Document:

WARRANT
PURCHASE AGREEMENT

    

    WARRANT AGREEMENT entered into
as of the 13th day of
January 2011, (the “Warrant Purchase Agreement”) by and between Pantheon China
Acquisition Corp. II, a Cayman Island corporation with an address at Unit 1804
Tower E1, Oriental Plaza, Dong Cheng District, Beijing 100738, China (the
“Company”) and the purchasers listed on Schedule I annexed
hereto (each a “Purchaser” and collectively the “Purchasers”).

    

    WHEREAS,
the Purchasers desire to purchase, and the Company desires to sell, an aggregate
of 1,750,000 series A warrants, substantially as set forth of Exhibit A, attached
hereto (each a “Warrant” and collectively, the “Warrants”) to initially purchase
up to an aggregate of 1,750,000 shares of the Company’s common stock, par value
$0.0001 per share (the “Common Stock”, with the Common Stock issuable upon
exercise of the Warrants being referred to herein as the “Warrant Shares”)
allocated among the Purchasers as set forth on Schedule I annexed
hereto, and upon the terms and conditions hereof.

    

    NOW,
THEREFORE, in consideration of the premises and the mutual agreements herein
contained, the Purchaser and the Company hereby agree as follows:

    

    SECTION
1:  SALE OF THE WARRANTS

    

    1.1 Sale of the
Warrants.  Subject to the terms and conditions hereof, the
Company will sell and deliver to the Purchaser and the Purchasers will purchase
from the Company, upon the execution and delivery hereof, an aggregate of
1,750,000 Warrants for an aggregate purchase price of $5,000 (the “Purchase
Price”).  The allocation of the Warrants and the Purchase among the
Purchasers shall be as set forth on Schedule I annexed
hereto.

    

    SECTION
2:  CLOSING DATE; DELIVERY

    

    2.1  Closing
Date.  The closing of the purchase and sale of the Warrants
hereunder (the “Closing”) shall be held immediately following the execution and
delivery of this Warrant Purchase Agreement.

    

    2.2  Delivery at Closing.
At the Closing, or promptly thereafter, the Company will deliver to each
Purchaser a Warrant Certificate in each such Purchaser’s name, representing the
number of Warrant Shares to be purchased by such Purchaser hereunder, against
payment of the purchase price therefore as indicated on Schedule I annexed
hereto.

    

    SECTION
3: REPRESENTATIONS, WARRANTIES AND COVENANTS OF PURCHASERS

    

    The
undersigned Purchasers hereby represent and warrant to the Company, severally
and not jointly, as follows:

    

    3.1  Transfer of
Warrants.  Each Purchaser, with respect to the Warrants being
issued to it, hereby understands and acknowledges that such shares of Common
Stock underlying the Warrant and the Warrants have not been registered under the
Securities Act of 1933, as amended (the “Securities Act”) and cannot be sold or
otherwise transferred without an effective registration or an exemption
therefrom and may not be sold pursuant to the exemption provided by Section 4(1)
of the Securities Act, and can only be sold thereafter, pursuant to such
exemption in compliance with the provisions of Rule 144 promulgated under the
Securities Act.

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    

    3.2  Experience. Each
Purchaser has such knowledge and experience in financial and business matters
that such Purchaser is capable of evaluating the merits and risks of investment
in the Company and of making an informed investment decision.  Each
Purchaser has adequate means of providing for its current needs and possible
future contingencies and has no need, and anticipates no need in the foreseeable
future, to sell the Warrants for which such Purchaser
subscribes.  Each Purchaser is able to bear the economic risks of its
investment and, consequently, without limiting the generality of the foregoing,
such Purchaser is able to hold the Warrants for an indefinite period of time and
has sufficient net worth to sustain a loss of its entire investment in the
Company in the event such loss should occur. Except as otherwise indicated
herein, each Purchaser is the sole party in interest as to its investment in the
Company, and it is acquiring the Warrants solely for investment for its own
account and has no present agreement, understanding or arrangement to subdivide,
sell, assign, transfer or otherwise dispose of all or any part of the Warrants
subscribed for to any other person.

    

    3.3  Investment; Access to
Data.  Each Purchaser has carefully reviewed and understands
the risks of, and other considerations relating to, a purchase of the Warrants
and an investment in the Company. Each Purchaser has been furnished materials
relating to the Company, the private placement of the Warrants or anything else
that it has requested and has been afforded the opportunity to ask questions and
receive answers concerning the terms and conditions of the offering and obtain
any additional information which the Company possesses or can acquire without
unreasonable effort or expense.  Representatives of the Company have
answered all inquiries that such Purchaser has made of them concerning the
Company, or any other matters relating to the formation and operation of the
Company and the offering and sale of the Warrants. No offering literature has
been furnished to such Purchaser other than the materials that the Company may
have provided at the request of such Purchaser; and such Purchaser has relied
only on such information furnished or made available to it by the Company as
described in this Section 3.3. Each
Purchaser is acquiring the Warrants for investment for its own account, not as a
nominee or agent and not with the view to, or for resale in connection with, any
distribution thereof.  Each Purchaser acknowledges that the Company is
a start-up company with no current operations, assets or operating history,
which may possibly cause a loss of such Purchaser’s entire investment in the
Company.

    

    3.4  Authorization.  (a)
This Warrant Purchase Agreement, upon execution and delivery thereof, will be a
valid and binding obligation of each Purchaser, enforceable in accordance with
its terms, subject to applicable bankruptcy, insolvency, reorganization and
moratorium laws and other laws of general application affecting enforcement of
creditors' rights generally.

    

    (b)  The
execution, delivery and performance by each Purchaser of this Warrant Purchase
Agreement and compliance therewith and the purchase and sale of the Warrants
will not result in a violation of and will not conflict with, or result in a
breach of, any of the terms of, or constitute a default under, any provision of
state or federal law to which such Purchaser is subject, or any mortgage,
indenture, agreement, instrument, judgment, decree, order, rule or regulation or
other restriction to which such Purchaser is a party or by which such Purchaser
is bound, or result in the creation of any mortgage, pledge, lien, encumbrance
or charge upon any of the properties or assets of such Purchaser pursuant to any
such term.

