Document:

EX-10.3

 Exhibit 10.3 

FORM OF 

LOCK-UP AGREEMENT 

                    , 2015 

Cambridge Capital Acquisition Corporation 
 525 South Flagler
Drive, Suite 201 
 West Palm Beach, FL 33401 
 Parakou
Tankers, Inc. 
 609 Fifth Avenue, Suite 1102 
 New York, NY
10017 
 Cambridge Holdco, Inc. 
 525 South Flagler Drive,
Suite 201 
 West Palm Beach, FL 33401 
 Attention:
                     
 Ladies and Gentlemen: 

In connection with the Business Combination Agreement (the “Merger Agreement”), dated as of December 1, 2014, by and
among Cambridge Capital Acquisition Corporation (“Cambridge”), Cambridge Holdco, Inc. (“Holdco”), Cambridge Merger Sub, Inc., Parakou Tankers, Inc. (“Company”) and Mr. Por Liu, to induce the
parties to consummate the transactions contemplated by the Merger Agreement, the undersigned agrees not to, either directly or indirectly, during the “Restricted Period” (as hereinafter defined): 

 

	 	(1)	sell or offer to sell, assign, hypothecate, donate, transfer, including by operation of law, incur any lien, grant any security interest in, pledge, dispose of or otherwise encumber of (all being referred to as a
“Transfer”) any legal or beneficial interest in any shares of Holdco Stock, issued or to be issued to the undersigned or to any other person or entity of which the undersigned is an Affiliate (as defined below), in each case in
connection with the transactions contemplated by the Merger Agreement, (the “Restricted Securities”); for the avoidance of doubt, if any Holdco Stock is acquired by the undersigned after the Closing Date in any open-market
transaction, such Holdco Stock shall not be deemed a “Restricted Security” hereunder, 

  

	 	(2)	enter into any swap or any other agreement or any transaction that transfers, in whole or in part, directly or indirectly, the economic consequence of ownership of any of the Restricted Securities, whether such swap
transaction is to be settled by delivery of any Restricted Securities or other securities of any person, in cash or otherwise, or 

	 	(3)	publicly disclose the intention to make any offer, sale, pledge or disposition, or to enter into any transaction, swap, hedge or other arrangement relating to any of the Restricted Securities (it being understood that
the foregoing shall not prohibit the undersigned from making any such disclosure to the undersigned’s existing or potential shareholders, members, partners, Affiliates, general partners, directors, officers, employees or partners, and their
respective shareholders, members, partners, Affiliates, general partners, directors, officers, employees or partners, in each case on a confidential basis). 

As used herein, “Restricted Period” means the period commencing on the Closing Date and (A) with respect to 50% of such Restricted Securities,
ending on the earlier of (i) the date on which the Closing Price of the shares of Holdco Stock exceeds $13.00 per share (as adjusted for stock splits, stock dividends, reorganizations, recapitalizations and the like) for any 20 trading days
within a 30-trading day period following the Closing Date and (ii) the day preceding the day that is twelve months after the Closing Date and (B) with respect to the remaining 50% of such Restricted Securities, ending on the day preceding
the day that is 12 months after the Closing Date; provided, however, the Restricted Period shall terminate immediately prior to the consummation of a liquidation, merger, stock exchange or other similar transaction that results in any
HoldCo stockholder having the right to exchange their shares of Holdco Stock for cash, securities or other property (including pursuant to an acceptance of a general offer for Restricted Securities made to all holders of such class of securities on
equal terms or provision of an irrevocable undertaking to accept such an offer). 
 For purposes of this Lock-Up Agreement, “Closing
Price” means, with respect to the Restricted Securities, as of the date of determination, (i) if the Restricted Securities are listed on a national securities exchange, the closing price per share of a Restricted Security officially
reported on the principal national securities exchange on which the Restricted Securities are then listed or admitted to trading; or (ii) if the Restricted Securities are not then listed or admitted to trading on any national securities
exchange, the average of the reported closing bid and asked prices of the Restricted Securities on such date on the principal over the counter market on which the Restricted Securities are traded; or (iii) if neither of clause (i) or
(ii) is applicable, a market price per share determined in good faith by the Holdco Board or, if such determination is not satisfactory to the undersigned for whom such determination is being made, by a nationally recognized investment banking
firm mutually selected by Holdco and the undersigned, the expenses for which shall be borne equally by Holdco and the undersigned. If trading is conducted on a continuous basis on any exchange, then the closing price shall be at 4:00 P.M. New York
City time 
 Notwithstanding the foregoing limitations, this Lock-Up Agreement will not prevent any Transfer of any or all of the Restricted
Securities, either during the undersigned’s lifetime or on the undersigned’s death (in the event the undersigned is an individual rather than an entity), (i) in a transaction that does not involve a Public Offering or is not made
through a securities exchange or an over-the-counter securities market, (ii) by gift, will or intestate succession, or by judicial decree, to the undersigned’s beneficiaries or “family members” (as defined below), as applicable,
or to trusts, corporations, partnerships, limited liability companies, family limited partnerships and similar entities primarily for the benefit of the undersigned or the undersigned’s “family

  
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members” or executives of Holdco or any controlled subsidiary of Holdco, or (iii) for philanthropic purposes; provided, however, that in each and any such event it shall be a condition
to the Transfer that the transferee execute an agreement stating that the transferee is receiving and holding the Restricted Securities subject to the provisions of this Lock-Up Agreement. For purposes of this sub-paragraph, “family
member” shall mean any relationship by blood, marriage or adoption, including, but not limited to, spouse, lineal descendants, stepchildren, father, mother, brother or sister of the transferor or of the transferor’s spouse. For purposes of
this Lock-Up Agreement, “Public Offering” means an underwritten public offering of registrable securities pursuant to an effective registration statement under the Securities Act, other than pursuant to a registration statement on Form S-4
or Form S-8 or any similar or successor form. 
 Also notwithstanding the foregoing limitations, in the event the undersigned is an entity
rather than an individual, this Lock-Up Agreement will not prevent any Transfer of any or all of the Restricted Securities to the shareholders, members, Affiliates, directors, officers, employees or partners of such entity or any Affiliate of the
foregoing or Holdco or any controlled subsidiary of Holdco; provided, however, that in each and any such event it shall be a condition to the Transfer that the transferee execute an agreement stating that the transferee is receiving and holding the
Restricted Securities subject to the provisions of this Lock-Up Agreement. 
 Any of the Restricted Securities subject to this Lock-Up
Agreement may be released, from time to time, in whole or part from the terms hereof upon the unanimous written consent of the disinterested members of the Holdco Board (provided that the Restricted Securities held by any entity or individual
executing a Lock-Up Agreement in connection with the Merger Agreement are similarly released from all restrictions on transfer then applicable to such shares). 

The undersigned hereby authorizes Holdco’s transfer agent to apply to any certificates representing Restricted Securities issued to the
undersigned an appropriate legend to reflect the existence and general terms of this Lock-up Agreement. 
 This Lock-Up Agreement shall
automatically terminate and be of no further force or effect upon the earlier to occur of (i) the termination of the Merger Agreement and (ii) the first Business Day following the expiration of the Restricted Period. 

All capitalized terms used herein, but not otherwise defined, shall have the meaning ascribed to them in the Merger Agreement. 

The Lock-Up Agreement shall be binding upon and inure solely to the benefit of each party hereto and their respective heirs, successors,
permitted assigns and legal representatives, and nothing is this Agreement, express or implied, is intended to or shall confer upon any other Person any right, benefit or remedy of any nature whatsoever under or by reason of this Agreement. 

