Document:

Unassociated Document

    Exhibit
      10.2

     

    SECURITIES
      ESCROW AGREEMENT

     

    This
      SECURITIES
      ESCROW AGREEMENT,
      dated
      as of [            
], 2008 (the “Agreement”)
      by and
      among China Growth Alliance Ltd., a company formed under the laws of the Cayman
      Islands (the “Company”),
      the
      undersigned parties listed as “Initial Stockholders” on the signature page
      hereto (each, an “Initial
      Stockholder”)
      and
      American Stock Transfer & Trust Company, a New York corporation (the
“Escrow
      Agent”).

     

    WHEREAS,
      the
      Company has entered into an Underwriting Agreement, dated
      [             
], 2008 (the “Underwriting
      Agreement”)
      with
      Ferris, Baker Watts, Incorporated (“FBW”)
      acting
      as lead managing underwriter of the several underwriters (collectively, the
      “Underwriters”),
      pursuant to which, among other matters, the Underwriters have agreed to
      purchase 7,000,000 units (not including the underwriters’ over-allotment
      option) (“Units”)
      of the
      Company;

     

    WHEREAS,
      each
      Unit consists of: (i) one sub-unit, the contents of which are not separable
      (the
“Sub-Unit”),
      with
      each Sub-Unit being comprised of one ordinary share of the Company, par value
      $.0005 per share (the “Ordinary
      Shares”)
      and
      one Class B warrant of the Company (the “Class
      B Warrants”);
      and
      (ii) one Class A warrant of the Company (the “Class
      A Warrants”
and
      together with the Class B Warrants, the “Warrants”),
      with
      each Class A Warrant allowing the holder thereof to purchase one Ordinary Share,
      and with every two Class B Warrants to automatically convert into one (1)
      separable Class A Warrant upon the Company’s consummation of a merger, capital
      stock exchange, asset or stock acquisition of, contractual control arrangement
      or similar business combination with, one or more operating businesses or assets
      (a “Business
      Combination”),
      all
      as more fully described in the Company’s Prospectus, dated
      [             
], 2008 (“Prospectus”)
      comprising part of the Company’s Registration Statement on Form F-1 (File No.
      333-[             
]) under the Securities Act of 1933, as amended (the “Registration
      Statement”),
      declared effective on
      [             
], 2008 (the “Effective
      Date”);

     

    WHEREAS,
      each
      Initial Stockholder has agreed, as a condition of the Underwriters’ obligation
      to purchase the Units pursuant to the Underwriting Agreement and to offer them
      to the public, to deposit all of their Ordinary Shares, as set forth opposite
      their respective names in Exhibit
      A
      attached
      hereto (collectively the “Escrow
      Shares”),
      in
      escrow as hereinafter provided; 

     

    WHEREAS,
      the
      Company and the Initial Stockholders desire that the Escrow Agent accept the
      Escrow Shares, in escrow, to be held and disbursed as hereinafter
      provided.

     

    NOW,
      THEREFORE,
      in
      consideration of the foregoing and the mutual covenants and agreements herein
      contained, the parties hereto agree as follows:

     

    1. Appointment
      of Escrow Agent.
      The
      Company and the Initial Stockholders hereby appoint the Escrow Agent to act
      in
      accordance with and subject to the terms of this Agreement and the Escrow Agent
      hereby accepts such appointment and agrees to act in accordance with and subject
      to such terms.

     

    2. Deposit
      of Escrow Shares.
      On or
      before the Effective Date, each Initial Stockholder shall deliver to the Escrow
      Agent certificates representing such Initial Stockholder’s Escrow Shares, to be
      held and disbursed subject to the terms and conditions of this Agreement. Each
      Initial Stockholder acknowledges and agrees that the certificates representing
      its Escrow Shares will bear a legend to reflect the deposit of such Escrow
      Shares under this Agreement.

