Document:

EX-10.1

 Exhibit 10.1 

AMENDMENT NO. 1 
 TO

 COLLABORATION, DEVELOPMENT AND LICENSE AGREEMENT 

THIS AMENDMENT NO. 1 TO COLLABORATION, DEVELOPMENT AND LICENSE AGREEMENT (this “Amendment”) is made and entered into as of
August 11, 2015, by and between ZP Opco, Inc., a Delaware corporation (“Zosano”), and Eli Lilly and Company (“Lilly”). Capitalized terms used but not otherwise defined herein shall have the meanings given to
such terms in the Collaboration Agreement (as defined below). 
 WHEREAS, Zosano and Lilly are parties to that certain Collaboration,
Development and License Agreement, dated as of November 21, 2014, by and between Zosano and Lilly (the “Collaboration Agreement”); 

WHEREAS, Zosano and Lilly desire to amend certain provisions of the Collaboration Agreement relating to Critical Success Factor 3 and
governance/oversight of the Manufacture of commercial supplies of the Daily Product, as set forth herein; and 
 WHEREAS, Section 16.5
of the Collaboration Agreement provides that the Collaboration Agreement may only be modified or amended in writing signed by Zosano and Lilly. 

NOW, THEREFORE, in consideration of the foregoing premises and the mutual covenants contained herein, and for other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, the Parties agree as follows: 
 1. Amendment of
Collaboration Agreement. The Collaboration Agreement is hereby amended as follows: 
 1.1. The first sentence of part 1 (Process
Development) of CSF 3 (CMC/Manufacturing), as set forth in Schedule 3.3.1 attached to the Collaboration Agreement, is deleted in its entirety and replaced with the following: 

“Parties to agree upon process development plan within eight (8) months after the Effective Date.” 

1.2. The first sentence of subpart a.iv (Key Performance Indicators) of part 1 (Process Development) of CSF 3 (CMC/Manufacturing), as set
forth in Schedule 3.3.1 attached to the Collaboration Agreement, is deleted in its entirety and replaced with the following: 
 “Parties
to agree upon Device Development Plan within eight (8) months after the Effective Date.” 
 1.3. The first sentence of part 4
(Commercial Supply Chain) of CSF 3 (CMC/Manufacturing), as set forth in Schedule 3.3.1 attached to the Collaboration Agreement, is deleted in its entirety and replaced with the following: 

“Establishment and oversight by Zosano of an approved commercial supply chain capable of supplying annual market demands of Daily Product,
inclusive of applicator and packaging, for the first three years, post-launch (as agreed upon by the Parties no later than eight (8) months after the Effective Date) and cost of product targets.” 

 1.4. The second and third sentences of Section 6 (Manufacturing) of the Collaboration
Agreement are deleted in their entirety and replaced with the following: 
 “Prior to the transfer of the Regulatory Approval from
Zosano to Lilly, Zosano shall, at Zosano’s cost and expense, be responsible for and shall have the final decision-making authority (except for the selection of manufacturers which shall require Lilly’s consent, such consent not to be
unreasonably withheld, conditioned or delayed) for the planning, implementation and control of the Manufacture of the Daily Product in the Field in the Territory. Aside from day to day management of the Manufacturing operations, Zosano’s final
decision-making authority shall expire upon the transfer of Regulatory Approval to Lilly pursuant to Section 4.6. However, subsequent to such transfer of Regulatory Approval to Lilly, Zosano and/or its selected contract manufacturer(s) shall
continue to be responsible for supplies of clinical and commercial material. In the event that Zosano or its contract manufacturer(s) are unable, at any time after the transfer of Regulatory Approval from Zosano to Lilly, to meet Lilly’s
product requirements for the Daily Product in accordance with the Supply Agreement and the Quality Agreement for the Daily Product (to be entered into by the Parties as set forth below in this Section 6), then Lilly shall have the right to
require Zosano to modify the supply chain for the Daily Product and Zosano shall provide reasonable assistance in connection therewith.” 

1.5. The sixth and seventh (i.e., the last two) sentences of Section 6.2 of the Collaboration Agreement are deleted in their entirety and
replaced with the following: 
 “Lilly shall have the right (but not the obligation), at any time after the transfer of Regulatory
Approval to Lilly pursuant to Section 4.6, to assume responsibility for the governance/oversight of Zosano’s or its contract manufacturer(s)’ Manufacture of commercial supplies of the Daily Product (any change in contract manufacturer
shall be acceptable to and approved by Lilly, such approval not to be unreasonably withheld, conditioned or delayed). In the event that the Parties transfer to Lilly the responsibility for the governance/oversight of Zosano’s or its contract
manufacturer(s)’ Manufacture of commercial supplies of the Daily Product, Zosano shall provide Reasonable Assistance to Lilly in connection therewith.” 

