
Without limiting anything to the contrary contained herein, during the Interim Period, the Company shall cooperate with and assist
the Purchaser with respect to the PIPE Investment and use its commercially reasonable efforts to cause the PIPE Investment to
occur.

 

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7.10
Further Assurances. The Parties hereto shall further cooperate with each other and use their respective commercially reasonable
efforts to take or cause to be taken all actions, and do or cause to be done all things, necessary, proper or advisable on their
part under this Agreement and applicable Laws to consummate the transactions contemplated by this Agreement as soon as reasonably
practicable, including preparing and filing as soon as practicable all documentation to effect all necessary notices, reports
and other filings; provided, that the PIPE Investment shall not exceed an aggregate of Twenty-Four Million U.S. Dollars
($24,000,000) without the prior written consent of the Company.

 

7.11
The Proxy Statement; Extension.

 

(a)
As promptly as practicable after the date hereof, the Purchaser shall prepare and file with the SEC a proxy statement (as amended
or supplemented from time to time, the “Proxy Statement”) calling a special meeting of the Purchaser’s
shareholders (the “Shareholder Meeting”) seeking the approval of the Purchaser’s shareholders
for the transactions contemplated by this Agreement and offering to redeem from its public shareholders their Purchaser Ordinary
Shares in conjunction with a shareholder vote on the transactions contemplated by this Agreement (the “Redemption”),
all in accordance with and as required by the Purchaser’s Organizational Documents, the IPO Prospectus, applicable Law and
any applicable rules and regulations of the SEC and Nasdaq. In the Proxy Statement, the Purchaser shall seek (i) adoption and
approval of this Agreement and the transactions contemplated hereby or referred to herein (including, if required, the issuance
of the PIPE Shares) by the holders of Purchaser Ordinary Shares in accordance with the Purchaser’s Organizational Documents,
the BVI Act, and the rules and regulations of the SEC and Nasdaq, (ii) if required to be approved by the Purchaser’s shareholders,
adoption and approval of an Amended and Restated Memorandum and Articles of Association of the Purchaser in form and substance
reasonably acceptable to the Purchaser and the Company (the “Amended Charter”) (which Amended Charter,
if appropriate as determined by the Purchaser, will be adopted by the Purchaser in two separate amendments, one prior to the consummation
of the PIPE Investment in order to further detail the rights of the PIPE Shares and the other to become effective at the time
of the Closing and upon registration by the BVI Registry to, among other things, change the name of the Purchaser effective as
of the Closing to “China Direct Lending Corporation”), (iii) to appoint, and designate the classes of, the members
of the board of directors of the Purchaser, and appoint the members of any committees thereof, in each case in accordance with
Section 7.16 hereof, and (iv) to obtain any and all other approvals necessary or advisable to effect the consummation of
the transactions contemplated by this Agreement and the Ancillary Documents. In connection with the Proxy Statement, the Purchaser
will also file with the SEC financial and other information about the transactions contemplated by this Agreement in accordance
with applicable proxy solicitation rules set forth in the Purchaser’s Organizational Documents, the BVI Act and the rules
and regulations of the SEC and Nasdaq (such Proxy Statement and the documents included or referred to therein pursuant to which
the Redemption will be made, together with any supplements, amendments and/or exhibits thereto, the “Proxy Documents”).

 

(b)
If the Purchaser reasonably believes that the Closing will most likely not occur prior to the eighteen (18) month anniversary
of the IPO (the “Purchaser Wind-Up Date”), but that the Parties are reasonably capable of causing the
Closing to occur after the Purchaser Wind-Up Date, but prior to the six (6) month anniversary of the date of this Agreement, and
so long as none of the Sellers or the Company are in material breach of this Agreement (which breach has not been cured), the
Purchaser shall prepare with the assistance of the Company and the Sellers and file with the SEC under the Exchange Act, and with
all other applicable regulatory bodies, materials in the form of a proxy statement to be used for the purpose of soliciting proxies
from the holders of Purchaser Ordinary Shares to approve, at a special meeting of the holders of Purchaser Ordinary Shares (the
“Extension Special Meeting”), an amendment to the Purchaser Charter to extend the deadline for the Purchaser
to consummate its initial business combination (and, if applicable, each amendment set forth therein) (the “Extension”),
and providing such holders with a Redemption Offer in connection therewith (the “Extension Proxy Statement”,
and together with the documents included or referred to therein pursuant to which the Extension will be made, together with any
supplements, amendments and/or exhibits thereto, the “Extension Documents”).

 

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(c)
Except with respect to the information provided by or on behalf of the Target Companies or the Sellers for inclusion in the Proxy
Statement and other Proxy Documents or the Extension Documents, the Purchaser shall ensure that, when filed, the Proxy Statement
and other Proxy Documents and, if applicable, the Extension Documents will comply in all material respects with the requirements
of the Exchange Act and the rules and regulations thereunder. The Purchaser shall cause the Proxy Documents and, if applicable,
the Extension Documents to be disseminated as promptly as practicable to the Purchaser’s equity holders as and to the extent
such dissemination is required by U.S. federal securities laws and the rules and regulations of the SEC and Nasdaq promulgated
thereunder or otherwise (the “Federal Securities Laws”). The Company and the Sellers shall promptly
provide to the Purchaser such information concerning the Sellers, the Target Companies and their respective businesses, operations,
condition (financial or otherwise), assets, Liabilities, properties, officers, directors and employees as is either required by
Federal Securities Laws or reasonably requested by the Purchaser for inclusion in the Proxy Documents or the Extension Documents.
Subject to compliance by the Company and the Sellers with the immediately preceding sentence with respect to the information provided
or to be provided by or on behalf of them for inclusion in the Proxy Documents or the Extension Documents, the Purchaser shall
cause the Proxy Documents and, if applicable, the Extension Documents to comply in all material respects with the Federal Securities
Laws. The Purchaser shall provide copies of the proposed forms of the Proxy Documents and, if applicable, the Extension Documents
(including, in each case, any amendments or supplements thereto) to Company such that the Company and its Representatives are
afforded a reasonable amount of time prior to the dissemination or filing thereof to review such material and comment thereon
prior to such dissemination or filing, and the Purchaser shall reasonably consider in good faith any comments of such Persons.
The Purchaser and the Company and their respective Representatives shall respond promptly to any comments of the SEC or its staff
with respect to the Proxy Documents and, if applicable, the Extension Documents and promptly correct any information provided
by it for use in the Proxy Documents or, if applicable, Extension Documents if and to the extent that such information shall have
become false or misleading in any material respect or as otherwise required by the Federal Securities Laws. The Purchaser shall
amend or supplement the Proxy Documents and, if applicable, the Extension Documents and cause the Proxy Documents and, if applicable,
the Extension Documents, in each case as so amended or supplemented, to be filed with the SEC and to be disseminated to the holders
of Purchaser Ordinary Shares, in each case as and to the extent required by the Federal Securities Laws and subject to the terms
and conditions of this Agreement and the Purchaser Organizational Documents. The Purchaser shall provide the Company and its Representatives
with copies of any written comments, and shall inform them of any material oral comments, that the Purchaser or any of its Representatives
receive from the SEC or its staff with respect to the Proxy Documents or, if applicable, the Extension Documents promptly after
the receipt of such comments and shall give the Company a reasonable opportunity under the circumstances to review and comment
on any proposed written or material oral responses to such comments. The Purchaser shall use its reasonable commercial efforts
to cause the Proxy Statement and, if applicable, the Extension Documents to “clear” comments from the SEC and its
staff and to permit the Company and its Representatives to participate with the Purchaser or its Representatives in any discussions
or meetings with the SEC and its staff. The Company and the Sellers shall, and shall cause each of the Target Companies to, make
their respective directors, officers and employees, upon reasonable advance notice, available to the Purchaser and its Representatives
in connection with the drafting of the public filings with respect to the transactions contemplated by this Agreement, including
the Proxy Documents and, if applicable, the Extension Documents, and responding in a timely manner to comments from the SEC. The
Purchaser shall call (i) the Shareholder Meeting as promptly as reasonably practicable after the Proxy Statement has “cleared”
comments from the SEC, and (ii), if applicable, the Extension Special Meeting as promptly as reasonable practicable after the
Extension Proxy Statement has “cleared” comments from the SEC.

 

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(d)
If at any time prior to the Closing, any information relating to the Purchaser, on the one hand, or the Company, its Subsidiaries
or the Sellers, on the other hand, or any of their respective Affiliates, businesses, operations, condition (financial or otherwise),
assets, Liabilities, properties, officers, directors or employees, should be discovered by the Purchaser, on the one hand, or
the Target Companies or the Sellers, on the other hand, that should be set forth in an amendment or supplement to the Proxy Documents
or, if applicable, the Extension Documents, so that such documents would not include any misstatement of a material fact or omit
to state any material fact necessary to make the statements therein, in light of the circumstances under which they were made,
not misleading, the Party which discovers such information shall promptly notify each other Parties and an appropriate amendment
or supplement describing such information shall be promptly filed with the SEC and, to the extent required by law, disseminated
to the Purchaser’s shareholders.

 

7.12
Public Announcements.

 

(a)
The Parties agree that no public release, filing or announcement concerning this Agreement or the Ancillary Documents or the transactions
contemplated hereby or thereby shall be issued by any Party or any of their Affiliates without the prior written consent of the
Purchaser, the Company and the DT Representative and the Seller Representative (which consent shall not be unreasonably withheld,
conditioned or delayed), except as such release or announcement may be required by applicable Law or the rules or regulations
of any securities exchange, in which case the applicable Party shall use commercially reasonable efforts to allow the other Parties
reasonable time to comment on, and arrange for any required filing with respect to, such release or announcement in advance of
such issuance.

 

(b)
The Parties shall mutually agree upon and, as promptly as practicable after the execution of this Agreement (but in any event
within four (4) Business Days thereafter), issue a press release announcing the execution of this Agreement (the “Signing
Press Release”). Promptly after the issuance of the Signing Press Release, the Purchaser shall file a Current Report
on Form 8-K (the “Signing Filing”) with the Signing Press Release and a description of this Agreement
as required by Federal Securities Laws, which the Company shall review, comment upon and approve (which approval shall not be
unreasonably withheld, conditioned or delayed) prior to filing (with the Company reviewing, commenting upon and approving such
Signing Filing in any event no later than the second (2nd) Business Day after the execution of this Agreement). The
Parties shall mutually agree upon and, as promptly as practicable after the Closing (but in any event within four (4) Business
Days thereafter), issue a press release announcing the consummation of the transactions contemplated by this Agreement (the “Closing
Press Release”). Promptly after the issuance of the Closing Press Release, the Purchaser shall file a Current Report
on Form 8-K (the “Closing Filing”) with the Closing Press Release and a description of the Closing as
required by Federal Securities Laws which the Seller Representative shall review, comment upon and approve (which approval shall
not be unreasonably withheld, conditioned or delayed) prior to filing (with the Company reviewing, commenting upon and approving
such Signing Filing in any event no later than the second (2nd) Business Day after the Closing). In connection with
the preparation of the Signing Press Release, the Signing Filing, the Closing Filing, the Closing Press Release, or any other
report, statement, filing notice or application made by or on behalf of a Party to any Governmental Authority or other third party
in connection with the transactions contemplated hereby, each Party shall, upon request by any other Party, furnish the Parties
with all information concerning themselves, their respective directors, officers and equity holders, and such other matters as
may be reasonably necessary or advisable in connection with the transactions contemplated hereby, or any other report, statement,
filing, notice or application made by or on behalf of a Party to any third party and/ or any Governmental Authority in connection
with the transactions contemplated hereby.

 

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7.13
Confidential Information.

 

(a)
The Company (prior to the Closing) and the Sellers hereby agree that they shall, and shall cause their respective Representatives
to: (i) treat and hold in strict confidence any Purchaser Confidential Information, and will not use for any purpose (except in
connection with the consummation of the transactions contemplated by this Agreement or the Ancillary Documents, performing their
obligations hereunder or thereunder, enforcing their rights hereunder or thereunder, or in furtherance of their authorized duties
on behalf of the Purchaser or its Subsidiaries), nor directly or indirectly disclose, distribute, publish, disseminate or otherwise
make available to any third party any of the Purchaser Confidential Information without the Purchaser’s prior written consent;
and (ii) in the event that the Company (prior to the Closing), any Seller or any of the respective Representatives becomes legally
compelled to disclose any Purchaser Confidential Information, (A) provide the Purchaser with prompt written notice of such requirement
so that the Purchaser or an Affiliate thereof may seek a protective order or other remedy or waive compliance with this Section
7.13(a), and (B) in the event that such protective order or other remedy is not obtained, or the Purchaser waives compliance
with this Section 7.13(a), furnish only that portion of such Purchaser Confidential Information which is legally required
to be provided as advised in writing by outside counsel and to exercise its commercially reasonable efforts to obtain assurances
that confidential treatment will be accorded such Purchaser Confidential Information. In the event that this Agreement is terminated
and the transactions contemplated hereby are not consummated, the Company and the Sellers shall, and shall cause their respective
Representatives to, promptly deliver to the Purchaser any and all copies (in whatever form or medium) of Purchaser Confidential
Information and destroy all notes, memoranda, summaries, analyses, compilations and other writings related thereto or based thereon.

 

(b)
The Purchaser hereby agrees that during the Interim Period and, in the event this Agreement is terminated in accordance with Article
X, for a period of two (2) years after such termination, it shall, and shall cause its Representatives to: (i) treat and hold
in strict confidence any Company Confidential Information, and will not use for any purpose (except in connection with the consummation
of the transactions contemplated by this Agreement or the Ancillary Documents, performing its obligations hereunder or thereunder
or enforcing its rights hereunder or thereunder), nor directly or indirectly disclose, distribute, publish, disseminate or otherwise
make available to any third party any of the Company Confidential Information without the Company’s prior written consent;
and (ii) in the event that the Purchaser or any of its Representatives becomes legally compelled to disclose any Company Confidential
Information, (A) provide the Company with prompt written notice of such requirement so that the Company, a Seller or an Affiliate
of any of them may seek a protective order or other remedy or waive compliance with this Section 7.13(a), and (B) in the
event that such protective order or other remedy is not obtained, or the Company waives compliance with this Section 7.13(a),
furnish only that portion of such Company Confidential Information which is legally required to be provided as advised in writing
by outside counsel and to exercise its commercially reasonable efforts to obtain assurances that confidential treatment will be
accorded such Company Confidential Information. In the event that this Agreement is terminated and the transactions contemplated
hereby are not consummated, the Purchaser shall, and shall cause its Representatives to, promptly deliver to the Company any and
all copies (in whatever form or medium) of Company Confidential Information and destroy all notes, memoranda, summaries, analyses,
compilations and other writings related thereto or based thereon. Notwithstanding the foregoing, the Purchaser and its Representatives
shall be permitted to disclose any and all Company Confidential Information to the extent required by the Federal Securities Laws.

 

7.14
Litigation Support. Following the Closing, in the event that and for so long as any Party is actively contesting or defending
against any third party or Governmental Authority Action in connection with any fact, situation, circumstance, status, condition,
activity, practice, plan, occurrence, event, incident, action, failure to act or transaction that existing on or prior to the
Closing Date involving the Purchaser or any Target Company, each of the other Parties will (i) reasonably cooperate with the contesting
or defending party and its counsel in the contest or defense, (ii) make available its personnel at reasonable times and upon reasonable
notice and (iii) provide (A) such testimony and (B) access to its non-privileged books and records as may be reasonably requested
in connection with the contest or defense, at the sole cost and expense of the contesting or defending party (unless such contesting
or defending party is entitled to indemnification therefor under Article VIII in which case, the costs and expense will
be borne by the parties as set forth in Article VIII).

 

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7.15
Documents and Information. After the Closing Date, the Purchaser and the Company shall, and shall cause their respective
Subsidiaries to, until the seventh (7th) anniversary of the Closing Date, retain all books, records and other documents
pertaining to the business of the Company and its Subsidiaries in existence on the Closing Date and make the same available for
inspection and copying by the DT Representative during normal business hours of the Company and its Subsidiaries, as applicable,
upon reasonable request and upon reasonable notice. No such books, records or documents shall be destroyed after the seventh (7th)
anniversary of the Closing Date by the Purchaser or any Target Company without first advising the DT Representative in writing
and giving the DT Representative a reasonable opportunity to obtain possession thereof.

 

7.16
Post-Closing Board of Directors and Executive Officers.

 

(a)
The Parties shall take all necessary action, including causing the directors of the Purchaser to resign, so that effective as
of the Closing, the Purchaser’s board of directors (the “Post-Closing Purchaser Board”)
will consist of five (5) individuals. Immediately after the Closing, the Parties shall take all necessary action to designate
and appoint to the Post-Closing Purchaser Board (i) the two (2) persons that are designated by the Purchaser prior to the Closing
(the “DT Directors”), both of whom shall qualify as independent directors under Nasdaq rules, and (ii)
the three (3) persons that are designated by the Company prior to the Closing (the “Seller Directors”),
at least one (1) of whom shall be required to qualify as an independent director under Nasdaq rules. Pursuant to the Amended Charter
as in effect as of the Closing, the Post-Closing Purchaser Board will be a classified board with three classes of directors, with
(I) one class of directors, the Class I Directors, initially serving a one (1) year term, such term effective from the Closing
(but any subsequent Class I Directors serving a three (3) year term), (II) a second class of directors, the Class II Directors,
initially serving a two (2) year term, such term effective from the Closing (but any subsequent Class II Directors serving a three
(3) year term), and (III) a third class of directors, the Class III Directors, serving a three (3) year term, such term effective
from the Closing. The DT Directors shall be Class III Directors. In accordance with the Amended Charter as in effect at the Closing,
no director on the Post-Closing Purchaser Board may be removed without cause. Subject to resignations provided by the Company’s
directors, the board of directors of the Company immediately after the Closing shall be the same as the board of directors of
the Company immediately prior to the Closing. Each Seller hereby agrees to vote all equity securities of the Company and, after
the Closing, the Purchaser consistent with the terms hereof.

 

(b)
The Parties shall take all action necessary, including causing the executive officers of the Purchaser to resign, so that the
individuals serving as executive officers of the Purchaser immediately after the Closing will be the same individuals (in the
same offices) as those of the Company immediately prior to the Closing.

 

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7.17
Disclosure Schedules.

 

(a)
During the Interim Period, each of the Company, the Sellers and the Purchaser shall have the right, by providing one or more written
supplemental disclosure schedules (“Supplemental Disclosure Schedules”) to the others, to update its
disclosure schedules to disclose updates: (a) to reflect changes in the ordinary course of business first existing or occurring
after the date of this Agreement, which if existing or occurring on or prior to the date of this Agreement, would have been required
to be set forth on such schedules, and (b) which updates do not result from any breach of a covenant made by such disclosing Party
or its Affiliates in this Agreement. Other than any updates permitted by the prior sentence, no Supplemental Disclosure Schedule
shall affect any of the conditions to the Parties’ respective obligations under the Agreement (including for purposes of
determining satisfaction or waiver of the conditions set forth in Article IX), or any indemnification rights under Article
VIII or any other remedy available to the Parties arising from a representation or warranty that was or would be inaccurate,
or a warranty that would be breached, without qualification by the update.

 

(b)
For the purposes of the Company Disclosure Schedules and the Purchaser Disclosure Schedules, any information, item or other disclosure
set forth in any part of such disclosure schedules (or, to the extent applicable, any Supplemental Disclosure Schedule) shall
be deemed to have been set forth in all other applicable parts of such disclosure schedules (or, to the extent applicable, Supplemental
Disclosure Schedules) to the extent that the applicability of such disclosure to such other parts is reasonably apparent on the
face of such disclosure. Inclusion of information in any disclosure schedule or Supplemental Disclosure Schedule shall not be
construed as an admission by such party that such information is material to the business, properties, financial condition or
results of operations of, as applicable, the Company, the Sellers or the Purchaser or their respective Affiliates. Matters reflected
in any disclosure schedule or Supplemental Disclosure Schedule is not necessarily limited to matters required by this Agreement
to be reflected therein and the inclusion of such matters shall not be deemed an admission that such matters were required to
be reflected in such disclosure schedule or Supplemental Disclosure Schedule. Such additional matters are set forth for informational
purposes only and do not necessarily include other matters of a similar nature.

 

7.18
Use of Trust Account Proceeds After the Closing. The Parties agree that after the Closing, the funds in the Trust Account
and any proceeds received by the Purchaser from the PIPE Investment, after taking into account payments for the Redemption, shall
first be used (i) to pay the Purchaser’s accrued Expenses for the transactions contemplated by this Agreement and (ii) to
pay the deferred Expenses (including cash amounts payable to EBC and any legal fees) of the IPO. Such Expenses, as well as any
Expenses that are required to be paid by delivery of the Purchaser’s securities, will be paid at the Closing. Any remaining
cash will be used for general corporate purposes.

 

7.19
Purchaser Dividend Policy; Company Pre-Closing Dividend.

 

(a)
The Parties hereby agree from and after the Closing to encourage the Purchaser’s board of directors to adopt a stated dividend
policy for the Purchaser consistent with Annex III hereto. Notwithstanding the foregoing, the Parties acknowledge that the Purchaser’s
board of directors is solely responsible for declaring and paying dividends, and nothing herein shall require a director of Purchaser
to breach its fiduciary duties to the Purchaser and Purchaser’s shareholders.

 

(b)
The Parties hereby agree that prior to the Closing, the Company may make a special cash dividend in an aggregate amount equal
to fifty percent (50%) of the Company’s consolidated net income (if any) for its fiscal year ending December 31, 2015 as
set forth in its audited consolidated financial statements for the fiscal year ending December 31, 2015.

 

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7.20
Purchaser Policies. During the Interim Period, the Purchaser will consult with the Company, and the Purchaser and the Company
will adopt, effective as of the Closing, corporate and operational policies for the Purchaser, the Company and their respective
Subsidiaries, including the Target Companies, appropriate for a company publicly traded in the United States with active business
and operations in the industries and regions in which the Target Companies operate and contemplate operating as of the Closing.
Such policies will include a conflicts of interest policy establishing, among other matters, proper procedures and limitations
for related party loans involving the Purchaser or any of its Subsidiaries, including the Target Companies (the “Conflicts
of Interest Policy”).

 

7.21
SOX 404(b) Compliance. From and after the Closing, the Sellers agree to, and cause the Seller Directors to, engage the
Purchaser’s audit firm to complete an attestation pursuant to Section 404(b) of SOX and Item 308(b) of Regulation S-K of
the Purchaser’s internal control over financial reporting effective no later than December 31, 2017, or such earlier date
as is required by SEC rules or other applicable Law, with such audit firm’s attestation report to be included in the Purchaser’s
applicable annual report.

 

7.22
Purchaser Fiscal Period. Effective as of the Closing, the Purchaser will change its fiscal period to a December 31 year
end.

 

Article
VIII

SURVIVAL AND INDEMNIFICATION

 

8.1
Survival.

 

(a)
All representations and warranties of the Company and the Sellers contained in this Agreement (including all schedules and exhibits
hereto and all certificates, documents, instruments and undertakings furnished pursuant to this Agreement) shall survive the Closing
through and until eighteen (18) months after the Closing Date; provided, however, that (a) the representations and warranties
contained in Sections 5.14 (Taxes and Returns), 5.19 (Benefit Plans), 5.20 (Environmental Matters), 5.30
(Information Supplied) and 6.10 (Information Supplied) shall survive until sixty (60) days after the expiration of
the applicable statute of limitations, and (b) the representations and warranties contained in Sections 5.1 (Due Organization
and Good Standing), 5.2 (Authorization; Binding Agreement), 5.3 (Capitalization), 5.4 (Subsidiaries), 5.28
(Finders and Investment Bankers), 5.29 (Independent Investigation), 6.1 (Due Organization and Good Standing),
6.2 (Authorization; Binding Agreement), 6.3 (Ownership), 6.8 (Finders and Investment Bankers) and 6.9
(Independent Investigation) will survive indefinitely. Additionally, Fraud Claims against the Company or the Sellers shall
survive indefinitely. If written notice of a claim for breach of any representation or warranty has been given before the applicable
date when such representation or warranty no longer survives in accordance with this Section 8.1(a), then the relevant
representations and warranties shall survive as to such claim, until the claim has been finally resolved. All covenants, obligations
and agreements of the Company and the Sellers contained in this Agreement (including all schedules and exhibits hereto and all
certificates, documents, instruments and undertakings furnished pursuant to this Agreement), including any indemnification obligations,
shall survive the Closing and continue until fully performed in accordance with their terms. For the avoidance of doubt, a claim
for indemnification under any subsection of Section 8.2 other than clauses (a) or (b) thereof may be made at any time.

 

(b)
The representations and warranties of the Purchaser contained in this Agreement or in any certificate or instrument delivered
pursuant to this Agreement shall not survive the Closing, and from and after the Closing, the Purchaser and its Representatives
shall not have any further obligations, nor shall any claim be asserted or action be brought against the Purchaser or its Representatives
with respect thereto. The covenants and agreements made by the Purchaser in this Agreement or in any certificate or instrument
delivered pursuant to this Agreement, including any rights arising out of any breach of such covenants or agreements, shall not
survive the Closing, except for those covenants and agreements contained herein and therein that by their terms apply or are to
be performed in whole or in part after the Closing (which such covenants shall survive the Closing and continue until fully performed
in accordance with their terms).

