Document:

EXECUTION VERSION

 

 

 

REGISTRATION RIGHTS AGREEMENT

 

between

 

CHINA CORD BLOOD CORPORATION

 

and

 

GOLDEN MEDITECH HOLDINGS LIMITED

 

 

 

Dated October 3, 2012

 

 

 

 

 

    	 

    	 

    

 

TABLE OF CONTENTS

 

	 	Page
	 	 
	Section 1 DEFINITIONS	1
	 	 
	Section 2 GENERAL; SECURITIES SUBJECT TO THIS AGREEMENT	5
	 	 
	Section 3 MANDATORY REGISTRATION	5
	 	 
	Section 4 DEMAND REGISTRATION RIGHTS	8
	 	 
	Section 5 INCIDENTAL OR “PIGGY-BACK” REGISTRATION	9
	 	 
	Section 6 UNDERWRITTEN OFFERINGS	9
	 	 
	Section 7 REGISTRATION PROCEDURES	11
	 	 
	Section 8 INDEMNIFICATION; CONTRIBUTION	16
	 	 
	Section 9 COVENANTS	18
	 	 
	Section 10 MISCELLANEOUS	20

 

    	 

    	 

    

 

REGISTRATION RIGHTS
AGREEMENT (this “Agreement”) made on October 3, 2012

 

BETWEEN:

 

		(1)	CHINA CORD BLOOD CORPORATION, an exempted company with limited liability incorporated in
the Cayman Islands with its registered office at Codan Trust Company (Cayman) Limited, Cricket Square, Hutchins Drive, PO Box 2681,
Grand Cayman KY1-1111, Cayman Islands (the “Company”); and

 

		(2)	GOLDEN MEDITECH HOLDINGS LIMITED, an exempted company with limited liability incorporated
in the Cayman Islands with its registered office at P.O. Box 1350, 6T Clifton House, 75 Fort Street, Georgetown, Grand Cayman,
Cayman Islands (the “Investor”).  

 

Capitalized terms used
herein and not otherwise defined shall have the meanings ascribed to them in Section 1 hereof.

 

RECITALS:

 

		(A)	WHEREAS, pursuant to the Convertible Note Purchase Agreement dated as of September 18, 2012 (the
“Purchase Agreement”) by and between the Company and the Investor, the Company has agreed to issue and sell
to the Investor the 7% Senior Convertible Notes convertible into the Company’s ordinary shares par value US$0.0001 (the “Convertible
Notes”).

 

		(B)	WHEREAS, in connection therewith, and in order to induce the Investor to purchase the Convertible
Notes, the Company desires to and has agreed to grant to the Investor the demand and other registration rights set forth herein.

 

		(C)	NOW, THEREFORE, in consideration of the mutual covenants and agreements set forth herein and for
good and valuable consideration, the receipt and adequacy of which are hereby acknowledged, the parties hereto agree as follows.

 

AGREEMENT:

 

Section
1

DEFINITIONS

 

		1.1	Definitions.  As used in this Agreement, and unless the context requires a different
meaning, the following terms have the meanings indicated:

 

“Affiliate”
means any Person who is an “affiliate” as defined in Rule 12b-2 of the General Rules and Regulations under the Exchange
Act.

 

“Agreement”
means this Agreement as the same may be amended, supplemented or modified in accordance with the terms hereof.

 

“Asian/European
Listing” has the meaning set forth in Section 9.2(a).

 

    	 

    	 

    

 

“Asian/European
Public Offering” has the meaning set forth in Section 9.2(c).

 

“Board
of Directors” means the board of directors of the Company.

 

“Business
Day” means any day other than a Saturday, Sunday or other day on which commercial banks in the State of New York are
required or authorized by law or executive order to be closed.

 

“Charter
Documents” means the memorandum and articles of association of the Company, as may be amended from time to time.

 

“Ordinary
Shares” mean the ordinary shares, par value US$0.0001 per share, of the Company and any other equity securities of the
Company into which such ordinary shares are reclassified or reconstituted, and any equity securities of the Company or any successor
which may be issued on or after the date hereof in respect of, or in exchange for, ordinary shares pursuant to, among others, merger,
consolidation, share split, share dividend, recapitalization of the Company or otherwise.

 

“Ordinary
Shares Equivalents” mean any security or obligation which is by its terms, directly or indirectly, substantively analogous
to, convertible into or exchangeable or exercisable into or for Ordinary Shares, including, without limitation, the Convertible
Notes and any option, warrant or other subscription or purchase right with respect to Ordinary Shares.

 

“Company”
has the meaning set forth in the preamble to this Agreement.

 

“Company
Underwriter” has the meaning set forth in Section 5.1.

 

“Completion
Date” has the meaning set forth in the Purchase Agreement.

 

“Convertible
Notes” has the meaning set forth in the recitals to this Agreement.

 

“Demand
Request” has the meaning set forth in Section 4.1.

 

“Designated
Holder” means the Investor, any permitted transferee of the Investor to whom Registrable Securities have been transferred
in accordance with Section 10.5 of this Agreement and any transferee who has become a holder of Registrable Securities following
a default in the performance of debt obligations of any Designated Holder owed to such transferee secured by such Registrable Securities
(a “Default”), in each case other than a transferee to whom Registrable Securities have been transferred pursuant to
a Registration Statement under the Securities Act or Rule 144 or Regulation S under the Securities Act (or any successor rules
thereto), but in all cases solely for so long as the Investor or transferee continues to be a holder of Registrable Securities.

 

“Electing
Holders” has the meaning set forth in Section 6.1.

 

“Eligible
Market” has the meaning set forth in the definition of “Trading Day” as set forth in this Section 1.

 

“Effectiveness
Period” has the meaning set forth in Section 3.2(a).

 

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“Event”
has the meaning set forth in Section 3.3.

 

“Event
Payment Date” has the meaning set forth in Section 3.3.

 

“Event
Payments” has the meaning set forth in Section 3.3.

 

“Exchange
Act” means the US Securities Exchange Act of 1934, as amended, and the rules and regulations of the SEC thereunder.

 

“FINRA”
means the Financial Industry Regulatory Authority (or any successor entity thereto). 

 

“Governmental
Authority” means any government or political subdivision thereof; any department, agency or instrumentality of any government
or political subdivision thereof; any court or arbitral tribunal; and the governing body of any securities exchange or other self-regulatory
body, whether domestic or foreign.

 

“Holders’
Counsel” has the meaning set forth in Section 7.1(a).

 

“Incidental
Registration” has the meaning set forth in Section 5.1.

 

“Indemnified
Party” has the meaning set forth in Section 8.3.

 

“Indemnifying
Party” has the meaning set forth in Section 8.3.

 

“Investor”
has the meaning set forth in the preamble to this Agreement.

 

“Inspector”
has the meaning set forth in Section 6.2(b).

 

“KKR
Transaction Documents” means the Convertible Note Purchase Agreement, dated April 12, 2012, relating to the 7% Convertible
Notes due 2017, the 7% Convertible Notes due 2017 of the Company, the Registration Rights Agreement dated April 27, 2012 and the
other documents relating thereto and referred to therein.

 

“Liability”
has the meaning set forth in Section 8.1.

 

“Majority
Interest” means the Designated Holders holding at least a majority of the then-outstanding Registrable Securities or,
for the avoidance of doubt, Convertible Notes (calculated on an as converted basis).

 

“Participating
Holder” has the meaning set forth in Section 6.1.

 

“Person”
means any natural person, firm, company, Governmental Authority, joint venture, partnership, association or other entity (whether
or not having separate legal personality).

 

“Purchase
Agreement” has the meaning set forth in the recitals to this Agreement.

 

“Records”
has the meaning set forth in Section 6.2(b).

 

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“Registrable
Securities” means (i) any Ordinary Shares issued or issuable in respect of the Convertible Notes; and (ii) any other
Ordinary Shares issued or issuable in respect of the shares described in subsection (i) above (because of stock splits, stock dividends,
combination of shares, reclassifications, recapitalizations, mergers, consolidations or other reorganization or similar events
and any Ordinary Shares issuable upon conversion, exercise or exchange thereof). As to any particular Registrable Securities, such
securities shall cease to be Registrable Securities when (i) a Registration Statement covering such Registrable Securities has
been declared effective under the Securities Act by the SEC and such Registrable Securities have been disposed of pursuant to such
effective Registration Statement, (ii) the entire amount of the Registrable Securities owned by a Designated Holder may be sold
in one transaction without any limitation as to volume pursuant to Rule 144 (or any successor provision then in effect) under the
Securities Act in the opinion of counsel satisfactory to the Company and such Designated Holder, each in their reasonable judgment
or (iii) such Registrable Securities have been sold pursuant to Rule 144 under the Securities Act.

 

“Registration
Expenses” has the meaning set forth in Section 7.3.

 

“Registration
Statement” means a registration statement filed pursuant to the Securities Act.

 

“Required
Effectiveness Date” means the earlier of (i) the date that is forty-five (45) days from the Required Filing Date; provided,
that, if the SEC reviews and has comments to the filed Registration Statement, then the Required Effectiveness Date under this
clause shall be ninety (90) days from the Required Filing Date, or (ii) five (5) Business Days following the date the SEC or the
Staff notifies the Company that it will not review the Registration Statement or that the Company may request effectiveness of
the Registration Statement.

 

“Required
Filing Date” has the meaning set forth in Section 3.1.

 

“SEC”
means the United States Securities and Exchange Commission or any similar or successor agency then having jurisdiction to enforce
the Securities Act.

 

“SEC
Approved Registrable Securities” means Registrable Securities other than SEC Non-Registrable Securities.

 

“SEC
Non-Registrable Securities” means the Registrable Securities excluded from the Registration Statement either (i) pursuant
to Section 3.2(b) because the SEC or the Staff has indicated through comment letters or otherwise that such securities are not
eligible to be resold under Rule 415 of the Securities Act, or (ii) pursuant to Section 3.2(c).

 

“Securities
Act” means the US Securities Act of 1933, as amended, and the rules and regulations of the SEC promulgated thereunder.

 

“Shelf
Registration Statement” has the meaning set forth in Section 3.1.

 

“Staff”
has the meaning set forth in Section 3.2(b).

 

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“Trading
Day” means (i) any day on which the Ordinary Shares are listed or quoted and traded on any national securities exchange,
market or trading or quotation facility on which the Ordinary Shares are then listed or quoted (an “Eligible Market”),
or (ii) if the Ordinary Shares are not then listed or quoted and traded on any Eligible Market, then a day on which trading occurs
on the OTC Bulletin Board (or any successor thereto), or (iii) if trading ceases to occur on the OTC Bulletin Board (or any successor
thereto), any Business Day.

 

“Underwriter
Identification” has the meaning set forth in Section 3.2(b).

 

Section
2

GENERAL; SECURITIES SUBJECT TO THIS AGREEMENT

 

		2.1	Grant of Rights.  The Company hereby grants registration rights to the Designated
Holders upon the terms and conditions set forth in this Agreement.

 

Section
3

MANDATORY REGISTRATION

 

		3.1	Shelf Registration Statement.  Not later than one hundred twenty (120) days after the any Designated Holder
serves a written demand to the Company (such 120th day, the “Required Filing Date”), the Company shall file
with the SEC a registration statement pursuant to Rule 415 of the Securities Act (a “Shelf Registration Statement”)
on Form F-3 (or any successor form thereto), or if Form F-3 may not be used by the Company pursuant to applicable law, on Form
F-1 (or any successor form thereto), with respect to the resale, from time to time, of all of the Registrable Securities held by
the Designated Holders, provided that such demand is with respect to at least one million of such Registrable Securities. The disposition
of Registrable Securities from the Shelf Registration Statement may occur, at any time, in one or more underwritten offerings,
block transactions, broker transactions, at-market transactions or in such other manner or manners as may be specified by the applicable
Designated Holders.

