Document:

Exhibit 4.3

 

 

Consent of Independent Registered
Public Accounting Firm

We have issued our
report dated March 17, 2020, with respect to the financial statement of SmartTrust 470 contained in Amendment No. 1 to the Registration
Statement on Form S-6 (File No. 333-235523) and related Prospectus. We consent to the use of the aforementioned report in the Registration
Statement and Prospectus, and to the use of our name as it appears under the caption “Independent Registered Public Accounting
Firm”.

 

/s/ Grant
Thornton LLP

 

Chicago, Illinois

March 17, 2020EXHIBIT 10.1

LOCK-UP AGREEMENT

THIS LOCK-UP AGREEMENT
(this “Agreement”) is made and entered into as of March 10, 2020, by and among (i) Lion Group Holding
Ltd., a Cayman Islands exempted company (“Pubco”), (ii) Shih-Chung Chou, in the capacity under
the Business Combination Agreement (as defined below) as the Purchaser Representative (including any successor Purchaser Representative
appointed in accordance therewith, the “Purchaser Representative”), and (iii) the undersigned (“Holder”).
Any capitalized term used but not defined in this Agreement will have the meaning ascribed to such term in the Business Combination
Agreement.

WHEREAS,
on or about the date hereof, Proficient Alpha Acquisition Corp., a Nevada corporation (“Purchaser”),
the Purchaser Representative, Pubco, Lion MergerCo 1, Inc., a Delaware corporation and a wholly-owned subsidiary of Pubco (“Merger
Sub”), Lion Financial Group Limited, a corporation organized under the laws of the British Virgin Islands (the “Company”),
Wang Jian and Legend Success Ventures Limited, each in the capacity thereunder as the Seller Representative, and the shareholders
of the Company named as Sellers therein (the “Sellers”), including Holder, entered into that certain
Business Combination Agreement (as amended from time to time in accordance with the terms thereof, the “Business Combination
Agreement”), pursuant to which, subject to the terms and conditions thereof, among other matters, (a) Merger Sub
will merge with and into Purchaser, with Purchaser continuing as the surviving entity (the “Merger”),
and as a result of which, (i) Purchaser will become a wholly-owned subsidiary of Pubco, and (ii) each issued and outstanding security
of Purchaser immediately prior to the effective time of the Merger will no longer be outstanding and will automatically be cancelled,
in exchange for the right of the holder thereof to receive a substantially equivalent security of Pubco, and (b) Pubco will acquire
all of the issued and outstanding capital shares of the Company from the Sellers in exchange for ordinary shares of Pubco (the
“Share Exchange”), subject to the withholding of the Escrow Shares being deposited in the Escrow Account
in accordance with the terms and conditions of the Business Combination Agreement and the Escrow Agreement, all upon the terms
and subject to the conditions set forth in the Business Combination Agreement and in accordance with the provisions of applicable
law;

WHEREAS,
as of the date hereof, Holder is a Seller under the Business Combination Agreement and a holder of the Company Shares in such amounts
as set forth underneath Holder’s name on the signature page hereto; and

WHEREAS,
pursuant to the Business Combination Agreement, and in view of the valuable consideration to be received by Holder thereunder,
the parties desire to enter into this Agreement, pursuant to which the Exchange Shares to be issued to Holder in the Share Exchange,
including the Escrow Shares and any additional Exchange Shares issued after the Closing pursuant to Section 2.5 of the Business
Combination Agreement (all such securities, together with any securities paid as dividends or distributions with respect to such
securities or into which such securities are exchanged or converted, the “Restricted Securities”) shall
become subject to limitations on disposition as set forth herein.

