Document:

ex10four.htm

 

 

 

 

THIS WARRANT AND THE SHARES OF COMMON STOCK ISSUABLE UPON EXERCISE HEREOF HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR ANY STATE SECURITIES LAWS AND MAY NOT BE SOLD, TRANSFERRED OR OTHERWISE
DISPOSED OF UNLESS REGISTERED UNDER THE SECURITIES ACT AND UNDER APPLICABLE STATE SECURITIES LAWS OR THE ISSUER SHALL HAVE RECEIVED AN OPINION OF COUNSEL REASONABLY SATISFACTORY TO THE ISSUER THAT REGISTRATION OF SUCH SECURITIES UNDER THE SECURITIES ACT AND UNDER THE PROVISIONS OF APPLICABLE STATE SECURITIES LAWS IS NOT REQUIRED.

此期权和行使可转的普通股没有在修订的1933年证券法(“证券法”)或任何州证券法下登记,且不可出售、转让或以其他方式处置; 除非在证券法和相应州证券法下登记或发行人应收到来自公司顾问的意见书,说明根据证券法或相关的州证券法条款无须登记并且此意见书对于发行人是合理充分的。

SERIES F WARRANT TO PURCHASE

SHARES OF COMMON STOCK

OF

JPAK GROUP, INC.

Expires November 3, 2014

Jpak集团公司普通股的E系列购入期权

于2014年11月3日终止

 

 

	 	                                                                                                  
 Number of Shares: ______

 

No.: ______ 

Date of Issuance: November 4, 2009

编号:______ 股份数:________

发行日期: 2009年11月4日

FOR VALUE RECEIVED, the undersigned, JPAK GROUP, INC., a Nevada corporation (together with its successors and assigns, the “Issuer”),
hereby certifies that Lee Wah Investments Limited or its registered assigns is entitled to subscribe for and purchase, during the Term (as hereinafter defined), up to __________________________ (______) shares (subject to adjustment as hereinafter provided) of the duly authorized, validly issued, fully paid and non-assessable Common Stock of the Issuer, at an exercise price per share equal to the Warrant Price then in effect, subject, however, to the provisions
and upon the terms and conditions hereinafter set forth. Capitalized terms used in this Warrant and not otherwise defined herein shall have the respective meanings specified in Section 7 hereof.

 

 

 

 

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据已讫金额,Jpak集团公司,美国内华达州公司(包括任何继承者和子实体,“发行人”),在此签名并担保利华投资有限公司或其注册的子实体在规定的有效期内(有效期见下述有关规定)有权认购和买入发行人__________________________
(______)(数目以本期权书中规定的调整做出后为准)经依法授权而有效发行的充分支付的非增缴普通股,每股价格为当时的期权行权价,但以本期权书中的条款和下述规定为准。在此没有释义的本期权书涉及的金融术语将在第7节解释。

1.           Term. The term of this Warrant shall commence on November 4, 2009 and shall expire at 6:00 p.m., Eastern Time, on November 3, 2014 (such period being the “Term”).

有效期: 本期权自2009年11月4日开始生效,于美国东部时间2014年11月3日下午6点终止(本期间为“有效期”)。

	
  
	
2.
	
Method of Exercise; Payment; Issuance of New Warrant; Transfer and Exchange.

行权方式;支付;新期权的发行;转让和交易

(a)           Time of Exercise. The purchase rights represented by this Warrant may be exercised in whole or in part during the Term.

行权期限。本期权上的股票买入权在有效期内可以全部或部分行使。

(b)           Method of Exercise. The Holder hereof may exercise this Warrant, in whole or in part, by the surrender of this Warrant (with the exercise form attached hereto duly executed) at the principal office of the
Issuer, and by the payment to the Issuer of an amount of consideration therefor equal to the Warrant Price in effect on the date of such exercise multiplied by the number of shares of Warrant Stock with respect to which this Warrant is then being exercised, payable at such Holder's election (i) by certified or official bank check or by wire transfer to an account designated by the Issuer, (ii) by “cashless exercise” in accordance with the provisions of subsection (c) of this Section
2, but only when a registration statement under the Securities Act providing for the resale of the Warrant Stock and the Common Stock underlying the preferred stock issued pursuant to the Purchase Agreement is not then in effect as required under the Registration Rights Agreement, or (iii) by a combination of the foregoing methods of payment selected by the Holder of this Warrant.

行权方式。持有人可以通过以下方式行使全部或部分期权:在发行人主营业地出示本期权书(和依法已生效的附件中的期权行权表)并向发行人支付对价。数额为行权当日的期权行权价乘以期权可转的股份数,持有人可以选择以下支付方式:(i)将保付的或正式的银行支票或电汇到发行人指定的账号,(ii)按照第2节(c)的规定以非现金行使的方式行权,但仅当存在一个在证券法下关于期权可转股票可转的有效登记申请且据购买协议发行的优先股下的普通股根据注册登记权协议在当时无效,或(iii)根据持有人的选择结合上述支付方式。

(c)           Cashless Exercise. Notwithstanding any provision herein to the contrary, but subject to Section 2(b)(ii) hereof, and commencing
twenty-four (24) months following the Original Issue Date if the Per Share Market Value of one share of Common Stock is greater than the Warrant Price (at the date of calculation as set forth below), in lieu of exercising this Warrant by payment of cash, the Holder may exercise this Warrant by a cashless exercise by surrender of this Warrant at the principal office of the Issuer together with the properly endorsed Notice of Exercise, in which event the Issuer shall issue to the Holder a number of shares of Common
Stock computed using the following formula:

 

 

 

 

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非现金行使的方式行权。尽管本期权书有任何相反的规定,根据本期权书第二节(b)(ii),在原始发行日后的二十四(24)个月,如果(于下文规定的计算之日)每一股普通股的每股市值高于期权行权价,持有人可以以非现金行使的方式行权以取代支付现金行权,即在发行人主营业地出示本期权书及经适当背书的行权通知,此时发行人应向持有人发行普通股,股份数以下列公式计算:

X = Y - (A)(Y)

             B

X = Y - (A)(Y)

             B

	
Where
	
X =
	
the number of shares of Common Stock to be issued to the Holder.

其中X = 向持有人发行的普通股股数

	
  
	
Y =
	
the number of shares of Common Stock purchasable upon exercise of all of the Warrant or, if only a portion of the Warrant is being exercised, the portion of the Warrant being exercised.

	
  
	
Y =
	
行使全部期权可买入的普通股股数,如果只行使一部分期权,则为行使部分对应的股数

	
  
	
A =
	
the Warrant Price.

	
  
	
A =
	
期权行权价

B =           the Per Share Market Value of one share of Common Stock.

B =           每一股普通股的每股市值

(d)           Issuance of Stock Certificates. In the event of any exercise of this Warrant in accordance with and subject to the terms and conditions hereof, certificates for the shares of Warrant Stock so purchased shall
be dated the date of such exercise and delivered to the Holder’s Prime Broker as specified in the Holder’s exercise form within a reasonable time, not exceeding five (5) Trading Days after such exercise (the “Delivery Date”) or, at the request of the Holder (provided that a registration statement under the Securities Act providing for the resale of the Warrant Stock is then in effect or that the shares
of Warrant Stock are otherwise exempt from registration), issued and delivered to the Depository Trust Company (“DTC”) account on the Holder’s behalf via the Deposit Withdrawal Agent Commission System (“DWAC”) when available, within a reasonable time, not exceeding five (5) Trading Days after such exercise, and the
Holder hereof shall be deemed for all purposes to be the holder of the shares of Warrant Stock so purchased as of the date of such exercise. Notwithstanding the foregoing to the contrary, the Issuer or its transfer agent shall only be obligated to issue and deliver the shares to the DTC on a holder’s behalf via DWAC if such exercise is in connection with a sale or other exemption from registration by which the shares may be issued without a restrictive legend and the Issuer and its transfer agent are participating
in DTC through the DWAC system. The Holder shall deliver this original Warrant, or an indemnification reasonably acceptable to the Issuer undertaking with respect to such Warrant in the case of its loss, theft or destruction, at such time that this Warrant is fully exercised. With respect to partial exercises of this Warrant, the Issuer shall keep written records for the Holder of the number of shares of Warrant Stock exercised as of each date of exercise.

 

 

 

 

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股票证书的发行。如果依据本期权书的规定和条件进行任何行权,所买入的期权可转股票的股份证书的日期应为行权日并且应在合理时间即行权后的五(5)个交易日内(“送达日”)送达持有人在行权表中指定的主要证券经纪商;或依据持有人的要求(以当时存在一个在证券法下关于期权可转股票可转的有效登记申请或期权可转股票的股份免于登记为前提),发行期权可转股票,并在合理时间即行权后的五(5)个交易日内在可行的条件下通过存管信托转户系统(“DWAC”) 存入代表持有人的存管信托公司(“DTC”)账号,此处的持有人应视为在行权日所买入的期权可转股票的完全持有人。尽管本期权书上文有任何相反的规定,如果行权与售出相关或其他豁免登记不载有限制声明发行股票的情况且发行人及其过户代理人通过DWAC系统与存管信托公司有业务,发行人或其过户代理人仅有义务向代表持有人的存管信托公司发行和交付股份。持有人应向发行人交付原始期权书,或者就本期权书的损失、被盗或灭失向发行人交付关于本期权的可合理接受的赔偿,此时期权可充分行使。关于本期权的部分行使,发行人应保留载有持有人所行使的期权可转股票的股份数和行权日期的书面登记。

(e)           Compensation for Buy-In on Failure to Timely Deliver Certificates Upon Exercise. In addition to any other rights available to the Holder, if the Issuer fails to cause its transfer agent to transmit to the
Holder a certificate or certificates representing the Warrant Stock pursuant to an exercise on or before the second business day following the Delivery Date, and if after such date the Holder is required by its broker to purchase (in an open market transaction or otherwise) shares of Common Stock to deliver in satisfaction of a sale by the Holder of the Warrant Stock which the Holder anticipated receiving upon such exercise (a “Buy-In”),
then the Issuer shall (1) pay in cash to the Holder the amount by which (x) the Holder’s total purchase price (including brokerage commissions, if any) for the shares of Common Stock so purchased exceeds (y) the amount obtained by multiplying (A) the number of shares of Warrant Stock that the Issuer was required to deliver to the Holder in connection with the exercise at issue times (B) the price at which the sell order giving rise to such purchase obligation was executed, and (2) at the option of the Holder,
either reinstate the portion of the Warrant and equivalent number of shares of Warrant Stock for which such exercise was not honored or deliver to the Holder the number of shares of Common Stock that would have been issued had the Issuer timely complied with its exercise and delivery obligations hereunder. For example, if the Holder purchases Common Stock having a total purchase price of $11,000 to cover a Buy-In with respect to an attempted exercise of shares of Common Stock with an aggregate sale price giving
rise to such purchase obligation of $10,000, under clause (1) of the immediately preceding sentence the Issuer shall be required to pay the Holder $1,000. The Holder shall provide the Issuer written notice indicating the amounts payable to the Holder in respect of the Buy-In, together with applicable confirmations and other evidence reasonably requested by the Issuer. Nothing herein shall limit a Holder’s right to pursue any other remedies available to it hereunder, at law or in equity including, without
limitation, a decree of specific performance and/or injunctive relief with respect to the Issuer’s failure to timely deliver certificates representing shares of Common Stock upon exercise of this Warrant as required pursuant to the terms hereof.

因未及时交付行权证书而买进的补偿。除了持有人的其他权利外,如果发行人没有促使其过户代理人于送达日后第二个工作日当天或之前向持有人交付其行使的期权可转股票的代表证书,且如果此日期后持有人被其经纪人要求(在公开市场交易或其他方式)买入普通股的股份以弥补预期的持有人行权后获得的可出售的期权可转股票(“买进”),则发行人应(1)向持有人支付现金,数额为(x)持有人买入普通股的全部购买款(包括经济人佣金,如有)超过下列数额的部分 (y)下列数额的乘积(A)发行人应向持有人交付的与发行时行权相关的期权可转股票的股份数 (B)引起该买入义务的订单所载价格,及(2)经持有人选择,或者恢复本期权的一部分以及该行权未实现的相同数量的期权可转股票的股份,或者向持有人交付如果发行人及时履行其交付义务本应向持有人发行的普通股股数。例如,如果持有人在买进时买入普通股的总价款为美元11,000,而导致该买入义务的失败行权的普通股股份的总售价为美元10,000,则根据第(1)款第一项的规定,发行人应向持有人支付美元1,000。持有人应向发行人发出书面通知,告知其应向持有人支付的买进的款额,以及适用的确认函及发行人合理要求的其他证明。本段的任何内容不限制持有人根据下文规定、法律或衡平法,包括但不限于关于发行人未及时交付代表本期权可转普通股股份的证书的实际履行令或禁令救济,取得其他赔偿的权利。

 

 

 

 

 

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(f)           Transferability of Warrant. Subject to Section 2(h) hereof, this Warrant
may be transferred by a Holder, in whole or in part, without the consent of the Issuer. If transferred pursuant to this paragraph, this Warrant may be transferred on the books of the Issuer by the Holder hereof in person or by duly authorized attorney, upon surrender of this Warrant at the principal office of the Issuer, properly endorsed (by the Holder executing an assignment in the form attached hereto) and upon payment of any necessary transfer tax or other governmental charge imposed upon such transfer. This
Warrant is exchangeable at the principal office of the Issuer for Warrants to purchase the same aggregate number of shares of Warrant Stock, each new Warrant to represent the right to purchase such number of shares of Warrant Stock as the Holder hereof shall designate at the time of such exchange. All Warrants issued on transfers or exchanges shall be dated the Original Issue Date and shall be identical with this Warrant except as to the number of shares of Warrant Stock issuable pursuant thereto.

期权的可转让性。根据本期权书第2节(h)的规定,本期权可不经发行人事先书面同意而部分或全部转让。如根据本段规定转让,本期权可由持有人本人或依法授权的律师通过以下方式过户转让:在发行人的主营业地出示本期权书,以适当的方式背书(由持有人在本期权书的附件表格上签名)并且支付任何必要的交易税或其他相关行政费用。本期权可在发行人的主营业地交易同等份数的期权可转股票的买入期权,持有人应在交易时指定每份新期权代表的期权可转股票的股份数。所有因转让或交易而发行的期权应署为原始发行日,并且除可发行的期权可转股票的股份数不同外,应与本期权内容一致。

(g)           Continuing Rights of Holder. The Issuer will, at the time of or at any time after each exercise of this Warrant, upon the request of the Holder hereof, acknowledge in writing the extent, if any, of its continuing
obligation to afford to such Holder all rights to which such Holder shall continue to be entitled after such exercise in accordance with the terms of this Warrant, provided that if any such Holder shall fail to make any such request, the failure shall not affect the continuing obligation of the Issuer to afford such rights to such Holder.

持有人的持续权益。应持有人的要求,发行人将在本期权行权时或之后以书面形式确认持有人行权后根据本期权书的规定仍享有的任何权益和发行人的续存义务,以持有人没有提出相应要求并不豁免发行人的确保持有人权益的义务为前提。

(h)           Compliance with Securities Laws.

满足证券法的规定

(i)           The Holder of this Warrant, by acceptance hereof, acknowledges that this Warrant and the shares of Warrant Stock to be issued upon exercise hereof are being acquired solely for the Holder's own account and not as a nominee for any other party, and for investment, and
that the Holder will not offer, sell or otherwise dispose of this Warrant or any shares of Warrant Stock to be issued upon exercise hereof except pursuant to an effective registration statement, or an exemption from registration, under the Securities Act and any applicable state securities laws.

 

 

 

 

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本期权的持有人,在此同意并声明本期权和期权可转股票仅由持有人本人所有,不为任何第三方所实质持有和投资;除非是生效的登记申请允许的方式或依据证券法和相关州证券法下豁免登记的情况,持有人不得出让,售出或以其他方式处置本期权和期权可转股票的任何股份。

(ii)           Except as provided in paragraph (iii) below, this Warrant and all certificates representing shares of Warrant Stock issued upon exercise hereof shall be stamped or imprinted with a legend in substantially the following form:

除下段(iii)所列情况外,本期权和所有期权可转股票的股份证书应以明显易见的方式标注下文:

THIS WARRANT AND THE SHARES OF COMMON STOCK ISSUABLE UPON EXERCISE HEREOF HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR ANY STATE SECURITIES LAWS AND MAY NOT BE SOLD, TRANSFERRED OR OTHERWISE
DISPOSED OF UNLESS REGISTERED UNDER THE SECURITIES ACT AND UNDER APPLICABLE STATE SECURITIES LAWS OR THE ISSUER SHALL HAVE RECEIVED AN OPINION OF COUNSEL REASONABLY SATISFACTORY TO THE ISSUER THAT REGISTRATION OF SUCH SECURITIES UNDER THE SECURITIES ACT AND UNDER THE PROVISIONS OF APPLICABLE STATE SECURITIES LAWS IS NOT REQUIRED.

本期权和行使可转的普通股没有在修订的1933年证券法(“证券法”)或任何州证券法下登记,且不可出售、转让或以其他方式处置; 除非在证券法和相应州证券法下登记或发行人应收到来自公司顾问的意见书,说明根据证券法或相关的州证券法条款无须登记并且此意见书对于发行人是合理充分的。

(iii)           The Issuer agrees to reissue this Warrant or certificates representing any of the Warrant Stock, without the legend set forth above, if at such time, prior to making any transfer of any such securities, the Holder shall give written notice to the Issuer describing
the manner and terms of such transfer and demonstrating that the following conditions are satisfied. Such proposed transfer will not be effected until: (a) either (i) the Issuer has received an opinion of counsel reasonably satisfactory to the Issuer, to the effect that the registration of such securities under the Securities Act is not required in connection with such proposed transfer, or (ii) a registration statement under the Securities Act covering such proposed disposition has been filed by the Issuer with
the Securities and Exchange Commission and has become and remains effective under the Securities Act, or (b) either (i) the Issuer has received an opinion of counsel reasonably satisfactory to the Issuer, to the effect that registration or qualification under the securities or “blue sky” laws of any state is not required in connection with such proposed disposition, or (ii) compliance with applicable state securities or “blue sky” laws has been effected or a valid exemption exists with
respect thereto. The Issuer will respond to any such notice from a holder within three (3) Trading Days. In the case of any proposed transfer under this Section 2(h), the Issuer will use reasonable efforts to comply with any such applicable state securities or “blue sky” laws, but shall in no event be required, (x) to qualify to do business in any state where it is not then qualified, (y) to take any action that would
subject it to tax or to the general service of process in any state where it is not then subject, or (z) to comply with state securities or “blue sky” laws of any state for which registration by coordination is unavailable to the Issuer. The restrictions on transfer contained in this Section 2(h) shall be in addition to, and not by way of limitation of, any other restrictions on transfer contained in any other section
of this Warrant. Whenever a certificate representing the Warrant Stock is required to be issued to the Holder without a legend, in lieu of delivering physical certificates representing the Warrant Stock, the Issuer shall cause its transfer agent to electronically transmit the Warrant Stock to the Holder by crediting the account of the Holder or Holder's Prime Broker with DTC through its DWAC system (to the extent not inconsistent with any provisions of this Warrant or the Purchase Agreement).

 

 

 

 

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发行人同意重新发行不载有上述声明标记的期权或期权可转股票的代表证书,但在转让任何该证券前,持有人应书面告知发行人转让的方式和内容,并说明下列条件已满足。被提议的转让须满足以下条件才能生效:(a) 或 (i) 发行人收到来自公司顾问的意见书,说明根据证券法或相关的州证券法条款不要求登记与交易相关的证券并且此意见书对于发行人是合理充分的;或(ii)发行人向证券交易委员会申报的登记申请中已涉及相关转让且登记申请已依证券法生效并持续有效,或 (b) 或 (i) 发行人收到来自公司顾问的意见书,说明根据任何州证券法或“蓝天法”不要求登记或认证与交易相关的证券并且此意见书对于发行人是合理充分的;或(ii) 该转让满足相应州证券法或“蓝天法”或者有相关的有效豁免规定可以适用。发行人将在持有人发出通知后的三(3)个交易日内作出回应。就任何第2节(h)下的提议转让,发行人将尽合理的努力遵从适用的州证券法或“蓝天法”的规定,但在任何情况下不应被要求,(x) 在其当时未注册营业的州注册,(y) 采取任何行动可能导致其须向任何州纳税或接受法律送达程序,而发行人原先并不受该州管辖,或(z) 满足任何州的证券法或“蓝天法”规定而申请登记,如果该州的相关法律并不适用于发行人。此外,第2节(h)包含的对转让的限制条件,应包括并不仅限于本期权书中任何其他条款对转让的限制。只要发行人被要求向持有人发行不载有声明标记的期权可转股票的代表证书,发行人应促使其过户代理人将期权可转股票通过DWAC过户给持有人或其主要证券经纪商的方式(在与本期权书和购买协议不冲突的前提下)进行电子过户,以取代实际交付纸面证书。

(i)           Accredited Investor Status. At the time of the exercise of this Warrant, the Holder (1) shall be an “accredited investor” as defined in Regulation D under the Securities Act, or (2) shall exercise
this Warrant by means of a cashless exercise as provided for in Section 2(c).

受信投资人身份。在持有人行使本期权时,(1)应为证券法条例D界定下的“受信投资人”,或(2)应以第2节(c)规定的非现金行使的方式行权。

3.           Adjustment of Warrant Price. The Warrant Price shall be subject to adjustment from time to time as set forth in this Section 3.
The Issuer shall give the Holder notice of any event described below which requires an adjustment pursuant to this Section 3 in accordance with the notice provisions set forth in Section 13.

期权行权价的调整。期权行权价应根据本第3节的规定不时调整。发行人应按照第13节的通知条款通知持有人本第3节规定的下述需要调整的事件。

 

 

 

 

 

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(a)           Adjustments for Stock Splits, Combinations, Certain Dividends and Distributions.  If the Issuer shall, at any time or from time to time after the Original Issue Date, effect a split of the outstanding
Common Stock (or any other subdivision of its shares of Common Stock into a larger number of shares of Common Stock), combine the outstanding shares of Common Stock into a smaller number of shares of Common Stock, or make or issue or set a record date for the determination of holders of Common Stock entitled to receive a dividend or other distribution payable in shares of Common Stock, then, in each event (i) the number of shares of Common Stock for which this Warrant shall be exercisable immediately after the
occurrence of any such event shall be adjusted to equal the number of shares of Common Stock that a record holder of the same number of shares of Common Stock for which this Warrant is exercisable immediately prior to the occurrence of such event would own or be entitled to receive after the happening of such event, and (ii) the Warrant Price then in effect shall be adjusted to equal (A) the Warrant Price then in effect multiplied by the number of shares of Common Stock for which this Warrant is exercisable immediately
prior to the adjustment divided by (B) the number of shares of Common Stock for which this Warrant is exercisable immediately after such adjustment.