 

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8.2
Indemnification by the Sellers. Subject to the terms and conditions of this Article VIII, from and after the Closing,
the Sellers and their respective successors and assigns (each, with respect to any claim made under this Section 8.2, an
“Indemnifying Party”) will jointly and severally indemnify, defend and hold harmless the Purchaser and
its Affiliates and their respective officers, directors, managers, employees, successors and permitted assigns (each, with respect
to any claim made under this Section 8.2, an “Indemnified Party”) from and against any and all
losses, Actions, Orders, Liabilities, damages (including consequential damages), diminution in value, Taxes, interest, penalties,
Liens, amounts paid in settlement, costs and expenses (including reasonable expenses of investigation and court costs and reasonable
attorneys’ fees and expenses), (any of the foregoing, a “Loss”) paid, suffered or incurred by,
or imposed upon, any Indemnified Party to the extent arising in whole or in part out of or resulting directly or indirectly from
(whether or not involving a Third Party Claim): (a) the breach of any representation or warranty made by the Company or any Seller
set forth in this Agreement or in any certificate delivered by the Company, any Seller or the Seller Representative pursuant to
this Agreement; (b) the breach of any covenant or agreement on the part of any Seller, the Company or, after the Closing, the
Purchaser, set forth in this Agreement or in any certificate delivered by the Company, any Seller, the Seller Representative or
the Purchaser pursuant to this Agreement; or (c) any Action by Person(s) who were holders of equity securities of a Target Company,
including options, warrants, convertible debt or other convertible securities or other rights to acquire equity securities of
a Target Company, prior to the Closing arising out of the sale, purchase, termination, cancellation, expiration, redemption or
conversion of any such securities.

 

8.3
Payment from Escrow Account. Except for Fraud Claims, (i) any indemnification claims against an Indemnifying Party under
this Article VIII shall be exclusively brought against and paid solely from the Escrow Account and the Accrued Dividends,
and (ii) the aggregate indemnification claims shall not exceed the Escrow Shares and other Escrow Property in the Escrow Account
plus any Accrued Dividends, subject to Section 8.4(a). Any indemnification claims shall first be paid with Accrued Dividends,
then with any cash or cash equivalents that are held in the Escrow Account, then with the Escrow Shares and then with any remaining
property in the Escrow Account. With respect to any indemnification payment that includes Escrow Shares, the value of each Escrow
Share for purposes of determining the indemnification payment shall be the Purchaser Share Price on the date that the indemnification
claim is finally determined in accordance with this Article VIII. For successful indemnification claims by an Indemnified Party,
within five (5) Business Days after the indemnification claim is finally determined in accordance with this Article VIII,
the Escrow Agent shall disburse a number of Escrow Shares and other Escrow Property equal to the amount of such indemnification
claim (as determined in accordance with this Article VIII) from the Escrow Account to the Purchaser (and the DT Representative
and the Seller Representative will provide or cause to be provided to the Escrow Agent any written instructions or other information
or documents required by the Escrow Agent to do so). The Purchaser will cancel any Escrow Shares distributed to the Purchaser
from the Escrow Account promptly after its receipt thereof and cancel any Accrued Dividend payable in respect of such Escrow Shares.
Notwithstanding anything to the contrary contained in this Agreement, any Earn-Out Payments paid pursuant to Article II
shall be reduced by the amount of any indemnification claims by any Indemnified Parties under this Article VIII that (i)
are pending, (ii) have been finally determined as due and owing but are unpaid from the Escrow Account in accordance with this
Article VIII or (iii) have been paid from the Escrow Account in accordance with this Article VIII but have not previously
been used to reduce the amount of any prior Earn-Out Payment. Upon the final determination of any such pending indemnification
claim, if the final amount determined to be payable to the Indemnified Parties is less than the amount reserved for such claim,
then to the extent that such pending claim reduced and would otherwise continue to reduce the amount of any prior Earn-Out Payment
(after first giving effect for other reductions to the amount of such prior Earn-Out Payment pursuant to the preceding sentence,
including other pending indemnification claims, taking into account the following events occurring after the time that the Earn-out
Payment was initially reduced: (x) any adjustments to the claimed amount for any other indemnification claims existing at such
time; and (y) the amount of any new pending or finally determined indemnification claims made since such time), such amount of
Escrow Property will be promptly thereafter disbursed by the Escrow Agent from the Escrow Account to the Sellers (and Purchaser
shall pay the Accrued Dividends).

 

    	 	48	 

     

    

 

8.4
Limitations and General Indemnification Provisions.

 

(a)
Except for Fraud Claims, the maximum aggregate amount of indemnification payments to which the Indemnifying Parties will be obligated
to pay in the aggregate under Section 8.2 shall not exceed an amount equal to the Escrow Property in the Escrow Account
plus any Accrued Dividends. Notwithstanding the foregoing, in the event that any Escrow Property and/or Accrued Dividends are
disbursed to any Seller, if there is an indemnification claim against an Indemnifying Party that is finally determined to be due
and owing to an Indemnified Party in accordance with the terms of this Agreement, to the extent that there is insufficient Escrow
Property in the Escrow Account to pay for such indemnification claim, the Sellers shall personally be jointly and severally liable
to applicable Indemnified Parties for such excess indemnification obligations, with each Seller personally liable for up to a
maximum amount (except with respect to Fraud Claims) equal to the fair market value of the Escrow Property and Accrued Dividends
disbursed to such Seller on the date of disbursement from the Escrow Account (with each Escrow Share valued at the Purchaser Share
Price).

 

(b)
Solely for purposes of determining the amount of Losses under this Article VIII (and, for the avoidance of doubt, not for
purposes of determining whether there has been a breach giving rise to the indemnification claim), all of the representations,
warranties and covenants set forth in this Agreement (including the disclosure schedules hereto) or any Ancillary Document that
are qualified by materiality, Material Adverse Effect or words of similar import or effect will be deemed to have been made without
any such qualification.

 

(c)
No investigation or knowledge by an Indemnified Party or the DT Representative or their respective Representatives of a breach
of a representation, warranty, covenant or agreement of an Indemnifying Party shall affect the representations, warranties, covenants
and agreements of the Indemnifying Party or the recourse available to the Indemnified Parties under any provision of this Agreement,
including this Article VIII, with respect thereto.

 

(d)
The amount of any Losses suffered or incurred by any Indemnified Party shall be reduced by the amount of any insurance proceeds
paid to the Indemnified Party or any Affiliate thereof as a reimbursement with respect to such Losses (and no right of subrogation
shall accrue to any insurer hereunder, except to the extent that such waiver of subrogation would prejudice any applicable insurance
coverage), net of the costs of collection and the increases in insurance premiums resulting from such Loss or insurance payment.

 

8.5
Indemnification Procedures.

 

(a)
The DT Representative shall have the sole right to act on behalf of the Indemnified Parties with respect to any indemnification
claims made pursuant to this Article VIII, including bringing and settling any claims hereunder and receiving any notices
on behalf of the Indemnified Parties. The Seller Representative shall have the sole right to act on behalf of the Indemnifying
Parties with respect to any indemnification claims made pursuant to this Article VIII, including defending and settling
any claims hereunder and receiving any notices on behalf of the Indemnifying Parties.

 

    	 	49	 

     

    

 

(b)
In order to make a claim for indemnification hereunder, the DT Representative on behalf of an Indemnified Party must provide written
notice (a “Claim Notice”) of such claim to the Seller Representative on behalf of the Indemnifying Parties
and to the Escrow Agent, which Claim Notice shall include (i) a reasonable description of the facts and circumstances which relate
to the subject matter of such indemnification claim to the extent then known and (ii) the amount of Losses suffered by the Indemnified
Party in connection with the claim to the extent known or reasonably estimable (provided, that the DT Representative may thereafter
in good faith adjust the amount of Losses with respect to the claim by providing a revised Claim Notice to the Seller Representative
and the Escrow Agent); provided, that the copy of any Claim Notice provided to the Escrow Agent shall be redacted for any
confidential or proprietary information of the Indemnifying Party or the Indemnified Party described in clause (i).

 

(c)
In the case of any claim for indemnification under this Article VIII arising from a claim of a third party (including any
Governmental Authority) (a “Third Party Claim”), the DT Representative must give a Claim Notice with
respect to such Third Party Claim to the Seller Representative promptly (but in no event later than thirty (30) days) after the
Indemnified Party’s receipt of notice of such Third Party Claim; provided, that the failure to give such notice will
not relieve the Indemnifying Party of its indemnification obligations except to the extent that the defense of such Third Party
Claim is materially and irrevocably prejudiced by the failure to give such notice. The Seller Representative will have the right
to defend and to direct the defense against any such Third Party Claim, at its expense and with counsel selected by the Seller
Representative, unless (i) the Seller Representative fails to acknowledge fully to the DT Representative the obligations of the
Indemnifying Party to the Indemnified Party within twenty (20) days after receiving notice of such Third Party Claim or contests,
in whole or in part, its indemnification obligations therefor or (ii) at any time while such Third Party Claim is pending, (A)
there is a conflict of interest between the Seller Representative on behalf of the Indemnifying Party and the DT Representative
on behalf of the Indemnified Party in the conduct of such defense, (B) the applicable third party alleges a Fraud Claim, (C) such
claim is criminal in nature, could reasonably be expected to lead to criminal proceedings, or seeks an injunction or other equitable
relief against the Indemnified Party or (D) the amount of the Third Party Claim exceeds or is reasonably expected to exceed the
amount of the Escrow Property plus Accrued Dividends. If the Seller Representative on behalf of the Indemnifying Party elects,
and is entitled, to compromise or defend such Third Party Claim, it will within twenty (20) days (or sooner, if the nature of
the Third Party Claim so requires) notify the DT Representative of its intent to do so, and the DT Representative and the Indemnified
Party will, at the request and expense of the Seller Representative, cooperate in the defense of such Third Party Claim. If the
Seller Representative on behalf of the Indemnifying Party elects not to, or at any time is not entitled under this Section
8.5 to, compromise or defend such Third Party Claim, fails to notify the DT Representative of its election as herein provided
or refuses to acknowledge or contests its obligation to indemnify under this Agreement, the DT Representative on behalf of the
Indemnified Party may pay, compromise or defend such Third Party Claim. Notwithstanding anything to the contrary contained herein,
the Indemnifying Party will have no indemnification obligations with respect to any such Third Party Claim which is settled by
the Indemnified Party or the DT Representative without the prior written consent of the Seller Representative on behalf of the
Indemnifying Party (which consent will not be unreasonably withheld, delayed or conditioned); provided, however,
that notwithstanding the foregoing, the Indemnified Party will not be required to refrain from paying any Third Party Claim which
has matured by a final, non-appealable Order, nor will it be required to refrain from paying any Third Party Claim where the delay
in paying such claim would result in the foreclosure of a Lien upon any of the property or assets then held by the Indemnified
Party or where any delay in payment would cause the Indemnified Party material economic loss. The Seller Representative’s
right on behalf of the Indemnifying Party to direct the defense will include the right to compromise or enter into an agreement
settling any Third Party Claim; provided, that no such compromise or settlement will obligate the Indemnified Party to
agree to any settlement that that requires the taking or restriction of any action (including the payment of money and competition
restrictions) by the Indemnified Party other than the execution of a release for such Third Party Claim and/or agreeing to be
subject to customary confidentiality obligations in connection therewith, except with the prior written consent of the DT Representative
on behalf of the Indemnified Party (such consent to be withheld, conditioned or delayed only for a good faith reason). Notwithstanding
the Seller Representative’s right on behalf of the Indemnifying Party to compromise or settle in accordance with the immediately
preceding sentence, the Seller Representative on behalf of the Indemnifying Party may not settle or compromise any Third Party
Claim over the objection of the DT Representative on behalf of the Indemnified Party; provided, however, that consent by the DT
Representative on behalf of the Indemnified Party to settlement or compromise will not be unreasonably withheld, delayed or conditioned.
The DT Representative on behalf of the Indemnified Party will have the right to participate in the defense of any Third Party
Claim with counsel selected by it subject to the Seller Representative’s right on behalf of the Indemnifying Party to direct
the defense.

 

    	 	50	 

     

    

 

(d)
With respect to any direct indemnification claim that is not a Third Party Claim, the Seller Representative on behalf of the Indemnifying
Party will have a period of thirty (30) days after receipt of the Claim Notice to respond thereto. If the Seller Representative
on behalf of the Indemnifying Party does not respond within such thirty (30) days, the Seller Representative on behalf of the
Indemnifying Party will be deemed to have accepted responsibility for the Losses set forth in such Claim Notice subject to the
limitations on indemnification set forth in this Article VIII and will have no further right to contest the validity of
such Claim Notice. If the Seller Representative on behalf of the Indemnifying Party responds within such thirty (30) days after
the receipt of the Claim Notice and rejects such claim in whole or in part, the DT Representative on behalf of the Indemnified
Party will be free to pursue such remedies as may be available under this Agreement (subject to Section 12.4), any Ancillary
Documents or applicable Law.

 

8.6
Exclusive Remedy. From and after the Closing, except with respect to Fraud Claims related to the negotiation or execution
of this Agreement or claims seeking injunctions or specific strict performance (including pursuant to Section 12.7), indemnification
pursuant to this Article VIII shall be the sole and exclusive remedy for the Parties with respect to matters arising under
this Agreement of any kind or nature, including for any misrepresentation or breach of any warranty, covenant, or other provision
contained in this Agreement or in any certificate or instrument delivered pursuant to this Agreement or otherwise relating to
the subject matter of this Agreement, including the negotiation and discussion thereof.

 

Article
IX

CLOSING CONDITIONS

 

9.1
Conditions to Each Party’s Obligations. The obligations of each Party to consummate the transactions described herein
shall be subject to the satisfaction or written waiver (where permissible) by the Company, the Purchaser and the Seller Representative
of the following conditions:

 

(a)
Required Purchaser Shareholder Approval. The matters described in clauses (i), (ii) and (iii) of Section 7.11(a) that are
submitted to the vote of the shareholders of the Purchaser at the Shareholder Meeting in accordance with the Proxy Statement shall
have been approved by the requisite vote of the shareholders of the Purchaser at the Shareholder Meeting in accordance with the
Proxy Statement (the “Required Shareholder Vote”).

 

    	 	51	 

     

    

 

(b)
Antitrust Laws. Any waiting period (and any extension thereof) applicable to the consummation of this Agreement under any
Antitrust Laws shall have expired or been terminated.

 

(c)
Requisite Regulatory Approvals. All Consents required to be obtained from or made with any Governmental Authority in order
to consummate the transactions contemplated by this Agreement, shall have been obtained or made.

 

(d)
Requisite Consents. The Consents required to be obtained from or made with any third Person (other than a Governmental
Authority) in order to consummate the transactions contemplated by this Agreement that are set forth in Schedule 9.1(d)
shall have each been obtained or made.

 

(e)
No Law. No Governmental Authority shall have enacted, issued, promulgated, enforced or entered any Law (whether temporary,
preliminary or permanent) or Order that is then in effect and which has the effect of making the transactions or agreements contemplated
by this Agreement illegal or which otherwise prevents or prohibits consummation of the transactions contemplated by this Agreement.

 

(f)
No Litigation. There shall not be any pending Action brought by a third-party non-Affiliate to enjoin or otherwise restrict
the consummation of the Closing.

 

(g)
Appointment to the Board. The members of Purchaser’s board of directors shall have been elected or appointed to Purchaser’s
board of directors as of the Closing consistent with the requirements of Section 7.16.

 

9.2
Conditions to Obligations of the Company and the Sellers. In addition to the conditions specified in Section 9.1,
the obligations of the Company and the Sellers to consummate the transactions contemplated by this Agreement are subject to the
satisfaction or written waiver (by the Company and the Seller Representative) of the following conditions:

 

(a)
Representations and Warranties. All of the representations and warranties of the Purchaser set forth in this Agreement
and in any certificate delivered by the Purchaser pursuant hereto shall be true and correct on and as of the date of this Agreement
and on and as of the Closing Date as if made on the Closing Date, except for (i) those representations and warranties that address
matters only as of a particular date (which representations and warranties shall have been accurate as of such date), and (ii)
any failures to be true and correct that (without giving effect to any qualifications or limitations as to materiality or Material
Adverse Effect), individually or in the aggregate, have not had and would not reasonably be expected to have a Material Adverse
Effect on, or with respect to, the Purchaser and that do not materially and adversely affect the Purchaser’s ability to
consummate the transactions contemplated hereby.

 

(b)
Agreements and Covenants. The Purchaser shall have performed in all material respects all of the Purchaser’s obligations
and complied in all material respects with all of the Purchaser’s agreements and covenants under this Agreement to be performed
or complied with by it on or prior to the Closing Date.

 

(c)
No Material Adverse Effect. No Material Adverse Effect shall have occurred with respect to the Purchaser since the date
of this Agreement.

 

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(d)
Closing Deliveries.

 

(i)
Officer Certificate. The Purchaser shall have delivered to the Company a certificate, dated the Closing Date, signed by
an executive officer of the Purchaser in such capacity, certifying as to the satisfaction of the conditions specified in Sections
9.2(a), 9.2(b) and 9.2(c).

 

(ii)
Secretary Certificate. The Purchaser shall have delivered to the Company a certificate from its secretary certifying as
to (A) copies of the Purchaser’s Organizational Documents as in effect as of the Closing Date, (B) the resolutions of the
Purchaser’s board of directors authorizing the execution, delivery and performance of this Agreement and each of the Ancillary
Documents to which it is a party or by which it is bound, and the consummation of the transactions contemplated hereby and thereby,
(C) evidence of the Required Shareholder Vote and (D) the incumbency of officers authorized to execute this Agreement or any Ancillary
Document to which the Purchaser is or is required to be a party or otherwise bound.

 

(iii)
Good Standing. The Purchaser shall have delivered to the Company a good standing certificate (or similar documents applicable
for such jurisdictions) for the Purchaser certified as of a date no later than sixty (60) days prior to the Closing Date from
the proper Governmental Authority of the Purchaser’s jurisdiction of organization and from each other jurisdiction in which
the Purchaser is qualified to do business as a foreign entity as of the Closing, in each case to the extent that good standing
certificates or similar documents are generally available in such jurisdictions.

 

(iv)
Escrow Agreement. The Company shall have received a copy of the Escrow Agreement, duly executed by the Purchaser and the
Escrow Agent.

 

(v)
Exchange Rate Acknowledgement. The Company shall have received a copy of an acknowledgement letter between the Purchaser
and the Company, in form and substance reasonably acceptable to the Company and the Purchaser, specifying the applicable currency
exchange rates as of the close of business on June 30, 2015 using the USD/CNY midpoint rate as posted on the http://www.oanda.com
website for purposes of Annex II and the amounts of each Earn-Out Target in RMB using such currency exchange rates (the
“Exchange Rate Acknowledgement”), duly executed by the Purchaser.

 

(e)
Effectiveness of Certain Ancillary Documents.

 

(i)
Non-Competition Agreements. The Non-Competition and Non-Solicitation Agreements to be entered into by each Seller and the
other Subject Parties thereto (as defined therein) (other than Multideal Limited and its principal, Ms. Chen Hong, who are not
required to be subject to a Non-Competition and Non-Solicitation Agreement) in favor of and for the benefit of the Purchaser,
the Company and each of the other Covered Parties (as defined therein) (each, a “Non-Competition Agreement”),
the form of which is attached as Exhibit B hereto, shall be duly executed and delivered and in full force and effect in
accordance with the terms thereof as of the Closing.

 

(ii)
Lock-Up Agreement. The Lock-Up Agreement to be entered into by and among the Sellers, the Purchaser and the DT Representative
(the “Lock-Up Agreement”), the form of which is attached as Exhibit C hereto, shall be duly executed
and delivered and in full force and effect in accordance with the terms thereof as of the Closing.

 

(iii)
Registration Rights Agreement. The Registration Rights Agreement to be entered into by each Seller, the Purchaser and the
DT Representative (the “Registration Rights Agreement”), the form of which is attached as Exhibit
D hereto, shall be duly executed and delivered and in full force and effect in accordance with the terms thereof as of the
Closing.

 

    	 	53	 

     

    

 

(f)
Net Tangible Assets Test. Upon the Closing, and after giving effect to the completion of the Redemption and the PIPE Investment,
the Purchaser shall have net tangible assets of at least $5,000,001, excluding any assets or liabilities of the Target Companies.

 

(g)
Minimum Closing Proceeds. Upon the Closing, and after giving effect to the completion of the Redemption and the PIPE Investment,
there shall be at least $10,000,000 in Closing Proceeds.

 

9.3
Conditions to Obligations of the Purchaser. In addition to the conditions specified in Section 9.1, the obligations
of the Purchaser to consummate the transactions contemplated by this Agreement are subject to the satisfaction or written waiver
(by the Purchaser) of the following conditions:

 

(a)
Representations and Warranties. All of the representations and warranties of the Company and the Sellers set forth in this
Agreement and in any certificate delivered by the Company or any Seller pursuant hereto shall be true and correct on and as of
the date of this Agreement and on and as of the Closing Date as if made on the Closing Date, except for (i) those representations
and warranties that address matters only as of a particular date (which representations and warranties shall have been accurate
as of such date), and (ii) any failures to be true and correct that (without giving effect to any qualifications or limitations
as to materiality or Material Adverse Effect), individually or in the aggregate, have not had and would not reasonably be expected
to have a Material Adverse Effect on, or with respect to, any Target Company and that do not materially and adversely affect the
Company’s and each Seller’s ability to consummate the transactions contemplated hereby.

 

(b)
Agreements and Covenants. The Company and each Seller shall have performed in all material respects all of such Party’s
obligations and complied in all material respects with all of such Party’s agreements and covenants under this Agreement
to be performed or complied with by it on or prior to the Closing Date.

 

(c)
No Material Adverse Effect. No Material Adverse Effect shall have occurred with respect to any Target Company since the
date of this Agreement.

 

(d)
Closing Deliveries. 

 

(i)
Officer Certificate. The Purchaser shall have received a certificate from the Company, dated as the Closing Date, signed
by an executive officer of the Company in such capacity, certifying as to the satisfaction of the conditions specified in Sections
9.3(a), 9.3(b) and 9.3(c).

 

(ii)
Seller Certificate. The Purchaser shall have received a certificate from each Seller, dated as of the Closing Date, signed
by such Seller, certifying as to the satisfaction of the conditions specified in Sections 9.3(a) and 9.3(b) with
respect to such Seller.

 

(iii)
Secretary Certificate. The Company shall have delivered to the Purchaser a certificate from its secretary certifying as
to (A) copies of the Company’s Organizational Documents as in effect as of the Closing Date, (B) the resolutions of the
Company’s board of directors and shareholders authorizing the execution, delivery and performance of this Agreement and
each of the Ancillary Documents to which it is a party or by which it is bound, and the consummation of the transactions contemplated
hereby and thereby, and (C) the incumbency of officers authorized to execute this Agreement or any Ancillary Document to which
the Company is or is required to be a party or otherwise bound.

 

    	 	54	 

     

    

 

(iv)
Good Standing. The Company shall have delivered to the Purchaser good standing certificates (or similar documents applicable
for such jurisdictions) for each Target Company certified as of a date no later than sixty (60) days prior to the Closing Date
from the proper Governmental Authority of the Target Company’s jurisdiction of organization and from each other jurisdiction
in which the Target Company is qualified to do business as a foreign corporation or other entity as of the Closing, in each case
to the extent that good standing certificates or similar documents are generally available in such jurisdictions.

 

(v)
Certified Charter. A copy of the Company Charter, as in effect as of the Closing, certified by the appropriate Governmental
Authority of the British Virgin Islands as of a date no more than ten (10) Business Days prior to the Closing Date.

 

(vi)
Employment Agreements. The Purchaser shall have received employment agreements, in each case effective as of the Closing,
in form and substance reasonably satisfactory to the Purchaser (the “Employment Agreements”), between
each of the persons set forth Schedule 9.3(d)(vi) hereto and the applicable Target Company or the Purchaser, as noted in
Schedule 9.3(d)(vi), each such Employment Agreement duly executed by the parties thereto.

 

(vii)
Escrow Agreement. The Purchaser shall have received a copy of the Escrow Agreement, duly executed by the Seller Representative
and the Escrow Agent.

 

(viii)
Legal Opinion. The Purchaser shall have received (A) a duly executed legal opinion addressed to the Purchaser and dated
as of the Closing Date from the Company’s legal counsel, Appleby Global Group Services Limited, in form and substance reasonably
satisfactory to the Purchaser, and (B) from the Company a copy of a duly executed legal opinion addressed to the Company and dated
as of the Closing Date from the Company’s legal counsel, DeHeng Law Offices, in form and substance reasonably satisfactory
to the Purchaser.