Each party acknowledges and agrees that irreparable damage would occur if any of the provisions of this Agreement are not performed in
accordance with their specific terms and in the event of breach of this Lock-Up Agreement by a party, the other party would not be adequately compensated in all cases by monetary damages alone. Accordingly, in addition to any other

  
 3 

 
right or remedy to which the non-breaching party may be entitled, it shall be entitled to enforce any provision of this Lock-Up Agreement by a decree of specific performance and to temporary,
preliminary and permanent injunctive relief to prevent breaches or threatened breaches of any of the provisions of this Lock-Up Agreement, without posting any bond or other undertaking. 

This Lock-Up Agreement shall be governed by, and construed in accordance with, the Laws of the State of New York applicable to contracts
executed in and to be performed in that State. The parties irrevocably and unconditionally submit to the exclusive jurisdiction of the United States District Court for the Southern District of New York or, if such court does not have jurisdiction,
the New York State Supreme Court in the Borough of Manhattan, in any action arising out of or relating to this Agreement. The parties irrevocably agree that all claims in respect of the interpretation and enforcement of the provisions of this
Agreement will be heard and determined in such a New York federal or State court, and that such jurisdiction of such courts with respect thereto will be exclusive, except solely to the extent that all such courts lawfully decline to exercise such
jurisdiction. Each party hereby waives, and agrees not to assert, as a defense in any action, suit or proceeding for the interpretation or enforcement hereof or of any such document or in respect of any such transaction, that it is not subject to
such jurisdiction. Each party hereby waives, and agrees not to assert, to the maximum extent permitted by Law, as a defense in any action, suit or proceeding for the interpretation or enforcement hereof or any such document or in respect of any such
transaction, that such action, suit or proceeding may not be brought or is not maintainable in such courts or that the venue thereof may not be appropriate or that this Agreement may not be enforces in or by such courts. Each party hereby waives to
the fullest extent permitted by applicable Law any right it may have to a trial by jury with respect to any litigation directly or indirectly arising out of, under or in connection with this Lock-Up Agreement. 

This Lock-Up Agreement may not be amended except by an instrument in writing signed by each of the parties hereto. 

This Lock-Up Agreement constitutes the entire agreement among the parties with respect to the subject matter thereof and supersedes all prior
agreements and undertakings, both written and oral, among the parties, or any of them, with respect to the subject matter hereof. 
 This
Lock-Up Agreement shall not be assigned (whether pursuant to a merger, by operation of Law or otherwise) without the prior written consent of the other parties hereto. Any purported assignment in violation of the foregoing sentence shall be void and
shall not operate to transfer or assign any interest or title to the purported assignee. 
 [Signature page follows] 

  
 4 

 IN WITNESS WHEREOF, the parties here caused this Lock-Up Agreement to be executed as of the date
first written above by their respective officers therein to duly authorized. 
  

			
	  

	POR LIU
	
	CAMBRIDGE CAPITAL LLC
		
	By	 	  

	Name:	 	
	Title:	 	
	
	GORDON FAMILY 2007 TRUST
		
	By	 	  

	Name:	 	
	Title:	 	
	
	  

	MITCHELL GORDON
	
	  

	MICHAEL DURHAM
	
	GANTCHER FAMILY LIMITED PARTNERSHIP
		
	By	 	  

	Name:	 	
	Title:	 	

  
 [Signature Page to
Lock-Up Agreement] 

 
	
	  

	SCOTT LAURANS
	
	  

	BOB HAMMEL
	
	  

	HERB SHEAR
	
	  

	JONATHAN MEEKS
	
	  

	SIDNEY BROWN
	
	  

	DAVID BRODSKY
	
	  

	ELLIOTT BRODSKY
	
	  

	JONATHAN MORRIS
	
	  

	RAMON SUAZO

  
 [Signature Page to
Lock-Up Agreement] 

 
			
	ALEX 2012 TRUST
		
	By	 	  

	Name:	 	
	Title:	 	
	
	RAYMOND AVON VENTURES, LLC
		
	By	 	  

	Name:	 	
	Title:	 	
	
	CAMBRIDGE CAPITAL ACQUISITION CORPORATION, solely for the purposes of enforcement hereof
		
	By	 	  

	Name:	 	
	Title:	 	
	
	PARAKOU TANKERS, INC., solely for the purposes of enforcement hereof
		
	By	 	  

	Name:	 	
	Title:	 	
	
	CAMBRIDGE HOLDCO, INC., solely for the purposes of enforcement hereof
		
	By	 	  

	Name:	 	
	Title:	 	

  
 [Signature Page to
Lock-Up Agreement]EX-10.4

 Exhibit 10.4 

FORM OF 

REGISTRATION RIGHTS AGREEMENT 

REGISTRATION RIGHTS AGREEMENT, dated as of [—], 2015, by and between Cambridge Holdco,
Inc., a Marshall Islands company (the “Company”), and the undersigned parties listed under Holders on the signature page hereto (each, a “Holder” and collectively, the “Holders”). 

WHEREAS, this Agreement has been executed and delivered simultaneously with the execution and delivery of the Merger Agreement, and this
Agreement will become effective upon the Closing; 
 WHEREAS, in accordance with the terms of the Merger Agreement, (i) the Initial
Cambridge Stockholders will receive the Initial Cambridge Stockholder Company Shares and (ii) the Parakou Shareholders will receive the Parakou Shareholders Company Shares; 

WHEREAS, in accordance with the terms of the Merger Agreement, each of the Initial Cambridge Stockholders and the Parakou Shareholders may
receive certain Contingent Shares. 
 WHEREAS, the Holders and the Company desire to enter into this Agreement to provide the Holders with
certain rights relating to the registration of the Initial Cambridge Stockholders Company Shares, the Parakou Shareholders Company Shares, the Initial Cambridge Stockholders Warrants and the shares of Common Stock issuable upon exercise of the
Cambridge Initial Stockholders Warrants, respectively, held by them. 
 NOW, THEREFORE, in consideration of the premises and the covenants
hereinafter contained and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, and intending to be legally bound hereby, it is agreed as follows: 

1. Definitions. 
 (a)
Unless otherwise defined herein, the terms below shall have the following meanings (such meanings being equally applicable to both the singular and plural form of the terms defined): 

“Affiliate” means, with respect to any specified Person, any other Person that directly, or indirectly through one or more
intermediaries, Controls, is Controlled by, or is under common Control with, such specified Person. 
 “Agreement” means
this Registration Rights Agreement, including all amendments, modifications and supplements and any exhibits or schedules to any of the foregoing. 

“Business Day” means any day that is not a Saturday, a Sunday or other day on which banks are required or authorized by Law
to be closed in New York, New York. 
 “Cambridge” means Cambridge Capital Acquisition Corporation, a Delaware corporation.

 “Closing” means the closing of the transactions contemplated by the Merger
Agreement. 
 “Common Stock” means the common stock, par value $0.0001per share, of the Company. 

“Contingent Shares” means shares of Common Stock issued to the Initial Cambridge Stockholders and the Parakou Shareholders in
accordance with the terms of the Merger Agreement. 
 “Control” (including the terms “Controlled by” and
“under common Control with”) means the possession, directly or indirectly, or as trustee or executor, of the power to direct or cause the direction of the management and policies of a Person, whether through the ownership of voting
securities, as trustee or executor, by contract or credit arrangement or otherwise. 
 “Exchange Act” means the Securities
Exchange Act of 1934, as amended, and all rules and regulations promulgated thereunder. 
 “Initial Cambridge Stockholders”
means Cambridge Capital LLC, Gordon Family 2007 Trust, Gantcher Family Limited Partnership, Scott Laurans, Bob Hammel, Herb Shear, Jonathan Meeks, Sidney Brown, David Brodsky, Elliott Morris, Jonathan Morris, Ramon Suazo and EarlyBirdCapital, Inc.