针对分股、并股、特定股息和红利的调整。如果发行人在原始发行日后的任何时间或不时应发生已发行普通股的分拆(或任何其他普通股的股份分拆成更多普通股的股份),已发行普通股股份合并成更少的普通股股份,决定或设定一个登记日期以确定有权获得以普通股股份派发股息或其他红利的普通股持有人,则在任一情况下(i)任何紧随该等事件发生的期权可转普通股股数应进行调整,等于持有与该等事件发生前的期权可转普通股股数相同的登记持有人在发生该等事件后将拥有或有权获得的普通股股数,且(ii)此时有效的期权行权价应进行调整,等于(A)此时有效的期权行权价乘以在调整前期权可转普通股股数除以(B)即将进行该等调整前的期权可转普通股股数。

 

(b)           Adjustment for Other Dividends and Distributions. If the Issuer shall, at any time or from time to time after the Original Issue Date, make or issue or set a record date for the determination of holders
of Common Stock entitled to receive a dividend or other distribution payable in (i) cash, (ii) any evidences of indebtedness, or any other securities of the Company or any property of any nature whatsoever, other than, in each case, shares of Common Stock; or (iii) any warrants or other rights to subscribe for or purchase any evidences of indebtedness, or any other securities of the Company or any property of any nature whatsoever, other than, in each case, shares of Common Stock, then, and in each event, (A)
the number of shares of Common Stock for which this Warrant shall be exercisable shall be adjusted to equal the product of the number of shares of Common Stock for which this Warrant is exercisable immediately prior to such adjustment multiplied by a fraction (1) the numerator of which shall be the Per Share Market Value of Common Stock at the date of taking such record and (2) the denominator of which shall be such Per Share Market Value minus the amount allocable to one share of Common Stock of any such cash
so distributable and of the fair value (as determined in good faith by the Board and supported by an opinion from an investment banking firm mutually agreed upon by the Issuer and the Holder) of any and all such evidences of indebtedness, shares of stock, other securities or property or warrants or other subscription or purchase rights so distributable, and (B) the Warrant Price then in effect shall be adjusted to equal (1) the Warrant Price then in effect multiplied by the number of shares of Common Stock for
which this Warrant is exercisable immediately prior to the adjustment divided by (2) the number of shares of Common Stock for which this Warrant is exercisable immediately after such adjustment. A reclassification of the Common Stock (other than a change in par value, or from par value to no par value or from no par value to par value) into shares of Common Stock and shares of any other class of stock shall be deemed a distribution by the Issuer to the holders of its Common Stock of such shares of such other
class of stock within the meaning of this Section 3(b) and, if the outstanding shares of Common Stock shall be changed into a larger or smaller number of shares of Common Stock as a part of such reclassification, such change shall be deemed a subdivision or combination, as the case may be, of the outstanding shares of Common Stock within the meaning of Section
3(a).

 

 

 

 

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针对其他股息和红利的调整。如果发行人在原始发行日后的任何时间或不时应决定或设定一个登记日期以确定有权获得以下列方式派发股息或其他红利普通股的持有人,(i) 现金,(ii)除普通股股份外的任何债权凭证或公司的任何其他证券或财产,或(iii)任何认购或买入除普通股股份外的任何债权凭证或公司的任何其他证券或财产的期权或其他权利,则在任一情况下,(A)期权可转普通股的股数应进行调整,等于即将发生该等事件前期权可转普通股股数乘以下列分数(1)分子应为进行该等登记之日的普通股每股市值(2)分母应为该普通股每股市值减去每股普通股可分配的任何该等现金和所有上述债权凭证、股票、其他证券或财产或期权或其他认购或买入权的公允价值(由董事会诚信决定并由发行人和持有人共同选定的投资银行出具的意见支持),且(B)此时有效的期权行权价应调整为(1)此时有效的期权行权价乘以在调整前期权可转普通股股数除以 (2)紧随该等调整的期权可转普通股股数。普通股重新分类(票面价的变化,或有票面价变成无票面价,或无票面价变成有票面价除外)为普通股的股份或任何其他类别的股票,应被视为本第3节(b)规定的发行人向其该等普通股的股份持有人派发其他种类的股票,且如果作为该等重新分类的一部分,已发行普通股的股份应变为更多或更少的普通股的股份,则该等变化应视为本第3节(a)规定的已发行普通股的股份的分拆或合并。

 

(c)           Adjustments for Reclassification, Exchange or Substitution. If the Common Stock for which this Warrant is exercisable at any time or from time to time after the Original Issue Date shall be changed to the
same or different number of shares of any class or classes of stock, whether by reclassification, exchange, substitution or otherwise (other than by way of a stock split or combination of shares or stock dividends provided for in Section 3(a), Section 3(b), or a reorganization, merger, consolidation, or sale of assets provided for in Section
3(d)), then, and in each event, an appropriate revision to the Warrant Price shall be made and provisions shall be made (by adjustments of the Warrant Price or otherwise) so that, upon any subsequent exercise of this Warrant, the Holder shall have the right to receive, in lieu of Warrant Stock, the kind and amount of shares of stock and other securities receivable upon reclassification, exchange, substitution or other change, by holders of the number of shares of Common Stock for which this Warrant was
exercisable immediately prior to such reclassification, exchange, substitution or other change, all subject to further adjustment as provided herein.

 

 

针对重新分类、交换和替代的调整。如果期权可转普通股在原始发行日后的任何时间或不时应当变为相同或不同数量的任何类别股票的股份,不论系通过重新分类、交易、替代或其他方式(第3节(a)和第3节(b)规定的分股、并股、股票分红,或第3节(d)规定的重组、合并、兼并或资产出售除外),则在任一情况下,应适当修改期权行权价且规定(通过调整期权行权价或其他方式)在随后行使本期权时,,以使C系列优先股持有人有权获得特定类型和数量的股份和其他证券以取代期权可转股票,该等股份和其他证券应为持有人在该等重新分类、交易、替代或其他改变即将发生前行权可持有的普通股股份在进行重组、重新分类或其它改变时应获得的,但均受限于本章程规定的进一步调整。

 

 

 

 

 

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(d)           Adjustments for Reorganization, Merger, Consolidation or Sales of Assets. If at any time or from time to time after the Original Issue Date there shall be a capital reorganization of the Issuer (other than
by way of a stock split or combination of shares or stock dividends or distributions provided for in Section 3(a), and Section 3(b), or a reclassification, exchange or substitution of shares provided for in Section 3(c)), or a merger or consolidation of the Issuer
with or into another corporation where the holders of the Issuer’s outstanding voting securities prior to such merger or consolidation do not own over 50% of the outstanding voting securities of the merged or consolidated entity, immediately after such merger or consolidation, or the sale of all or substantially all of the Issuer's properties or assets to any other person (an “Organic Change”), then as a part
of such Organic Change an appropriate revision to the Warrant Price shall be made if necessary and provision shall be made if necessary (by adjustments of the Warrant Price or otherwise) so that, upon any subsequent exercise of this Warrant, the Holder shall have the right to receive, in lieu of Warrant Stock, the kind and amount of shares of stock and other securities or property of the Issuer or any successor corporation resulting from the Organic Change. In any such case, appropriate adjustment shall be made
in the application of the provisions of this Section 3(d) with respect to the rights of the Holder after the Organic Change to the end that the provisions of this Section 3(d) (including any adjustment in the Warrant Price then in effect and the number of shares of stock or other securities deliverable upon exercise of this Warrant) shall be applied
after that event in as nearly an equivalent manner as may be practicable.  In any such case, the resulting or surviving corporation (if not the Issuer) shall expressly assume the obligations to deliver, upon the exercise of this Warrant, such securities or property as the Holder shall be entitled to receive pursuant to the provisions hereof, and to make provisions for the protection of the rights of the Holder as provided above.

 

 

针对重组、合并、兼并和资产出售的调整。如果发行人在原始发行日后的任何时间或不时应进行资产重组(第3节(a)和第3节(b)规定的分股、并股、股票分红,或第3节(c)规定的股份的重新分类、交易或替换除外),或发行人合并或兼并成为其他公司,在该等合并或兼并发生前发行人已发行的有表决权证券的持有人紧随该等合并或兼并后未持有的合并或兼并后实体的超过50%的已发行的有表决权证券,或发行人出售全部或实质出售全部财产或资产给其他个人(“结构变化”),则作为该结构变化的一部分,如需要应适当修改期权行权价,且做出规定(通过调整期权行权价或其他方式),在随后行使本期权时,持有人有权获得发行人或结构变化后的继承者公司的一定种类和数量的股票和其他证券或财产,以取代期权可转股票。在任一该等情况下,为本第3节(d)(包括任何当时有效的期权行权价和本期权可转股票或其他证券的数额的修订)的规定在该等事件后以尽可实行的方式得以适用起见,应适用本第3节(d)的规定适当调整持有人在结构变化后的权利。在任一该等情况下,最终的或存续公司(如果不是发行人)应承担在行使期权时交付给持有人根据本期权书的规定应获得的该等证券或财产的义务,且做出规定保护上文规定的持有人的权利。

 

 

(e)           Adjustments for Issuance of Additional Shares of Common Stock. For a period of twelve (12) months following the effective date of the Registration Statement filed under the Registration Rights Agreement
(the “Anti-Dilution Period”), in the event the Issuer shall issue or sell any additional shares of Common Stock (otherwise than as provided in the foregoing subsections (a) through (d) of this Section 3 or pursuant to (X) Common Stock Equivalents (as hereafter defined) granted or issued prior to the Original Issue Date or (Y) subsection
(f) below) (“Additional Shares of Common Stock”) at a price per share less than the then-applicable Warrant Price or without consideration, then the Warrant Price upon each such issuance shall be reduced to that price (rounded to the nearest cent) determined by multiplying the Warrant Price by a fraction: (1) the numerator of which shall be equal to the sum of
(A) the number of shares of Outstanding Common Stock immediately prior to the issuance of such Additional Shares of Common Stock plus (B) the number of shares of Common Stock (rounded to the nearest whole share) which the aggregate consideration for the total number of such Additional Shares of Common Stock so issued would purchase at a price per share equal to the outstanding Warrant Price in effect immediately prior to such issuance; and (2) the denominator
of which shall be equal to the number of shares of Outstanding Common Stock immediately after the issuance of such Additional Shares of Common Stock. No adjustment of the Warrant Price shall be made upon the issuance of any Additional Shares of Common Stock which are issued pursuant to the exercise of any warrants or other subscription or purchase rights or pursuant to the exercise of any conversion or exchange rights in any Common Stock Equivalents, if any such adjustment shall previously have been made upon
the issuance of such warrants or other rights or upon the issuance of such Common Stock Equivalents (or upon the issuance of any warrant or other rights therefore).

 

 

 

 

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针对发行额外普通股股份的调整。注册登记权协议项下的登记申请生效日后的12个月期间(“反稀释期间”)内,如果发行人应以每股价格低于当时适用的期权行权价或没有对价发行或出售任何额外普通股股份(本第3节前述 (a)至 (d)的规定,或根据 (X) 在原始发行日前授权或发行的普通股认购权(普通股认购权见下述有关规定)或(Y)下述(f)的规定除外)(“额外普通股股份”),则该等发行后的期权行权价应降低,价格(四舍五入到美分)等于期权行权价乘以一个分数:(1)分子应等于(A)即将发行该等额外普通股股份前的已发行普通股的股数加上(B)用该等额外普通股股份的总对价以紧接该发行的有效的期权行权价可以购买的普通股股数(四舍五入到整数股);(2)分母应等于该紧随额外普通股股份发行后的已发行普通股份的数量。如果因任何期权或其他认购或买入权的行使或因任何普通股认购权的转换或交易权的行使而发行额外普通股股份,且转换价本应在发行该等期权或其他权利或发行该等普通股认购权(或发行任何期权或其他权利)时进行调整的,则该期权行权价不进行调整。

 

 

(f)           Issuance of Common Stock Equivalents. The provisions of this Section 3(f) shall apply if the Issuer during the Anti-Dilution
Period, shall (a) issue any securities convertible into or exchangeable for, directly or indirectly, Common Stock (“Convertible Securities”), other than the Series A Preferred Stock, or (b) issue or sell any rights or warrants or options to purchase any such Common Stock or Convertible Securities (collectively, the “Common Stock Equivalents”).
If the price per share for which Additional Shares of Common Stock may be issuable pursuant to any such Convertible Securities or Common Stock Equivalent shall be less than the applicable Warrant Price then in effect, or if, after any such issuance of Common Stock Equivalents, the price per share for which Additional Shares of Common Stock may be issuable thereafter is amended or adjusted, and such price as so amended shall be less than the applicable Warrant Price in effect at the time of such amendment or adjustment,
then the applicable Warrant Price upon each such issuance or amendment shall be adjusted as provided in Section 3(e). No adjustment shall be made to the Warrant Price upon the issuance of any Common Stock pursuant to the exercise, conversion or exchange of any Convertible Security or Common Stock Equivalent where an adjustment to the Conversion Price was made as a result of the issuance or purchase of such Convertible Security
or Common Stock Equivalent.

 

 

 

 

 

 

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普通股认购权的发行。本第3节(f)的规定应得以适用,如果发行人在反稀释期间应(a)发行任何可直接或间接转换或交易成普通股的证券(“可转换证券”),A系列优先股除外,或(b)发行或出售买入该普通股或可转换证券的任何权利或期权或购买权(合称“普通股认购权”)。如果根据任何该等可转换证券或普通股认购权可发行的额外普通股股份的每股价格低于当时有效适用的期权行权价,或如果在发行该等普通股认购权后,可发行的额外普通股股份的每股价格因而修改或调整,且修改后的价格应低于该等修改或调整时有效适用的期权行权价,则任何该等发行或修正后的期权行权价应按照第3节(e)的规定调整。期权行权价已经因发行或买入任何可转换证券或普通股认购权而调整,则不应因任何可转换证券或普通股认购权的行权、转换或交易发行普通股而调整期权行权价。

 

 

(g)           Superseding Adjustment. If, at any time after any adjustment of the Warrant Price then in effect shall have been made pursuant to Section
3(e) or Section 3(f) as the result of any issuance of Common Stock Equivalents, and such Common Stock Equivalents, or the right of conversion or exchange in such Common Stock Equivalents, shall expire, and all of such or the right of conversion or exchange with respect to all of such Common Stock Equivalents shall not have been converted or exercised, then such previous adjustment shall be rescinded and annulled and the
Warrant Price then in effect shall be adjusted to the Warrant Price in effect immediately prior to the issuance of such Common Stock Equivalents, subject to any further adjustments pursuant to this Section 3.

 

 

取代调整。如果当时有效的期权行权价本应根据第3节(e)或第3节(f)的规定因发行任何普通股认购权而进行调整,且该等普通股认购权或其转换或交易的权利将终止且未本不应转换或行使该等普通股认购权或其权利,则应废除并消灭前述调整,且当时有效的期权行权价应调整为即将发行该等普通股认购权前的有效期权行权价,受限于本第3节规定的进一步调整。

 

(h)           Consideration for Stock. In case any shares of Common Stock or Convertible Securities other than the Series A Preferred Stock, or any rights or warrants or options to purchase any such Common Stock or Convertible
Securities, shall be issued or sold:

 

 

股票的对价。如果应发行或出售除A系列优先股外的任何普通股的股份或可转换证券,或任何买入该等普通股或可转换证券的权利或期权或购买权:

 

(i)           in connection with any merger or consolidation in which the Issuer is the surviving corporation (other than any consolidation or merger in which the previously outstanding shares of Common Stock of the Issuer shall be changed to or exchanged for the stock or other securities
of another corporation), the amount of consideration therefore shall be deemed to be the fair value, as determined reasonably and in good faith by the Board, of such portion of the assets and business of the nonsurviving corporation as the Board may determine to be attributable to such shares of Common Stock, Convertible Securities, rights or warrants or options, as the case may be; or

 

就发行人作为存续公司的合并或兼并(任何发行人在先已发行的普通股股份应变化或交易成其他公司的股票或其他证券的兼并或合并除外),对价的数额应被视为由发行人的董事会合理诚信决定的该等普通股的股份、可转换证券、权利、期权或购买权可得的未存续公司的该部分资产和业务的公允价值,视具体情况而定;或

 

 

 

 

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(ii)           in the event of any consolidation or merger of the Issuer in which the Issuer is not the surviving corporation or in which the previously outstanding shares of Common Stock of the Issuer shall be changed into or exchanged for the stock or other securities of another
corporation, or in the event of any sale of all or substantially all of the assets of the Issuer for stock or other securities of any corporation, the Issuer shall be deemed to have issued a number of shares of its Common Stock for stock or securities or other property of the other corporation computed on the basis of the actual exchange ratio on which the transaction was predicated, and for a consideration equal to the fair market value on the date of such transaction of all such stock or securities or other
property of the other corporation. If any such calculation results in adjustment of the applicable Warrant Price, or the number of shares of Common Stock for which this Warrant is exercisable, the determination of the applicable Warrant Price or the number of shares of Common Stock for which this Warrant is exercisable immediately prior to such merger, consolidation or sale, shall be made after giving effect to such adjustment of the number of shares of Common Stock for which this Warrant is exercisable. In the
event any consideration received by the Issuer for any securities consists of property other than cash, the fair market value thereof at the time of issuance or as otherwise applicable shall be as determined in good faith by the Board. In the event Common Stock is issued with other shares or securities or other assets of the Issuer for consideration which covers both, the consideration computed as provided in this Section 3(h) shall
be allocated among such securities and assets as determined in good faith by the Board.

 

 

如果发行人不是合并或兼并后的存续公司,或发行人之前已发行的普通股股份应变化或交易成其他公司的股票或其他证券,或发行人因任何公司的股票或其他证券而出售全部或者实质出售全部资产,发行人应被视为已因其他公司的股票或证券或其他财产发行了以实际交易比率为基础计算的一定数量的普通股股份,对价等于所有其他公司的该等股票或证券或其他财产交易发生之日的公允市场价值。如果任何该等计算导致适用的期权行权价调整,或本期权可转普通股股数调整,在期权可转普通股股数后,应确定适用的期权行权价或紧接该等合并、兼并或出售的期权可转普通股股数。如果发行人收到的任何证券的对价为财产而非现金,其在发行时的公允市场价值或其他适用的价值应由董事会诚信决定。如果对价涵盖同时发行的普通股和发行人的其他股份或证券或其他资产的对价,则根据本第3节(h)计算对价时应包括由董事会诚信决定的该等证券和资产的对价。

 

 

(i)           Record Date. In case the Issuer shall take record of the holders of its Common Stock or any other preferred stock for the purpose of entitling them to subscribe for or purchase Common Stock or Convertible
Securities, then the date of the issue or sale of the shares of Common Stock shall be deemed to be such record date.

 

登记日期。如果发行人应登记其普通股或任何其他优先股的持有人,以使其有权认购或买入普通股或可转换证券,则发行或出售普通股股份之日应被视为登记日期。

 

(j)           Certain Issues Excepted. Anything herein to the contrary notwithstanding, the Issuer shall not be required to make any adjustment to the Warrant Price upon (i) securities issued pursuant to a bona fide
acquisition of another business entity or business segment of any such entity by the Issuer pursuant to a merger, purchase of substantially all the assets or any type of reorganization (each an “Acquisition”) provided that (A) the Issuer will own more than fifty percent (50%) of the voting power of such business entity or business segment of such entity and (B) such Acquisition is approved by the Board; (ii) securities
issued pursuant to Common Stock Equivalents issued or outstanding on or prior to the date of the Purchase Agreement or issued pursuant to the Purchase Agreement (so long as the terms governing the conversion or exercise price in such securities are not amended to lower such price and/or adversely affect the Holder); (iii) securities issued in connection with bona fide strategic license agreements or other partnering arrangements so long as such issuances are not for the purpose of raising capital; (iv) Common
Stock issued or the issuance or grants of options to purchase Common Stock pursuant to equity incentive plans that are adopted by the Board; and (v) securities issued to any placement agent and its respective designees for the transactions contemplated by the Purchase Agreement; (vi) securities issued to advisors or consultants (including, without limitation, financial advisors and investor relations firms) i connection with any engagement letter or consulting agreement, provided that any such issuance is approved
by the Board; (vii) securities issued to financial institutions or lessors in connection with reasonable commercial credit arrangements, equipment financings or similar transactions, provided that any such issue is approved by the Board of Directors; (viii) securities issued to vendors or customers or to other persons in similar commercial situations as the Company, provided that any such issue is approved by the Board of Directors; and (ix) securities issued in connection with any recapitalization.

 

 

 

 

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例外事项。尽管本期权书有任何相反的规定,发行人不应被要求对期权行权价进行任何调整,如果(i)因发行人合并、实质买入全部资产或任何种类的重组(分别称为“并购”)而善意取得其他经营实体或其业务部门而发行证券,如果(A)发行人将拥有该等经营实体或其业务部门大于百分之五十(50%)的表决权且(B)该等并购经董事会批准;(ii)因转换或行使在购买协议之日或之前已发行的普通股认购权或根据购买协议(只要其规定该等证券的转换或行权价格的条款未修订为降低该等价格或对持有人不利)而发行证券;(iii)因善意战略许可协议或其他合作安排而发行证券,只要该等发行不以筹集资金为目的;(iv)因董事会通过的股权激励计划而发行普通股或发行或授权普通股的买入权;和(v)为完成购买协议项下的交易向任何私募代理人及其指定人发行证券;(vi)根据聘用函或咨询协议向顾问或咨询人(包括但不限于财务顾问和投资者关系公司)发行证券,以该发行经董事会批准为前提;(vii)根据商业信用安排、设备融资或类似交易向金融机构或出租人发行证券,以该发行经董事会批准为前提;(viii)向卖主或消费者或其他与公司类似商业境遇的个人发行证券,以该发行经董事会批准为前提;和(ix)与资本结构调整相关的证券发行。

 

 

(k)           No Impairment. The Issuer shall not, by amendment of its Articles of Incorporation or through any reorganization, transfer of assets, consolidation, merger, dissolution, issue or sale of securities or any
other voluntary action, avoid or seek to avoid the observance or performance of any of the terms to be observed or performed hereunder, but will at all times in good faith assist in the carrying out of all the provisions of this Section 3 and in the taking of all such action as may be necessary or appropriate in order to protect against impairment the right of the Holder to exercise this Warrant. In the event the Holder shall
elect to exercise this Warrant, in whole or in part, as provided herein, the Issuer cannot refuse exercise based on any claim that the Holder or anyone associated or affiliated with such holder has been engaged in any violation of law, unless (i) the Issuer receives an order from the Securities and Exchange Commission prohibiting such exercise or (ii) an injunction from a court, on notice, restraining and/or adjoining exercise of this Warrant.

