Document:

Unassociated Document

     

    AMENDMENT
NO. 1

    TO

    SPONSOR
AGREEMENT

    

    This Amendment No. 1 to Sponsor
Agreement (“Amendment”) is made
as of the 11th day of
March 2010, by and among Sun Zone Investments Limited, a company organized under
the laws of the British Virgin Islands (“Sun Zone”), and Sze
Kit Ting (collectively with Sun Zone, the “Sellers”) and certain
holders of securities of Hambrecht Asia Acquisition Corp., a Cayman Islands
company (the “Company”), who
execute a counterpart signature page hereto (each a “Sponsor” and
collectively, the “Sponsors”) and amends
the Sponsor Agreement (“Sponsor Agreement”),
dated as of February 12, 2010, by and among the Sellers, the Company and the
Sponsors.  Capitalized terms not otherwise defined in this Amendment
have the same meaning as such capitalized terms have in the Sponsor
Agreement.

    

    WHEREAS, the Company and the Sponsors
have notified the Sellers that the Company may not be able to meet the minimum
Net Trust Proceeds condition to the Sellers’ obligation to close the
Transactions, and the Sellers have agreed to lower the minimum on the terms and
conditions set forth in this Amendment and Amendment No. 1 to the Share Exchange
Agreement (as defined below); and

    

    WHEREAS, to induce the Sellers to amend
the Share Exchange Agreement (“Exchange Agreement”),
dated as of February 12, 2010, between the Sellers, Honesty Group Holdings
Limited and the Company and to enter into Amendment No. 1 to the Share Exchange
Agreement (“Amendment
to Exchange Agreement”) of even date herewith, the Sponsors have, among
other things, agreed to surrender to the Company for cancellation the Sponsor
Warrants at Closing and to escrow additional the Company Shares held by them
subject to certain additional conditions;

    

    NOW,
THEREFORE, in consideration of the foregoing and  the covenants and
agreement of the parties set forth below and other good and valuable
consideration, the receipt of which is hereby acknowledged, the parties agree as
follows:

    

    1. A new
subsection D is hereby added to Section I to the Sponsor Agreement to read in
its entirety as follows:

    

    D.
Notwithstanding the achievement of an Earn-Out Milestone, all of Sponsor’s
Earn-Out Shares shall remain in escrow until the Conditions (as defined below)
set forth in Section I-1 have been satisfied prior to the Measurement Date (as
defined below) provided, that if the Conditions are not satisfied prior to the
Measurement Date, the Sponsor’s Earn-Out Shares shall be forfeited and return to
the Company for cancelation to the same extent, proportionately, as the
Sponsors’ Conditional Shares (as defined below).

    

    2. A new
Section I-1 is hereby added to the Sponsor Agreement immediately following
Section I to read in its entirety as follows:

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    I-1 Sponsors’ Conditional
Shares.

    

    A. Each
Sponsor agrees that the number of HMAUF Shares owned by such Sponsor and set
forth opposite such Sponsor’s name in the column captioned “Conditional Shares”
on Exhibit A-1 to the Sponsor Agreement (the “Conditional Shares”)
shall be forfeited to the Company and cancelled unless on or before December 31,
2011 or, in the event the First Earn-Out Milestone is not met, December 31,
2012, or such earlier date as the conditions set forth in clauses (2) and (3)
below are met (the “Measurement Date”),
each following conditions shall have been met (collectively, the “Conditions”), provided, however, in the event
the Conditions set forth in clauses (1) and (2) have been met but less than $15
million in gross proceeds of equity has been raised, the Conditional Shares
shall not be forfeited to the extent of the equity raised from the efforts of
Sponsor Representatives, on a pro rata basis (e.g., in the event $12 million of
gross proceeds is raised, only 20% of the Conditional Shares shall be
forfeited):

    

    (1)  from
the Closing Date until the Measurement Date, Robert Eu and John Wang (together,
the “Sponsor Representatives”) shall have provided to the Company without
compensation to the Sponsor Representatives or their Affiliates (other than the
reimbursement of reasonable business expenses, upon presentation of appropriate
documentation for financial reporting and tax purposes of the incurrence of such
expenses on behalf of the Company), at the Company’s request, the following
services for no fewer than 30 hours per month in the aggregate (it being
understood that if the Company does not request services, the Sponsors shall not
be required to provide services):

    

    · Investor and
public relations services (including the drafting/review of press releases and
assisting with road shows, including appearing at road shows with members of
management);

    · Assisting with the
coordination of other advisors;

    · Assisting the
Company with listing on the Nasdaq Global Market or the Nasdaq Global Select
market (or, if the Nasdaq Global Market or Global Select Market does not
continue to exist, the global market closest in scope and qualifications to the
Nasdaq Global Market on the date hereof); and

    · Introducing
investors and service providers to the Company;

    

    The
Sponsor Representatives shall perform the foregoing actions in cooperation with
the Company’s other designated advisors.