 “Initial Cambridge Stockholders Company Shares” means the shares of Common Stock issuable to the Initial Cambridge
Stockholders in accordance with the terms of the Merger Agreement in exchange for shares of common stock of Cambridge (a) issued or transferred to the Initial Cambridge Stockholders in October and November 2013 or (b) issued by Cambridge
to the Initial Cambridge Stockholders on December 23 or 30, 2013 as part of private units, and in each case outstanding immediately prior to the Closing. 

“Initial Cambridge Stockholders Company Warrants” means the warrants originally issued by Cambridge to the Initial Cambridge
Stockholders on December 23 or 30, 2013 as part of private units and, upon the Closing, exercisable for shares of Common Stock. 

“Initial Cambridge Stockholders Lock-Up Period” means the date upon which the Initial Cambridge Stockholders are permitted to
sell, in accordance with the terms of the Lock-Up Agreement, dated as of the date hereof, among Cambridge, the Company, Parakou and each Initial Cambridge Stockholder, 50% or more of the Restricted Securities (as defined therein). 

“Merger Agreement” means the Business Combination Agreement dated as of December 1, 2014 by and among Cambridge, the
Company, Cambridge Merger Sub, Inc., Parakou and Por Liu. 
 “NASD” means the National Association of Securities Dealers,
Inc., or any successor entity thereof. 
 “Parakou” means Parakou Tankers, Inc., a Marshall Islands corporation. 

“Parakou Shareholders” means Por Liu. 

  
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 “Parakou Shareholders Company Shares” means the shares of Common Stock issuable
to the Parakou Shareholders upon the Closing and in accordance with the terms of the Merger Agreement. 
 “Parakou Shareholders
Lock-Up Period” means the date upon which the Parakou Shareholders are permitted to sell, in accordance with the terms of the Lock-Up Agreement, dated as of the date hereof, among Cambridge, the Company, Parakou and the Parakou
Shareholders, 50% or more of the Restricted Securities (as defined therein). 
 “Person” means an individual, corporation,
partnership, limited partnership, limited liability company, syndicate, person (including, without limitation, a “person” as defined in Section 13(d)(3) of the Exchange Act), trust, association or entity or government, political
subdivision, agency or instrumentality of a government. 
 “Registrable Securities” mean (a) all of the Initial
Cambridge Stockholders Company Shares, the Parakou Shareholders Company Shares and any shares of Common Stock issuable upon exercise of the Initial Cambridge Stockholders Company Warrants (b) all Contingent Shares and (c) any Securities
issuable or issued or distributed in respect of any of the Common Stock identified in clause (a) or (b) by way of stock dividend or stock split or in connection with a combination of shares, recapitalization, reorganization, merger,
consolidation or otherwise. For purposes of this Agreement, (i) Registrable Securities shall cease to be Registrable Securities when a Registration Statement covering such Registrable Securities has been declared effective under the Securities
Act by the SEC and such Registrable Securities have been disposed of pursuant to such effective Registration Statement and (ii) the Registrable Securities of a Holder shall not be deemed to be Registrable Securities at any time when the entire
amount of such Registrable Securities proposed to be sold by such Holder in a single sale constitute less than 1% of the then outstanding shares of Common Stock and are or, in the opinion of counsel satisfactory to the Company and such Holder, each
in their reasonable judgment, may be, so distributed to the public pursuant to Rule 144 (or any successor provision then in effect) under the Securities Act in any three month period or any such Registrable Securities have been sold in a sale made
pursuant to Rule 144 of the Securities Act. 
 “Registration Statement” means the Demand Registration Statement, the
Piggy-Back Registration Statement and/or the Shelf Registration Statement, as the case may be. 
 “Securities Act” means
the Securities Act of 1933, as amended, and all rules and regulations promulgated thereunder. 
 “SEC” means the Securities
and Exchange Commission, or any successor thereto. 
 “Unit Purchase Option” means the Unit Purchase Option dated
December 23, 2012 issued by Cambridge to EarlyBirdCapital, Inc. as supplemented on the date hereof by the Company, Cambridge and EarlyBirdCapital, Inc. 

  
 -3- 

 (b) The following terms have the meanings set forth in the Section set forth opposite such term:

  

			
	 Term
	  	 Section

	Blackout Period	  	§4
	Company	  	Preamble
	Demand for Registration	  	§2(c)
	Demand Registration	  	§2(a)
	Demand Registration Statement	  	§2(a)
	Holder	  	Preamble
	Indemnified Party	  	§8(c)
	Indemnifying Party	  	§8(c)
	Maximum Number of Securities	  	§2(e)
	Option Securities	  	§2(e)
	Participating Demand Holders	  	§2(a)
	Participating Piggy-Back Holders	  	§3(b)
	Piggy-Back Registration	  	§3(a)
	Piggy-Back Registration Statement	  	§3(a)
	Pro Rata	  	§2(e)
	Shelf Registration	  	§2(b)
	Shelf Registration Statement	  	§2(b)

 2. Demand Registration. 

(a) Each of (i) the Holders of a majority-in-interest of the Parakou Shareholders Company Shares held by Holders from and after
expiration of the Parakou Shareholders Lock-Up Period and (ii) the Holders of a majority-in-interest of Cambridge Stockholders Company Shares held by Holders from and after the expiration of the Initial Cambridge Stockholders Lock-Up Period,
may from time to time make a written request from a Holder requesting that the Company effect a registration (a “Demand Registration”) under the Securities Act covering all or part of the Registrable Securities which specifies the
intended method or methods of disposition thereof, the Company shall promptly notify all Holders in writing of the receipt of such request and each such Holder, in lieu of exercising its rights under Section 3 hereof may elect (by written
notice sent to the Company within ten Business Days from the date of such Holder’s receipt of the aforementioned notice from the Company) to have all or part of such Holder’s Registrable Securities included in such registration thereof
pursuant to this Section 2, and such Holder shall specify in such notice the number of Registrable Securities that such Holder elects to include in such registration. Thereupon the Company shall, as expeditiously as is possible, but in any
event no later than 30 days (excluding any days which occur during a permitted Blackout Period under Section 4 below) after receipt of a written request for a Demand Registration, file with the SEC and use its reasonable efforts to cause to be
declared effective, a registration statement (a “Demand Registration Statement”) relating to all shares of Registrable Securities which the Company has been so requested to register by such Holders (“Participating Demand
Holders”) for sale, to the extent required to permit the disposition (in accordance with the intended method or methods thereof, as aforesaid) of the Registrable Securities so registered, provided, however, that the aggregate
value of the Registrable Securities requested to be registered (i) be at least US $10,000,000, based on the closing trading price of the Common Stock on the date the demand to file such Demand Registration Statement is made or (ii) include
all Registrable Securities which remain outstanding at such time. 

  
 -4- 

 (b) Any Demand Registration Statement may be required by Participating Demand Holders to be in an
appropriate form under the Securities Act (a “Shelf Registration Statement”) relating to any or all of the Registrable Securities in accordance with the methods and distribution set forth in the Shelf Registration Statement and Rule
415 under the Securities Act (the “Shelf Registration”). 
 (c) The Company shall not be obligated to effect more than five
registrations of Registrable Securities pursuant to this Section 2 (each, a “Demand for Registration”), three with respect to the Holders described in clause (i) of Section 2(a) and two with respect to the Holders
described in clause (ii) of Section 2(a); provided, that a registration requested pursuant to this Section 2 shall not be deemed to have been effected for purposes of this Section 2(c) unless (i) it has been declared
effective by the SEC, (ii) it has remained effective for the period set forth in Section 5(a), (iii) Holders of Registrable Securities included in such registration have not withdrawn sufficient shares from such registration such that
the remaining holders requesting registration would not have been able to request registration under the provisions of Section 2, and (iv) the offering of Registrable Securities pursuant to such registration is not subject to any stop
order, injunction or other order or requirement of the SEC (other than any such stop order, injunction, or other requirement of the SEC prompted by act or omission of Holders of Registrable Securities). 