 

(ix)
Exchange Rate Acknowledgement. The Purchaser shall have received a copy of the Exchange Rate Acknowledgement, duly executed
by the Company.

 

(x)
Share Certificates and Transfer Instruments. The Purchaser shall have received from each Seller share certificates
representing the Purchased Shares (or duly executed affidavits of lost stock certificates in form and substance reasonably acceptable
to the Purchaser), together with executed instruments of transfer in respect of the Purchased Shares in favor of the Purchaser
(or its nominee) and in form reasonably acceptable for transfer on the books of the Company.

 

(xi)
Board Resolutions. The Purchaser shall have received duly executed written resolutions of the board of directors of the
Company, in the agreed form, approving: the transfer of the Purchased Shares to the Purchaser (or its nominee) at Closing; the
resignations of those directors and officers referred to at (xii) below; and the appointment of such persons as directors and/or
officers of the Company as the Purchaser may request prior to Closing.

 

(xii)
Resignations. The Purchaser shall have received written resignations, effective as of the Closing, of each of the directors
and officers of the Company as requested by the Purchaser prior to the Closing.

 

(xiii)
Registered Agent Letter. The Purchaser shall receive a copy of the letter, executed by all parties thereto, in the agreed
form, to the BVI registered agent (the “Registered Agent”) of the Company from the client of record of the Registered
Agent instructing the Registered Agent to take instruction from the Purchaser (or its nominees) from Closing.

 

    	 	55	 

     

    

 

(xiv)
Conflicts of Interest Policy. The Company shall have adopted the Conflicts of Interest Policy in form and substance reasonably
acceptable to the Purchaser and delivered a copy thereof to the Purchaser.

 

(e)
Effectiveness of Certain Ancillary Documents. Each of the Non-Competition Agreements, the Lock-Up Agreement and the Registration
Rights Agreement shall be duly executed and delivered and in full force and effect in accordance with the terms thereof as of
the Closing.

 

(f)
PIPE Investment. The Purchaser shall have completed the PIPE Investment for at least $12,000,000 prior to the Closing.

 

(g)
Net Tangible Assets Test. Upon the Closing, and after giving effect to the completion of the Redemption and the PIPE Investment,
the Purchaser shall have net tangible assets of at least $5,000,001, excluding any assets or liabilities of the Target Companies.

 

(h)
Minimum Closing Proceeds. Upon the Closing, and after giving effect to the completion of the Redemption and the PIPE Investment,
there shall be at least $10,000,000 in Closing Proceeds.

 

9.4
Frustration of Conditions. Notwithstanding anything contained herein to the contrary, no Party may rely on the failure
of any condition set forth in this Article IX to be satisfied if such failure was caused by such the failure of such Party
or its Affiliates (or with respect to the Company, any Seller) failure to comply with or perform any of its covenants or obligations
set forth in this Agreement.

 

Article
X

TERMINATION AND EXPENSES

 

10.1
Termination. This Agreement may be terminated and the transactions contemplated hereby may be abandoned at any time prior
to the Closing as follows:

 

(a)
by mutual written consent of the Purchaser and the Company;

 

(b)
by written notice by the Purchaser or the Company if any of the conditions to the Closing set forth in Article IX have
not been satisfied or waived by the Purchaser Wind-Up Date (the “Outside Date”) (unless the Purchaser
receives the approval of its shareholders for the Extension, in which case, the Outside Date shall be extended to the earlier
of (x) such extended date before which the Purchaser must complete its initial business combination or (y) the six (6) month anniversary
of the date of this Agreement; provided, however, the right to terminate this Agreement under this Section 10.1(b)
shall not be available to a Party if the breach or violation by such Party or its Affiliates (or with respect to the Company,
the Sellers) of any representation, warranty, covenant or obligation under this Agreement was the cause of, or resulted in, the
failure of the Closing to occur on or before the Outside Date;

 

(c)
by written notice by either the Purchaser or the Company if a Governmental Authority of competent jurisdiction shall have issued
an Order or taken any other action permanently restraining, enjoining or otherwise prohibiting the transactions contemplated by
this Agreement, and such Order or other action has become final and non-appealable; provided, however, that the
right to terminate this Agreement pursuant to this Section 10.1(c) shall not be available to a Party if the failure by
such Party or its Affiliates (or with respect to the Company, the Sellers) to comply with any provision of this Agreement has
been a substantial cause of, or substantially resulted in, such action by such Governmental Authority;

 

    	 	56	 

     

    

 

(d)
by written notice by the Company, if (i) there has been a breach by the Purchaser of any of its representations, warranties, covenants
or agreements contained in this Agreement, or if any representation or warranty of the Purchaser shall have become untrue or inaccurate,
in any case, which would result in a failure of a condition set forth in Section 9.2(a) or Section 9.2(b) to be
satisfied (treating the Closing Date for such purposes as the date of this Agreement or, if later, the date of such breach), and
(ii) the breach or inaccuracy is incapable of being cured or is not cured within the earlier of (A) twenty (20) days after written
notice of such breach or inaccuracy is provided by the Company or (B) the Outside Date;

 

(e)
by written notice by the Purchaser, if (i) there has been a breach by the Company or the Sellers of any of their respective representations,
warranties, covenants or agreements contained in this Agreement, or if any representation or warranty of such Parties shall have
become untrue or inaccurate, in any case, which would result in a failure of a condition set forth in Section 9.3(a) or
Section 9.3(b) to be satisfied (treating the Closing Date for such purposes as the date of this Agreement or, if later,
the date of such breach), and (ii) the breach or inaccuracy is incapable of being cured or is not cured within the earlier of
(A) twenty (20) days after written notice of such breach or inaccuracy is provided by the Purchaser or (B) the Outside Date;

 

(f)
by written notice by the Purchaser if there shall have been a Material Adverse Effect on the Company or its Subsidiaries following
the date of this Agreement which is uncured and continuing;

 

(g)
by written notice by the Purchaser if the Shareholder Meeting is held and the Required Shareholder Vote is not obtained as such
meeting; or

 

(h)
by written notice by the Purchaser if the Extension Special Meeting (including any adjournments or postponements thereof) shall
have concluded and the Extension shall not have been approved.

 

10.2
Effect of Termination. This Agreement may only be terminated in the circumstances described in Section 10.1 and
pursuant to a written notice delivered by the applicable Party to the other applicable Parties, which sets forth the basis for
such termination, including the provision of Section 10.1 under which such termination is made. In the event of the valid
termination of this Agreement pursuant to Section 10.1, this Agreement shall forthwith become void, and there shall be
no Liability on the part of any Party or any of their respective Representatives, and all rights and obligations of each Party
shall cease, except: (i) Sections 7.12, 7.13, 10.3, 10.4, 11.1, Article XII and
this Section 10.2 shall survive the termination of this Agreement, and (ii) nothing herein shall relieve any Party from
Liability for any willful breach of any representation, warranty, covenant or obligation under this Agreement or any Fraud Claim
against such Party, in either case, prior to termination of this Agreement (in each case of clauses (i) and (ii) above, subject
to Article XI). Without limiting the foregoing, and except as provided in Sections 10.3 and 10.4 and this
Section 10.2, but subject to Section 11.1, the Parties’ sole right prior to the Closing with respect to any
breach of any representation, warranty, covenant or other agreement contained in this Agreement by another Party or with respect
to the transactions contemplated by this Agreement shall be the right, if applicable, to terminate this Agreement pursuant to
Section 10.1.

 

10.3
Fees and Expenses. Subject to Sections 10.4, 11.1, 12.14 and 12.15 all Expenses incurred in
connection with this Agreement and the transactions contemplated hereby shall be paid by the Party incurring such expenses. As
used in this Agreement, “Expenses” shall include all out-of-pocket expenses (including all fees and
expenses of counsel, accountants, investment bankers, financial advisors, financing sources, experts and consultants to a Party
hereto or any of its Affiliates) incurred by a Party or on its behalf in connection with or related to the authorization, preparation,
negotiation, execution or performance of this Agreement or any Ancillary Document related hereto and all other matters related
to the consummation of this Agreement. With respect to the Purchaser, Expenses shall include any and all deferred expenses (including
fees or commissions payable to the underwriters and any legal fees) of the IPO upon consummation of a Business Combination.

 

    	 	57	 

     

    

 

10.4
Termination Fee. Notwithstanding Section 10.3 above, in the event that there is a termination of this Agreement
by the Purchaser pursuant to Section 10.1(e), the Company shall pay to the Purchaser a termination fee equal to the Expenses
actually incurred by or on behalf of the Purchaser or any of its Affiliates in connection with the authorization, preparation,
negotiation, execution or performance of this Agreement or the transactions contemplated hereby, including any related SEC filings,
the Proxy Documents and the Redemption (the “Termination Fee”). The Termination Fee shall be paid by
wire transfer of immediately available funds to an account designated in writing by the Purchaser within ten (10) Business Days
after the Purchaser delivers to the Company the amount of such Expenses, along with reasonable documentation in connection therewith.
Notwithstanding anything to the contrary in this Agreement, the Parties expressly acknowledge and agree that, with respect to
any termination of this Agreement in circumstances where the Termination Fee is payable, the payment of the Termination Fee shall,
in light of the difficulty of accurately determining actual damages, constitute liquidated damages with respect to any claim for
damages or any other claim which the Purchaser would otherwise be entitled to assert against the Company or its Affiliates or
any of their respective assets, or against any of their respective directors, officers, employees or shareholders with respect
to this Agreement and the transactions contemplated hereby and shall constitute the sole and exclusive remedy available to the
Purchaser, provided, that the foregoing shall not limit (x) the Company or any Seller from Liability for any willful breach
of any representation, warranty, covenant or obligation under this Agreement or any Fraud Claim against the Company or any Seller,
in either case, prior to termination of this Agreement or (y) the rights of the Purchaser to seek specific performance or other
injunctive relief in lieu of terminating this Agreement.

 

Article
XI

WAIVERS AND RELEASES 

 

11.1
Waiver of Claims Against Trust. The Company and each Seller hereby acknowledges that it has read the IPO Prospectus and
understands that the Purchaser has established the Trust Account containing the proceeds of the IPO and certain additional proceeds
(including interest accrued from time to time thereon) initially in an amount of $69,972,642.60 for the benefit of the Purchaser’s
public shareholders (including overallotment shares acquired by the underwriters of the IPO) (the “Public Shareholders”)
and that, except as otherwise described in the IPO Prospectus, the Purchaser may disburse monies from the Trust Account only:
(a) to the Public Shareholders in the event they elect to redeem their Purchaser Ordinary Shares in connection with the consummation
of its initial business combination (as such term is used in the IPO Prospectus) (“Business Combination”),
(b) to the Public Shareholders if the Purchaser fails to consummate a Business Combination within eighteen (18) months after the
closing of the IPO, (c) to pay any taxes and for working capital purposes from the interest accrued in the Trust Account and (d)
to the Purchaser after or concurrently with the consummation of its Business Combination. For and in consideration of the Purchaser
entering into this Agreement and for other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged,
the Company and each Seller hereby agrees on behalf of itself and its Affiliates that none of them does now or shall at any time
hereafter have any right, title, interest or claim of any kind in or to any monies in the Trust Account, or make any claim against
the Trust Account (including any distributions therefrom), regardless of whether such claim arises as a result of, in connection
with or relating in any way to, any proposed or actual business relationship between the Purchaser (or its Affiliates) and any
of them, this Agreement or any other matter, and regardless of whether such claim arises based on contract, tort, equity or
any other theory of legal liability (any and all such claims are collectively referred to hereafter as the “Released
Claims”). The Company and each Seller on behalf of itself and its Affiliates hereby irrevocably waives any Released
Claims it may have against the Trust Account (including any distributions therefrom) now or in the future as a result of, or arising
out of, any negotiations, Contracts or agreements with Purchaser or its Affiliates and will not seek recourse against the Trust
Account (including any distributions therefrom) for any reason whatsoever (including for an alleged breach of this Agreement).
The Company and each Seller agrees and acknowledges that such irrevocable waiver is material to this Agreement and specifically
relied upon by the Purchaser and its Affiliates to induce them to enter in this Agreement, and the Company and each Seller further
intends and understands such waiver to be valid, binding and enforceable under applicable Law. To the extent that the Company,
any Seller or any of their respective Affiliates commences any action or proceeding based upon, in connection with, relating to
or arising out of any matter relating to the Purchaser or its Affiliates, which proceeding seeks, in whole or in part, monetary
relief against the Purchaser or its Affiliates, the Company and each Seller hereby acknowledges and agrees that its sole remedy
shall be against funds held outside of the Trust Account and that such claim shall not permit any of them or their Affiliates
(or any other Person claiming on their behalf) to have any claim against the Trust Account (including any distributions therefrom)
or any amounts contained therein. In the event that the Company, any Seller or any of their respective Affiliates commences any
action or proceeding based upon, in connection with, relating to or arising out of any matter relating to the Purchaser or its
Affiliates which proceeding seeks, in whole or in part, relief against the Trust Account (including any distributions therefrom)
or the Public Shareholders, whether in the form of money damages or injunctive relief, the Purchaser and its Affiliates shall
be entitled to recover from the commencing Person and its Affiliates the associated legal fees and costs in connection with any
such action, in the event the Purchaser or its Affiliate prevails in such action or proceeding.

 

    	 	58	 

     

    

 

11.2
Release and Covenant Not to Sue. Effective as of the Closing, to the fullest extent permitted by applicable Law, each Seller,
on behalf of itself and its Affiliates and any China Lending Shareholder that owns any share or other equity interest in or of
such Seller (the “Releasing Persons”), hereby releases and discharges the Target Companies from and
against any and all Actions, obligations, agreements, debts and Liabilities whatsoever, whether known or unknown, both at law
and in equity, which such Releasing Person now has, has ever had or may hereafter have against the Target Companies arising on
or prior to the Closing Date or on account of or arising out of any matter occurring on or prior to the Closing Date, including
any rights to indemnification or reimbursement from a Target Company, whether pursuant to its Organizational Documents, Contract
or otherwise, and whether or not relating to claims pending on, or asserted after, the Closing Date. From and after the Closing,
each Releasing Person hereby irrevocably covenants to refrain from, directly or indirectly, asserting any Action, or commencing
or causing to be commenced, any Action of any kind against the Target Companies or their respective Affiliates, based upon any
matter purported to be released hereby. Notwithstanding anything herein to the contrary, the releases and restrictions set forth
herein shall not apply to any claims a Releasing Person may have against any party pursuant to the terms and conditions of this
Agreement or any Ancillary Document or any of the other matters set forth on Schedule 11.2.

 

Article
XII

MISCELLANEOUS

 

12.1
Notices. All notices, consents, waivers and other communications hereunder shall be in writing and shall be deemed to have
been duly given when delivered (i) in person, (ii) by facsimile or other electronic means, with affirmative confirmation of receipt,
(iii) one Business Day after being sent, if sent by reputable, nationally recognized overnight courier service or (iv) three (3)
Business Days after being mailed, if sent by registered or certified mail, pre-paid and return receipt requested, in each case
to the applicable Party at the following addresses (or at such other address for a Party as shall be specified by like notice):

 

    	 	59	 

     

    

 

	If
        to the Purchaser at or prior to the Closing, or to the DT Representative, to:

         

        DeTiger
        Holdings Limited

        Room
        1102, 11/F

        Beautiful
        Group Tower

        77
        Connaught Road

        Central,
        Hong Kong

        Attention:
        Winnie NG, Director

        Facsimile
        No.: (852) 3753-3393

        Telephone
        No.: (852) 2110-0081

        Email:
        Office@DeTigerCapital.com

         

        and

         

        DT
        Asia Investments Limited

        c/o
        100 Park Avenue, Suite 1600

        New
        York, NY 10017, USA

        Attention:
        Stephen N. Cannon

        Telephone
        No.: (212) 880-2677

        Email:
        steve@DTAsiaInvest.com
	with
        a copy (which will not constitute notice) to:

         

        Ellenoff
        Grossman & Schole LLP

        1345
        Avenue of the Americas, 11th Floor

        New
        York, New York 10105

        Attention:
        Stuart Neuhauser, Esq.

        Facsimile
        No.: (212) 370-7889

        Telephone
        No.: (212) 370-1300

        Email:
        sneuhauser@egsllp.com

	If
        to the Company, to:

                                                                                                                                   

        Adrie
        Global Holdings Limited

        
        Prior to February 1, 2016: Suite         828, 8th Floor, Satellite Building

        As
of February 1, 2016: 11th Floor, Satellite Building 

473 Satellite Road

        Economic
        Technological Development Zone

        Urumqi,
        Xinjiang, China 830000

        Attention:
        Li Jingping and Stephen Chan

        Facsimile
        No.: +86 991-2322126

        Telephone
        No.: +86 991-3072247

        Email:lijingping@fhxd.net
        and

                   chan.stephen@fhxd.net
	with
        a copy (which will not constitute notice) to:

                                                                                                                                   

        Foley
        & Lardner LLP

        90
        Park Avenue

        New
        York, NY 10016-1314

        Attention:
        Selig D. Sacks

        Facsimile
        No.: (212) 687-2329

        Telephone
        No.: (212) 338-3420

        Email:
        ssacks@foley.com

	If
        to the Seller Representative or any Seller, to:

        Li
        Jingping

        c/o
        Urumqi Feng Hui Direct Lending Limited

        Prior
to February 1, 2016: Suite 828, 8th Floor, Satellite Building

As of February 1, 2016: 11th Floor, Satellite
Building

        473
        Satellite Road

        Economic
        Technological Development Zone

        Urumqi,
        Xinjiang, China 830000

        Attention:
        Li Jingping and Stephen Chan

        Facsimile
        No.: +86-991-2321276

        Telephone
        No.: +86-991-3072247

        Email:lijingping@fhxd.net
        and

                   chan.stephen@fhxd.net
	with
        a copy (which will not constitute notice) to:

        Foley
        & Lardner LLP

        90
        Park Avenue

        New
        York, NY 10016-1314

        Attention:
        Selig D. Sacks

        Facsimile
        No.: (212) 687-2329

        Telephone
        No.: (212) 338-3420

        Email:
        ssacks@foley.com

 

    	 	60	 

     

    

 

	If
        to the Purchaser after the Closing, to:

                                                                                                                                   

        China
        Direct Lending Corporation

        11th Floor, Satellite Building

        473
        Satellite Road

        Economic
        Technological Development Zone

        Urumqi,
        Xinjiang, China 830000

        Attention:
        Li Jingping and Stephen Chan

        Facsimile
        No.: +86 991-2322126

        Telephone
        No.: +86 991-3072247

        Email:lijingping@fhxd.net
        and

                   chan.stephen@fhxd.net
	with
        a copy (which will not constitute notice) to:

                                                                                                                                   

        Foley
        & Lardner LLP

        90
        Park Avenue

        New
        York, NY 10016-1314

        Attention:
        Selig D. Sacks

        Facsimile
        No.: (212) 687-2329

        Telephone
        No.: (212) 338-3420

        Email:
        ssacks@foley.com

         

        and

         

        Ellenoff
        Grossman & Schole LLP

        1345
        Avenue of the Americas, 11th Floor

        New
        York, New York 10105

        Attention:
        Stuart Neuhauser, Esq.

        Facsimile
        No.: (212) 370-7889

        Telephone
        No.: (212) 370-1300

        Email:
        sneuhauser@egsllp.com

 

12.2
Binding Effect; Assignment. This Agreement and all of the provisions hereof shall be binding upon and inure to the benefit
of the Parties hereto and their respective successors and permitted assigns. This Agreement shall not be assigned by operation
of Law or otherwise without the prior written consent of the Purchaser, the Company, the DT Representative and the Seller Representative,
and any assignment without such consent shall be null and void; provided that no such assignment shall relieve the assigning
Party of its obligations hereunder.

 

12.3
Third Parties. Nothing contained in this Agreement or in any instrument or document executed by any party in connection
with the transactions contemplated hereby shall create any rights in, or be deemed to have been executed for the benefit of, any
Person that is not a Party hereto or thereto or a successor or permitted assign of such a Party.

 

12.4
Arbitration. Any and all disputes, controversies and claims (other than disputes subject to the Dispute Resolution Procedure
under Section 2.2 or applications for a temporary restraining order, preliminary injunction, permanent injunction or other
equitable relief or application for enforcement of a resolution under this Section 12.4) arising out of, related to, or
in connection with this Agreement or the transactions contemplated hereby (a “Dispute”) shall be governed
by this Section 12.4. A party must, in the first instance, provide written notice of any Disputes to the other parties
subject to such Dispute, which notice must provide a reasonably detailed description of the matters subject to the Dispute. The
parties involved in such Dispute shall seek to resolve the Dispute on an amicable basis within ten (10) Business Days of the notice
of such Dispute being received by such other parties subject to such Dispute; the “Resolution Period”);
provided, that if any Dispute would reasonably be expected to have become moot or otherwise irrelevant if not decided within
sixty (60) days after the occurrence of such Dispute, then there shall be no Resolution Period with respect to such Dispute. Any
Dispute that is not resolved during the Resolution Period may immediately be referred to and finally resolved by arbitration pursuant
to the then-existing Expedited Procedures of the Commercial Arbitration Rules (the “AAA Procedures”)
of the American Arbitration Association (the “AAA”). Any party involved in such Dispute may submit the
Dispute to the AAA to commence the proceedings after the Resolution Period. To the extent that the AAA Procedures and this Agreement
are in conflict, the terms of this Agreement shall control. The arbitration shall be conducted by one arbitrator nominated by
the AAA promptly (but in any event within five (5) Business Days) after the submission of the Dispute to the AAA and reasonably
acceptable to each party subject to the Dispute, which arbitrator shall be a commercial lawyer with substantial experience arbitrating
disputes under acquisition agreements. The arbitrator shall accept his or her appointment and begin the arbitration process promptly
(but in any event within five (5) Business Days) after his or her nomination and acceptance by the parties subject to the Dispute.
The proceedings shall be streamlined and efficient. The arbitrator shall decide the Dispute in accordance with the substantive
law of the state of New York. Time is of the essence. Each party shall submit a proposal for resolution of the Dispute to the
arbitrator within twenty (20) days after confirmation of the appointment of the arbitrator. The arbitrator shall have the power
to order any party to do, or to refrain from doing, anything consistent with this Agreement, the Ancillary Documents and applicable
Law, including to perform its contractual obligation(s); provided, that the arbitrator shall be limited to ordering pursuant to
the foregoing power (and, for the avoidance of doubt, shall order) the relevant party (or parties, as applicable) to comply with
only one or the other of the proposals. The arbitrator’s award shall be in writing and shall include a reasonable explanation
of the arbitrator’s reason(s) for selecting one or the other proposal. The seat of arbitration shall be in New York County,
State of New York. The language of the arbitration shall be English.

 

    	 	61	 

     

    

 

12.5
Governing Law; Jurisdiction. This Agreement shall be governed by, construed and enforced in accordance with the Laws of
the State of New York without regard to the conflict of laws principles thereof. Subject to Section 12.4, all Actions arising
out of or relating to this Agreement shall be heard and determined exclusively in any state or federal court located in New York,
New York (or in any court in which appeal from such courts may be taken) (the “Specified Courts”). Subject
to Section 12.4, each Party hereto hereby (a) submits to the exclusive jurisdiction of any Specified Court for the
purpose of any Action arising out of or relating to this Agreement brought by any Party hereto and (b) irrevocably waives,
and agrees not to assert by way of motion, defense or otherwise, in any such Action, any claim that it is not subject personally
to the jurisdiction of the above-named courts, that its property is exempt or immune from attachment or execution, that the Action
is brought in an inconvenient forum, that the venue of the Action is improper, or that this Agreement or the transactions contemplated
hereby may not be enforced in or by any Specified Court. Each Party agrees that a final judgment in any Action shall be conclusive
and may be enforced in other jurisdictions by suit on the judgment or in any other manner provided by Law. Each Party irrevocably
consents to the service of the summons and complaint and any other process in any other action or proceeding relating to the transactions
contemplated by this Agreement, on behalf of itself, or its property, by personal delivery of copies of such process to such Party
at the applicable address set forth in Section 12.1. Nothing in this Section 12.5 shall affect the right of any
Party to serve legal process in any other manner permitted by Law.

 

12.6
WAIVER OF JURY TRIAL. EACH OF THE PARTIES HERETO HEREBY WAIVES TO THE FULLEST EXTENT
PERMITTED BY APPLICABLE LAW ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY WITH RESPECT TO ANY ACTION DIRECTLY OR INDIRECTLY ARISING
OUT OF, UNDER OR IN CONNECTION WITH THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY. EACH PARTY HERETO (A) CERTIFIES
THAT NO REPRESENTATIVE OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT
OF ANY ACTION, SEEK TO ENFORCE THAT 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 12.6.