 

不妨害条款。发行人不得通过修改公司的章程或资本重组、资产转移、兼并、合并、解散、发行或出售证券及其他措施避免或试图避免履行本期权书的任何条款。发行人将一直诚信的为执行本期权书第3节的所有规定提供协助并采取所有必要或适当的措施保护持有人行使本期权的权益免于被损害。如果持有人决定行使全部或部分本期权,发行人不得基于持有人或该持有人其他相关方或关联方违反法律的主张而拒绝执行,除非(i)发行人收到证券交易委员会关于禁止执行的命令或(ii)限制和/或[]本期权行使的法院禁令。

 

 

 

 

 

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(l)           Certificates as to Adjustments. Upon occurrence of each adjustment or readjustment of the Warrant Price or number of shares of Common Stock for which this Warrant is exercisable pursuant to this Section
3, the Issuer at its expense shall promptly compute such adjustment or readjustment in accordance with the terms hereof and furnish to the Holder a certificate setting forth such adjustment and readjustment, showing in detail the facts upon which such adjustment or readjustment is based. The Issuer shall, upon written request of the Holder, at any time, furnish or cause to be furnished to the Holder a like certificate setting forth such adjustments and readjustments, the Warrant Price in effect at the
time, and the number of shares of Common Stock and the amount, if any, of other securities or property which at the time would be received upon the exercise of this Warrant. Notwithstanding the foregoing, the Issuer shall not be obligated to deliver a certificate unless such certificate would reflect an increase or decrease of at least one percent of such adjusted amount; if the Issuer so postpones delivering a certificate, such prior adjustment shall be carried forward and made as soon as such adjustment, together
with other adjustments required by this Section 3 and not previously made, would result in an adjustment of one percent or more.

 

调整证书。在根据第3节每次对期权行权价或期权可转普通股股数进行调整或重新调整时,发行人应自行承担费用及时根据本期权书的条款计算该等调整或重新调整,并向持有人提供证书,列明该等调整或重新调整,详细说明该等调整或重新调整的事实依据。经持有人在任何时候提出书面请求,发行人应不时向其发出或促使发出证书,列明该等调整或重新调整,当时有效的期权行权价,以及普通股股数和当时期权可转的其他证券或财产的数量(如有)。尽管有上述规定,发行人没有交付证书的义务,除非该等证书将反映的调整数量增加或减少了至少一个百分点;如果发行人推迟交付证书,若这一调整与本第3节要求的其他未作出的调整一起会导致超过一个百分点的调整,应作出之前的调整。

 

 

(m)           Issue Taxes. The Issuer shall pay any and all issue and other taxes, excluding federal, state or local income taxes, that may be payable in respect of any issue or delivery of shares of Common Stock on
exercise of this Warrant; provided, however, that the Issuer shall not be obligated to pay any transfer taxes resulting from any transfer requested by any holder in connection with any such conversion.

 

发行税。发行人应支付任何全部因行权本期权而发行或交付普通股的股份而产生的所有发行及其它税款,不包括联邦、州及地方所得税;但是,发行人无义务支付任何应持有人要求的关于该转换的交易相关的转让税。

 

 

(n)           Fractional Shares. No fractional shares of Common Stock shall be issued upon exercise of this Warrant. In lieu of any fractional shares to which the Holder would otherwise be entitled, the Holder shall
round the number of shares to be issued upon exercise up to the nearest whole number of shares.

 

 

 

 

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零散股份。不得在行使本期权时发行普通股的零散股份。为替代持有人原本有权获得的零散股,持有人应累积零散股份至整股时转换,以取代持有人应得的零散股份。

 

 

(o)           Reservation of Common Stock. The Issuer shall, during the period within which this Warrant may be exercised, reserve and keep available out of its authorized and unissued Common Stock, solely for the purpose
of effecting the exercise of this Warrant, such number of shares of Common Stock equal to at least one hundred ten percent (110%) of the aggregate number of shares of Common Stock as shall from time to time be sufficient to effect the exercise of this Warrant.

 

普通股的保留。仅为行使本期权行权之目的,发行人应在任何本期权可转期间内,保留其已授权的未发行普通股,该等普通股股数等于至少百分之一百一十(110%)的普通股股份总数,以保证不时足够行使本期权。

 

 

(p)           Retirement of this Warrant. Exercise of this Warrant shall be deemed to have been effected on the date of exercise hereof. Upon exercise of this Warrant only in part, the Issuer shall issue and deliver
to the Holder, at the expense of the Issuer, a new Warrant covering the unexercised balance of the Warrant Shares.

 

收回本期权。行使本期权应视为于行使当日生效。仅部分行使本期权,发行人应自行承担费用向持有人发行和交付新的期权书,列明未行使的期权可转股的余额。

 

 

(q)           Regulatory Compliance. If any shares of Common Stock to be reserved for the purpose of exercise of this Warrant require registration or listing with or approval of any governmental authority, stock exchange
or other regulatory body under any federal or state law or regulation or otherwise before such shares may be validly issued or delivered upon conversion, the Issuer shall, at its sole cost and expense, in good faith and as expeditiously as possible, endeavor to secure such registration, listing or approval, as the case may be.

 

 

满足法律规定。如果根据任何联邦或州的法律或条例或其他规定,任何为本期权行权的目的而保留的普通股的股份需要任何监管部门、证券交易或其他监管实体的登记或记载或批准才可以有效发行或交付,发行人应自行承担花销和费用依据诚信原则尽快完成该等登记、记载或批准。

 

 

4.           No Preemptive Rights. The Holder shall not be entitled to rights to subscribe for, purchase or receive any part of any new or additional shares of any class, whether now or hereinafter authorized, or of bonds
or debentures, or other evidences of indebtedness convertible into or exchangeable for shares of any class, but all such new or additional shares of any class, or any bond, debentures or other evidences of indebtedness convertible into or exchangeable for shares, may be issued and disposed of by the Board on such terms and for such consideration (to the extent permitted by law), and to such person or persons as the Board in its absolute discretion may deem advisable.

 

 

无优先配股权。持有人无权认购、买入或获得任何类别的新的或额外股份,或可转换或交易为任何种类的股份的公债或债券或其他债权凭证,不论是现在还是之后授权的,但是所有该等新的或额外股份或可转换或交易为股份的公债、债券或其他债权凭证可由董事会在该等条款基础上以该等对价(在法律允许的范围内)向该等个人发行和处置,且董事会有绝对决定权。

 

 

 

 

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5.           Exercise Restriction. Notwithstanding anything to the contrary set forth in this Warrant, at no time may the Holder exercise this Warrant, in whole or in part, if the number of shares of Common Stock to be
issued pursuant to such exercise would cause the number of shares of Common Stock beneficially owned by the Holder and its affiliates at such time, when aggregated with all other shares of Common Stock beneficially owned by the Holder and its affiliates at such time, result in the Holder beneficially owning (as determined in accordance with Section 13(d) of the Securities Exchange Act of 1934, as amended, and the rules thereunder) in excess of 9.99% of the then issued and outstanding shares of Common Stock outstanding
at such time; provided, however, that upon the Holder providing the Issuer with sixty-one (61) days notice (pursuant to Section 13 hereof) (the "Waiver Notice") that the Holder would like to waive Section
5 of this Warrant with regard to any or all shares of Common Stock for which this Warrant is exercisable, this Section 5 shall be of no force or effect with regard to those shares referenced in the Waiver Notice.

行权限制。不论本期权书有任何相反规定,持有人不得全部或部分行使本期权,如果因该行权发行的普通股股数将导致持有人及其关联方当时享有实益(按照经修订的1934年证券交易法第13节(d)及其下的规定来确定)的普通股股数和所有当时享有实益的普通股的其他股份之和超过当时已发行的普通股的股份的9.99%;但是,如果持有人提前六十一(61)天(按照第13节的规定)通知发行人(“弃权通知”)其将就任何或所有本期权可转普通股的股份放弃本期权书第5节的规定,本第5节将对于弃权通知所涉及的该等股权无效。

6.           Registration Rights.

The Holder of this Warrant is entitled to the benefit of certain registration rights with respect to the shares of Warrant Stock issuable upon the exercise of this Warrant, pursuant to that certain Registration Rights Agreement, of even date herewith, by and among the Issuer and Persons listed
on Schedule I thereto (the “Registration Rights Agreement”) and the registration rights with respect to the shares of Warrant Stock issuable upon the exercise of this Warrant by any subsequent Holder may only be assigned in accordance with the terms and provisions of the Registrations Rights Agreement.

注册登记权。根据发行人和注册登记权协议所附披露表I所列个人签署的注册登记权协议(“注册登记权协议”),本期权的持有人对于本期权可转的期权可转股票的股份具有注册登记权,且任何后续持有人仅可根据注册登记权协议取得对于本期权可转的期权可转股票的股份的注册登记权。

7.           Definitions. For the purposes of this Warrant, the following terms have the following meanings:

释义。本期权书中的相关概念解释如下:

“Board” shall mean the Board of Directors of the Issuer.

“董事会”指发行人的董事会。

“Capital Stock” means and includes (i) any and all shares, interests, participations or other equivalents of or interests in (however designated) corporate stock, including, without limitation, shares of preferred or preference stock, (ii)
all partnership interests (whether general or limited) in any Person which is a partnership, (iii) all membership interests or limited liability company interests in any limited liability company, and (iv) all equity or ownership interests in any Person of any other type.

 

 

 

 

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“股本”指并包括(i) 任何和所有股权、权益、配售或其他任何的公司股票的认购权或利益,包括但不仅限于优先股权或股票;(ii) 任何合伙人的全部合伙权益(无论是一般合伙还是有限合伙);(iii) 任何有限责任公司的全部成员权益或有限责任公司权益;以及(iv) 任何个人其他类型实体的全部资本权益或所有权权益。

“Articles of Incorporation” means the Amended and Restated Articles of Incorporation of the Issuer as in effect on the Original Issue Date, and as hereafter from time to time amended, modified, supplemented or restated in accordance with the
terms hereof and thereof and pursuant to applicable law.

“公司章程”指在发行人在原始发行日有效的经修订的公司章程,以及此后与本期权书所有条款和相关法律相一致的修正、修改、补充或重述。

“Common Stock” means the Common Stock, $0.001 par value per share, of the Issuer and any other Capital Stock into which such stock may hereafter be changed.

“普通股”指发行人票面价为美元0.001每股的普通股,和以后普通股转变成的任何形式的股本。

“Convertible Security” means one of the Convertible Securities.

“可转换证券”指某一可转换证券。

“Governmental Authority” means any governmental, regulatory or self-regulatory entity, department, body, official, authority, commission, board, agency or instrumentality, whether federal, state or local, and whether domestic or foreign.

“监管部门”指任何联邦、州或当地政府的监管的或自律的组织、部门、实体、机构、事务局、委员会、代理或分支,包括境内的或境外的。

“Holders” mean the Persons who shall from time to time own any Warrant. The term “Holder” means one of the Holders.

“持有人们”指不时持有任何期权的个人。“持有人”指某一持有人。

“Independent Appraiser” means a nationally recognized or major regional investment banking firm or firm of independent certified public accountants of recognized standing (which may be the firm that regularly examines the financial statements
of the Issuer) that is regularly engaged in the business of appraising the Capital Stock or assets of corporations or other entities as going concerns, and which is not affiliated with either the Issuer or the Holder of any Warrant.

“独立评估师”指国家认证的或地区主要的投资银行,公认的独立会计师事务所(可以是发行人常聘的审计财务报告的会计师事务所);从事公司、企业股本和资产评估的日常业务,且不得为发行人或任何期权持有人的关联方。

“Initial Holder” means Lee Wah Investments Limited.

“最初持有人”指[_____________]。

 

 

 

 

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“Issuer” means JPak Group. Inc., a Nevada corporation, and its successors.

“发行人”指JPak集团公司,内华达州注册公司,及其继承者。

“Original Issue Date” means November _____, 2009.

“原始发行日”指2009年11月____日。

“OTC Bulletin Board” means the over-the-counter electronic bulletin board.

“OTC公告板”指场外柜台交易系统。

“Other Common” means any other Capital Stock of the Issuer of any class which shall be authorized at any time after the date of this Warrant (other than Common Stock) and which shall have the right to participate in the distribution of earnings
and assets of the Issuer without limitation as to amount.

“其他普通股”指在本期权书之后,发行人其他任何应授权的其他股本(普通股除外)并且持有人有权参与发行人的分红和资产分配而不受数目限制。

“Outstanding Common Stock” means, at any given time, the aggregate amount of outstanding shares of Common Stock, assuming full exercise, conversion or exchange (as applicable) of all Common Stock
Equivalents that are outstanding at such time.

“已发行普通股”指,在既定时间的所有已发行普通股,假设当时任何普通股认购权都已全部转换、行使或交易。

“Person” means an individual, corporation, limited liability company, partnership, joint stock company, trust, unincorporated organization, joint venture, Governmental Authority or other entity
of whatever nature.

“个人”包括自然个人、公司、有限责任公司、合伙、股份有限公司、信托公司、非法人组织、合资企业、监管部门或其他任何形式实体。

“Per Share Market Value” means on any particular date (a) the last closing bid price per share of the Common Stock on such date on the OTC Bulletin Board or another registered national stock exchange on which the Common Stock is then listed,
or if there is no such price on such date, then the closing bid price on such exchange or quotation system on the date nearest preceding such date, or (b) if the Common Stock is not listed then on the OTC Bulletin Board or any registered national stock exchange, the last closing bid price for a share of Common Stock in the over-the-counter market, as reported by the OTC Bulletin Board or in the National Quotation Bureau Incorporated or similar organization or agency succeeding to its functions of reporting prices)
at the close of business on such date, or (c) if the Common Stock is not then reported by the OTC Bulletin Board or the National Quotation Bureau Incorporated (or similar organization or agency succeeding to its functions of reporting prices), then the average of the "Pink Sheet" quotes for the five (5) Trading Days preceding such date of determination, or (d) if the Common Stock is not then publicly traded the fair market value of a share of Common Stock as determined by the Board.

 

 

 

 

 

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“每股市值”指于任何特定日期(a)当天在OTC公告板或其他经注册的国家股票交易系统列明的普通股的最后收盘价,或如果当日无该价格,则为当日之前最近一天的收盘价,或(b)如果当时普通股未在OTC公告板或其他经注册的国家股票交易系统报价,则为OTC公告板或美国国家报价局(或具有报价功能的类似组织或代理)报告的普通股在柜台市场的当日结束交易时的最后收盘价,或(c)如果普通股未被OTC公告板或美国国家报价局(或具有报价功能的类似组织或代理)报告,则为于当日之前五(5)个交易日“粉红单市场”报价的平均数,或(d)如果普通股未公开交易,则为董事会确定的每一股普通股的公允市场价值。

“Purchase Agreement” means the Securities Purchase Agreement dated as of November ____, 2009, among the Issuer and the Purchasers.

“购买协议”指发行人和购买人于2009年11月____日签署的证券购买协议。

“Purchasers” means the purchasers of the Series A Convertible Preferred Stock and the Warrants issued by the Issuer pursuant to the Purchase Agreement.

“购买人”指根据购买协议A系列可转优先股和发行人发行的期权的购买人。

“Securities” means any debt or equity securities of the Issuer, whether now or hereafter authorized, any instrument convertible into or exchangeable for Securities or a Security, and any option, warrant or other right to purchase or acquire
any Security. "Security" means one of the Securities.

“证券”指发行人的任何现在和之后授权的债务性证券或权益性证券,任何可以转换或交易证券的凭证,和任何期权、认购凭证或其他证券买入或获得权。“单股证券”指任何单一股证券。

“Securities Act” means the Securities Act of 1933, as amended.

“证券法”指经修订的1933年证券法。

"Series C Preferred Stock" means shares of the Company’s Series C Convertible Preferred Stock issued to the Purchasers pursuant to the Purchase Agreement.

“C系列优先股”指根据购买协议向购买人发行的C系列可转优先股。

“Subsidiary” means any corporation at least 50% of whose outstanding Voting Stock shall at the time be owned directly or indirectly by the Issuer or by one or more of its Subsidiaries, or by the Issuer and one or more of its Subsidiaries.

“子公司”指任何公司其有表决权的股票半数以上为发行人或发行人一个或多个子公司单独或共同,直接或间接持有。

“Term” has the meaning specified in Section 1 hereof.

“有效期”指本期权书第1节所特定的期限。

“Trading Day” means (a) a day on which the Common Stock is traded on the OTC Bulletin Board, or (b) if the Common Stock is not traded on the OTC Bulletin Board, a day on which the Common Stock is quoted in the over-the-counter market as reported
by National Quotation Bureau Incorporated (or any similar organization or agency succeeding its functions of reporting prices); provided, however, that in the event that the Common Stock is not listed or quoted as set forth in (a) or (b) hereof, then Trading Day shall mean any day except Saturday, Sunday and any day which shall be a legal holiday
or a day on which banking institutions in the State of New York are authorized or required by law or other government action to close.

 

 

 

 

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“交易日”指(a) 普通股在OTC公告板的交易日;或(b) 如果普通股不在OTC公告板交易,其在美国国家报价局(或任何其他继承其报价职能的类似机构)的报价日,但是,如果普通股既不在OTC交易也不在美国国家报价局报价,则交易日应指除周六、周日和其他法定节假日、纽约州银行机构根据法律或政府法令关闭营业日外的其他任何一日。

“Voting Stock” means, as applied to the Capital Stock of any corporation, Capital Stock of any class or classes (however designated) having ordinary voting power for the election of a majority of the members of the Board of Directors (or other
governing body) of such corporation, other than Capital Stock having such power only by reason of the happening of a contingency.

“有表决权的股票”指在公司股本中一种股票类别,该类别股票持有人有权对选举公司董事会(或其他管理实体)成员大多数行使表决权,不同于股本只有在突发情况下才有表决权。

“Warrants” means the Warrants issued and sold pursuant to the Purchase Agreement, including, without limitation, this Warrant and the Series E Warrants (as defined in the Purchase Agreement), and any other warrants of like tenor issued in substitution
or exchange for any thereof pursuant to the provisions of Section 2(d), 2(e) or 2(f) hereof or of any of such other Warrants.

“期权”指依据购买协议发行和售出的期权,包括但不仅限于本期权和E系列期权(见购买协议中的有关规定),和之后根据本期权书第2节(d),(e)或(f)替代或交易所得的其他期权或任何其他期权。

“Warrant Price” initially means $0.70 per share, as such price may be adjusted from time to time as shall result from the adjustments specified in this Warrant, including Section
3 hereto.

“期权行权价”最初指美元0.70每股,该价格根据包括第3节在内的本期权书的规定不时调整。

“Warrant Share Number” means at any time the aggregate number of shares of Warrant Stock which may at such time be purchased upon exercise of a Warrant, after giving effect to all prior adjustments and increases to such number made or required
to be made under the terms hereof.

“期权可转股份数”指任何时间期权可转股票的股份总数,但以根据本期权书规定的之前所做的调整和增加为准。

“Warrant Stock” means Common Stock issuable upon exercise of any Warrant or Warrants or otherwise issuable pursuant to any Warrant or Warrants.

“期权可转股票”指行使期权的可发行的普通股或其他权证。

10.           Other Notices. In case at any time:

其他事项的通知。任何时间如存在以下任一情况:

 

 

 

 

 

21

 

 

 

(i)                                the Issuer shall make any distributions to the holders of Common Stock;

发行人应向普通股股东分派任何股息;或

(ii)                                the Issuer shall authorize the granting to all holders of its Common Stock of rights to subscribe for or purchase any shares of Capital Stock
of any class or other rights; or

发行人应授权认可其全部普通股股东认购或买入发行人任一类别股本或其他权益;或

(iii)                                there shall be any reclassification of the Capital Stock of the Issuer; or

发行人应对公司股本做任何重新分类;或

(iv)                                there shall be any capital reorganization by the Issuer; or

发行人应做任何资本重组;或

(v)                                there shall be any (i) consolidation or merger involving the Issuer or (ii) sale, transfer or other disposition of all or substantially all of
the Issuer's property, assets or business (except a merger or other reorganization in which the Issuer shall be the surviving corporation and its shares of Capital Stock shall continue to be outstanding and unchanged and except a consolidation, merger, sale, transfer or other disposition involving a wholly-owned Subsidiary); or

有如下任一情况发生:(i)发行人被涉入兼并或并购,或(ii)发行人出售、转让或其他处置公司全部或实质全部资产或业务(除非发行人是并购或重组中的存续公司并且其股本仍保持流通且未变化,发行人的全资子公司涉入兼并、合并、出售、转让或其他处置除外);或

(vi)                                there shall be a voluntary or involuntary dissolution, liquidation or winding-up of the Issuer or any partial liquidation of the Issuer or distribution
to holders of Common Stock;

发行人自愿或强制解散、清算、清盘或任何部分清算;或应向普通股股东分派股息。

then, in each of such cases, the Issuer shall give written notice to the Holder of the date on which (i) the books of the Issuer shall close or a record shall be taken for such dividend, distribution or subscription rights or (ii) such reorganization, reclassification, consolidation, merger, disposition, dissolution, liquidation or winding-up,
as the case may be, shall take place. Such notice also shall specify the date as of which the holders of Common Stock of record shall participate in such dividend, distribution or subscription rights, or shall be entitled to exchange their certificates for Common Stock for securities or other property deliverable upon such reorganization, reclassification, consolidation, merger, disposition, dissolution, liquidation or winding-up, as the case may be. Such notice shall be given at least twenty (20) days prior
to the action in question and not less than ten (10) days prior to the record date or the date on which the Issuer's transfer books are closed in respect thereto. This Warrant entitles the Holder to receive copies of all financial and other information distributed or required to be distributed to the holders of the Common Stock.