(d) If a majority-in-interest of the Participating Demand 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 Participating Demand Holders proposing
to distribute their Registrable Securities through such underwriting shall enter into an underwriting agreement in customary form with the Underwriter or Underwriters selected for such underwriting by a majority-in-interest of the Holders initiating
the Demand Registration. 
 (e) If the managing Underwriter or Underwriters for a Demand Registration that is to be an underwritten offering
advises the Company and the Participating Demand Holders in writing that the dollar amount or number of shares of Registrable Securities which the Participating Demand Holders desire to sell, taken together with all other shares of Common Stock or
other securities which the Company desires to sell and the shares of Common Stock, if any, as to which registration has been requested pursuant to written contractual piggy-back registration rights held by other stockholders 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 in any material respect, 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 Participating Demand Holders (pro rata in accordance with the number of shares that each such Person has requested be included in such registration, regardless of the number of shares held by
each such Person (such proportion is referred to herein as “Pro Rata”) that can be sold without exceeding the Maximum Number of 

  
 -5- 

 
Shares; (ii) second, to the extent that the Maximum Number of Shares has not been reached under the foregoing clause (i), the shares of Common Stock 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 shares of Common Stock or
other securities registrable pursuant to the terms of the Unit Purchase Option (such registrable securities, the “Option Securities”) as to which “piggy-back” registration has been requested by the holders thereof, Pro
Rata, 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 shares of Common Stock or other
securities for the account of other persons that the Company is obligated to register pursuant to written contractual arrangements with such persons and that can be sold without exceeding the Maximum Number of Shares. 

(f) Notwithstanding anything to the contrary contained herein, the Company shall not be required to prepare and file (i) more than two
Demand Registration Statements in any twelve-month period, or (ii) any Demand Registration Statement within 90 days following the date of effectiveness of any other Registration Statement. 

3. Piggy-Back Registration. 

(a) If the Company proposes to file on its behalf and/or on behalf of any holder of its securities (other than a holder of Registrable
Securities) a registration statement under the Securities Act on any form (other than a registration statement on Form S-4 or S-8 or any successor form for securities to
be offered in a transaction of the type referred to in Rule 145 under the Securities Act or to employees of the Company pursuant to any employee benefit plan, respectively) for the registration of Common Stock (a “Piggy-Back
Registration”), it will give written notice to all Holders at least 20 days before the initial filing with the SEC of such piggy-back registration statement (a “Piggy-Back Registration Statement”), which notice shall set
forth the intended method of disposition of the securities proposed to be registered by the Company. The notice shall offer to include in such filing the aggregate number of shares of Registrable Securities as such Holders may request. 

(b) Each Holder desiring to have Registrable Securities registered under this Section 3 (“Participating Piggy-Back
Holders”) shall advise the Company in writing within ten days after the date of receipt of such offer from the Company, setting forth the amount of such Registrable Securities for which registration is requested. The Company shall thereupon
include in such filing the number or amount of Registrable Securities for which registration is so requested, subject to paragraph (c) below, and shall use its reasonable efforts to effect registration of such Registrable Securities under the
Securities Act. 
 (c) 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 shares of Common Stock which the Company desires to sell, taken together with shares of Common Stock, 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 3, and the shares of
Common Stock, if any, as 

  
 -6- 

 
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 shares of Common Stock 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 shares of Common Stock or other securities, if any, comprised of 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, 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 shares of Common
Stock or other securities, if any, comprised of Option Securities, as to which registration has been requested pursuant to the applicable written contractual piggy-back registration rights of such security holders, Pro Rata, that can be sold without
exceeding the Maximum Number of Shares; 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 shares of Common Stock 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 and that can be sold without exceeding the Maximum Number of Shares; 

(ii) If the registration is a “demand” registration undertaken at the demand of holders of Option Securities,
(A) first, the shares of Common Stock or other securities for the account of the demanding persons, Pro Rata, 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 shares of Common Stock 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 shares of Registrable Securities, Pro Rata, as to which registration has been requested pursuant to the terms hereof, that can be sold without exceeding the Maximum
Number of Shares; 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 shares of Common Stock or other securities for the account of other persons that the
Company is obligated to register pursuant to written contractual arrangements with such persons, that can be sold without exceeding the Maximum Number of Shares; and 

(iii) If the registration is a “demand” registration undertaken at the demand of persons other than either the
holders of Registrable Securities or of Option Securities, (A) first, the shares of Common Stock or other securities for the account of the demanding persons that can be sold without exceeding the

  
 -7- 

 
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 shares of Common Stock 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), collectively the shares
of Common Stock or other securities comprised of Registrable Securities, Pro Rata, as to which registration has been requested pursuant to the terms hereof that can be sold without exceeding the Maximum Number of Shares; and (D) fourth, to the
extent that the Maximum Number of Shares has not been reached under the foregoing clauses (A), (B) and (C), collectively the shares of Common Stock or other securities comprised of Option Securities, Pro Rata, as to which registration has been
requested pursuant to the terms hereof and of the Unit Purchase Option, as applicable, that can be sold without exceeding the Maximum Number of Shares; and (E) to the extent that the Maximum Number of Shares has not been reached under the
foregoing clauses (A), (B), (C) and (D), the shares of Common Stock or other securities for the account of other persons that the Company is obligated to register pursuant to written contractual arrangements with such persons, that can be sold
without exceeding the Maximum Number of Shares. 
 (d) The Company will not hereafter enter into any agreement, which is inconsistent with
the rights of priority provided in paragraph (c) above. 
 4. Blackout Periods. The Company shall have the right to delay the
filing or effectiveness of a Registration Statement required pursuant to Sections 2 or 3 hereof during no more than two periods aggregating to not more than 90 days in any twelve-month period (a “Blackout Period”) in the event that, in the
good faith judgment of the Company’s Board of Directors, there is a reasonable likelihood that disclosure in the prospectus, or any other action to be taken in connection with the prospectus, would materially and adversely affect or interfere
with any financing, acquisition, merger, disposition of assets (not in the ordinary course of business), corporate reorganization or other similar transaction involving the Company; provided, however, that the Company shall delay during such
Blackout Period the filing or effectiveness of any Registration Statement required pursuant to the registration rights of the holders of any Securities of the Company. The Company shall promptly give the Holders written notice of such determination
containing a general statement of the reasons for such postponement and an approximation of the anticipated delay. 
 5. Registration
Procedures. If the Company is required by the provisions of Section 2 or 3 to use its reasonable efforts to effect the registration of any of its securities under the Securities Act, the Company will, as expeditiously as possible: 

(a) prepare and file with the SEC a Registration Statement with respect to such securities and use its reasonable efforts to cause such
Registration Statement promptly to become and remain effective for a period of time required for the disposition of such securities by the holders thereof but not to exceed 30 days (except with respect to a Shelf Registration Statement which shall
remain effective for a period not to exceed 180 days); provided, however, that before filing such registration statement or any amendments thereto (for purposes of this 