 

		3.2	Effective Shelf Registration Statement.

 

		(a)	The Company shall use its commercially reasonable efforts to cause the Shelf Registration Statement to become effective as
soon as practicable, and shall use its commercially reasonable efforts to keep the Shelf Registration Statement continuously effective
under the Securities Act, subject to the provisions of Sections 7.4 and 7.5 hereof, until the earlier of (i) such time as all Registrable
Securities registered thereunder are eligible for sale by a Designated Holder in the open market in a single transaction pursuant
to Rule 144 of the Securities Act (or any similar provision then in force) without being subject to the volume limitations thereof
or (ii) all Registrable Securities covered by such Shelf Registration Statement have been sold pursuant to such Shelf Registration
Statement or pursuant to Rule 144 or otherwise pursuant an applicable exemption from the registration requirements of the Securities
Act (such period being the “Effectiveness Period”).

 

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		(b)	Notwithstanding anything to the contrary in this Agreement (other than Section 3.2(d) below), in
the event the staff of the SEC (the “Staff”) or the SEC seeks to characterize any offering pursuant to a Registration
Statement filed pursuant to this Agreement as constituting an offering of securities by or on behalf of the Company such that Rule
415 is not available to the Company to register the resale of such Registrable Securities and, as a result, the Staff or the SEC
does not permit such Registration Statement to become effective and used for resales in a manner that permits the continuous resale
at the market by the Designated Holders participating therein (or as otherwise may be acceptable to each Designated Holder) without
being named therein as an “underwriter,” then the Company shall reduce the number of shares to be included in such
Registration Statement (in accordance with the following sentence) until such time as the Staff and the SEC shall so permit such
Registration Statement to become effective as aforesaid. In making such reduction, the Company shall reduce the number of
Registrable Securities to be included by all other Designated Holders on a pro rata basis (based upon the number of Registrable
Securities otherwise required to be included for each such Designated Holder) unless the inclusion of shares by a particular Designated
Holder or a particular set of Designated Holders results in the Staff or the SEC’s taking the position that the inclusion
of such Registrable Securities by such Designated Holders would constitute a registration “by or on behalf of the Company,”
in which event, the shares held by such Designated Holder or set of Designated Holders shall be the only shares subject to reduction.  In
addition, in the event that the Staff or the SEC requires any Designated Holder seeking to sell securities under a Registration
Statement filed pursuant to this Agreement to be specifically identified as an “underwriter” (an “Underwriter
Identification”) in order to permit such Registration Statement to become effective, and such Designated Holder (subject
to Section 3.2(d) below) does not consent to being so named as an underwriter in such Registration Statement, then, in each such
case, the Company shall reduce the total number of Registrable Securities to be registered on behalf of such Designated Holder,
only to the extent necessary as would cause the Staff or the SEC not to require such Underwriter Identification or until such Designated
Holder accepts such Underwriter Identification and the manner thereof.  In the event of any reduction in Registrable
Securities pursuant to this Section 3.2(b), if requested by a Designated Holder holding Registrable Securities that were so excluded
from such registration, the Company shall use its reasonable best efforts to cause such Registrable Securities to be registered
to the greatest extent and at the earliest opportunity practicable and in any event not later than sixty (60) days after the earliest
practicable date permitted under applicable guidance of the SEC and the Staff (and shall use its reasonable best efforts to effect
additional registrations of Registrable Securities until all such securities have been included in additional Registration Statements).

 

		(c)	Notwithstanding anything to the contrary in this Agreement, a Designated Holder shall have the
right to require the Company to exclude all or any portion of such Designated Holder’s Registrable Securities from any Registration
Statement, by written notice to the Company upon such Designated Holder’s reasonable belief that (i) inclusion of such Registrable
Securities in the Registration Statement could subject such Designated Holder to underwriter liability, or (ii) the SEC or the
Staff will impose material restrictions and terms on the disposition of such Registrable Securities.  In such event,
the Company shall be required to file a new Registration Statement for such excluded shares in accordance with Section 3.2(b).

 

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		(d)	If any such Registration Statement and related prospectus refer to any Designated Holder by name
or otherwise as the holder of any securities of the Company and if in such holder’s sole and exclusive judgment, such holder
is or might be deemed to be an underwriter or a controlling person of the Company, or that such reference could reasonably be expected
to result in an Underwriting Identification requirement, such holder shall have the right to (i) require the insertion therein
of language, in form and substance satisfactory to such holder and presented to the Company in writing, to the effect that the
holding by such holder of such securities is not to be construed as a recommendation by such holder of the investment quality of
the Company’s securities covered thereby and that such holding does not imply that such holder will assist in meeting any
future financial requirements of the Company, or (ii) in the event that such reference to such holder by name or otherwise is not
required by the Securities Act or any similar federal statute then in force, require the deletion of the reference to such holder.

 

		3.3	Event Payments.  Should an Event (as defined below) occur then, upon each monthly
anniversary of the occurrence of such Event (an “Event Payment Date”) until the applicable Event is cured, as
relief for the damages suffered therefrom by the Designated Holder (the parties hereto agreeing that the liquidated damages provided
for in this Section 3.3 constitute a reasonable estimate of the damages that may be incurred by the Designated Holder by reason
of such Event and that such liquidated damages represent the exclusive monetary remedy for the Designated Holders for damages suffered
due to such Event; provided, however, that this shall in no manner limit the Designated Holders’ entitlement to specific
performance as provided for in Section 10.3), the Company shall pay to the Designated Holder an amount in cash, as liquidated
damages and not as a penalty, equal to one-twentieth of a percent (0.05%) of (i) the number of SEC Approved Registrable Securities
then held by the Designated Holder as of the date of such Event, multiplied by (ii) the purchase price paid by the Designated Holder
for such SEC Approved Registrable Securities then held, for each day that such Event continues, excluding the day on which such
Event has been cured.  The payments to which the Designated Holder shall be entitled pursuant to this Section 3.3 are
referred to herein as “Event Payments.”  In the event the Company fails to make Event Payments to
the Designated Holder within five (5) Business Days after an Event Payment Date, such Event Payments owed to the Designated Holder
shall bear interest at the rate of one half percent (0.5%) per month (prorated for partial months) until paid in full.  All
pro rated calculations made pursuant to this paragraph shall be based upon the actual number of days in such pro rated month.  Notwithstanding
the foregoing provisions, in no event shall the Company be obligated to pay such liquidated damages in an aggregate amount that
exceeds five percent (5.0%) of the purchase price paid by the Designated Holder for its Registrable Securities pursuant to the
Purchase Agreement.

 

For such purposes,
each of the following shall constitute an “Event”:

 

		(a)	a Registration Statement is not filed on or prior to the Required Filing Date or is not declared
effective on or prior to the Required Effectiveness Date except: (i) as provided for in Section 7.4 or (ii) in the event that the
SEC or the Staff (whether by means of a comment letter provided by the SEC or the Staff relating to the Registration Statement
or otherwise) makes a determination that the registration of the Registrable Securities under the Registration Statement may not
be appropriately characterized as secondary offerings that are eligible to be made on a shelf basis under Rule 415 or that one
or more of the Designated Holders should be subjected to Underwriter Identification; or

 

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		(b)	on and after the effective date of a Registration Statement filed hereunder, a Designated Holder
is not permitted to sell SEC Approved Registrable Securities under the Registration Statement (or a subsequent Registration Statement
filed in replacement thereof) for any reason (other than the fault of such Designated Holder or in compliance with applicable rules
and regulations such as insider trading policies) for more than forty five (45) days in any one hundred and eighty day (180) day
period or for more than ninety (90) days in any twelve month period.

 

		3.4	Expenses.  The Company shall bear all Registration Expenses in connection with
this Section 3, whether or not the Shelf Registration Statement becomes effective.

 

Section
4

DEMAND REGISTRATION RIGHTS

 

		4.1	If, at any time after the Required Filing Date and prior to the expiration of the Effectiveness
Period, (i) (A) additional Registrable Securities, which have not been included in the Shelf Registration Statement of the Company
pursuant to Section 3.1 above, are issued or issuable to, or otherwise acquired by, the Designated Holder or its Affiliates or
(B) a Registration Statement covering the sale of all of the Registrable Securities is not then effective and available for sales
thereof by the Designated Holder, and (ii) the Company receives from the Designated Holder a written request (the “Demand
Request”) stating that such Designated Holder is likely to be considered an Affiliate of the Company and requesting that
the Company effect a registration with respect to at least one million of such Registrable Securities (which request shall state
the number of shares of Registrable Securities to be disposed of and the intended methods of disposition of such shares by the
Designated Holder), the Company shall as soon as practicable, file and use reasonable best efforts to effect at least one such
registration during the period from the Required Filing Date to the expiration of the Effectiveness Period and to permit or facilitate
the sale and distribution of all of such Registrable Securities.

 

		4.2	Expenses.  The Company shall bear all Registration Expenses in connection with
this Section 4, whether or not a Registration Statement becomes effective.

 

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Section
5

INCIDENTAL OR “PIGGY-BACK” REGISTRATION

 

		5.1	Request for Incidental Registration.  At any time after the date hereof until
the end of the Effectiveness Period, if (i) the Company proposes to file a Registration Statement under the Securities Act with
respect to an offering by the Company for its own account (other than a Registration Statement on Form F-4 or S-8 or any successor
thereto), or (ii) the Company proposes to file a Registration Statement under the Securities Act with respect to an offering for
the account of any shareholder of the Company other than any Designated Holder or as required under the KKR Transaction Documents,
then in each case the Company shall give written notice of such proposed filing to each of the Designated Holders at least fifteen
(15) days before the anticipated filing date, and such notice shall specify, at minimum, the proposed date of filing of such Registration
Statement, any proposed means of distribution of such Registrable Securities or other securities, any proposed managing underwriter
or underwriters of such Registrable Securities or other securities and offer such Designated Holders the opportunity to register
the number of Registrable Securities as each such Designated Holder may request (an “Incidental Registration”).  The
Company shall use its reasonable best efforts (within twenty (20) days of the notice by the Designated Holders provided for below
in this sentence) to cause the managing underwriter or underwriters in the case of a proposed underwritten offering (the “Company
Underwriter”) to permit each of the Designated Holders who have requested in writing to the Company within ten (10) Business
Days of the giving of the notice by the Company to participate in the Incidental Registration to include its, his or her Registrable
Securities in such offering on the same terms and conditions as the securities of the Company or the account of such other shareholder,
as the case may be, included therein.  In connection with any Incidental Registration under this Section 5.1 involving
an underwritten offering, the Company shall not be required to include any Registrable Securities in such underwritten offering
unless the Designated Holders thereof accept the terms of the underwritten offering as agreed upon between the Company, such other
shareholders, if any, and the Company Underwriter.    For the avoidance of doubt, no registration pursuant
to this Section 5.1 shall relieve the Company of its obligations to register Registrable Securities pursuant to Sections 3.1, 3.2
and 5.1.

 

		5.2	Right to Terminate Registration.  The Company shall have the right to terminate
or withdraw any registration initiated by it under Section 5.1 prior to the effectiveness of such registration whether or not any
Designated Holder has elected to include Registrable Securities in such registration.  A Designated Holder shall have
the right, by written notice to the Company, to exclude all or any portion of such Designated Holder’s Registrable Securities
from any Registration Statement effected pursuant to this Section 5 at any time prior to its effectiveness.

 

		5.3	Expenses.  The Company shall bear all Registration Expenses in connection with
any Incidental Registration pursuant to this Section 5, whether or not such Incidental Registration becomes effective.

 

Section
6

UNDERWRITTEN OFFERINGS

 

		6.1	Market Underwritten Offering.  The Designated Holders may distribute all or any
portion of the Registrable Securities then held by them by means of an underwritten offering; provided, that: (i) a Majority
Interest has requested such underwritten offering (the “Electing Holders”); (ii) the Electing Holders provide
written notice to the Company and the other Designated Holders of their intention to distribute Registrable Securities by means
of an underwritten offering; (iii) the managing underwriter or underwriters thereof shall be jointly designated by the Company
and the Electing Holders; (iv) each Designated Holder participating in such underwritten offering (each a, “Participating
Holder” and collectively, the “Participating Holders”) agrees to sell such Participating Holder’s
Registrable Securities on the basis provided in any underwriting arrangements approved by the Electing Holders entitled selecting
the managing underwriter or underwriters hereunder;  (v) each Participating Holder participating in such underwritten
offering completes and executes all questionnaires, powers of attorney, indemnities, underwriting agreements and other documents
reasonably required under the terms of such underwriting arrangements; (vi) the Company shall be entitled to include securities
in such underwritten offering amounting to not less than 20% of the aggregate offering; and (vii) the underwritten sale pursuant
to this Section must be for a number of Registrable Securities, which based on the good faith determination by the Electing Holders
for no less than 14 million Ordinary Shares Equivalent (excluding securities to be offered for the account of the Company).