 

 

 

 

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在上述任一情况下,发行人应书面通知持有人,通知日期应为(i)发行人的应截止过户日或上述股息、红利或认购权应被登记日,或(ii)上述资产重组、股本重新分类、兼并、合并、解散、清算或清盘应进行日。书面通知还应明确已登记入册的普通股股东应参与分红、分股或认购的日期,或有权在资产重组、股本重新分类、兼并、合并、解散、清算或清盘时以股权证书换取证券或公司其他资产的日期。发行人应于上述事件发生前至少二十(20)天提前书面通知,且该日期应比相应截止过户日或登记日提前至少十(10)天。持有人有权依本期权书获得普通股股东有权或应获得的所有财务或其他信息。

11.           Amendment and Waiver. Any term, covenant, agreement or condition in this Warrant may be amended, or compliance therewith may be waived (either generally or in a particular instance and either retroactively
or prospectively), by a written instrument or written instruments executed by (a) the Issuer, (b) the Initial Holder (assuming the Initial Holder still owns all or part of this Warrant), and (c) the Holders of twenty-five percent (25%) of the Warrants, the calculation of which shall include the Initial Holder’s percentage of ownership of the Warrants; provided, however,
that no such amendment or waiver shall reduce the Warrant Share Number, increase the Warrant Price, shorten the period during which this Warrant may be exercised or modify any provision of this Section 11 without the consent of the Holder of this Warrant. No consideration shall be offered or paid to any person to amend or consent to a waiver or modification of any provision of this Warrant unless the same consideration is also
offered to all holders of the Warrants.

修改和放弃。下列人员可以通过签署书面通知修改本期权书的任何条款、规定或条件,或放弃其中的要求(可以是总体或个别的,可以溯及既往或是预期),这些人员包括(a)发行人(b)最初持有人(假设最初持有人仍持有全部或部分本期权)和持有百分之二十五(25%)(包括最初持有人持有的期权百分比)期权的持有人;但是,上述修改和放弃不得减少期权可转股份数,提高期权行权价,缩短其行权期间或未经本期权持有人同意对第11节做任何修改。发行人不得出价或支付对价以使任何人修改、或同意放弃、或同意修改本期权书的任何条款,除非本期权所有持有人获得同一对价。

12.           Governing Law; Jurisdiction. This Warrant shall be governed by and construed in accordance with the internal laws of the State of New York, without giving effect to any of the conflicts of law principles
which would result in the application of the substantive law of another jurisdiction. This Warrant shall not be interpreted or construed with any presumption against the party causing this Warrant to be drafted. The Issuer and the Holder agree that venue for any dispute arising under this Warrant will lie exclusively in the state or federal courts located in New York County, New York, and the parties irrevocably waive any right to raise forum non conveniens or
any other argument that New York is not the proper venue. The Issuer and the Holder irrevocably consent to personal jurisdiction in the state and federal courts of the state of New York. The Issuer and the Holder consent to process being served in any such suit, action or proceeding by mailing a copy thereof to such party at the address in effect for notices to it under this Warrant and agrees that such service shall constitute good and sufficient service of process and notice thereof. Nothing in this Section
12 shall affect or limit any right to serve process in any other manner permitted by law. The Issuer and the Holder hereby agree that the prevailing party in any suit, action or proceeding arising out of or relating to this Warrant or the Purchase Agreement, shall be entitled to reimbursement for reasonable legal fees from the non-prevailing party. The parties hereby waive all rights to a trial by jury.

 

 

 

 

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适用法和管辖。本期权书应根据纽约州的州内法执行和解释,但不包括任何可能导致适用非纽约州法的冲突法。本期权书不适用“不利于起草方”的解释原则。发行人和持有人双方一致同意,关于本期权书的任何争议由位于纽约州纽约郡的州或联邦法院独占管辖;双方放弃行使任何可能导致“不方便法院”管辖的权利和对管辖法院再争议的权利且该放弃不可撤回。双方同意纽州州法院和联邦法院享有民事管辖权且该同意不可撤回。发行人和持有人同意,在任何上述案件、诉讼或司法程序中送达方式为邮寄复印件到本期权书中所列的对方有效地址,而此送达视为有效充分的送达和通知。本节的规定不影响法律所允许的其他送达方式的效力。双方在此同意,任何案件、诉讼或司法程序中败诉方应退还胜诉方因此支付的合理法律费用。双方在此同意放弃陪审团审判权。

13.           Notices. All notices and other communications hereunder shall be in writing and shall be deemed given if delivered personally or by facsimile or three (3) business days following being mailed by certified
or registered mail, postage prepaid, return-receipt requested, addressed to the holder of record at its address appearing on the books of the Issuer. The Issuer will give written notice to the Holder at least twenty (20) calendar days prior to the date on which the Issuer closes its books or takes a record (I) with respect to any dividend or distribution upon the Common Stock, (II) with respect to any pro rata subscription offer to holders of Common Stock or (III) for determining rights to vote with respect to
any Organic Change, dissolution, liquidation or winding-up and in no event shall such notice be provided to such holder prior to such information being made known to the public. The Issuer will also give written notice to the Holder at least twenty (20) days prior to the date on which any Organic Change, dissolution, liquidation or winding-up will take place and in no event shall such notice be provided to such holder prior to such information being made known to the public. The addresses for such communications
shall be:

 

通知。任何通知或下文的其他通讯应以书面形式作出,以下情形被视为送达:以人力或传真发送,或通过邮资预付要求收到回执的挂号信寄出后的三日,发送至发行人过户登记的登记持有人地址。发行人应在截止过户日或登记下列事项前至少20日书面通知持有人,(I)关于普通股的任何股息或红利,(II)关于向普通股持有人发出的任何按比例认购承诺,(III)关于对任何结构变化、解散、清算或清盘进行表决的决定权,且在任何情况下不应该使向持有人发出的通知早于该信息被公众知悉。发行人亦应该在任何结构变化、解散、清算或清盘发生前至少20日书面通知持有人,且在任何情况下不应该使向持有人发出的通知早于该信息被公众知悉。上述通讯送达地址应为:

 

If to the Issuer:                     JPak Group, Inc

15 Xinghua Road

Qingdao, Shandong Province, China, 266401

Attn: Yiyun Wang

Tel. No.: +86-532-84616387

Fax No.: +86-532-84630586

通知发行人: JPak集团公司

                                                中国山东省青岛市兴华路15号,邮编 266401

                                                Yiyun Wang

                                                电话号码:+86-532-84616387

                                                传真号码:+86-532-84630586

 

 

 

 

 

 

24

 

 

with copies (which shall not constitute notice) to:

Leser Hunter Taubman & Taubman

17 State Street, Suite 2000

New York, New York 10004

Tel. No.: (212) 732-7184

Fax No.: (212) 202-6380

复印件(不计为通知)送至:

Leser Hunter Taubman & Taubman

美国纽约州纽约市州街17号2000室,邮编10004

电话号码:(212) 732-7184

传真号码:(212) 202-6380

	
If to the Holder:

_____________________________

_____________________________

Tel. No.: ______________________

Fax No: _________________________

通知持有人:

_____________________________

_____________________________

电话号码:______________________

传真号码:_________________________

Any party hereto may from time to time change its address for notices by giving written notice of such changed address to the other party hereto.

 

任何一方可不时通过书面通知对方改变送达地址。

 

14.           Warrant Agent. The Issuer may, by written notice to each Holder of this Warrant, appoint an agent having an office in New York, New York for the purpose of issuing shares of Warrant Stock on the exercise
of this Warrant pursuant to subsection (b) of Section 2 hereof, exchanging this Warrant pursuant to subsection (d) of Section 2 hereof or replacing this Warrant pursuant to Section 15 hereof, or any of the foregoing, and thereafter any such issuance, exchange or
replacement, as the case may be, shall be made at such office by such agent.

期权代理人。发行人可以以书面通知本期权的每个持有人的形式任命一个代理人办理以下事宜:依据本期权书第2节(b)的规定办理发行期权可转股票,依据第2节(d)的规定交易本期权,或根据第15节的规定更换期权凭证,或任何与发行、交易、更换相关的应由其代理的前期和后续事宜。该代理人应在纽约州纽约市有常驻办公地点。

 

 

 

25

 

 

15.           Lost or Stolen Warrant. Upon receipt by the Company of evidence satisfactory to the Company of the loss, theft, destruction or mutilation of this Warrant, and, in the case of loss, theft or destruction,
of any indemnification undertaking by the Holder to the Company and, in the case of mutilation, upon surrender and cancellation of this Warrant, the Company shall execute and deliver new Warrant of like tenor and date; provided, however, that the Company shall not be obligated to re-issue warrant(s) if the Holder contemporaneously exercise this Warrant to purchase shares of Common
Stock.

期权书丢失或被盗。公司收到任何关于本期权书丢失、被盗、灭失或毁损的充分证据,且若发生丢失、被盗、灭失由持有人赔偿公司,若发生毁损出示并取消本期权书时,公司应签署并交付同样意旨和日期的新的期权书;但是,如果持有人同时行使本期权购买普通股的股份,公司无义务重新发行期权书。

16.           Remedies, Characterizations, Other Obligations, Breaches and Injunctive Relief. The remedies provided in this Warrant shall be cumulative and in addition to all other remedies available under this Warrant,
at law or in equity (including a decree of specific performance and/or other injunctive relief), no remedy contained herein shall be deemed a waiver of compliance with the provisions giving rise to such remedy and nothing herein shall limit a Holder's right to pursue actual damages for any failure by the Company to comply with the terms of this Warrant. Amounts set forth or provided for herein with respect to payments, conversion and the like (and the computation thereof) shall be the amounts to be received by
the Holder thereof and shall not, except as expressly provided herein, be subject to any other obligation of the Company (or the performance thereof). The Company acknowledges that a breach by it of its obligations hereunder will cause irreparable harm to the Holder and that the remedy at law for any such breach may be inadequate. The Company therefore agrees that, in the event of any such breach or threatened breach, the Holder shall be entitled, in addition to all other available remedies, to an injunction
restraining any breach, without the necessity of showing economic loss and without any bond or other security being required.

救济、识别、其他义务、违约和禁令救济。本期权书规定的救济应与本期权书、法律或衡平法(包括实际履行令或禁令救济)下的其他适用的救济并用,本段规定的任何救济不应被视为放弃遵循引起该等救济的规定,且本段的任何内容不限制持有人对公司未满足本期权书的条款规定造成的实际损害获得救济。本段规定的关于支付、转换或其他类似的数额(和计算方法)应为持有人应该获得的数额,而不应根据公司的任何其他义务(或其履行)确定,除非本段明确规定。公司确认违反其义务将导致对持有人不可挽回的损害,且法律规定的针对该等违约的救济可能不充分。公司同意如果发生违约或有违约之虞,除了其他可用的救济外,持有人有权取得制止任何违约的禁令,而不需表明经济损失且不需任何债券或其他证券。

17.           Specific Shall Not Limit General; Construction. No specific provision contained in this Warrant shall limit or modify any more general provision contained herein. This Warrant shall be deemed to be jointly
drafted by the Company and all initial purchasers of the Warrant and shall not be construed against any person as the drafter hereof.

特别规定不限制一般规定;解释。本期权书包含的任何特别规定不应限制或修订任何更一般的规定。本期权书应被视为由公司和所有本期权的最初购买人共同起草且不应做出不利于作为起草人的任何人的解释。

 

 

 

 

26

 

 

 

18.           Successors and Assigns. This Warrant and the rights evidenced hereby shall inure to the benefit of and be binding upon the successors and assigns of the Issuer, the Holder hereof and (to the extent provided
herein) the Holders of Warrant Stock issued pursuant hereto, and shall be enforceable by any such Holder or Holder of Warrant Stock.

继承者和子实体。本期权书及其权益对发行人、持有人和(在本期权书规定的范围内)之后依本期权书发行的期权可转股票的持有人的继承者和子实体具有同等约束力,且对于任何该等持有人来说可强制执行。

19.           Modification and Severability. If, in any action before any court or agency legally empowered to enforce any provision contained herein, any provision hereof is found to be unenforceable, then such provision
shall be deemed modified to the extent necessary to make it enforceable by such court or agency. If any such provision is not enforceable as set forth in the preceding sentence, the unenforceability of such provision shall not affect the other provisions of this Warrant, but this Warrant shall be construed as if such unenforceable provision had never been contained herein.

修改和终止。如果本期权书的任何条款在任何诉讼中,经法院或依法有权执行本期权书条款的机构确认不具执行力,则该条款应做使其有效的必要修改。如果该条款仍不具执行力,其他条款的效力应不受影响,但在解释本期权书时应视为此条款不存在。

20.           Headings. The headings of the Sections of this Warrant are for convenience of reference only and shall not, for any purpose, be deemed a part of this Warrant.

标题。本期权书各节的标题系出于引用方便的考虑,但标题不应因任何目的被视为本期权书的内容。

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[此页以下部分空白]

 

 

 

 

 

 

 

 

 

 

 

  

27

  

IN WITNESS WHEREOF, the Issuer has executed this Warrant as of the day and year first above written.

鉴于此,发行人于文首所载日期签发本期权书。

 

	 	 JPAK GROUP,INC.
	 	 JPAK集团公司
	 	 
	 	 
	 	 By:  ________________________________
	 	        签署: 
	 	 
	 	 Name: Yiyun Wang
	 	 姓名:
	 	  Title: CEO
	 	 职务:首席执行官

 

 

 

 

 

 

 

  

28

  

EXERCISE FORM

SERIES F WARRANT

JPAK GROUP, INC.

JPAK集团公司

       A-1系列期权行权表

The undersigned _______________, pursuant to the provisions of the accompanying Series F Warrant, hereby elects to purchase _____ shares of Common Stock of JPAK GROUP, INC. covered by the accompanying Series F Warrant.

_______________在此依据关于A-1系列期权的规定,在F系列期权可转的股份数范围内买入_____股JPAK集团公司的普通股的股份。

Dated: _________________                                                                Signature              ___________________________

日期:_________________                                                                                               签署:_______________________

                                    Address                _____________________

                                                                 地址: _____________________

Number of shares of Common Stock beneficially owned or deemed beneficially owned by the Holder on the date of Exercise: _________________________

持有人于行权日享有实益或被视为享有实益的普通股股数:_________________________

The undersigned is an “accredited investor” as defined in Regulation D under the Securities Act of 1933, as amended.□ Yes □ No

 

签署方为经修订的1933年证券法条例D界定下的“受信投资人”。 □是 □否

 

	
The undersigned intends that payment of the Warrant Price shall be made as (check one):

 

Cash Exercise_______

 

Cashless Exercise_______

 

签署方计划以 (选择一种方式)支付期权行权价:

 

现金行使的方式行权

 

非现金行使的方式行权

 

If the Holder has elected a Cash Exercise, the Holder shall pay the sum of $________ by certified or official bank check (or via wire transfer) to the Issuer in accordance with the terms of the Warrant.

 

 

 

 

29

 

 

 

如果持有人选择现金行使的方式行权,持有人应按照期权书的规定将总额美元________以保付的或正式的银行支票(或电汇)至发行人。

 

If the Holder has elected a Cashless Exercise, a certificate shall be issued to the Holder for the number of shares equal to the whole number portion of the product of the calculation set forth below, which is ___________. The Issuer shall pay a cash adjustment in respect of the fractional portion of the product of the calculation set forth
below in an amount equal to the product of the fractional portion of such product and the Per Share Market Value on the date of exercise, which product is ____________.

 

如果持有人选择非现金行使的方式行权,应向持有人发出证书,股份数等于下文规定的计算结果的整数部分,即___________。发行人对于下文规定的计算结果的小数部分,应支付现金补足,数额等于结果的小数部分乘以行权之日的每股市值,即____________。

 

X = Y - (A)(Y)

  B

X = Y - (A)(Y)

                          B

	
Where:

	
其中

	
The number of shares of Common Stock to be issued to the Holder is (“X”).

X为向持有人发行的普通股股数。

The number of shares of Common Stock purchasable upon exercise of all of the Warrant or, if only a portion of the Warrant is being exercised, the portion of the Warrant being exercised is (“Y”).

Y为行使全部期权可买入的普通股股数,如果只行使一部分期权,则为行使部分对应的股数。

	
  
	
The Warrant Price is (“A”).

A为期权行权价。

The Per Share Market Value of one share of Common Stock is (“B”).

B为每一股普通股的每股市值。

ASSIGNMENT

转让

FOR VALUE RECEIVED, _________________ hereby sells, assigns and transfers unto __________________ the accompanying Series F Warrant and all rights evidenced thereby and does irrevocably constitute and appoint _____________, attorney, to transfer said Series F Warrant on the books of the corporation named therein.

据收讫金额,_________________在此售出、分配和转让F系列期权及其所附全部权利于__________________;并委任_____________,律师,办理F系列期权过户登记手续,该委任不可撤回。

 

 

 

 

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Dated: _________________                                                                Signature        ___________________________

日期:_____________________                                                                               签署:_____________________

                                    Address           _____________________

                                                           地址:_____________________

PARTIAL ASSIGNMENT

部分转让

FOR VALUE RECEIVED, _________________ hereby sells, assigns and transfers unto __________________ the right to purchase _________ shares of Warrant Stock evidenced by the accompanying Series F Warrant together with all rights therein, and does irrevocably constitute and appoint ___________________, attorney, to transfer that part of said
Series F Warrant on the books of the corporation named therein.

据收讫金额,_________________在此售出、分配和转让F系列期权所附购买_________股期权可转股票的权利及F系列期权所附全部权利于__________________;并委任_____________,律师,办理此部分期权过户登记,该项委任不可撤回。

Dated: _________________                                                                Signature       ___________________________

日期:_________________                                                                                        签署:_______________________

                                   Address          _____________________

                                                         地址:_____________________

FOR USE BY THE ISSUER ONLY:

仅限发行人使用:

This Warrant No. ________ canceled (or transferred or exchanged) this _____ day of ___________, _____, shares of Common Stock issued therefor in the name of _______________, Warrant No. ________ issued for ____ shares of Common Stock in the name of _______________.

本期权No. ________于此日期:____年第____天, 被取消(或被转让或被交易),以_________的名义发行的普通股的股份,期权No. ________系以_________的名义为____普通股的股份发行的。

 

 

  

31ex10five.htm

 

 

 

 

 

REGISTRATION RIGHTS AGREEMENT

登记权协议

This Registration Rights Agreement (this "Agreement") is made and entered into as of November 3, 2009, by and among JPak Group, Inc. (the “Company”), and Lee Wah Investments Limited (the "Purchaser").

此登记权协议(此“协议”)于2009年11月3由JPak集团公司(“公司”)和利华投资有限公司(“购买人”)双方合意签订。

This Agreement is being entered into pursuant to a securities purchase agreement dated as of November 3, 2009 among the Company and the Purchaser (the "Purchase Agreement").

本协议是依据2009年11月3日公司和购买人之间签订的证券购买协议(“购买协议”)所签订。

The Company and the Purchaser do hereby agree as follows:

公司和购买人据此同意以下事项:

1.           Definitions.

释义

Capitalized terms used and not otherwise defined herein shall have the meanings given such terms in the Purchase Agreement.  As used in this Agreement, the following terms shall have the following meanings:

未被另行定义但已使用的黑体字词具有与其在购买协议中相同的释义。在本协议中,相关概念解释如下:

"Advice" shall have meaning set forth in Section 3(m).

“建议”的定义见第三节(m)。

"Affiliate" means, with respect to any Person, any other Person that directly or indirectly controls or is controlled by or under common control with such Person.  For the purposes of this definition, "control,"
when used with respect to any Person, means the possession, direct or indirect, of the power to direct or cause the direction of the management and policies of such Person, whether through the ownership of voting securities, by contract or otherwise; and the terms of "affiliated," "controlling" and "controlled" have meanings
correlative to the foregoing.

“附属机构”指任意个人,或被此个人直接或间接控制或被控制的个人。在此定义中,当与个人相联使用时,“控制”指直接或间接享有指引此个人管理走向或规章制定指向的直接或间接的权力,不论该权力源于拥有投票权证券,或是源于合同约定或其它;“关联机构”,“被控制”据此具有相应释义。

"Board" shall have meaning set forth in Section 3(n).

“董事会”的定义见第三节(n).

"Business Day" means any day except Saturday, Sunday and any day which shall be a legal holiday or a day on which banking institutions in the State of New York generally are authorized or required by law or other government actions to close.

 

 

 

 

 

 

 

 

“工作日”指除周六,周日,所有法定假日及纽约州所有银行机构依据法律或政府要求暂停营业日之外的所有日子。

"Closing Date" means the date of the closing of the purchase and sale of the Units pursuant to the Purchase Agreement.

“成交日”指依据购买协议完成股票购买和销售的日期。

"Commission" means the Securities and Exchange Commission.

“证监会”指美国证券交易委员会。

"Common Stock" means the Company's common stock, par value $0.001 per share.

“普通股”指公司发行的面值为$0.001的普通股。

"Effectiveness Date" means with respect to the Registration Statement under Section 2(a), the earlier of (A) the one hundred fiftieth  (150th) day following the Filing Date (or in the
event the Registration Statement receives a “full review” by the Commission, the one hundred and eightieth (180th) day following the Filing Date) or (B) the date which is within three (3) Business Days after the date on which the Commission informs the Company (i) that the Commission will not review the Registration Statement or (ii) that the Company may request
the acceleration of the effectiveness of the Registration Statement; provided, however,that, if the Effectiveness Date falls on a Saturday, Sunday or any other day which shall be a legal holiday or a day on which the Commission is authorized or required by law or other government actions to close, the Effectiveness Date
shall be the following Business Day.

 

 

 

 

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“生效日”指针对第二节(a)中的登记申请表,二者中相对较早的日子:(A)申报日之后的第150天(若证监会对登记申请表进行“完全审查”,则为申报日之后第180天),(B)在下列情况发生后三个工作日之内:证监会告知公司证监会将不对登记申请表进行审查,或是告知公司可要求提早进入到登记申请表的有效期;若生效日期恰逢周六,周日或所有法定假日及证监会依据法律或政府要求关闭的日子,则生效日期顺延到下一工作日)。

"Effectiveness Period" shall have the meaning set forth in Section 2(a).