2. Scope. This Amendment relates only to the specific matters expressly covered herein. In all other respects, the Collaboration
Agreement shall remain in full force and effect in accordance with its terms. 
 3. Titles and Subtitles. The titles and subtitles
used in this Amendment are used for convenience only and are not to be considered in construing or interpreting this Amendment or the Collaboration Agreement. 

4. Counterparts. This Amendment may be executed in two counterparts, each of which shall be deemed an original, but all of which
together shall constitute one and the same instrument. Counterparts may be delivered via facsimile, e-mail (including pdf) or other transmission method and any counterpart so delivered shall be deemed to have been duly and validly delivered and be
valid and effective for all purposes. 

  
 - 2 - 

 5. Governing Law. This Amendment shall be governed in all respects by the laws of the
State of New York without regard to its choice of law provisions. 
 [signature page follows] 

  
 - 3 - 

 IN WITNESS WHEREOF, the undersigned have executed this Amendment No. 1 to Collaboration,
Development and License Agreement as of the date first written above. 
  

			
	ZP OPCO, INC.
		
	By:	 	 /s/ Vikram Lamba

		 	Name: Vikram Lamba
		 	Title: President and CEO
	
	ELI LILLY AND COMPANY
		
	By:	 	 /s/ David A. Ricks

		 	Name: David A. Ricks
		 	Title: Senior V.P. and President Lilly Bio-MedicinesExhibit 10.5

 

Pacific
Special Acquisition Corp.

40
Wall Street, 28th Floor

New
York, NY 10005

 

July
29, 2015

 

Jason Zexian
Shen

136-20 38th
Avenue, Suite 10-I

Flushing,
NY 11354

 

	 	RE:	Securities Purchase Agreement

 

Ladies and
Gentlemen:

 

We
are pleased to accept the offer you (the “Subscriber”) have made to purchase 30,000 ordinary shares (the “Shares”)
of no par value per share (the “Ordinary Shares”), of Pacific Special Acquisition Corp., a British Virgin
Islands company (the “Company”). The terms on which the Company is willing to sell the Shares to the Subscriber,
and the Company and the Subscriber’s agreements regarding such Shares, are as follows:

 

1.            Purchase of Shares. For the aggregate sum of $521.74 (the “Purchase Price”), which the Company acknowledges
receiving in cash, the Company hereby sells and issues to the Subscriber, and the Subscriber hereby purchases from the Company
the Shares, for a purchase price of approximately $0.0174 per Share, on the terms and subject to the conditions set forth in this
Agreement. Concurrently with the Subscriber’s execution of this Agreement, the Company is delivering to the Subscriber certificate(s)
registered in the Subscriber’s name representing the Shares, receipt of which the Subscriber hereby acknowledges.

 

2.            Representations,
Warranties and Agreements.

 

2.1          Subscriber’s
Representations, Warranties and Agreements. To induce the Company to issue the Shares to the Subscriber, the Subscriber hereby
represents and warrants to the Company and agrees with the Company as follows:

 

2.1.1.
         No
Government Recommendation or Approval. The Subscriber understands that no United States federal or state agency or similar
agency of any other country has passed upon or made any recommendation or endorsement of the offering of the Shares.

 

2.1.2.
         No
Conflicts. The execution, delivery and performance of this Agreement and the consummation by the Subscriber of the transactions
contemplated hereby do not violate, conflict with or constitute a default under (i) any agreement, indenture or instrument to
which the Subscriber is a party or (ii) any law, statute, rule or regulation to which the Subscriber is subject, or any agreement,
order, judgment or decree to which the Subscriber is subject.

 

2.1.3.
         Organization
and Authority. Upon execution and delivery by the Subscriber, this Agreement is a legal, valid and binding agreement of such
Subscriber, enforceable against such Subscriber in accordance with its terms, except as such enforceability may be limited by
applicable bankruptcy, insolvency, fraudulent conveyance or similar laws affecting the enforcement of creditors’ rights
generally and subject to general principles of equity (regardless of whether enforcement is sought in a proceeding at law or in
equity).