 

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		6.2	The Company agrees that in the event an underwritten offering pursuant to Section 6.1 is undertaken,
the Company shall (without limitation to the obligations of the Company set forth in Section 7):

 

		(a)	enter into and perform customary agreements (including an indemnity agreement with customary indemnification
provisions) and take such other actions as reasonably required in order to expedite or facilitate the disposition of such Registrable
Securities, including causing its officers to participate in “road shows” and other information meetings organized
by the underwriter, if applicable;

 

		(b)	make available at reasonable times for inspection by any Designated Holder, any managing underwriter
participating in any disposition of such Registrable Securities pursuant to a Registration Statement, Holders’ Counsel and
any attorney retained by any such Designated Holder or any managing underwriter (each, an “Inspector” and, collectively,
the “Inspectors”), all financial and other records, pertinent corporate documents and properties of the Company
and its subsidiaries, and such other information (collectively, the “Records”) as shall be reasonably necessary
to enable any such Inspector to exercise their due diligence responsibility, and cause the Company’s and its subsidiaries’
officers, directors and employees, and the independent public accountants of the Company, to supply all information reasonably
requested by any such Inspector in connection with such Registration Statement.  Notwithstanding the foregoing, Records
and other information that the Company determines, in good faith, to be confidential, and which is delivered to the Inspectors
pursuant to written instruction to keep such information confidential, shall not be disclosed by the Inspectors or used for any
purpose other than as necessary or appropriate for the purpose of such inspection (and the Inspectors shall confirm their agreement
in writing in advance to the Company if the Company shall so request) unless (i) the disclosure of such Records is necessary, in
the Company’s judgment, to avoid or correct a misstatement or omission in the Registration Statement, (ii) the release of
such Records is ordered pursuant to a subpoena or other order from a court of competent jurisdiction after exhaustion of all appeals
therefrom or (iii) the information in such Records was and/or becomes otherwise known to the Inspectors on a non-confidential basis,
prior to or after its disclosure by the Company, or was and/or becomes generally available to the public.  Each Designated
Holder agrees that it shall promptly, upon learning that disclosure of such Records is sought in a court of competent jurisdiction,
give notice to the Company and allow the Company, at the Company’s expense, to undertake appropriate action to prevent disclosure
of the Records deemed confidential, and such Designated Holder shall reasonably cooperate with the Company in connection therewith;

 

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		(c)	furnish, at the request of any seller of Registrable Securities on the date such securities are
delivered to the underwriters for sale pursuant to such registration or, if such securities are not being sold through underwriters,
on the date the Registration Statement with respect to such securities becomes effective and dated as of such date, an opinion
of counsel representing the Company for the purposes of such registration, addressed to the underwriters, if any, and to the seller
making such request, covering such legal matters with respect to the registration in respect of which such opinion is being given
as the underwriters, if any, and such seller may reasonably request and are customarily included in such opinions; and

 

		(d)	obtain one or more “cold comfort” letters, dated the effective date of such Registration
Statement and dated the date of the closing under the applicable underwriting agreement, signed by the independent certified public
accountants of the Company who have certified the financial statements included in such Registration Statement, in customary form
and covering such matters of the type customarily covered by “cold comfort” letters as the holders of a Majority Interest
may request.

 

Section
7

REGISTRATION PROCEDURES

 

		7.1	Obligations of the Company.  Whenever registration of Registrable Securities is
required or requested pursuant to this Agreement, the Company shall use its commercially reasonable efforts to effect the registration
of such Registrable Securities in accordance with the intended method of distribution thereof, and in connection with any such
request, the Company shall, as expeditiously as possible:

 

		(a)	before filing a Registration Statement or prospectus or any amendments or supplements thereto relating
to Registrable Securities, the Company shall provide a single counsel selected by the Designated Holders holding a majority of
the Registrable Securities being registered in such registration (“Holders’ Counsel”) with an adequate
and appropriate opportunity to review and comment on such Registration Statement and each prospectus included therein (and each
amendment or supplement thereto) to be filed with the SEC, subject to such documents being under the Company’s control.  The
Company shall reasonably cooperate with Holders’ Counsel in performing the Company’s obligations under this Agreement.  The
Company shall promptly notify the Holders’ Counsel and each seller of Registrable Securities of any stop order issued or
threatened by the SEC relating to Registrable Securities and take all actions required to prevent the entry of such stop order
or to remove it if entered;

 

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		(b)	prepare and file with the SEC such amendments and supplements to such Registration Statement and
the prospectus used in connection therewith as may be necessary to keep such Registration Statement effective for the period specified
in Section 3, and if not so specified therein, the lesser of (i) one hundred and eighty (180) days and (ii) such shorter period
which will terminate when all Registrable Securities covered by such Registration Statement have been sold and shall comply with
the provisions of the Securities Act with respect to the disposition of all securities covered by such Registration Statement during
such period in accordance with the intended methods of disposition by the sellers thereof set forth in such Registration Statement;

 

		(c)	furnish to each seller of Registrable Securities, prior to filing a Registration Statement relating
to Registrable Securities, at least one executed copy of such Registration Statement as is proposed to be filed, and thereafter
such number of conformed copies of such Registration Statement, each amendment and supplement thereto (in each case including all
exhibits thereto), the prospectus included in such Registration Statement (including each preliminary prospectus and any summary
prospectus) and such other documents or prospectus as each such seller may reasonably request in order to facilitate the public
sale or other disposition of the Registrable Securities owned by such seller;

 

		(d)	register or qualify such Registrable Securities under such other securities or “blue sky”
laws of such jurisdictions as any seller of Registrable Securities may reasonably request, and continue such registration or qualification
in effect in such jurisdiction for as long as permissible pursuant to the laws of such jurisdiction, or for as long as any such
seller reasonably requests or until all of such Registrable Securities are sold, whichever is shortest, and do any and all other
acts and things which may be reasonably necessary or advisable to enable any such seller to consummate the public sale or other
disposition in such jurisdictions of the Registrable Securities owned by such seller; provided, however, that the
Company shall not be required to (i) qualify generally to do business as a foreign entity in any jurisdiction where it would not
otherwise be required to qualify but for this Section 7.1(d), or (ii) consent to general service of process in any such jurisdiction;

 

		(e)	promptly notify each seller of Registrable Securities: (i) when a prospectus, any prospectus supplement,
a Registration Statement or a post-effective amendment to a Registration Statement (but only if relating to Registrable Securities)
has been filed with the SEC, and, with respect to a Registration Statement or any post-effective amendment (but only if relating
to Registrable Securities), when the same has become effective; (ii) of any comments or request by the SEC or any other federal
or state Governmental Authority for amendments or supplements to a Registration Statement or related prospectus or for additional
information (but only if relating to Registrable Securities); (iii) of the issuance by the SEC or any other Governmental Authority
of any stop order suspending the effectiveness of a Registration Statement relating to Registrable Securities or of any order suspending
or preventing the use of any related prospectus or the initiation or threatening of any proceedings for that purpose; (iv) 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 proceedings for such
purpose; (v) of the existence of any fact or happening of any event (including the passage of time) of which the Company has knowledge
which makes any statement of a material fact in such Registration Statement or related prospectus or any document incorporated
or deemed to be incorporated therein by reference untrue or which would require the making of any changes to the Registration Statement
or prospectus in order that, in the case of the Registration Statement, 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 not misleading,
and that in the case of such prospectus, 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; and (vi) determination by counsel of the Company that a post-effective amendment to a Registration Statement
relating to Registrable Securities is advisable;

 

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		(f)	upon the occurrence of any event contemplated by clause (v) of Section 7.1(e), as promptly as practicable,
prepare a supplement, amendment or post-effective amendment to such Registration Statement or related prospectus and furnish to
each seller of Registrable Securities a reasonable number of copies of such supplement to or an amendment or post-effective amendment
of such Registration Statement or prospectus as may be necessary so that, after delivery to the purchasers of such Registrable
Securities, in the case of the Registration Statement, 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 not misleading, and that in the case
of such prospectus, 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 light of the circumstances under which they were made, not misleading;

 

		(g)	upon the occurrence of any event contemplated by clauses (iii) or (iv) of Section 7.1(e), as promptly
as practicable, use its reasonable best efforts to promptly obtain the withdrawal of any such order or suspension and shall immediately
notify each seller of Registrable Securities of any such withdrawal;

 

		(h)	cause all such Registrable Securities to be listed on each securities exchange on which similar
securities issued by the Company are then listed; provided, that the applicable listing requirements are satisfied;

 

		(i)	keep Holders’ Counsel reasonably advised in writing as to the initiation and progress of
any registration hereunder; provided, that the Company shall provide Holders’ Counsel with all correspondence with
Staff or the SEC in connection with any Registration Statement filed hereunder to the extent that such Registration Statement has
not been declared effective on or prior to the date required hereunder;

 

		(j)	provide reasonable cooperation to each seller of Registrable Securities and each underwriter participating
in the disposition of such Registrable Securities and their respective counsel in connection with any filings required to be made
with the FINRA;

 

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		(k)	cooperate with the Designated Holders of the Registrable Shares to facilitate the timely preparation
and delivery of certificates representing such Registrable Shares to be delivered to a transferee pursuant to a Registration Statement,
which certificates shall be free of any restrictive legends and in such denominations and registered in such names as such Designated
Holders may request;

 

		(l)	not later than the Required Effectiveness Date of any Registration Statement, provide CUSIP numbers
for the Registrable Securities registered for resale under such Registration Statement, and provide the transfer agent for the
Registrable Shares one or more certificates for such Registrable Shares, in a form eligible for deposit with the Depository Trust
Company; and

 

		(m)	take all other steps reasonably necessary and advisable to effect the registration of the Registrable
Securities contemplated hereby.

 

		7.2	Seller Information.  The Company may require each seller of Registrable Securities
as to which any registration is being effected to furnish, and such seller shall furnish, to the Company such information regarding
the distribution of such securities as the Company may from time to time reasonably request in writing in response to requests
made by the Staff or to permit the Company to comply with the rules and regulations of the SEC.  The furnishing of such
information shall be a condition to the inclusion of the seller’s shares in such registration.

 

		7.3	Registration Expenses.  The Company shall pay all expenses arising from or incident
to its performance of, or compliance with, this Agreement, including, without limitation, (i) SEC, stock exchange and FINRA registration
and filing fees, (ii) all fees and expenses incurred in complying with securities or “blue sky” laws (including reasonable
fees, charges and disbursements of counsel to any underwriter incurred in connection with “blue sky” qualifications
of the Registrable Securities as may be set forth in any underwriting agreement), (iii) all printing, messenger and delivery expenses,
(iv) the reasonable fees, charges and expenses of the Holders’ Counsel (including without limitation the fees charges and
expenses incurred in connection with any amendments to a Registration Statement) not to exceed US$100,000 per Registration Statement,
and (v) the reasonable fees, charges and expenses of counsel to the Company and of its independent certified public accountants
and any other accounting fees, charges and expenses incurred by the Company (including, without limitation, any expenses arising
from any “cold comfort” letters or any special audits incident to or required by any registration or qualification),
regardless of whether such Registration Statement is declared effective.  All of the expenses described in the preceding
sentence of this Section 7.3 are referred to herein as “Registration Expenses.”  The Designated Holders
of Registrable Securities sold pursuant to a Registration Statement shall bear the expense of any broker’s commission or
underwriter’s discount or commission relating to registration and sale of such Designated Holders’ Registrable Securities.