     

    
      
         

      

      
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    3.5 Accredited
Investor.  Each Purchaser is an accredited investor as defined
in Rule 501(a) of Regulation D promulgated under the Securities Act or a
“non-U.S. person” as defined in Regulation S.

    

    SECTION
4:  MISCELLANEOUS

    

    4.1  Governing
Law.  This Warrant Purchase Agreement shall be governed as to
validity, interpretation, construction, effect and in all other respects by the
internal laws of the State of New York, without regard to the conflict of laws
principles thereof.

    

    4.2  Survival.  The
terms, conditions and agreements made herein shall survive the
Closing.

    

    4.3  Successors and
Assigns.  Except as otherwise expressly provided herein, the
provisions hereof shall inure to the benefit of, and be binding upon, the
successors, assigns, heirs, executors and administrators of the parties
hereto.

    

    4.4  Entire Agreement; Amendment;
Waiver.  This Warrant Purchase Agreement constitutes the entire
and full understanding and agreement between the parties with regard to the
subject matter hereof.  Neither this Warrant Purchase Agreement nor
any term hereof may be amended, waived, discharged or terminated, except by a
written instrument signed by all the parties hereto.

    

    4.5  Counterparts. This
Warrant Purchase Agreement may be executed in one or more counterparts, each of
which shall constitute an original and all of which taken together shall
constitute one and the same agreement.

    

    4.6  Additional
Documents.  From time to time the Company will execute and deliver
to the Purchasers such additional instruments as the Purchasers may reasonably
request to effectuate the purposes of this Warrant Purchase
Agreement.

    

    4.7  Registration Rights.
The Company shall grant to the Purchasers the registration rights defined in
that certain Registration Rights Agreement, by and among the Company and the
Purchasers, dated January 13, 2011.

    

    Remainder
of Page Intentionally Left Blank

     

     

     

     

    
      
         

      

      
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    IN WITNESS WHEREOF, the
undersigned have hereunto set their hands as of the day and year first above
written.

     

    
      	 	COMPANY:	 
	 	 	 
	 	PANTHEON
      CHINA ACQUISITION CORP. II	 
	 	 	 	 
	
               

            	
              By:
      

            	 	 
	 	 	
              Charles
      W. Allen – Director, Secretary, 

              Chief
      Financial Officer

            	 

    

     

     

    
      
        	
                 

              	
                By:
      

              	 	 
	 	 	Jennifer
      J. Weng – Director, President	 

      

    

     

     

    
      
        	 	PURCHASERS:	 
	 	 	 	 
	
                 

              	
                By:
      

              	 	 
	 	 	Entity:
      Super Castle Investments Limited	 
	 	 	Name:
      Jennifer J. Weng	 
	 	 	Title:  President	 

      

    

     

     

    
      	
               

            	
              By:
      

            	 	 
	 	 	Entity:  Allen
      Consulting, LLC	 
	 	 	Name:
      Charles W. Allen	 
	 	 	Title:  President	 

    

     

    
      
         

      

      
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    SCHEDULE
I

    

    
      	
              Name of Purchaser

            	
              Address of Purchaser

            	
              Warrants to Purchase 

              Shares of Common Stock

            	
              Purchase Price

            
	
              Super
      Castle Investments Limited

            	
              Unit
      1804 Tower E1, Oriental Plaza

              Dong
      Cheng District

              Beijing
      100738, China

              Attn:
      Jennifer J. Weng

               

            	
              1,382,500

            	
              $3,950

            
	
              Allen
      Consulting, LLC

            	
              1881
      North Nash Street, Unit. 701

              Arlington,
      VA 22209

              Attn:
      Charles W. Allen

               

            	
              367,500

            	
              $1,050

            
	 
      	
              Total  
      

            	
              1,750,000

            	
              $5,000

            

    

     

    
      
         

      

      
        5REGISTRATION
RIGHTS AGREEMENT

    

    THIS
REGISTRATION RIGHTS AGREEMENT (this “Agreement”)
is entered into as of the 13th day of
January, 2011, by and among Pantheon China Acquisition Corp. II, a Cayman
Islands corporation (the “Company”)
and the undersigned parties listed under Investor on the signature page and
Schedule I hereto (each, an “Investor”
and collectively, the “Investors”).

    

    This
Agreement is being entered into pursuant to the Warrant Purchase Agreement,
dated as of the date hereof, between the Company and each Investor (the “Warrant
Purchase Agreement”).

    

    WHEREAS,
the Investors and the Company desire to enter into this Agreement to provide the
Investors with certain rights relating to the registration of shares of Common
Stock and Common Stock underlying warrants held by them;

    

    NOW,
THEREFORE, in consideration of the mutual covenants and agreements set forth
herein, and for other good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, the parties hereto agree as
follows:

    

    1. DEFINITIONS. The
following capitalized terms used herein have the following
meanings:

    

    Capitalized
terms used and not otherwise defined herein that are defined in the Warrant
Purchase Agreement shall have the meanings given such terms in the Warrant
Purchase Agreement.

    

    “Agreement”
means this Agreement, as amended, restated, supplemented, or otherwise modified
from time to time.

    

    “Commission”
means the Securities and Exchange Commission, or any other federal agency then
administering the Securities Act or the Exchange Act.

    

    “Common
Stock” means the common stock, par value $0.0001 per share, of the
Company.

    

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

    

    “Demand
Registration” is defined in Section 2.1.1.

    

    “Demanding
Holder” is defined in Section 2.1.1.

    

    “Exchange
Act” means the Securities Exchange Act of 1934, as amended, and the rules
and regulations of the Commission promulgated thereunder, all as the same shall
be in effect at the time.

    

    “Form
S-3” is defined in Section 2.3.

    

    “Indemnified
Party” is defined in Section 4.3.

    

    “Indemnifying
Party” is defined in Section 4.3.