 

    	 

    	 

    

 

2.1.4.
          Experience,
Financial Capability and Suitability. Each Subscriber is: (i) sophisticated in financial matters and is able to evaluate the
risks and benefits of the investment in the Shares and (ii) able to bear the economic risk of his or her investment in the Shares
for an indefinite period of time because the Shares have not been registered under the Securities Act (as defined below) and therefore
cannot be sold unless subsequently registered under the Securities Act or an exemption from such registration is available. The
Subscriber has substantial experience in evaluating and investing in transactions of securities in companies similar to the Company
so that he or she is capable of evaluating the merits and risks of his or her investment in the Company and has the capacity to
protect his or her own interests. Subscriber must bear the economic risk of this investment until the Shares are sold pursuant
to: (i) an effective registration statement under the Securities Act or (ii) an exemption from registration available with respect
to such sale. The Subscriber is able to bear the economic risks of an investment in the Shares and to afford a complete loss of
Subscriber’s investment in the Shares.

 

2.1.5.
        Access
to Information; Independent Investigation. Prior to the execution of this Agreement, the Subscriber has had the opportunity
to ask questions of and receive answers from representatives of the Company concerning an investment in the Company, as well as
the finances, operations, business and prospects of the Company, and the opportunity to obtain additional information to verify
the accuracy of all information so obtained. In determining whether to make this investment, Subscriber has relied solely on Subscriber’s
own knowledge and understanding of the Company and its business based upon Subscriber’s own due diligence investigation
and the information furnished pursuant to this paragraph. Subscriber understands that no person has been authorized to give any
information or to make any representations which were not furnished pursuant to this Section 2 and Subscriber has not relied on
any other representations or information in making its investment decision, whether written or oral, relating to the Company,
its operations and/or its prospects.

 

2.1.6.
         Regulation
D Offering. The Subscriber represents that he or she is an “accredited investor” as such term is defined in Rule
501(a) of Regulation D under the Securities Act of 1933, as amended (the “Securities Act”) and acknowledges
the sale contemplated hereby is being made in reliance on a private placement exemption to “accredited investors”
within the meaning of Section 501(a) of Regulation D under the Securities Act or similar exemptions under state law.

 

2.1.7.
         Investment
Purposes. The Subscriber is purchasing the Shares solely for investment purposes, for the Subscriber’s own account and
not for the account or benefit of any other person, and not with a view towards the distribution or dissemination thereof and
the Subscriber has no present arrangement to sell the interest in the Shares to or through any person or entity. The Subscriber
did not decide to enter into this Agreement as a result of any general solicitation or general advertising within the meaning
of Rule 502 under the Securities Act.

 

    	2

    	 

    

 

2.1.8.
         Restrictions
on Transfer; Shell Company. The Subscriber understands the Shares are being offered in a transaction not involving a public
offering within the meaning of the Securities Act. Subscriber understands the Shares will be “restricted securities”
within the meaning of Rule 144(a)(3) under the Securities Act and Subscriber understands that the certificates representing the
Shares will contain a legend in respect of such restrictions. If in the future the Subscriber decides to offer, resell, pledge
or otherwise transfer the Shares, such Shares may be offered, resold, pledged or otherwise transferred only pursuant to: (i) registration
under the Securities Act, or (ii) an available exemption from registration. Subscriber agrees that if any transfer of its Shares
or any interest therein is proposed to be made, as a condition precedent to any such transfer, Subscriber may be required to deliver
to the Company an opinion of counsel satisfactory to the Company. Absent registration or an exemption, the Subscriber agrees not
to resell the Shares. The Subscriber further acknowledges that because the Company is a shell company, Rule 144 may not be available
to the Subscriber for the resale of the Shares until one year following consummation of the initial business combination of the
Company, despite technical compliance with the requirements of Rule 144 and the release or waiver of any contractual transfer
restrictions.

 

2.1.9. 
        No
Governmental Consents. No governmental, administrative or other third party consents or approvals are required, necessary
or appropriate on the part of Subscriber in connection with the transactions contemplated by this Agreement.

 

2.2          Company’s
Representations, Warranties and Agreements. To induce the Subscriber to purchase the Shares, the Company hereby represents
and warrants to the Subscriber and agrees with the Subscriber as follows:

 

2.2.1
          Organization and Corporate Power. The Company is a corporation duly incorporated, validly existing and in good standing
under the laws of the British Virgin Islands and is qualified to do business in every jurisdiction in which the failure to so
qualify would reasonably be expected to have a material adverse effect on the financial condition, operating results or assets
of the Company. The Company possesses all requisite corporate power and authority necessary to carry out the transactions contemplated
by this Agreement.