 

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		7.4	Notice to Discontinue.  Each Designated Holder agrees that, upon receipt of any
notice from the Company of the happening of any event of the kind described in clause (v) of Section 7.1(e), such Designated Holder
shall forthwith discontinue disposition of Registrable Securities pursuant to the Registration Statement covering such Registrable
Securities until such Designated Holder’s receipt of the copies of the supplemented or amended prospectus contemplated by
Section 7.1(f) and, if so directed by the Company, such Designated Holder shall deliver to the Company (at the Company’s
expense) all copies, other than permanent file copies then in such Designated Holder’s possession, of the prospectus covering
such Registrable Securities which is current at the time of receipt of such notice.  If the Company shall give any such
notice, the Company shall extend the period during which such Registration Statement shall be maintained effective pursuant to
this Agreement (including, without limitation, the period referred to in Section 7.1(b) by the number of days during the period
from and including the date of the giving of such notice pursuant to clause (v) of Section 7.1(e) to and including the date when
sellers of such Registrable Securities under such Registration Statement shall have received the copies of the supplemented or
amended prospectus contemplated by, and meeting the requirements of, Section 7.1(f) provided, that, no single suspension
under this Section 7.4 shall exceed forty-five (45) days in any one hundred and eight (180) day period and in no event shall more
than one suspension event exceed, in the aggregate, sixty (60) days in any twelve (12) month period.

 

		7.5	Suspension of Sales.  Notwithstanding anything in this Agreement to the contrary,
so long as the Registration Statement is on Form F-1 or on any other form that does not allow for forward incorporation by reference
of reports and other materials filed by the Company pursuant to Section 13(a) or 15(d) of the Exchange Act, the Company may suspend
sales under such Registration Statement as follows (but, in any event, no single suspension event shall exceed forty-five (45)
days in any one hundred and eighty (180) day period) and in no event shall more than one suspension event exceed, in the aggregate,
sixty (60) days in any twelve (12) month period: (i) for the period commencing at the time that the Company disseminates a press
release announcing its preliminary financial results for any fiscal period and ending on the third (3rd) Business Day after the
earlier of (A) the date that the related report on Form 20-F or Form 6-K under the Exchange Act is filed with the SEC and (B) the
date on which such report is required to be filed under the Exchange Act (giving effect to Rule 12b-25 promulgated thereunder);
(ii) for the period commencing at the time that the Company disseminates a press release announcing a material development that
would make a statement of a material fact in such Registration Statement untrue or misleading and ending on the third (3rd) Business
Day after the earlier of (A) the date that the related report on Form 6-K is filed with the SEC and (B) the date on which such
report is required to be filed under the Exchange Act (giving effect to Rule 12b-25 promulgated thereunder); (iii) to the extent
necessary to allow any post-effective amendment to the Registration Statement or supplement to the prospectus to be prepared and,
if necessary, filed with the SEC and, in the case of a post-effective amendment, declared effective; and (iv) for a period
during which the Company, in the good faith opinion of the Board of Directors, determines that the disclosure of material, non-public
information concerning the Company or any of its subsidiaries would be materially detrimental to the Company; provided,
that the Company shall promptly notify the Designated Holders in writing (I) of the existence of such material, non-public information
(provided that in each notice the Company will not disclose the content of such material, non-public information to the Designated
Holders) and the date on which such suspension will begin and (II) of the date on which such suspension ends.

 

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Section
8

INDEMNIFICATION; CONTRIBUTION

 

		8.1	Indemnification by the Company.  The Company agrees to indemnify and hold harmless
(to the fullest extent permitted by applicable law) each Designated Holder, its general or limited partners, members, directors,
officers, Affiliates and each Person who controls (within the meaning of Section 15 of the Securities Act) any of the foregoing
to the fullest extent permitted by applicable law from and against any and all losses, claims, damages, liabilities and expenses
(including reasonable costs of investigation) or any action or proceeding in respect thereof (including reasonable costs of investigation
and reasonable attorneys’ fees and expenses) (each, a “Liability” and collectively, “Liabilities”),
(i) arising out of or based upon or relating to any untrue, or allegedly untrue, statement of a material fact contained in any
Registration Statement, prospectus or preliminary, final or summary prospectus, or document incorporated by reference into any
of the foregoing (as amended or supplemented if the Company shall have furnished any amendments or supplements thereto), (ii) arising
out of or based upon any omission or alleged omission to state therein a material fact required to be stated therein or necessary
to make the statements therein not misleading in the light of the circumstances under which such statements were made, except insofar
as such Liability arises out of or is based upon any untrue statement or omission contained in such Registration Statement, preliminary
prospectus or final prospectus in reliance and in conformity with information concerning such Designated Holder furnished in writing
to the Company by such Designated Holder specifically for use therein, or (iii) any violation or alleged violation by the Company
of the Securities Act, the Exchange Act, any state securities laws or any rule or regulation promulgated under the Securities Act,
the Exchange Act or any state securities laws in connection with the sale of securities by such Designated Holder pursuant to any
Registration Statement in which such Designated Holder is participating.  The Company shall also provide customary indemnities
to any underwriters (or persons, including broker-dealers or agents deemed “underwriters” within the meaning of the
Securities Act) of the Registrable Securities, their officers, directors and employees and each Person who controls such underwriters
(within the meaning of Section 15 of the Securities Act) to the same extent as provided above with respect to the indemnification
of the Designated Holders of Registrable Securities.

 

		8.2	Indemnification by Designated Holders.  In connection with any Registration Statement
in which a Designated Holder is participating pursuant to Section 3 or Section 5 hereof, each such Designated Holder shall promptly
furnish to the Company in writing such information with respect to such Designated Holder as may be required by law or regulation
for use in connection with any such Registration Statement or prospectus and all information required to be disclosed in order
to make the information previously furnished to the Company by such Designated Holder not materially misleading or necessary to
cause such Registration Statement or prospectus not to omit a material fact with respect to such Designated Holder necessary in
order to make the statements therein not misleading.  Each Designated Holder agrees to indemnify and hold harmless the
Company, its directors, officers, Affiliates, and each Person who controls the Company to the same extent as the foregoing indemnity
from the Company to the Designated Holders, but only if such untrue statement or omission was made in reliance upon and in conformity
with information with respect to such Designated Holder furnished in writing to the Company by such Designated Holder specifically
for use in such Registration Statement or preliminary, final or summary prospectus or amendment or supplement, or a document incorporated
by reference into any of the foregoing; provided, however, that the total amount to be indemnified by such Designated
Holder pursuant to this Section 8.2 shall be limited to the net proceeds (after deducting the underwriters’ discounts and
commissions) received by such Designated Holder in the offering to which the Registration Statement or prospectus relates.

 

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		8.3	Conduct of Indemnification Proceedings.  Any Person entitled to indemnification
hereunder (the “Indemnified Party”) agrees to give prompt written notice to the indemnifying party (the “Indemnifying
Party”) after the receipt by the Indemnified Party of any written notice of the commencement of any action, suit, proceeding
or investigation or threat thereof made in writing for which the Indemnified Party intends to claim indemnification or contribution
pursuant to this Agreement; provided, however, that the failure to so notify the Indemnifying Party shall not relieve
the Indemnifying Party of any Liability that it may have to the Indemnified Party hereunder (except to the extent that the Indemnifying
Party is materially prejudiced or otherwise forfeits substantive rights or defenses by reason of such failure).  If notice
of commencement of any such action is given to the Indemnifying Party as above provided, the Indemnifying Party shall be entitled
to participate in and, to the extent it may wish, jointly with any other Indemnifying Party similarly notified, to assume the defense
of such action at its own expense, with counsel chosen by it and reasonably satisfactory to such Indemnified Party.  The
Indemnified Party shall have the right to employ separate counsel in any such action and participate in the defense thereof, but
the fees and expenses of such counsel shall be paid by the Indemnified Party unless (i) the Indemnifying Party agrees to pay the
same, (ii) the Indemnifying Party fails to assume the defense of such action with counsel reasonably satisfactory to the Indemnified
Party or (iii) such parties have been advised in writing by such counsel that either (x) representation of such Indemnified Party
and the Indemnifying Party by the same counsel would be inappropriate under applicable standards of professional conduct or (y)
there may be one or more legal defenses available to the Indemnified Party which are different from or additional to those available
to the Indemnifying Party, in any of such cases, the Indemnifying Party shall not have the right to assume the defense of such
action on behalf of such Indemnified Party, it being understood, however, that the Indemnifying Party shall not be liable for the
fees and expenses of more than one separate firm of attorneys (in addition to any local counsel) for all similarly-situated Indemnified
Parties.  No Indemnifying Party shall be liable for any settlement entered into without its written consent, which consent
shall not be unreasonably withheld.  No Indemnifying Party shall, without the consent of such Indemnified Party, effect
any settlement of any pending or threatened proceeding in respect of which such Indemnified Party is a party and indemnity has
been sought hereunder by such Indemnified Party, unless such settlement includes an unconditional release of such Indemnified Party
from all liability for claims that are the subject matter of such proceeding.

 

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		8.4	Contribution.

 

		(a)	If the indemnification provided for in this Section 8 from the Indemnifying Party is unavailable
to an Indemnified Party hereunder in respect of any Liabilities referred to herein, then the Indemnifying Party, in lieu of indemnifying
such Indemnified Party, shall contribute (to the fullest extent permitted by applicable law) to the amount paid or payable by such
Indemnified Party as a result of such Liabilities in such proportion as is appropriate to reflect the relative fault of the Indemnifying
Party and Indemnified Party in connection with the actions which resulted in such Liabilities, as well as any other relevant equitable
considerations.  The relative faults of such Indemnifying Party and Indemnified Party shall be determined by reference
to, among other things, whether any action in question, including any untrue or alleged untrue statement of a material fact or
omission or alleged omission to state a material fact, has been made by, or relates to information supplied by, such Indemnifying
Party or Indemnified Party, and the parties’ relative intent, knowledge, access to information and opportunity to correct
or prevent such action.  The amount paid or payable by a party as a result of the Liabilities referred to above shall
be deemed to include, subject to the limitations set forth in Sections 8.1 and 8.2, any legal or other fees, charges or expenses
reasonably incurred by such party in connection with any investigation or proceeding; provided, that the total amount to
be contributed by such Designated Holder shall be limited to the net proceeds (after deducting the underwriters’ discounts
and commissions) received by such Designated Holder in the offering.

 

		(b)	The parties hereto agree that it would not be just and equitable if contribution pursuant to this
Section 8.4 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 Section 8.4(a).  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.

 

Section
9

COVENANTS

 

		9.1	Rule 144.  The Company covenants that from and after the date hereof it shall
use its best efforts to (i) timely file any reports required to be filed by it under the Exchange Act and (ii) promptly take such
further action as each Designated Holder may reasonably request (including providing any information necessary to comply with Rule
144 under the Securities Act), all to the extent required from time to time to enable such Designated Holder to sell Registrable
Securities without registration under the Securities Act within the limitation of the exemptions provided by (i) Rule 144 under
the Securities Act, as such rule may be amended from time to time or (ii) any similar rules or regulations hereafter adopted by
the SEC.  The Company shall, upon the request of any Designated Holder, deliver to such Designated Holder a written statement
as to whether it has complied with such requirements.

 

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		9.2	Other Listings.

 

		(a)	addition to the rights of the Designated Holders under Section 3, Section 4, Section 5 and Section
6 of this Agreement, in the event of the admission or listing of any Ordinary Shares of the Company or in the form of Depositary
Receipts to or a stock exchange located in Asia or Europe (a “Asian/European Listing”), the Company shall take
such action as may be necessary or required to include in such Asian/European Listing all Registrable Securities held by the Designated
Holders and to enable Designated Holders to freely resell such Registrable Securities to the same extent as any other holder of
Ordinary Shares of the Company on such securities exchange, and to maintain any such Asian/European Listing, subject to any “close
periods” under the rules of such securities exchange.