  
 -8- 

 
subsection, amendments shall not be deemed to include any filing that the Company is required to make pursuant to the Exchange Act), the Company shall furnish the representatives of the Holders
referred to in Section 5(m) copies of all documents proposed to be filed, which documents will be subject to the review of such counsel. The Company shall not be deemed to have used its reasonable efforts to keep a Registration Statement
effective during the applicable period if it voluntarily takes any action that would result in the Holders of such Registrable Securities not being able to sell such Registrable Securities during that period, unless such action is required under
applicable law; 
 (b) prepare and file with the SEC such 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 to comply with the provisions of the Securities Act with respect to the sale or other disposition of all securities covered by such Registration Statement
until the earlier of such time as all of such securities have been disposed of in a public offering or the expiration of 30 days (except with respect to the Shelf Registration Statement, for which such period shall be 90 days); 

(c) furnish to such selling security holders such number of conformed copies of the applicable Registration Statement and each such amendment
and supplement thereto (including in each case all exhibits), and of a summary prospectus or other prospectus, including a preliminary prospectus, in conformity with the requirements of the Securities Act, and such other documents, as such selling
security holders may reasonably request; 
 (d) use its reasonable efforts to register or qualify the securities covered by such
Registration Statement under such other securities or blue sky laws of such jurisdictions within the United States and Puerto Rico as each Holder of such securities shall reasonably request, to keep such registration or qualification in effect for
so long as such Registration Statement remains in effect, and to take any other action which may be reasonably necessary to enable such seller to consummate the disposition in such jurisdictions of the securities owned by such Holder
(provided, however, that the Company shall not be required in connection therewith or as a condition thereto to qualify to do business, subject itself to taxation in or to file a general consent to service of process in any
jurisdiction wherein it would not but for the requirements of this Section 5(d) be obligated to do so; and provided, further, that the Company shall not be required to qualify such Registrable Securities in any jurisdiction in
which the securities regulatory authority requires that any Holder submit any shares of its Registrable Securities to the terms, provisions and restrictions of any escrow, lockup or similar agreement(s) for consent to sell Registrable Securities in
such jurisdiction unless such Holder agrees to do so), and do such other reasonable acts and things as may be required of it to enable such Holder to consummate the disposition in such jurisdiction of the securities covered by such Registration
Statement; 
 (e) furnish, at the request of any Holder requesting registration of Registrable Securities pursuant to Section 2 or 3,
if the method of distribution is by means of an underwriting, on the date that the shares of Registrable Securities are delivered to the underwriters for sale pursuant to such registration, or if such Registrable Securities are not being sold
through underwriters, on the date that the registration statement with respect to such shares of Registrable Securities becomes effective, (i) a signed opinion, dated such date, of the 

  
 -9- 

 
independent legal counsel representing the Company for the purpose of such registration, addressed to the underwriters, if any, and if such Registrable Securities are not being sold through
underwriters, then to the Holders making such request, as to such matters as such underwriters or the Holders holding a majority of the Registrable Securities included in such registration, as the case may be, may reasonably request and as would be
customary in such a transaction; and (ii) letters dated such date and the date the offering is priced from the independent certified public accountants of the Company, addressed to the underwriters, if any, and if such Registrable Securities
are not being sold through underwriters, then to the Holders making such request and, if such accountants refuse to deliver such letters to such Holders, then to the Company (A) stating that they are independent certified public accountants
within the meaning of the 1933 Act and that, in the opinion of such accountants, the financial statements and other financial data of the Company included in the Registration Statement or the prospectus, or any amendment or supplement thereto,
comply as to form in all material respects with the applicable accounting requirements of the 1933 Act and (B) covering such other financial matters (including information as to the period ending not more than five Business Days prior to the
date of such letters) with respect to the registration in respect of which such letter is being given as such underwriters or the Holders holding a majority of the Registrable Securities included in such registration, as the case may be, may
reasonably request and as would be customary in such a transaction; 
 (f) enter into customary agreements (including if the method of
distribution is by means of an underwriting, 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; 

(g) otherwise use its reasonable efforts to comply with all applicable rules and regulations of the SEC, and make earnings statements
satisfying the provisions of Section 11(a) of the Securities Act generally available to the Holders no later than 45 days after the end of any twelve-month period (or 90 days, if such period is a fiscal year) (i) commencing at the end of
any fiscal quarter in which Registrable Securities are sold to underwriters in an underwritten public offering, or (ii) if not sold to underwriters in such an offering, beginning with the first month of the Company’s first fiscal quarter
commencing after the effective date of the Registration Statement, which statements shall cover said twelve-month periods; 
 (h) use its
reasonable efforts to cause all such Registrable Securities to be listed on each securities exchange or quotation system on which similar securities issued by the Company are listed or traded; 

(i) give written notice to the Holders: 

(i) when such Registration Statement or any amendment thereto has been filed with the SEC and when such Registration Statement
or any post-effective amendment thereto has become effective; 
 (ii) of any request by the SEC for amendments or supplements
to such Registration Statement or the prospectus included therein or for additional information; 

  
 -10- 

 (iii) of the issuance by the SEC of any stop order suspending the effectiveness
of such Registration Statement or the initiation of any proceedings for that purpose; 
 (iv) of the receipt by the Company
or its legal counsel of any notification with respect to the suspension of the qualification of the Common Stock for sale in any jurisdiction or the initiation or threatening of any proceeding for such purpose; and 

(v) of the happening of any event that requires the Company to make changes in such Registration Statement or the prospectus in
order to make the statements therein not misleading (which notice shall be accompanied by an instruction to suspend the use of the prospectus until the requisite changes have been made); 

(j) use its reasonable efforts to prevent the issuance or obtain the withdrawal of any order suspending the effectiveness of such Registration
Statement at the earliest possible time; 
 (k) furnish to each Holder, without charge, at least one copy of such Registration Statement and
any post-effective amendment thereto, including financial statements and schedules, and, if the Holder so requests in writing, all exhibits (including those, if any, incorporated by reference); 

(l) upon the occurrence of any event contemplated by Section 5(i)(v) above, promptly prepare a post-effective amendment to such
Registration Statement or a supplement to the related prospectus or file any other required document so that, as thereafter delivered to the Holders, the prospectus will not contain an untrue statement of a material fact or omit to state any
material fact necessary to make the statements therein, in light of the circumstances under which they were made, not misleading. If the Company notifies the Holders in accordance with Section 5(i)(v) above to suspend the use of the prospectus
until the requisite changes to the prospectus have been made, then the Holders shall suspend use of such prospectus and use their reasonable efforts to return to the Company all copies of such prospectus (at the Company’s expense) other than
permanent file copies then in such Holder’s possession, and the period of effectiveness of such Registration Statement provided for above shall be extended by the number of days from and including the date of the giving of such notice to the
date Holders shall have received such amended or supplemented prospectus pursuant to this Section 5(l); 
 (m) make reasonably
available for inspection by the representatives of the Holders, any underwriter participating in any disposition pursuant to such Registration Statement and any attorney, accountant or other agent retained by such representative or any such
underwriter all relevant financial and other records, pertinent corporate documents and properties of the Company and cause the Company’s officers, directors and employees to supply all relevant information reasonably requested by such
representative or any such underwriter, attorney, accountant or agent in connection with the registration; and 