    
      
        
        

      

      
        1

        
          

        

      

      
        
        

      

    

     

    3. Disbursement
      of the Escrow Shares.
      

     

    3.1 The
      Escrow Agent shall hold the Escrow Shares until the termination of their
      respective Escrow Period (as defined below). The “Escrow
      Period”
shall
      be the period beginning on the date the certificates representing the Shares
      are
      deposited with the Escrow Agent and ending on the date that is the earlier
      of:
      (i) twelve (12) months following the consummation of the initial Business
      Combination or (ii) three (3) years from the Effective Date; or (iii) the
      consummation of a liquidation, share reconstruction and amalgamation, stock
      exchange or other similar transaction which results in all of the Company’s
      shareholders having the right to exchange their Ordinary Shares for cash,
      securities or other property subsequent to the Company’s consummation a Business
      Combination. Upon the termination of the Escrow Period, the Escrow Agent shall,
      upon written instructions from the Initial Stockholders, disburse the Escrow
      Shares to the Initial Stockholders; provided,
      however,
      that if
      the Escrow Agent is notified by the Company pursuant to Section 6.7 hereof
      that
      the Company is being liquidated at any time during the Escrow Period, then
      the
      Escrow Agent shall promptly destroy the certificates representing the Escrow
      Shares; and,
      provided further,
      that
      if, after the Company consummates a Business Combination it (or the surviving
      entity) subsequently consummates a liquidation, merger, stock exchange or other
      similar transaction which results in all of its stockholders of such entity
      having the right to exchange their Ordinary Shares for cash, securities or
      other
      property, then the Escrow Agent will, upon receipt of a notice, executed by
      a
      senior executive officer of the Company, in form reasonably acceptable to the
      Escrow Agent, certifying that such transaction is then being consummated,
      release the Escrow Shares to the Initial Stockholders so that they can similarly
      participate. The Escrow Agent shall have no further duties hereunder after
      the
      disbursement or destruction of the Escrow Shares in accordance with this Section
      3.

     

    4. Rights
      of Initial Stockholders in Escrow Shares.

     

    4.1 Voting
      Rights as a Stockholder.
      Subject
      to the terms of the Insider Letters described in Section 4.4 hereof and except
      as herein provided, the Initial Stockholders shall retain all of their rights
      as
      a stockholder of the Company during the Escrow Period, including, without
      limitation, the right to vote such shares.

     

    4.2 Dividends
      and Other Distributions in Respect of the Escrow Shares.
      During
      the Escrow Period, all dividends payable in cash with respect to the Escrow
      Shares shall be paid to the Initial Stockholders, but all dividends payable
      in
      stock or other non-cash property (“Non-Cash
      Dividends”)
      shall
      be delivered to the Escrow Agent to hold in accordance with the terms hereof.
      As
      used herein, the term “Escrow Shares” shall be deemed to include the Non-Cash
      Dividends distributed thereon, if any.

     

    4.3 Restrictions
      on Transfer.
      During
      the Escrow Period, no sale, transfer or other disposition may be made of any
      or
      all of the Escrow Shares except: (i) by gift to a member of Initial
      Stockholders’ immediate family or to a trust or other entity, the beneficiary of
      which is an Initial Stockholder or a member of an Initial Stockholder’s
      immediate family, (ii) by virtue of the laws of descent and distribution upon
      death of any individual Initial Stockholder, (iii) pursuant to a qualified
      domestic relations order, (iv) to an entity that is an Initial Stockholder,
      (v)
      to any person or entity controlling, controlled by, or under common control
      with, an Initial Stockholder or (vi) with respect to an Initial Stockholder
      who
      is an individual, to an entity controlled by such Initial Stockholder;
provided,
      however,
      that
      such permitted transfers may be implemented only upon the respective
      transferee’s written agreement to be bound by the terms and conditions of this
      Agreement and of the Insider Letter signed by the Initial Stockholder
      transferring the Escrow Shares.  During
      the Escrow Period, the Initial Stockholders shall not pledge or grant a security
      interest in the Escrow Shares or grant a security interest in their rights
      under
      this Agreement.

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

     

    4.4 Insider
      Letters.
      The
      Initial Stockholders have executed a letter agreement with FBW and the Company
      and which are filed as exhibits to the Registration Statement (the “Insider
      Letters”),
      respecting the rights and obligations of the Initial Stockholders in certain
      events, including, but not limited to, the liquidation of the
      Company.