    
      
         

      

      
         

        
          

        

      

      
         

      

    

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

    

    “Investor
Indemnified Party” is defined in Section 4.1.

    

    “Notices”
is defined in Section 6.3.

    

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

    

    “Register,”
“Registered” and
“Registration”
mean a registration effected by preparing and filing a registration statement or
similar document in compliance with the requirements of the Securities Act, and
the applicable rules and regulations promulgated thereunder, and such
registration statement becoming effective.

    

    “Registrable
Securities” mean all of the shares of Common Stock owned or held by
Investors including shares of Common Stock issuable upon the exercise of
Warrants held by Investors. Registrable Securities include any warrants, shares
of capital stock or other securities of the Company issued as a dividend or
other distribution with respect to or in exchange for or in replacement of such
shares of Common Stock. As to any particular Registrable Securities, such
securities shall cease to be Registrable Securities when: (a) a Registration
Statement with respect to the sale of such securities shall have become
effective under the Securities Act and such securities shall have been sold,
transferred, disposed of or exchanged in accordance with such Registration
Statement; (b) such securities shall have been otherwise transferred, new
certificates for them not bearing a legend restricting further transfer shall
have been delivered by the Company and subsequent public distribution of them
shall not require registration under the Securities Act; or (c) such securities
shall have ceased to be outstanding.

    

    “Registration
Statement” means a registration statement filed by the Company with the
Commission in compliance with the Securities Act and the rules and regulations
promulgated thereunder for a public offering and sale of Common Stock (other
than a registration statement on Form S-4 or Form S-8, or their successors, or
any registration statement covering only securities proposed to be issued in
exchange for securities or assets of another entity).

    

    “Securities
Act” means the Securities Act of 1933, as amended, and the rules and
regulations of the Commission promulgated thereunder, all as the same shall be
in effect at the time.

    

    “Underwriter”
means a securities dealer who purchases any Registrable Securities as principal
in an underwritten offering and not as part of such dealer’s market-making
activities.

    

    “Warrant
Purchase Agreement” is defined in the preamble to this
Agreement.

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    2. REGISTRATION
RIGHTS.

    

    2.1 Demand
Registration.

    

    2.1.1.
Request for
Registration. At any time and from time to time after the Company ceases
to be a “blank check” shell company as defined by Rule 405 of the Securities
Act, the holders of a majority-in-interest of the Registrable Securities held by
the Investors or the transferees of the Investors, may make a written demand for
registration under the Securities Act of all or part of their Registrable
Securities (a “Demand
Registration”). Any demand for a Demand Registration shall specify the
number of shares of Registrable Securities proposed to be sold and the intended
method(s) of distribution thereof. The Company will notify all holders of
Registrable Securities of the demand, and each holder of Registrable Securities
who wishes to include all or a portion of such holder’s Registrable Securities
in the Demand Registration (each such holder including shares of Registrable
Securities in such registration, a “Demanding
Holder”) shall so notify the Company within fifteen (15) days after the
receipt by the holder of the notice from the Company. Upon any such request, the
Demanding Holders shall be entitled to have their Registrable Securities
included in the Demand Registration, subject to the provisions set forth in
Section 3.1.1. The Company shall not be obligated to effect more than an
aggregate of two (2) Demand Registrations under this Section 2.1.1 in respect of
Registrable Securities.

    

    2.1.2.
Effective
Registration. A registration will not count as a Demand Registration
until the Registration Statement filed with the Commission with respect to such
Demand Registration has been declared effective and the Company has complied
with all of its obligations under this Agreement with respect thereto; provided,
however, that if, after such Registration Statement has been declared effective,
the offering of Registrable Securities pursuant to a Demand Registration is
interfered with by any stop order or injunction of the Commission or any other
governmental agency or court, the Registration Statement with respect to such
Demand Registration will be deemed not to have been declared effective, unless
and until, (i) such stop order or injunction is removed, rescinded or otherwise
terminated, and (ii) a majority-in-interest of the Demanding Holders thereafter
elect to continue the offering; provided, further, that the Company shall not be
obligated to file a second Registration Statement until a Registration Statement
that has been filed is counted as a Demand Registration or is
terminated.

    

    2.1.3.
Underwritten
Offering. If a majority-in-interest of the Demanding Holders so elect and
such holders so advise the Company as part of their written demand for a Demand
Registration, the offering of such Registrable Securities pursuant to such
Demand Registration shall be in the form of an underwritten offering. In such
event, the right of any holder to include its Registrable Securities in such
registration shall be conditioned upon such holder’s participation in such
underwriting and the inclusion of such holder’s Registrable Securities in the
underwriting to the extent provided herein. All Demanding Holders proposing to
distribute their securities through such underwriting shall enter into an
underwriting agreement in customary form with the Underwriter or Underwriters
selected for such underwriting by a majority-in-interest of the holders
initiating the Demand Registration.

    

    2.1.4.
Withdrawal. If
a majority-in-interest of the Demanding Holders disapprove of the terms of any
underwriting or are not entitled to include all of their Registrable Securities
in any offering, such majority-in-interest of the Demanding Holders may elect to
withdraw from such offering by giving written notice to the Company and the
Underwriter or Underwriters of their request to withdraw prior to the
effectiveness of the Registration Statement filed with the Commission with
respect to such Demand Registration. If the majority-in-interest of the
Demanding Holders withdraws from a proposed offering relating to a Demand
Registration, then such registration shall not count as a Demand Registration
provided for in Section 2.1.

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    2.2 Piggy-Back
Registration.