  
 -11- 

 (n) in connection with any underwritten offering, make appropriate officers of the Company
available to the selling security holders for meetings with prospective purchasers of the Registrable Securities and prepare and present to potential investors customary “road show” material in each case in accordance with the
recommendations of the underwriters and in all respects in a manner consistent with other new issuances of securities in an offering of a similar size to such offering of the Registrable Securities, in connection with any proposed sale of the
Registrable Securities in an aggregate offering of at least US $10,000,000; and 
 (o) use reasonable efforts to procure the cooperation of
the Company’s transfer agent in settling any offering or sale of Registrable Securities, including with respect to the transfer of physical stock certificates into book-entry form in accordance with any procedures reasonably requested by the
Holders or the underwriters. 
 It shall be a condition precedent to the obligation of the Company to take any action pursuant to this
Agreement in respect of the Securities which are to be registered at the request of any Holder that such Holder shall furnish to the Company such information regarding the Securities held by such Holder and the intended method of disposition thereof
as the Company shall reasonably request and as shall be required in connection with the action taken by the Company. 
 6. Expenses.
All expenses incurred in connection with each registration pursuant to Sections 2 and 3 of this Agreement, excluding underwriters’ discounts and commissions, but including without limitation all registration, filing and qualification fees, word
processing, duplicating, printers’ and accounting fees (including the expenses of any special audits or “comfort” letters required by or incident to such performance and compliance), fees of the NASD or listing fees, messenger and
delivery expenses, all fees and expenses of complying with state securities or blue sky laws, fees and disbursements of counsel for the Company, fees and expenses of the Company and the underwriters relating to “road show” investor
presentations, including the cost of any aircraft chartered for such purpose, and the fees and disbursements of one counsel for the selling Holders (which counsel shall be selected by a majority in interest of the Holders initiating the Demand
Registration), shall be paid by the Company, except that: 
 (a) all such expenses in connection with any amendment or supplement to a
Registration Statement or prospectus filed more than 30 (or in the case of a Shelf Registration Statement, 90 days) days after the effective date of such Registration Statement because any Holder has not effected the disposition of the Registrable
Securities requested to be registered shall be paid by such Holder; and 
 (b) The Holders shall bear and pay the underwriting commissions
and discounts applicable to securities offered for their account in connection with any registrations, filings and qualifications made pursuant to this Agreement. 

7. Rule 144 Information. At all times after 90 days after any Registration Statement covering securities of the Company shall have
become effective, the Company agrees to: 
 (a) make and keep public information available, as those terms are understood and defined in
Rule 144 under the Securities Act; 

  
 -12- 

 (b) use its best efforts to file with the SEC in a timely manner all reports and other documents
required of the Company under the Securities Act and the Exchange Act; and 
 (c) furnish to each Holder of Registrable Securities forthwith
upon request a written statement by the Company as to its compliance with the reporting requirements of such Rule 144 and of the Securities Act and the Exchange Act, a copy of the most recent annual or quarterly report of the Company, and such
other reports and documents so filed by the Company as such Holder may reasonably request in availing itself of any rule or regulation of the SEC allowing such Holder to sell any Registrable Securities without registration. 

8. Indemnification and Contribution. 

(a) The Company shall indemnify and hold harmless each Holder, such Holder’s directors and officers, each person who participates in the
offering of such Registrable Securities, including underwriters (as defined in the Securities Act), and each person, if any, who controls such Holder or participating person within the meaning of the Securities Act, against any losses, claims,
damages or liabilities, joint or several, to which they may become subject under the Securities Act or otherwise, insofar as such losses, claims, damages or liabilities (or proceedings in respect thereof) arise out of or are based on any untrue or
alleged untrue statement of any material fact contained in such registration statement on the effective date thereof (including any prospectus filed under Rule 424 under the Securities Act or any amendments or supplements thereto) or arise out
of or are based upon the omission or alleged omission to state therein a material fact required to be stated therein or necessary to make the statements therein not misleading, and shall reimburse each such Holder, such Holder’s directors and
officers, such participating person or controlling person for any legal or other expenses reasonably incurred by them in connection with investigating or defending any such loss, claim, damage, liability or action; provided, however,
that the indemnity agreement contained in this Section 8(a) shall not apply to amounts paid in settlement of any such loss, claim, damage, liability or action if such settlement is effected without the consent of the Company (which consent
shall not be unreasonably withheld); provided, further, that the Company shall not be liable to any Holder, such Holder’s directors and officers, participating person or controlling person in any such case for any such loss,
claim, damage, liability or action to the extent that it arises out of or is based upon an untrue statement or alleged untrue statement or omission or alleged omission made in connection with such registration statement, preliminary prospectus,
final prospectus or amendments or supplements thereto, in reliance upon and in conformity with written information furnished expressly for use in connection with such registration by any such Holder, such Holder’s directors and officers,
participating person or controlling person. Such indemnity shall remain in full force and effect regardless of any investigation made by or on behalf of any such Holder, such Holder’s directors and officers, participating person or controlling
person, and shall survive the transfer of such securities by such Holder. 
 (b) Each Holder requesting or joining in a registration
severally and not jointly shall indemnify and hold harmless the Company, each of its directors and officers, each person, if any, who controls the Company within the meaning of the Securities Act, and each agent and any underwriter for the Company
(within the meaning of the Securities Act) against any losses, claims, damages or liabilities, joint or several, to which the Company or any such director, officer, controlling person, agent or underwriter may become subject, under the

  
 -13- 

 
Securities Act or otherwise, insofar as such losses, claims, damages or liabilities (or proceedings in respect thereof) arise out of or are based upon any untrue statement or alleged untrue
statement of any material fact contained in such registration statement on the effective date thereof (including any prospectus filed under Rule 424 under the Securities Act or any amendments or supplements thereto) or arise out of or are based
upon the omission or alleged omission to state therein a material fact required to be stated therein or necessary to make the statements therein not misleading, in each case to the extent, but only to the extent, that such untrue statement or
alleged untrue statement or omission or alleged omission was made in such registration statement, preliminary or final prospectus, or amendments or supplements thereto, in reliance upon and in conformity with written information furnished by or on
behalf of such Holder expressly for use in connection with such registration; and each such Holder shall reimburse any legal or other expenses reasonably incurred by the Company or any such director, officer, controlling person, agent or underwriter
in connection with investigating or defending any such loss, claim, damage, liability or action; provided, however, that the indemnity agreement contained in this Section 8(b) shall not apply to amounts paid in settlement of any
such loss, claim, damage, liability or action if such settlement is effected without the consent of such Holder (which consent shall not be unreasonably withheld), and provided, further, that the liability of each Holder hereunder
shall be limited to the proportion of any such loss, claim, damage, liability or expense which is equal to the proportion that the net proceeds from the sale of the shares sold by such Holder under such registration statement bears to the total net
proceeds from the sale of all securities sold thereunder, but not in any event to exceed the net proceeds received by such Holder from the sale of Registrable Securities covered by such registration statement. 

(c) If the indemnification provided for in this Section 8 from the indemnifying party (the “Indemnifying Party”) is
unavailable to any Person entitled to indemnification hereunder (the “Indemnified Party”) in respect of any losses, claims, damages, liabilities or expenses referred to therein, then the 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 losses, claims, damages, liabilities or expenses in such proportion as is appropriate to reflect the relative fault of the
Indemnifying Party and Indemnified Parties in connection with the actions which resulted in such losses, claims, damages, liabilities or expenses, as well as any other relevant equitable considerations. The relative fault of such Indemnifying Party
and Indemnified Parties shall be determined by reference to, among other things, whether any action in question, including any untrue or alleged untrue statement of a material fact or omission or alleged omission to state a material fact, has been
made by, or relates to information supplied by, such Indemnifying Party or Indemnified Parties, and the parties’ relative intent, knowledge, access to information and opportunity to correct or prevent such action. The amount paid or payable by
a party as a result of the losses, claims, damages, liabilities and expenses referred to above shall be deemed to include any legal or other fees or expenses reasonably incurred by such party in connection with any investigation or proceeding. If
the allocation provided in this paragraph (c) is not permitted by applicable law, the parties shall contribute based upon the relevant benefits received by the Company from the initial offering of the Securities on the one hand and the net
proceeds received by the Holders from the sale of Securities on the other. The parties hereto agree that it would not be just and equitable if contribution pursuant to this Section 8(c) 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 paragraph. 