 

2.2.2.           No
Conflicts. The execution, delivery and performance of this Agreement and the consummation by the Company of the transactions
contemplated hereby do not violate, conflict with or constitute a default under (i) the memorandum and articles of association
of the Company, (ii) any agreement, indenture or instrument to which the Company is a party or (iii) any law, statute, rule
or regulation to which the Company is subject, or any agreement, order, judgment or decree to which the Company is subject.

 

2.2.3.
         Title to Securities. Upon issuance in accordance with, and payment pursuant to, the terms hereof, the Shares will be
duly and validly issued, fully paid and nonassessable. Upon issuance in accordance with, and payment pursuant to, the terms hereof
the Subscriber will have or receive good title to the Shares, free and clear of all liens, claims and encumbrances of any kind,
other than (a) transfer restrictions hereunder and under the other agreements contemplated hereby, (b) transfer restrictions under
federal and state securities laws, and (c) liens, claims or encumbrances imposed due to the action of the Subscriber.

 

    	3

    	 

    

 

3.            Waiver
of Liquidation Distributions; Redemption Rights. In connection with the Shares purchased pursuant to this Agreement and any
other Company securities purchased on a private placement basis, the Subscriber hereby waives any and all right, title, interest
or claim of any kind in or to any distributions by the Company from the Trust Account (as such term is defined in the Investment
Management Trust Agreement to be entered by and between the Company and the trustee thereunder), in the event of a liquidation
of the Company upon the Company’s failure to timely complete a business combination. For purposes of clarity, in the event
any Subscriber purchases Ordinary Shares in the IPO or in the aftermarket, any additional shares so purchased shall be eligible
to receive their pro rata portion of any liquidating distributions by the Company. However, in no event will the Subscriber have
the right to redeem any Shares, or any Ordinary Shares purchased in the IPO or in the aftermarket, for funds held in the Trust
Account upon the successful completion of a business combination.

 

4.            Restrictions
on Transfer.

 

4.1.         Securities
Law Restrictions. In addition to any restrictions to be contained in the Letter Agreement (as defined in Section 4.4 below),
the Subscriber agrees not to sell, transfer, pledge, hypothecate or otherwise dispose of all or any part of the Shares unless,
prior thereto (a) a registration statement on the appropriate form under the Securities Act and applicable state securities laws
with respect to the Shares proposed to be transferred shall then be effective or (b) the Company shall have received an opinion
from counsel reasonably satisfactory to the Company, that such registration is not required because such transaction is exempt
from registration under the Securities Act and the rules promulgated by the Securities and Exchange Commission thereunder and
with all applicable state securities laws.

 

4.2          Restrictive
Legends. All certificates representing the Shares shall have endorsed thereon legends substantially as follows:

 

“THE SECURITIES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED,
OR ANY STATE SECURITIES LAWS AND NEITHER THE SECURITIES NOR ANY INTEREST THEREIN MAY BE OFFERED, SOLD, TRANSFERRED, PLEDGED OR
OTHERWISE DISPOSED OF EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER SUCH ACT OR SUCH LAWS OR AN EXEMPTION FROM REGISTRATION
UNDER SUCH ACT AND SUCH LAWS WHICH, IN THE OPINION OF COUNSEL, IS AVAILABLE.”

 

“THE
SECURITIES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO A LETTER AGREEMENT AND MAY NOT BE OFFERED, SOLD, TRANSFERRED, PLEDGED
OR OTHERWISE DISPOSED DURING THE TERM OF THE LETTER AGREEMENT, EXCEPT IN ACCORDANCE WITH THE TERMS THEREOF.”

 

4.3.         Additional
Shares or Substituted Securities. In the event of the declaration of a stock dividend, the declaration of an extraordinary
dividend payable in a form other than stock, a spin-off, a stock split, an adjustment in conversion ratio, a recapitalization
or a similar transaction affecting the Company’s outstanding capital stock without receipt of consideration, any new, substituted
or additional securities or other property which are by reason of such transaction distributed with respect to any Shares subject
to this Section 4 or into which such Shares thereby become convertible shall immediately be subject to this Section 4. Appropriate
adjustments to reflect the distribution of such securities or property shall be made to the number and/or class of Shares subject
to this Section 4.