    

    (2)  the
Company being listed on the Nasdaq Global Market or the Nasdaq Global Select
Market (or, if the Nasdaq Global Market does not continue to exist, the global
market closest in scope and qualifications to the Nasdaq Global Market on the
date hereof), provided that the Company acts in good faith to have its ordinary
shares listed promptly after meeting the qualifications of either such market
(which shall include the obligation of the Company to promptly submit an
application and respond to any requests for information from Nasdaq);
and

    
 

    
      
        
        

      

      
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    (3)  the
Sponsor Representatives shall have made available to the Company the opportunity
(evidenced by non-binding commitments of investors financially capable of
consummating the transactions) to sell additional common equity with gross
proceeds of at least U.S. $15 million via a public offering at a time when both
the Company and the Sponsor Representatives believe to be advantageous to raise
money at the highest price possible, with pricing determined in accordance with
the pricing model described on Exhibit B hereto . To
the extent that the Sponsor Representatives are in compliance with clause (1)
above, all equity capital raised by the Company prior to the Determination Date,
including any amounts received by the Company: (x) upon exercise of the Sponsor
Warrants transferred as provided in Section II-1 below and (y) upon exercise of
any IPO Warrants outstanding after the consummation of the Transactions, will be
included in the calculation of the U.S. $15 million to be raised.  If
the Company determines not to accept the offering price determined as provided
herein, the Condition shall be deemed satisfied to the extent of the equity
capital which would have been raised if the offering had been consummated at
such price.

    

    B. At the
Closing, each Sponsor whose HMAUF Shares are not held by the IPO Escrow Agent
shall transfer and deliver to the Escrow Agent under the Escrow Agreement such
Sponsor’s Conditional Shares.  At the Closing, each Sponsor whose
HMAUF Shares are held by the IPO Escrow Agent shall deliver irrevocable
instructions to the IPO Escrow Agent to deliver to the Escrow Agent such
Sponsor’s Conditional Shares at the time such Conditional Shares would otherwise
be delivered to such Sponsor under the IPO Escrow Agreement.  At the
Closing, each Sponsor shall deliver to the Escrow Agent all stock powers,
assignments and related documents as may be necessary to effect the transfer to
the Company and cancellation of such Sponsor’s Conditional Shares.

    

    C. If the
Conditions are met on or before the Measurement Date, each Sponsor shall be
entitled to receive such Sponsor’s Conditional Shares within 10 business days
after the Measurement Date.  If the Conditions are not met by the
latest Measurement Date, all of the Conditional Shares shall be forfeited to the
Company and cancelled.  The Earn-Out Shares shall be released to the
Sponsors or the Company at the times and in the manner provided in the Escrow
Agreement.

    

    D. The
Company agrees to use reasonable business efforts to cooperate with the Sponsors
and act in good faith to take such actions as may be reasonably required in the
best interests of the Company to satisfy the Conditions.

    

    3. A new
Section II-1 is hereby added to the Sponsor Agreement immediately following
Section I to read in its entirety as follows:

    

    II-1
Forfeited
Warrants.  Each Sponsor agrees all of the Sponsor Warrants
owned beneficially or of  record by such Sponsor shall be forfeited
and cancelled effective as of the Closing, other than Sponsor Warrants to
purchase 250,000 in ordinary shares will be transferred as of the Closing Date,
without charge, to an investor [Pope Investments II, LLC], as directed by the
Company.  At the Closing, each Sponsor shall deliver to the Company
all stock powers, assignments and related documents as may be necessary to
effect the transfer to the Company and cancellation of such Sponsor’s Sponsor
Warrants.

      

    
      
        
        

      

      
        - 3
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    4. The
following shall be added to the Sponsor Agreement immediately following the last
sentence of Section XI:

    

     
The parties hereto agree that any action, proceeding or claim arising out of or
relating in any way Section I-1 of this Agreement which is not resolved within
30 days by negotiations between the parties shall, on written notice given to
the other parties by either Sponsor or the Company (any such notice, a Notice of
Arbitration”), be resolved through final and biding arbitration conducted in the
City of New York, State of New York in accordance with the rules and regulations
of the American Arbitration Association (AAA), by a panel of three arbitrators
selected from the AAA Commercial Disputes Panel instead of any jury trial and
that the arbitrator panel’s decision shall be final and binding to the fullest
extent permitted by law and enforceable by any court having jurisdiction
thereof.  The selection of the arbitrators shall be made within 30
days after the Notice of Arbitration, one by the Sponsors and one by the
Company, and those two shall select a third arbitrator to serve as the chairman
of the panel.  The cost of such arbitrators and arbitration services,
together with the prevailing party’s reasonable legal fees of a single law firm
and expenses, shall be borne by the non-prevailing party or as determined by the
equities of the matter by the arbitrators.