 

12.7
Specific Performance. Each Party acknowledges that the rights of each Party to consummate the transactions contemplated
hereby are unique, recognizes and affirms that in the event of a breach of this Agreement by any Party, money damages may be inadequate
and the non-breaching Parties may have not adequate remedy at law, and agree that irreparable damage would occur in the event
that any of the provisions of this Agreement were not performed by an applicable Party in accordance with their specific terms
or were otherwise breached. Accordingly, each Party shall be entitled to seek an injunction or restraining order to prevent breaches
of this Agreement and to seek to enforce specifically the terms and provisions hereof, without the requirement to post any bond
or other security or to prove that money damages would be inadequate, this being in addition to any other right or remedy to which
such Party may be entitled under this Agreement, at law or in equity.

 

    	 	62	 

     

    

 

12.8
Severability. In case any provision in this Agreement shall be held invalid, illegal or unenforceable in a jurisdiction,
such provision shall be modified or deleted, as to the jurisdiction involved, only to the extent necessary to render the same
valid, legal and enforceable, and the validity, legality and enforceability of the remaining provisions hereof shall not in any
way be affected or impaired thereby nor shall the validity, legality or enforceability of such provision be affected thereby in
any other jurisdiction. Upon such determination that any term or other provision is invalid, illegal or incapable of being enforced,
the Parties will substitute for any invalid, illegal or unenforceable provision a suitable and equitable provision that carries
out, so far as may be valid, legal and enforceable, the intent and purpose of such invalid, illegal or unenforceable provision.

 

12.9
Amendment. This Agreement may be amended, supplemented or modified only by execution of a written instrument signed by
the Purchaser, the Company, the DT Representative and the Seller Representative.

 

12.10
Waiver. The Purchaser on behalf of itself and its Affiliates, the Company on behalf of itself and its Affiliates, and the
Seller Representative on behalf of itself and the Sellers, may in its sole discretion (i) extend the time for the performance
of any obligation or other act of any other non-Affiliated Party hereto, (ii) waive any inaccuracy in the representations
and warranties by such other non-Affiliated Party contained herein or in any document delivered pursuant hereto and (iii) waive
compliance by such other non-Affiliated Party with any covenant or condition contained herein. Any such extension or waiver shall
be valid only if set forth in an instrument in writing signed by the Party or Parties to be bound thereby. Notwithstanding the
foregoing, no failure or delay by a Party in exercising any right hereunder shall operate as a waiver thereof nor shall any single
or partial exercise thereof preclude any other or further exercise of any other right hereunder. Notwithstanding the foregoing,
any waiver of any provision of this Agreement after the Closing shall also require the prior written consent of the DT Representative.

 

12.11
Entire Agreement. This Agreement and the documents or instruments referred to herein, including any exhibits, annexes and
schedules attached hereto, which exhibits, annexes and schedules are incorporated herein by reference, together with the Ancillary
Documents, embody the entire agreement and understanding of the Parties hereto in respect of the subject matter contained herein.
There are no restrictions, promises, representations, warranties, covenants or undertakings, other than those expressly set forth
or referred to herein or the documents or instruments referred to herein, which collectively supersede all prior agreements and
the understandings among the Parties with respect to the subject matter contained herein.

 

    	 	63	 

     

    

 

12.12
Interpretation. The table of contents and the Article and Section headings contained in this Agreement are solely for the
purpose of reference, are not part of the agreement of the Parties and shall not in any way affect the meaning or interpretation
of this Agreement. In this Agreement, unless the context otherwise requires: (a) any pronoun used in this Agreement shall include
the corresponding masculine, feminine or neuter forms, and words in the singular, including any defined terms, include the plural
and vice versa; (b) reference to any Person includes such Person’s successors and assigns but, if applicable, only if such
successors and assigns are permitted by this Agreement, and reference to a Person in a particular capacity excludes such Person
in any other capacity; (c) any accounting term used and not otherwise defined in this Agreement or any Ancillary Document has
the meaning assigned to such term in accordance with GAAP; (d) “including” (and with correlative meaning “include”)
means including without limiting the generality of any description preceding or succeeding such term and shall be deemed in each
case to be followed by the words “without limitation”; (e) the words “herein,” “hereto,” and
“hereby” and other words of similar import in this Agreement shall be deemed in each case to refer to this Agreement
as a whole and not to any particular Section or other subdivision of this Agreement; (f) the word “if” and other words
of similar import when used herein shall be deemed in each case to be followed by the phrase “and only if”; (g) the
term “or” means “and/or”; (h) any reference to the term “ordinary course” or “ordinary
course of business” shall be deemed in each case to be followed by the words “consistent with past practice”;
(i) any agreement, instrument, insurance policy, Law or Order defined or referred to herein or in any agreement or instrument
that is referred to herein means such agreement, instrument, insurance policy, Law or Order as from time to time amended, modified
or supplemented, including (in the case of agreements or instruments) by waiver or consent and (in the case of statutes, regulations,
rules or orders) by succession of comparable successor statutes, regulations, rules or orders and references to all attachments
thereto and instruments incorporated therein; (j) except as otherwise indicated, all references in this Agreement to the words
“Section,” “Article”, “Schedule”, “Exhibit” and “Annex” are intended
to refer to Sections, Articles, Schedules, Exhibits and Annexes to this Agreement; and (k) the term “Dollars” or “$”
means United States dollars. Any reference in this Agreement to a Person’s directors shall including any member of such
Person’s governing body and any reference in this Agreement to a Person’s officers shall including any Person filling
a substantially similar position for such Person. Any reference in this Agreement or any Ancillary Document to a Person’s
shareholders shall include any applicable owners of the equity interests of such Person, in whatever form, including with respect
to the Purchaser its members under the BVI Act or its Organizational Documents. The Parties have participated jointly in the negotiation
and drafting of this Agreement. Consequently, in the event an ambiguity or question of intent or interpretation arises, this Agreement
shall be construed as if drafted jointly by the Parties hereto, and no presumption or burden of proof shall arise favoring or
disfavoring any party by virtue of the authorship of any provision of this Agreement. To the extent that any Contract, document,
certificate or instrument is represented and warranted to by the Company to be given, delivered, provided or made available by
the Company, in order for such Contract, document, certificate or instrument to have been deemed to have been given, delivered,
provided and made available to the Purchaser or its Representatives, such Contract, document, certificate or instrument shall
have been posted to the electronic data site maintained on behalf of the Company for the benefit of the Purchaser and its Representatives
and the Purchaser and its Representatives have been given access to the electronic folders containing such information.

 

12.13
Counterparts. This Agreement may be executed and delivered (including by facsimile or other electronic transmission) in
one or more counterparts, and by the different Parties hereto in separate counterparts, each of which when executed shall be deemed
to be an original but all of which taken together shall constitute one and the same agreement.

 

12.14
DT Representative.

 

(a)
The Purchaser, on behalf of itself and its Subsidiaries, successors and assigns, by execution and delivery of this Agreement,
hereby irrevocably appoints DeTiger Holdings Limited, in its capacity as the DT Representative, as each such Person’s agent,
attorney-in-fact and representative, with full power of substitution to act in the name, place and stead of such Person, to act
on behalf of such Person in connection with: (i) bringing, managing, controlling, defending and settling on behalf of a Purchaser
Indemnified Party or Purchaser Indemnifying Party any indemnification claims by or against any of them under Article VIII,
including controlling, defending, managing, settling and participating in any Third Party Claim in accordance with Section
8.5; (ii) acting on behalf of such Person under the Escrow Agreement; (iii) making on behalf of such Person any determinations
and taking all actions on their behalf relating to the Earn-Out Payments under Article II and any disputes with respect
thereto; (iv) terminating, amending or waiving on behalf of such Person any provision of this Agreement or any Ancillary Documents
to which the DT Representative is a party; (v) signing on behalf of such Person any releases or other documents with respect to
any dispute or remedy arising under this Agreement or any Ancillary Documents to which the DT Representative is a party; and (vi)
otherwise enforcing the rights and obligations of any such Persons under this Agreement and the Ancillary Documents to which the
DT Representative is a party, including giving and receiving all notices and communications hereunder or thereunder on behalf
of such Person; provided, that the Parties acknowledge that the DT Representative is specifically authorized and directed
to act on behalf of, and for the benefit of, the holders of Purchaser Securities (other than the Sellers and their respective
successors and assigns). All decisions and actions by the DT Representative, including any agreement between the DT Representative
and the Seller Representative, any Seller or other Seller Indemnified Party or Seller Indemnifying Party relating to the defense
or settlement of any claims for which a Seller Indemnifying Party may be required to indemnify a Purchaser Indemnified Party pursuant
to Article VIII or for which a Purchaser Indemnifying Party may be required to indemnify a Seller Indemnified Party pursuant
to Article VIII, shall be binding upon the Purchaser and its Subsidiaries, successors and assigns, and they shall not have
the right to object, dissent, protest or otherwise contest the same. The provisions of this Section 12.14 are irrevocable
and coupled with an interest. The DT Representative hereby accepts its appointment and authorization as the DT Representative
under this Agreement.

 

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(b)
The DT Representative shall not be liable for any act done or omitted under this Agreement or any Ancillary Agreement as the DT
Representative while acting in good faith and without willful misconduct or gross negligence, and any act done or omitted pursuant
to the advice of counsel shall be conclusive evidence of such good faith. The Purchaser shall indemnify, defend and hold harmless
the DT Representative from and against any and all Losses incurred without gross negligence, bad faith or willful misconduct on
the part of the DT Representative and arising out of or in connection with the acceptance or administration of the DT Representative’s
duties under this Agreement, including the reasonable fees and expenses of any legal counsel retained by the DT Representative.
In no event shall the DT Representative in such capacity be liable hereunder or in connection herewith for any indirect, punitive,
special or consequential damages. The DT Representative shall be fully protected in relying upon any written notice, demand, certificate
or document that it in good faith believes to be genuine, including facsimiles or copies thereof, and no Person shall have any
Liability for relying on the DT Representative in the foregoing manner. In connection with the performance of its rights and obligations
hereunder, the DT Representative shall have the right at any time and from time to time to select and engage, at the cost and
expense of the Purchaser, attorneys, accountants, investment bankers, advisors, consultants and clerical personnel and obtain
such other professional and expert assistance, maintain such records and incur other out-of-pocket expenses, as the DT Representative
may deem necessary or desirable from time to time. All of the indemnities, immunities, releases and powers granted to the DT Representative
under this Section 12.14 shall survive the Closing.

 

(c)
The Person serving as the DT Representative may resign upon ten (10) days’ prior written notice to the Purchaser and the
Seller Representative, provided, that the DT Representative appoints in writing a replacement DT Representative. Each successor
DT Representative shall have all of the power, authority, rights and privileges conferred by this Agreement upon the original
DT Representative, and the term “DT Representative” as used herein shall be deemed to include any such successor DT
Representatives.

 

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12.15
Seller Representative.

 

(a)
By the execution and delivery of this Agreement, each Seller, on behalf of itself and its successors and assigns, hereby irrevocably
constitutes and appoints Li Jingping, in its capacity as the Seller Representative, as the true and lawful agent and attorney-in-fact
of such Seller with full powers of substitution to act in the name, place and stead of thereof with respect to the performance
on behalf of such Seller under the terms and provisions of this Agreement and the Ancillary Documents to which the Seller Representative
is a party, as the same may be from time to time amended, and to do or refrain from doing all such further acts and things, and
to execute all such documents on behalf of such Seller, if any, as the Seller Representative will deem necessary or appropriate
in connection with any of the transactions contemplated under this Agreement or any of the Ancillary Documents to which the Seller
Representative is a party, including: (i) bringing, managing, controlling, defending and settling on behalf of a Seller Indemnified
Party or Seller Indemnifying Party any indemnification claims by or against any of them under Article VIII, including controlling,
defending, managing, settling and participating in any Third Party Claim in accordance with Section 8.5; (ii) acting on
behalf of such Person under the Escrow Agreement; (iii) making on behalf of such Person any determinations and taking all actions
on their behalf relating to the Earn-Out Payments under Article II and any disputes with respect thereto; (iv) terminating,
amending or waiving on behalf of such Person any provision of this Agreement or any Ancillary Documents to which the Seller Representative
is a party (provided, that any such action, if material to the rights and obligations of Sellers in the reasonable judgment of
the Seller Representative, will be taken in the same manner with respect to all Sellers unless otherwise agreed by each Seller
who is subject to any disparate treatment of a potentially adverse nature); (v) signing on behalf of such Person any releases
or other documents with respect to any dispute or remedy arising under this Agreement or any Ancillary Documents to which the
Seller Representative is a party; (vi) employing and obtaining the advice of legal counsel, accountants and other professional
advisors as the Seller Representative, in its sole discretion, deems necessary or advisable in the performance of its duties as
the Seller Representative and to rely on their advice and counsel; (vii) incurring and paying expenses, including fees of brokers,
attorneys and accountants incurred pursuant to the transactions contemplated hereby, and any other fees and expenses allocable
or in any way relating to such transaction or any indemnification claim, whether incurred prior or subsequent to Closing; (viii)
receiving all or any portion of the consideration provided to the Sellers under this Agreement and to distribute the same to the
Sellers in accordance with their Pro Rata Shares; and (ix) otherwise enforcing the rights and obligations of any such Persons
under this Agreement and the Ancillary Documents to which the Seller Representative is a party, including giving and receiving
all notices and communications hereunder or thereunder on behalf of such Person. All decisions and actions by the Seller Representative,
including any agreement between the Seller Representative and the DT Representative, the Purchaser or any other Purchaser Indemnified
Party or Purchaser Indemnifying Party relating to the defense or settlement of any claims for which a Seller Indemnifying Party
may be required to indemnify a Purchaser Indemnified Party pursuant to Article VIII or for which a Purchaser Indemnifying
Party may be required to indemnify a Seller Indemnified Party pursuant to Article VIII, shall be binding upon the Sellers
and their respective successors and assigns, and they shall not have the right to object, dissent, protest or otherwise contest
the same. The provisions of this Section 12.14 are irrevocable and coupled with an interest. The Seller Representative
hereby accepts its appointment and authorization as the Seller Representative under this Agreement

 

(b)
Any other Person, including the DT Representative, the Purchaser, the Company and the other Purchaser Indemnified Parties and
Purchaser Indemnifying Parties may conclusively and absolutely rely, without inquiry, upon any actions of the Seller Representative
as the acts of Sellers hereunder or any Ancillary Document to which the Seller Representative is a party. The DT Representative,
the Purchaser, the Company and each Purchaser Indemnified Party and Purchaser Indemnifying Party shall be entitled to rely conclusively
on the instructions and decisions of the Seller Representative as to (i) the settlement of any claims for indemnification by a
Purchaser Indemnified Party or against a Purchaser Indemnifying Party pursuant to Article VIII, (ii) any payment instructions
provided by the Seller Representative or (iii) any other actions required or permitted to be taken by the Seller Representative
hereunder, and no Seller or other Seller Indemnified Party or Seller Indemnifying Party shall have any cause of action against
the DT Representative, the Purchaser, the Company or any other Purchaser Indemnified Party or Purchaser Indemnifying Party for
any action taken by any of them in reliance upon the instructions or decisions of the Seller Representative. The DT Representative,
the Purchaser, the Company and the other Purchaser Indemnified Parties and Purchaser Indemnifying Parties shall not have any liability
to any Seller or other Seller Indemnified Party or Seller Indemnifying Party for any allocation or distribution among Sellers
by the Seller Representative of payments made to or at the direction of the Seller Representative. All notices or other communications
required to be made or delivered to a Seller under this Agreement or any Ancillary Document to which the Seller Representative
is a party shall be made to the Seller Representative for the benefit of such Seller, and any notices so made shall discharge
in full all notice requirements of the other parties hereto or thereto to such Seller with respect thereto. All notices or other
communications required to be made or delivered by a Seller shall be made by the Seller Representative (except for a notice under
Section 12.15(d) of the replacement of the Seller Representative).

 

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(c)
The Seller Representative will act for the Sellers on all of the matters set forth in this Agreement in the manner the Seller
Representative believes to be in the best interest of the Sellers, but the Seller Representative will not be responsible to Sellers
for any Losses that any Seller or other Seller Indemnified Party or Seller Indemnifying Party may suffer by reason of the performance
by the Seller Representative of the Seller Representative’s duties under this Agreement, other than Losses arising from
the bad faith, gross negligence or willful misconduct by the Seller Representative in the performance of its duties under this
Agreement. The Sellers do hereby jointly and severally agree to indemnify, defend and hold the Seller Representative harmless
from and against any and all Losses reasonably incurred or suffered as a result of the performance of the Seller Representative’s
duties under this Agreement, except for any such liability arising out of the bad faith, gross negligence or willful misconduct
of the Seller Representative. The Seller Representative will not be entitled to any fee, commission or other compensation for
the performance of its services hereunder, but will be entitled to the payment from Sellers of all its expenses incurred as the
Seller Representative.

 

(d)
If the Seller Representative shall die, become disabled, dissolve, resign or otherwise be unable or unwilling to fulfill its responsibilities
as representative and agent of Sellers, then the Sellers shall, within ten (10) days after such death, disability, dissolution,
resignation or other event, appoint a successor Seller Representative (by vote or written consent of the Sellers holding in the
aggregate Pro Rata Shares in excess of fifty percent (50%)), and promptly thereafter (but in any event within two (2) Business
Days after such appointment) notify the DT Representative and the Purchaser in writing of the identity of such successor. Any
such successor so appointed shall become the “Seller Representative” for purposes of this Agreement.

 

Article
XIII

DEFINITIONS 

 

13.1
Certain Definitions. For purpose of this Agreement, the following capitalized terms have the following meanings:

 

“2016
Earn-Out Target” means the amount set forth in the table on Annex IV hereto under the heading
“2016 Earn-Out Target” based on the Net Closing Proceeds (as it may alternatively be expressed in RMB pursuant to
the Exchange Rate Acknowledgement).

 

“2017
Earn-Out Target” means the amount set forth in the table on Annex IV hereto under the heading
“2017 Earn-Out Target” based on the Net Closing Proceeds (as it may alternatively be expressed in RMB pursuant to
the Exchange Rate Acknowledgement).

 

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“2018
Earn-Out Target” means the amount set forth in the table on Annex IV hereto under the heading
“2018 Earn-Out Target” based on the Net Closing Proceeds (as it may alternatively be expressed in RMB pursuant to
the Exchange Rate Acknowledgement).

 

“Accrued
Dividends” means any dividends or distributions paid or otherwise accruing to the Escrow Shares during the time
such Escrow Shares are held in the Escrow Account, as of the relevant date.

 

“Action”
means any notice of noncompliance or violation, or any claim, demand, charge, action, suit, litigation, audit, settlement, complaint,
stipulation, assessment or arbitration, or any request (including any request for information), inquiry, hearing, proceeding or
investigation, by or before any Governmental Authority.

 

“Adjusted
Net Income” means with respect to any designated period of time, the aggregate consolidated net income of the Purchaser
and the Company and their respective Subsidiaries (without double-counting any periods during which the Purchaser and the Company
are consolidated) for such period, determined in accordance with GAAP as adjusted by and calculated in accordance with the methodology
set forth on Annex II hereto.

 

“Affiliate”
means, with respect to any Person, any other Person directly or indirectly Controlling, Controlled by, or under common Control
with such Person. Notwithstanding anything to the contrary contained herein, China Lending and its Subsidiaries will be deemed
to be Affiliates of the Company for all purposes of this Agreement.

 

“Alternative
Earn-Out Target” means the amount set forth in the table on Annex IV hereto under the heading
“Alternative Earn-Out Target” based on the Net Closing Proceeds (as it may alternatively be expressed in RMB
pursuant to the Exchange Rate Acknowledgement).

 

“Ancillary
Documents” means each agreement, instrument or document attached hereto as an Exhibit, including the Escrow Agreement,
the Non-Competition Agreements, the Lock-Up Agreement and the Registration Rights Agreement and the other agreements, certificates
and instruments to be executed or delivered by any of the parties hereto in connection with or pursuant to this Agreement.

 

“Benefit
Plans” of any Person means any and all deferred compensation, executive compensation, incentive compensation, equity
purchase or other equity-based compensation plan, employment or consulting, severance or termination pay, holiday, vacation or
other bonus plan or practice, hospitalization or other medical, life or other insurance, supplemental unemployment benefits, profit
sharing, pension, or retirement plan, program, agreement, commitment or arrangement, and each other employee benefit plan, program,
agreement or arrangement, including each “employee benefit plan” as such term is defined under Section 3(3) of ERISA,
maintained or contributed to or required to be contributed to by a Person for the benefit of any employee or terminated employee
of such Person, or with respect to which such Person has any Liability, whether direct or indirect, actual or contingent, whether
formal or informal, and whether legally binding or not.

 

“BVI
Act” means the British Virgin Islands Business Companies Act, 2004, as amended.

 

“Business
Day” means any day other than a Saturday, Sunday or a legal holiday on which commercial banking institutions in
New York, New York are authorized to close for business.

 

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“Closing
Proceeds” means an amount equal to the sum of: (i) the amount of funds in the Trust Account after giving effect
to the Redemption, plus (ii) the amount paid for the PIPE Shares in the PIPE Investment.

 

“Code”
means the Internal Revenue Code of 1986, as amended, and any successor statute thereto, as amended. Reference to a specific section
of the Code shall include such section and any valid treasury regulation promulgated thereunder.

 

“Company
Charter” means the memorandum and articles of association of the Company, as amended and effective under the BVI
Act.

 

“Company
Confidential Information” means all confidential or proprietary documents and information concerning the Target
Companies or the Sellers or any of their respective Representatives, furnished in connection with this Agreement or the transactions
contemplated hereby; provided, however, that Company Confidential Information shall not include any information
which, (i) at the time of disclosure by the Purchaser or its Representatives, is generally available publicly and was not disclosed
in breach of this Agreement or (ii) at the time of the disclosure by the Company, the Sellers or their respective Representatives
to the Purchaser or its Representatives was previously known by such receiving party without violation of Law or any confidentiality
obligation by the Person receiving such Company Confidential Information.

 

“Company
Ordinary Shares” means the shares of par value $0.00000005 each in the Company.

 

“Consent”
means any consent, approval, waiver, authorization or Permit of, or notice to or declaration or filing with any Governmental Authority
or any other Person.

 

“Contracts”
means all contracts, agreements, binding arrangements, bonds, notes, indentures, mortgages, debt instruments, purchase order,
licenses (and all other contracts, agreements or binding arrangements concerning Intellectual Property), franchises, leases and
other instruments or obligations of any kind, written or oral (including any amendments and other modifications thereto).

 

“Control”
of a Person means the possession, directly or indirectly, of the power to direct or cause the direction of the management and
policies of such Person, whether through the ownership of voting securities, by contract, or otherwise. “Controlled”,
“Controlling” and “under common Control with” have correlative meanings. Without limiting the foregoing
a Person (the “Controlled Person”) shall be deemed Controlled by (a) any other Person (the “10%
Owner”) (i) owning beneficially, as meant in Rule 13d-3 under the Exchange Act, securities entitling such Person
to cast ten percent (10%) or more of the votes for election of directors or equivalent governing authority of the Controlled Person
or (ii) entitled to be allocated or receive ten percent (10%) or more of the profits, losses, or distributions of the Controlled
Person; (b) an officer, director, general partner, partner (other than a limited partner), manager, or member (other than a member
having no management authority that is not a 10% Owner) of the Controlled Person; or (c) a spouse, parent, lineal descendant,
sibling, aunt, uncle, niece, nephew, mother-in-law, father-in-law, sister-in-law, or brother-in-law of an Affiliate of the Controlled
Person or a trust for the benefit of an Affiliate of the Controlled Person or of which an Affiliate of the Controlled Person is
a trustee.

 

“Copyrights”
means any works of authorship, mask works and all copyrights therein, including all renewals and extensions, copyright registrations
and applications for registration and renewal, and non-registered copyrights.

 

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“Dispute
Resolution Notice Date” means the date that the DT Representative or the Seller Representative receives notice from
the other party that such other party has elected to resolve a dispute pursuant to Section 2.2 using the Dispute Resolution
Procedure.

 

“Dispute
Resolution Procedure” means the dispute resolution procedure set forth in Section 2.3.

 

“EBC”
means Early Bird Capital, Inc., the lead underwriter in Purchaser’s IPO.

 

“Environmental
Law” means any Law in any way relating to (a) the protection of human health and safety, (b) the protection, preservation
or restoration of the environment and natural resources (including air, water vapor, surface water, groundwater, drinking water
supply, surface land, subsurface land, plant and animal life or any other natural resource), or (c) the exposure to, or the use,
storage, recycling, treatment, generation, transportation, processing, handling, labeling, production, release or disposal of
Hazardous Materials.

 

“Environmental
Liabilities” means, in respect of any Person, all Liabilities, obligations, responsibilities, Remedial Actions,
Losses, damages, costs, and expenses (including all reasonable fees, disbursements, and expenses of counsel, experts, and consultants
and costs of investigation and feasibility studies), fines, penalties, sanctions, and interest incurred as a result of any claim
or demand by any other Person or in response to any violation of Environmental Law, whether known or unknown, accrued or contingent,
whether based in contract, tort, implied or express warranty, strict liability, criminal or civil statute, to the extent based
upon, related to, or arising under or pursuant to any Environmental Law, Environmental Permit, Order, or Contract with any Governmental
Authority or other Person, that relates to any environmental, health or safety condition, violation of Environmental Law, or a
Release or threatened Release of Hazardous Materials.