     

    5. Concerning
      the Escrow Agent.

     

    5.1 Good
      Faith Reliance.
      The
      Escrow Agent shall not be liable for any action taken or omitted by it in good
      faith and in the exercise of its own best judgment, and may rely conclusively
      and shall be protected in acting upon any order, notice, demand, certificate,
      opinion or advice of counsel (including counsel chosen by the Escrow Agent),
      statement, instrument, report or other paper or document (not only as to its
      due
      execution and the validity and effectiveness of its provisions, but also as
      to
      the truth and acceptability of any information therein contained) which is
      believed by the Escrow Agent to be genuine and to be signed or presented by
      the
      proper person or persons. The Escrow Agent shall not be bound by any notice
      or
      demand, or any waiver, modification, termination or rescission of this Agreement
      unless evidenced by a writing delivered to the Escrow Agent signed by the proper
      party or parties and, if the duties or rights of the Escrow Agent are affected,
      unless it shall have given its prior written consent thereto.

     

    5.2 Indemnification.
      The
      Escrow Agent shall be indemnified and held harmless by the Company from and
      against any expenses, including reasonable counsel fees and disbursements,
      or
      loss suffered by the Escrow Agent in connection with any action, suit or other
      proceeding involving any claim which in any way, directly or indirectly, arises
      out of or relates to this Agreement, the services of the Escrow Agent hereunder,
      or the Escrow Shares held by it hereunder, other than expenses or losses arising
      from the gross negligence or willful misconduct of the Escrow Agent. Promptly
      after the receipt by the Escrow Agent of notice of any demand or claim or the
      commencement of any action, suit or proceeding, the Escrow Agent shall notify
      the other parties hereto in writing. In the event of the receipt of such notice,
      the Escrow Agent, in its sole discretion, may commence an action in the nature
      of interpleader in an appropriate court to determine ownership or disposition
      of
      the Escrow Shares or it may deposit the Escrow Shares with the clerk of any
      appropriate court or it may retain the Escrow Shares pending receipt of a final,
      non-appealable order of a court having jurisdiction over all of the parties
      hereto directing to whom and under what circumstances the Escrow Shares are
      to
      be disbursed and delivered. The provisions of this Section 5.2 shall survive
      in
      the event the Escrow Agent resigns or is discharged pursuant to Sections 5.5
      or
      5.6 below.

     

    5.3 Compensation.
      The
      Escrow Agent shall be entitled to reasonable compensation from the Company
      for
      all services rendered by it hereunder, as set forth on Exhibit B
      hereto.
      The Escrow Agent shall also be entitled to reimbursement from the Company for
      all reasonable expenses paid or incurred by it in the administration of its
      duties hereunder including, but not limited to, all reasonable counsel fees
      and
      disbursements.

     

    5.4 Further
      Assurances.
      From
      time to time on and after the date hereof, the Company and the Initial
      Stockholders shall deliver or cause to be delivered to the Escrow Agent such
      further documents and instruments and shall do or cause to be done such further
      acts as the Escrow Agent shall reasonably request to carry out more effectively
      the provisions and purposes of this Agreement, to evidence compliance herewith
      or to assure itself that it is protected in acting hereunder.

     

    5.5 Resignation.
      The
      Escrow Agent may resign at any time and be discharged from its duties as escrow
      agent hereunder by its giving the other parties hereto written notice and such
      resignation shall become effective as hereinafter provided. Such resignation
      shall become effective at such time that the Escrow Agent shall turn over to
      a
      successor escrow agent appointed by the Company and approved by FBW, the Escrow
      Shares held hereunder. If no new escrow agent is so appointed within the 60
      day
      period following the giving of such notice of resignation, the Escrow Agent
      may
      deposit the Escrow Shares with any court it deems appropriate.

    
      
        
        

      

      
        3

        
          

        

      

      
        
        

      

    

     

    5.6 Discharge
      of Escrow Agent.
      The
      Escrow Agent shall resign and be discharged from its duties as escrow agent
      hereunder if so requested in writing at any time by the other parties hereto,
      jointly; provided,
      however,
      that
      such resignation shall become effective only upon acceptance of appointment
      by a
      successor escrow agent as provided in Section 5.5.

     

    5.7 Liability.
      Notwithstanding anything herein to the contrary, the Escrow Agent shall not
      be
      relieved from liability hereunder for its own gross negligence or its own
      willful misconduct.