 

    	 	 (1)	 

    	 	 	 

    

 

NOW, THEREFORE,
in consideration of the premises set forth above, which are incorporated in this Agreement as if fully set forth below, and intending
to be legally bound hereby, the parties hereby agree as follows:

1.                  
Lock-Up Provisions.

(a)               
Holder hereby agrees not to, during the period (the “Lock-Up Period”) commencing from the Closing
and ending on the earlier of (x) the six (6) month anniversary of the date of the Closing, and (y) the date after the Closing on
which Pubco consummates a liquidation, merger, share exchange or other similar transaction with an unaffiliated third party that
results in all of Pubco’s stockholders having the right to exchange their equity holdings in Pubco for cash, securities or
other property: (i) lend, offer, pledge (except as provided herein below), hypothecate, encumber, donate, assign, sell, contract
to sell, sell any option or contract to purchase, purchase any option or contract to sell, grant any option, right or warrant to
purchase, or otherwise transfer or dispose of, directly or indirectly, any Restricted Securities, (ii) enter into any swap
or other arrangement that transfers to another, in whole or in part, any of the economic consequences of ownership of the Restricted
Securities, or (iii) publicly disclose the intention to do any of the foregoing, whether any such transaction described in
clauses (i), (ii) or (iii) above is to be settled by delivery of Restricted Securities or other securities, in cash or otherwise
(any of the foregoing described in clauses (i), (ii) or (iii), a “Prohibited Transfer”). The foregoing
sentence shall not apply to the transfer of any or all of the Restricted Securities owned by Holder (other than Escrow Shares until
such Escrow Shares are disbursed to Holder from the Escrow Account in accordance with the terms and conditions of the Business
Combination Agreement and the Escrow Agreement) (I) by gift, will or intestate succession upon the death of Holder, (II) to any
Permitted Transferee (defined below), (III) pursuant to a court order or settlement agreement related to the distribution of assets
in connection with the dissolution of marriage or civil union or (IV) to Pubco in accordance with the requirements of the Business
Combination Agreement; provided, however, that in any of cases (I), (II) or (III) it shall be a condition to such transfer that
the transferee executes and delivers to Pubco and the Purchaser Representative an agreement stating that the transferee is receiving
and holding the Restricted Securities subject to the provisions of this Agreement applicable to Holder, and there shall be no further
transfer of such Restricted Securities except in accordance with this Agreement. As used in this Agreement, the term “Permitted
Transferee” shall mean: (A) the members of Holder’s immediate family (for purposes of this Agreement, “immediate
family” shall mean with respect to any natural person, any of the following: such person’s spouse, the siblings of
such person and his or her spouse, and the direct descendants and ascendants (including adopted and step children and parents)
of such person and his or her spouses and siblings), (B) any trust for the direct or indirect benefit of Holder or the immediate
family of Holder, (C) if Holder is a trust, to the trustor or beneficiary of such trust or to the estate of a beneficiary of such
trust, (D) if Holder is an entity, as a distribution to limited partners, shareholders, members of, or owners of similar equity
interests in Holder upon the liquidation and dissolution of Holder or (E) to any affiliate of Holder. Holder further agrees to
execute such agreements as may be reasonably requested by Pubco or the Purchaser Representative that are consistent with the foregoing
or that are necessary to give further effect thereto. Notwithstanding the foregoing, a Holder may pledge its Restricted Securities
to a third party during the Lock-up Period, provided that the party to whom the Restricted Securities are pledged acknowledges
and agrees in writing that the Restricted Securities are subject to this Agreement and that such third party shall not be entitled
to enforce its rights and remedies with respect to the Restricted Securities, including, without limitation, the right to vote,
sell or take ownership of such Restricted Securities, until after the Lock-Up Period.

(b)               
Holder further acknowledges and agrees that it shall not be permitted to engage in any Prohibited Transfer with respect
to any Escrow Shares until such Escrow Shares are disbursed to Holder from the Escrow Account in accordance with the terms and
conditions of the Business Combination Agreement and the Escrow Agreement.

(c)               
If any Prohibited Transfer is made or attempted contrary to the provisions of this Agreement, such purported Prohibited
Transfer shall be null and void ab initio, and Pubco shall refuse to recognize any such purported transferee of the Restricted
Securities as one of its equity holders for any purpose. In order to enforce this Section 1, Pubco may impose stop-transfer
instructions with respect to the Restricted Securities of Holder (and Permitted Transferees and assigns thereof) until the end
of the Lock-Up Period.