 

		(b)	Without limiting the generality of subsection (a), the Company shall take such action, including,
without limitation, preparing, printing and circulating prospectus, listing particulars and other offering documents setting forth
current information regarding the Company, to the extent reasonably required to facilitate and permit the offering and sale of
Registrable Securities by, and on behalf of, the Designated Holders on such securities exchange.

 

		(c)	If any part of the equity share capital of the Company is to be offered in Asia or Europe by the
Company or any of its shareholders in a manner requiring the publication of a prospectus or listing particulars (an “Asian/European
Public Offering”) pursuant to a firm commitment underwriting, the Company shall (i) each such time give written notice
to the Designated Holders of its intention to do so and (ii) use its reasonable best efforts to include in such Asian/European
Public Offering all of the Registrable Securities held by such Designated Holders from whom the Company has received written request
for inclusion thereof within ten (10) Business Days of the receipt by such Designated Holders of the notice referred to in clause
(i) above, to the same extent as provided by the incidental or “piggy-back” rights held by the Designated Holders pursuant
to Section 5.

 

		(d)	The Company shall pay all expenses arising from or incident to its performance of, or compliance
with, this Section 9.2, including, without limitation, (i) listing, filing and other fees required to effect a Asian/European Listing
or Asian/European Public Offering, (ii) all fees and expenses incurred in complying with securities laws or rules of the applicable
jurisdiction or stock exchange (including reasonable fees, charges and disbursements of counsel to any underwriter incurred in
connection with such compliance as may be set forth in any underwriting agreement), (iii) all printing, messenger and delivery
expenses, (iv) the fees, charges and disbursements of counsel to the Company and of its independent public accountants and any
other accounting fees, charges and expenses incurred by the Company (including, without limitation, any expenses arising from any
“cold comfort” letters or any special audits incident to or required by any Asian/European Listing or Asian/European
Public Offering) and any legal fees, charges and expenses incurred by the Company and the reasonable fees, charges and expenses,
if any, of the Designated Holders’ Counsel not to exceed $50,000, and (v) any liability insurance or other premiums for insurance
obtained for the benefit of the Company and/or its directors and officers in connection with any Asian/European Listing or Asian/European
Public Offering, regardless of whether such Asian/European Listing becomes effective or such Asian/European Public Offering commences.  In
the event any of the Registrable Securities held by the Designated Holders are sold pursuant to an Asian/European Public Offering,
each Designated Holder shall bear the respective expense of any broker’s commission or an underwriter’s discount or
commission relating to the sale of such Designated Holders’ Registrable Securities.

 

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		9.3	[RESERVED]

 

		9.4	Adjustments Affecting Registrable Securities.  The Company shall not take any
action, or permit any change to occur, with respect to its securities that would adversely affect the ability of the Designated
Holders of Registrable Securities to include such Registrable Securities in a registration undertaken pursuant to this Agreement
or that would adversely affect the marketability of such Registrable Securities in any such registration.

 

Section
10

MISCELLANEOUS

 

		10.1	Recapitalizations, Exchanges, etc.  The provisions of this Agreement shall apply
to the full extent set forth herein with respect to (i) the Ordinary Shares (including in the form of Depositary Receipts) and
the Ordinary Shares Equivalents, (ii) any and all voting equity securities of the Company into which the Ordinary Shares or Ordinary
Shares Equivalents are converted, exchanged or substituted in any recapitalization or other capital reorganization by the Company
and (iii) any and all equity securities of the Company or any successor or assign of the Company (whether by merger, consolidation,
sale of assets or otherwise) which may be issued in respect of, in conversion of, in exchange for or in substitution of, the Ordinary
Shares or Ordinary Shares Equivalents and shall be appropriately adjusted for any stock dividends, splits, reverse splits, combinations,
recapitalizations and the like occurring after the date hereof.  The Company shall cause any successor or assign (whether
by merger, consolidation, sale of assets or otherwise) to enter into a new registration rights agreement with the Designated Holders
on terms substantially the same as this Agreement as a condition of any such transaction.

 

		10.2	Other Registration Rights.  The Company shall not enter into any agreement with respect to its securities
that is inconsistent with the rights granted to the Designated Holders in this Agreement or grant any additional registration rights
to any Person or with respect to any securities which are not Registrable Securities which are prior in right to or inconsistent
with the rights granted in this Agreement, except with the prior written consent of a Majority Interest. The Company represents
and warrants that no holder of the securities of the Company has the right to register securities of the Company on the initial
or any subsequent Shelf Registration Statement other than as required under the KKR Transaction Documents.

 

		10.3	Remedies.  The Designated Holders, in addition to being entitled to exercise all
rights granted by law, including recovery of damages, shall be entitled to specific performance of their rights under this Agreement.  The
Company agrees that monetary damages alone (including those specified in Section 3.3) would not be adequate compensation for any
loss incurred by reason of a breach by it of the provisions of this Agreement and hereby agrees to waive in any action for specific
performance the defense that a remedy at law would be adequate.

 

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		10.4	Notices.  All notices, demands and other communications provided for or permitted
hereunder shall be made in the manner provided for under the Purchase Agreement.

 

		10.5	Successors and Assigns; Third Party Beneficiaries.  This Agreement shall inure
to the benefit of and be binding upon the successors and permitted assigns of the parties hereto as hereinafter provided. The rights
of the Designated Holders contained in this Agreement (x) may be assigned in connection with the pledge of the rights of any Designated
Holder hereunder as part of a financing permitted under Section 8.11 of the Purchase Agreement, provided that no such assignment
shall be effective prior to a Default, and (y) shall be automatically transferred to the transferee of any Registrable Security
provided that in each case (i) such transferee agrees to become a party to this Agreement and be fully bound by, and subject to,
all of the terms and conditions of the Agreement as though an original party hereto; (ii) the Company is furnished with written
notice of (A) the name and address of such transferee, and (B) the securities with respect to which such registration rights are
being transferred; (iii) immediately following such transfer the further disposition of such securities by the transferee is restricted
under the Securities Act or applicable state securities laws if so required; and (iv) such transfer shall have been conducted in
accordance with all applicable federal and state securities laws.  All of the obligations of the Company hereunder shall
survive any transfer.  Except as provided in Section 8, no Person other than the parties hereto and their successors
and permitted assigns are intended to be a beneficiary of this Agreement.

 

		10.6	Amendments and Waivers.  Except as otherwise provided herein, the provisions of
this Agreement may not be amended, modified or supplemented, and waivers or consents to departures from the provisions hereof may
not be given unless consented to in writing by (i) the Company and (ii) the Designated Holders holding at least a Majority Interest;
provided that any party hereto may give a waiver in writing as to itself; and further provided, that no amendment
or waiver of Section 10.5 may be made which adversely affects any beneficiary thereof without its prior consent.

 

		10.7	Aggregation of Shares.  All shares of Registrable Securities held or acquired
by Affiliated entities or Persons or entities or Persons under common management or control shall be aggregated together for the
purpose of determining the availability of any rights under this Agreement.

 

		10.8	Counterparts.  This Agreement may be executed in one or more counterparts including
counterparts transmitted by telecopier or facsimile, each of which shall be deemed an original, but all of which signed and taken
together, shall constitute one document.

 

		10.9	Headings.  The headings in this Agreement are for convenience of reference only
and shall not limit or otherwise affect the meaning hereof.

 

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		10.10	GOVERNING LAW; SUBMISSION TO JURISDICTION. THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED
IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK OF THE UNITED STATES APPLICABLE TO CONTRACTS TO BE PERFORMED WHOLLY WITHIN
SUCH JURISDICTION, WITHOUT REGARD TO THE PRINCIPLES OF CONFLICTS OF LAW OF ANY JURISDICTION.  Each of the parties hereto
(i) shall submit itself to the non-exclusive jurisdiction of any federal court located in the State of New York or any New York
state court having subject matter jurisdiction in the event any dispute arises out of this Agreement, (ii) agrees that venue shall
be proper as to proceedings brought in any such court with respect to such a dispute, (iii) shall not attempt to deny or defeat
such personal jurisdiction or venue by motion or other request for leave from any such court and (iv) agrees to accept service
of process at its address for notices pursuant to this Agreement in any such action or proceeding brought in any such court. With
respect to any such action, service of process upon any Party in the manner provided herein for the giving of notices shall be
deemed, in every respect, effective service of process upon such party.

 

		10.11	WAIVER OF JURY TRIAL.  BECAUSE DISPUTES ARISING IN CONNECTION WITH COMPLEX FINANCIAL
TRANSACTIONS ARE MOST QUICKLY AND ECONOMICALLY RESOLVED BY AN EXPERIENCED AND EXPERT PERSON AND THE PARTIES WISH APPLICABLE STATE
AND FEDERAL LAWS TO APPLY (RATHER THAN ARBITRATION RULES), THE PARTIES DESIRE THAT THEIR DISPUTES BE RESOLVED BY A JUDGE APPLYING
SUCH APPLICABLE LAWS.  THEREFORE, TO ACHIEVE THE BEST COMBINATION OF THE BENEFITS OF THE JUDICIAL SYSTEM AND OF ARBITRATION,
THE PARTIES HERETO WAIVE ALL RIGHT TO TRIAL BY JURY IN ANY ACTION, SUIT OR PROCEEDING BROUGHT TO ENFORCE OR DEFEND ANY RIGHTS OR
REMEDIES UNDER THIS AGREEMENT.

 

		10.12	Severability.  Each and every obligation under this Agreement shall be treated
as a separate obligation and shall be severally enforceable as such and in the event of any obligation or obligations being or
becoming unenforceable in whole or in part.  To the extent that any provision or provisions of this Agreement are unenforceable
they shall be deemed to be deleted from this Agreement, and any such deletion shall not affect the enforceability of such provisions
of this Agreement as remain not so deleted.

 

		10.13	Rules of Construction.  Unless the context otherwise requires (i)  the
words “hereof,” “herein,” and “hereunder” and words of similar import, when used in this Agreement,
shall refer to this Agreement as a whole and not to any particular provision of this Agreement; (ii) terms defined in the singular
shall have a comparable meaning when used in the plural, and vice versa; (iii) the terms “Dollars,” “dollars”
and “$” mean United States Dollars; (iv) references herein to a specific Section, Subsection, recital, Schedule or
Exhibit shall refer, respectively, to Sections, Subsections, recitals, Schedules or Exhibits of this Agreement; (v) wherever the
word “include,” “includes,” or “including” is used in this Agreement, it shall be deemed to
be followed by the words “without limitation;” (vi) references herein to any gender or no gender shall include each
other gender; (vii) references herein to any Person shall include such Person’s heirs, executors, personal representatives,
administrators, successors and assigns; provided, however, that nothing contained in this clause (viii) is intended
to authorize any assignment or transfer not otherwise permitted by this Agreement; (ix) references herein to a Person in a particular
capacity or capacities shall exclude such Person in any other capacity; (x) with respect to the determination of any period of
time, the word “from” means “from and including” and the words “to” and “until”
each means “to but excluding;” (xi) the word “or” shall be disjunctive but not exclusive; (xii) references
herein to any law (including any federal, state, provincial, local, municipal, foreign, international, multinational, or other
administrative statute, regulation, order, rule, directive, ordinance, code, constitution, principle of common law, equity or treaty)
shall be deemed to refer to such law as amended, modified, codified, reenacted, supplemented or superseded in whole or in part
and in effect from time to time, and also to all rules and regulations promulgated thereunder; (xiii) references to any contract
means such contract as amended, supplemented or modified in accordance with the terms thereof; and (xiv) if the last day for the
giving of any notice or the performance of any act required or permitted under this Agreement is a day that is not a Business Day,
then the time for the giving of such notice or the performance of such action shall be extended to the next succeeding Business
Day.

 

    	22

    	 

    

 

		10.14	Entire Agreement.  This Agreement is intended by the parties as a final expression
of their agreement and intended to be a complete and exclusive statement of the agreement and understanding of the parties hereto
with respect to the subject matter contained herein.  There are no restrictions, promises, representations, warranties
or undertakings with respect to the subject matter contained herein, other than those set forth or referred to herein.  This
Agreement supersedes all prior agreements and understandings among the parties with respect to such subject matter.