 

    	4

    	 

    

 

4.4          Lock-up.
The Subscriber acknowledges that the Shares will be subject to lock-up provisions (the “Lock-up”) contained
in a Letter Agreement between the Subscriber and the Company, to be entered into prior to the date of the preliminary prospectus
in connection with the IPO (the “Letter Agreement”). Pursuant to the Letter Agreement, the Subscriber shall
not sell, transfer, pledge, hypothecate or otherwise dispose of any or all of 50% of his or her respective Shares until the earlier
of one year after the date of the consummation of the Company’s initial business combination (the “Consummation
Date”) and the date on which the closing price of the Ordinary Shares exceeds $12.50 per share for any 20 trading days
within a 30-trading day period following the Consummation Date (as adjusted for stock splits, stock dividends, reorganizations
and recapitalizations). In addition, the Subscriber shall not sell, transfer, pledge, hypothecate or otherwise dispose of any
or all of the remaining 50% of the Shares until one year after the Consummation Date. Notwithstanding the foregoing, the aforesaid
restrictions shall lapse if, subsequent to the Consummation Date, the Company consummates a subsequent liquidation, merger, stock
exchange or other similar transaction which results in all of the Company’s shareholders having the right to exchange their
Ordinary Shares for cash, securities or other property.

 

4.5          Registration
Rights. The Subscriber acknowledges that the Shares are being purchased pursuant to an exemption from the registration requirements
of the Securities Act and will become freely tradable only after they are registered pursuant to a Registration Rights Agreement
to be entered into with the Company prior to the closing of the IPO (“Registration Rights Agreement”). The
Subscriber is entitled to make such number of demands that the Company registers the Shares pursuant to the terms and restrictions
as set forth in the Registration Rights Agreement. 

 

5.            Other
Agreements.

 

5.1.         Further
Assurances. The Subscriber agrees to execute such further instruments and to take such further action as may reasonably be
necessary to carry out the intent of this Agreement.

 

5.2          No
Obligation as to Employment. The Company is not by reason of this Agreement obligated to employ, or continue to employ,
the Subscriber in any capacity.

 

5.3.         Notices.
All notices, requests, consents and other communications hereunder shall be in writing, shall be addressed to the receiving party’s
address set forth on the first page of this Agreement or to such other address as a party may designate by notice hereunder, and
shall be either (a) delivered by hand, (b) sent by overnight courier, or (c) sent by certified mail, return receipt requested,
postage prepaid. All notices, requests, consents and other communications hereunder shall be deemed to have been given either
(i) if by hand, at the time of the delivery thereof to the receiving party at the address of such party set forth above, (ii)
if sent by overnight courier, on the next business day following the day such notice is delivered to the courier service, or (iii)
if sent by certified mail, on the (5th) business day following the day such mailing is made.

 

    	5

    	 

    

 

5.4.         Entire
Agreement. This Agreement, together with the Letter Agreement, substantially in the form to be filed as an exhibit to the
Company’s registration statement on Form S-1, embodies the entire agreement and understanding between the Subscriber and
the Company with respect to the subject matter hereof and supersedes all prior oral or written agreements and understandings relating
to the subject matter hereof. No statement, representation, warranty, covenant or agreement of any kind not expressly set forth
in this Agreement shall affect, or be used to interpret, change or restrict, the express terms and provisions of this Agreement.

 

5.5.         Modifications
and Amendments. The terms and provisions of this Agreement may be modified or amended only by written agreement executed by
all parties hereto.

 

5.6.         Waivers
and Consents. The terms and provisions of this Agreement may be waived, or consent for the departure therefrom granted, only
by written document executed by the party entitled to the benefits of such terms or provisions. No such waiver or consent shall
be deemed to be or shall constitute a waiver or consent with respect to any other terms or provisions of this Agreement, whether
or not similar. Each such waiver or consent shall be effective only in the specific instance and for the purpose for which it
was given, and shall not constitute a continuing waiver or consent.

 

5.7.         Assignment.
The rights and obligations under this Agreement may not be assigned by either party hereto without the prior written consent of
the other party.

 

5.8.         Benefit.
All statements, representations, warranties, covenants and agreements in this Agreement shall be binding on the parties hereto
and shall inure to the benefit of the respective successors and permitted assigns of each party hereto. Nothing in this Agreement
shall be construed to create any rights or obligations except among the parties hereto, and no person or entity shall be regarded
as a third-party beneficiary of this Agreement.