“有效期”的定义见第二节(a)。

"Event" shall have the meaning set forth in Section 7(e).

“事件”的定义见第七节(e)。

"Event Date" shall have the meaning set forth in Section 7(e).

“事件发生日”的定义见第七节(e)。

"Exchange Act" means the Securities Exchange Act of 1934, as amended.

“交易法”指修正后的1934证券交易法。

"Filing Date" means with respect to a Registration Statement under Section 2(a), the date that is the thirtieth (30th) day following Closing Date; provided, however that
if the Filing Date falls on a Saturday, Sunday or any other day which shall be a legal holiday or a day on which the Commission is authorized or required by law or other government actions to close, the Filing Date shall be the following Business Day.

“申报日”指针对第二节(a)的登记申请表,成交日之后的第三十天;若申报日恰逢周六,周日或所有法定假日及证监会依据法律或政府要求关闭的日子,则申报日顺延到下一工作日。

"Holder" or "Holders" means the collective reference to the Purchaser and any subsequent record holder or holders, from time to time, of Registrable Securities.

“持有人”或“持有人们”指统称购买人和任何可登记证券的持有人。

"Indemnified Party" shall have the meaning set forth in Section 5(c).

“被补偿方”的定义见第五节(c)。

"Indemnifying Party" shall have the meaning set forth in Section 5(c).

“补偿方”的定义见第五节(c)。

"Losses" shall have the meaning set forth in Section 5(a).

“损失”的定义见第五节(a)。

"Person" means an individual or a corporation, partnership, trust, incorporated or unincorporated association, joint venture, limited liability company, joint stock company, government (or an agency or political subdivision thereof) or other entity of any kind.

“个人”指自然人,公司,合伙,信托公司,非法人组织,合资企业,有限责任公司,股份有限公司,政府(或政府部门,政治分支机构)或其他任何形式实体。

"Preferred Shares" means shares of the Company’s Series A Convertible Preferred Stock issued to the Purchasers pursuant to the Purchase Agreement.

“优先股”指根据购买协议向购买人发行的,公司的可转换优先股A股。

"Proceeding" means an action, claim, suit, investigation or proceeding (including, without limitation, an investigation or partial proceeding, such as a deposition), whether commenced or threatened.

“诉讼程序”指动议,起诉,诉讼,调查或者诉讼程序(包括但不限于调查或未完成的诉讼程序,如调查取证),无论是已展开的或是尚未展开。

"Prospectus" means the prospectus included in the Registration Statement (including, without limitation, a prospectus that includes any information previously omitted from a prospectus filed as part of an effective registration statement in reliance upon Rule 430A promulgated
under the Securities Act), as amended or supplemented by any prospectus supplement, with respect to the terms of the offering of any portion of the Registrable Securities covered by the Registration Statement, and all other amendments and supplements to the Prospectus, including post-effective amendments, and all material incorporated by reference in such Prospectus.

“招股说明书”指登记申请表之中的招股说明书(包括但不限于对根据证券法430A规则的要求申报的,作为登记申请表一部分的招股说明书的,补充性招股说明书),经由其他招股说明书依照登记申请表中的可登记证券的发行条款进行相应补充或修订,以及所有其他的对此招股说明书的修定和补充说明,包括生效后的修正案,以及依据引注合并到此招股说明书的所有材料。

 

 

 

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"Registrable Securities” means the collective reference to  (i) the shares of Common Stock issuable upon conversion of the Preferred Shares included in the Units sold pursuant to the Purchase Agreement (the “Conversion Shares”); (ii) the shares
of Common Stock issuable upon exercise of the Warrants,included in the Units sold pursuant to the Purchase Agreement (the “Warrant Shares”); (iii) any securities issued or issuable upon any stock split, dividend or other distribution, recapitalization or similar event with respect to the foregoing.

“可登记证券”统指(i)在优先股转换时可发行的普通股,包括根据购买协议出售的投资单元(“转换股”);(ii )行使期权是可发行的普通股,包括根据购买协议出售的投资单元(“期权股”);(iii)任何通过拆股,红利或其他分配方式,重组资金或任何相似时间,以以上股票为基础发行或成为可发行的证券。

"Registration Statement" means the registration statements and any additional registration statements contemplated by Section 2, including (in each case) the Prospectus, amendments and supplements to such registration statement or Prospectus, including pre- and post-effective
amendments, all exhibits thereto, and all material incorporated by reference in such registration statement.

“登记申请表”指登记申请表以及第二节所补充任何额外登记申请表,包括(在各例中)招股说明书, 此登记申请表及招股说明书的修订和补充说明,包括生效期前以及后生效期的修订案,所有相应附件,以及依据引注合并到此登记申请表的所有材料。

"Rule 144" means Rule 144 promulgated by the Commission pursuant to the Securities Act, as such Rule may be amended from time to time, or any similar rule or regulation hereafter adopted by the Commission having substantially the same effect as such Rule.

“144规则”指依据证券法由证监会制定的144规则,以及任何相似的经证监会采纳后具有与144规则相同效果的规则或规定,因为此规则会被时常修订。

"Rule 158" means Rule 158 promulgated by the Commission pursuant to the Securities Act, as such Rule may be amended from time to time, or any similar rule or regulation hereafter adopted by the Commission having substantially the same effect as such Rule.

“158规则”指依据证券法由证监会制定的158规则,以及任何相似的经证监会采纳后具有与158规则相同效果的规则或规定,因为此规则会被时常修订。

"Rule 415" means Rule 415 promulgated by the Commission pursuant to the Securities Act, as such Rule may be amended from time to time, or any similar rule or regulation hereafter adopted by the Commission having substantially the same effect as such Rule.

“415规则”指依据证券法由证监会制定的415规则,以及任何相似的经证监会采纳后具有与415规则相同效果的规则或规定,因为此规则会被时常修订。

“Rule 416” means Rule 416 promulgated by the Commission pursuant to the Securities Act, as such Rule may be amended from time to time, or any similar rule or regulation hereafter adopted by the Commission having substantially the same effect as such Rule.

“416规则”指依据证券法由证监会制定的416规则,以及任何相似的经证监会采纳后具有与416规则相同效果的规则或规定,因为此规则会被时常修订。

"Rule 424" means Rule 424 promulgated by the Commission pursuant to the Securities Act, as such Rule may be amended from time to time, or any similar rule or regulation hereafter adopted by the Commission having substantially the same effect as such Rule.

“424规则”指依据证券法由证监会制定的424规则,以及任何相似的经证监会采纳后具有与424规则相同效果的规则或规定,因为此规则会被时常修订。

 

 

 

 

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"Securities Act" means the Securities Act of 1933, as amended.

“证券法”指修订后的美国1933证券法。

“Shares” means the collective reference to the Conversion Shares and the Warrant Shares.

                         “股权”统称可转股和期权行权股。

"Warrants" means the collective reference to the Series E Warrants and the Series F Warrants, each included in the Units issued to the Purchasers pursuant to the Purchase Agreement.

“期权”指购买依据购买协议向购买人出售的投资单元中的E系列期权和F系列期权。

“Units” means the units of securities of the Company to purchase Preferred Shares and Warrants of the Company that are described in, and have been sold pursuant to, the Purchase Agreement.

“投资单元”指根据购买协议,公司向购买人出售的包括优先股、期权的投资单元。

2.           Resale Registration.

 

转售登记

 

(a)           On or prior to the Filing Date, the Company shall prepare and file with the Commission a "resale" Registration Statement providing for the resale of all Registrable Securities by means of an offering to be made on a continuous
basis pursuant to Rule 415.  The Registration Statement shall be on Form S-1 (except if the Company is not then eligible to register for resale the Registrable Securities on Form S-1, in which case such registration shall be on another appropriate form in accordance herewith and the Securities Act and the rules promulgated thereunder).  The Company shall (i) not include any securities other than the Registrable Securities in the Registration Statement and (ii) use its best efforts to cause
the Registration Statement to be declared effective under the Securities Act as promptly as possible after the filing thereof, but in any event on or prior to the Effectiveness Date, and to keep such Registration Statement continuously effective under the Securities Act until such date as is the earlier of (x) the date when all Registrable Securities covered by such Registration Statement have been sold or (y) the date on which the Registrable Securities may be sold without any restriction pursuant to Rule 144
as determined by the counsel to the Company pursuant to a written opinion letter, addressed to the Company's transfer agent to such effect (the "Effectiveness Period").  The Company shall request that the effective time of the Registration Statement be 4:00 p.m. Eastern Time on the Effectiveness Date.  If at any time and for any reason, an additional Registration Statement is required to be filed because at such time the actual
number of Registrable Securities exceeds the number of Registrable Securities remaining under the Registration Statement, the Company shall have twenty (20) Business Days to file such additional Registration Statement, and the Company shall use its best efforts to cause such additional Registration Statement to be declared effective by the Commission as soon as possible, but in no event later than sixty (60) days after such filing.

在申报日或申报日之前,公司应当准备并向证监会申报关于依据415规则通过持续发行转售所有可登记证券的“转售”登记申请表。此登记申请表应记载在S-1表格上(若公司此时并无注册可登记证券转售的资格,则应依据证券法及相应法规记载于其他合适的表格上)。公司应当(i)不得包括除登记申请表中的可登记证券之外的证券,(ii)尽最大努力促使登记申请表在申报之后,生效期之前或当日依据证券法尽早生效,并使此登记申请表依据证券法保持生效直至以下二者中较早的日期:(x)此登记申请表中所有可登记证券被全部售出,或(y)由公司的法律顾问向公司的转户登记代理人做出书面决定认定,依据144规则,可登记证券可不受限制的出售(“有效期”)。公司应当要求登记申请表于东部时间生效日当天下午四时起生效。若在任何时间因任何原因,由于实际可登记证券数多余登记申请表上的剩余可登记证券数,需要申报额外的登记申请表,公司有20个工作日来完成申报,并应尽其最大努力促使证监会认可此额外的登记申请表的效力,最晚不得晚于申报之后的60天。

 

 

 

 

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(b)           Notwithstanding anything to the contrary set forth in this Section 2, in the event the Commission does not permit the Company to register all of the Registrable Securities in the Registration Statement because of the Commission’s
application of Rule 415, the number of Registrable Securities to be registered on such Registration Statement will be reduced in the following order (i) the Registrable Securities represented by the total number of Warrant Shares owned by the Holders, applied on a pro rata basis, as among the Holders thereof, and (ii) the Registrable Securities represented by the Conversion Shares, applied on a pro rata basis, as among the Holders thereof. The Company shall use its best efforts to file subsequent Registration
Statements to register the Registrable Securities that were not registered in the initial Registration Statement as promptly as possible and in a manner permitted by the Commission.  For purposes of this Section 2(b), “Filing Date” means with respect to each subsequent Registration Statement filed pursuant hereto, the later of (i) sixty (60) days following the sale of substantially all of the Registrable Securities included in the initial Registration Statement or any subsequent Registration
Statement and (ii) six (6) months following the effective date of the initial Registration Statement or any subsequent Registration Statement, as applicable, or such earlier date as permitted by the Commission.  For purposes of this Section 2(b), “Effectiveness Date” means with respect to each subsequent Registration Statement filed pursuant hereto, the earlier of (A) the one hundred and fiftieth (150th)
day following the filing date of such Registration Statement (or in the event such Registration Statement receives a “full review” by the Commission, the one hundred eightieth (180th) day following such filing date) or (B) the date which is within three (3) Business Days after the date on which the Commission informs the Company (i) that the Commission will not review such Registration Statement or (ii) that
the Company may request the acceleration of the effectiveness of such Registration Statement; providedthat, if the Effectiveness Date falls on a Saturday, Sunday or any other day which shall be a legal holiday or a day on which the Commission is authorized or required by law or other government actions to close, the Effectiveness Date shall be the following Business Day.

在任何情况下,一旦证监会因公司适用415规则而不准许公司注册登记申请表中的所有可登记证券,此登记申请表中的将注册的可登记证券数目将遵照以下顺序减少:(i)按比例,持股人持有的期权股总数是所代表的可登记证券;以及(ii)按比例,持股人持有的转换股所代表的可登记证券。公司应尽最大努力尽快并以证监会所允许的方式申报随后的登记申请表,注册在首个登记申请表中未完成注册的可登记证券。在第二节(b)中,“申报日”指,针对每一份据此申报的随后的登记申请表,以下二者中较晚的日期:(i)首个登记申请表或任何随后的登记申请表中可登记证券的大部分售完之后的六十(60)天;(ii)首个登记申请表,或任何随后的登记申请表(如适用的话)的生效日,或相对较早的证监会准许的日期,之后的六(6)个月。在第二节(b)中,“生效日”指,针对每一份据此申报的随后的登记申请表,以下二者中较早的日期:(A)此登记申请表申报日之后的第一百五十(150)天(若证监会对此登记申请表进行“全面审查”,则为此申报日之后的第一百八十(180)天);或(B)在下列情况发生后三(3)个工作日之内:证监会告知公司证监会将不对登记申请表进行审查,或是告知公司可要求提早进入到登记申请表的有效期;若生效日期恰逢周六,周日或所有法定假日及证监会依据法律或政府要求关闭的日子,则生效日期顺延到下一工作日)。

3.           Registration Procedures.

登记程序

 

 

 

 

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                      In connection with the Company's registration obligations hereunder, the Company shall:

公司在登记过程的责任如下所述,公司应:

 

                      (a)           Prepare and file with the Commission, on or prior to the Filing Date, a Registration Statement on Form S-1 (or if the Company is not then
eligible to register for resale the Registrable Securities on Form S-1 such registration shall be on another appropriate form in accordance herewith and the Securities Act and the rules promulgated thereunder) in accordance with the plan of distribution as set forth on Exhibit A hereto and in accordance with applicable law, and cause the Registration Statement to become effective and remain effective as provided herein; provided, however,
that not less than five (5) Business Days prior to the filing of the Registration Statement or any related Prospectus or any amendment or supplement thereto, the Company shall (i) furnish to the Holders copies of all such documents proposed to be filed, which documents will be subject to the review of such Holders, and (ii) cause its officers and directors, counsel and independent certified public accountants to respond to such inquiries as shall be necessary to conduct a reasonable review of such documents.  The
Company shall not file the Registration Statement or any such Prospectus or any amendments or supplements thereto to which the Purchasers shall reasonably object in writing within three (3) Business Days of their receipt thereof.

在申报日或申报日之前,准备并向证监会申报记载于S-1表格上的,登记申请表。此登记申请表应与附件A中的分销计划一致,并符合法律规定(若公司此时并无注册可登记证券转售的资格,则应依据证券法及相应法规记载于其他合适的表格上);若不晚于申报登记申请表或任何相关的招股说明书或任何修正补充意见的前五个工作日,公司应当(i)向持有人提供所有此类将要申报的文件供持有人审查;并且(ii)促使其高级管理人员,董事会成员,顾问,独立注册公共会计师回答所有针对审查文件的,是进行合理审查所必需的询问。公司不得申报任何购买人在接收之后三(3)个工作日之内会合理反对的登记申请表或者任何招股说明书或任何修正或补充说明。

(b)           (i) Prepare and file with the Commission such amendments, including post-effective amendments, to the Registration Statement as may be necessary to keep the Registration Statement continuously effective as to the applicable Registrable Securities for the Effectiveness
Period and prepare and file with the Commission such additional Registration Statements as necessary in order to register for resale under the Securities Act all of the Registrable Securities;  (ii) cause the related Prospectus to be amended or supplemented by any required Prospectus supplement, and as so supplemented or amended to be filed pursuant to Rule 424 (or any similar provisions then in force) promulgated under the Securities Act; (iii) respond as promptly as possible, but in no event later
than ten (10) Business Days, to any comments received from the Commission with respect to the Registration Statement or any amendment thereto and as promptly as possible provide the Holders true and complete copies of all correspondence from and to the Commission relating to the Registration Statement;  (iv) file the final prospectus pursuant to Rule 424 of the Securities Act no later than two (2) Business Days following the date the Registration Statement is declared effective by the Commission; and
(v) comply in all material respects with the provisions of the Securities Act and the Exchange Act with respect to the disposition of all Registrable Securities covered by the Registration Statement during the Effectiveness Period in accordance with the intended methods of disposition by the Holders thereof set forth in the Registration Statement as so amended or in such Prospectus as so supplemented.

 

 

 

 

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(i)准备并向证监会申报登记申请表的修正案,包括后生效期修正案,此任何修正都是使登记申请表中相应的可登记证券在有效期内生效所必需的;准备并向证监会申报依据证券法注册所有可登记证券转售所必需的额外的登记申请表;(ii)用任何必需的招股说明书补充说明修订或补充相关的招股说明书,所有的修订或补充应依据证券法下的424规则(或任何在当时生效的相似的规则)申报;(iii)对所有来自证监会的,与登记申请表或其修正相关的评论应尽可能迅速的回复,在任何情况不得晚于十个(10)工作日,并尽可能迅速的向持有人提供真实完整的来自证监会,与登记申请表相关的交流;(iv)在证监会宣布登记申请表生效的两(2)个工作日之内,依据证券法的424规则申报最终招股说明书;并(v)在所有重要方面,符合证券法和交易法中涉及在有效期内处理所有登记申请表中可登记证券的规定,并符合修正后的登记申请表或经过补充的招股说明书中设定的持有人享有的预期处置办法。

(c)           Notify the Holders of Registrable Securities as promptly as possible (and, in the case of (i)(A) below, not less than three (3) Business Days prior to such filing, and in the case of (iii) below, on the same day of receipt by the Company of such notice from the Commission)
and (if requested by any such Person) confirm such notice in writing no later than one (1) Business Day following the day:  (i)(A) when a Prospectus or any Prospectus supplement or post-effective amendment to the Registration Statement is filed; (B) when the Commission notifies the Company whether there will be a "review" of such Registration Statement and whenever the Commission comments in writing on such Registration Statement and (C) with respect to the Registration Statement or any post-effective
amendment, when the same has become effective; (ii) of any request by the Commission or any other Federal or state governmental authority for amendments or supplements to the Registration Statement or Prospectus or for additional information; (iii) of the issuance by the Commission of any stop order suspending the effectiveness of the Registration Statement covering any or all of the Registrable Securities or the initiation or threatening of any Proceedings for that purpose; (iv) if at any time any of the representations
and warranties of the Company contained in any agreement contemplated hereby ceases to be true and correct in all material respects; (v) of the receipt by the Company of any notification with respect to the suspension of the qualification or exemption from qualification of any of the Registrable Securities for sale in any jurisdiction, or the initiation or threatening of any Proceeding for such purpose; and (vi) of the occurrence of any event that makes any statement made in the Registration Statement or Prospectus
or any document incorporated or deemed to be incorporated therein by reference untrue in any material respect or that requires any revisions to the Registration Statement, Prospectus or other documents so that, in the case of the Registration Statement or the Prospectus, as the case may be, it will not contain any untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary to make the statements therein, in the light of the circumstances under which they were
made, not misleading.

尽快通知可登记证券持有人 (若发生以下所列情形(i)(A)则不晚于此申报前三(3)个工作日;发生情形(iii)则在公司收到此来自证监会的通知的同一天),并且(若有人提出要求)在以下情形发生后一(1)个工作日之内,以书面形式进行确认:(i)(A)申报招股说明书或任何招股说明书补充说明或是登记申请表的后生效期修正案;(B)当证监会告知公司是否将对此登记申请表进行审查,或当证监会以书面形式对此登记申请表进行评论时;(C)对于登记申请表或任何后有效期修正案,当与其相同文件生效时;(ii)证监会或其他任何联邦或州政府机构要求从登记申请表或招股说明书的修改或补充说明中获得额外信息;(iii)证监会发布证券交易停止通知书,暂停包含部分或全部可登记证券的登记申请表的效力,或者任何诉讼程序的启动或即将启动;(iv)任何协议中,公司的陈述和保证中条款在所有重大方面不再真实和准确时;(v)公司收到关于在任意司法辖区,销售任何可登记证券资格暂停或资格豁免,或者任何以此为目的的诉讼程序的启动或者即将启动的通知;(vi)发生任何使得登记申请表或招股说明书或任何依据引注合并或被视为合并的文档中的陈述在任一重大方面不真实的事件,或为了避免存在对重大方面不真实的陈述,避免遗漏任何必需陈述的重要事件,避免误导,而对登记申请表或招股说明书或其他文档进行修改的事件。

 

 

 

 

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                               (d)           Use its best efforts to avoid the issuance of, or, if issued, obtain the withdrawal of,
as promptly as possible, (i) any order suspending the effectiveness of the Registration Statement or (ii) any suspension of the qualification (or exemption from qualification) of any of the Registrable Securities for sale in any jurisdiction.

尽最大努力避免以下事件的发生,如果一旦发生,应尽快使其被撤销:(i)任何暂停登记申请表效力的命令,或(ii)在任一辖区任何对可登记证券销售资格的暂停(或豁免资格)。

(e)           If requested by the Holders of a majority in interest of the Registrable Securities, (i) promptly incorporate in a Prospectus supplement or post-effective amendment to the Registration Statement such information as the Company reasonably agrees should be included therein
and (ii) make all required filings of such Prospectus supplement or such post-effective amendment as soon as practicable after the Company has received notification of the matters to be incorporated in such Prospectus supplement or post-effective amendment.

若可登记证券的大多数持有人要求,应(i)尽快在招股说明书补充说明或登记申请表的后生效期修正案中添加公司合理的认为必须包括的信息,并(ii)在公司收到关于在此登记申请表补充说明或此后生效期修正案中添加信息的通知后,在条件允许的情况下尽快完成所有招股说明书补充说明或登记申请表的后生效期修正案必需的申报。

(f)          If requested by any Holder, furnish to such Holder, without charge, at least one conformed copy of each Registration Statement and each amendment thereto, including financial statements and schedules, all documents incorporated or deemed to be incorporated therein by reference,
and all exhibits to the extent requested by such Person (including those previously furnished or incorporated by reference) promptly after the filing of such documents with the Commission.

若经任何持有人要求,在向证监会申报相关文档之后,向此持有人无偿提供至少一份,其所要求的,符合规定的各登记申请表以及相应的修正案,包括财务报表和清单,所有依引注合并或被视为合并的文档,以及所有附件(包括之前提供的或者依引注合并的)。

(g)          Promptly deliver to each Holder, without charge, as many copies of the Prospectus or Prospectuses (including each form of prospectus) and each amendment or supplement thereto as such Persons may reasonably request; and subject to the provisions of Sections 3(m) and 3(n), the
Company hereby consents to the use of such Prospectus and each amendment or supplement thereto by each of the selling Holders in connection with the offering and sale of the Registrable Securities covered by such Prospectus and any amendment or supplement thereto.