    

    5.
Exhibit A to the Sponsor Agreement is hereby replaced in its entirety by Exhibit
A-1 to this Amendment.

    

    6. If any
term or other provision of this Amendment is invalid, illegal or incapable of
being enforced by any Law, or public policy, all other conditions and provisions
of this Amendment shall nevertheless remain in full force and effect so long as
the economic or legal substance of the Transactions is not affected in any
manner materially adverse to any party.  Upon such determination that
any term or other provision is invalid, illegal or incapable of being enforced,
the parties shall negotiate in good faith to modify this Amendment so as to
effect the original intent of the parties as closely as possible in an
acceptable manner to the end that Transactions are fulfilled to the extent
possible.

    

    7. This Amendment may be executed in
one or more counterparts, all of which shall be considered one and the same
agreement and shall become effective when one or more counterparts have been
signed by each of the parties and delivered to the other
parties.  Execution and delivery of this Amendment by facsimile or
other electronic transmission evidencing a manual signature is legal, valid and
binding for all purposes.

    

    8. This Amendment shall be governed by,
and construed in accordance with, the laws of the State of New York regardless
of the laws that might otherwise govern under applicable principles of conflicts
of laws thereof.

    

    9. Except
as amended hereby, the Sponsor Agreement continues in full force and effect as
written.

    

    IN
WITNESS WHEREOF, intending to be legally bound, the parties have executed this
Amendment on the dates set forth opposite their signatures below to be effective
as of the date first above written.

    

    [SIGNATURE
PAGES FOLLOW]

    

    
      
        
           

        

        
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    SIGNATURE
PAGE TO

     

    AMENDMENT
No. 1 TO SPONSOR AGREEMENT

     

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

     

    
      HAMBRECHT
ASIA ACQUISITION CORP.

       

      By: /s/
John Wang

      Name:
John Wang

      Title:
CEO

      Address:
13/F Tower 2

      New World
tower

      18 Queens
Road Central

      Hong
Kong

    

    

    
      
        
           

        

        
           

          
            

          

        

        
           

        

      

    

     

    SIGNATURE
PAGE TO

     

    AMENDMENT
No. 1 TO SPONSOR AGREEMENT

     

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

     

    
      
        
          
            
              
                
                  	
                          SUN
      ZONE INVESTMENTS LIMITED

                        	 
      
	 	 
	
                          By:

                        	
                          /s/ Or Tin Man

                        	 
      
	
                          Name:

                        	
                          Tin
      Man Or

                        	 
      
	
                          Title:

                        	
                          Owner

                        	 
      
	 	 	 
	
                          Address:

                        	 
      	 
      
	
                          c/o
      Guanke (Fujian) Electron

                          Technological
      Industry Co. Ltd.

                          SGOCO
      Technology Park

                          Loushan,
      Jinjiang City

                          Fujian,
      China 32200

                          Attn:  Burnette
      Or, President

                        	 
      

                

              

            

          

        

      

      

      
        
          
            	
                    /s/ Ting Sze Kit

                  	 
      
	
                    SZE
      KIT TING

                  	 
      

          

        

      

      

      
        
          
            
              	
                      Address:

                    	 
      
	
                      Room
      2101, 21/F., Block B

                      Healthy
      Gardens, No. 560 King’s Road

                      North
      Point, Hong Kong

                    	 
      

            

          

        

      

    

    

    
      
        
           

        

        
           

          
            

          

        

        
           

        

      

    

    

    SIGNATURE
PAGE TO

    AMENDMENT
No. 1 TO SPONSOR AGREEMENT

     

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

     

    
      
        
          
            
              
                
                  
                    
                      
                        
                          
                            
                              
                                	
                                        For individual Sponsors:

                                      	 
      	
                                        For Sponsors other than individuals:

                                      
	 	 	 
	 	 	Cannon Family Irrevocable Trust
	
                                        /s/ John Wang

                                      	 	 	 
	
                                        John
      Wang

                                      	 
      	 
      	 
      
	 
      	 
      	
                                        By:

                                      	
                                        /s/ Stephen N.
      Cannon

                                      
	 
      	 
      	
                                        Name:

                                      	
                                        Stephen
      N. Cannon

                                      
	