 

		10.15	Further Assurances.  Each of the parties shall do and perform, or cause to be
done and performed, all such further acts and things, and shall execute and deliver all such other agreements, certificates, instruments
and documents, as the other party may reasonably request in order to carry out the intent and accomplish the purposes of this Agreement
and the consummation of the transactions contemplated hereby.

 

		10.16	Other Agreements.  Nothing contained in this Agreement shall be deemed to be a
waiver of, or release from, any obligations any party hereto may have under any other agreement including, but not limited to,
the Charter Documents and the Purchase Agreement.

 

		10.17	Termination.  Except for the liabilities or obligations under Section 7.3 or Section
8, all of which shall remain in effect in accordance with their terms, this Agreement and the obligations of the parties hereunder
(other than liability for the breach by any party hereto of any of the terms of this Agreement) shall terminate upon the end of
the Effectiveness Period.

 

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left blank]

 

    	23

    	 

    

 

IN WITNESS WHEREOF, the
undersigned have executed, or have caused to be executed, this Agreement on the date first written above.

 

	 	CHINA CORD BLOOD CORPORATION

 

	 	By:	/s/ Ting Zheng 
	 	 	Name: Ting Zheng 
	 	 	Title: Chairman and CEO 

 

	 	GOLDEN MEDITECH HOLDINGS
	 	LIMITED

 

	 	By:	/s/ Yuen Kam
	 	Name: Yuen Kam
	 	Title:   Chairman and CEOExecution Copy

 

 

EXECUTIVE EMPLOYMENT AGREEMENT

 

 

THIS EXECUTIVE EMPLOYMENT AGREEMENT (the
“Agreement”) is entered into as of this 28th day of September 2012 (the “Effective Date”), by and between
Aeroflex Incorporated, a Delaware corporation (together with its successors and assigns permitted hereunder, the “Company”),
and Andrew F. Kaminsky (the “Executive”).

 

WHEREAS, the Board of Directors of the Company
(the “Board”) has determined that it is in the best interests of the Company to employ the Executive, and the Executive
desires to be employed by the Company, on the terms and conditions set forth herein.

 

NOW, THEREFORE, the Company and the Executive
agree as follows:

 

1.                 
Employment Period. Subject to Section 3, the Company hereby agrees to employ the Executive, and the Executive
hereby agrees to be employed by the Company, in accordance with the terms and provisions of this Agreement, for a period commencing
as of the Effective Date and continuing for one (1) year (the “Initial Term”). After the Initial Term, this Agreement
will renew automatically for additional one (1) year periods (each a “Renewal Term”) unless either party provides written
notice of non-renewal at least ninety (90) days prior to the expiration of the Initial Term or any Renewal Term as the case may
be (the Initial Term and any Renewal Terms, collectively, the “Employment Period”).

 

		2.	Terms of Employment.

 

		(a)	Positions and Duties.

 

(i)During the term of the Executive’s
employment hereunder, the Executive shall serve as, and have the title of, Senior Vice President - Corporate Development, Investor
Relations and Human Resources, of the Company and, in so doing, shall report directly to the President and the Board of Directors
of the Company. The Executive shall have such management, supervisory and operational functions and other powers, functions and
duties consistent with the Executive’s title and duties as may from time to time reasonably be prescribed by the Board.

 

(ii)During the term of the Executive’s
employment hereunder, and excluding any periods of vacation, paid holiday, and sick and personal leave to which the Executive is
entitled, the Executive agrees to devote substantially all of his business time to the business and affairs of the Company and,
to the extent necessary to discharge the responsibilities assigned to the Executive hereunder, to use the Executive’s reasonable
best efforts to perform faithfully, effectively and efficiently such responsibilities. During the term of the Executive’s
employment, it shall not be a violation of this Agreement for the Executive to (1) serve on corporate, civic or charitable boards
or committees, including the Laurence Polatsch Memorial Fund, (2) manage personal investments, and (3) serve as an officer of one
or more affiliates of the Company, including the Company’s parent, so long as such activities, either individually or in
the aggregate, do not significantly interfere with the performance of the Executive’s responsibilities as an employee of
the Company in accordance with this Agreement.

    	

    	 

    

 

		(b)	Compensation.

 

(i)Base Salary. During the
term of the Executive’s employment hereunder, the Executive shall receive an annual salary of Three Hundred Seventy-five
Thousand Dollars ($375,000), as the same may be increased (but not decreased except for across the board decreases affecting all
executive officers of the Company) from time to time by the Board in its sole discretion, which shall be paid in accordance with
the customary payroll practices of the Company for services rendered by officers of the Company.

 

 (ii)Bonus. For each Fiscal
Year ending during the Employment Period, the Executive shall be eligible to receive an annual bonus of between 33-1/3% and 100%
of his Base Salary based upon the achievement of the Company’s EBITDA targets for such Fiscal Year as established by the
Board of Directors of the Company (the “Board”). More particularly, (i) 33-1/3% of the Executive’s Base Salary
will be awarded to the Executive as a bonus if the Company’s EBITDA is equal to the minimum EBITDA target established by
the Board (the “Threshold EBITDA”); (ii) 66-2/3% of the Executive’s Base Salary will be awarded as a bonus if
the Company’s EBITDA is equal to the FY EBITDA Target established by the Board (the “FY EBITDA Target” or the
“Target Bonus”); and (iii) 100% of the Executive’s Base Salary will be awarded to the Executive as a bonus if
the Company’s EBITDA is equal to or greater than the maximum EBITDA Target established by the Board (the “Maximum
EBITDA”). The Executive’s bonus shall be determined by linear interpolation if the Company’s EBITDA is between
the Threshold EBITDA and the FY EBITDA Target or between the FY EBITDA Target and the Maximum EBITDA, as the case may be. If the
Board fails to establish the Threshold EBITDA or the Maximum EBITDA for any fiscal year, such targets shall be presumed to be,
respectively, $10,000,000 less and $10,000,000 more than the FY EBITDA Target. No annual bonus will be paid if the Company’s
EBITDA is below the Threshold EBITDA for any Fiscal Year. The FY EBITDA Target shall be subject to equitable redetermination by
the Board in the event of any divestiture, acquisition or other extraordinary event and to such modification, as may be appropriate,
to reflect various types of accounting adjustments that historically and otherwise have been or are approved by the Compensation
Committee. Any annual bonus payable hereunder shall be paid on or prior to March 15 of the year following the year such bonus
is earned.

 

    	2

    	 

    

 

(iii)Investment Plans. During
the term of the Executive’s employment hereunder, the Executive shall be entitled to participate in all savings, equity and
retirement plans, practices, policies and programs (“Investment Plans”) appertaining to his position in accordance
with practices established by the Board, including 401K and supplemental life insurance plans, but Executive shall not participate
in the Company’s Supplemental Executive Retirement Plan.

 

(iv)Welfare Benefit Plans.
During the term of the Executive’s employment hereunder, the Executive shall be eligible for participation in and shall receive
all benefits under welfare benefit plans, practices, policies and programs (“Welfare Plans”) provided by the Company
(including, without limitation, medical, prescription, dental, disability, salary continuance, group life, accidental death and
travel accident insurance plans and programs) to the extent applicable to executive employees generally in accordance with practices
established by the Board.

 

(v)Expenses. During the term
of the Executive’s employment hereunder, the Executive shall be entitled to receive prompt reimbursement for all reasonable
expenses incurred by the Executive in performing his duties hereunder, including, without limitation, transportation, hotel, and
living expenses and other business and entertainment expenses, in accordance with the policies, practices and procedures of the
Company.

 

(vi)Vacation and Holidays.
During each complete twelve month period of the Executive’s employment hereunder, the Executive shall be entitled to 20 paid
vacation days and such paid holiday and leave time as are in accordance with the plans, policies, programs and practices of the
Company.

(vii)Car Allowance. The Company
will provide the Executive with a car allowance of $1,000.00 per month, such amount to be paid monthly in accordance with the normal
payroll practices of the Company.

 

		3.	Termination of Employment.

 

(a)Death or Disability.The
Executive’s employment shall terminate automatically upon the Executive’s death during the Employment Period. If a
Disability (as defined below) of the Executive has occurred during the Employment Period, the Company may give to the Executive
written notice in accordance with Section 13(b) of its intention to terminate the Executive’s employment. In such event,
the Executive’s employment with the Company shall terminate effective on the 30th day after receipt of such notice
by the Executive (the “Disability Effective Date”); provided, that within the 30 days after such receipt, the
Executive shall not have returned to full-time performance of the Executive’s duties. For purposes of this Agreement, “Disability”
shall mean the Executive’s inability to perform his duties and obligations hereunder for a period of 90 consecutive days
due to mental or physical incapacity as determined by a physician selected by the Company or its insurers and acceptable to the
Executive or the Executive’s legal representative (such agreement as to acceptability not to be withheld unreasonably). Notwithstanding
the foregoing, no such condition shall be considered a “Disability” unless such condition also meets the requirements
of being “disabled” under Section 409A(a)(2)(C) of the Internal Revenue Code of 1986, as amended (the “Code”).

 

    	3

    	 

    

 

(b)Cause. The Company may
terminate the Executive’s employment during the Employment Period for Cause or without Cause. For purposes of this Agreement,
“Cause” shall mean (i) a breach by the Executive of the Executive’s material obligations under Section 2(a) which
is not cured within ten (10) days of the receipt by the Executive of written notice thereof from the Company; (ii) commission by
the Executive of an act of fraud upon, or willful misconduct of a material nature toward, the Company, as reasonably determined
by a majority of the Board, (iii) a material breach by the Executive of any of Sections 6, 8 or 10; (iv) the conviction of the
Executive of any felony or the conviction of the Executive of any misdemeanor involving any acts of dishonesty including embezzlement,
fraud or any other act that results or reasonably could be expected to result in an economic loss or harm to the Employer (or a
plea of nolo contendere thereto); (v) the Executive being found liable in any civil proceeding for an act by the Executive
constituting work place harassment; or (vi) the willful and continuing failure of the Executive to carry out, or comply with, in
any material respect any reasonable directive of the Board or the President consistent with the terms of this Agreement.

 

(c)Termination for Good Reason
by the Executive. The Executive may terminate this Agreement for Good Reason and such termination shall constitute a termination
without Cause by the Company. “Good Reason” shall mean the occurrence of a breach by the Company of its material obligations
to the Executive which is not cured within ten (10) Business Days of the receipt by the Company of written notice thereof from
the Executive and shall include, without limitation, (i) the loss of, or an adverse change in, the Executive’s position
or titles; (ii) a diminution or materially adverse change in the duties and responsibilities of the Executive or the assignment
to the Executive of duties and responsibilities which are inconsistent with the Executive’s position in the Company; (iii)
a reduction in the Executive’s Base Salary or the failure to pay the same or any bonus or other benefits hereunder when
due or within a reasonable period of time thereafter (except for across the board decreases affecting all executive officers of
the Company other than in connection with a Change in Control); (iv) the relocation of the Executive’s office to a location
which is more than 25 miles from the current location of corporate headquarters of the Company; and (v) breach by the Company
of Section 13(k) hereof.

 

(d)Notice of Termination.
Any termination (i) by the Company, whether for Cause or without Cause, or (ii) by the Executive, whether or not for Good Reason,
shall be communicated by Notice of Termination (as defined below) to the other party hereto given in accordance with Section 13(b).
For purposes of this Agreement, a “Notice of Termination” means a written notice which (i) indicates the specific termination
provision in this Agreement relied upon, (ii) to the extent applicable, sets forth in reasonable detail the facts and circumstances,
if any, claimed to provide a basis for termination of the Executive’s employment under the provision so indicated and (iii)
if the Date of Termination (as defined below) is other than the date of receipt of such notice, specifies the termination date.
The failure by the Executive or the Company to set forth in the Notice of Termination any fact or circumstance which contributes
to a showing of Cause shall not waive any right of the Executive or the Company hereunder or preclude the Executive or the Company
for asserting such fact or circumstance in enforcing the Executive’s or the Company’s rights hereunder.