 

    	 	 (2)	 

    	 	 	 

    

 

(d)               
During the Lock-Up Period (and with respect to any Escrow Shares, if longer, during the period when such Escrow Shares are
held in the Escrow Account), each certificate evidencing any Restricted Securities shall be stamped or otherwise imprinted with
a legend in substantially the following form, in addition to any other applicable legends:

“THE SECURITIES REPRESENTED
BY THIS CERTIFICATE ARE SUBJECT TO RESTRICTIONS ON TRANSFER SET FORTH IN A LOCK-UP AGREEMENT, DATED AS OF MARCH 10, 2020, BY AND
AMONG THE ISSUER OF SUCH SECURITIES (THE “ISSUER”), A CERTAIN REPRESENTATIVE OF THE ISSUER NAMED THEREIN AND THE ISSUER’S
SECURITY HOLDER NAMED THEREIN, AS AMENDED. A COPY OF SUCH LOCK-UP AGREEMENT WILL BE FURNISHED WITHOUT CHARGE BY THE ISSUER TO THE
HOLDER HEREOF UPON WRITTEN REQUEST.”

(e)               
For the avoidance of any doubt, Holder shall retain all of its rights as a stockholder of Pubco with respect to the Restricted
Securities during the Lock-Up Period, including the right to vote any Restricted Securities, but subject to the obligations under
the Business Combination Agreement and the Escrow Agreement.

2.                  
Miscellaneous.

(a)               
Termination of Business Combination Agreement. This Agreement shall be binding upon Holder upon Holder’s execution
and delivery of this Agreement, but this Agreement shall only become effective upon the Closing. Notwithstanding anything to the
contrary contained herein, in the event that the Business Combination Agreement is terminated in accordance with its terms prior
to the Closing, this Agreement shall automatically terminate and become null and void, and the parties shall not have any rights
or obligations hereunder.

(b)               
Binding Effect; Assignment. This Agreement and all of the provisions hereof shall be binding upon and inure to the
benefit of the parties hereto and their respective permitted successors and assigns. This Agreement and all obligations of Holder
are personal to Holder and may not be transferred or delegated by Holder at any time. Pubco may freely assign any or all of its
rights under this Agreement, in whole or in part, to any successor entity (whether by merger, consolidation, equity sale, asset
sale or otherwise) without obtaining the consent or approval of Holder (but from and after the Closing, the consent of the Purchaser
Representative shall be required). If the Purchaser Representative is replaced in accordance with the terms of the Business Combination
Agreement, the replacement Purchaser Representative shall automatically become a party to this Agreement as if it were the original
Purchaser Representative hereunder.

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

(d)               
Governing Law; Jurisdiction. This Agreement and any dispute or controversy arising out of or relating to this Agreement
shall be governed by and construed in accordance with the laws of the State of Delaware, without regard to the conflict of law
principles thereof. All Actions arising out of or relating to this Agreement shall be heard and determined exclusively in the Court
of Chancery of the State of Delaware, or to the extent such Court does not have subject matter jurisdiction, any federal court
within the State of Delaware (and any courts having jurisdiction over appeals therefrom) (the “Specified Courts”).
Each party hereto hereby (i) submits to the exclusive jurisdiction of any Specified Court for the purpose of any Action arising
out of or relating to this Agreement brought by any party hereto and (ii) irrevocably waives, and agrees not to assert by
way of motion, defense or otherwise, in any such Action, any claim that it is not subject personally to the jurisdiction of the
above-named courts, that its property is exempt or immune from attachment or execution, that the Action is brought in an inconvenient
forum, that the venue of the Action is improper, or that this Agreement or the transactions contemplated hereby may not be enforced
in or by any Specified Court. Each party agrees that a final judgment in any Action shall be conclusive and may be enforced in
other jurisdictions by suit on the judgment or in any other manner provided by Law. Each party irrevocably consents to the service
of the summons and complaint and any other process in any other action or proceeding relating to the transactions contemplated
by this Agreement, on behalf of itself, or its property, by personal delivery of copies of such process to such party at the applicable
address set forth in Section 2(g). Nothing in this Section 2(d) shall affect the right of any party
to serve legal process in any other manner permitted by applicable law.

 

    	 	 (3)	 

    	 	 	 

    

 

(e)               
WAIVER OF JURY TRIAL. EACH OF THE PARTIES HERETO HEREBY WAIVES TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW
ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY WITH RESPECT TO ANY ACTION DIRECTLY OR INDIRECTLY ARISING OUT OF, UNDER OR IN CONNECTION
WITH THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY. EACH PARTY HERETO (i) CERTIFIES THAT NO REPRESENTATIVE OF ANY OTHER
PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF ANY ACTION, SEEK TO ENFORCE THAT
FOREGOING WAIVER AND (ii) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY,
AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION 2(e).