                                        /s/ Robert
      Eu

                                      	 
      	
                                        Title:

                                      	
                                        Trustee

                                      
	
                                        Robert
      Eu

                                      	 
      	 
      	 
      

                              

                            

                          

                        

                      

                    

                  

                

              

            

          

        

      

       

      
        
          
            
              
                
                  
                    
                      
                        
                          
                            
                              
                                	 
      	 	AEX
      Enterprises Limited
	 
      	 	 
      	 
      
	
                                        Address
      (for all Sponsors):

                                      	 	 
      	 
      
	 
      	 	
                                        By:

                                      	
                                        /s/ Robert
      Eu

                                      
	
                                        Address:
      13/F Tower 2

                                      	 	Name:
      	
                                        Robert
      Eu

                                      
	
                                        New
      World tower

                                      	 	 
      	 
      
	
                                        18
      Queens Road Central

                                      	 	WR
      Hambrecht + Co., LLC
	
                                        Hong
      Kong

                                      	 	 
      	 
      
	 	 	
                                        By:

                                      	
                                        /s/ W.R.
      Hambrecht

                                      
	 
      	 	
                                        Name:

                                      	
                                        W.R.
      Hambrecht

                                      
	 
      	 	
                                        Title:

                                      	 
      
	 
      	 	 
      	 
      
	 
      	 	Hambrecht
      1980 Revocable Trust
	 
      	 	 
      	 
      
	 
      	 	
                                        By:

                                      	
                                        /s/ W.R.
      Hambrecht

                                      
	 
      	 	
                                        Name:

                                      	
                                        W.R.
      Hambrecht

                                      
	 	 	Title:
      Trustee
	 
      	 	 
      	 
      
	 
      	 	Shea
      Ventures LLC
	 
      	 	
                                        By:

                                      	
                                        /s/Ronald L.
      Lakey

                                      
	 
      	 	Name:
      Ronald L. Lakey
	 
      	 	Title:
      Vice President
	 
      	 	 
      	 
      
	 
      	 	Marbella
      Capital Partners Ltd.
	 
      	 	 
      	 
      
	 
      	 	
                                        By:

                                      	
                                        /s/
      John
      Wang                                

                                      
	 
      	 	Name:
      John Wang
	 
      	 	Title:
      DirectorUnassociated Document

    REGISTRATION RIGHTS
AGREEMENT

     

    THIS
REGISTRATION RIGHTS AGREEMENT (this “Agreement”) is entered into as of the 12th
day of March, 2010, by and among, Hambrecht Asia Acquisition Corp., a company
organized under the laws of the Cayman Islands (the “Company”), and the
undersigned parties listed under Investors on the signature page hereto (each,
an “Investor” and collectively, the “Investors”).

     

    WHEREAS,
the Investors have and will be issued Ordinary Shares (as defined below) in the
Company pursuant to a Share Exchange Agreement dated as of February 12, 2010, as
amended, between the Company, the Investors and Honesty Group Holdings Limited
(the “Shares Exchange Agreement”); and

     

    WHEREAS,
the Investors and the Company desire to enter into this Agreement to provide the
Investors with certain rights relating to the registration of Ordinary Shares
(as defined below) owned by them;

     

    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.  The
following capitalized terms used herein have the following
meanings:

    

     

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

     

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

     

    “Company”
is defined in the preamble to this Agreement.

     

    “Demand
Registration” is defined in Section 2.1.1.

     

    “Demanding
Holder” is defined in Section 2.1.1.

     

    “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.

     

    “Form
F-3” is defined in Section 2.3.

     

    “Indemnified
Party” is defined in Section 4.3.

     

    “Indemnifying
Party” is defined in Section 4.3.

     

    “Investor”
is defined in the preamble to this Agreement.

    
      
         

      

      
        
        

        
          

        

      

      
         

      

    

     

    “Investor
Indemnified Party” is defined in Section 4.1.

     

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

     

    “Notices”
is defined in Section 6.3.

     

    “Ordinary
Shares” shall mean ordinary shares of the Company, par value $0.001 per
share.

     

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

     

    “Purchase
Option” means the option to purchase 280,000 units, each unit consisting of one
Ordinary Share and one Ordinary Share purchase warrant, issued to Broadband
Capital Management, Inc. or its registered assignees in connection with the
Company’s initial public offering of securities (as may be transferred from time
to time in accordance with its terms). 

     

    “Register,”
“registered” and “registration” mean a registration with respect to the
Registrable Securities 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 Ordinary Shares issued to the Investors pursuant to
that certain Share Exchange Agreement.  Registrable Securities
includes any warrants, Ordinary Shares 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 Ordinary 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
salable under Rule 144 without volume restrictions, in the opinion of counsel to
the Company.