 

    	4

    	 

    
  

(e)Date of Termination. “Date
of Termination” means (i) if the Executive’s employment is terminated by the Company for Cause, the date of the Notice
of Termination or any later date specified therein, as the case may be; (ii) if the Executive’s employment is terminated
by the Company other than for Cause, the date on which the Company notifies the Executive of such termination or any later date
specified by the Board; and (iii) if the Executive’s employment is terminated by reason of death or Disability, the date
of death of the Executive or the Disability Effective Date, as the case may be.

 

		4.	Obligations of the Company upon Termination.

 

(a)Without Cause. If during
the Employment Period, the Company shall terminate the Executive’s employment without Cause, or the Executive shall terminate
his employment for Good Reason, except in either such case within six (6) months prior or eighteen (18) months following a Change
in Control (as defined below), the Company shall pay to the Executive or his heirs (1) within ten (10) days after the Date of Termination,
the sum of the Executive’s Base Salary through the Date of Termination, to the extent not theretofore paid, plus all accrued
vacation pay, unreimbursed business expenses and other accrued but unpaid compensation described in Section 2(b) above (the “Accrued
Obligations”); (2) any amount arising from the Executive’s participation in, or benefits under, any Investment Plans
(“Accrued Investments”), which amounts shall be payable in accordance with the terms and conditions of such Investment
Plans; and (3) subject to Executive’s execution and nonrevocation of a general release in favor of Aeroflex, its affiliates
and their current and former officers, directors and employees, in substantially the form attached hereto as Exhibit A within 30
days following the date of such termination (the “Release”), commencing, notwithstanding any provision to the contrary
in Sections 4(a)(3)(A)-(C), on the 30th day following such Date of Termination (provided that, payments or benefits that would
otherwise have been owed to Executive prior to the 30th day the Date of Termination shall be made to or on behalf of Executive
on the 30th day after the Date of Termination), (A) an amount equal to to the Executive’s Base Salary for the twelve (12)
month period immediately following the Date of Termination together with an amount equal to one times the Target Bonus paid in
a lump sum; (B) the unpaid bonus, if any, applicable for the Fiscal Year in which the Date of Termination occurs, prorated to the
Date of Termination, such bonus, if any, to be paid at the time that the Company pays bonuses to other senior executives of the
Company; and (C) the Executive and qualifying members of the Executive’s family shall be entitled to continue to participate,
at the Company’s expense, in the Company’s Welfare Plans, including medical, dental and prescription coverage, for
a period of one year.

    	5

    	 

    
 

(b)Death or Disability. If
the Executive’s employment is terminated by reason of the Executive’s death or Disability during the Employment Period,
the Company shall pay to his legal representatives (i) in a lump sum in cash within twenty (20) days after the Date of Termination,
the Accrued Obligations; (ii) the Accrued Investments which shall be payable in accordance with the terms and conditions of the
Investment Plans; and (iii) an annual bonus in the amount of the Target Bonus applicable for the Fiscal Year in which the Executive’s
death or Disability occurs, prorated to the Date of Termination, such bonus to be paid at the time the Company pays such bonuses
to other senior executives of the Company. In addition, the qualifying members of the Executive’s family shall be entitled
to continue their participation at the Company’s expense in the Company’s Welfare Plans for a period of six (6) months
after the Date of Termination.

 

(c)Cause. If the Executive’s
employment shall be terminated by the Company for Cause during the Employment Period, the Company shall have no further payment
obligations to the Executive other than for payment of Accrued Obligations, Accrued Investments (which shall be payable in accordance
with the terms and conditions of the Investment Plans), and the continuance of benefits under the Welfare Plans to the Date of
Termination.

 

(d)Change of Control.  In
the event there shall be, and only upon the occurrence of, a Change in Control as hereinafter defined, then, if the Executive’s
employment is terminated by the Company without Cause (including by a notice of non-renewal by the Company pursuant to Section
1), or by the Executive for Good Reason, in either case within six (6) months prior thereto or within eighteen (18) months thereafter,
the Company shall pay to the Executive or his heirs within ten (10) days of the Date of Termination (subject to Section 4(e)),
the following: (i) the Accrued Obligations, (ii) the Accrued Investments, and (iii) a lump sum severance payment equal to two times
the sum of (A) the Executive’s Base Salary and (B) the Target Bonus, and (iv) an unpaid bonus, in the amount of the Target
Bonus, applicable for the Fiscal Year in which the Date of Termination occurs, prorated to the Date of Termination, such bonus,
if any, to be paid at the time that the Company pays bonuses to other senior executives of the Company. In addition, the Executive
and qualifying members of the Executive’s family shall be entitled to continue to participate, at the Company’s expense,
in the Company’s Welfare Plans, including medical, dental and prescription coverage, for a period of eighteen (18) months.
Notwithstanding the foregoing, if any payment or distribution by the Company to or for the benefit of the Executive, whether paid
or payable or distributed or distributable pursuant to the terms of this Agreement or otherwise pursuant to, or by reason of, any
other agreement, policy, plan, program or arrangement or the lapse or termination of any restriction on or vesting or exercisability
of any payment or benefit (each a “Payment”), would be subject to the excise tax imposed by Section 4999 of the Internal
Revenue Code (or any successor provision thereto) or to any similar tax imposed by state or local law (the “Excise Tax”),
then the aggregate amount of Payments payable to the Executive without incurring an Excise Tax shall be reduced to the aggregate
amount of Payments that may be made to the Executive without incurring an Excise Tax; provided, however, that such reduction shall
only be effected if the aggregate after-tax value of the Payments retained by Executive (after giving effect to such reduction)
is equal to or greater than the aggregate after-tax value (after giving effect to the Excise Tax) of the Payments to the Executive
without any such reduction , as determined by the Company’s auditors. Any such reduction in the preceding sentence shall
be done first by reducing any cash payments with the last payment reduced first; next any equity or equity derivatives that are
included under Section 280G of the Code at full value rather than accelerated value; next any equity or equity derivatives based
on acceleration value shall be reduced with the highest value reduced first (as such values are determined under Treasury Regulation
Section 1.280G-1, Q&A 24); finally any other non-cash benefits will be reduced. For the purpose of this Section, a “Change
in Control” (which in all respects shall satisfy the requirements of a “change in control event” as set forth
in Treasury Regulations § 1.409A-3(i)(5)), shall mean the occurrence of a “change in the ownership”, a “change
in the effective control” or a “change in the ownership of a substantial portion of the assets” of the Company
determined as follows:

 

    	6

    	 

    

 

(i)a “change in the ownership”
of the Company shall occur on the date on which any one person or more than one person acting as a group, directly or indirectly,
acquires ownership of stock of the Company that, together with the stock held by such person or group, constitutes more than 50%of
the total fair market value or total voting power of the stock of the Company, as determined in accordance with Treasury Regulations
§ 1.409A-3(i)(5)(v); provided, however, if any one person or more than one person acting as a group is considered to own already
more than 50% of the total fair market value or total voting power of the stock of the Company, the acquisition of additional stock
by the same person or persons is not considered to cause a “change in the ownership” of the Company (or to cause a
“change in the effective control” of the Company as contemplated in (i) and (ii) below); provided, however, that the
following acquisitions shall not constitute a Change in Control: (A) any acquisition by or from the Company or any corporation
or other entity in which the Company owns or controls, directly or indirectly, at least 50 percent of the total combined voting
power represented by all classes of stock issued by such corporation, or in the case of a noncorporate entity, at least 50% of
the profits or capital interest in such entity or by any employee benefit plan (or related trust) sponsored or maintained by the
Company or any subsidiary, (B) any acquisition by an individual who as of the Effective Date is a member of the Board, (C) any
acquisition by any underwriter in any firm commitment underwriting of securities to be issued by the Company, or (D) any acquisition
by any corporation (or other entity) if, immediately following such acquisition, 50% or more of the then outstanding shares of
common stock (or other equity unit) of such corporation (or other entity) and the combined voting power of the then outstanding
voting securities of such corporation (or other entity), are beneficially owned, directly or indirectly, by all or substantially
all of the individuals or entities who, immediately prior to such acquisition, were the beneficial owners of the then outstanding
voting securities of the Company in substantially the same proportions, respectively, as their ownership immediately prior to the
acquisition of the stock and Voting Securities (collectively with (A), (B), and (C), the “Exempt Acquisitions”)

 

    	7

    	 

    

 

(ii)a “change in the effective
control” of the Company shall occur on the date any one person, or more than one person acting as a group, acquires (or has
acquired during the 12-month period ending on the date of the most recent acquisition by such person or persons) ownership of stock
of the Company possessing 30 percent or more of the total voting power of the stock of the Company; provided, however, that none
of the Exempt Acquisitions shall constitute a Change in Control;

 

 

(iii)a “change in the effective
control” of the Company shall occur on the date on which a majority of the members of the Company’s Board of Directors
is replaced during any 12 month period by directors whose appointment or election is not endorsed by a majority of the members
of the Company’s Board of Directors before the date of the appointment or election, as determined in accordance with Treasury
Regulations § 1.409A-3(i)(vi); and

 

(iv) a “change in the ownership
of a substantial portion of the assets” of the Company shall occur on the date on which any one person or more than one
person acting as a group, acquires (or has acquired during the 12 month period ending on the date of the most recent acquisition
by such person or persons), directly or indirectly, assets from the Company that have a total gross fair market value equal to
or more than 50% of the total gross fair market value of all of the assets of the Company immediately before such acquisition
or acquisitions, as determined in accordance with Treasury Regulation § 1.409A-3(i)(5) (viii); provided, however, a transfer
of assets shall not be treated as a “change in the ownership of a substantial portion of the assets” of the Company
when such transfer is made to an entity that is controlled by the shareholders of the Company, as determined in accordance with
Treasury Regulation § 1.409A-3(i)(5)(vii)(B).

 

(e)Payments; Compliance with
Section 409A of the Code. Notwithstanding anything herein to the contrary, if (i) the Executive is to receive payments or
benefits under Section 4 by reason of his separation from service (as such term is defined in Section 409A of the Code) other
than as a result of his death, (ii) the Executive is a “specified employee” within the meaning of Code Section 409A
for the period in which the payment or benefits would otherwise commence, and (iii) such payment or benefit would otherwise subject
the Executive to any tax, interest or penalty imposed under Section 409A of the Code (or any regulation promulgated thereunder)
if the payment or benefit would commence within six months of a termination of the Executive’s employment, then such payment
or benefit required under Section 4 shall not commence until the first day which is at least six months after the termination
of the Executive’s employment. Such payments or benefits, which would have otherwise been required to be made over such
six month period, shall be paid to the Executive in one lump sum payment or otherwise provided to the Executive as soon as administratively
feasible after the first day which is at least six months after the termination of the Executive’s employment. Thereafter,
the payments and benefits shall continue, if applicable, for the relevant period set forth in Section 4. Each severance installment
contemplated under Section 4 shall be treated as a separate payment in a series of separate payments under Treasury Regulation
Section 1.409A-2(b)(2)(iii). For purposes of this Agreement, all references to “termination of employment” and other
similar language shall be deemed to refer to the Executive’s “separation from service” as defined in Treasury
Regulation Section 1.409A-1(h). 

 

    	8

    	 

    

 

(f)Expiration of the Employment
Period. If the Agreement expires at the end of the Initial Term or any Renewal Term as a result of the issuance of a notice
or non-renewal by either the Executive or the Company as contemplated in Section 1, except as provided for in Section 4(d) in connection
with a Change in Control, the Company shall have no further obligations to the Executive other than the payment of the Accrued
Obligations and the Accrued Investments and the continuation of benefits under the Welfare Plans to the date of termination.