在合理要求范围内,尽快的向各持有人无偿提供尽可能多的招股说明书(包括各种形式的招股说明书)以及所有相应的修正案或补充说明;依据第三节(m)和(n)的条款,公司依此同意各出售股票的持有人对此招股说明书及各修正案或补充说明的使用,该使用与招股说明书及其修正案或补充说明中的可登记股票的提供与销售相关。

(h)          Prior to any public offering of Registrable Securities, use its best efforts to register or qualify or cooperate with the selling Holders in connection with the registration or qualification (or exemption from such registration or qualification) of such Registrable Securities
for offer and sale under the securities or Blue Sky laws of such jurisdictions within the United States as any Holder requests in writing, to keep each such registration or qualification (or exemption therefrom) effective during the Effectiveness Period and to do any and all other acts or things necessary or advisable to enable the disposition in such jurisdictions of the Registrable Securities covered by a Registration Statement; provided, however,
that the Company shall not be required to qualify generally to do business in any jurisdiction where it is not then so qualified or to take any action that would subject it to general service of process in any such jurisdiction where it is not then so subject or subject the Company to any material tax in any such jurisdiction where it is not then so subject.

 

 

 

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在可登记证券公开发行之前,尽最大努力进行登记,或使其适格,或者与出售股票的持有人合作,处理与此可登记证券在美国境内依照证券法或者各州的“蓝天”法发行和出售的相关登记或资格(或豁免资格),任一持有人可以书面要求在生效期内保持此登记或资格(或豁免资格)生效,并且采取所有必需的或者建议做的行动确保登记申请表中的可登记证券在所属辖区内得到合理配置。但是,如果公司没有在任一司法管辖区内进行一般经营的主体资格,公司不需要去获得该资格;如果公司不受制于任一司法管辖区的法律送达程序,公司不需要采取任何行动使自身受其约束;如果他们没有在任一管辖区的任何重大纳税义务,公司也不需要采取任何行动使自身承担该义务。

                               (i)           Cooperate with the Holders to facilitate the timely preparation and delivery of certificates
representing Registrable Securities to be sold pursuant to a Registration Statement, which certificates, to the extent permitted by the Purchase Agreement and applicable federal and state securities laws, shall be free of all restrictive legends, and to enable such Registrable Securities to be in such denominations and registered in such names as any Holder may request in connection with any sale of Registrable Securities.

与持有人合作,以做好准备并及时送交将依据登记申请表出售的可登记证券证书;在购买协议以及适用的联邦及州证券法所允许的范围内,此证书上不得有限制性的说明,并且应使此可登记证券按持有人要求以特定面额出售并以特定名称注册。

(j)           Upon the occurrence of any event contemplated by Section 3(c)(vi), as promptly as possible, prepare a supplement or amendment, including a post-effective amendment, to the Registration Statement or a supplement to the related Prospectus or any document incorporated or
deemed to be incorporated therein by reference, and file any other required document so that, as thereafter delivered, neither the Registration Statement nor such Prospectus will contain an untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading.

第三节(c)(vi)中所列事件一旦发生,应尽快准备登记申请表的修正案或补充说明,包括后生效期修正案,或对相关招股说明书的补充说明,或任何依引注合并或被视为合并的文档;并申报任何必需的文档。以确保在完成投递之后,登记申请表或此招股说明书中都不含有对必要的重要事实的不实陈述或省略,并确保所有的陈述在作出陈述之时不存在误导。

(k)           Use its best efforts to cause all Registrable Securities relating to the Registration Statement, to continue to be quoted or listed on a securities exchange, quotation system or market, if any, on which similar securities issued by the Company are then listed or traded
as and when required pursuant to the Purchase Agreement.

尽全部努力使登记申请表中所有的可登记证券在证券交易所或报价系统保持登记注册或报价;此证券交易所或报价系统,在当时或是购买协议所要求的时间段,是公司发行的同类证券的登记注册所或交易所。

(l)           Comply in all material respects with all applicable rules and regulations of the Commission and make generally available to its security holders all documents filed or required to be filed with the Commission, including, but not limited, to, earning statements satisfying
the provisions of Section 11(a) of the Securities Act and Rule 158 not later than 45 days after the end of any 12-month period (or 90 days after the end of any 12-month period if such period is a fiscal year) commencing on the first day of the first fiscal quarter of the Company after the effective date of the Registration Statement, which statement shall conform to the requirements of Rule 158.

 

 

 

 

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在所有重要方面符合证监会制定的相关规则和规章的要求,并使证券持有人能够查看所有已申报或将要申报至证监会的文档,包括但不限于符合证券法第11节(a)以及158规则的收益表。以12个月为一周期,不得晚于周期结束后45天(若此周期与财政年度一致,则不晚于周期结束的90天内)。从登记申请表的生效日后第一财政季度的第一天开始计算。此登记申请表必须符合158规则的要求。

(m)           The Company may require each selling Holder to furnish to the Company information regarding such Holder and the distribution of such Registrable Securities as is required by law to be disclosed in the Registration Statement, Prospectus, or any amendment or supplement
thereto, and the Company may exclude from such registration the Registrable Securities of any such Holder who unreasonably fails to furnish such information within a reasonable time after receiving such request.

公司可要求各个售出持有人向公司提供关于此持有人和此可登记证券分销的相关信息,按法律规定,此信息必须在登记申请表,招股说明书,及其修正案和补充说明上进行披露。在收到此请求的合理时间内,如持有人不合情理的未能提供此类信息,公司可将该持有人的可登记股票从登记中排除。

If the Registration Statement refers to any Holder by name or otherwise as the holder of any securities of the Company, then such Holder shall have the right to require (if such reference to such Holder by name or otherwise is not required by the Securities Act or any similar federal statute then in force) the deletion of the reference
to such Holder in any amendment or supplement to the Registration Statement filed or prepared subsequent to the time that such reference ceases to be required.

若登记申请表中将持有人作为公司股票持有人点名提及,则此持有人有权(仅当证券法或任何在当时有约束力的类似联邦法律不强制要求点名提及)要求将任何已申报的登记申请表的修正案或补充说明中任何涉及该持有人的部分删除,但是必须在该提及已不是必需之后。

Each Holder covenants and agrees that it will not sell any Registrable Securities under the Registration Statement until the Company has electronically filed the Prospectus as then amended or supplemented as contemplated in Section 3(g) and notice from the Company that the Registration Statement and any post-effective amendments thereto
have become effective as contemplated by Section 3(c).

各持有人同意,在公司以电子方式提交依据第三节(g)经修改或经补充的招股说明书之前,在公司告知登记申请表及任何后生效期修正案如第三节(c)所述生效之前,不出售登记申请表中的任何可登记证券。

Each Holder agrees by its acquisition of such Registrable Securities that, upon receipt of a notice from the Company of the occurrence of any event of the kind described in Section 3(c)(ii), 3(c)(iii), 3(c)(iv), 3(c)(v), 3(c)(vi) or 3(n), such Holder will forthwith discontinue disposition of such Registrable Securities under the Registration
Statement until such Holder's receipt of the copies of the supplemented Prospectus and/or amended Registration Statement contemplated by Section 3(j), or until it is advised in writing (the "Advice") by the Company that the use of the applicable Prospectus may be resumed, and, in either case, has received copies of any additional or supplemental filings that are incorporated or deemed to be incorporated by reference in such Prospectus or Registration
Statement.

各持有人同意,在购买此类可登记证券后,如从公司收到关于发生第三节(c)(ii),
(c)(iii), (c)(iv), (c)(v), (c)(vi), (n)所述事件的通知,各持有人将即刻停止对登记申请表中可登记证券的处置,直到持有人收到补充的招股说明书和/或如第三节(j)所述修正后的登记申请表,或者是到公司以书面形式建议(“建议”)可继续使用现行的招股说明书,并且,在以上二种情况中,持有人已收到额外的或者补充的,已依据引注合并或视为被合并到招股说明书或登记申请表中的文档,

 

 

 

 

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(n)           If (i) there is material non-public information regarding the Company which the Company's Board of Directors (the "Board") determines not to be in the Company's best interest to disclose and which the Company
is not otherwise required to disclose, (ii) there is a significant business opportunity (including, but not limited to, the acquisition or disposition of assets (other than in the ordinary course of business) or any merger, consolidation, tender offer or other similar transaction) available to the Company which the Board determines not to be in the Company's best interest to disclose, or (iii) the Company is required to file a post-effective amendment to the Registration Statement to incorporate the Company’s
quarterly and annual reports and audited financial statements on Forms 10-Q and 10-K, then the Company may (x) postpone or suspend filing of a registration statement for a period not to exceed forty-five (45) consecutive days or (y) postpone or suspend effectiveness of a registration statement for a period not to exceed forty-five (45) consecutive days; provided that the Company may not postpone or suspend effectiveness of a registration statement under this Section 3(n) for more than ninety (90) days in the
aggregate during any three hundred sixty (360) day period; provided, however, that no such postponement or suspension shall be permitted for consecutive twenty (20) day periods arising out of the same set of facts, circumstances or transactions.

(n)           若(i)存在重要的关于公司的非公共信息,但公司董事会(“董事会”)做出决定认为出于公司的利益考虑最好不要披露此信息,且此信息也并未被要求披露,(ii)存在重要的公司可利用的商业机会(包括但不限于收购或处理资产(排除正常交易过程中的)或合并,组合,要约收购或其他类似交易),但董事会做出决定认为出于公司的利益考虑最好不要披露此信息,或(iii)公司被要求申报登记申请表的后生效期修正案,将公司的季度和年度报告以及经过审计的10-Q和10-K表格上的财务信息整合到登记申请表中,则公司可:(x)推迟或暂停登记申请表的申报,时间段不得超过连续的四十五(45)天,或(y)推迟或暂停登记申请表的效力,此时间段不得超过连续的四十五(45)天;前提条件是在三百六十(360)天的时间段内,公司依据第三节(n)推迟或暂停登记申请表的效力的总时间未超过九十(90)天;但是基于同一事实,原因或交易的推迟或暂停不得超过连续二十(20)天。

4.           Registration Expenses.

4.           登记费用

All fees and expenses incident to the performance of or compliance with this Agreement by the Company, except as and to the extent specified in this Section 4, shall be borne by the Company whether or not the Registration Statement is filed or becomes effective and whether or not any Registrable Securities are sold pursuant to the Registration
Statement.  The fees and expenses referred to in the foregoing sentence shall include, without limitation, (i) all registration and filing fees (including, without limitation, fees and expenses (A) with respect to filings required to be made with any  securities exchange or market on which Registrable Securities are required hereunder to be listed, if any (B) with respect to filing fees required to be paid to the Financial Industry Regulatory Authority, Inc. (including, without limitation,
pursuant to FINRA Rule 5110) and (C) in compliance with state securities or Blue Sky laws (including, without limitation, fees and disbursements of counsel for the Holders in connection with Blue Sky qualifications of the Registrable Securities and determination of the eligibility of the Registrable Securities for investment under the laws of such jurisdictions as the Holders of a majority of Registrable Securities may designate)), (ii) printing expenses (including, without limitation, expenses of printing certificates
for Registrable Securities and of printing prospectuses if the printing of prospectuses is requested by the holders of a majority of the Registrable Securities included in the Registration Statement), (iii) messenger, telephone and delivery expenses, (iv) Securities Act liability insurance, if the Company so desires such insurance, and (v) fees and expenses of all other Persons retained by the Company in connection with the consummation of the transactions contemplated by this Agreement, including, without limitation,
the Company's independent public accountants (including the expenses of any comfort letters or costs associated with the delivery by independent public accountants of a comfort letter or comfort letters). In addition, the Company shall be responsible for all of its internal expenses incurred in connection with the consummation of the transactions contemplated by this Agreement (including, without limitation, all salaries and expenses of its officers and employees performing legal or accounting duties), the expense
of any annual audit, the fees and expenses incurred in connection with the listing of the Registrable Securities on any securities exchange if required hereunder. The Company shall not be responsible for any discounts, commissions, transfer taxes or other similar fees incurred by the Holders in connection with the sale of the Registrable Securities.

 

 

 

 

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所有因公司执行或遵从本协议产生的费用和花销,除第四节所列的例外,都由公司承担,不论登记申请表是否已被申报或生效,不论可登记证券是否已依据登记申请表售出。上文提到的费用和花销包括,但不限于:(i)所有登记和申报费用(包括但不限于涉及以下内容的费用和花销(A)向可登记证券将要上市的证券交易所或证券交易市场进行登记的必须费用,(B)必须付给美国金融业监管委员会的登记费用(包括但不限于金融业监管委员会5110规则所规定的费用),以及(C)遵从州证券法或者蓝天法(包括但不限于持有人咨询费用,咨询范围为就可登记证券的蓝天法资格,以及基于大多数可登记证券持有人制定的司法管辖区的法律,该可登记证券是否值得投资)),(ii)打印花销(包括但不限于打印可登记证券证书的费用,如果应可登记证券大多数的要求打印招股说明书,则打印招股说明书的费用也包括在内),(iii)邮差,电话以及送达的花销,(iv)证券法责任保险,如公司愿意购买此保险,以及(v)涉及到本协议中的交易,公司所保有的其他人的费用和花销,此人员中包括但不限于,公司的独立公共会计师(包括联系证明书的花销和因独立公共会计师送达联系证明书所产生的费用)。另外,公司应负责承担因执行本协议中的事务而产生的所有内部花销(包括但不限于所有薪水以及高级职员和处理法律,会计事务的雇员的花销),年度财务审计的花销,将可登记证券在证券交易所上市所必需的费用和花销。公司不承担任和折扣,佣金,证券交易税或其他类似因持有人出售可登记证券引起的费用。

5.           Indemnification.

5.           补偿

(a)           Indemnification by the Company.  The Company shall, notwithstanding any termination of this Agreement, indemnify and hold harmless each Holder, the officers, directors, managers, partners, members,
shareholders, agents, brokers, investment advisors and employees of each of them, each Person who controls any such Holder (within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act) and the officers, directors, agents and employees of each such controlling Person, to the fullest extent permitted by applicable law, from and against any and all losses, claims, damages, liabilities, costs (including, without limitation, costs of preparation and attorneys' fees) and expenses (collectively,
"Losses"), as incurred, arising out of or relating to any violation of securities laws or untrue statement of a material fact contained in the Registration Statement, any Prospectus or any form of prospectus or in any amendment or supplement thereto or in any preliminary prospectus, or arising out of or relating to any omission of a material fact required to be stated therein or necessary to make the statements therein (in the case of any Prospectus
or form of prospectus or supplement thereto, in the light of the circumstances under which they were made) not misleading, except to the extent, but only to the extent, that such untrue statements or omissions are based solely upon information regarding such Holder or such other Indemnified Party furnished in writing to the Company by such Holder for use therein.  The Company shall notify the Holders promptly of the institution, threat or assertion of any Proceeding of which the Company is aware in
connection with the transactions contemplated by this Agreement.

 

 

 

 

 

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(a)           公司的补偿。不论本协议是否终止,在现行法律所允许的最大程度上,公司应补偿各持有人,高级职员,董事会成员,管理人员,合伙人,成员,股东,代理,经纪人,投资咨询师及其雇员,控制此持有人(依照证券法第15节或交易法第20节的定义)的个人及其高级职员,董事会成员和雇员,并使其免受因以下事务造成的困扰。补偿和困扰包括因以下事件所引起的所有损失,诉讼,赔偿,责任,费用(包括但不限于准备费用和律师费)和花销(总称“损失”):违反证券法,或是登记申请表,招股说明书或任何形式的招股说明书或其修正补充或任何初步招股说明书中存在对重大事件的不实陈述,或遗漏了使招股说明书或任何形式的招股说明书或补充说明在写出时无误导性的对重大时事的陈述;唯一例外情况是此不实陈述或遗漏仅仅是源于持有人或被补偿方书面向公司提供的信息。公司应即刻通知持有人任何公司了解的与本协议中事务相关的任何诉讼程序的启动,准备启动或宣告。

(b)           Indemnification by Holders.  Each Holder shall, severally and not jointly, indemnify and hold harmless the Company, its directors, officers, agents and employees, each Person who controls the Company
(within the meaning of Section 15 of the Securities Act and Section 20 of the Exchange Act), and the directors, officers, agents and employees of such controlling Persons, to the fullest extent permitted by applicable law, from and against all Losses, as incurred, arising solely out of or based solely upon any untrue statement of a material fact contained in the Registration Statement, any Prospectus, or any form of prospectus, or in any amendment or supplement thereto, or arising solely out of or based solely
upon any omission of a material fact required to be stated therein or necessary to make the statements therein (in the case of any Prospectus or form of prospectus or supplement thereto, in the light of the circumstances under which they were made) not misleading, to the extent, but only to the extent, that such untrue statement or omission is contained in any information so furnished in writing by such Holder or other Indemnifying Party to the Company specifically for inclusion in the Registration Statement
or such Prospectus. Notwithstanding anything to the contrary contained herein, each Holder shall be liable under this Section 5(b) only for the lesser of (a) the actual damages incurred or (b) that amount as does not exceed the gross proceeds to such Holder as a result of the sale of his/her/its Registrable Securities pursuant to such Registration Statement.

(b)           持有人的补偿。在现行法律许可的最大范围内,各持有人应,各自但不连带,补偿公司,公司的董事会成员,高级职员,代理人和雇员,控制公司的个人(在证券法第15条和交易法第20条的定义内),此控制人的董事会成员,高级职员,代理人和雇员,并使其免受因以下事务造成的困扰。补偿和困扰包括因且仅因以下事件所引起的损失:登记申请表,招股说明书或任何形式的招股说明书或其修正补充或任何初步招股说明书中存在对重大事件的不实陈述,或遗漏了使招股说明书或任何形式的招股说明书或补充说明在写出时无误导性的对重大时事的陈述;唯一例外情况是此不实陈述或遗漏仅仅是源于持有人或被补偿方书面向公司提供的信息。公司应即刻通知持有人任何公司了解的与本协议中事务相关的任何诉讼程序的启动,准备启动或宣告。除了与此相反的时间,各持有人依据第五节(b)仅对以下二者中较小的数额负责(a)造成的实际损失(b)不超过该持有人依此登记申请表售出其可登记证券的总收入。

(c)           Conduct of Indemnification Proceedings.  If any Proceeding shall be brought or asserted against any Person entitled to indemnity hereunder (an "Indemnified
Party"), such Indemnified Party shall promptly notify the Person from whom indemnity is sought (the "Indemnifying Party”) in writing, and the Indemnifying Party shall be entitled to assume the defense thereof, including the employment of counsel reasonably satisfactory to the Indemnified Party and the payment of all fees and expenses incurred in connection with defense thereof; provided that the failure of any Indemnified Party to give
such notice shall not relieve the Indemnifying Party of its obligations or liabilities pursuant to this Agreement, except (and only) to the extent that it shall be finally determined by a court of competent jurisdiction (which determination is not subject to appeal or further review) that such failure shall have proximately and materially adversely prejudiced the Indemnifying Party.

 

 

 

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(c)           补偿程序。如果发生针对任何有资格获得补偿的人(“被补偿方”)的诉讼,该补偿方应立即书面通知将要做出补偿的人(“补偿方”),并且补偿方有资格抗辩,包括雇用被补偿方合理得觉得满意的顾问以及支付与抗辩相关的所有费用和花销;若被补偿方未能及时告知,补偿方仍应依本协议承担相应义务和责任;唯一例外是:当且仅当适格管辖地的法院作出最终决定(此决定无须受到上诉或继续审查),认定此不作为会对补偿方产生不公正的结果,且此不作为是产生不公正后果的紧密和重大原因。

An Indemnified Party shall have the right to employ separate counsel in any such Proceeding and to participate in the defense thereof, but the fees and expenses of such counsel shall be at the expense of such Indemnified Party or Parties unless: (1) the Indemnifying Party has agreed in writing to pay such fees and expenses; or (2) the
Indemnifying Party shall have failed promptly to assume the defense of such Proceeding and to employ counsel reasonably satisfactory to such Indemnified Party in any such Proceeding; or (3) the named parties to any such Proceeding (including any impleaded parties) include both such Indemnified Party and the Indemnifying Party, and such parties shall have been advised by counsel that a conflict of interest is likely to exist if the same counsel were to represent such Indemnified Party and the Indemnifying Party
(in which case, if such Indemnified Party notifies the Indemnifying Party in writing that it elects to employ separate counsel at the expense of the Indemnifying Party, the Indemnifying Party shall not have the right to assume the defense thereof and such counsel shall be at the expense of the Indemnifying Party).  The Indemnifying Party shall not be liable for any settlement of any such Proceeding effected without its written consent, which consent shall not be unreasonably withheld or delayed. No
Indemnifying Party shall, without the prior written consent of the Indemnified Party, effect any settlement of any pending or threatened Proceeding in respect of which any Indemnified Party is a party and indemnity has been sought hereunder, unless such settlement includes an unconditional release of such Indemnified Party from all liability on claims that are the subject matter of such Proceeding.

被补偿方应当在各诉讼中有权雇用独立顾问并参加抗辩,但此被补偿方应承担雇用顾问的费用和花销,例外情况如下:(1)补偿方书面同意支付此费用和花销;或(2)补偿方在此诉讼中未能及时抗辩并雇佣被补偿方合理得觉得满意的顾问;或(3)此诉讼中具名的当事人(包括引入诉讼人)包括此被补偿方和补偿方,并且已有法律顾问向此当事人提出意见:如果被补偿方和补偿方的雇用同样的法律顾问很可能会出现利益冲突(在此情况下,若补偿方被书面告知被补偿方将选用不同的法律顾问,但费用由补偿方承担,则补偿方无权参加抗辩并且将承担法律顾问的费用)。补偿方对未获其书面同意的诉讼调解结果不承担责任,且该同意不是不合理的被扣留或耽搁。若未获得被补偿方的事先书面同意,任何补偿方不得同意任何正在进行中或即将开始的,被补偿方作为当事人并且寻求补偿的诉讼的调解,除非此调解包括无条件免除此被补偿方在所有以此要求为标的物的诉讼中的所有责任。

All indemnifiable fees and expenses of the Indemnified Party (including reasonable fees and expenses incurred in connection with investigating or preparing to defend such Proceeding in a manner not inconsistent with this Section) shall be paid to the Indemnified Party, as incurred, within
ten (10) Business Days of written notice thereof to the Indemnifying Party (regardless of whether it is ultimately determined that an Indemnified Party is not entitled to indemnification hereunder; provided, that the Indemnified Party shall reimburse all such fees and expenses to the extent it is finally judicially determined that such Indemnified Party is not entitled to indemnification hereunder).