     

    6. Miscellaneous.

     

    6.1 Governing
      Law.
      This
      Agreement shall for all purposes be deemed to be made under and shall be
      construed in accordance with the laws of the State of New York. 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, 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.

     

    6.2 Third
      Party Beneficiaries.
      The
      Initial Stockholders hereby acknowledges that the Underwriters, including,
      without limitation, FBW, are third party beneficiaries of this Agreement and
      this Agreement may not be modified or changed without the prior written consent
      of FBW.

     

    6.3 Entire
      Agreement.
      This
      Agreement contains the entire agreement of the parties hereto with respect
      to
      the subject matter hereof and, except as expressly provided herein, may not
      be
      changed or modified except by an instrument in writing signed by the party
      to
      the charged.

     

    6.4 Headings.
      The
      headings contained in this Agreement are for reference purposes only and shall
      not affect in any way the meaning or interpretation thereof.

     

    6.5 Binding
      Effect.
      This
      Agreement shall be binding upon and inure to the benefit of the respective
      parties hereto and their legal representatives, successors and
      assigns.

     

    6.6 Notices.
      Any
      notice, consent or request to be given in connection with any of the terms
      or
      provisions of this Agreement shall be in writing and shall be sent by express
      mail or similar private courier service, by certified mail (return receipt
      requested), by hand delivery or by facsimile transmission:

     

    If
      to the
      Company, to:

    

    China
      Growth Alliance Ltd.

    Room
      409,
      4/F Aetna Tower

    107
      Zunyi
      Road

    Shanghai,
      200051, China

    Attn:
      Bin
      Zhou

    Fax
      No.:
      [                                       
]

     

    If
      to a
      Stockholder, to his address set forth in Exhibit
      A.

    
      
        
        

      

      
        4

        
          

        

      

      
        
        

      

    

    

    
      	
              and
                if to the Escrow Agent, to:

            
	 
	
              American
                Stock Transfer & Trust Company

            
	
              6201-15th
                Avenue

            
	
              Brooklyn,
                New York 11219

            
	
              Attn:
                [                ]

            
	
              Fax
                No.:
                [                 ]

            
	 
	
              A
                copy of any notice sent hereunder shall be sent to:

            
	 
	
              Gersten
                Savage LLP

            
	
              600
                Lexington Avenue

            
	
              New
                York, New York 10022

            
	
              Attn:
                Arthur S. Marcus, Esq.

            
	
              Fax
                No.: (212) 980-5192

            
	 
	
              and:

            
	 
	
              Ferris,
                Baker Watts Incorporated

            
	
              100
                Light Street

            
	
              Baltimore,
                MD 21202

            
	
              Attn:
                Richard Prins

            
	
              Fax
                No.: ___________________

            
	 
	
              and:

            
	 
	
              Ellenoff,
                Grossman & Schole LLP

            
	
              150
                East 42nd Street, 11th Floor

            
	
              New
                York, New York 10017

            
	
              Attn:
                Douglas S. Ellenoff, Esq.

            
	
              Fax
                No.: (212) 370-7889

            

    

     

    The
      parties may change the persons and addresses to which the notices or other
      communications are to be sent by giving written notice to any such change in
      the
      manner provided herein for giving notice.

     

    6.7 Liquidation
      of Company.
      The
      Company shall give the Escrow Agent written notification of the liquidation
      and
      dissolution of the Company in the event that the Company fails to consummate
      a
      Business Combination within the time period(s) specified in the
      Prospectus.

     

    6.8 Waiver.
      Notwithstanding anything herein to the contrary, the Escrow Agent hereby waives
      any and all right, title, interest or claim of any kind (“Claim”)
      in or
      to any distribution of the Trust Account, and hereby agrees not to seek
      recourse, reimbursement, payment or satisfaction for any Claim against the
      Trust
      Account for any reason whatsoever.

     

    6.9 Counterparts.
      This
      Agreement may be executed in several counterparts each one of which shall
      constitute an original and may be delivered by facsimile transmission or other
      electronic transmission and together shall constitute one
      instrument.

     

    [Signature
      Page Follows]

     

    
      
        
        

      

      
        5

        
          

        

      

      
        
        

      

    

     

    IN
      WITNESS WHEREOF,
      this
      Securities Escrow Agreement has been duly executed by the parties hereto as
      of
      the day and year first above written.