    

    2.2.1.
Piggy-Back
Rights. If at any time the Company proposes to file a Registration
Statement under the Securities Act with respect to an offering of equity
securities, or securities or other obligations exercisable or exchangeable for,
or convertible into, equity securities, by the Company for its own account or
for stockholders of the Company for their account (or by the Company and by
stockholders of the Company including, without limitation, pursuant to Section
2.1), other than a Registration Statement (i) filed in connection with any
employee stock option or other benefit plan, (ii) for an exchange offer or
offering of securities solely to the Company’s existing stockholders, or (iii)
for a dividend reinvestment plan, then the Company shall (x) give written notice
of such proposed filing to the holders of Registrable Securities as soon as
practicable but in no event less than ten (10) days before the anticipated
filing date, which notice shall describe the amount and type of securities to be
included in such offering, the intended method(s) of distribution, and the name
of the proposed managing Underwriter or Underwriters, if any, of the offering,
and (y) offer to the holders of Registrable Securities in such notice the
opportunity to register the sale of such number of shares of Registrable
Securities as such holders may request in writing within five (5) days following
receipt of such notice (a “Piggy-Back
Registration”). The Company shall cause such Registrable Securities to be
included in such registration and shall use its best efforts to cause the
managing Underwriter or Underwriters of a proposed underwritten offering to
permit the Registrable Securities requested to be included in a Piggy-Back
Registration on the same terms and conditions as any similar securities of the
Company and to permit the sale or other disposition of such Registrable
Securities in accordance with the intended method(s) of distribution thereof.
All holders of Registrable Securities proposing to distribute their securities
through a Piggy-Back Registration that involves an Underwriter or Underwriters
shall enter into an underwriting agreement in customary form with the
Underwriter or Underwriters selected for such Piggy-Back
Registration.

     

    2.2.2.
Withdrawal. Any
holder of Registrable Securities may elect to withdraw such holder’s request for
inclusion of Registrable Securities in any Piggy-Back Registration by giving
written notice to the Company of such request to withdraw prior to the
effectiveness of the Registration Statement. The Company (whether on its own
determination or as the result of a withdrawal by persons making a demand
pursuant to written contractual obligations) may withdraw a registration
statement at any time prior to the effectiveness of the Registration Statement.
Notwithstanding any such withdrawal, the Company shall pay all expenses incurred
by the holders of Registrable Securities in connection with such Piggy-Back
Registration as provided in Section 3.3.

    

    2.3 Registrations on Form
S-3. The holders of Registrable Securities may at any time and from time
to time, request in writing that the Company register the resale of any or all
of such Registrable Securities on Form S-3 or any similar short-form
registration which may be available at such time (“Form
S-3”); provided, however, that the Company shall not be obligated to
effect such request through an underwritten offering. Upon receipt of such
written request, the Company will promptly give written notice of the proposed
registration to all other holders of Registrable Securities, and, as soon as
practicable thereafter, effect the registration of all or such portion of such
holder’s or holders’ Registrable Securities as are specified in such request,
together with all or such portion of the Registrable Securities or other
securities of the Company, if any, of any other holder or holders joining in
such request as are specified in a written request given within fifteen (15)
days after receipt of such written notice from the Company; provided, however,
that the Company shall not be obligated to effect any such registration pursuant
to this Section 2.3 if Form S-3 is not available for such offering.
Registrations effected pursuant to this Section 2.3 shall not be counted as
Demand Registrations effected pursuant to Section 2.1.

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    3. REGISTRATION
PROCEDURES.

    

    3.1 Filings; Information.
Whenever the Company is required to effect the registration of any Registrable
Securities pursuant to Section 2, the Company shall use its best efforts to
effect the registration and sale of such Registrable Securities in accordance
with the intended method(s) of distribution thereof as expeditiously as
practicable, and in connection with any such request:

    

    3.1.1.
Filing Registration
Statement. The Company shall use its best efforts to, as expeditiously as
possible and in any event within sixty (60) days after receipt of a request for
a Demand Registration pursuant to Section 2.1, prepare and file with the
Commission a Registration Statement on any form for which the Company then
qualifies or which counsel for the Company shall deem appropriate and which form
shall be available for the sale of all Registrable Securities to be registered
thereunder in accordance with the intended method(s) of distribution thereof,
and shall use its best efforts to cause such Registration Statement to become
effective and use its best efforts to keep it effective for the period required
by Section 3.1.3.

    

    3.1.2.
Copies. The
Company shall, prior to filing a Registration Statement or prospectus, or any
amendment or supplement thereto, furnish without charge to the holders of
Registrable Securities included in such registration, and such holders’ legal
counsel, copies of such Registration Statement as proposed to be filed, each
amendment and supplement to such Registration Statement (in each case including
all exhibits thereto and documents incorporated by reference therein), the
prospectus included in such Registration Statement (including each preliminary
prospectus), and such other documents as the holders of Registrable Securities
included in such registration or legal counsel for any such holders may request
in order to facilitate the disposition of the Registrable Securities owned by
such holders.

    

    3.1.3.
Amendments and
Supplements. The Company shall prepare and file with the Commission such
amendments, including post-effective amendments, and supplements to such
Registration Statement and the prospectus used in connection therewith as may be
necessary to keep such Registration Statement effective and in compliance with
the provisions of the Securities Act until all Registrable Securities and other
securities covered by such Registration Statement have been disposed of in
accordance with the intended method(s) of distribution set forth in such
Registration Statement (which period shall not exceed the sum of one hundred
eighty (180) days plus any period during which any such disposition is
interfered with by any stop order or injunction of the Commission or any
governmental agency or court) or such securities have been
withdrawn.

    

    3.1.4.
Notification.
After the filing of a Registration Statement, the Company shall promptly, and in
no event more than two (2) business days after such filing, notify the holders
of Registrable Securities included in such Registration Statement of such
filing, and shall further notify such holders promptly and confirm such advice
in writing in all events within two (2) business days of the occurrence of any
of the following: (i) when such Registration Statement becomes effective; (ii)
when any post-effective amendment to such Registration Statement becomes
effective; (iii) the issuance or threatened issuance by the Commission of any
stop order (and the Company shall take all actions required to prevent the entry
of such stop order or to remove it if entered); and (iv) any request by the
Commission for any amendment or supplement to such Registration Statement or any
prospectus relating thereto or for additional information or of the occurrence
of an event requiring the preparation of a supplement or amendment to such
prospectus so that, as thereafter delivered to the purchasers of the securities
covered by such Registration Statement, such prospectus will not contain an
untrue statement of a material fact or omit to state any material fact required
to be stated therein or necessary to make the statements therein not misleading,
and promptly make available to the holders of Registrable Securities included in
such Registration Statement any such supplement or amendment; except that before
filing with the Commission a Registration Statement or prospectus or any
amendment or supplement thereto, including documents incorporated by reference,
the Company shall furnish to the holders of Registrable Securities included in
such Registration Statement and to the legal counsel for any such holders,
copies of all such documents proposed to be filed sufficiently in advance of
filing to provide such holders and legal counsel with a reasonable opportunity
to review such documents and comment thereon, and the Company shall not file any
Registration Statement or prospectus or amendment or supplement thereto,
including documents incorporated by reference, to which such holders or their
legal counsel shall object.