 

 

 

 

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所有可补偿的被补偿方的费用和花销(包括合理的,为诉讼而调查和准备抗辩产生的费用和花销)应在补偿方收到书面的十(10)个工作日内向被补偿方支付(不论最终的决定是否是被补偿方无权接受补偿;若是,则被补偿方应向补偿方就最终做出的公平决定偿还所有其无权接受补偿的费用和花销)。

(d)           Contribution. If a claim for indemnification under Section 5(a) or 5(b) is due but unavailable to an Indemnified Party because of a failure or refusal of a
governmental authority to enforce such indemnification in accordance with its terms (by reason of public policy or otherwise), then each 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, in such proportion as is appropriate to reflect the relative benefits received by the Indemnifying Party on the one hand and the Indemnified Party on the other from the offering of the Preferred Stock and Warrants.
If, but only if, the allocation provided by the foregoing sentence is not permitted by applicable law, the allocation of contribution shall be made in such proportion as is appropriate to reflect not only the relative benefits referred to in the foregoing sentence but also the relative fault, as applicable, of the Indemnifying Party and Indemnified Party in connection with the actions, statements or omissions that resulted in such Losses as well as any other relevant equitable considerations.  The relative
fault of such Indemnifying Party and Indemnified Party shall be determined by reference to, among other things, whether any action in question, including any untrue statement of a material fact or omission of a material fact, has been taken or made by, or relates to information supplied by, such Indemnifying Party or Indemnified Party, and the parties' relative intent, knowledge, access to information and opportunity to correct or prevent such action,
statement or omission.  The amount paid or payable by a party as a result of any Losses shall be deemed to include, subject to the limitations set forth in Section 5(c), any reasonable attorneys' or other reasonable fees or expenses incurred by such party in connection with any Proceeding to the extent such party would have been indemnified for such fees or expenses if the indemnification provided for in this Section was available to such party in accordance with its terms.  In no event shall
any selling Holder be required to contribute an amount under this Section 5(d) in excess of the gross proceeds received by such Holder upon sale of such Holder’s Registrable Securities pursuant to the Registration Statement giving rise to such contribution obligation.

(d)           分担。若因为政府当局未能或拒绝依照条款执行补偿(因公共政策或其他原因)而造成第五节(a)或(b)的补偿诉讼请求到期但被补偿方无法获取,则各补偿方,替代补偿被补偿方,应分担因损失造成的已付或将要付给被补偿方的数额,数额应按照补偿方和被补偿方从优先股和期权中所收到的利益的比例合理分配。当也仅当,依前句所得的比例在现行法律下不被允许,分担份额的分配不仅应当参照前句所述的利益所得比例,也应参照,如适用,双方在导致损失的行为,陈述或遗漏中的过错以及其他相关的合理的考虑因素。决定此补偿方和被补偿方的相关过错应考虑:相关行为,包括任何对重大事实的不实陈述或遗漏重大事实,是否由补偿方或被补偿方做出,或信息是否来源于补偿方或被补偿方,以及当事人的相关意向,对事件的了解,获取信息的途径以及更正或组织此类行为,陈述或遗漏的机会。因此损失造成的已付或将要支付的金额应认为包括,但受到第五节(c)的限制:所有合理的律师费,或在依据本节规定此当事人可获得补偿的范围内,其他与诉讼相关的合理的费用或花销。在任何情况下,都不得要求出售持有人分担超过其售出可登记证券的总收益的份额,此可登记证券指引起此分担责任的登记申请表中的可登记证券。

           The parties hereto agree that it would not be just and equitable if contribution pursuant to this Section 5(d) were determined by pro rata allocation or by any other method of allocation that does not take into account the equitable considerations referred to in the immediately
preceding paragraph.  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.

 

 

 

 

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各方据此同意,若第五节(d)中的分配是按比例或其他方法分配,而没有考虑前段所提及的合理考虑因素,则此分配是有失公平。做出欺诈性虚伪陈述的个人不得要求没有做出此类欺诈性虚伪陈述的人分担。

           The indemnity and contribution agreements contained in this Section are in addition to any liability that the Indemnifying Parties may have to the Indemnified Parties pursuant to the law.

本节中关于补偿和分担的协议是除依据法律补偿方应对被补偿方承担的责任之外,额外的约定。

6.           Rule 144.

 

144规则

 

As long as any Holder owns Preferred Shares, Warrants or Registrable Securities, the Company covenants to timely file (or obtain extensions in respect thereof and file within the applicable grace period) all reports required to be filed by the Company after the date hereof pursuant to Section
13(a) or 15(d) of the Exchange Act.  As long as any Holder owns Preferred Shares, Warrants or Registrable Securities, if the Company is not required to file reports pursuant to Section 13(a) or 15(d) of the Exchange Act, it will prepare and furnish to the Holders and make publicly available in accordance with Rule 144(c) promulgated under the Securities Act annual and quarterly financial statements, together with a discussion and analysis of such financial statements in form and substance substantially
similar to those that would otherwise be required to be included in reports required by Section 13(a) or 15(d) of the Exchange Act, as well as any other information required thereby, in the time period that such filings would have been required to have been made under the Exchange Act.  The Company further covenants that it will take such further action as any Holder may reasonably request, all to the extent reasonably required from time to time to enable such Person to sell Conversion Shares and Warrant
Shares without registration under the Securities Act within the limitation of the exemptions provided by Rule 144 promulgated under the Securities Act, including providing any legal opinions relating to such sale pursuant to Rule 144. Upon the request of any Holder, the Company shall deliver to such Holder a written certification of a duly authorized officer as to whether it has complied with such requirements.

 

只要任何持有人持有优先股,期权或可登记证券,公司同意在相关日期后及时(或申请延期并在宽限期内)依据交易法第十三节(a)或第十五节(d)申报所有必需的材料。只要任何持有人持有优先股,期权或可登记证券,如果公司未被要求依据依据交易法第十三节(a)或第十五节(d)申报材料,则在本应申报材料的时间段内,公司应准备,并向持有人提供年度和季度财务报表,以及关于对此财务报表的讨论和分析,并按照依据证券法制定的144(c)规则使此等材料对公众公开;此等材料在形式上和实质上都与依据交易法第十三节(a)或第十五节(d)所必需的材料以及其他必需材料相似。公司进而同意,在合理范围内,其将进一步依据任何持有人的要求采取相应举动,确保在没有依据证券法登记的情况下,在依据证券法制定的144规则豁免范围内,此个人可出售可转换股和期权股。经任何持有人的请求,公司向此持有人送达将经授权的高级职员出具书面证书,证明公司是否符合此类要求。

 

 

 

 

 

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7.           Miscellaneous.

其他条款

(a)           Remedies.  In the event of a breach by the Company or by a Holder, of any of their obligations under this Agreement, such Holder or the Company, as the case may be, in addition to being entitled
to exercise all rights granted by law and under this Agreement, including recovery of damages, will be entitled to specific performance of its rights under this Agreement.  The Company and each Holder agree that monetary damages would not provide adequate compensation for any losses incurred by reason of a breach by it of any of the provisions of this Agreement and hereby further
agrees that, in the event of any action for specific performance in respect of such breach, it shall waive the defense that a remedy at law would be adequate.

救济方法。当公司或持有人违反了其在本协议中的义务,此持有人或公司(依情况而定),除了可享受依据法律和本协议的所有权利(包括获得损失赔偿),还能获得依据本协议强制履行的权利。公司和各持有人同意金钱补偿对于因违反本协议引起的损失是不足够的,并进一步同意,当提出强制履行作为救济方法时,应放弃法律上的救济已经足够这一抗辩。

(b)           No Inconsistent Agreements.  The Company has not entered into and shall not enter into on or after the date of this Agreement, any agreement with respect to its securities that is inconsistent
with the rights granted to the Holders in this Agreement or otherwise conflicts with the provisions hereof.

无不一致协议。在本协议签署之日或签署之前,公司未同意也不得同意任何在证券方面与本协议中赋予持有人权利不一致或者与本协议条款相冲突的协议。

(c)           No Piggyback on Registrations.  Neither the Company nor any of its security holders (other than the Holders) may include securities of the Company in the Registration Statement, and the Company
shall not after the date hereof enter into any agreement providing such right to any of its security holders, unless the right so granted is subject in all respects to the prior rights in full of the Holders set forth herein, and is not otherwise in conflict with the provisions of this Agreement.

不得连带登记。公司或其任何证券持有人(不包括持有人)不得在登记申请表中添加公司的证券;在本协议签署后,公司也不得同意赋予任何证券持有人此类权利,除非此权利在各方面都是以此处提及的持有人的完整权利为条件,并且不与本协议中的条款相冲突。

(d)           Piggy-Back Registrations.  If at any time when there is not an effective Registration Statement covering the Registrable Securities, the Company shall determine to prepare and file with the Commission
a registration statement relating to an offering for its own account or the account of others under the Securities Act of any of its equity securities, other than on Form S-4 or Form S-8 (each as promulgated under the Securities Act) or their then equivalents relating to equity securities to be issued solely in connection with any acquisition of any entity or business or equity securities issuable in connection with stock option or other employee benefit plans, the Company shall send to each holder of Registrable
Securities written notice of such determination and, if within ten (10) calendar days after receipt of such notice, or within such shorter period of time as may be specified by the 

 

 

 

 

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Company in such written notice as may be necessary for the Company to comply with its obligations with respect to the timing of the filing of such registration statement, any such holder shall so request in writing (which request shall specify the Registrable Securities intended to be disposed of by the Purchasers), the Company will
cause the registration under the Securities Act of all Registrable Securities which the Company has been so requested to register by the holder, to the extent requisite to permit the disposition of the Registrable Securities so to be registered, provided that if at any time after giving written notice of its intention to register any securities and prior to the effective date of the registration statement filed in connection with such registration, the Company shall determine for any reason not to register or
to delay registration of such securities, the Company may, at its election, give written notice of such determination to such holder and, thereupon, (i) in the case of a determination not to register, shall be relieved of its obligation to register any Registrable Securities in connection with such registration (but not from its obligation to pay expenses in accordance with Section 4 hereof), and (ii) in the case of a determination to delay registering, shall be permitted to delay registering any Registrable
Securities being registered pursuant to this Section 7(d) for the same period as the delay in registering such other securities. The Company shall include in such registration statement all or any part of such Registrable Securities such holder requests to be registered; provided, however, that the Company shall not be required to register any Registrable Securities pursuant to this
Section 7(d) that are eligible for sale pursuant to Rule 144 of the Securities Act.  In the case of an underwritten public offering, if the managing underwriter(s) or underwriter(s) should reasonably object to the inclusion of the Registrable Securities in such registration statement, then if the Company after consultation with the managing underwriter should reasonably determine that the inclusion of such Registrable Securities would materially adversely affect the offering contemplated in such registration
statement, and based on such determination recommends inclusion in such registration statement of fewer or none of the Registrable Securities of the Holders, then (x) the number of Registrable Securities of the Holders included in such registration statement shall be reduced pro-rata among such Holders (based upon the number of Registrable Securities requested to be included in the registration), if the Company after consultation with the underwriter(s)
recommends the inclusion of fewer Registrable Securities, or (y) none of the Registrable Securities of the Holders shall be included in such registration statement, if the Company after consultation with the underwriter(s) recommends the inclusion of none of such Registrable Securities; provided, however, that if securities are being offered for the account of other persons or entities
as well as the Company, such reduction shall not represent a greater fraction of the number of Registrable Securities intended to be offered by the Holders than the fraction of similar reductions imposed on such other persons or entities (other than the Company).  连带登记限制。在任何时候若无有效的包含可登记证券的登记申请表,公司应准备并向证监会申报与发行有关的登记申请表,此发行可为证券法下的任何公司股权性证券,除S-4或S-8表格(皆为依据证券法制定的表格)或与即将发行的股权性证券相关的其同等表格,仅与对任何实体或商业或可依股票期权或其他雇员福利计划发行的股权性证券的收购相关。公司应向可登记证券的各持有人发出关于此决定的书面通知,并且,若在收到通知的十(10)个日历日内,或公司在此书面通知中确认的某更短的时间段内(为了公司能履行及时申报登记申请表的义务所必须的时间段),任何此持有人应书面做出此要求(要求必须指明购买者将要处置的可登记证券),公司应依证券法登记所有,应持有人要求登记的,可登记证券,在将要登记的可登记证券的允许处置范围内,前提条件是在发出关于登记任何证券的书面通知之后,在与此登记相关的登记申请表生效之前的任何时间,公司可应任何原因决定不这册或延迟注册此证券,公司可自行决定是否向持有人发出关于此决定的书面通知,并且因此(i)若决定不登记,公司无注册任何与此注册相关的可登记证券的义务(但并非源于其依据第四节支付花销的乂苏),并且(ii)若决定推迟注册,公司应被允许推迟注册任何依据第七节(d)注册的可登记证券,推迟时间可与推迟注册其他此类证券的时间相同。公司应将持有人要求注册的可登记证券的所有或部分都包括近登记申请表中;但是,公司依据第七节(d)注册任何可依据证券法下144规则销售的可登记证券,并不是必要要求。在经承销的公开发行情况下,如果主理承销商或承销商合理的反对将此可登记证券包括到此登记申请表中,则公司在与此主理承销商协商过后应合理的决定在此登记申请表中包括可登记证券会对发行造成非常不利的影响,并且基于此决定,建议在此登记申请表中包括少量或不包括持有人的可登记证券,(x)若公司在与承销商协商后决定减少数量,则登记申请表中所包含的持有人的可登记证券的数量应在持有人之中依比例减少(依据被要求包含到登记申请表中的可登记证券的数量决定),(y)若公司在于承销商协商后决定不在登记申请表中包括此可登记证券,则任何持有人的可登记证券不得写入登记申请表中;但是,如果证券是向公司和其他个人或实体发行,则此数量的减少不代表由持有人提供的可登记证券数量的部分多于针对其他个人或实体(而非公司)的类似减少的数量。

 

 

 

 

 

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(e)           Failure to File Registration Statement and Other Events.  The Company and the Purchasers agree that the Holders will suffer damages if the Registration Statement is not filed on or prior to the
Filing Date and not declared effective by the Commission on or prior to the Effectiveness Date and maintained in the manner contemplated herein during the Effectiveness Period or if certain other events occur.  The Company and the Holders further agree that it would not be feasible to ascertain the extent of such damages with precision.  Accordingly, if (A) the Registration Statement is not filed on or prior to the Filing Date, or (B) the Registration Statement is not declared effective by
the Commission on or prior to the Effectiveness Date, or (C) the Company fails to file with the Commission a request for acceleration in accordance with Rule 461 promulgated under the Securities Act within three (3) Business Days of the date that the Company is notified (orally or in writing, whichever is earlier) by the Commission that a Registration Statement will not be "reviewed," or not subject to further review, or (D) the Registration Statement is filed with and declared effective by the Commission but
thereafter ceases to be effective as to all Registrable Securities at any time prior to the expiration of the Effectiveness Period, without being succeeded immediately by a subsequent Registration Statement filed with and declared effective by the Commission in accordance with Section 2(a) hereof, and has failed or refused to cure such breach, or (E) the Company has breached its covenants contained in Section 3(n) of this Agreement, or (F) trading in the Common Stock shall be suspended or if the Common Stock
is no longer quoted on or is delisted from the NASDAQ (or other principal exchange on which the Common Stock is traded) for any reason for more than three (3) Business Days in the aggregate (any such failure or breach being referred to as an "Event," and for purposes of clauses (A) and (B) the date on which such Event occurs, or for purposes of clauses (C) and (F) the date on which such three (3) Business Day period is exceeded, or for purposes
of clause (D) after more than fifteen (15) Business Days, being referred to as "Event Date"), the Company shall pay an amount in cash as liquidated damages to each Holder equal to two percent (2%) of the amount of the Holder’s initial investment in the Units for each calendar month or portion thereof thereafter from the Event Date until the applicable Event is cured; provided, however,
that in no event shall the amount of liquidated damages payable at any time and from time to time to any Holder pursuant to this Section 7(e) exceed an aggregate of ten percent (10%) of the amount of the Holder’s initial investment in the Units; and provided, further, that in the event the Commission does not permit all of the Registrable Securities to be included in the Registration
Statement because of its application of Rule 415, liquidated damages payable pursuant to this Section shall only be payable by the Company based on the portion of the Holder’s initial investment in the Units that corresponds to the number of such Holder’s Registrable Securities permitted to be registered by the Commission in such Registration Statement pursuant to Rule 415.  For further clarification, the parties understand that no liquidated damages shall be payable pursuant to this Section
with respect to any Registrable Securities that the Company is not permitted to include on such Registration Statement due to the Commission’s application of Rule 415. Notwithstanding anything to the contrary in this paragraph (e), if (a) any of the Events described in clauses (A), (B), (C), (D) or (F) shall have occurred, (b) on or prior to the applicable Event Date, the Company shall have exercised its rights under Section 3(n) hereof and (c) the postponement or suspension permitted pursuant to such Section
3(n) shall remain effective as of such applicable Event Date, then the applicable Event Date shall be deemed instead to occur on the second Business Day following the termination of such postponement or suspension.  Liquidated damages payable by the Company pursuant to this Section 7(d) shall be payable on the Event Date and the first (1st) Business Day of each thirty (30) day period following the Event Date.  Notwithstanding
anything to the contrary contained herein, in no event shall any liquidated damages be payable with respect to the Warrants or the Warrant Shares.

 

 

 

 

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申报登记申请表失败和其他事件。公司和购买人同意,如果登记申请表未能在申报日或申报日之前申报,并且未在生效日被证监会认定生效,并且在有效期内以本协议预计的方式维持,或发生其他时间,则持有人将承担损失。公司和持有人进一步同意精确查明损失的程度是不可行的。因此,如果(A)未能在申报日或申报日之前申报,或(B)证监会未在生效日或生效日之前认定登记申请表有效,或(C)在证监会(书面或口头,取较早的)通知公司其将不审阅或将不继续审阅登记申请表的三(3)个工作日之内,公司未能依据证券法下的461规则向证监会递交加速生效的要求,或(D)登记申请表被及时申报并被证监会认定生效,但针对所有可登记证券在有效期内失效,且不存在依第二节(a)已向证监会申报并被认定生效的随后登记申请表; 并且未能或拒绝采取补救措施,或(E)公司违反了本协议第三节(n)中的承诺,或(F)普通股的交易被暂停或普通股不再被报价或从NASDAQ(或其他主要的普通股交易的交易所)下市的总时间超过三(3)个工作日(任何此类为完成之事或违约总称为“时间”。(A)(B)中此类事件的发生日,(C)(F)中三(3)个工作日过后之日,(D)中十五(15)个工作日过后之日都被称为“事件发生日”),从事件发生日到事件结束期间的每个日历月或时段,公司应向各持有人支付现金违约赔偿金,金额相当于持有人对投资单位首次投资额的2%/每个日历月,而不满一个日历月的截止到违约事件被补救之时的天数按比例计算。但是,任何时候或时间段应付违约赔偿金的总数额不得超过持有人对各单位首次投资额的10%;但是,假如因适用415规则的原因,公司不允许在登记申请表中包含所有的可登记证券,此节中应付的违约赔偿金和公司需支付的违约赔偿金的比例需与持有人对各单位的首次投资额和依据415规则已在证监会注册的持有人的可登记证券数额的比例相吻合。进一步阐明,当事方同意对于因证监会适用415规则而未能包括在登记申请表中的可登记证券,不存在违约赔偿金。除与本节(e)相冲突之外,如果(a)发生了(A),
(B), (C), (D) 或 (F)中所描述的任何事件,(b)在相应的事件发生日或事件发生日之前,公司应行使本协议第三节(n)中的权利,并且(c)若第三节(n)所允许的延迟或暂停在此相应的事件发生日依然生效,则相应的事件发生日应被视为此延迟或暂停结束后的第二个工作日。依据第七节(d)公司应付的违约赔偿金应在事件发生日以及此事件发生日之后每三十(30)天之后的第一个工作日支付。除与本节相冲突外,无需支付针对期权或期权股的违约赔偿金。

(f)           Amendments and Waivers.  The provisions of this Agreement, including the provisions of this sentence, may not be amended, modified or supplemented, and waivers or consents to departures from the
provisions hereof may not be given, unless the same shall be in writing and signed by the Company and the Holders of 25% the Registrable Securities.

(f)           修正和放弃。除以书面形式并由公司和可登记证券25%的持有人签字之外,本协议的条款,包括此句条款,不得被修正,修改或补充,不得放弃权利,不得偏离条款。

(g)           Notices.  Any notice, demand, request, waiver or other communication required or permitted to be given hereunder shall be in writing and shall be effective (a) upon hand delivery, telecopy or facsimile
at the address or number designated below (if delivered on a business day during normal business hours where such notice is to be received), or the first business day following such delivery (if delivered other than on a business day during normal business hours where such notice is to be received) or (b) on the second business day following the date of mailing by express courier service, fully prepaid, addressed to such address, or upon actual receipt of such mailing, whichever shall first occur.  The
addresses for such communications shall be:

 

(g)           通知。任何通知,要求,请求,弃权声明或其他必须的或允许的交流必须以书面形式出现,且在以下时间开始生效,(a)人工送达或传真至以下地址或号码(当在通知接收地的工作日的正常工作时间送达),或者在此送达后的第一个工作日(当不是在通知接收地的工作日的正常工作时间送达);或(b)全额已付的商务隔夜快递寄出后的第二个工作日或实际签收日,以较早日期为送达。地址如下:

 

 

 

 

 

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If to the Company:

致公司:

Jpak Group, Inc

15 Xinghua Road

Qingdao, Shangdong Province, China, 266401

Tel. No.: +86-532-84616387

Fax No.: +86-532-84630586

Jpak集团公司

兴华路15号

中国山东省青岛市 邮编266401

电话:+86-532-84616387

传真:+86-532-84630586

 

 

With copies (which shall not constitute notice) to:

 

 

	 Leser Hunter Taubman & Taubman	 Hodgson Russ LLP	 
	 17 State Street, Suite 2000	 1540 Broadway, 24th fl.	 
	 New York, New York 10004	 New York, NY 10036	 
	 Tel. No.: (212) 732-7184	 Tel: (212 751 4300	 
	 Fax No.:  (212) 202-6380	 Fax: (212) 751 0928	 
	 Attan:  Louis Taubman, Esq.	 Attn:  Stephen Weiss, Esq.	 