 

“ERISA”
means the Employee Retirement Income Security Act of 1974, as amended.

 

“Escrow
Agent” means Continental Stock Transfer & Trust Company in its capacity as the escrow agent under the Escrow
Agreement or any other escrow agent agreed to by the Purchaser and the Company prior to the Closing (or any successor escrow agent).

 

“Escrow
Property” means, at any given time, the securities and other property held by the Escrow Agent in the Escrow Account
in accordance with the terms and conditions of this Agreement and the Escrow Agreement, including the Escrow Shares (but specifically
excluding any dividends or distributions paid or payable on the Escrow Shares), giving effect to any disbursements or payments
from the Escrow Account.

 

“Exchange
Act” means the Securities Exchange Act of 1934, as amended.

 

“Foreign
Plan” means any plan, fund (including any superannuation fund) or other similar program or arrangement established
or maintained outside the United States by the Company or any one or more of its Subsidiaries primarily for the benefit of employees
of the Company or such Subsidiaries residing outside the United States, which plan, fund or other similar program or arrangement
provides, or results in, retirement income, a deferral of income in contemplation of retirement or payments to be made upon termination
of employment, and which plan is not subject to ERISA or the Code.

 

“Fraud
Claim” means any claim based in whole or in part upon fraud, willful misconduct or intentional misrepresentation.

 

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“GAAP”
means generally accepted accounting principles as in effect in the United States of America.

 

“Governmental
Authority” means any federal, state, local, foreign or other governmental, quasi-governmental or administrative
body, instrumentality, department or agency or any court, tribunal, administrative hearing body, arbitration panel, commission,
or other similar dispute-resolving panel or body.

 

“Hazardous
Material” means any waste, gas, liquid or other substance or material that is defined, listed or designated as a
“hazardous substance”, “pollutant”, “contaminant”, “hazardous waste”, “regulated
substance”, “hazardous chemical”, or “toxic chemical” (or by any similar term) under any Environmental
Law, or any other material regulated, or that could result in the imposition of Liability or responsibility, under any Environmental
Law, including petroleum and its by-products, asbestos, polychlorinated biphenyls, radon, mold, and urea formaldehyde insulation.

 

“Indebtedness”
of any Person means (a) all indebtedness of such Person for borrowed money (including the outstanding principal and accrued but
unpaid interest) or for the deferred purchase price of property or services, (b) any other indebtedness of such Person that is
evidenced by a note, bond, debenture, credit agreement or similar instrument, (c) all obligations of such Person under leases
that should be classified as capital leases in accordance with GAAP, (d) all obligations of such Person for the reimbursement
of any obligor on any line or letter of credit, banker’s acceptance, guarantee or similar credit transaction, in each case,
that has been drawn or claimed against, (e) all obligations of such Person in respect of acceptances issued or created, (f) all
interest rate and currency swaps, caps, collars and similar agreements or hedging devices under which payments are obligated to
be made by such Person, whether periodically or upon the happening of a contingency, (g) all obligations secured by an Lien on
any property of such Person and (h) any premiums, prepayment fees or other penalties, fees, costs or expenses associated with
payment of any Indebtedness of such Person and (h) all obligation described in clauses (a) through (g) above of any other Person
which is directly or indirectly guaranteed by such Person or which such Person has agreed (contingently or otherwise) to purchase
or otherwise acquire or in respect of which it has otherwise assured a creditor against loss.

 

“Independent
Expert” means a mutually acceptable independent (i.e., no prior material business relationship with any party for
the prior two (2) years) accounting firm recognized internationally (which appointment will be made no later than ten (10) days
after the Dispute Resolution Notice Date); provided, that if the Independent Expert does not accept its appointment or
if the DT Representative and the Seller Representative cannot agree on the Independent Expert, in either case within twenty (20)
days after the Dispute Resolution Notice Date, either the DT Representative or the Seller Representative may require, by written
notice to the other, that the Independent Expert be selected by the New York City Regional Office of the American Arbitration
Association in accordance with the procedures of the American Arbitration Association. The parties agree that the Independent
Expert will be deemed to be independent even though a party or its Affiliates may, in the future, designate the Independent Expert
to resolve disputes of the types covered by Section ‎2.2.

 

“Intellectual
Property” means all of the following as they exist in any jurisdiction throughout the world: Patents, Trademarks,
Copyrights, Trade Secrets, Internet Assets, Software and other intellectual property, and all licenses, sublicenses and other
agreements or permissions related to the preceding property.

 

“Internet
Assets” means any all domain name registrations, web sites and web pages and related rights, items and documentation
related thereto.

 

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“IPO”
means the initial public offering of Purchaser Public Units pursuant to the IPO Prospectus.

 

“IPO
Prospectus” means the final prospectus of the Purchaser, dated September 30, 2014, and filed with the SEC on October
1, 2014 (File No. 333-197187).

 

“Knowledge”
means, with respect to (i) the Company, the actual knowledge of the executive officers or directors of any Target Company, including
China Lending, after due inquiry or (ii) any other Party, the actual knowledge of its directors and executive officers, after
due inquiry.

 

“Law”
means any federal, state, local, municipal, foreign or other law, statute, legislation, principle of common law, ordinance, code,
edict, decree, proclamation, treaty, convention, rule, regulation, directive, requirement, writ, injunction, settlement, Order
or Consent that is or has been issued, enacted, adopted, passed, approved, promulgated, made, implemented or otherwise put into
effect by or under the authority of any Governmental Authority.

 

“Liabilities”
means any and all liabilities, Indebtedness, Actions or obligations of any nature (whether absolute, accrued, contingent or otherwise,
whether known or unknown, whether direct or indirect, whether matured or unmatured and whether due or to become due), including
Tax liabilities due or to become due.

 

“Lien”
means any mortgage, pledge, security interest, attachment, right of first refusal, option, proxy, voting trust, encumbrance, lien
or charge of any kind (including any conditional sale or other title retention agreement or lease in the nature thereof), restriction
(whether on voting, sale, transfer, disposition or otherwise), any subordination arrangement in favor of another Person, any filing
or agreement to file a financing statement as debtor under the Uniform Commercial Code or any similar Law.

 

“Loan
Obligor” means, with respect to any loan made by any Target Company, any Person or Persons obligated to make payments
pursuant to or with respect to such loan, including any guarantor thereof.

 

“Material
Adverse Effect” means, with respect to any specified Person, any fact, event, occurrence, change or effect that
has had, or would reasonably be expected to have, individually or in the aggregate, a material adverse effect upon (a) the business,
assets, Liabilities, results of operations, prospects or condition (financial or otherwise) of such Person and its Subsidiaries,
taken as a whole, or (b) the ability of such Person or any of its Subsidiaries on a timely basis to consummate the transactions
contemplated by this Agreement or the Ancillary Documents to which it is a party or bound or to perform its obligations hereunder
or thereunder; provided, however, that any changes or effects directly or indirectly attributable to, resulting
from, relating to or arising out of the following (by themselves or when aggregated with any other, changes or effects) shall
not be deemed to be, constitute, or be taken into account when determining whether there has or may, would or could have occurred
a Material Adverse Effect: (i) general changes in the financial or securities markets or general economic or political conditions
in the country or region in which such Person or any of its Subsidiaries do business; (ii) changes, conditions or effects that
generally affect the industries in which such Person or any of its Subsidiaries principally operate; (iii) changes in GAAP or
other applicable accounting principles or mandatory changes in the regulatory accounting requirements applicable to any industry
in which such Person and its Subsidiaries principally operate; (iv) conditions caused by acts of God, terrorism, war (whether
or not declared) or natural disaster; (v) any failure in and of itself by such Person and its Subsidiaries to meet any internal
or published budgets, projections, forecasts or predictions of financial performance for any period (provided that the underlying
cause of any such failure may be considered in determining whether a Material Adverse Effect has occurred or would reasonably
be expected to occur to the extent not excluded by another exception herein) and (vi), with respect to the Purchaser, the consummation
and effects of the Redemption (or any redemption in connection with the Extension, if required); provided further, however,
that any event, occurrence, fact, condition, or change referred to in clauses (i) - (iv) immediately above shall be taken into
account in determining whether a Material Adverse Effect has occurred or could reasonably be expected to occur to the extent that
such event, occurrence, fact, condition, or change has a disproportionate effect on such Person or any of its Subsidiaries compared
to other participants in the industries in which such Person or any of its Subsidiaries primarily conducts its businesses. Notwithstanding
the foregoing, with respect to the Purchaser, the amount of the Redemption (or any redemption in connection with the Extension,
if required) or the failure to obtain the Required Shareholder Vote or the Extension shall not be deemed to be a Material Adverse
Effect on or with respect to the Purchaser.

 

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“Nasdaq”
means the Nasdaq Capital Market.

 

“Net
Capital” means, with respect to any Target Company, such Target Company’s net capital as determined in accordance
with the rules and regulations of the China Banking Regulatory Commission and PBOC and the generally accepted accounting standards
of the People’s Republic of China.

 

“Net
Closing Proceeds” means an amount equal to: (i) the Closing Proceeds, less (ii) the sum of (A) the Purchaser’s
accrued Expenses for the transactions contemplated by this Agreement and (B) the deferred Expenses (including cash amounts payable
to EBC and any legal fees) of the IPO, including any Expenses that are required to be paid by delivery of the Purchaser’s
securities at the Closing.

 

“Organizational
Documents” means, with respect to the Purchaser, the Purchaser Charter, and with respect to any other Party, its
Certificate of Incorporation and Bylaws or similar organizational documents, in each case, as amended.

 

“Order”
means any order, decree, ruling, judgment, injunction, writ, determination, binding decision, verdict, judicial award or other
action that is or has been made, entered, rendered, or otherwise put into effect by or under the authority of any Governmental
Authority.

 

“Patents”
means any patents, patent applications and the inventions, designs and improvements described and claimed therein, patentable
inventions, and other patent rights (including any divisionals, provisionals, continuations, continuations-in-part, substitutions,
or reissues thereof, whether or not patents are issued on any such applications and whether or not any such applications are amended,
modified, withdrawn, or refiled).

 

“PBOC”
means the People’s Bank of China.

 

“Permits”
means all federal, state, local or foreign or other third-party permits, grants, easements, consents, approvals, authorizations,
exemptions, licenses, franchises, concessions, ratifications, permissions, clearances, confirmations, endorsements, waivers, certifications,
designations, ratings, registrations, qualifications or orders of any Governmental Authority or any other Person.

 

“Permitted
Liens” means (a) Liens for Taxes or assessments and similar governmental charges or levies, which either are (i)
not delinquent or (ii) being contested in good faith and by appropriate proceedings, and adequate reserves have been established
with respect thereto, (b) other Liens imposed by operation of Law arising in the ordinary course of business for amounts which
are not due and payable and as would not in the aggregate materially adversely affect the value of, or materially adversely interfere
with the use of, the property subject thereto, (c) Liens incurred or deposits made in the ordinary course of business in connection
with social security, (d) Liens on goods in transit incurred pursuant to documentary letters of credit, in each case arising in
the ordinary course of business, or (v) Liens arising under this Agreement or any Ancillary Document.

 

    	 	73	 

     

    

 

“Person”
means an individual, corporation, partnership (including a general partnership, limited partnership or limited liability partnership),
limited liability company, association, trust or other entity or organization, including a government, domestic or foreign, or
political subdivision thereof, or an agency or instrumentality thereof.

 

“Personal
Property” means any machinery, equipment, tools, vehicles, furniture, leasehold improvements, office equipment,
plant, parts and other tangible personal property.

 

“Purchaser
Charter” means the memorandum and articles of association of the Purchaser, as amended and effective under the BVI
Act.

 

“Purchaser
Confidential Information” means all confidential or proprietary documents and information concerning the Purchaser
or any of its Representatives; provided, however, that Purchaser Confidential Information shall not include any
information which, (i) at the time of disclosure by the Company, any Seller or their respective Representatives, is generally
available publicly and was not disclosed in breach of this Agreement or (ii) at the time of the disclosure by the Purchaser or
its Representatives to the Company, any Seller or their respective Representatives was previously known by such receiving party
without violation of Law or any confidentiality obligation by the Person receiving such Purchaser Confidential Information. For
the avoidance of doubt, from and after the Closing, Purchaser Confidential Information will include the confidential or proprietary
information of the Target Companies.

 

“Purchaser
Ordinary Shares” means the ordinary shares of no par value in the Purchaser.

 

“Purchaser
Private Warrant” means one whole warrant entitling the holder thereof to purchase one-half (1/2) of one (1) Purchaser
Ordinary Share at a purchase price of $12.00 per full Purchaser Ordinary Share.

 

“Purchaser
Private Units” means the units issued in private placements to EBC and Sponsor at the time of the consummation of
the IPO and thereafter, which units consist of one (1) Purchaser Ordinary Share, one (1) Purchaser Right and one (1) Purchaser
Private Warrant”

 

“Purchaser
Public Unit” means the units issued in the IPO consisting of one (1) Purchaser Ordinary Share, one (1) Purchaser
Right and one (1) Purchaser Public Warrant.

 

“Purchaser
Public Warrant” means one whole warrant entitling the holder thereof to purchase one-half (1/2) of one (1) Purchaser
Ordinary Share at a price of $12.00 per full Purchaser Ordinary Share.

 

“Purchaser
Right” means one right entitling the holder thereof to receive one-tenth (1/10th) of a Purchaser Ordinary
Share automatically upon the consummation by the Purchaser of an initial Business Combination.

 

    	 	74	 

     

    

 

“Purchaser
Securities” means the Purchaser Public Units, the Purchaser Ordinary Shares, the Purchaser Public Warrants, the
Purchaser Rights, the Purchaser Private Units, the Purchaser Private Warrants and the Purchaser UPO, collectively.

 

“Purchaser
Share Price” shall mean the average closing trade price of each Purchaser Ordinary Share (or any successor equity
security, including equity securities of a successor entity issued in exchange for Purchaser Ordinary Shares) as listed by Nasdaq
(or any successor exchange or quotation system on which such shares are listed or quoted) for the twenty (20) day trading period
ending on the trading day immediately prior to the date of determination.

 

“Purchaser
UPO” means the option issued to EBC and/or its designee to purchase up to 600,000 Purchaser Public Units at a price
of $11.75 per unit.

 

“Release”
means any release, spill, emission, leaking, pumping, injection, deposit, disposal, discharge, dispersal, or leaching into the
indoor or outdoor environment, or into or out of any property.

 

“Remedial
Action” means all actions to (i) clean up, remove, treat, or in any other way address any Hazardous Material, (ii)
prevent the Release of any Hazardous Material so it does not endanger or threaten to endanger public health or welfare or the
indoor or outdoor environment, (iii) perform pre-remedial studies and investigations or post-remedial monitoring and care, or
(iv) correct a condition of noncompliance with Environmental Laws.

 

“Representative”
means, as to any Person, such Person’s Affiliates and its and their managers, directors, officers, employees, agents and
advisors (including financial advisors, counsel and accountants).

 

“RMB”
means Renminbi of the People’s Republic of China.

 

“SEC”
means the Securities and Exchange Commission (or any successor Governmental Authority).

 

“Securities
Act” means the Securities Act of 1933, as amended.

 

“Software”
means any computer software programs, including all source code, object code, and documentation related thereto and all software
modules, tools and databases.

 

“SOX”
means the Sarbanes-Oxley Act of 2002, as amended.

 

“Sponsor”
means DeTiger Holdings Limited, a company incorporated in the British Virgin Islands.

 

“Subsidiary”
means, with respect to any Person, any corporation, partnership, association or other business entity of which (i) if a corporation,
a majority of the total voting power of shares of stock entitled (without regard to the occurrence of any contingency) to vote
in the election of directors, managers or trustees thereof is at the time owned or controlled, directly or indirectly, by that
Person or one or more of the other Subsidiaries of that Person or a combination thereof, or (ii) if a partnership, association
or other business entity, a majority of the partnership or other similar ownership interests thereof is at the time owned or controlled,
directly or indirectly, by any Person or one or more Subsidiaries of that Person or a combination thereof. For purposes hereof,
a Person or Persons will be deemed to have a majority ownership interest in a partnership, association or other business entity
if such Person or Persons will be allocated a majority of partnership, association or other business entity gains or losses or
will be or control the managing director, managing member, general partner or other managing Person of such partnership, association
or other business entity. A Subsidiary of a Person will also include any variable interest entity which is consolidated with such
Person under applicable accounting rules. Notwithstanding anything to the contrary contained herein, China Lending and its Subsidiaries
will be deemed to be Subsidiaries of the Company for all purposes of this Agreement.

 

    	 	75	 

     

    

 

“Target
Company” means each of the Company and its direct and indirect Subsidiaries.

 

“Tax
Return” means any return, declaration, report, claim for refund, information return or other documents (including
any related or supporting schedules, statements or information) filed or required to be filed in connection with the determination,
assessment or collection of any Taxes or the administration of any Laws or administrative requirements relating to any Taxes.

 

“Taxes”
means (a) all direct or indirect federal, state, local, foreign and other net income, gross income, gross receipts, sales, use,
value-added, ad valorem, transfer, franchise, profits, license, lease, service, service use, withholding, payroll, employment,
social security and related contributions due in relation to the payment of compensation to employees, excise, severance, stamp,
occupation, premium, property, windfall profits, alternative minimum, estimated, customs, duties or other taxes, fees, assessments
or charges of any kind whatsoever, together with any interest and any penalties, additions to tax or additional amounts with respect
thereto, (b) any Liability for payment of amounts described in clause (a) whether as a result of being a member of an affiliated,
consolidated, combined or unitary group for any period or otherwise through operation of law and (c) any Liability for the payment
of amounts described in clauses (a) or (b) as a result of any tax sharing, tax group, tax indemnity or tax allocation agreement
with, or any other express or implied agreement to indemnify, any other Person.

 

“Trade
Secrets” means any trade secrets, confidential business information, concepts, ideas, designs, research or development
information, processes, procedures, techniques, technical information, specifications, operating and maintenance manuals, engineering
drawings, methods, know-how, data, mask works, discoveries, inventions, modifications, extensions, improvements, and other proprietary
rights (whether or not patentable or subject to copyright, trademark, or trade secret protection).

 

“Trademarks”
means any trademarks, service marks, trade dress, trade names, brand names, internet domain names, designs, logos, or corporate
names (including, in each case, the goodwill associated therewith), whether registered or unregistered, and all registrations
and applications for registration and renewal thereof.

 

“Trust
Account” means the trust account established by Purchaser with the proceeds from the IPO pursuant to the Trust Agreement
in accordance with the IPO Prospectus.

 

“Trust
Agreement” means that certain Investment Management Trust Agreement, dated as of September 30, 2014, as it may be
amended, by and between the Purchaser and the Trustee, as well as any other agreements entered into related to or governing the
Trust Account.

 

“Trustee”
means Continental Stock Transfer & Trust Company, in its capacity as trustee under the Trust Agreement.

 

    	 	76	 

     

    

 

13.2
Section References. The following capitalized terms, as used in this Agreement, have the respective meanings given to them
in the Section as set forth below adjacent to such terms:

 

	Term	 	Section	 	Term	 	Section
	AAA	 	12.4	 	Indemnified Party	 	8.2
	AAA
    Procedures	 	12.4	 	Indemnifying Party	 	8.2
	Acquisition
    Proposal	 	7.6(a)	 	Interim Balance Sheet Date	 	5.7(a)
	Agreement	 	Preamble	 	Interim Period	 	7.2(a)
	Alternative
    Earn-Out Payment	 	2.1	 	June 30, 2015 PBOC Base Rate	 	Annex IV
	Alternative
    Transaction	 	7.6(a)	 	Loans Receivable	 	5.24
	Amended
    Charter	 	7.11(a)	 	Lock-Up Agreement	 	9.2(e)(ii)
	Antitrust
    Laws	 	7.9(b)	 	Loss	 	8.2
	Business
    Combination	 	11.1	 	Management Report	 	5.7(a)
	Base
    Rate Lock Date	 	Annex
    IV	 	Non-Competition Agreement	 	9.2(e)(i)
	BWFOE	 	Recitals	 	Off-the-Shelf Software Agreements	 	5.13(a)
	CFO	 	2.2	 	Outbound IP License	 	5.13(c)
	China
    Lending	 	Recitals	 	Outside Date	 	10.1(b)
	China
    Lending Shareholders	 	Recitals	 	Party(ies)	 	Preamble
	Claim
    Notice	 	8.5(b)	 	PBOC Base Rate	 	Annex IV
	Closing	 	3.1	 	PIPE Investment	 	Recitals
	Closing
    Date	 	3.1	 	PIPE Investors	 	Recitals
	Closing
    Filing	 	7.12(b)	 	PIPE Shares	 	Recitals
	Closing
    Press Release	 	7.12(b)	 	Post-Closing Purchaser Board	 	7.16(a)
	Company	 	Preamble	 	Pro Rata Share	 	1.2
	Company
    Benefit Plan	 	5.19(a)	 	Proxy Documents	 	7.11(a)
	Company
    Disclosure Schedules	 	Article
    V	 	Proxy Statement	 	7.11(a)
	Company
    Financials	 	5.7(a)	 	Public Certifications	 	4.6(a)
	Company
    IP	 	5.13(d)	 	Public Shareholders	 	11.1
	Company
    IP Licenses	 	5.13(a)	 	Purchased Shares	 	1.1
	Company
    Material Contract	 	5.12(a)	 	Purchaser	 	Preamble
	Company
    Permits	 	5.10	 	Purchaser Disclosure Schedules	 	Article IV
	Company
    Personal Property Leases	 	5.16	 	Purchaser Financials	 	4.6(b)
	Company
    Real Property Leases	 	5.15	 	Purchaser Material Contracts	 	4.13(a)
	Company
    Registered IP	 	5.13(a)	 	Purchaser Wind-Up Date	 	7.11(b)
	Dispute	 	12.4	 	Redemption	 	7.11(a)
	DT
    Directors	 	7.16(a)	 	Registration Rights Agreement	 	9.2(e)(iii)
	DT
    Representative	 	Preamble	 	Related Person	 	5.21
	Earn-Out
    Payment	 	2.1	 	Released Claims	 	11.1
	Earn-Out
    Period	 	2.1	 	Releasing Persons	 	11.2
	Earn-Out
    Statement	 	2.2	 	Required Shareholder Vote	 	9.1(a)
	Earn-Out
    Target	 	2.1	 	Resolution Period	 	12.4
	Earn-Out
    Year	 	2.1	 	SEC Reports	 	4.6(a)
	Enforceability
    Exceptions	 	4.2	 	Seller Directors	 	7.16(a)
	Environmental
    Permit	 	5.20(a)	 	Seller Representative	 	Preamble
	Escrow
    Account	 	1.3	 	Sellers	 	Preamble
	Escrow
    Agreement	 	1.3	 	Shareholder Meeting	 	7.11(a)
	Escrow
    Shares	 	1.3	 	Signing Filing	 	7.12(b)
	Exchange
    Rate Acknowledgement	 	9.2(d)(v)	 	Signing Press Release	 	7.12(b)
	Exchange
    Shares	 	1.2	 	Specified Courts	 	12.5
	Expenses	 	10.3	 	Supplemental Disclosure Schedules	 	7.17(a)
	Extension	 	7.11(b)	 	Termination Fee	 	10.4
	Extension
    Documents	 	7.11(b)	 	Third Party Claim	 	8.5(c)
	Extension
    Proxy Statement	 	7.11(b)	 	Upper Rate Limit	 	Annex IV
	Extension
    Special Meeting	 	7.11(b)	 	VIE Contracts	 	5.4(b)
	Federal
    Securities Laws	 	7.11(b)	 	WFOEs	 	Recitals
	HK
    Holdings	 	Recitals	 	XWFOE	 	Recitals
	Indemnification
    Cap	 	8.4(b)	 	 	 	 

  

[REMAINDER
OF PAGE INTENTIONALLY LEFT BLANK; SIGNATURE PAGE FOLLOWS]

 

    	 	77	 

     

    

 

IN
WITNESS WHEREOF, each Party hereto has caused this Agreement to be signed and delivered by its respective duly authorized officer
as of the date first written above.