  
 -14- 

 
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. 
 (d) The Indemnified Party agrees to give prompt written notice to the Indemnifying Party after the receipt
by the Indemnified Party of any written notice of the commencement of any action, suit, proceeding or investigation or threat thereof made in writing for which the Indemnified Party intends to claim indemnification or contribution pursuant to this
Agreement; provided, that the failure so to notify the Indemnified Party shall not relieve the Indemnifying Party of any liability that it may have to the Indemnifying Party hereunder unless such failure is materially prejudicial to the
Indemnifying Party. If notice of commencement of any such action is given to the Indemnifying Party as above provided, the Indemnifying Party shall be entitled to participate in and, to the extent it may wish, to assume the defense of such action at
its own expense, with counsel chosen by it and reasonably satisfactory to such Indemnified Party. The Indemnified Party shall have the right to employ separate counsel in any such action and participate in the defense thereof, but the fees and
expenses of such counsel shall be paid by the Indemnified Party unless (i) the Indemnifying Party agrees to pay the same, (ii) the Indemnifying Party fails to assume the defense of such action, or (iii) the named parties to any such
action (including any impleaded parties) have been advised by such counsel that either (A) representation of such Indemnified Party and the Indemnifying Party by the same counsel would be inappropriate under applicable standards of professional
conduct or (B) there are one or more legal defenses available to it which are substantially different from or additional to those available to the Indemnifying Party. No Indemnifying Party shall be liable for any settlement entered into without
its written consent, which consent shall not be unreasonably withheld. 
 (e) The agreements contained in this Section 8 shall survive
the transfer of the Registered Securities by any Holder and sale of all the Registrable Securities pursuant to any registration statement and shall remain in full force and effect, regardless of any investigation made by or on behalf of any Holder
or such director, officer or participating or controlling Person. 
 9. Certain Additional Limitations on Registration Rights.
Notwithstanding the other provisions of this Agreement, the Company shall not be obligated to register the Registrable Securities of any Holder (i) if such Holder or any underwriter of such Registrable Securities shall fail to furnish to the
Company necessary information in respect of the distribution of such Registrable Securities, or (ii) if such registration involves an underwritten offering, such Registrable Securities are not included in such underwritten offering on the same
terms and conditions as shall be applicable to the other Securities being sold through underwriters in the registration or such Holder fails to enter into an underwriting agreement in customary form with the underwriter or underwriters selected for
such underwritten offering. In addition, each Holder agrees not to effect any public sale or distribution of any Registrable Securities or of any securities convertible into or exchangeable or exercisable for such Registrable Securities, including a
sale pursuant to Rule 144 under the Securities Act and to enter into a customary lock-up agreement with the managing underwriter for an offering, during the 90-day period beginning on the effective date of any Demand Registration Statement
(initiated by such Holder) or Piggy-Back Registration Statement or other underwritten offering (initiated by the Company) (except as part of such registration), and the Company agrees to use its reasonable efforts to cause its

  
 -15- 

 
executive officers to enter into a lock-up agreement of the same term, in each case if and to the extent requested by the managing underwriter for such offering and if the Company and its
directors, executive officers and other significant stockholders enter into similar agreements. 
 10. Limitations on Registration of
Other Securities; Representation. From and after the date of this Agreement, the Company shall not, without the prior written consent of a majority in interest of the Holders, enter into any agreement with any holder or prospective holder of any
securities of the Company giving such holder or prospective holder any registration rights the terms of which are as or more favorable taken as a whole than the registration rights granted to the Holders hereunder unless the Company shall also give
such rights to the Holders hereunder. 
 11. No Inconsistent Agreements. The Company will not hereafter enter into any agreement with
respect to its securities, which is inconsistent in any material respects with the rights granted to the Holders in this Agreement. 
 12.
Selection of Managing Underwriters. In the event the Participating Demand Holders have requested an underwritten offering, the underwriter or underwriters shall be selected by the Company and shall be approved by a majority-in-interest of the
Holders initiating a Demand Registration, which approval shall not be unreasonably withheld or delayed, provided, that (a) all of the representations and warranties by, and the other agreements on the part of, the Company to and for the benefit
of such underwriters shall also be made to and for the benefit of such Holders of Registrable Securities, (b) any or all of the conditions precedent to the obligations of such underwriters under such underwriting agreement shall be conditions
precedent to the obligations of such Holders of Registrable Securities, and (c) no Holder shall be required to make any representations or warranties to or agreements with the Company or the underwriters other than representations, warranties
or agreements regarding such Holder, the Registrable Securities of such Holder and such Holder’s intended method of distribution and any other representations required by law. Subject to the foregoing, all Holders proposing to distribute
Registrable Securities through such underwritten offering shall enter into an underwriting agreement in customary form with the underwriter or underwriters. If any Holder of Registrable Securities disapproves of the terms of the underwriting, such
Holder may elect to withdraw all its Registrable Securities by written notice to the Company, the managing underwriter and the other Holders participating in such registration. The securities so withdrawn shall also be withdrawn from registration.

 13. Miscellaneous. 

(a) Specific Performance. The parties acknowledge and agree that irreparable damage would occur if any of the provisions of this
Agreement are not performed in accordance with their specific terms and in the event of breach of this Agreement by a party, the other party would not be adequately compensated in all cases by monetary damages alone. Accordingly, in addition to any
other right or remedy to which the non-breaching party may be entitled, it shall be entitled to enforce any provision of this Agreement by a decree of specific performance and to temporary, preliminary and permanent injunctive relief to prevent
breaches or threatened breaches of any of the provisions of this Agreement, without posting any bond or other undertaking. 

  
 -16- 

 (b) Amendments and Waivers. (i) Any provision of this Agreement may be amended if,
and only if, such amendment is in writing and signed, by the Company, the Holders of a majority-in-interest of the Holders described in clause (i) of Section 2(a) and the Holders of a majority-in-interest of the Holders described in clause
(ii) of Section 2(a). 
 (ii) Any party to this Agreement may waive any right of 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, signed by such party, and specifically refers to this Agreement. No failure or delay by any party in exercising any right,
power or privilege hereunder (other than a failure or delay beyond a period of time specified herein) shall operate as a waiver thereof and no single or partial exercise thereof shall preclude any other or further exercise thereof or the exercise of
any other right, power or privilege. The rights and remedies herein provided shall be cumulative and not exclusive of any rights or remedies provided by law. 

(c) Notice Generally. All notices and other communications hereunder shall be in writing and shall be deemed to have been duly given
and received (a) upon receipt, if delivered personally, (b) two Business Days after deposit in the mail, if sent by registered or certified mail, (c) on the next Business Day after deposit with an overnight courier, if sent by
overnight courier, (d) upon transmission and confirmation of receipt, if sent by facsimile or email transmission prior to 6:00 p.m., local time, in the place of receipt, or (e) on the next Business Day following transmission and
conformation of receipt, if facsimile or email transmission after 6:00 p.m., local time, in the place of receipt; provided that the notice of other communication is sent to the address, facsimile number or email address set forth
beneath the name of such party below (or to such other address, facsimile number or email address as such party shall have specified in a written notice to the other parties in accordance with this Section 13(c)): 

(i) If to any Holder, at its last known address appearing on the books of the Company maintained for such purpose. 