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    3.1.5.
State Securities Laws
Compliance. The Company shall use its best efforts to (i) register or
qualify the Registrable Securities covered by the Registration Statement under
such securities or “blue sky” laws of such jurisdictions in the United States as
the holders of Registrable Securities included in such Registration Statement
(in light of their intended plan of distribution) may request and (ii) take such
action necessary to cause such Registrable Securities covered by the
Registration Statement to be registered with or approved by such other
Governmental Authorities as may be necessary by virtue of the business and
operations of the Company and do any and all other acts and things that may be
necessary or advisable to enable the holders of Registrable Securities included
in such Registration Statement to consummate the disposition of such Registrable
Securities in such jurisdictions; provided, however, that the Company shall not
be required to qualify generally to do business in any jurisdiction where it
would not otherwise be required to qualify but for this paragraph or subject
itself to taxation in any such jurisdiction.

    

    3.1.6.
Agreements for
Disposition. The Company shall enter into customary agreements
(including, if applicable, an underwriting agreement in customary form) and take
such other actions as are reasonably required in order to expedite or facilitate
the disposition of such Registrable Securities. The representations, warranties
and covenants of the Company in any underwriting agreement which are made to or
for the benefit of any Underwriters, to the extent applicable, shall also be
made to and for the benefit of the holders of Registrable Securities included in
such registration statement. No holder of Registrable Securities included in
such registration statement shall be required to make any representations or
warranties in the underwriting agreement except, if applicable, with respect to
such holder’s organization, good standing, authority, title to Registrable
Securities, lack of conflict of such sale with such holder’s material agreements
and organizational documents, and with respect to written information relating
to such holder that such holder has furnished in writing expressly for inclusion
in such Registration Statement.

    

    3.1.7.
Cooperation.
The principal executive officer of the Company, the principal financial officer
of the Company, the principal accounting officer of the Company and all other
officers and members of the management of the Company shall cooperate fully in
any offering of Registrable Securities hereunder, which cooperation shall
include, without limitation, the preparation of the Registration Statement with
respect to such offering and all other offering materials and related documents,
and participation in meetings with Underwriters, attorneys, accountants and
potential investors.

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    3.1.8.
Records. The
Company shall make available for inspection by the holders of Registrable
Securities included in such Registration Statement, any Underwriter
participating in any disposition pursuant to such registration statement and any
attorney, accountant or other professional retained by any holder of Registrable
Securities included in such Registration Statement or any Underwriter, all
financial and other records, pertinent corporate documents and properties of the
Company, as shall be necessary to enable them to exercise their due diligence
responsibility, and cause the Company’s officers, directors and employees to
supply all information requested by any of them in connection with such
Registration Statement.

    

    3.1.9.
Opinions and Comfort
Letters. The Company shall furnish to each holder of Registrable
Securities included in any Registration Statement a signed counterpart,
addressed to such holder, of (i) any opinion of counsel to the Company delivered
to any Underwriter and (ii) any comfort letter from the Company’s independent
public accountants delivered to any Underwriter. In the event no legal opinion
is delivered to any Underwriter, the Company shall furnish to each holder of
Registrable Securities included in such Registration Statement, at any time that
such holder elects to use a prospectus, an opinion of counsel to the Company to
the effect that the Registration Statement containing such prospectus has been
declared effective and that no stop order is in effect.

    

    3.1.10.
Earnings
Statement. The Company shall comply with all applicable rules and
regulations of the Commission and the Securities Act, and make available to its
stockholders, as soon as practicable, an earnings statement covering a period of
twelve (12) months, beginning within three (3) months after the effective date
of the registration statement, which earnings statement shall satisfy the
provisions of Section 11(a) of the Securities Act and Rule 158
thereunder.

    

    3.1.11.
Listing. The
Company shall use its best efforts to cause all Registrable Securities included
in any registration to be listed on such exchanges or otherwise designated for
trading in the same manner as similar securities issued by the Company are then
listed or designated or, if no such similar securities are then listed or
designated, in a manner satisfactory to the holders of a majority of the
Registrable Securities included in such registration.

    

    3.2 Obligation to Suspend
Distribution. Upon receipt of any notice from the Company of the
happening of any event of the kind described in Section 3.1.4(iv), or, in the
case of a resale registration on Form S-3 pursuant to Section 2.3 hereof, upon
any suspension by the Company, pursuant to a written insider trading compliance
program adopted by the Company’s Board of Directors, of the ability of all
“insiders” covered by such program to transact in the Company’s securities
because of the existence of material non-public information, each holder of
Registrable Securities included in any registration shall immediately
discontinue disposition of such Registrable Securities pursuant to the
Registration Statement covering such Registrable Securities until such holder
receives the supplemented or amended prospectus contemplated by Section
3.1.4(iv) or the restriction on the ability of “insiders” to transact in the
Company’s securities is removed, as applicable, and, if so directed by the
Company, each such holder will deliver to the Company all copies, other than
permanent file copies then in such holder’s possession, of the most recent
prospectus covering such Registrable Securities at the time of receipt of such
notice.