 

	 	The
    Purchaser:
	 	 
	 	DT
    ASIA INVESTMENTS LIMITED,
	 	a
    British Virgin Islands company
	 	 
	 	By:	/s/
    HaiBin Wang
	 	Name:	HaiBing
    Wang
	 	Title:	Director
	 	 	 
	 	The
    DT Representative:
	 	 
	 	DETIGER
    HOLDINGS LIMITED,
	 	a
    British Virgin Islands company, solely in its capacity as the DT Representative hereunder
	 	 
	 	By:	/s/
    Winnie Ng
	 	Name:	Winnie
    Ng
	 	Title:	Director
	 	 	 
	 	The
    Company:
	 	 
	 	ADRIE
    GLOBAL HOLDINGS LIMITED,
	 	a
    British Virgin Islands company
	 	 
	 	By:	/s/
    Li
    Jingping 
	 	Name:	Li
    Jingping
	 	Title:	Director
	 	 	 
	 	The
Seller Representative:
	 	 	 
	 	/s/ Li Jingping
	 	Li
    Jingping, in the capacity hereunder as the Seller Representative

 

[Signature
Page to Share Exchange Agreement]

 

     

     

    

 

	 	The
    Sellers:
	 	 
	 	RUIHENG
    GLOBAL LIMITED,
	 	a
    British Virgin Islands company
	 	 
	 	By:	/s/
    Qi
    Wen 
	 	Name:	Qi
    Wen
	 	Title:	Director
	 	 	 
	 	YANGWEI
    GLOBAL LIMITED,
	 	a
    British Virgin Islands company
	 	 
	 	By:	/s/
    Li
    Jingping 
	 	Name:	Li
    Jingping
	 	Title:	Director
	 	 	 
	 	FAVOUR
    PLUS GLOBAL LIMITED,
	 	a
    British Virgin Islands company
	 	 
	 	By:	/s/
    Pan
    Chunju 
	 	Name:	Pan
    Chunju
	 	Title:	Director
	 	QIXIANG
    GLOBAL LIMITED,
	 	a
    British Virgin Islands company
	 	 
	 	By:	/s/
    Shi
    Feng 
	 	Name:	Shi
    Feng
	 	Title:	Director
	 	 	 
	 	YIMAO
    ENTERPRISES LIMITED,
	 	a
    British Virgin Islands company
	 	 
	 	By:	/s/
    Yang
    Zhisan 
	 	Name:	Yang
    Zhisan
	 	Title:	Director
	 	 	 
	 	JIYI
    GLOBAL INVESTMENTS LIMITED,
	 	a
    British Virgin Islands company
	 	 
	 	By:	/s/
    Liang
    Zandong 
	 	Name:	Liang
    Zandong
	 	Title:	Director

 

     

     

    

 

	 	CHANGMAN
    LIMITED,
	 	a
    British Virgin Islands company
	 	 
	 	By:	/s/
    Wang
    Qing 
	 	Name:	Wang
    Qing
	 	Title:	Director
	 	 	 
	 	ZHAN
    ZHAO LIMITED,
	 	a
    British Virgin Islands company
	 	 
	 	By:	/s/
    Jin
    Cheng 
	 	Name:	Jin
    Cheng
	 	Title:	Director
	 	 	 
	 	TAVISTOCK
    GLOBAL LIMITED,
	 	a
    British Virgin Islands company
	 	 
	 	By:	/s/
    Zhang
    Jianfeng 
	 	Name:	Zhang
    Jianfeng
	 	Title:	Director
	 	 	 
	 	ZHONG
    YUN HOLDINGS LIMITED,
	 	a
    British Virgin Islands company
	 	 
	 	By:	/s/
    Zheng
    Yongde 
	 	Name:	Zheng
    Yongde
	 	Title:	Director
	 	 	 
	 	JIEGUAN
    LIMITED,
	 	a
    British Virgin Islands company
	 	 
	 	By:	/s/
    Shi
    Xiaofang 
	 	Name:	Shi
    Xiaofang
	 	Title:	Director
	 	 	 
	 	MULTIDEAL
    LIMITED,
	 	a
    British Virgin Islands company
	 	 
	 	By:	/s/
    Chen
    Hong 
	 	Name:	Chen
    Hong
	 	Title:	Director
	 	 	 
	 	XINGLIN
    LIMITED,
	 	a
    British Virgin Islands company
	 	 
	 	By:	/s/
    Liu
    Yuanqing 
	 	Name:	Liu
    Yuanqing
	 	Title:	Director

 

[Signature
Page to Share Exchange Agreement]

 

    	 	 	 

     

    

 

ANNEX
I

List
of Sellers

 

	Seller Name	 	No. of Purchased Shares1 Held by Seller	 	 	Pro Rata Share	 
	Ruiheng Global Limited	 	 	6,093,333	 	 	 	30.4667	%
	Yangwei Global Limited	 	 	3,390,000	 	 	 	16.9500	%
	Favour Plus Global Limited	 	 	1,000,000	 	 	 	5.0000	%
	Qixiang Global Limited	 	 	920,000	 	 	 	4.6000	%
	Yimao Enterprises Limited	 	 	1,100,000	 	 	 	5.5000	%
	Jiyi Global Investments Limited	 	 	1,980,000	 	 	 	9.9000	%
	Changman Limited	 	 	963,333	 	 	 	4.8167	%
	Zhan Zhao Limited	 	 	1,253,333	 	 	 	6.2667	%
	Tavistock Global Limited	 	 	333,334	 	 	 	1.6666	%
	Zhong Yun Holdings Limited	 	 	490,000	 	 	 	2.4500	%
	Jieguan Limited	 	 	510,000	 	 	 	2.5500	%
	Multideal Limited	 	 	1,000,000	 	 	 	5.0000	%
	Xinglin Limited	 	 	966,667	 	 	 	4.8333	%
	TOTAL	 	 	20,000,000	 	 	 	100.0000	%

 

 

1
Shares of $0.00000005 par value each.

 

    	 	 	 

     

    

 

ANNEX
II

Adjusted
Net Income

 

The
net income of the Purchaser and the Company and their respective Subsidiaries, on a consolidated basis, shall be adjusted as follows
to determine the Adjusted Net Income used in connection with the determination of the Earn-Out Payments hereunder:

 

	1.	Adjusted
                                         Net Income will be calculated in RMB, and compared to the Earn-Out Targets expressed
                                         in RMB as set forth in the Exchange Rate Acknowledgement. The foreign exchange rate between
                                         the U.S. dollar and RMB (or the currency of any other applicable jurisdiction where the
                                         Purchaser, the Company or any of their respective Subsidiaries conduct business at any
                                         time during the Earn-Out Period) will be fixed at the exchange rate as of the close of
                                         business on June 30, 2015 using the USD/CNY midpoint rate as posted on the http://www.oanda.com
                                         website, as agreed by the Purchaser and the Company in the Exchange Rate Acknowledgement
                                         with respect to the currencies set forth therein.
	 	 
	2.	If
                                         during the Earn-Out Period, the Purchaser, the Company or any of their respective Subsidiaries
                                         acquire another business (excluding the Company and its Subsidiaries as contemplated
                                         by this Agreement), then the Adjusted Net Income shall be computed without taking into
                                         consideration (i) the financial results of such acquired business or (ii) any impact
                                         such acquired business would have on the financial results of the Purchaser, the Company
                                         or their respective Subsidiaries.
	 	 
	3.	To
                                         exclude the following:

 

		a.	Any
                                         extraordinary gains or losses (such as from the sale of real property, investments, securities
                                         or fixed assets) or any other extraordinary income or expenses; and

 

		b.	Any
                                         net income from revenue that is non-recurring and earned outside of the ordinary course
                                         of business.

 

		c.	Any
                                         Expenses, including brokers’, finders’, advisors’, consultants’
                                         and professional fees related to the Business Combination, incurred by the Purchaser
                                         or the Target Companies prior to or at the Closing.

 

Any
accounting term that is used herein but not defined in the Agreement shall have the meaning normally ascribed to such term under
GAAP.

  

     

     

    

 

ANNEX
III

Purchaser
Dividend Policy

 

The
Parties intend that the Purchaser will use its reasonable efforts to declare and pay dividends on the Purchaser Ordinary Shares
after the Closing as follows:

 

		●	an
                                         amount equal to fifteen percent (15%) of the Company’s consolidated net income
                                         (if any) for its fiscal year ending December 31, 2015 as set forth in its audited consolidated
                                         financial statements for the fiscal year ending December 31, 2015, which Purchaser Ordinary
                                         Share dividend will be declared and paid within forty-five (45) days after the Closing.

 

		●	within
                                         forty-five (45) days after the filing of Purchaser’s Form 10-Q or 10-K (or substantially
                                         equivalent form), as applicable, for the first full or partial fiscal quarter period
                                         of Purchaser ending after the Closing, Purchaser will declare and pay a dividend on Purchaser
                                         Ordinary Shares in an aggregate amount equal to twenty-five percent (25%) of (i) the
                                         Purchaser’s and the Company’s aggregate consolidated net income for the period
                                         beginning January 1, 2016 through the end of such fiscal quarter (without double-counting
                                         any periods during which the Purchaser and the Company are consolidated), less (ii) the
                                         amount of dividends paid, payable or otherwise accrued as preferred dividends with respect
                                         to the PIPE Shares for such period.

 

		●	for
                                         each fiscal quarter of the Purchaser thereafter, an amount equal to twenty-five percent
                                         (25%) of (i) the Purchaser’s consolidated net income for such fiscal quarter, less
                                         (ii) the amount of dividends paid, payable or otherwise accrued as preferred dividends
                                         with respect to the PIPE Shares for such period, which Purchaser Ordinary Share dividend
                                         will be declared and paid within forty-five (45) days after the filing of the Purchaser’s
                                         Form 10-Q or 10-K (or substantially equivalent form) for such fiscal quarter.

 

Such
dividends will be payable by the Purchaser, at the option of each shareholder, either in cash or Purchaser Ordinary Shares.

 

For
purposes of this Annex III, “net income” will exclude any Expenses incurred by the Purchaser that are paid
by delivery of capital shares of the Purchaser.

 

Notwithstanding
the foregoing, the Parties acknowledge that the Purchaser’s board of directors is solely responsible for declaring and paying
dividends, and nothing herein shall require a director of the Purchaser to breach its fiduciary duties to the Purchaser and Purchaser’s
shareholders.

 

    	 	 	 

     

    

 

ANNEX
IV

Earn-Out
Targets

 

The
Parties agree that the amount of each Earn-Out Target will be determined in accordance with the table below (as such amounts may
alternatively be expressed in RMB pursuant to the Exchange Rate Acknowledgement):

 

	Amount of Net Closing Proceeds	 	 	Earn-Out Target	 
	Equal to or greater than	 	 	But Less Than	 	 	2016
 Earn-Out Target
	 	 	2017
 Earn-Out Target
	 	 	2018
 Earn-Out Target
	 	 	Alternative Earn-Out Target	 
	$	69,000,000	 	 	 	N/A	 	 	$	32,000,000	 	 	$	38,000,000	 	 	$	44,000,000	 	 	$	40,000,000	 
	$	65,000,000	 	 	$	69,000,000	 	 	$	30,700,000	 	 	$	34,500,000	 	 	$	39,100,000	 	 	$	35,500,000	 
	$	60,000,000	 	 	$	65,000,000	 	 	$	29,800,000	 	 	$	33,500,000	 	 	$	37,900,000	 	 	$	34,500,000	 
	$	55,000,000	 	 	$	60,000,000	 	 	$	29,000,000	 	 	$	32,500,000	 	 	$	36,800,000	 	 	$	33,500,000	 
	$	50,000,000	 	 	$	55,000,000	 	 	$	28,100,000	 	 	$	31,500,000	 	 	$	35,700,000	 	 	$	32,500,000	 
	$	45,000,000	 	 	$	50,000,000	 	 	$	27,200,000	 	 	$	30,500,000	 	 	$	34,600,000	 	 	$	31,500,000	 
	$	40,000,000	 	 	$	45,000,000	 	 	$	26,000,000	 	 	$	29,600,000	 	 	$	33,500,000	 	 	$	30,500,000	 
	$	35,000,000	 	 	$	40,000,000	 	 	$	25,000,000	 	 	$	28,600,000	 	 	$	32,300,000	 	 	$	29,400,000	 
	$	30,000,000	 	 	$	35,000,000	 	 	$	24,000,000	 	 	$	27,600,000	 	 	$	31,200,000	 	 	$	28,400,000	 
	$	25,000,000	 	 	$	30,000,000	 	 	$	23,000,000	 	 	$	26,000,000	 	 	$	30,000,000	 	 	$	27,400,000	 
	$	20,000,000	 	 	$	25,000,000	 	 	$	22,000,000	 	 	$	25,000,000	 	 	$	29,000,000	 	 	$	26,400,000	 
	$	15,000,000	 	 	$	20,000,000	 	 	$	21,500,000	 	 	$	24,600,000	 	 	$	27,900,000	 	 	$	25,400,000	 
	$	10,000,000	 	 	$	15,000,000	 	 	$	21,000,000	 	 	$	23,600,000	 	 	$	26,700,000	 	 	$	24,300,000	 
	$	0	 	 	$	10,000,000	 	 	$	20,200,000	 	 	$	22,600,000	 	 	$	25,600,000	 	 	$	23,300,000	 

 

Notwithstanding
the foregoing, the Earn-Out Targets above shall be modified as follows based on the actual Closing Date in 2016:

 

		1.	The
                                         2016 Earn-Out Target shall be reduced by an amount equal to fifty percent (50%) of (i)
                                         the 2016 Earn-Out Target as listed above, multiplied by (ii) a fraction, where the numerator
                                         is the number of days in the 2016 calendar year prior to the Closing Date and the denominator
                                         is 366.

 

		2.	The
                                         Alternative Earn-Out Target shall be reduced by an amount equal to one-third (1/3rd)
                                         of the 2016 Earn-Out Target reduction calculated pursuant to item 1 above.

 

Solely
for purposes of an example of the foregoing formula, if the Closing Date is February 15, 2016, and the amount of the Net Closing
Proceeds is $58,000,000:

 

		●	The
                                         2016 Earn-Out Target will be $27,217,213 (calculated as $29,000,000 – 50% x ($29,000,000
                                         x 45/366), which is also equal to $29,000,000 – $1,782,787); and

 

		●	The
                                         Alternative Earn-Out Target will be $32,905,738 (calculated as $33,500,000 – (1/3
                                         x $1,782,787))

 

     

     

    

 

During
the period in which the upper limit for the annual rate of private borrowing and lending allowed by policy in Xinjiang, China
(the “Upper Rate Limit”) is four (4) times the PBOC base interest rate (“PBOC Base Rate”),
the Earn-Out Targets above shall be further modified based on changes to the PBOC Base Rate from the June 30, 2015 PBOC Base Rate
of 4.85% (“June 30, 2015 PBOC Base Rate”) as follows:

 

		1.	Each
                                         of the Earn-Out Targets as listed above shall be multiplied by a fraction equal to (i)
                                         the weighted-average PBOC Base Rate (based on the number of days) for the applicable
                                         calendar year, divided by (ii) the June 30, 2015 PBOC Base Rate.

 

		2.	The
                                         Alternative Earn-Out Target as listed above shall be multiplied by a fraction equal to
                                         (i) the weighted-average PBOC Base Rate (based on the number of days) for the period
                                         from January 1, 2016 through December 31, 2018, divided by (ii) the June 30, 2015 PBOC
                                         Base Rate.

 

Provided,
however, that if the Laws of the applicable Governmental Authorities in Xinjiang, China are amended so that the Upper Rate Limit
is no longer four (4) times the PBOC Base Rate (the effective date of such amendment, the “Base Rate Lock Date”),
then for purpose of the foregoing formula, the PBOC Base Rate on and after the Base Rate Lock Date shall be deemed to equal the
PBOC Base Rate in effect at the open of business on the Base Rate Lock Date.

 

Solely
for purposes of an example of the foregoing formula, if the Closing Date is February 15, 2016, the amount of the Net Closing Proceeds
is $58,000,000 and PBOC Base Rate as of January 1, 2016 is 4.35% and is reduced to 4.10% on February 15, 2016 and remains at that
rate for the Earn-Out Period (and the Upper Rate Limit remains at four (4) times the PBOC Base Rate):

 

		●	The
                                         2016 Earn-Out Target will be $23,180,859 (calculated as [$29,000,000 – 50% x ($29,000,000
                                         x 45/366)] x [(4.35%/4.85%) x (45/366) + (4.10%/4.85%) x (321/366)], which is also equal
                                         to [($29,000,000 – $1,782,787)] x [0.8517])

 

		●	The
                                         2017 Earn-Out Target will be $27,474,227 (calculated as [$32,500,000 x (4.10%/4.85%)],
                                         which is also equal to $32,500,000 x 0.8454)

 

		●	The
                                         2018 Earn-Out Target will be $31,109,278 (calculated as [$36,800,000 x (4.10%/4.85%)],
                                         which is also equal to $36,800,000 x 0.8454)

 

		●	The
                                         Alternative Earn-Out Target will be $27,886,864 (calculated as [$33,500,000 – (1/3
                                         x $1,782,787)] x [(45/1,096) x (4.35%/4.85%) + (1,051/1,096) x (4.10%/4.85%)], which
                                         is also equal to [$32,905,738] x [0.8475])

 

(which
may alternatively be expressed in RMB pursuant to the Exchange Rate Acknowledgement).Exhibit 10.2

 

FINAL
FORM

 

REGISTRATION
RIGHTS AGREEMENT

THIS
REGISTRATION RIGHTS AGREEMENT (this “Agreement”) is entered into as of [●], 2016, by and among
(i) DT Asia Investments Limited, a British Virgin Islands company which will be known after the consummation of the transactions
contemplated by the Share Exchange Agreement (as defined below) as “China Direct Lending Corporation” (the “Company”),
(ii) DeTiger Holdings Limited, a British Virgin Islands company, in its capacity under the Share Exchange Agreement as
the DT Representative (including any successor DT Representative in accordance with the Share Exchange Agreement, the “DT
Representative”), and (iii) the undersigned parties listed under Investor on the signature page hereto (each, an
“Investor” and collectively, the “Investors”).

WHEREAS,
on January 11, 2016, the Company, the DT Representative and the Investors entered into that certain Share Exchange Agreement (as
amended from time to time in accordance with the terms thereof, the “Share Exchange Agreement”), by
and among the Company, the DT Representative, Adrie Global Holdings Limited, a business company incorporated in the British Virgin
Islands with limited liability (the “Target”), the Investors and Li Jingping, in the capacity as the
Seller Representative thereunder (the “Seller Representative”), pursuant to which, subject to the terms
and conditions thereof, the Company will acquire from the Investors all of the issued and outstanding equity interests of the
Target in exchange for 20,000,000 ordinary shares of the Company (including any equity securities paid as dividends or distribution
with respect to such shares or into which such shares are exchanged or converted, including any equity securities of a successor
entity, the “Exchange Shares”), with 8,000,000 of such Exchange Shares (including any equity securities
paid as dividends or distribution with respect to such shares or into which such shares are exchanged or converted, the “Escrow
Shares”) being deposited in escrow and held in an escrow account in accordance with the terms and conditions of
the Share Exchange Agreement and the Escrow Agreement (as defined below);

WHEREAS,
in connection with the consummation of the transactions contemplated by the Share Exchange Agreement, the parties are also entering
into that certain Lock-Up Agreement (as amended from time to time in accordance with the terms thereof, the “Lock-Up
Agreement”), by and among the Company, the DT Representative and the Investors, pursuant to which the Investors
have agreed not to transfer their Exchange Shares for a lock-up period of one (1) year after the Closing Date (as defined below)
(subject to earlier release upon certain events) or to transfer their Escrow Shares while such shares are held in escrow under
the Escrow Agreement; and

WHEREAS,
the parties desire to enter into this Agreement to provide the Investors with certain rights relating to the registration of the
Exchange Shares;

NOW,
THEREFORE, in consideration of the mutual covenants and agreements set forth herein, and for other good and valuable consideration,
the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows:

1.DEFINITIONS.
Any capitalized term used but not defined in this Agreement will have the meaning ascribed to such term in the Share Exchange
Agreement. The following capitalized terms used herein have the following meanings:

“AAA”
is defined in Section 6.10.

“Agreement”
means this Agreement, as amended, restated, supplemented, or otherwise modified from time to time.

     

     

    

“Business
Day” means any day other than a Saturday, Sunday or a legal holiday on which commercial banking institutions in
New York, New York are authorized to close for business.

“Closing”
means the consummation of the transactions contemplated by the Share Exchange Agreement.

“Closing
Date” means the date of the Closing.

“Commission”
means the Securities and Exchange Commission, or any other U.S. Federal agency then administering the Securities Act or the Exchange
Act.

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

“Demand
Registration” is defined in Section 2.1.1.

“Demanding
Holder” is defined in Section 2.1.1.

“Dispute”
is defined in Section 6.10.

“DT
Representative” is defined in the preamble to this Agreement.

“Escrow
Agreement” means that certain Escrow Agreement by and among the Company, the Seller Representative and Continental
Stock Transfer & Trust Company, as escrow agent, to be entered into on or prior to the Closing Date in accordance with the
Share Exchange Agreement, as it may be amended in accordance with the terms thereof.

“Escrow
Shares” is defined in the recitals to this Agreement.

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

“Exchange
Shares” is defined in the recitals to this Agreement.

“Form
S-3” is defined in Section 2.3.

“Founder
Registration Rights Agreement” means that certain Registration Rights Agreement, dated as of September 30, 2014,
between the Company and the investors named therein, as it may be amended in accordance with the terms thereof.

“Founder
Securities” means those securities included in the definition of “Registrable Securities” specified
in the Founder Registration Rights Agreement, including securities transferred on the Closing Date from DeTiger Holdings Limited
to Mr. Miao Yang.

“Indemnified
Party” is defined in Section 4.3.

“Indemnifying
Party” is defined in Section 4.3.

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

    	 	2	 

     

    

“Investor
Indemnified Party” is defined in Section 4.1.

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

“Maximum
Number of Shares” is defined in Section 2.1.4.

“Option
Securities” means the Ordinary Shares or other securities registrable pursuant to the terms of the Unit Purchase
Option.

“Ordinary
Shares” means the Ordinary Shares of the Company, no par value.

“Piggy-Back
Registration” is defined in Section 2.2.1.

“Pro
Rata” is defined in Section 2.1.4.

“Proceeding”
is defined in Section 6.11.

“Register,”
“Registered” and “Registration” mean a registration effected by preparing
and filing a registration statement or similar document in compliance with the requirements of the Securities Act, and the applicable
rules and regulations promulgated thereunder, and such registration statement becoming effective.

“Registrable
Securities” means all of the Exchange Shares. Registrable Securities include any warrants, share capital or other
securities of the Company issued as a dividend or other distribution with respect to or in exchange for or in replacement of such
Exchange Shares. As to any particular Registrable Securities, such securities shall cease to be Registrable Securities when: (a)
a Registration Statement with respect to the sale of such securities shall have become effective under the Securities Act and
such securities shall have been sold, transferred, disposed of or exchanged in accordance with such Registration Statement; (b)
such securities shall have been otherwise transferred, new certificates for them not bearing a legend restricting further transfer
shall have been delivered by the Company and subsequent public distribution of them shall not require registration under the Securities
Act; (c) such securities shall have ceased to be outstanding or (d) the Registrable Securities are freely saleable under Rule
144 without volume limitations.

“Registration
Statement” means a registration statement filed by the Company with the Commission in compliance with the Securities
Act and the rules and regulations promulgated thereunder for a public offering and sale of equity securities, or securities or
other obligations exercisable or exchangeable for, or convertible into, equity securities (other than a registration statement
on Form S-4 or Form S-8, or their successors, or any registration statement covering only securities proposed to be issued in
exchange for securities or assets of another entity).

“Resolution
Period” is defined in Section 6.10.

“Securities
Act” means the Securities Act of 1933, as amended, and the rules and regulations of the Commission promulgated thereunder,
all as the same shall be in effect at the time.

“Seller
Representative” is defined in the recitals to this Agreement.

“Share
Exchange Agreement” is defined in the recitals to this Agreement.

“Specified
Courts” is defined in Section 6.11.

    	 	3	 

     

    

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

“Underwriter”
means a securities dealer who purchases any Registrable Securities as principal in an underwritten offering and not as part of
such dealer’s market-making activities.

“Unit
Purchase Option” means the Unit Purchase Option that was issued to EarlyBirdCapital, Inc. or its designees in connection
with the Company’s initial public offering.

2.REGISTRATION
RIGHTS.

2.1Demand
Registration.

2.1.1 
Request for Registration. Subject to Section 2.4, at any time and from time to time after the Closing Date, Investors holding
a majority-in-interest of Registrable Securities then issued and outstanding may make a written demand for registration under
the Securities Act of all or part of their Registrable Securities (a “Demand Registration”). Any demand
for a Demand Registration shall specify the number of Registrable Securities proposed to be sold and the intended method(s) of
distribution thereof. Within thirty (30) days following receipt of any request for a Demand Registration, the Company will notify
all other Investors holding Registrable Securities of the demand, and each Investor holding Registrable Securities who wishes
to include all or a portion of such Investor’s Registrable Securities in the Demand Registration (each such Investor including
shares of Registrable Securities in such registration, a “Demanding Holder”) shall so notify the Company
within fifteen (15) days after the receipt by the Investor of the notice from the Company. Upon any such request, the Demanding
Holders shall be entitled to have their Registrable Securities included in the Demand Registration, subject to Section 2.1.4 and
the provisos set forth in Section 3.1.1. The Company shall not be obligated to effect more than an aggregate of three (3) Demand
Registrations under this Section 2.1.1 in respect of all Registrable Securities.