     

    
      	CHINA
              GROWTH ALLIANCE LTD.
	 
	
              By:
                

            	 
	 	
              Name:
                Bin Zhou

            
	 	
              Title:
                Chairman and Co-Chief Executive Officer

            
	 	 
	
              AMERICAN
                STOCK TRANSFER & TRUST COMPANY

            
	 	 
	
              By:
                

            	 
	
            
	 	
              Name:

            
	 	
              Title:

            
	 	 
	
              INITIAL
                STOCKHOLDERS:

            
	 
	
              FAIR
                VALUE CAPITAL LIMITED

            
	 	 
	 	 
	
              By:
                

            	 	 

	 	
              Name:
                Bin Zhou

            
	 	
              Title:
                Chairman and Co-Chief Executive
                Officer

            

    

    
    

     

    
      	
               

            	
            
	
              Guangzhong
                Qiu

            
	 
	 
	
            
	
              Yuanfei
                Ma

            
	 
	 
	
            
	
              Danlin
                Meng

            

    

     

    
      	
               

            	
            
	
              
                Gordon
                  H. Silver

              

            
	 
	 
	
            
	
              H.
                David Sherman

            
	 
	
               

            

    

    
      
        
        

      

      
        6

        
          

        

      

      
        
        

      

    

     

    EXHIBIT
      A

     

    
      	
               

              Investor

            	 	
              Investors Address

              and Facsimile Number

            
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 

    

     

    
      
        
        

      

      
        7

        
          

        

      

      
        
        

      

    

     

    EXHIBIT
      B

     

    Escrow 
      Agent Fees

     

    
      $[    
        ] annually
        for acting agent escrow fee.

    

     

    Initial
      acceptance fee and first year agent fee to be paid at closing.

    
      
        
        

      

      
        8Unassociated Document

    Exhibit
      10.3

     

    REGISTRATION
      RIGHTS AGREEMENT

     

    This
      REGISTRATION
      RIGHTS AGREEMENT
      (this
“Agreement”)
      is
      entered into as of the [    ] day of [     
],
      2008, by and among China Growth
      Alliance Ltd., a company incorporated under the laws of the Cayman Islands
      (the
“Company”),
      and
      the undersigned individuals and entities listed under “Holders” on the signature
      page hereto (the “Holders”).

     

    WHEREAS,
      the
      Holders currently hold an aggregate of 1,750,000 Ordinary Shares;

     

    WHEREAS,
      certain
      Holders currently hold an aggregate of 2,666,667 warrants (“Warrants”),
      exercisable into an aggregate of 2,666,667 Ordinary Shares (the “Warrant
      Shares”);
      and

     

    WHEREAS,
      the
      Holders and the Company desire to enter into this Agreement to provide the
      Holders with certain rights relating to the registration of Ordinary Shares
      and
      Warrant Shares held 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.

     

    “Business
      Combination”
means
      the acquisition of direct or indirect ownership through a share reconstruction
      or amalgamation capital stock exchange, asset or stock acquisition, contractual
      control arrangement or other similar type of transaction, of an operating
      business or businesses having collectively, a fair market value of at least
      80%
      of the Company’s net assets at the time of such transaction.

     

    “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 2.2.4.

     

    “Indemnified
      Party”
is
      defined in Section 4.3.

     

    “Indemnifying
      Party”
is
      defined in Section 4.3.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

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

     

    “Holder
      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”
means
      the ordinary shares, par value $0.0005 per share, of the Company.

     

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

     

    “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”
mean
      the 1,750,000 Ordinary Shares and 2,666,667 Warrant Shares owned or held by
      Holders prior to the effective date of the Company’s initial public offering of
      securities and/or their permitted assigns, in each case that are eligible for
      registration under the Securities Act and the terms of the Securities Escrow
      Agreement. Registrable Securities include any warrants, shares of capital stock
      or other securities of the Company or any successor thereto 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 Commission makes a definitive
      determination to the Company that the Registrable Securities are saleable under
      Rule 144(k).

     

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

     

    “Release
      Date”
means
      the date on which Ordinary Shares are disbursed from escrow pursuant to the
      Securities Escrow Agreement.

     

    “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.