 

5.Full Settlement, Mitigation.
In no event shall the Executive be obligated to seek other employment or take any other action by way of mitigation of the amounts
payable to the Executive under any of the provisions of this Agreement and such amounts shall not be reduced whether or not the
Executive obtains other employment. Neither the Executive nor the Company shall be liable to the other party for any damages in
addition to the amounts payable under Section 4 arising out of the termination of the Executive’s employment prior to the
end of the Employment Period; provided, however, that the Company shall be entitled to seek damages for any breach of Sections
6, 7, 8, 10 or criminal misconduct.

 

6.Confidential Information.

 

(a)The Executive acknowledges that the
Company and their affiliates have trade, business and financial secrets and other confidential and proprietary information (collectively,
the “Confidential Information”). As defined herein, Confidential Information shall not include (i) information that
is known to other persons or entities generally, (ii) information required to be disclosed by the Executive pursuant to a subpoena
or court order, or pursuant to a requirement of a governmental agency or law of the United States of America or a state thereof
or any governmental or political subdivision thereof, and (iii) information that the Executive possessed on or prior to the Effective
Date.

 

(b)The Executive agrees (i) to hold such
Confidential Information in confidence and (ii) not to release such information to any person (other than Company employees and
other persons to whom the Company has authorized the Executive to disclose such information and then only to the extent that such
Company employees and other persons authorized by the Company have a need for such knowledge or to the Executive’s attorneys,
accountants and personal representatives for purposes of representing the Executive).

 

(c)The Executive further agrees not to
use any Confidential Information for the benefit of any person or entity other than the Company or as authorized by the Company.

 

    	9

    	 

    

 

(d)As used in this Section 6 and in Sections
7, 8 and 10, “Company” shall include the Company and any of its subsidiaries.

 

7.Surrender of Materials Upon
Termination. Upon any termination of the Executive’s employment, the Executive shall immediately return to the Company
all copies, in whatever form, of any and all Confidential Information and other properties of the Company and their affiliates
which are in the Executive’s possession custody or control and shall cause any third parties to whom he has entrusted such
information whether or not in compliance with Section 6, to return such information to the Company.

 

8.Non-Competition. During
the Employment Period, the Executive will not, without the Company’s express written consent, engage in any other employment
or business activity directly related to the business in which the Company is at the time involved or actively considering becoming
involved, nor will the Executive engage in any other activities which conflict with his obligations to the Company except as provided
in Section 2(a)(ii) above. During the Employment Period and (a) in the case of termination by the Company for Cause or termination
by the Executive without Good Reason, for one year after the Date of Termination, (x) directly or indirectly, either as principal,
agent, employee, consultant, officer, director, stockholder, or in any other capacity, engage in or have a financial interest in,
any business, or the relevant division or subsidiary of any such business, which is competitive with the business of the Company
or any of its subsidiaries or affiliates, provided, however, that the Executive’s ownership of not more than two percent
(2%) of the outstanding stock of a publicly traded company shall not be prohibited by this clause (x); (y) induce employees of
the Company or any of its subsidiaries or affiliates to join with the Executive in any capacity, direct or indirect, in any business
in which the Executive may be or become interested whether or not competitive with the Company; or (z) solicit customers of the
Company. If any restriction set forth in this Section is found by any court of competent jurisdiction to be unenforceable cause
it extends for too long a period of time or over too great a range of activities or in too broad a geographic areas, it shall be
interpreted to extend only over the maximum period of time, range of activities or geographic areas as to which it may be enforceable.

 

9.Effect of Agreement on Other
Benefits. The existence of this Agreement shall not prohibit or restrict the Executive’s entitlement to full participation
in the executive compensation, employee benefit and other plans or programs appertaining to his position in accordance with any
policy or practice established by the Board.

 

    	10

    	 

    

 

10.Ownership and Disclosure of
Information, Ideas, Concepts, Improvements, Discoveries and Inventions, and All Original Works of Authorship. All information,
ideas, concepts, improvements, discoveries and inventions, whether patentable or not, which are conceived, made, developed or acquired
by the Company or which are created by the Executive in the course and scope of his employment or which are disclosed or made known
to the Executive, individually or in conjunction with others, during the Executive’s employment by the Company whether during
or outside of usual working hours, and whether on the Company’s premises or not, and which relate to the Company’s
past, present or reasonably anticipated business, products or services (including all such information relating to research, formulations,
processes, computer programs, simulations, and data bases, manufacturing techniques, designs, financial and sales models and other
data, pricing and trading terms, evaluations, opinions, interpretations, the identity of customers or their requirements or of
key contacts within the customer’s organizations, or marketing and merchandising techniques), operating and acquisition strategies,
are and shall be (insofar s the Executive is concerned) the sole and exclusive property of the Company. Moreover, all drawings,
memoranda, notes, records, files, correspondence, manuals, models, specifications, computer programs, maps and all other writings
or materials of any type embodying any of such information, ideas, concepts, improvements, discoveries and inventions are and shall
be (insofar the Executive is concerned) the sole and exclusive property of the Company.

 

11.Indemnification. The
Company shall indemnify and hold harmless the Executive from and against all liabilities and expenses (including amounts paid in
satisfaction of judgments, in compromise, as fines and penalties, and as counsel fees) (collectively, “Losses”) incurred
by the Executive in connection with the investigation, defense or disposition of any action, suit or other proceeding in which
the Executive may be involved or with which the Executive may be threatened (whether arising out of or relating to matters asserted
by third parties or incurred or sustained by the Executive in the absence of a third-party claim), by reason of his being a director,
officer or employee of the Company or of any subsidiary or affiliate of the Company, or that arises out of or results from any
act taken, or any failure to act, by the Executive which was, in his good faith judgment, in the best interests of the Company,
whether within the course of performance of his duties or otherwise; provided, however, that the Company shall not be required
to indemnify or hold the Executive harmless from any Losses which arise out of or result from the Executive’s gross negligence
or willful misconduct or any other action or non-action that would constitute a basis for termination for cause by the Company
pursuant to Section 3(b).

 

12. Compliance with Code Section
409A. It is intended that any expense reimbursement made under this Agreement shall be exempt from Code Section
409A. Notwithstanding the foregoing, if any expense reimbursement shall be determined to be “deferred compensation”
within the meaning of Code Section 409A, including, without limitation, any reimbursement under Sections 2(b)(v) or 4(a), then
the reimbursement shall be made to the Executive as soon as practicable after submission of the reimbursement request, but no later
than December 31 of the year following the year during which the expense was incurred.

 

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13.Miscellaneous.

 

(a)This Agreement shall be governed by and construed
in accordance with the laws of the State of New York without regard to such states conflict of laws principles. For all actions
or proceedings arising under, or relating to, this Agreement, the parties unconditionally and irrevocably consent to the personal
jurisdiction of the courts of the State of New York situated in Nassau County, and agree not to commence any such action in any
other courts. The captions of this Agreement are not part of the provisions hereof and shall have no force or effect. Whenever
the terms “hereof”, “hereby”, “herein”, or words of similar import are used in this Agreement,
they shall be construed as referring to this Agreement in its entirely rather than to a particular section or provision, unless
the context specifically indicates to the contrary. Any reference to a particular “Section” or “paragraph”
shall be construed as referring to the indicated section or paragraph of this Agreement unless the context indicates to the contrary.
The use of the term “including” herein shall be construed as meaning “including without limitation.” This
Agreement may not be amended or modified otherwise than by a written agreement executed by the parties hereto or their respective
successors and legal representatives.

 

(b)All notices, requests, consents, and
other communications under this Agreement shall be in writing and shall be delivered by hand, overnight courier or given by electronic
facsimile transmission or mailed by first class, certified mail, return receipt requested, postage prepaid, addressed as follows:

 

	 	If to the Executive:	 	Mr. Andrew Kaminsky
	 	 	 	4 Edgewood Drive
	 	 	 	Rye Brook, New York  10573
	 	 	 	Mobile Telephone No.:  (917) 842-2591
	 	 	 	 
	 	 	 	 
	 	If to the Company:	 	Aeroflex Incorporated
	 	 	 	35 South Service Road
	 	 	 	P.O. Box 6022
	 	 	 	Plainview, New York  11803-0622
	 	 	 	Attention:  General Counsel
	 	 	 	Telecopier No.:  (516)  694-4823
	 	 	 	Telephone No.:  (516)  694-6700
	 	 	 	 
	 	with a copy to:	 	Moomjian, Waite & Coleman, LLP.
	 	 	 	100 Jericho Quadrangle, Suite 225
	 	 	 	Jericho, New York  11753
	 	 	 	Attention: Kevin W. Waite, Esq.
	 	 	 	 
	 	 	 	Telephone No.:  (516) 937-5050

  

or to such other address as either party shall have furnished
to the other in writing in accordance herewith. Notice and communications shall be effective when actually received by the addressee.

 

(c)If any provision of this Agreement is held to be
illegal, invalid or unenforceable under present or future laws effective during the term of this Agreement, such provision shall
be fully severable; this Agreement shall be construed and enforced as if such illegal, invalid or unenforceable provision had never
comprised a portion of this Agreement; and the remaining provisions of this Agreement shall remain in full force and effect and
shall not be affected by the illegal, invalid or unenforceable provision or by its severance from this Agreement.

 

    	12

    	 

    

 

(d)The Company may withhold from any amounts payable
under this Agreement such Federal, state or local taxes as shall be required to be withheld pursuant to any applicable law or regulation.

 

(e)The Executive’s or the Company’s failure
to insist upon strict compliance with any provision of this Agreement or the failure to assert any right the Executive or the Company
may have hereunder shall not be deemed to be a waiver of such provision or right or any other provision or right of this Agreement.

 

(f)The Executive acknowledges that money damages would
be both incalculable and an insufficient remedy for a breach of Sections 6, 7, 8 and 10 by the Executive and that any such breach
would cause the Company irreparable harm. Accordingly, the Company, in addition to any other remedies at law or in equity it may
have, including a claim for damages, shall be entitled to seek equitable relief, including injunctive relief and specific performance,
in connection with a breach of Sections 6, 7, 8 and 10 by the Executive.

 

(g)The provisions of this Agreement constitute the complete
understanding and agreement, and supersede and entirely replace any other agreement, between the parties with respect to the subject
matter hereof.

 

(h)This Agreement may be executed in two or more counterparts.

 

(i)As used in this Agreement, “affiliate”
means, with respect to a person, any other person controlling, controlled by or under common control with the first person; the
term “Control”, and correlative terms, means the power, whether by contract, equity ownership or otherwise, to direct
the policies or management of a person; and “person” means an individual, partnership, corporation, limited liability
company, trust or unincorporated organization, or a government or agency or political subdivision thereof.

 

(j)This Agreement is personal to the Executive and without
the prior written consent of the Company shall not be assignable by the Executive otherwise than by will or the laws of descent
and distribution. This Agreement shall inure to the benefit of and be enforceable by the Executive’s heirs, successors, estate
and legal representatives. This Agreement shall inure to the benefit of and be binding upon the Company and its successors and
assigns.

 

(k)The Company will require any successor (whether direct
or indirect, by purchase, merger, consolidation or otherwise) to all or substantially all of the business and/or assets of the
Company to assume expressly and agree to perform this Agreement in the same manner and to the same extent that the Company would
be required to perform it if no such succession had taken place. As used in this Agreement, “Company” shall mean the
Company as hereinbefore defined, its parent, Aeroflex Holding Corp., and any successor to its business and/or assets as aforesaid
which assumes and agrees to perform this Agreement by operation of law, or otherwise.

 

    	13

    	 

    

 

IN WITNESS WHEREOF, the Executive has hereunto
set the Executive’s hand and, pursuant to the authorization from the Board, the Company has caused this Agreement to be executed
in its name on its behalf, all as of the day and year first above written.

 

 

	 	EXECUTIVE:	 
	 	 	 	 
	 	 	 	 
	 	 /s/ Andrew F. Kaminsky	 
	 	 Andrew F. Kaminsky	 
	 	 	 	 
	 	 	 	 
	 	AEROFLEX INCORPORATED	 
	 	 	 
	 	 	 
	 	By: /s/ Leonard Borow	 
	 	 	Leonard Borow, President, 
 Chief Executive Officer	 
	 	 	 	 

 

 

    	14

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