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

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

	
        If to the Purchaser Representative, to:

        Shih-Chung Chou

        Room 2306, G13, Wan Ke Jin Se Meng Xiang, Luo Gang Huangpu District,
        Guangzhou, China, 51000

        Telephone No.: +8613901935428

        Email: Watson.chou@paac-us.com
	
        With a copy to (which shall not constitute notice):

        Ellenoff Grossman & Schole LLP

        1345 Avenue of the Americas, 11th Floor

        New York, New York 10105

        Attn: Barry I. Grossman, Esq.

        Matthew A. Gray, Esq.

        Facsimile No.: (212) 370-7889

        Telephone No.: (212) 370-1300

        Email: bigrossman@egsllp.com

        mgray@egsllp.com

	
        If to Pubco at or prior to the Closing:

        Lion Financial Group Limited

        Unit A-C, 33/F, Tower A, Billion Center, 1 Wang Kwong Road,           

        Kowloon Bay, Hong Kong

        Attention: Wang Jian / Wilson Wang / Rover Luo / Alex Lee

        Facsimile No.:  +852 2796 2338

        Telephone No.:  +852 2820 9088 / +852 9690 0900 / +852 2820 9001 / +852 2820 9099

        Email:  *** / *** / rover.luo@libkr.com
        / alex.lee@libkr.com

        and

        the Purchaser Representative
	
        with a copy (which will not constitute notice) to:

        Kirkland & Ellis LLP

        601 Lexington Avenue

        New York, NY 10022

        Attn: James Hu; Christian Nagler

        Facsimile No.: +1 (212) 446-6460

        Telephone No.: +1 (212) 909-3341

        Email:james.hu@kirkland.com; cnagler@kirkland.com

        and

        Kirkland & Ellis International LLP

        26th Floor, Gloucester Tower, The Landmark

        15 Queen's Road Central

        Hong Kong

        Attn: Ben James

        Facsimile No.: +852-3761-3301

        Telephone No.: +852-3761-3412

        Email:ben.james@kirkland.com

        and

        the Purchaser Representative (and its copy for notice hereunder)

 

	

 

    	 	 (4)	 

    	 	 	 

    

 

	
        If to Pubco after the Closing:

        Lion Group Holding Ltd.

Unit A-C, 33/F, Tower A, Billion Center, 1 Wang Kwong Road,             Kowloon Bay, Hong Kong

Attention: Wang Jian / Wilson Wang / Rover Luo / Alex Lee

Facsimile No.:  +852 2796 2338

Telephone No.:  +852 2820 9088 / +852 9690 0900 / +852 2820 9001 / +852 2820 9099

        Email: 
        ***/ *** / rover.luo@libkr.com / alex.lee@libkr.comand

        the Purchaser Representative
	
        with a copy (which will not constitute notice) to:

        Kirkland & Ellis LLP

        601 Lexington Avenue

        New York, NY 10022

        Attn: James Hu; Christian Nagler

        Facsimile No.: +1 (212) 446-6460

        Telephone No.: +1 (212) 909-3341

        Email:james.hu@kirkland.com; cnagler@kirkland.com

        and

        Kirkland & Ellis International LLP

        26th Floor, Gloucester Tower, The Landmark

        15 Queen's Road Central

        Hong Kong

        Attn: Ben James

        Facsimile No.: +852-3761-3301

        Telephone No.: +852-3761-3412

        Email:ben.james@kirkland.com

        and

        the Purchaser Representative (and its copy for notice hereunder)

	
        If to Holder, to:

        the address set forth below Holder’s name on the signature
        page to this Agreement.
	
        with a copy (which will not constitute notice) to:

        Kirkland & Ellis LLP

        601 Lexington Avenue

        New York, NY 10022

        Attn: James Hu; Christian Nagler

        Facsimile No.: +1 (212) 446-6460

        Telephone No.: +1 (212) 909-3341

        Email:james.hu@kirkland.com; cnagler@kirkland.com

        and

        Kirkland & Ellis International LLP

        26th Floor, Gloucester Tower, The Landmark

        15 Queen's Road Central

        Hong Kong

        Attn: Ben James

        Facsimile No.: +852-3761-3301

        Telephone No.: +852-3761-3412

        Email:ben.james@kirkland.com

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

    	 	 (5)	 

    	 	 	 

    

 

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

(j)                
Specific Performance. Holder acknowledges that its obligations under this Agreement are unique, recognizes and affirms
that in the event of a breach of this Agreement by Holder, money damages will be inadequate and Pubco (and the Purchaser Representative
on behalf of Pubco) will have no adequate remedy at law, and agrees that irreparable damage would occur in the event that any of
the provisions of this Agreement were not performed by Holder in accordance with their specific terms or were otherwise breached.
Accordingly, each of Pubco and the Purchaser Representative shall be entitled to an injunction or restraining order to prevent
breaches of this Agreement by Holder and to enforce specifically the terms and provisions hereof, without the requirement to post
any bond or other security or to prove that money damages would be inadequate, this being in addition to any other right or remedy
to which such party may be entitled under this Agreement, at law or in equity.

(k)               
Entire Agreement. This Agreement constitutes the full and entire understanding and agreement among the parties with
respect to the subject matter hereof, and any other written or oral agreement relating to the subject matter hereof existing between
the parties is expressly canceled; provided, that, for the avoidance of doubt, the foregoing shall not affect the rights
and obligations of the parties under the Business Combination Agreement or any Ancillary Document. Notwithstanding the foregoing,
nothing in this Agreement shall limit any of the rights or remedies of Pubco and the Purchaser Representative or any of the obligations
of Holder under any other agreement between Holder and Pubco or the Purchaser Representative or any certificate or instrument executed
by Holder in favor of Pubco or the Purchaser Representative, and nothing in any other agreement, certificate or instrument shall
limit any of the rights or remedies of Pubco or the Purchaser Representative or any of the obligations of Holder under this Agreement.

(l)                
Further Assurances. From time to time, at another party’s request and without further consideration (but at
the requesting party’s reasonable cost and expense), each party shall execute and deliver such additional documents and take
all such further action as may be reasonably necessary to consummate the transactions contemplated by this Agreement.

(m)             
Counterparts; Facsimile.  This Agreement may also be executed and delivered by facsimile signature or by email
in portable document format in two or more counterparts, each of which shall be deemed an original, but all of which together shall
constitute one and the same instrument.

{Remainder of Page Intentionally
Left Blank; Signature Pages Follow}

 

    	 	 (6)	 

    	 	 	 

    

 

IN WITNESS WHEREOF,
the parties have executed this Lock-Up Agreement as of the date first written above.

 

	 	 	Pubco:

	 	 	 
	 	 	 	 	 	 
	 	 	LION GROUP
        HOLDING LTD.

	 	 	 
	 	 	 	 	 	 
	 		By: /s/ Wang Jian	 	 	 
	 		Name: Wang Jian	 	 	 
	 		Title: Director	 	 	 

 

 

	 	 	The Purchaser
                           Representative:

	 	 	 
	 	 	 	 	 	 
	 	 	/s/ Shih-Chung Chou	 	 	 
	 	 	 	 	 	 
	 	 	Shih-Chung Chou, solely in the capacity
        under the Business Combination Agreement as the Purchaser Representative

	 	 	 

 

{Additional Signature on the Following
Page}

 

 

 

    	 	 (7)	 

    	 	 	 

    

 

 

IN WITNESS WHEREOF,
the parties have executed this Lock-Up Agreement as of the date first written above.  

 

	Holder:	 
	 	 
	Name of Holder: Wang Jian	 
	 	 
	By: /s/ Wang Jian	 
	Name: Wang Jian	 

 

 

	Number and Type of Company Shares Owned:	 
	 	 
	Company Ordinary Shares:	 
	 	 
	 	 
	Address for Notice:	 
	 	 
	Address:	 
	 	 
	 	 
	 	 
	 	 
	Facsimile No:	 
	 	 
	 	 
	Telephone No:	 
	 	 
	 	 
	Email:	 
	 	 

 

 

 

    	 	 (8)

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