 

5.9.         Governing
Law. This Agreement and the rights and obligations of the parties hereunder shall be construed in accordance with and governed
by the laws of the British Virgin Islands for agreements made and to be wholly performed within such country.

 

5.10.       Severability.
In the event that any court of competent jurisdiction shall determine that any provision, or any portion thereof, contained in
this Agreement shall be unreasonable or unenforceable in any respect, then such provision shall be deemed limited to the extent
that such court deems it reasonable and enforceable, and as so limited shall remain in full force and effect. In the event that
such court shall deem any such provision, or portion thereof, wholly unenforceable, the remaining provisions of this Agreement
shall nevertheless remain in full force and effect.

 

    	6

    	 

    

 

5.11.       No
Waiver of Rights, Powers and Remedies. No failure or delay by a party hereto in exercising any right, power or remedy under
this Agreement, and no course of dealing between the parties hereto, shall operate as a waiver of any such right, power or remedy
of such party. No single or partial exercise of any right, power or remedy under this Agreement by a party hereto, nor any abandonment
or discontinuance of steps to enforce any such right, power or remedy, shall preclude such party from any other or further exercise
thereof or the exercise of any other right, power or remedy hereunder. The election of any remedy by a party hereto shall not
constitute a waiver of the right of such party to pursue other available remedies. No notice to or demand on a party not expressly
required under this Agreement shall entitle the party receiving such notice or demand to any other or further notice or demand
in similar or other circumstances or constitute a waiver of the rights of the party giving such notice or demand to any other
or further action in any circumstances without such notice or demand.

 

5.12.       Survival
of Representations and Warranties. All representations and warranties made by the parties hereto in this Agreement or in any
other agreement, certificate or instrument provided for or contemplated hereby, shall survive the execution and delivery hereof
and any investigations made by or on behalf of the parties.

 

5.13.       No
Broker or Finder. Each of the parties hereto represents and warrants to the other that no broker, finder or other financial
consultant has acted on its behalf in connection with this Agreement or the transactions contemplated hereby in such a way as
to create any liability on the other. Each of the parties hereto agrees to indemnify and save the other harmless from any claim
or demand for commission or other compensation by any broker, finder, financial consultant or similar agent claiming to have been
employed by or on behalf of such party and to bear the cost of legal expenses incurred in defending against any such claim.

 

5.14.       Headings
and Captions. The headings and captions of the various subdivisions of this Agreement are for convenience of reference only
and shall in no way modify or affect the meaning or construction of any of the terms or provisions hereof.

 

5.15.       Counterparts.
This Agreement may be executed in one or more counterparts, all of which when taken together shall be considered one and the same
agreement and shall become effective when counterparts have been signed by each party and delivered to the other party, it being
understood that both parties need not sign the same counterpart.  In the event that any signature is delivered by facsimile
transmission or by e-mail delivery of a “.pdf” format data file, such signature shall create a valid and binding obligation
of the party executing (or on whose behalf such signature is executed) with the same force and effect as if such facsimile or
“.pdf” signature page were an original thereof.

 

6.            Voting
and Tender of Shares. The Subscriber agrees to vote the Shares as well as any Ordinary Shares acquired in the IPO or the aftermarket
in favor of a business combination that the Company negotiates and presents for approval to the Company’s shareholders and
shall not seek redemption with respect to the Shares. Additionally, the Subscriber agrees not to tender any Share in connection
with a tender offer presented to the Company’s shareholders in connection with an initial business combination negotiated
by the Company.

 

7.            Indemnification. Each party shall indemnify the other and the underwriter of the IPO against any loss, cost or damages
(including reasonable attorney’s fees and expenses) incurred as a result of such party’s breach of any representation,
warranty, covenant or agreement in this Agreement.

 

[Signature
Page Follows]

 

    	7

    	 

    

 

If
the foregoing accurately sets forth our understanding and agreement, please sign the enclosed copy of this agreement and return
it to us.

 

	 	Very truly yours,
	 	 
	 	PACIFIC
    SPECIAL ACQUISITION CORP.
	 	 	 
	 	By:	/s/
Yaqi Feng
	 	Name: 	 Yaqi Feng
	 	Title: 	Chief Operating
    Officer and Secretary 

 

Accepted
and agreed this

July 29,
2015

 

	/s/ Jason Zexian Shen	 
	Jason Zexian Shen	 

 

 

8

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