     

    “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 securities of the
Company (other than a registration statement on Form F-4 or Form S-8, or their
successors, or any registration statement covering only securities proposed to
be issued in exchange for securities or assets of another entity).

     

    “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.

     

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

    
      
         

      

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

     

    2.
REGISTRATION RIGHTS.

     

    2.1 Demand
Registration.

     

    2.1.1
Request for
Registration.  At any time and from time to time on or after
the date hereof, the holders of not less than 800,000 shares of any class of the
Registrable Securities held by the Investors or the transferees of the
Investors, 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 shares of Registrable Securities proposed to be sold and the
intended method(s) of distribution thereof.  The Company will notify
all holders of Registrable Securities of the demand within ten (10) days from
the receipt of the Demand Registration, and each holder of Registrable
Securities who wishes to include all or a portion of such holder’s Registrable
Securities in the Demand Registration (each such holder 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 holder 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 two (2) Demand Registrations under this Section 2.1.1 in respect
of 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 or withdrawn.

     

    2.1.3
Underwritten
Offering.  If not less than a majority in interest of the
Demanding Holders so elect and such holders so 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 holder to
include its Registrable Securities in such registration shall be conditioned
upon such holder’s participation in such underwriting and the inclusion of such
holder’s Registrable Securities in the underwriting to the extent provided
herein.  All Demanding Holders proposing to distribute their
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 holders initiating the Demand
Registration.

    
      
         

      

      
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    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 shares
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, if any, as to which registration has
been requested pursuant to written contractual piggy-back registration rights
held by other shareholders 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
shares of Registrable Securities which such Demanding Holder has requested be
included in such registration, regardless of the number of shares of Registrable
Securities held by each Demanding Holder) 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 Ordinary Shares 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
(v) fourth, to the extent that the Maximum Number of Shares have not been
reached under the foregoing clauses (i), (ii), and (iii), the Ordinary Shares
that other shareholders desire to sell that can be sold without exceeding the
Maximum Number of Shares.

     

    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, then such registration shall not count as a Demand Registration
provided for in this Section 2.1.

    
      
         

      

      
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    2.2 Piggy-Back
Registration.

     

    2.2.1
Piggy-Back
Rights.  If at any time on or after the Release 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 shareholders of the Company for their account
(or by the Company and by shareholders of the Company including, without
limitation, pursuant to Section 2.1), other than a Registration Statement (i)
filed in connection with any employee stock 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 the holders of
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 the holders of
Registrable Securities in such notice the opportunity to register the sale of
such number of shares of Registrable Securities as such holders 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 to be included 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 holders of 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.

     

    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 the holders of Registrable Securities in writing that the dollar
amount or number of Ordinary Shares which the Company desires to sell, taken
together with Ordinary Shares, if any, as to which registration has been
demanded pursuant to written contractual arrangements with persons other than
the holders of Registrable Securities hereunder, the Registrable Securities as
to which registration has been requested under this Section 2.2, and the
Ordinary Shares, if any, as to which registration has been requested pursuant to
the written contractual piggy-back registration rights of other shareholders of
the Company, exceeds the Maximum Number of Shares, then the Company shall
include in any such registration:

     

     (i)
If the registration is undertaken for the Company’s account: (A) first, the
Ordinary Shares or other securities that the Company desires to sell that can be
sold without exceeding the Maximum Number of Shares; (B) second, to the extent
that the Maximum Number of Shares has not been reached under the foregoing
clause (A), the Ordinary Shares, if any, including the Registrable Securities,
as to which registration has been requested pursuant to written contractual
piggy-back registration rights of security holders (pro rata in accordance with
the number of Ordinary Shares which each such person has actually requested to
be included in such registration, regardless of the number of Ordinary Shares
with respect to which such persons have the right to request such inclusion)
that can be sold without exceeding the Maximum Number of Shares;
and

    
      
         

      

      
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     (ii)
If the registration is a “demand” registration undertaken at the demand of
persons other than the holders of Registrable Securities pursuant to written
contractual arrangements with such persons, (A) first, the Ordinary Shares for
the account of the demanding persons that can be sold without exceeding the
Maximum Number of Shares; (B) second, to the extent that the Maximum Number of
Shares has not been reached under the foregoing clause (A), the Ordinary Shares
or other securities that the Company desires to sell that can be sold without
exceeding the Maximum Number of Shares; and (C) third, to the extent that the
Maximum Number of Shares has not been reached under the foregoing clauses (A)
and (B), the Ordinary Shares, if any, as to which registration has been
requested pursuant to written contractual piggy-back registration rights which
other shareholders desire to sell that can be sold without exceeding the Maximum
Number of Shares.