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    3.3 Registration
Expenses. The Company shall bear all costs and expenses incurred in
connection with any Demand Registration pursuant to Section 2.1, any Piggy-Back
Registration pursuant to Section 2.2, and any registration on Form S-3 effected
pursuant to Section 2.3, and all expenses incurred in performing or complying
with its other obligations under this Agreement, whether or not the Registration
Statement becomes effective, including, without limitation: (i) all registration
and filing fees; (ii) fees and expenses of compliance with securities or “blue
sky” laws (including fees and disbursements of counsel in connection with blue
sky qualifications of the Registrable Securities); (iii) printing expenses; (iv)
the Company’s internal expenses (including, without limitation, all salaries and
expenses of its officers and employees); (v) the fees and expenses incurred in
connection with the listing of the Registrable Securities as required by Section
3.1.11; (vi) FINRA fees; (vii) fees and disbursements of counsel for the Company
and fees and expenses for independent certified public accountants retained by
the Company (including the expenses or costs associated with the delivery of any
opinions or comfort letters requested pursuant to Section 3.1.9); (viii) the
fees and expenses of any special experts retained by the Company in connection
with such registration and (ix) the fees and expenses of one legal counsel
selected by the holders of a majority-in-interest of the Registrable Securities
included in such registration. The Company shall have no obligation to pay any
underwriting discounts or selling commissions attributable to the Registrable
Securities being sold by the holders thereof, which underwriting discounts or
selling commissions shall be borne by such holders. Additionally, in an
underwritten offering, all selling stockholders and the Company shall bear the
expenses of the underwriter pro rata in proportion to the respective amount of
shares each is selling in such offering.

    

    3.4 Information. The
holders of Registrable Securities shall provide such information as may
reasonably be requested by the Company, or the managing Underwriter, if any, in
connection with the preparation of any Registration Statement, including
amendments and supplements thereto, in order to effect the registration of any
Registrable Securities under the Securities Act pursuant to Section 2 and in
connection with the Company’s obligation to comply with federal and applicable
state securities laws.

    

    4. INDEMNIFICATION AND
CONTRIBUTION.

    

    4.1 Indemnification by the
Company. The Company agrees to indemnify and hold harmless each Investor
and each other holder of Registrable Securities, and each of their respective
officers, employees, affiliates, directors, partners, members, attorneys and
agents, and each person, if any, who controls an Investor and each other holder
of Registrable Securities (within the meaning of Section 15 of the Securities
Act or Section 20 of the Exchange Act) (each, an “Investor
Indemnified Party”), from and against any expenses, losses, judgments,
claims, damages or liabilities, whether joint or several, arising out of or
based upon any untrue statement (or allegedly untrue statement) of a material
fact contained in any Registration Statement under which the sale of such
Registrable Securities was registered under the Securities Act, any preliminary
prospectus, final prospectus or summary prospectus contained in the Registration
Statement, or any amendment or supplement to such Registration Statement, or
arising out of or based upon any omission (or alleged omission) to state a
material fact required to be stated therein or necessary to make the statements
therein not misleading, or any violation by the Company of the Securities Act or
any rule or regulation promulgated thereunder applicable to the Company and
relating to action or inaction required of the Company in connection with any
such registration; and the Company shall promptly reimburse the Investor
Indemnified Party for any legal and any other expenses reasonably incurred by
such Investor Indemnified Party in connection with investigating and defending
any such expense, loss, judgment, claim, damage, liability or action; provided,
however, that the Company will not be liable in any such case to the extent that
any such expense, loss, claim, damage or liability arises out of or is based
upon any untrue statement or allegedly untrue statement or omission or alleged
omission made in such Registration Statement, preliminary prospectus, final
prospectus, or summary prospectus, or any such amendment or supplement, in
reliance upon and in conformity with information furnished to the Company, in
writing, by such selling holder expressly for use therein. The Company also
shall indemnify any Underwriter of the Registrable Securities, their officers,
affiliates, directors, partners, members and agents and each person who controls
such Underwriter on substantially the same basis as that of the indemnification
provided above in this Section 4.1.

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    4.2 Indemnification by Holders
of Registrable Securities. Each selling holder of Registrable Securities
will, in the event that any registration is being effected under the Securities
Act pursuant to this Agreement of any Registrable Securities held by such
selling holder, indemnify and hold harmless the Company, each of its directors
and officers and each underwriter (if any), and each other selling holder and
each other person, if any, who controls another selling holder or such
underwriter within the meaning of the Securities Act, against any losses,
claims, judgments, damages or liabilities, whether joint or several, insofar as
such losses, claims, judgments, damages or liabilities (or actions in respect
thereof) arise out of or are based upon any untrue statement or allegedly untrue
statement of a material fact contained in any Registration Statement under which
the sale of such Registrable Securities was registered under the Securities Act,
any preliminary prospectus, final prospectus or summary prospectus contained in
the Registration Statement, or any amendment or supplement to the Registration
Statement, or arise out of or are based upon any omission or the alleged
omission to state a material fact required to be stated therein or necessary to
make the statement therein not misleading, if the statement or omission was made
in reliance upon and in conformity with information furnished in writing to the
Company by such selling holder expressly for use therein, and shall reimburse
the Company, its directors and officers, and each other selling holder or
controlling person for any legal or other expenses reasonably incurred by any of
them in connection with investigation or defending any such loss, claim, damage,
liability or action. Each selling holder’s indemnification obligations hereunder
shall be several and not joint and shall be limited to the amount of any net
proceeds actually received by such selling holder.