     

    “Securities
      Escrow Agreement”
means
      that certain Securities Escrow Agreement dated as of [    ],
      2008 by
      and among the parties hereto and American Stock Transfer & Trust
      Company.

     

    “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

        
          

        

      

      
        
        

      

    

     

    2. REGISTRATION
      RIGHTS.

     

    2.1 Demand
      Registration.

     

    2.1.1. Request
      for Registration.
      At any
      time and from time to time on or after each of Release Date, the holders of
      a
      majority-in-interest of the 1,750,000 Ordinary Shares or the 2,666,667 Warrant
      Shares, as the case may be, held by the Holders or the transferees of the
      Holders, 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 and type 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 with respect to the 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 or otherwise with respect thereto; provided,
      however,
      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; and, provided,
      further,
      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 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 Holders have 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 (iv) 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. In such event, the Company need not seek
      effectiveness of such Registration Statement for the benefit of other investors.
      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 Section 2.1.1, provided that
      the
      majority-in-interest of the Demanding Holders electing to so withdraw from
      the
      offering pays all costs and expenses incurred by the Company in connection
      with
      such withdrawn Demand Registration. If the majority-in-interest of the Demanding
      Holders does not pay all costs and expenses incurred by the Company in
      connection with such withdrawn Demand Registration, then it shall count as
      a
      Demand Registration provided for in Section 2.1.1.

    

     

    2.1.6.
       Permitted
      Delays.
      The
      Company shall be entitled to postpone, for up to sixty (60) days, the filing
      of
      any Registration Statement under this Section 2.1, if: (a) at any time prior
      to
      the filing of such Registration Statement the Company’s Board of Directors
      determines, in its good faith business judgment, that such registration and
      offering would materially and adversely affect any financing, acquisition,
      corporate reorganization, or other material transaction involving the Company,
      and (b) the Company delivers to the Demanding Holders written notice thereof
      within five (5) business days of the date of receipt of such request for Demand
      Registration.

     

    
      
        
        

      

      
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    2.2 Piggy-Back
      Registration.

     

    2.2.1. Piggy-Back
      Rights.
      If at
      any time on or after 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 or other securities, if any, including the
      Registrable Securities, as to which registration has been requested pursuant
      to
      the applicable written contractual piggy-back registration rights of such
      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 (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 or other
      securities for the account of other persons that the Company is obligated to
      register pursuant to written contractual piggy-back registration rights with
      such persons (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

     

    (ii) If
      the
      registration is a “demand” registration undertaken at the demand of persons
      other than the holders of Registrable Securities or pursuant to 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; (C) third, to the extent that the Maximum Number
      of Shares has not been reached under the foregoing clauses (A) and (B), the
      Registrable Securities as to which registration has been requested under this
      Section 2.2 (pro
      rata
      in
      accordance with the number of shares of Registrable Securities or Purchase
      Options Securities held by each such holder); and (D) fourth, to the extent
      that
      the Maximum Number of Shares has not been reached under the foregoing clauses
      (A), (B) and (C), the Ordinary Shares or other securities for the account of
      other persons that the Company is obligated to register, if any, as to which
      registration has been requested pursuant to written contractual arrangements
      with such persons that can be sold without exceeding the Maximum Number of
      Shares.

    
      
        
        

      

      
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    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 (whether on its own
      determination or as the result of a withdrawal by persons making a demand
      pursuant to written contractual obligations) 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.

     

    2.2.4. 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 2.2: (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 2.2 shall not be counted as Demand Registrations
      effected pursuant to Section 2.1.

     

    2.2.5.
       Permitted
      Delays.
      The
      Company shall be entitled to postpone, for up to sixty (60) days, the filing
      of
      any Registration Statement under this Section 2.2, if (a) at any time prior
      to
      the filing of such Registration Statement the Company’s Board of Directors
      determines, in its good faith business judgment, that such registration and
      offering would materially and adversely affect any financing, acquisition,
      corporate reorganization, or other material transaction involving the Company,
      and (b) the Company delivers to the holder of the Registrable Securities
      requesting a Piggy-Back Registration, written notice thereof within five (5)
      business days of the date of receipt of such request for Piggy-Back
      Registration.