     

    2.2.3
Withdrawal.  Any
holder of Registrable Securities may elect to withdraw such holder’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 may also
elect to withdraw a registration statement at any time prior to the
effectiveness of the Registration Statement.  Notwithstanding any such
withdrawal, the Company shall pay all expenses incurred by the holders of
Registrable Securities in connection with such Piggy-Back Registration as
provided in Section 3.3.

     

    2.3 Registrations on Form
F-3.  The holders of 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 F-3 or any similar short-form
registration which may be available at such time (“Form F-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 holders of Registrable Securities, and, as soon as practicable thereafter,
effect the registration of all or such portion of such holder’s or holders’
Registrable Securities as are specified in such request, together with all or
such portion of the Registrable Securities of any other holder or holders
joining in such request as are specified in a written request given 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 F-3 is not available for
such offering; or (ii) if the holders of the 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.

     

    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:

    
      
         

      

      
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    3.1.1
Filing Registration
Statement.  The Company shall, as expeditiously as possible and
in any event within sixty (60) days 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 and remain
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 the holders a certificate
signed by the Chief Executive Officer 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 the holders of
Registrable Securities included in such registration, and such holders’ 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 the holders of Registrable Securities
included in such registration or legal counsel for any such holders may request
in order to facilitate the disposition of the Registrable Securities owned by
such holders.

     

    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 (which period shall not exceed the sum of one
hundred eighty (180) days plus any period during which any such disposition is
interfered with by any stop order or injunction of the Commission or any
governmental agency or court) or such securities have been
withdrawn.

     

    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 the holders of
Registrable Securities included in such Registration Statement of such filing,
and shall further notify such holders 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 the holders of 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 the holders of Registrable Securities included in
such Registration Statement and to the legal counsel for any such holders,
copies of all such documents proposed to be filed sufficiently in advance of
filing to provide such holders 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 holders or their
legal counsel shall object.

    
      
         

      

      
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    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 the holders of 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 the holders of 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 3.1.5 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 the holders of Registrable Securities
included in such registration statement.  No holder of 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 holder’s organization, good standing,
authority, title to Registrable Securities, lack of conflict of such sale with
such holder’s material agreements and organizational documents, and with respect
to written information relating to such holder that such holder has furnished in
writing expressly for inclusion in such Registration
Statement.  Holders of Registrable Securities shall agree to such
covenants and indemnification and contribution obligations for selling
stockholders as are customarily contained in agreements of that type. Further,
such holders shall cooperate fully in the preparation of the Registration
Statement and other documents relating to any offering in which they include
securities pursuant to Section 2 hereof. Each holder shall also furnish to the
Company such information regarding itself, the Registrable Securities held by
such holder and the intended method of disposition of such securities as shall
be reasonably required to effect the registration of the Registrable
Securities.

    
      
         

      

      
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    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 the holders of 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 holder of 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.

     

    3.1.9 Opinions and Comfort
Letters.  The Company shall furnish to each holder of
Registrable Securities included in any Registration Statement a signed
counterpart, addressed to such holder, 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 holder of Registrable Securities
included in such Registration Statement, at any time that such holder 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.

     

    3.1.10Earnings
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, beginning within three (3) months after the
effective date of the registration statement, 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 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 the holders of a majority of the
Registrable Securities included in such registration.

     

    3.2 Obligation 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 F-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 holder of 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 holder 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 holder will deliver to the Company all copies, other than
permanent file copies then in such holder’s possession, of the most recent
prospectus covering such Registrable Securities at the time of receipt of such
notice.

    
      
         

      

      
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    3.3 Registration
Expenses.  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) FINRA 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 the holders of 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 shareholders and the Company shall bear
the expenses of the underwriter pro rata in proportion to the respective amount
of shares each is selling in such offering.

     

    3.4 Information.  The
holders of Registrable Securities shall provide such information as may
reasonably be requested by the Company, or the managing Underwriter, if any, in
connection with the preparation of any 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.

     

    3.5 Holder Obligations.
No holder of Registrable Securities may participate in any underwritten offering
pursuant to this Section 3 unless such holder (i) agrees to sell only such
holder’s Registrable Securities on the basis reasonably provided in any
underwriting agreement, and (ii) completes, executes and delivers any and all
questionnaires, powers of attorney, custody agreements, indemnities,
underwriting agreements and other documents reasonably required by or under the
terms of any underwriting agreement or as reasonably requested by the
Company.

    
      
         

      

      
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    4.
INDEMNIFICATION AND CONTRIBUTION.