 

复印件(不计为通知)送至

 

	Leser Hunter Taubman & Taubman	 	 Hodgson Russ LLP
	
美国纽约市州街17号2000室
	  	
美国纽约市百老汇1540号

	
邮编10004
	  	
邮编10036

	
电话号码:(212) 732-7184
	  	
电话号码:(212) 751-4300

	
传真号码:(212) 202-6380
	  	
传真号码:(212) 751-0928

	
收件人:Louis Taubman, Esq.
	  	
收件人:Stephen Weiss, Esq.

 

If to any Purchaser:  

_____________________________

_____________________________

_____________________________

Tel. No.: ______________________

Fax No: _________________________

致购买人:

_____________________________

_____________________________

_____________________________

电话: ______________________

传真: _________________________

 

 

 

22

 

 

 

Any party hereto may from time to time change its address for notices by giving at least ten (10) days written notice of such changed address to the other party hereto.

 

任何当事方可时常更改通知所用的地址,但需提前十(10)天以书面形式告知另一方。

(h)           Successors and Assigns.  This Agreement shall be binding upon and inure to the benefit of the parties and their successors and permitted assigns and shall inure to the benefit of each Holder and
its successors and assigns.  The Company may not assign this Agreement or any of its rights or obligations hereunder without the prior written consent of each Holder.  Each Purchaser may assign its rights hereunder in the manner and to the Persons as permitted under the Purchase Agreement.

(h)           继承者和子实体。本协议对当事方及其继承者和子实体以及各持有人及其继承者和子实体具有同等约束力。若未获得各持有人的事前书面同意,公司不得转让本协议或任何本协议中的权利或义务。各购买人可以购买协议所允许的方式向所允许的个人转让其依购买协议所享有的权利。

(i)           Assignment of Registration Rights.  The rights of each Holder hereunder, including the right to have the Company register for resale Registrable Securities in accordance with the terms of this
Agreement, shall be automatically assignable by each Holder to any Person who acquires all or a portion of the Preferred Shares, the Warrants or the Registrable Securities if: (i) the Holder agrees in writing with the transferee or assignee to assign such rights, and a copy of such agreement is furnished to the Company within a reasonable time after such assignment, (ii) the Company is, within a reasonable time after such transfer or assignment, furnished
with written notice of (a) the name and address of such transferee or assignee, and (b) the securities with respect to which such registration rights are being transferred or assigned,  (iii) following such transfer or assignment the further disposition of such securities by the transferee or assignees is restricted under the Securities Act and applicable state securities laws unless such securities are registered in a Registration Statement under this Agreement (in which case the Company shall be obligated
to amend such Registration Statement to reflect such transfer or assignment) or are otherwise exempt from registration, (iv) at or before the time the Company receives the written notice contemplated by clause (ii) of this Section, the transferee or assignee agrees in writing with the Company to be bound by all of the provisions of this Agreement, and (v) such transfer shall have been made in accordance with the applicable requirements of the Purchase Agreement.  The rights to assignment shall apply
to the Holders (and to subsequent) successors and assigns.

(i)           转让登记权。 本协议中各持有人的权利,包括使公司依本协议中的条款注册可登记证券的转售的权利,皆自动为可转让的权利,在以下条件下,各持有人可向任何购买全部或部分优先股,期权或可登记证券的个人转让:(i)持有人书面同意受转让人转让此类权利,并在此转让后的合理时间内向公司提供此同意的复印件,(ii)在此转让后的合理时间内,公司应收到关于(a)此受转让人的名称和地址,以及(b)登记权利被转让的证券的书面通知,(iii)在此转让之后,受转让人对此证券的进一步处置是收到证券法和相关的州证券法限制,除非此证券是登记于本协议中的登记申请表(在此情况下,公司有义务修改此登记申请表以记录此转让)或已豁免登记,(iv)在公司收到(ii)中的书面通知或之前,受转让人应书面同意本协议中所有条款的对其有约束力,(v)此转让应符合购买协议中所有适用的要求。转让的权利对持有人及其继承者和子实体都适用。

 

 

 

 

 

23

 

 

  (j)           Counterparts.  This Agreement may be executed in any number of counterparts, each of which when so executed shall be deemed to be an original and, all of which taken together shall
constitute one and the same Agreement and shall become effective when counterparts have been signed by each party and delivered to the other parties hereto, it being understood that all parties need not sign the same counterpart.  In the event that any signature is delivered by facsimile transmission, such signature shall create a valid binding obligation of the party executing (or on whose behalf such signature is executed) the same with the same force and effect as if such facsimile signature were
the original thereof.

(j)           副本。本协议可在多个副本上签署,每一份副本都可视为原件,所有副本都可视为同一协议并且在各方签署并送达本协议另一方时生效,当事方无需签署每一份副本。若签名是通过传真发送,此传真签名对签署方的约束力与将此传真签名视为原件的约束力相同。

 

(k)           Governing Law; Jurisdiction.  This Agreement shall be governed by and construed in accordance with the internal laws of the State of New York, without giving effect to any of the conflicts of law
principles which would result in the application of the substantive law of another jurisdiction.  This Agreement shall not be interpreted or construed with any presumption against the party causing this Agreement to be drafted.  The Company and the Holders agree that venue for any dispute arising under this Agreement will lie exclusively in the state or federal courts located in New York County, New York, and the parties irrevocably waive any right to raise forum
non conveniens or any other argument that New York is not the proper venue.  The Company and the Holders irrevocably consent to personal jurisdiction in the state and federal courts of the state of New York.  The Company and the Holders consent to process being served in any such suit, action or proceeding by mailing a copy thereof to such party at the address in effect for notices to it under this Agreement and agrees that such service shall constitute good and sufficient service of
process and notice thereof.  Nothing in this Section 7(k) shall affect or limit any right to serve process in any other manner permitted by law.  The Company and the Holders hereby agree that the prevailing party in any suit, action or proceeding arising out of or relating to this Agreement or the Purchase Agreement, shall be entitled to reimbursement for reasonable legal fees from the non-prevailing party.  The parties hereby waive all rights to a trial by jury.

 

(k)           适用法和管辖。本协议应根据纽约州的州内法执行和解释,但不包括任何可能导致适用非纽约州法的冲突法。本协议不适用“不利于起草方”的解释原则。公司和持有人双方一致同意,关于本期权的任何争议由位于纽约州纽约郡的州或联邦法院独占管辖;双方放弃行使任何可能导致“不方便法院”管辖的权利和对管辖法院再争议的权利且该放弃不可撤回。双方同意纽州州法院和联邦法院享有民事管辖权且该同意不可撤回。公司和持有人同意,在任何上述案件、诉讼或司法程序中送达方式为邮寄复印件到本协议中所列的对方有效地址,而此送达视为有效充分的送达和通知。本节的规定不影响法律所允许的其他送达方式的效力。双方在此同意,任何案件、诉讼或司法程序中败诉方应退还胜诉方因此支付的合理法律费用。双方在此同意放弃陪审团审判权。

(l)           Cumulative Remedies.  The remedies provided herein are cumulative and not exclusive of any remedies provided by law.

(l)           累积救济。本合同中的救济可累积并且不排除法律上的其他救济方法。

(m)           Severability. If any term, provision, covenant or restriction of this Agreement is held to be invalid, illegal, void or unenforceable in any respect, the remainder of the terms, provisions, covenants and
restrictions set forth herein shall remain in full force and effect and shall in no way be affected, impaired or invalidated, and the parties hereto shall use their reasonable efforts to find and employ an alternative means to achieve the same or substantially the same result as that contemplated by such term, provision, covenant or restriction.  It is hereby stipulated and declared to be the intention of the parties that they would have executed
the remaining terms, provisions, covenants and restrictions without including any of such that may be hereafter declared invalid, illegal, void or unenforceable.

 

 

 

24

 

 

 

(m)           可分割性。如果本协议中任何术语,条款,协议或限制在任何诉讼中,经法院或依法有权执行本期权书条款的机构确认不具执行力,其他条款的效力仍有效且不受影响,削弱或变得无效;且本协议当事方尽合理的努力寻找并使用替代方式达到和此术语,条款,协议或限制本来效果一致或基本相似的结果。应认为本协议当事人的意图是执行其他术语,条款,协议或限制,但不包括其中被认定不生效,非法,无效或不可执行的部分。

(n)           Headings.  The headings herein are for convenience only, do not constitute a part of this Agreement and shall not be deemed to limit or affect any of the provisions hereof.

(n)           编号。出于引用方便的考虑,本协议的小节进行了编号,但编号不应视为协议书的内容。

(o)           Shares Held by the Company and its Affiliates. Whenever the consent or approval of Holders of a specified percentage of Registrable Securities is required hereunder, Registrable Securities held by the Company
or its Affiliates (other than any Holder or transferees or successors or assigns thereof if such Holder is deemed to be an Affiliate solely by reason of its holdings of such Registrable Securities) shall not be counted in determining whether such consent or approval was given by the Holders of such required percentage.

(o)           公司及其附属机构持有的股票。当必须获得可登记证券特定比例持有人的同意或批准时,在计算是否达到获得此同意或批准的所要求的持有人特定比例时,不得将公司或其附属机构(不包括任何仅因持有可登记证券而被视为附属机构的持有人或受转让人或继承者或子实体)持有的可登记证券纳入计算。

(p)           Independent Nature of Purchasers.  The Company acknowledges that the obligations of each Purchaser under the Transaction Documents are several and not joint with the obligations of any other Purchaser,
and no Purchaser shall be responsible in any way for the performance of the obligations of any other Purchaser under the Transaction Documents.  The Company acknowledges that the decision of each Purchaser to purchase Securities pursuant to the Purchase Agreement has been made by such Purchaser independently of any other Purchaser and independently of any information, materials, statements or opinions as to the business, affairs, operations, assets, properties, liabilities, results of operations, condition
(financial or otherwise) or prospects of the Company or of its Subsidiaries which may have been made or given by any other Purchaser or by any agent or employee of any other Purchaser, and no Purchaser or any of its agents or employees shall have any liability to any Purchaser (or any other person) relating to or arising from any such information, materials, statements or opinions.  The Company acknowledges that nothing contained herein, or in any Transaction Document, and no action taken by any Purchaser
pursuant hereto or thereto (including, but not limited to, the (i) inclusion of a Purchaser in the Registration Statement and (ii) review by, and consent to, such Registration Statement by a Purchaser) shall be deemed to constitute the Purchasers as a partnership, an association, a joint venture or any other kind of entity, or create a presumption that the Purchasers are in any way acting in concert or as a group with respect to such obligations or the transactions contemplated by the Transaction Documents.  The
Company acknowledges that each Purchaser shall be entitled to independently protect and enforce its rights, including without limitation, the rights arising out of this Agreement or out of the other Transaction Documents, and it shall not be necessary for any other Purchaser to be joined as an additional party in any proceeding for such purpose.  The Company acknowledges that it has elected to provide all Purchasers with the same terms and Transaction Documents for the convenience of the Company and
not because it was required or requested to do so by the Purchasers.  The Company acknowledges that such procedure with respect to the Transaction Documents in no way creates a presumption that the Purchasers are in any way acting in concert or as a group with respect to the Transaction Documents or the transactions contemplated hereby or thereby.

 

 

 

25

 

 

 

(p)           购买人的独立性。公司声明各购买人所承担的交易文档中的义务是可分的,并不与其他任何购买人共同承担此义务,购买人不在任何方面对其他购买人在履行交易文档中的义务中的表现负责。公司声明各购买人做出的依据购买协议购买证券的决定是由此购买人独立于其他购买人,独立于以下信息做出的决定:任何信息,材料,关于商业的,事务,运营,资产,财产,责任运营结果,公司或其分支机构的(财务或其它)条件的陈述或意见,该陈述或意见由其他购买人或其代理或雇员做出的或者提供,任何购买人及其代理或雇员不对其他购买人(或其他个人)承担由此信息,材料陈述或意见引起的责任。公司声明不得因本协议中或任何其他交易文档中的条款,以及任何购买人据此采取的行为(包括但不限于(i)在登记申请表中添加一购买人,(ii)购买人审查并同意此登记申请表),而将购买人认定为合伙,连营,合资公司或其他任何实习,或建立一假设认定购买人在与此义务或与交易文档中的交易相关的行为具有一致性或团队性)。公司声明各购买人应有权独立的保护并执行其权利,包括但不限于依本协议或其他交易文档所享有的权利,并且任何其他购买人无需以另一当事方的身份加入到因此产生的诉讼程序中。公司声明其可为了公司的方便考虑选择向所有购买人提供相同条款和交易文档,而并非因为这是必须的或是应购买人的请求。公司声明关于交易文档的此类手续并不说明购买人在与交易文档相关或与交易相关的行为上具有一致性或是具有团体性。

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26

 

 

 

IN WITNESS WHEREOF, the parties hereto have caused this Registration Rights Agreement to be duly executed by their respective authorized persons as of the date first indicated above.

鉴于此,本合同当事方各自的授权代表于文首所载日期签署此登记权协议。

JPAK GROUP, INC.

JPAK集团公司

By:      __________________________________

签署:__________________________________

Name: Yiyun Wang

姓名:

Title:  Chief Executive Officer

职务:首席执行官

 

              PURCHASER: Lee Wah Investments Limited

购买人:利华投资有限公司

   By:      ___________________________________

   签署:___________________________________

         Name:

      姓名

                    Title:

          职务:

[Signature Page to Registration Rights Agreement]

[登记权协议的签字页]

  

27

  

Schedule I

Purchasers

清单I

购买人

Names and Addresses                                           of
Purchasers

购买人的姓名和地址

I-1

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

  

28

  

Schedule II

清单II

Names, Addresses and Number of Shares

to be Registered for each of the Holders

持股人的姓名,地址以及将要登记的股票数目

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

29

 

 

 

 

Exhibit A

Plan of Distribution

附件A

销售计划

 

The selling security holders and any of their pledgees, donees, assignees and successors-in-interest may, from time to time, sell any or all of their shares of common stock being offered under this prospectus on any stock exchange, market or trading facility on which shares of our common stock are traded or in private transactions.  These
sales may be at fixed or negotiated prices.  The selling security holders may use any one or more of the following methods when disposing of shares:

 

出售证券的持有人及其质押权人,受捐赠人,受转让人和利益继承人可在任何证券交易所,或可交易本公司普通股的交易市场或交易机构,或通过私人交易,出售他们任何或全部的依此招股说明书发行的普通股。可以固定价格或协商后的价格出售。出售证券的持有人使用以下方式处理其股份:

 

	
  
	
·
	
ordinary brokerage transactions and transactions in which the broker-dealer solicits purchasers;

 

	
  
	
·
	
普通经纪交易及经纪自营商争取购买人的交易;

 

	
  
	
·
	
block trades in which the broker-dealer will attempt to sell the shares as agent but may position and resell a portion of the block as principal to facilitate the transaction;

 

	
  
	
·
	
经纪自营商作为代理尝试出售股份的大宗交易,但也可作为委托人转售部分股票以加快交易进程。

 

	
  
	
·
	
purchases by a broker-dealer as principal and resales by the broker-dealer for its account;

 

	
  
	
·
	
从作为委托人的经纪自营商处购买,在以经纪自营商转售;

 

	
  
	
·
	
an exchange distribution in accordance with the rules of the applicable exchange;

 

	
  
	
·
	
符合相关交易所规定的交易所分销;

 

	
  
	
·
	
privately negotiated transactions;

 

	
  
	
·
	
非公开协商的交易

 

	
  
	
·
	
to cover short sales made after the date that the registration statement of which this prospectus is a part is declared effective by the Commission;

 

	
  
	
·
	
在证监会宣告登记申请表(登记申请表包括此招股说明书)生效之后卖空;

 

	
  
	
·
	
broker-dealers may agree with the selling security holders to sell a specified number of such shares at a stipulated price per share;

 

	
  
	
·
	
经纪自营商与出售证券的持有人同意以约定的每股价格出售特定数量的此股份;

 

 

 

 

30

 

 

 

	
  
	
·
	
a combination of any of these methods of sale; and

 

	
  
	
·
	
此类方式的任意组合;以及

 

	
  
	
·
	
any other method permitted pursuant to applicable law.

 

	
  
	
·
	
任何现行法律所允许的其他方式。

 

The shares may also be sold under Rule 144 under the Securities Act of 1933, as amended (“Securities Act”), if available, rather than under this prospectus.  The selling security holders have the sole and absolute discretion not to accept any purchase offer or make any sale of shares if they deem the purchase price
to be unsatisfactory at any particular time.

 

股票可依据修正后的1933证券法(“证券法”)中144规则,若适用,出售,而非此招股说明书。出售证券的持有人在任何时间如觉得没有令人满意的购买价格,享有独立的完全的自由不接受任何购买要约或出售任何股票。

 

The selling security holders may pledge their shares to their brokers under the margin provisions of customer agreements.  If a selling security holder defaults on a margin loan, the broker may, from time to time, offer and sell the pledged shares.

 

出售证券的持有人可依据客户协议中的客户保证金条款将其股票质押于其经销商处。若出售证券的持有人无法偿还保证金贷款,经销商可主动出价并售出被质押的股票。

 

Broker-dealers engaged by the selling security holders may arrange for other broker-dealers to participate in sales. Broker-dealers may receive commissions or discounts from the selling security holders (or, if any broker-dealer acts as agent for the purchaser of shares, from the purchaser) in amounts to be negotiated, which commissions
as to a particular broker or dealer may be in excess of customary commissions to the extent permitted by applicable law.

 

出售证券持有者所雇用的经销自营商可安排其他经销自营商参与销售。经销自营商可从出售证券持有人处(或者,若任何经销自营商是作为购买人的代理,则从购买者出)收受佣金或折扣,数量可依协商而定,给某一特定经销商或交易商的佣金在相关法律允许范围内可多于依惯例的佣金。

 

If sales of shares offered under this prospectus are made to broker-dealers as principals, we would be required to file a post-effective amendment to the registration statement of which this prospectus is a part.  In the post-effective amendment, we would be required to disclose the names of any participating broker-dealers and
the compensation arrangements relating to such sales.

 

若依此招股说明书出价的股票被出售给作为委托人的经销自营商,我们会被要求申报包含此招股说明书的登记申请表的后生效期修正案。在后生效期修正案中,我们会被要求披露所有参与的经销自营商的名义以及和此销售相关的补偿协议。

 

The selling security holders and any broker-dealers or agents that are involved in selling the shares offered under this prospectus may be deemed to be “underwriters” within the meaning of the Securities Act in connection with these sales.  Commissions received by these broker-dealers or agents and any profit on the
resale of the shares purchased by them may be deemed to be underwriting commissions or discounts under the Securities Act.  Any broker-dealers or agents that are deemed to be underwriters may not sell shares offered under this prospectus unless and until we set forth the names of the underwriters and the material details of their underwriting arrangements in a supplement to this prospectus or, if required, in a replacement prospectus included in a post-effective amendment to the registration statement
of which this prospectus is a part.

 

 

 

 

31

 

 

 

出售证券持有人和其他参与到销售依此招股说明书出价的股票的经销自营商或代理人都可被视为证券法上此销售的 “承销商”。这次经销自营商或代人收受的佣金和其他转售所得利益可视为证券法上的承销佣金或折扣。任何被视为承销商的经销自营商或代理人不得出售依此招股说明书出价的股票,除非我们在招股说明书的补充说明中添加此承销商的名称及其关于承销安排的重要细节,或者,若必须的话,添加到包括此招股说明书的登记申请表的后生效期修正案中的替代招股说明书中。

 

The selling security holders and any other persons participating in the sale or distribution of the shares offered under this prospectus will be subject to applicable provisions of the Exchange Act, and the rules and regulations under that act, including Regulation M.  These provisions may restrict activities of, and limit the
timing of purchases and sales of any of the shares by, the selling security holders or any other person.  Furthermore, under Regulation M, persons engaged in a distribution of securities are prohibited from simultaneously engaging in market making and other activities with respect to those securities for a specified period of time prior to the commencement of such distributions, subject to specified exceptions or exemptions.  All of these limitations may affect the marketability of the shares.

 

出售证券持有人及其它参与到依据此招股说明书出价的股票的出售或分发过程的个人将受到交易法的相关条款及依交易法制定的规则和规章,包括规章M,的约束。这些条款可能限制出售证券持有人的活动,并控制该股票的购买和出售时机。此外,根据规章M,参与到证券分销中的人在分销开始前的一段特定时间内不得立即参与到市场做市和其他与此证券有关的活动,但也有某些例外或豁免。所有的限制都会影响股票的可销售性。

 

If any of the shares of common stock offered for sale pursuant to this prospectus are transferred other than pursuant to a sale under this prospectus, then subsequent holders could not use this prospectus until a post-effective amendment or prospectus supplement is filed, naming such holders.  We offer no assurance as to whether
any of the selling security holders will sell all or any portion of the shares offered under this prospectus.

 

如此招股说明书中用于出售的普通股被转让而非依据此招股说明书出售,则后持有人不得使用此招股说明书,直接申报列明此持有人姓名的后生效期修正案或补充说明。我们不能保证是否任何出售证券持有人可以出售全部或部分依此招股说明书出价的股票。

 

We have agreed to pay all fees and expenses we incur incident to the registration of the shares being offered under this prospectus.  However, each selling security holder and purchaser is responsible for paying any discounts, commissions and similar selling expenses they incur.

 

我们同意支付所有因登记此招股说明书中的股票所产生费用和花销。但是,各出售证券的持有人和购买人应承担任何折扣,佣金和类似的因出售引起的花销。

 

We and the selling security holders have agreed to indemnify one another against certain losses, damages and liabilities arising in connection with this prospectus, including liabilities under the Securities Act.

 

我们和出售证券的持有人同意就某些与此招股说明书相关的损失,损害赔偿和责任补偿另一方,包括证券法下的责任。

 

 

 

 

32

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