     

    2.3 No
      Net
      Cash Settlement Value.
      In
      connection with the exercise of the Warrants, the Company will not be obligated
      to deliver securities, and there are no contractual penalties for failure to
      deliver securities, if a registration statement is not effective at the time
      of
      exercise; however, the Company may satisfy its obligation by delivering
      unregistered Ordinary Shares.  In no event will the Company be required to
      net cash settle an exercise of a Warrant.

    
      
        
        

      

      
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    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; provided
      that,
      under
      no circumstances shall the Company effect registration of the Warrants or the
      Warrant Shares pursuant to Section 2 unless at the time of such
      registration, a registration statement relating to the Ordinary Shares issuable
      upon exercise of the warrants sold in the Company’s initial public offering (the
“IPO”)
      is
      effective and a prospectus relating to such shares is available for use by
      the
      Public Warrant holders. In connection with any such request:

     

    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; and,
      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.

    
      
        
        

      

      
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    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.

     

    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,
      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
      Section 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.

     

    3.1.10. 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,
      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 2.2.4 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 2.2.4, any Piggy-Back Registration pursuant
      to
      Section 2.2, and any registration on Form F-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 or whether any or all Holders of Registrable Securities withdraw
      from
      any Registration Statement, 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, Inc. 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.

    
      
        
        

      

      
        10

        
          

        

      

      
        
        

      

    

     

    4. INDEMNIFICATION
      AND CONTRIBUTION.

     

    4.1 Indemnification
      by the Company.
      The
      Company agrees to indemnify and hold harmless each Holder 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 Holder 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, a “Holder
      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 Holder Indemnified Party for any legal
      and any other expenses reasonably incurred by such Holder Indemnified Party
      in
      connection with investigating and defending any such expense, loss, judgment,
      claim, damage, liability or action; provided,
      however,
      that:
      (a) 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 (i)
      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 or (ii) for the use by any selling
      holder of a prospectus in violation of any stop order or other suspension of
      the
      Registration Statement of which the Company made the selling holder aware;
      and
      (b) the foregoing indemnity shall not inure to the benefit of any Holder
      Indemnified Party if a copy of the Prospectus (as then amended or supplemented
      if the Company shall have furnished any amendments or supplements thereto)
      was
      not sent or given by or on behalf of the applicable selling holder to the person
      asserting such expense, loss, claim, damage or liability who purchased the
      Registrable Securities from such selling holder, if required by law so to have
      been delivered at or prior to the written confirmation of the sale of the
      Registrable Securities to such person, and if the Prospectus (as so amended
      or
      supplemented) would have cured the defect giving rise to such expense, loss,
      claim, damage or liability, unless such failure is the result of noncompliance
      by the Company with Section 3.1.3 hereof. The Company also shall indemnify
      any
      Underwriter of the Registrable Securities, their officers, employees,
      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 another
      selling holder or such Underwriter or the Company within the meaning of the
      Securities Act or Section 20 of the Exchange 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 or for the use by
      any
      Holder Indemnified Party of a prospectus in violation of any stop order or
      other
      suspension of the Registration Statement, and shall reimburse the Company,
      its
      directors and officers, and each other selling holder or 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.

    
      
        
        

      

      
        11

        
          

        

      

      
        
        

      

    

     

    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.

     

    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.

    
      
        
        

      

      
        12

        
          

        

      

      
        
        

      

    

     

    5. UNDERWRITING
      AND DISTRIBUTION.

     

    5.1 Rule
      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 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.

     

    6. MISCELLANEOUS.

     

    6.1 Other
      Registration Rights.
      The
      Company represents and warrants that except for the securities issued or
      issuable upon exercise of the Purchase Option to be issued to the underwriters
      of the IPO or their permitted assigns, 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 in accordance with applicable law. This Agreement
      and the provisions hereof shall be binding upon and shall inure to the benefit
      of each of the parties and their respective successors and the permitted assigns
      of the Holder or holder of Registrable Securities or of any assignee of the
      Holder or holder of Registrable Securities. 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.

     

    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 or facsimile transmission, 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 facsimile transmission; 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.

    
      
        
        

      

      
        13

        
          

        

      

      
        
        

      

    

    

    
      	
                To
                the Company:

            	
              CHINA
                GROWTH ALLIANCE LTD.