     

    4.1 Indemnification by the
Company.  The Company agrees to indemnify and hold harmless
each Investor and each other holder of Registrable Securities, and each of their
respective officers, employees, affiliates, directors, partners, members,
attorneys and agents, and each person, if any, who controls an Investor and each
other holder of Registrable Securities (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 or Purchase Option
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.

     

    4.2 Indemnification by Holders
of Registrable Securities.  Each selling holder of 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 holder, indemnify and hold harmless the Company, each of its
directors and officers and each underwriter (if any), and each other person, if
any, who controls the company 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
holder expressly for use therein, and shall reimburse the Company, its directors
and officers, and each such 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
holder’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 holder in connection with the sale of the Registrable Securities by such
selling holder pursuant to the Registration Statement containing such untrue
statement.

    
      
         

      

      
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    4.3 Conduct 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.

     

    4.4 Contribution.

     

    4.4.1 If
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.

    
      
         

      

      
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4.4.2 The 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.  The 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.

     

    5.1 Demanding Holder
Underwritten Offering. In the case of any registration effected pursuant
to Section 2.1, the Demanding Holders shall have the right to designate a
managing underwriter reasonably acceptable to the Company in any such offering
which is to be an underwritten offering and, to the extent required by the
underwriters, the Company and any other person including securities in such
registration shall be parties to any underwriting agreement relating thereto and
shall make appropriate representations and warranties and other agreements for
the benefit of the underwriters and the Company.

     

    5.2 Company Underwritten
Offering. In the case of any registration effected pursuant to
Section 2.2, the Company or another group of security holders shall have
the right to designate the managing underwriter in any underwritten offering
and, to the extent required by the underwriters, the holders of the Registrable
Securities shall be a party to any underwriting agreement relating thereto and
shall make appropriate representations and warranties and other agreements for
the benefit of the underwriters and the Company.

     

    5.3 Rule
144.  The Company covenants that it shall file all reports
required to be filed by it under the Securities Act and the Exchange Act and
shall take such further action as the holders of Registrable Securities may
reasonably request, all to the extent required from time to time to enable such
holders 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.

    
      
         

      

      
        - 13
-

        
          

        

      

      
         

      

    

     

    6.
MISCELLANEOUS.

     

    6.1 Other Registration
Rights.  The Company represents and warrants that , except for
the securities issued to the Sponsors (as such term is defined in the Share
Exchange Agreement) or issuable upon exercise of the Purchase Option or IPO
Warrants (as such term is defined in the Share Exchange Agreement), no person,
other than a holder of the Registrable Securities has any right to require the
Company to register any shares of the Company’s capital stock for sale or to
include shares of the Company’s capital stock in any registration filed by the
Company for the sale of shares of capital stock for its own account or for the
account of any other person.

     

    6.2 Assignment; 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 the holders of Registrable Securities hereunder may be freely
assigned or delegated by such holder of Registrable Securities in conjunction
with and to the extent of any transfer of Registrable Securities by any such
holder.  This Agreement and the provisions hereof shall be binding
upon and shall inure to the benefit of each of the parties hereto and their
respective successors and permitted assigns.

     

    6.3 Notices.  All
notices, demands, requests, consents, approvals or other communications
(collectively, “Notices”) required or permitted to be given hereunder or which
are given with respect to this Agreement shall be in writing and shall be
personally served, delivered by reputable air courier service with charges
prepaid, or transmitted by hand delivery, telegram, telex or facsimile,
addressed as set forth below, or to such other address as such party shall have
specified most recently by written notice.  Notice shall be deemed
given on the date of service or transmission if personally served or transmitted
by telegram, telex or facsimile; provided, that if such service or transmission
is not on a business day or is after normal business hours, then such notice
shall be deemed given on the next business day.  Notice otherwise sent
as provided herein shall be deemed given on the next business day following
timely delivery of such notice to a reputable air courier service with an order
for next-day delivery.

     

     To
the Company:

     

     Hambrecht
Asia Acquisition Corp.

     13/F
Tower 2

     New
World Tower

     18
Queens Road Central

     Hong
Kong

     Attn:
John Wang, Chief Executive Officer

     

     with
a copy to:

     

     Loeb
& Loeb LLP

     345
Park Avenue

     New
York, New York 10154

     Attn:  Mitchell
S. Nussbaum, Esq.

    
      
         

      

      
        - 14
-

        
          

        

      

      
         

      

    

     

     To
an Investor, to:

    

     Sun
Zone Investments Limited

     c/o
Guanke (Fujian) Electron Technological Industry Co. Ltd.