2.1.2 
Effective Registration. A registration will not count as a Demand Registration until the Registration Statement filed with
the Commission with respect to such Demand Registration has been declared effective and the Company has complied with all of its
obligations under this Agreement with respect thereto; provided, however, that if, after such Registration Statement has been
declared effective, the offering of Registrable Securities pursuant to a Demand Registration is interfered with by any stop order
or injunction of the Commission or any other governmental agency or court, the Registration Statement with respect to such Demand
Registration will be deemed not to have been declared effective, unless and until, (i) such stop order or injunction is removed,
rescinded or otherwise terminated, and (ii) a majority-in-interest of the Demanding Holders thereafter elect to continue the offering;
provided, further, that the Company shall not be obligated to file a second Registration Statement until a Registration Statement
that has been filed is counted as a Demand Registration or is terminated.

2.1.3 
Underwritten Offering. If a majority-in-interest of the Demanding Holders so elect and advise the Company as part of their
written demand for a Demand Registration, the offering of such Registrable Securities pursuant to such Demand Registration shall
be in the form of an underwritten offering. In such event, the right of any Demanding Holder to include its Registrable Securities
in such registration shall be conditioned upon such Demanding Holder’s participation in such underwriting and the inclusion
of such Demanding Holder’s Registrable Securities in the underwriting to the extent provided herein. All Demanding Holders
proposing to distribute their Registrable Securities through such underwriting shall enter into an underwriting agreement in customary
form with the Underwriter or Underwriters selected for such underwriting by a majority-in-interest of the Investors initiating
the Demand Registration.

    	 	4	 

     

    

2.1.4 
Reduction of Offering. If the managing Underwriter or Underwriters for a Demand Registration that is to be an underwritten
offering advises the Company and the Demanding Holders in writing that the dollar amount or number of Registrable Securities which
the Demanding Holders desire to sell, taken together with all other Ordinary Shares or other securities which the Company desires
to sell and the Ordinary Shares or other securities, if any, as to which registration by the Company has been requested pursuant
to written contractual piggy-back registration rights held by other security holders of the Company who desire to sell, exceeds
the maximum dollar amount or maximum number of shares that can be sold in such offering without adversely affecting the proposed
offering price, the timing, the distribution method, or the probability of success of such offering (such maximum dollar amount
or maximum number of shares, as applicable, the “Maximum Number of Shares”), then the Company shall
include in such registration: (i) first, the Registrable Securities as to which Demand Registration has been requested by the
Demanding Holders (pro rata in accordance with the number of securities that each applicable Person has requested be included
in such registration, regardless of the number of securities held by each such Person (such proportion is referred to herein as
“Pro Rata”)) that can be sold without exceeding the Maximum Number of Shares; (ii) second, to the extent
that the Maximum Number of Shares has not been reached under the foregoing clause (i), the Ordinary Shares or other securities
that the Company desires to sell that can be sold without exceeding the Maximum Number of Shares; and (iii) third, to the extent
that the Maximum Number of Shares has not been reached under the foregoing clauses (i) and (ii), the Ordinary Shares or other
securities for the account of other Persons that the Company is obligated to register pursuant to written contractual arrangements
with such Persons and that can be sold without exceeding the Maximum Number of Shares. In the event that Company securities that
are convertible into Ordinary Shares are included in the offering, the calculations under this Section 2.1.4 shall include such
Company securities on an as-converted to Ordinary Share basis.

2.1.5 
Withdrawal. If a majority-in-interest of the Demanding Holders disapprove of the terms of any underwriting or are not entitled
to include all of their Registrable Securities in any offering, such majority-in-interest of the Demanding Holders may elect to
withdraw from such offering by giving written notice to the Company and the Underwriter or Underwriters of their request to withdraw
prior to the effectiveness of the Registration Statement filed with the Commission with respect to such Demand Registration. If
the majority-in-interest of the Demanding Holders withdraws from a proposed offering relating to a Demand Registration in such
event, then such registration shall not count as a Demand Registration provided for in Section 2.1.

2.2 
Piggy-Back Registration.

2.2.1 
Piggy-Back Rights. Subject to Section 2.4, if at any time after the Closing Date the Company proposes to file a Registration
Statement under the Securities Act with respect to an offering of equity securities, or securities or other obligations exercisable
or exchangeable for, or convertible into, equity securities, by the Company for its own account or for security holders of the
Company for their account (or by the Company and by security holders of the Company including, without limitation, pursuant to
Section 2.1), other than a Registration Statement (i) filed in connection with any employee share option or other benefit plan,
(ii) for an exchange offer or offering of securities solely to the Company’s existing shareholders, (iii) for an offering
of debt that is convertible into equity securities of the Company or (iv) for a dividend reinvestment plan, then the Company shall
(x) give written notice of such proposed filing to Investors holding Registrable Securities as soon as practicable but in no event
less than ten (10) days before the anticipated filing date, which notice shall describe the amount and type of securities to be
included in such offering, the intended method(s) of distribution, and the name of the proposed managing Underwriter or Underwriters,
if any, of the offering, and (y) offer to Investors holding Registrable Securities in such notice the opportunity to register
the sale of such number of Registrable Securities as such Investors may request in writing within five (5) days following receipt
of such notice (a “Piggy-Back Registration”). The Company shall cause such Registrable Securities to
be included in such registration and shall use its best efforts to cause the managing Underwriter or Underwriters of a proposed
underwritten offering to permit the Registrable Securities requested to be included in a Piggy-Back Registration on the same terms
and conditions as any similar securities of the Company and to permit the sale or other disposition of such Registrable Securities
in accordance with the intended method(s) of distribution thereof. All Investors holding Registrable Securities proposing to distribute
their securities through a Piggy-Back Registration that involves an Underwriter or Underwriters shall enter into an underwriting
agreement in customary form with the Underwriter or Underwriters selected for such Piggy-Back Registration.

    	 	5	 

     

    

2.2.2 
Reduction of Offering. If the managing Underwriter or Underwriters for a Piggy-Back Registration that is to be an underwritten
offering advises the Company and Investors holding Registrable Securities proposing to distribute their Registrable Securities
through such Piggy-Back Registration in writing that the dollar amount or number of Ordinary Shares or other Company securities
which the Company desires to sell, taken together with the Ordinary Shares or other Company securities, if any, as to which registration
has been demanded pursuant to written contractual arrangements with Persons other than the Investors hereunder, the Registrable
Securities as to which registration has been requested under this Section 2.2, and the Ordinary Shares or other Company securities,
if any, as to which registration has been requested pursuant to the written contractual piggy-back registration rights of other
security holders of the Company, exceeds the Maximum Number of Shares, then the Company shall include in any such registration:

(a) 
If the registration is undertaken for the Company’s account: (i) first, the Ordinary Shares or other securities that the
Company desires to sell that can be sold without exceeding the Maximum Number of Shares; (ii) second, to the extent that the Maximum
Number of Shares has not been reached under the foregoing clause (i), the Ordinary Shares or other securities, if any, comprised
of Founder Securities or Option Securities, as to which registration has been requested pursuant to the applicable written contractual
piggy-back registration rights of such security holders, Pro Rata among such security holders based on the number of securities
requested by such security holders to be included in such registration, that can be sold without exceeding the Maximum Number
of Shares; (iii) third, to the extent that the Maximum Number of shares has not been reached under the foregoing clauses (i) and
(ii), the Registrable Securities of Investors as to which registration has been requested pursuant to this Section 2.2, Pro Rata
among such Investors based on the number of Registrable Securities requested by such Investors to be included in such registration,
that can be sold without exceeding the Maximum Number of Shares; and (iv) fourth, to the extent that the Maximum Number of Shares
has not been reached under the foregoing clauses (i), (ii) and (iii), the Ordinary Shares or other securities for the account
of other Persons that the Company is obligated to register pursuant to written contractual arrangements with such Persons and
that can be sold without exceeding the Maximum Number of Shares;

(b) 
If the registration is a “demand” registration undertaken at the demand of holders of Option Securities, (i) first,
the Option Securities for the account of the demanding holders, Pro Rata among such holders based on the number of Option Securities
requested by such holders to be included in such registration, that can be sold without exceeding the Maximum Number of Shares;
(ii) second, to the extent that the Maximum Number of Shares has not been reached under the foregoing clause (i), the Ordinary
Shares or other securities that the Company desires to sell that can be sold without exceeding the Maximum Number of Shares; (iii)
third, to the extent that the Maximum Number of Shares has not been reached under the foregoing clauses (i) and (ii), the Founder
Securities, Pro Rata among the holders of Founder Securities based on the number of Founder Securities requested by such holders
to be included in such registration, as to which registration has been requested pursuant to the terms of the Founder Registration
Rights Agreement, that can be sold without exceeding the Maximum Number of Shares; (iv) fourth, to the extent that the Maximum
Number of Shares has not been reached under the foregoing clauses (i), (ii) and (iii), the Registrable Securities of Investors
as to which registration has been requested pursuant to this Section 2.2, Pro Rata among such Investors based on the number of
Registrable Securities requested by such Investors to be included in such registration, that can be sold without exceeding the
Maximum Number of Shares; and (v) fifth, to the extent that the Maximum Number of Shares has not been reached under the foregoing
clauses (i), (ii), (iii) and (iv), the Ordinary Shares or other securities for the account of other Persons that the Company is
obligated to register pursuant to written contractual arrangements with such Persons and that can be sold without exceeding the
Maximum Number of Shares;

    	 	6	 

     

    

(c) 
If the registration is a “demand” registration undertaken at the demand of holders of Founder Securities, (i) first,
the Founder Securities for the account of the demanding holders, Pro Rata among such holders based on the number of Founder Securities
requested by such holders to be included in such registration, that can be sold without exceeding the Maximum Number of Shares;
(ii) second, to the extent that the Maximum Number of Shares has not been reached under the foregoing clause (i), the Ordinary
Shares or other securities that the Company desires to sell that can be sold without exceeding the Maximum Number of Shares; (iii)
third, to the extent that the Maximum Number of Shares has not been reached under the foregoing clauses (i) and (ii), the Option
Securities, Pro Rata among the holders of Option Securities based on the number of Option Securities requested by such holders
to be included in such registration, as to which registration has been requested pursuant to the terms of the Unit Purchase Option,
that can be sold without exceeding the Maximum Number of Shares; (iv) fourth, to the extent that the Maximum Number of Shares
has not been reached under the foregoing clauses (i), (ii) and (iii), the Registrable Securities of Investors as to which registration
has been requested pursuant to this Section 2.2, Pro Rata among such Investors based on the number of Registrable Securities requested
by such Investors to be included in such registration, that can be sold without exceeding the Maximum Number of Shares; and (v)
fifth, to the extent that the Maximum Number of Shares has not been reached under the foregoing clauses (i), (ii), (iii) and (iv),
the Ordinary Shares or other securities for the account of other Persons that the Company is obligated to register pursuant to
written contractual arrangements with such Persons and that can be sold without exceeding the Maximum Number of Shares; and

(d)  
If the registration is a “demand” registration undertaken at the demand of Persons other than Investors holding Registrable
Securities or the holders of Founder Securities or Option Securities, (i) first, the Ordinary Shares or other securities for the
account of such demanding Persons that can be sold without exceeding the Maximum Number of Shares; (ii) second, to the extent
that the Maximum Number of Shares has not been reached under the foregoing clause (i), the Ordinary Shares or other securities
that the Company desires to sell that can be sold without exceeding the Maximum Number of Shares; (iii) third, to the extent that
the Maximum Number of Shares has not been reached under the foregoing clauses (i) and (ii), collectively the Founder Securities
and Option Securities, Pro Rata among the holders of Founder Securities and Option Securities based on the number of Founder Securities
and Option Securities requested by such holders to be included in such registration, as to which registration has been requested
pursuant to the terms of the Founder Registration Rights Agreement and the Unit Purchase Option, as applicable, that can be sold
without exceeding the Maximum Number of Shares; (iv) fourth, to the extent that the Maximum Number of Shares has not been reached
under the foregoing clauses (i), (ii) and (iii), the Registrable Securities of Investors as to which registration has been requested
pursuant to this Section 2.2, Pro Rata among such Investors based on the number of Registrable Securities requested by such Investors
to be included in such registration, that can be sold without exceeding the Maximum Number of Shares; and (v) fifth, to the extent
that the Maximum Number of Shares has not been reached under the foregoing clauses (i), (ii), (iii) and (iv), the Ordinary Shares
or other securities for the account of other Persons that the Company is obligated to register pursuant to written contractual
arrangements with such Persons and that can be sold without exceeding the Maximum Number of Shares.

In
the event that Company securities that are convertible into Ordinary Shares are included in the offering, the calculations under
this Section 2.2.2 shall include such Company securities on an as-converted to Ordinary Share basis.

    	 	7	 

     

    

2.2.3 
Withdrawal. Any Investor holding Registrable Securities may elect to withdraw such Investor’s request for inclusion
of Registrable Securities in any Piggy-Back Registration by giving written notice to the Company of such request to withdraw prior
to the effectiveness of the Registration Statement. The Company (whether on its own determination or as the result of a withdrawal
by Persons making a demand pursuant to written contractual obligations) may withdraw a Registration Statement at any time prior
to the effectiveness of such Registration Statement without any liability to the applicable Investor, subject to the next sentence
and the provisions of Section 4. Notwithstanding any such withdrawal, the Company shall pay all expenses incurred in connection
with such Piggy-Back Registration as provided in Section 3.3 by Investors holding Registrable Securities that requested to have
their Registrable Securities included in such Piggy-Back Registration.

2.3 
Registrations on Form S-3. After the Closing Date, subject to Section 2.4, Investors holding Registrable Securities may
at any time and from time to time, request in writing that the Company register the resale of any or all of such Registrable Securities
on Form S-3 or any similar short-form registration which may be available at such time (“Form S-3”);
provided, however, that the Company shall not be obligated to effect such request through an underwritten offering. Upon receipt
of such written request, the Company will promptly give written notice of the proposed registration to all other Investors holding
Registrable Securities, and, as soon as practicable thereafter, effect the registration of all or such portion of such Investors’
Registrable Securities as are specified in such request, together with all or such portion of the Registrable Securities, if any,
of any other Investors joining in such request as are specified in a written request given within fifteen (15) days after receipt
of such written notice from the Company; provided, however, that the Company shall not be obligated to effect any such registration
pursuant to this Section 2.3: (i) if Form S-3 is not available to the Company for such offering; or (ii) if Investors holding
Registrable Securities, together with the holders of any other securities of the Company entitled to inclusion in such registration,
propose to sell Registrable Securities and such other securities (if any) at any aggregate price to the public of less than $500,000.
Registrations effected pursuant to this Section 2.3 shall not be counted as Demand Registrations effected pursuant to Section
2.1.

2.4 
Restriction of Offerings. Notwithstanding anything to the contrary contained in this Agreement, the Investors shall not
be entitled to request, and the Company shall not be obligated to effect, or to take any action to effect, any registration (including
any Demand Registration or Piggy-Back Registration) pursuant to this Section 2 with respect to any Registrable Securities during
the Lock-Up Period (as such term is defined in the Lock-Up Agreement) or any Escrow Shares while they are subject to restrictions
on transfer under the Lock-Up Agreement, including pursuant to Section 1(b) thereof.

    	 	8	 

     

    

3. 
REGISTRATION PROCEDURES.

3.1 
Filings; Information. Whenever the Company is required to effect the registration of any Registrable Securities pursuant
to Section 2, the Company shall use its best efforts to effect the registration and sale of such Registrable Securities in accordance
with the intended method(s) of distribution thereof as expeditiously as practicable, and in connection with any such request:

3.1.1 
Filing Registration Statement. The Company shall use its best efforts to, as expeditiously as possible after receipt of
a request for a Demand Registration pursuant to Section 2.1, prepare and file with the Commission a Registration Statement on
any form for which the Company then qualifies or which counsel for the Company shall deem appropriate and which form shall be
available for the sale of all Registrable Securities to be registered thereunder in accordance with the intended method(s) of
distribution thereof, and shall use its best efforts to cause such Registration Statement to become effective and use its best
efforts to keep it effective for the period required by Section 3.1.3; provided, however, that the Company shall have the right
to defer any Demand Registration for up to thirty (30) days, and any Piggy-Back Registration for such period as may be applicable
to deferment of any demand registration to which such Piggy-Back Registration relates, in each case if the Company shall furnish
to Investor requesting to include their Registrable Securities in such registration a certificate signed by the President, Chief
Executive Officer or Chairman of the Company stating that, in the good faith judgment of the Board of Directors of the Company,
it would be materially detrimental to the Company and its shareholders for such Registration Statement to be effected at such
time; provided further, however, that the Company shall not have the right to exercise the right set forth in the immediately
preceding proviso more than once in any 365-day period in respect of a Demand Registration hereunder.

3.1.2 Copies. The Company shall, prior to filing a Registration Statement or prospectus, or any amendment or supplement thereto,
furnish without charge to Investors holding Registrable Securities included in such registration, and such Investors’ legal
counsel, copies of such Registration Statement as proposed to be filed, each amendment and supplement to such Registration Statement
(in each case including all exhibits thereto and documents incorporated by reference therein), the prospectus included in such
Registration Statement (including each preliminary prospectus), and such other documents as Investors holding Registrable Securities
included in such registration or legal counsel for any such Investors may request in order to facilitate the disposition of the
Registrable Securities owned by such Investors.

3.1.3 Amendments and Supplements. The Company shall prepare and file with the Commission such amendments, including post-effective
amendments, and supplements to such Registration Statement and the prospectus used in connection therewith as may be necessary
to keep such Registration Statement effective and in compliance with the provisions of the Securities Act until all Registrable
Securities and other securities covered by such Registration Statement have been disposed of in accordance with the intended method(s)
of distribution set forth in such Registration Statement or such securities have been withdrawn or until such time as the Registrable
Securities cease to be Registrable Securities as defined by this Agreement.

3.1.4 Notification. After the filing of a Registration Statement, the Company shall promptly, and in no event more than two (2)
Business Days after such filing, notify Investors holding Registrable Securities included in such Registration Statement of such
filing, and shall further notify such Investors promptly and confirm such advice in writing in all events within two (2) Business
Days of the occurrence of any of the following: (i) when such Registration Statement becomes effective; (ii) when any post-effective
amendment to such Registration Statement becomes effective; (iii) the issuance or threatened issuance by the Commission of any
stop order (and the Company shall take all actions required to prevent the entry of such stop order or to remove it if entered);
and (iv) any request by the Commission for any amendment or supplement to such Registration Statement or any prospectus relating
thereto or for additional information or of the occurrence of an event requiring the preparation of a supplement or amendment
to such prospectus so that, as thereafter delivered to the purchasers of the securities covered by such Registration Statement,
such prospectus will not contain an untrue statement of a material fact or omit to state any material fact required to be stated
therein or necessary to make the statements therein not misleading, and promptly make available to Investors holding Registrable
Securities included in such Registration Statement any such supplement or amendment; except that before filing with the Commission
a Registration Statement or prospectus or any amendment or supplement thereto, including documents incorporated by reference,
the Company shall furnish to Investors holding Registrable Securities included in such Registration Statement and to the legal
counsel for any such Investors, copies of all such documents proposed to be filed sufficiently in advance of filing to provide
such Investors and legal counsel with a reasonable opportunity to review such documents and comment thereon, and the Company shall
not file any Registration Statement or prospectus or amendment or supplement thereto, including documents incorporated by reference,
to which such Investors or their legal counsel shall object.

    	 	9	 

     

    

3.1.5 State Securities Laws Compliance. The Company shall use its best efforts to (i) register or qualify the Registrable Securities
covered by the Registration Statement under such securities or “blue sky” laws of such jurisdictions in the United
States as Investors holding Registrable Securities included in such Registration Statement (in light of their intended plan of
distribution) may request and (ii) take such action necessary to cause such Registrable Securities covered by the Registration
Statement to be registered with or approved by such other governmental authorities as may be necessary by virtue of the business
and operations of the Company and do any and all other acts and things that may be necessary or advisable to enable Investors
holding Registrable Securities included in such Registration Statement to consummate the disposition of such Registrable Securities
in such jurisdictions; provided, however, that the Company shall not be required to qualify generally to do business in any jurisdiction
where it would not otherwise be required to qualify but for this paragraph or subject itself to taxation in any such jurisdiction.

3.1.6 Agreements for Disposition. The Company shall enter into customary agreements (including, if applicable, an underwriting
agreement in customary form) and take such other actions as are reasonably required in order to expedite or facilitate the disposition
of such Registrable Securities. The representations, warranties and covenants of the Company in any underwriting agreement which
are made to or for the benefit of any Underwriters, to the extent applicable, shall also be made to and for the benefit of Investors
holding Registrable Securities included in such Registration Statement. No Investor holding Registrable Securities included in
such Registration Statement shall be required to make any representations or warranties in the underwriting agreement except,
if applicable, with respect to such Investor’s organization, good standing, authority, title to Registrable Securities,
lack of conflict of such sale with such Investor’s material agreements and organizational documents, and with respect to
written information relating to such Investor that such Investor has furnished in writing expressly for inclusion in such Registration
Statement.

3.1.7 Cooperation. The principal executive officer of the Company, the principal financial officer of the Company, the principal
accounting officer of the Company and all other officers and members of the management of the Company shall cooperate fully in
any offering of Registrable Securities hereunder, which cooperation shall include, without limitation, the preparation of the
Registration Statement with respect to such offering and all other offering materials and related documents, and participation
in meetings with Underwriters, attorneys, accountants and potential investors.

3.1.8 Records. The Company shall make available for inspection by Investors holding Registrable Securities included in such Registration
Statement, any Underwriter participating in any disposition pursuant to such registration statement and any attorney, accountant
or other professional retained by any Investor holding Registrable Securities included in such Registration Statement or any Underwriter,
all financial and other records, pertinent corporate documents and properties of the Company, as shall be necessary to enable
them to exercise their due diligence responsibility, and cause the Company’s officers, directors and employees to supply
all information requested by any of them in connection with such Registration Statement.

    	 	10	 

     

    

3.1.9 Opinions and Comfort Letters. The Company shall furnish to each Investor holding Registrable Securities included in such
Registration Statement a signed counterpart, addressed to such Investor, of (i) any opinion of counsel to the Company delivered
to any Underwriter and (ii) any comfort letter from the Company’s independent public accountants delivered to any Underwriter.
In the event no legal opinion is delivered to any Underwriter, the Company shall furnish to each Investor holding Registrable
Securities included in such Registration Statement, at any time that such Investor elects to use a prospectus, an opinion of counsel
to the Company to the effect that the Registration Statement containing such prospectus has been declared effective and that no
stop order is in effect.

3.1.10 Earnings Statement. The Company shall comply with all applicable rules and regulations of the Commission and the Securities
Act, and make available to its shareholders, as soon as practicable, an earnings statement covering a period of twelve (12) months,
which earnings statement shall satisfy the provisions of Section 11(a) of the Securities Act and Rule 158 thereunder.

3.1.11 Listing. The Company shall use its best efforts to cause all Registrable Securities that are Ordinary Shares included in
any registration to be listed on such exchanges or otherwise designated for trading in the same manner as similar securities issued
by the Company are then listed or designated or, if no such similar securities are then listed or designated, in a manner satisfactory
to Investors holding a majority-in-interest of the Registrable Securities included in such registration.

3.1.12 Road Show. If the registration involves the registration of Registrable Securities involving gross proceeds in excess of
$25,000,000, the Company shall use its reasonable efforts to make available senior executives of the Company to participate in
customary “road show” presentations that may be reasonably requested by the Underwriter in any underwritten offering.

3.2Obligation
to Suspend Distribution. Upon receipt of any notice from the Company of the happening of any event of the kind described in
Section 3.1.4(iv), or, in the case of a resale registration on Form S-3 pursuant to Section 2.3 hereof, upon any suspension by
the Company, pursuant to a written insider trading compliance program adopted by the Company’s Board of Directors, of the
ability of all “insiders” covered by such program to transact in the Company’s securities because of the existence
of material non-public information, each Investor holding Registrable Securities included in any registration shall immediately
discontinue disposition of such Registrable Securities pursuant to the Registration Statement covering such Registrable Securities
until such Investor receives the supplemented or amended prospectus contemplated by Section 3.1.4(iv) or the restriction on the
ability of “insiders” to transact in the Company’s securities is removed, as applicable, and, if so directed
by the Company, each such Investor will deliver to the Company all copies, other than permanent file copies then in such Investor’s
possession, of the most recent prospectus covering such Registrable Securities at the time of receipt of such notice.