              Room
                409, 4/F Aetna Tower

              107
                Zunyi Road

              Shanghai,
                200051, China

              Attn:
                Bin Zhou

              Fax
                No.:

            	
              ;
                or

            
	 	 	 
	
               with
                a copy to:

            	
              Ellenoff
                Grossman & Schole LLP

              150
                East 42nd Street, 11th Floor

              New
                York, New York 10017

              Attn:
                Douglas S. Ellenoff, Esq.

              Fax
                No.: (212) 370-7889

            	
              ;
                or

            
	 	 	 
	
              To
                a Holder, to:

            	
              To
                the address on Schedule A hereto

            	 

    

     

    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) constitutes
      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.
      A ny
      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.

    
      
        
        

      

      
        14

        
          

        

      

      
        
        

      

    

     

    6.10 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 Holder 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.

     

    6.11 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, 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.

     

    6.12 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 Holder
      in
      the negotiation, administration, performance or enforcement hereof.

     

    [Signature
      Page Follows]

     

    
      
        
        

      

      
        15

        
          

        

      

      
        
        

      

    

     

    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.

    

    
      	
              CHINA
                GROWTH ALLIANCE LTD.

            
	 	 
	
              By:

            	 

	 	
              Name:

            
	 	
              Title:

            
	 
	
              HOLDERS:

            
	 
	
              FAIR
                VALUE CAPITAL LIMITED

            
	 	 
	
              By:

            	 

	 	
              Name:

            
	 	
              Title:

            
	 
	
              FAIR
                VALUE OPPORTUNITY LTD.

            
	 	 
	
              By:

            	 

	 	
              Name:

            
	 	
              Title:

            
	 
	 

	
              Guangzhong
                Qiu

            
	 
	 

	
              Yuanfei
                Ma

            
	 
	 

	
              Gordon
                H. Silver

            

    

     

    
      
        
        

      

      
        16

        
          

        

      

      
        
        

      

    

    Schedule
      A

    

    SCHEDULE
      OF HOLDERS

     

    
      	
              Holder

            	 	
              Holder’s
                Address

              and
                Facsimile Number

            
	 	 	 
	
              Fair
                Value Capital Limited

              Number
                of Shares: 1,705,000

              Number
                of Warrant Shares: 2,666,667 

            	 	
              Room
                409, 4/F Aetna Tower

              107
                Zunyi Road

              Shanghai,
                China

              (86)
                21-62375842

            
	 	 	 
	
              Fair
                Value Opportunity Ltd.

              Number
                of Warrant Shares: 2,666,667 

            	 	
              Room
                409, 4/F Aetna Tower

              107
                Zunyi Road

              Shanghai,
                China

              (86)
                21-62375842

            
	 	 	 
	
              Guangzhong
                Qiu

              Number
                of Shares: 10,000

            	 	
              c/o:
                Fair Value Capital Ltd.

              Room
                409, 4/F Aetna Tower

              107
                Zunyi Road

              Shanghai,
                China

              (86)
                21-62375842

            
	 	 	 
	
              Yuanfei
                Ma

              Number
                of Shares: 10,000

            	 	
              c/o:
                Fair Value Capital Ltd.

              Room
                409, 4/F Aetna Tower

              107
                Zunyi Road

              Shanghai,
                China

              (86)
                21-62375842

            
	 	 	 
	
              Danlin
                Meng

              Number
                of Shares: 10,000

            	 	
              c/o:
                Fair Value Capital Ltd.

              Room
                409, 4/F Aetna Tower

              107
                Zunyi Road

              Shanghai,
                China

              (86)
                21-62375842

            
	 	 	 
	
              Gordon
                H. Silver

              Number
                of Shares: 25,000
 	 	
              c/o:
                Fair Value Capital Ltd.

              Room
                409, 4/F Aetna Tower

              107
                Zunyi Road

              Shanghai,
                China

              (86)
                21-62375842 

            
	 	 	 
	
              H.
                David Sherman

              Number
                of Shares: 25,000 

            	 	
              c/o:
                Fair Value Capital Ltd.

              Room
                409, 4/F Aetna Tower

              107
                Zunyi Road

              Shanghai,
                China

              (86)
                21-62375842

            

    

    
      
        
        

      

      
        17

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