    

    4.3 Conduct of Indemnification
Proceedings. Promptly after receipt by any person of any notice of any
loss, claim, damage or liability or any action in respect of which indemnity may
be sought pursuant to Section 4.1 or 4.2, such person (the “Indemnified
Party”) shall, if a claim in respect thereof is to be made against any
other person for indemnification hereunder, notify such other person (the “Indemnifying
Party”) in writing of the loss, claim, judgment, damage, liability or
action; provided, however, that the failure by the Indemnified Party to notify
the Indemnifying Party shall not relieve the Indemnifying Party from any
liability which the Indemnifying Party may have to such Indemnified Party
hereunder, except and solely to the extent the Indemnifying Party is actually
prejudiced by such failure. If the Indemnified Party is seeking indemnification
with respect to any claim or action brought against the Indemnified Party, then
the Indemnifying Party shall be entitled to participate in such claim or action,
and, to the extent that it wishes, jointly with all other Indemnifying Parties,
to assume control of the defense thereof with counsel satisfactory to the
Indemnified Party. After notice from the Indemnifying Party to the Indemnified
Party of its election to assume control of the defense of such claim or action,
the Indemnifying Party shall not be liable to the Indemnified Party for any
legal or other expenses subsequently incurred by the Indemnified Party in
connection with the defense thereof other than reasonable costs of
investigation; provided, however, that in any action in which both the
Indemnified Party and the Indemnifying Party are named as defendants, the
Indemnified Party shall have the right to employ separate counsel (but no more
than one such separate counsel) to represent the Indemnified Party and its
controlling persons who may be subject to liability arising out of any claim in
respect of which indemnity may be sought by the Indemnified Party against the
Indemnifying Party, with the fees and expenses of such counsel to be paid by
such Indemnifying Party if, based upon the written opinion of counsel of such
Indemnified Party, representation of both parties by the same counsel would be
inappropriate due to actual or potential differing interests between them. No
Indemnifying Party shall, without the prior written consent of the Indemnified
Party, consent to entry of judgment or effect any settlement of any claim or
pending or threatened proceeding in respect of which the Indemnified Party is or
could have been a party and indemnity could have been sought hereunder by such
Indemnified Party, unless such judgment or settlement includes an unconditional
release of such Indemnified Party from all liability arising out of such claim
or proceeding.

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    4.4 Contribution.

    

    4.4.1. If
the indemnification provided for in the foregoing Sections 4.1, 4.2 and 4.3 is
unavailable to any Indemnified Party in respect of any loss, claim, damage,
liability or action referred to herein, then each such Indemnifying Party, in
lieu of indemnifying such Indemnified Party, shall contribute to the amount paid
or payable by such Indemnified Party as a result of such loss, claim, damage,
liability or action in such proportion as is appropriate to reflect the relative
fault of the Indemnified Parties and the Indemnifying Parties in connection with
the actions or omissions which resulted in such loss, claim, damage, liability
or action, as well as any other relevant equitable considerations. The relative
fault of any Indemnified Party and any Indemnifying Party shall be determined by
reference to, among other things, whether the untrue or alleged untrue statement
of a material fact or the omission or alleged omission to state a material fact
relates to information supplied by such Indemnified Party or such Indemnifying
Party and the parties’ relative intent, knowledge, access to information and
opportunity to correct or prevent such statement or omission.

    

    4.4.2.
The parties hereto agree that it would not be just and equitable if contribution
pursuant to this Section 4.4 were determined by pro rata allocation or by any
other method of allocation which does not take account of the equitable
considerations referred to in the immediately preceding Section.

    

    4.4.3.
The amount paid or payable by an Indemnified Party as a result of any loss,
claim, damage, liability or action referred to in the immediately preceding
paragraph shall be deemed to include, subject to the limitations set forth
above, any legal or other expenses incurred by such Indemnified Party in
connection with investigating or defending any such action or claim.
Notwithstanding the provisions of this Section 4.4, no holder of Registrable
Securities shall be required to contribute any amount in excess of the dollar
amount of the net proceeds (after payment of any underwriting fees, discounts,
commissions or taxes) actually received by such holder from the sale of
Registrable Securities which gave rise to such contribution obligation. No
person guilty of fraudulent misrepresentation (within the meaning of Section
11(f) of the Securities Act) shall be entitled to contribution from any person
who was not guilty of such fraudulent misrepresentation.

    

    5. UNDERWRITING AND
DISTRIBUTION.

    

    5.1 Rule 144. The Company
covenants that it shall file any reports required to be filed by it under the
Securities Act and the Exchange Act and shall take such further action as the
holders of Registrable Securities may reasonably request, all to the extent
required from time to time to enable such holders to sell Registrable Securities
without registration under the Securities Act within the limitation of the
exemptions provided by Rule 144 under the Securities Act, as such Rules may be
amended from time to time, or any similar Rule or regulation hereafter adopted
by the Commission.

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    6. MISCELLANEOUS.

    

    6.1 Other Registration
Rights. The Company represents and warrants that no person, other than a
holder of the Registrable Securities, has any right to require the Company to
register any shares of the Company’s capital stock for sale or to include shares
of the Company’s capital stock in any registration filed by the Company for the
sale of shares of capital stock for its own account or for the account of any
other person.

    

    6.2 Assignment; No Third Party
Beneficiaries. This Agreement and the rights, duties and obligations of
the Company hereunder may not be assigned or delegated by the Company in whole
or in part. This Agreement and the rights, duties and obligations of the holders
of Registrable Securities hereunder may be freely assigned or delegated by such
holder of Registrable Securities in conjunction with and to the extent of any
transfer of Registrable Securities by any such holder. This Agreement and the
provisions hereof shall be binding upon and shall inure to the benefit of each
of the parties and its successors and the permitted assigns of the Investor or
holder of Registrable Securities or of any assignee of the Investor or holder of
Registrable Securities. This Agreement is not intended to confer any rights or
benefits on any persons that are not party hereto other than as expressly set
forth in Article 4 and this Section 6.2.

    

    6.3 Notices. All notices,
demands, requests, consents, approvals or other communications (collectively,
“Notices”)
required or permitted to be given hereunder or which are given with respect to
this Agreement shall be in writing and shall be personally served, delivered by
reputable air courier service with charges prepaid, or transmitted by hand
delivery, electronic mail, or facsimile, addressed as set forth below, or to
such other address as such party shall have specified most recently by written
notice. Notice shall be deemed given on the date of service or transmission if
personally served or transmitted by electronic mail or facsimile; provided, that
if such service or transmission is not on a business day or is after normal
business hours, then such notice shall be deemed given on the next business day.
Notice otherwise sent as provided herein shall be deemed given on the next
business day following timely delivery of such notice to a reputable air courier
service with an order for next-day delivery.