     SGOCO
Technology Park

     Loushan,
Jinjiang City

     Fujian,
China 32200

     Attn:  Burnette
Or, President

     

     and:

     

     Sze
Kit Ting

     Room
2101, 21/F.

     Block
B, Healthy Gardens, No. 560

     King’s
Road, North Point, Hong Kong

     

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

     

    6.5 Counterparts; Facsimile
Signatures.  This Agreement may be executed in multiple
counterparts, each of which shall be deemed an original, and all of which taken
together shall constitute one and the same instrument.  Facsimile
signatures shall be deemed to be original signatures for all purposes of this
Agreement.

     

    6.6 Entire
Agreement.  This Agreement (including all agreements entered
into pursuant hereto and all certificates and instruments delivered pursuant
hereto and thereto) constitute the entire agreement of the parties with respect
to the subject matter hereof and supersede all prior and contemporaneous
agreements, representations, understandings, negotiations and discussions
between the parties, whether oral or written.

     

    6.7 Modifications and
Amendments.  No amendment, modification or termination of this
Agreement shall be binding upon any party unless executed in writing by such
party.

     

    6.8 Titles and
Headings.  Titles and headings of sections of this Agreement
are for convenience only and shall not affect the construction of any provision
of this Agreement.

     

    6.9 Waivers and
Extensions.  Any party to this Agreement may waive any right,
breach or default which such party has the right to waive, provided that such
waiver will not be effective against the waiving party unless it is in writing,
is signed by such party, and specifically refers to this
Agreement.  Waivers may be made in advance or after the right waived
has arisen or the breach or default waived has occurred.  Any waiver
may be conditional.  No waiver of any breach of any agreement or
provision herein contained shall be deemed a waiver of any preceding or
succeeding breach thereof nor of any other agreement or provision herein
contained.  No waiver or extension of time for performance of any
obligations or acts shall be deemed a waiver or extension of the time for
performance of any other obligations or acts.

    
      
         

      

      
        - 15
-

        
          

        

      

      
         

      

    

     

    6.10
Specific
Performance.  Each of the parties acknowledges and agrees that
the other parties would be damaged irreparably in the event any of the
provisions of this Agreement are not performed in accordance with their specific
terms or otherwise are breached.  Accordingly, each of the parties
agrees that the other parties shall be entitled to an injunction or injunctions
(without the necessity of posting a bond or other security) to prevent breaches
of the provisions of this Agreement and to enforce specifically this Agreement
and the terms and provisions hereof in any action instituted in any court of the
United States or any state or other foreign court or governmental body having
jurisdiction over the parties and the matter, in addition to any other remedy to
which they may be entitled, at law or in equity.

     

    6.11
Remedies
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 Investor or any other holder of Registrable Securities 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.

     

    6.12
Governing
Law.  This Agreement shall be governed by, interpreted under,
and construed in accordance with the internal laws of the State of New York
applicable to agreements made and to be performed within the State of New York,
without giving effect to any choice-of-law provisions thereof that would compel
the application of the substantive laws of any other
jurisdiction.  Each of the parties hereby agrees that any action,
proceeding or claim against it arising out of or relating in any way to this
Agreement shall be brought and enforced in the courts of the State of New York
or the United States District Court for the Southern District of New York (each,
a “New York Court”), and irrevocably submits to such jurisdiction, which
jurisdiction shall be exclusive. Each of the parties hereby waives any objection
to such exclusive jurisdiction and that such courts represent an inconvenient
forum.

     

    6.13 Waiver 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 Investor in the negotiation, administration,
performance or enforcement hereof.

     

    [REMAINDER
OF PAGE INTENTIONALLY LEFT BLANK]

    
      
         

      

      
        - 16
-

        
          

        

      

      
         

      

    

     

    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.

     

    
      
        	 
      	
                HAMBRECHT
      ASIA ACQUISITION CORP.

              
	 
      	 
      	 
      
	 
      	
                By:

              	
                /s/ John Wang

              
	 
      	
                 

              	
                Name: 
      John Wang

              
	 
      	
                 

              	
                Title: 
      Chief Executive Officer, President

              
	 
      	 
      	
                  
      and Director

              
	 
      	 
      	 
      
	 
      	
                INVESTORS:

              
	 
      	 
      	 
      
	 
      	
                SUN
      ZONE INVESTMENTS LIMITED

              
	 
      	 
      	 
      
	 
      	
                By:

              	
                /s/ Or Tin Man

              
	 
      	
                Name:
      Tin Man Or

              
	 
      	
                Title:
      Owner

              
	 
      	 
      	 
      
	 
      	
                /s/ Ting Sze Kit

              
	 
      	
                Sze
      Kit Ting

              

      

    
 

    
      
         

      

      
        - 17
-

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