(ii) If to the Company, at 
  

			
	 Cambridge Holdco, Inc.
 609 Fifth
Avenue, Suite 1102
 New York, NY 10017

	Attention:	  	Greg McGrath
	Facsimile:	  	+1.646.429.9325
	Email:	  	gmcgrath@parakoutankers.com
	
	 with a copy to:

	
	 Jones Day
 222 E 41st Street

New York, NY 10017

	Attention:	  	Alex Gendzier
	Facsimile:	  	+1.212.326.3998
	 Email:
	  	agendzier@jonesday.com

  
 -17- 

 or at such other address as may be substituted by notice given as herein provided. 

(d) Successors and Assigns; Third Party Beneficiaries. This Agreement shall inure to the benefit of and be binding upon the successors
and permitted assigns of the parties hereto as hereinafter provided. The registration rights of any Holder with respect to any Registrable Securities shall be transferred to any Person who is the transferee of such Registrable Securities. All of the
obligations of the Company hereunder shall survive any such transfer. Except as provided in Section 8, no Person other than the parties hereto and their successors and permitted assigns is intended to be a beneficiary of this Agreement.

 (e) Headings. The descriptive headings contained in this Agreement are included for convenience of reference only and shall not
affect in any way the meaning or interpretation of this Agreement. 
 (f) Governing Law; Jurisdiction; Waiver of Jury Trial. This
Agreement shall be governed by, and construed in accordance with, the laws of the State of New York applicable to contracts executed in and to be performed in that State. The parties irrevocably and unconditionally submit to the exclusive
jurisdiction of the United States District Court for the Southern District of New York or, if such court does not have jurisdiction, the New York State Supreme Court in the Borough of Manhattan, in any Action arising out of or relating to this
Agreement. The parties irrevocably agree that all claims in respect of the interpretation and enforcement of the provisions of this Agreement or with respect to any such action or proceeding, will be heard and determined in such a New York federal
or State court, and that such jurisdiction of such courts with respect thereto will be exclusive, except solely to the extent that all such courts lawfully decline to exercise such jurisdiction. Each party hereby waives, and agrees not to assert, as
a defense in any action, suit or proceeding for the interpretation or enforcement hereof or of any such document or in respect of any such transaction, that it is not subject to such jurisdiction. Each party hereby waives, and agrees not to assert,
to the maximum extent permitted by law, as a defense in any action, suit or proceeding for the interpretation or enforcement hereof or of any such document or in respect of any such transaction, that such action, suit or proceeding may not be
brought or is not maintainable in such courts or that the venue thereof may not be appropriate or that this Agreement or any such document may not be enforced in or by such courts. The parties hereby consent to and grant any such court jurisdiction
over the Person of such parties and over the subject matter of any such dispute and agree that mailing of process or other papers in connection with any such action or proceeding in the manner provided in Section 13(i) or in such other manner
as may be permitted by law, will be valid and sufficient service thereof. 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 litigation directly or
indirectly arising out of, under or in connection with this Agreement. Each of the parties hereto (a) certifies that no representative, agent or attorney of any other party has represented, expressly or otherwise, that such other party would
not, in the event of litigation, seek to enforce that foregoing waiver and (b) acknowledges that it and the other hereto have been induced to enter into this Agreement and the Transactions, as applicable, by, among other things, the mutual
waivers and certifications in this Section 13(f). 

  
 -18- 

 (g) Severability. If any term or other provision of this Agreement is held to be invalid,
illegal or incapable of being enforced by any rule of law, or public policy, all other conditions and provisions of this Agreement shall nevertheless remain in full force and effect so long as the economic or legal substance of the transactions is
not affected in any manner materially adverse to any party. Upon a determination that any term or other provision is invalid, illegal or incapable of being enforced, the parties hereto shall negotiate in good faith to modify this Agreement so as to
effect the original intent of the parties as closely as possible in a mutually acceptable manner in order that the transactions contemplated hereby be consummated as originally contemplated to the fullest extent possible. 

(h) Entire Agreement. This Agreement constitutes the entire agreement among the parties with respect to the subject matter hereof and
supersedes all prior agreements and undertakings, both written and oral, among the parties, or any of them, with respect to the subject matter hereof. 

(i) Assignment. This Agreement shall not be assigned (whether pursuant to a merger, by operation of law or otherwise) without the prior
written consent of the other parties hereto. 
 (j) Cumulative Remedies. The rights and remedies provided by this Agreement are
cumulative and the use of any one right or remedy by any party shall not preclude or waive its right to use any or all other remedies. Said rights and remedies are given in addition to any other rights the parties may have by law, statute, ordinance
or otherwise. 
 (k) Counterparts. This Agreement may be executed and delivered (including by facsimile transmission) in one or more
counterparts, and by the different parties hereto in separate counterparts, each of which when executed shall be deemed to be an original but all of which taken together shall constitute one and the same agreement. 

(l) Further Assurances. In connection with this Agreement and the transactions contemplated hereby, each party shall execute and
deliver any additional documents and instruments reasonably requested by any other party and perform any additional acts that may be reasonably necessary or appropriate to effectuate and perform the provisions of this Agreement and the transactions
contemplated hereby. 
 (m) Effectiveness. This Agreement shall become effective only upon the Closing. In the event the Merger
Agreement is terminated prior to the Closing, this Agreement shall terminate without any further actions by any of the parties hereto and no party shall have any liability or further obligation to any party to this Agreement. 

(n) Termination of Cambridge Registration Rights Agreement. Upon the Closing and the effectiveness of this Agreement, the registration
rights agreement dated December 23, 2013 among Cambridge and the Initial Cambridge Stockholders shall terminate and be of no further force and effect. 

[Signature appears on next page] 

  
 -19- 

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

					
	CAMBRIDGE HOLDCO, INC.
		
	By:	 	  

		 	Name:	 	
		 	Title:	 	
	
	  

	POR LIU
	
	CAMBRIDGE CAPITAL LLC
		
	By:	 	  

		 	Name:	 	Benjamin Gordon
		 	Title:	 	Chief Executive Officer
	
	GORDON FAMILY 2007 TRUST
		
	By:	 	  

		 	Name:	 	Jonathan Morris
		 	Title:	 	Trustee
		
		 	  

		 	MITCHELL GORDON
		
		 	  

		 	MICHAEL J. DURHAM
	
	GANTCHER FAMILY LIMITED
	PARTNERSHIP
		
	By:	 	  

		 	Name:	 	Nathan Gantcher
		 	Title:	 	Managing Member of Gantcher
		 		 	Family Partners, LLC, General Partner

  
 [Signature Page to
Registration Rights Agreement] 

					
		
		 	  

		 	SCOTT LAURANS
		
		 	  

		 	BOB HAMMEL
		
		 	  

		 	HERB SHEAR
		
		 	  

		 	JONATHAN MEEKS
		
		 	  

		 	SIDNEY BROWN
		
		 	  

		 	DAVID BRODSKY
		
		 	  

		 	ELLIOTT BRODSKY
		
		 	  

		 	JONATHAN MORRIS
		
		 	  

		 	RAMON SUAZO
	
	ALEX 2012 TRUST
		
	By:	 	  

		 	Name:	 	Robert Alan Romanoff
		 	Title:	 	Trustee

  
 [Signature Page to
Registration Rights Agreement] 

 
					
	RAYMOND AVON VENTURES, LLC
		
	By:	 	  

		 	Name:	 	Raymond Mancini
		 	Title:	 	President
	
	EARLYBIRDCAPITAL, INC.
		
	By:	 	  

		 	Name:	 	
		 	Title:	 	
	
	GRAUBARD MILLER
		
	By:	 	  

		 	Name:	 	Jeffrey Gallant
		 	Title:	 	Partner

  
 [Signature Page to
Registration Rights Agreement]

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