    

    To the
Company:

    Pantheon
China Acquisition Corp. II

    Unit 1804
Tower E1, Oriental Plaza

    Dong
Cheng District

    Beijing
100738, China

    Attn:  Jennifer
J. Weng

    

    with
copies (which copies shall not constitute notice) to:

    Anslow
& Jaclin LLP

    195 Route
9 South, 2nd Floor

    Manalapan,
NJ 07726

    Attn:
Joseph M. Lucosky, Esq.

    Tel. No.:
(732) 409-1212

    Fax No:
(732) 577-1188

    

    To an
Investor, to:

    At the
address of such Investor set forth on Schedule I of this Agreement or as
specified in writing by such Investor.

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    6.4 Severability. This
Agreement shall be deemed severable, and the invalidity or unenforceability of
any term or provision hereof shall not affect the validity or enforceability of
this Agreement or of any other term or provision hereof. Furthermore, in lieu of
any such invalid or unenforceable term or provision, the parties hereto intend
that there shall be added as a part of this Agreement a provision as similar in
terms to such invalid or unenforceable provision as may be possible that is
valid and enforceable.

    

    6.5 Counterparts. This
Agreement may be executed in multiple counterparts, each of which shall be
deemed an original, and all of which taken together shall constitute one and the
same instrument.

    

    6.6 Entire Agreement.
This Agreement (including all agreements entered into pursuant hereto and all
certificates and instruments delivered pursuant hereto and thereto) constitute
the entire agreement of the parties with respect to the subject matter hereof
and supersede all prior and contemporaneous agreements, representations,
understandings, negotiations and discussions between the parties, whether oral
or written.

    

    6.7 Modifications and
Amendments. No amendment, modification or termination of this Agreement
shall be binding upon any party unless executed in writing by such
party.

    

    6.8 Titles and Headings.
Titles and headings of sections of this Agreement are for convenience only and
shall not affect the construction of any provision of this
Agreement.

    

    6.9 Waivers and
Extensions. Any party to this Agreement may waive any right, breach or
default which such party has the right to waive, provided that such waiver will
not be effective against the waiving party unless it is in writing, is signed by
such party, and specifically refers to this Agreement. Waivers may be made in
advance or after the right waived has arisen or the breach or default waived has
occurred. Any waiver may be conditional. No waiver of any breach of any
agreement or provision herein contained shall be deemed a waiver of any
preceding or succeeding breach thereof nor of any other agreement or provision
herein contained. No waiver or extension of time for performance of any
obligations or acts shall be deemed a waiver or extension of the time for
performance of any other obligations or acts.

    

    6.10
Remedies
Cumulative. In the event that the Company fails to observe or perform any
covenant or agreement to be observed or performed under this Agreement, the
Investor or any other holder of Registrable Securities may proceed to protect
and enforce its rights by suit in equity or action at law, whether for specific
performance of any term contained in this Agreement or for an injunction against
the breach of any such term or in aid of the exercise of any power granted in
this Agreement or to enforce any other legal or equitable right, or to take any
one or more of such actions, without being required to post a bond. None of the
rights, powers or remedies conferred under this Agreement shall be mutually
exclusive, and each such right, power or remedy shall be cumulative and in
addition to any other right, power or remedy, whether conferred by this
Agreement or now or hereafter available at law, in equity, by statute or
otherwise.

    

    6.11
Governing Law.
This Agreement shall be governed as to validity, interpretation, construction,
effect and in all other respects by the internal laws of the State of New York,
without regard to the conflict of laws principles thereof.

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    6.12
Waiver of Trial by
Jury. Each party hereby irrevocably and unconditionally waives the right
to a trial by jury in any action, suit, counterclaim or other proceeding
(whether based on contract, tort or otherwise) arising out of, connected with or
relating to this Agreement, the transactions contemplated hereby, or the actions
of the Investor in the negotiation, administration, performance or enforcement
hereof.

    

    [-REMAINDER
OF PAGE INTENTIONALLY LEFT BLANK-]

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    IN
WITNESS WHEREOF, the parties have caused this Registration Rights Agreement to
be executed and delivered by their duly authorized representatives as of the
date first written above.

    

    
      
        	 
      	
                COMPANY:

              
	 
      	 
      
	 
      	
                PANTHEON
      CHINA ACQUISITION CORP. II

              
	 
      	 
      
	 
      	
                By: 

              	
                  

              
	 
      	 
      	
                Jennifer
      J. Weng – Director, President

              
	 
      	 
      	 
      
	 
      	
                By:

              	
                  

              
	 
      	 
      	
                Charles
      W. Allen – Director, Secretary,

                Chief
      Financial Officer

              
	 
      	 
      
	 
      	
                INVESTORS:

              
	 
      	 
      
	 
      	
                By:

              	
                  

              
	 
      	 
      	
                Entity:
      Super Castle Investments Limited

              
	 
      	 
      	
                Name:
      Jennifer J. Weng

              
	 
      	 
      	
                Title:
      President

              
	 
      	 
      	 
      
	 
      	
                By:

              	
                  

              
	 
      	 
      	
                Entity:
      Allen Consulting, LLC

              
	 
      	 
      	
                Name:
      Charles W. Allen

              
	 
      	 
      	
                Title:
      President

              

      

    

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    Schedule
I

    

    
      
        
          
            
              
                
                  	
                          Name of Investor

                        	 	
                          Address of Investor

                        	 	
                          Registerable Shares

                        	 
	 
      	 	 
      	 	 	 
	
                          Super
      Castle Investments Limited

                        	 	
                          Unit
      1804 Tower E1, Oriental Plaza

                          Dong
      Cheng District

                          Beijing
      100738, China

                          Attn:
      Jennifer J. Weng

                        	 	 	2,709,700	 
	 
      	 	 
      	 	 	 	 
	
                          Allen
      Consulting, LLC

                        	 	
                          1881
      North Nash Street, Unit. 701

                          Arlington,
      VA 22209

                          Attn:
      Charles W. Allen

                        	 	 	720,300

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