3.3Registration
Expenses. Subject to Section 4, the Company shall bear all costs and expenses incurred in connection with any Demand Registration
pursuant to Section 2.1, any Piggy-Back Registration pursuant to Section 2.2, and any registration on Form S-3 effected pursuant
to Section 2.3, and all expenses incurred in performing or complying with its other obligations under this Agreement, whether
or not the Registration Statement becomes effective, including, without limitation: (i) all registration and filing fees; (ii)
fees and expenses of compliance with securities or “blue sky” laws (including fees and disbursements of counsel in
connection with blue sky qualifications of the Registrable Securities); (iii) printing expenses; (iv) the Company’s internal
expenses (including, without limitation, all salaries and expenses of its officers and employees); (v) the fees and expenses incurred
in connection with the listing of the Registrable Securities as required by Section 3.1.11; (vi) Financial Industry Regulatory
Authority fees; (vii) fees and disbursements of counsel for the Company and fees and expenses for independent certified public
accountants retained by the Company (including the expenses or costs associated with the delivery of any opinions or comfort letters
requested pursuant to Section 3.1.9); (viii) the fees and expenses of any special experts retained by the Company in connection
with such registration and (ix) the fees and expenses of one legal counsel selected by Investors holding a majority-in-interest
of the Registrable Securities included in such registration. The Company shall have no obligation to pay any underwriting discounts
or selling commissions attributable to the Registrable Securities being sold by the holders thereof, which underwriting discounts
or selling commissions shall be borne by such holders. Additionally, in an underwritten offering, all selling security holders
and the Company shall bear the expenses of the Underwriter pro rata in proportion to the respective amount of securities each
is selling in such offering.

    	 	11	 

     

    

3.4Information.
Investors holding Registrable Securities included in any Registration Statement shall provide such information as may reasonably
be requested by the Company, or the managing Underwriter, if any, in connection with the preparation of such Registration Statement,
including amendments and supplements thereto, in order to effect the registration of any Registrable Securities under the Securities
Act pursuant to Section 2 and in connection with the Company’s obligation to comply with Federal and applicable state securities
laws.

4.INDEMNIFICATION
AND CONTRIBUTION.

4.1Indemnification
by the Company. The Company agrees to indemnify and hold harmless each Investor, and each Investor’s officers, employees,
affiliates, directors, partners, members, attorneys and agents, and each Person, if any, who controls an Investor (within the
meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act) (each, an “Investor Indemnified Party”),
from and against any expenses, losses, judgments, claims, damages or liabilities, whether joint or several, arising out of or
based upon any untrue statement (or allegedly untrue statement) of a material fact contained in any Registration Statement under
which the sale of such Registrable Securities was registered under the Securities Act, any preliminary prospectus, final prospectus
or summary prospectus contained in the Registration Statement, or any amendment or supplement to such Registration Statement,
or arising out of or based upon any omission (or alleged omission) to state a material fact required to be stated therein or necessary
to make the statements therein not misleading, or any violation by the Company of the Securities Act or any rule or regulation
promulgated thereunder applicable to the Company and relating to action or inaction required of the Company in connection with
any such registration; and the Company shall promptly reimburse the Investor Indemnified Party for any legal and any other expenses
reasonably incurred by such Investor Indemnified Party in connection with investigating and defending any such expense, loss,
judgment, claim, damage, liability or action; provided, however, that the Company will not be liable in any such case to the extent
that any such expense, loss, claim, damage or liability arises out of or is based upon any untrue statement or allegedly untrue
statement or omission or alleged omission made in such Registration Statement, preliminary prospectus, final prospectus, or summary
prospectus, or any such amendment or supplement, in reliance upon and in conformity with information furnished to the Company,
in writing, by such selling holder expressly for use therein. The Company also shall indemnify any Underwriter of the Registrable
Securities, their officers, affiliates, directors, partners, members and agents and each Person who controls such Underwriter
on substantially the same basis as that of the indemnification provided above in this Section 4.1.

    	 	12	 

     

    

4.2Indemnification
by Holders of Registrable Securities. Each Investor selling Registrable Securities will, in the event that any registration
is being effected under the Securities Act pursuant to this Agreement of any Registrable Securities held by such selling Investor,
indemnify and hold harmless the Company, each of its directors and officers and each Underwriter (if any), and each other selling
holder and each other Person, if any, who controls another selling holder or such Underwriter within the meaning of the Securities
Act, against any losses, claims, judgments, damages or liabilities, whether joint or several, insofar as such losses, claims,
judgments, damages or liabilities (or actions in respect thereof) arise out of or are based upon any untrue statement or allegedly
untrue statement of a material fact contained in any Registration Statement under which the sale of such Registrable Securities
was registered under the Securities Act, any preliminary prospectus, final prospectus or summary prospectus contained in the Registration
Statement, or any amendment or supplement to the Registration Statement, or arise out of or are based upon any omission or the
alleged omission to state a material fact required to be stated therein or necessary to make the statement therein not misleading,
if the statement or omission was made in reliance upon and in conformity with information furnished in writing to the Company
by such selling Investor expressly for use therein, and shall reimburse the Company, its directors and officers, each Underwriter
and each other selling holder or controlling Person for any legal or other expenses reasonably incurred by any of them in connection
with investigation or defending any such loss, claim, damage, liability or action. Each selling Investor’s indemnification
obligations hereunder shall be several and not joint and shall be limited to the amount of any net proceeds actually received
by such selling Investor.

4.3Conduct
of Indemnification Proceedings. Promptly after receipt by any Person of any notice of any loss, claim, damage or liability
or any action in respect of which indemnity may be sought pursuant to Section 4.1 or 4.2, such Person (the “Indemnified
Party”) shall, if a claim in respect thereof is to be made against any other Person for indemnification hereunder,
notify such other Person (the “Indemnifying Party”) in writing of the loss, claim, judgment, damage,
liability or action; provided, however, that the failure by the Indemnified Party to notify the Indemnifying Party shall not relieve
the Indemnifying Party from any liability which the Indemnifying Party may have to such Indemnified Party hereunder, except and
solely to the extent the Indemnifying Party is actually prejudiced by such failure. If the Indemnified Party is seeking indemnification
with respect to any claim or action brought against the Indemnified Party, then the Indemnifying Party shall be entitled to participate
in such claim or action, and, to the extent that it wishes, jointly with all other Indemnifying Parties, to assume control of
the defense thereof with counsel satisfactory to the Indemnified Party. After notice from the Indemnifying Party to the Indemnified
Party of its election to assume control of the defense of such claim or action, the Indemnifying Party shall not be liable to
the Indemnified Party for any legal or other expenses subsequently incurred by the Indemnified Party in connection with the defense
thereof other than reasonable costs of investigation; provided, however, that in any action in which both the Indemnified Party
and the Indemnifying Party are named as defendants, the Indemnified Party shall have the right to employ separate counsel (but
no more than one such separate counsel) to represent the Indemnified Party and its controlling Persons who may be subject to liability
arising out of any claim in respect of which indemnity may be sought by the Indemnified Party against the Indemnifying Party,
with the fees and expenses of such counsel to be paid by such Indemnifying Party if, based upon the written opinion of counsel
of such Indemnified Party, representation of both parties by the same counsel would be inappropriate due to actual or potential
differing interests between them. No Indemnifying Party shall, without the prior written consent of the Indemnified Party, consent
to entry of judgment or effect any settlement of any claim or pending or threatened proceeding in respect of which the Indemnified
Party is or could have been a party and indemnity could have been sought hereunder by such Indemnified Party, unless such judgment
or settlement includes an unconditional release of such Indemnified Party from all liability arising out of such claim or proceeding.

    	 	13	 

     

    

4.4Contribution.

4.4.1If
the indemnification provided for in the foregoing Sections 4.1, 4.2 and 4.3 is unavailable to any Indemnified Party in respect
of any loss, claim, damage, liability or action referred to herein, then each such Indemnifying Party, in lieu of indemnifying
such Indemnified Party, shall contribute to the amount paid or payable by such Indemnified Party as a result of such loss, claim,
damage, liability or action in such proportion as is appropriate to reflect the relative fault of the Indemnified Parties and
the Indemnifying Parties in connection with the actions or omissions which resulted in such loss, claim, damage, liability or
action, as well as any other relevant equitable considerations. The relative fault of any Indemnified Party and any Indemnifying
Party shall be determined by reference to, among other things, whether the untrue or alleged untrue statement of a material fact
or the omission or alleged omission to state a material fact relates to information supplied by such Indemnified Party or such
Indemnifying Party and the parties’ relative intent, knowledge, access to information and opportunity to correct or prevent
such statement or omission.

4.4.2The
parties hereto agree that it would not be just and equitable if contribution pursuant to this Section 4.4 were determined by pro
rata allocation or by any other method of allocation which does not take account of the equitable considerations referred to in
the immediately preceding Section 4.4.1.

4.4.3The
amount paid or payable by an Indemnified Party as a result of any loss, claim, damage, liability or action referred to in the
immediately preceding paragraph shall be deemed to include, subject to the limitations set forth above, any legal or other expenses
incurred by such Indemnified Party in connection with investigating or defending any such action or claim. Notwithstanding the
provisions of this Section 4.4, no holder of Registrable Securities shall be required to contribute any amount in excess of the
dollar amount of the net proceeds (after payment of any underwriting fees, discounts, commissions or taxes) actually received
by such holder from the sale of Registrable Securities which gave rise to such contribution obligation. No Person guilty of fraudulent
misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall be entitled to contribution from any Person
who was not guilty of such fraudulent misrepresentation.

5.UNDERWRITING
AND DISTRIBUTION.

5.1Rule
144. The Company covenants that it shall file any reports required to be filed by it under the Securities Act and the Exchange
Act and shall take such further action as Investors holding Registrable Securities may reasonably request, all to the extent required
from time to time to enable such Investors to sell Registrable Securities without registration under the Securities Act within
the limitation of the exemptions provided by Rule 144 under the Securities Act, as such Rules may be amended from time to time,
or any similar rule or regulation hereafter adopted by the Commission.

6.MISCELLANEOUS.

6.1Other
Registration Rights. The Company represents and warrants that as of the date of this Agreement, no Person, other than the
holders of (i) the Registrable Securities, (ii) the Option Securities and (iii) the Founder Securities, has any right to require
the Company to register any of the Company’s share capital for sale or to include the Company’s share capital in any
registration filed by the Company for the sale of share capital for its own account or for the account of any other person.

6.2Assignment;
No Third Party Beneficiaries. This Agreement and the rights, duties and obligations of the Company hereunder may not be assigned
or delegated by the Company in whole or in part. This Agreement and the rights, duties and obligations of Investors holding Registrable
Securities hereunder may be freely assigned or delegated by such Investor in conjunction with and to the extent of any transfer
of Registrable Securities by such Investor. This Agreement and the provisions hereof shall be binding upon and shall inure to
the benefit of each of the parties, to the permitted assigns of the Investors or of any assignee of the Investors. This Agreement
is not intended to confer any rights or benefits on any persons that are not party hereto other than as expressly set forth in
Article 4 and this Section 6.2. If the DT Representative is replaced in accordance with the terms of the Share Exchange Agreement,
the replacement DT Representative shall automatically become a party to this Agreement as if it were the original DT Representative
hereunder.

    	 	14	 

     

    

6.3Notices.
All notices, consents, waivers and other communications hereunder shall be in writing and shall be deemed to have been duly given
when delivered (i) in person, (ii) by facsimile or other electronic means, with affirmative confirmation of receipt, (iii) one
Business Day after being sent, if sent by reputable, nationally recognized overnight courier service or (iv) three (3) Business
Days after being mailed, if sent by registered or certified mail, pre-paid and return receipt requested, in each case to the applicable
Party at the following addresses (or at such other address for a Party as shall be specified by like notice):

	If
        to the Company, to:

        China
        Direct Lending Corporation

        11th Floor, Satellite Building

        473 Satellite Road

        Economic Technological Development Zone

        Urumqi, Xinjiang, China 830000

        Attention: Li Jingping and Stephen Chan

        Facsimile No.: +86 991-2322126

        Telephone No.: +86 991-3072247

        Email:lijingping@fhxd.net and

          chan.stephen@fhxd.net

        and

        DeTiger
        Holdings Limited

        Room 1102, 11/F

        Beautiful Group Tower

        77 Connaught Road

        Central, Hong Kong

        Attention: Winnie NG, Director

        Facsimile No.: (852) 3753-3393

        Telephone No.: (852) 2110-0081

        Email: Office@DeTigerCapital.com

        
	With
        copies to (which shall not constitute notice):

        Ellenoff
        Grossman & Schole LLP

        1345 Avenue of the Americas, 11th Floor

        New York, New York 10105

        Attention: Stuart Neuhauser

        Facsimile No.: (212) 370-7889

        Telephone No.: (212) 370-1300

        Email: sneuhauser@egsllp.com

        and

        Foley
        & Lardner LLP

        90 Park Avenue

        New York, NY 10016-1314

        Attention: Selig D. Sacks

        Facsimile No.: (212) 687-2329

        Telephone No.: (212) 338-3420

        Email: ssacks@foley.com

	If
    to an Investor, to: the address set forth below such Investor’s name on Exhibit A hereto.

6.4Severability.
This Agreement shall be deemed severable, and the invalidity or unenforceability of any term or provision hereof shall not affect
the validity or enforceability of this Agreement or of any other term or provision hereof. Furthermore, in lieu of any such invalid
or unenforceable term or provision, the parties hereto intend that there shall be added as a part of this Agreement a provision
as similar in terms to such invalid or unenforceable provision as may be possible that is valid and enforceable.

    	 	15	 

     

    

6.5Counterparts.
This Agreement may be executed in multiple counterparts (including by facsimile or pdf or other electronic document transmission),
each of which shall be deemed an original, and all of which taken together shall constitute one and the same instrument.

6.6Entire
Agreement. This Agreement (including all agreements entered into pursuant hereto or referenced herein and all certificates
and instruments delivered pursuant hereto and thereto) constitutes the entire agreement of the parties with respect to the subject
matter hereof and supersedes all prior and contemporaneous agreements, representations, understandings, negotiations and discussions
between the parties, whether oral or written, relating to the subject matter hereof; provided, that, for the avoidance
of doubt, the foregoing shall not affect the rights and obligations of the parties under the Share Exchange Agreement or any other
Ancillary Document.

6.7Interpretation.
Titles and headings of sections of this Agreement are for convenience only and shall not affect the construction of any provision
of this Agreement. In this Agreement, unless the context otherwise requires: (i) any pronoun used in this Agreement shall include
the corresponding masculine, feminine or neuter forms, and the singular form of nouns, pronouns and verbs shall include the plural
and vice versa; (ii) “including” (and with correlative meaning “include”) means including without limiting
the generality of any description preceding or succeeding such term and shall be deemed in each case to be followed by the words
“without limitation”; (iii) the words “herein,” “hereto,” and “hereby” and other
words of similar import in this Agreement shall be deemed in each case to refer to this Agreement as a whole and not to any particular
section or other subdivision of this Agreement; and (iv) the term “or” means “and/or”. The parties have
participated jointly in the negotiation and drafting of this Agreement. Consequently, in the event an ambiguity or question of
intent or interpretation arises, this Agreement shall be construed as if drafted jointly by the parties hereto, and no presumption
or burden of proof shall arise favoring or disfavoring any party by virtue of the authorship of any provision of this Agreement.

6.8Amendments
and Waivers. Any term of this Agreement may be amended and the observance of any term of this Agreement may be waived (either
generally or in a particular instance, and either retroactively or prospectively) only with the written consent of the Company,
the DT Representative and Investors holding a majority-in-interest of the Registrable Securities. No failure or delay by a party
in exercising any right hereunder shall operate as a waiver thereof. No waivers of or exceptions to any term, condition, or provision
of this Agreement, in any one or more instances, shall be deemed to be or construed as a further or continuing waiver of any such
term, condition, or provision

6.9Remedies
Cumulative. In the event that the Company fails to observe or perform any covenant or agreement to be observed or performed
under this Agreement, the Investors may proceed to protect and enforce its rights by suit in equity or action at law, whether
for specific performance of any term contained in this Agreement or for an injunction against the breach of any such term or in
aid of the exercise of any power granted in this Agreement or to enforce any other legal or equitable right, or to take any one
or more of such actions, without being required to post a bond. None of the rights, powers or remedies conferred under this Agreement
shall be mutually exclusive, and each such right, power or remedy shall be cumulative and in addition to any other right, power
or remedy, whether conferred by this Agreement or now or hereafter available at law, in equity, by statute or otherwise.

    	 	16	 

     

    

6.10Arbitration.
Any and all disputes, controversies and claims (other than applications for a temporary restraining order, preliminary injunction,
permanent injunction or other equitable relief or application for enforcement of a resolution under this Section 6.10) arising
out of, related to, or in connection with this Agreement or the transactions contemplated hereby (a “Dispute”)
shall be governed by this this Section 6.10. A party must, in the first instance, provide written notice of any Disputes to the
other parties subject to such Dispute, which notice must provide a reasonably detailed description of the matters subject to the
Dispute. The parties involved in such Dispute shall seek to resolve the Dispute on an amicable basis within ten (10) Business
Days of the notice of such Dispute being received by such other parties subject to such Dispute (the “Resolution Period”);
provided, that if any Dispute would reasonably be expected to have become moot or otherwise irrelevant if not decided within sixty
(60) days after the occurrence of such Dispute, then there shall be no Resolution Period with respect to such Dispute. Any Dispute
that is not resolved during the Resolution Period may immediately be referred to and finally resolved by arbitration pursuant
to the then-existing Expedited Procedures of the Commercial Arbitration Rules of the American Arbitration Association (the “AAA”).
Any party involved in such Dispute may submit the Dispute to the AAA to commence the proceedings after the Resolution Period.
To the extent that the then-existing Expedited Procedures of the Commercial Arbitration Rules of the AAA and this Agreement are
in conflict, the terms of this Agreement shall control. The arbitration shall be conducted by one arbitrator nominated by the
AAA promptly (but in any event within five (5) Business Days) after the submission of the Dispute to the AAA and reasonably acceptable
to each party subject to the Dispute, which arbitrator shall be a commercial lawyer with substantial experience arbitrating disputes
under acquisition agreements and registration rights agreements. The arbitrator shall accept his or her appointment and begin
the arbitration process promptly (but in any event within five (5) Business Days) after his or her nomination and acceptance by
the parties subject to the Dispute. The proceedings shall be streamlined and efficient. The arbitrator shall decide the Dispute
in accordance with the substantive law of the state of New York. Time is of the essence. Each party shall submit a proposal for
resolution of the Dispute to the arbitrator within twenty (20) days after confirmation of the appointment of the arbitrator. The
arbitrator shall have the power to order any party to do, or to refrain from doing, anything consistent with this Agreement, the
Share Exchange Agreement and other Ancillary Documents and applicable law, including to perform its contractual obligation(s);
provided, that the arbitrator shall be limited to ordering pursuant to the foregoing power (and, for the avoidance of doubt, shall
order) the relevant party (or parties, as applicable) to comply with only one or the other of the proposals. The arbitrator’s
award shall be in writing and shall include a reasonable explanation of the arbitrator's reason(s) for selecting one or the other
proposal. The seat of arbitration shall be in New York County, State of New York. The language of the arbitration shall be English.

6.11Governing
Law; Jurisdiction. This Agreement shall be governed by, construed and enforced in accordance with the laws of the State of
New York without regard to the conflict of laws principles thereof. Subject to Section 6.10, all actions, claims or other legal
proceedings arising out of or relating to this Agreement (a “Proceeding”) shall be heard and determined
exclusively in any state or federal court located in New York, New York (or in any court in which appeal from such courts may
be taken) (the “Specified Courts”). Subject to Section 6.10, each party hereto hereby (a) submits to
the exclusive jurisdiction of any Specified Court for the purpose of any Proceeding brought by any party hereto and (b) irrevocably
waives, and agrees not to assert by way of motion, defense or otherwise, in any such Proceeding, any claim that it is not subject
personally to the jurisdiction of the above-named courts, that its property is exempt or immune from attachment or execution,
that the Proceeding is brought in an inconvenient forum, that the venue of the Proceeding is improper, or that this Agreement
or the transactions contemplated hereby may not be enforced in or by any Specified Court. Each party agrees that a final judgment
in any Proceeding shall be conclusive and may be enforced in other jurisdictions by suit on the judgment or in any other manner
provided by law. Each party irrevocably consents to the service of the summons and complaint and any other process in any Proceeding,
on behalf of itself, or its property, by personal delivery of copies of such process to such party at the applicable address set
forth in Section 6.3. Nothing in this Section 6.11 shall affect the right of any party to serve legal process in any other manner
permitted by law.

6.12WAIVER
OF TRIAL BY JURY. EACH PARTY HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVES THE RIGHT TO A TRIAL BY JURY IN ANY ACTION, SUIT,
COUNTERCLAIM OR OTHER PROCEEDING (WHETHER BASED ON CONTRACT, TORT OR OTHERWISE) ARISING OUT OF, CONNECTED WITH OR RELATING TO
THIS AGREEMENT, THE TRANSACTIONS CONTEMPLATED HEREBY, OR THE ACTIONS OF THE INVESTORS IN THE NEGOTIATION, ADMINISTRATION, PERFORMANCE
OR ENFORCEMENT HEREOF.

6.13Termination
of Share Exchange Agreement. This Agreement shall be binding upon each party upon such party’s execution and delivery
of this Agreement, but this Agreement shall only become effective upon the Closing. In the event that the Share Exchange Agreement
is validly terminated in accordance with its terms prior to the Closing, this Agreement shall automatically terminate and become
null and void and be of no further force or effect, and the parties shall have no obligations hereunder.

 

[REMAINDER
OF PAGE INTENTIONALLY LEFT BLANK]

 

    	 	17	 

     

    

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

	 	The
    Company:
	 	 
	 	DT
    ASIA INVESTMENTS LIMITED
	 	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 
	 	 	 
	 	The
    DT Representative:
	 	 	 
	 	DeTIGER
    HOLDINGS LIMITED, in its capacity under
    the Share Exchange Agreement as the DT Representative
	 	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 

 

[Signature
Page to Registration Rights Agreement]

    	 	18	 

     

    

	 	Investors:
	 	 
	 	RUIHENG
        GLOBAL LIMITED,

        a
British Virgin Islands company

	 	 	 
	 	By:	 
	 	Name:
	 
	 	Title:	 
	 	 	 
	 	YANGWEI
GLOBAL LIMITED,

                                                                                                 a British Virgin Islands company

	 		
	 	By:	 
	 	Name:
	 
	 	Title:	 
	 	 	 
	 	FAVOUR
        PLUS GLOBAL LIMITED,

        a
British Virgin Islands company

	 	 	 
	 	By:	 
	 	Name:
	 
	 	Title:	 
	 	 	 
	 	QIXIANG
        GLOBAL LIMITED,

        a
British Virgin Islands company

	 	 	 
	 	By:	 
	 	Name:
	 
	 	Title:	 
	 	 	 
	 	YIMAO
        ENTERPRISES LIMITED,

        a
British Virgin Islands company

	 	 	 
	 	By:	 
	 	Name:
	 
	 	Title:	 

 

[Signature Page to Registration Rights
Agreement]

    	 	19	 

     

    

 

	 	JIYI
        GLOBAL INVESTMENTS LIMITED,

        a
British Virgin Islands company

	 	 	 
	 	By:	 
	 	Name:
	 
	 	Title:	 
	 	 	 
	 	CHANGMAN
        LIMITED,

        a
British Virgin Islands company

	 	 	 
	 	By:	 
	 	Name:
	 
	 	Title:	 
	 	 	 
	 	ZHAN
        ZHAO LIMITED,

        a
British Virgin Islands company

	 	 	 
	 	By:	 
	 	Name:
	 
	 	Title:	 
	 	 	 
	 	TAVISTOCK
        GLOBAL LIMITED,

        a
British Virgin Islands company

	 	 	 
	 	By:	 
	 	Name:
	 
	 	Title:	 
	 	 	 
	 	ZHONG
        YUN HOLDINGS LIMITED,

        a
British Virgin Islands company

	 	 	 
	 	By:	 
	 	Name:
	 
	 	Title:	 

 

[Signature Page to Registration Rights
Agreement]

    	 	20	 

     

    

 

	 	JIEGUAN
        LIMITED,

        a British
        Virgin Islands company

	 	 	 
	 	By:	 
	 	Name:
	 
	 	Title:	 
	 	 	 
	 	MULTIDEAL
        LIMITED,

        a
British Virgin Islands company

	 	 	 
	 	By:	 
	 	Name:
	 
	 	Title:	 
	 	 	 
	 	XINGLIN LIMITED,

                                                                                a British Virgin Islands company

	 	 	 
	 	By:	 
	 	Name:
	 
	 	Title:	 

 

[Signature Page
to Registration Rights Agreement]

    	 	21	 

     

    

 

EXHIBIT
A

Investors

	Name of Investor	 	Address of Investor
	Ruiheng Global Limited	 	See below

	Yangwei Global Limited	 	See below

	Favour Plus Global Limited	 	See below

	Qixiang Global Limited	 	See below

	Yimao Enterprises Limited	 	See below

	Jiyi Global Investments Limited	 	See below

	Changman Limited	 	See below

	Zhan Zhao Limited	 	See below

	Tavistock Global Limited	 	See below

	Zhong Yun Holdings Limited	 	See below

	Jieguan Limited	 	See below

	Multideal Limited	 	See below

	Xinglin Limited	 	Address for notice to each Investor:

C/o Ms. Amy Yanyan Zhu

11th Floor, Satellite Building

473 Satellite Road

Economic Technological Development Zone

Urumqi, Xinjiang, China 830000

 

 

 

 

A-1

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