Document:

EXHIBIT 10.4

  

NON-COMPETITION AND NON-SOLICITATION
AGREEMENT

THIS NON-COMPETITION
AND NON-SOLICITATION AGREEMENT (this “Agreement”) is being executed and delivered as of March 10, 2020,
by the undersigned security holder of the Company (as defined below) (the “Subject Party”) in favor of
and for the benefit of Lion Group Holding Ltd., a Cayman Islands exempted company (“Pubco”), Proficient
Alpha Acquisition Corp., a Nevada corporation (together with its successors, including the Surviving Corporation (as defined
in the Business Combination Agreement) “Purchaser”), Lion Financial Group Limited, a corporation
organized under the laws of the British Virgin Islands (the “Company”), and each of Pubco’s, Purchaser’s
and/or the Company’s respective present and future Affiliates, successors and direct and indirect Subsidiaries (collectively
with Pubco, Purchaser and the Company, the “Covered Parties”). Any capitalized term used, but not defined
in this Agreement will have the meaning ascribed to such term in the Business Combination Agreement.

WHEREAS, on or about
the date hereof, (i) Purchaser, (ii) Shih-Chung Chou, in the capacity as the Purchaser Representative thereunder, (iii) Pubco,
(iv) Lion MergerCo 1, Inc., a Delaware corporation and a wholly-owned subsidiary of Pubco (“Merger Sub”),
(v) the Company, (vi) Wang Jian and Legend Success Ventures Limited, each in the capacity thereunder as the Seller Representative,
and (vii) the shareholders of the Company named as Sellers therein (the “Sellers”), entered into that
certain Business Combination Agreement (as amended from time to time in accordance with the terms thereof, the “Business
Combination Agreement”), pursuant to which, subject to the terms and conditions thereof, among other matters, (a)
Merger Sub will merge with and into Purchaser, with Purchaser continuing as the surviving entity (the “Merger”),
and as a result of which, (i) Purchaser will become a wholly-owned subsidiary of Pubco, and (ii) each issued and outstanding security
of Purchaser immediately prior to the effective time of the Merger will no longer be outstanding and will automatically cancelled,
in exchange for the right of the holder thereof to receive a substantially equivalent security of Pubco, and (b) Pubco will acquire
all of the issued and outstanding Company Shares from the Sellers in exchange for ordinary shares of Pubco (the “Share
Exchange” and, collectively with the Merger and the other transactions contemplated by the Business Combination Agreement,
the “Transactions”), subject to the withholding of the Escrow Shares being deposited in the Escrow Account
in accordance with the terms and conditions of the Business Combination Agreement and the Escrow Agreement, all upon the terms
and subject to the conditions set forth in the Business Combination Agreement and in accordance with the provisions of applicable
law;

WHEREAS, the Company
(and after the consummation of the Transactions, Pubco), directly and indirectly through its Subsidiaries, engages in the business
of providing contract-for-difference trading service, insurance brokerage service, futures brokerage service, securities brokerage
service and asset management service based in the Cayman Islands and Hong Kong (the “Business”);

WHEREAS, in connection
with, and as a condition to the execution and delivery of the Business Combination Agreement and the consummation of the Transactions,
and to enable Pubco and Purchaser to secure more fully the benefits of the Transactions, including the protection and maintenance
of the goodwill and confidential information of the Company, Pubco and their respective Subsidiaries, each of Pubco and Purchaser
has required that the Subject Party enter into this Agreement;

WHEREAS, the Subject
Party is entering into this Agreement in order to induce Pubco, Purchaser and the Company to enter into the Business Combination
Agreement and consummate the Transactions, pursuant to which the Subject Party will directly or indirectly receive a material benefit;
and

WHEREAS, the Subject
Party, as a former and/or current shareholder, director, officer and/or employee of the Company or its Subsidiaries (and after
the Transactions, Pubco), has contributed to the value of the Company and its Subsidiaries and has obtained extensive and valuable
knowledge and confidential information concerning the business of the Company and its Subsidiaries (and after the Transactions,
Pubco).

 

    	 	 (1)	 

    	 	 	 

    

 

NOW, THEREFORE,
in order to induce Pubco, Purchaser and the Company to enter into the Business Combination Agreement and consummate the Transactions,
and for other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the Subject Party hereby
agrees as follows:

1.                  
Restriction on Competition.

(a)               
Restriction. The Subject Party hereby agrees that during the period from the Closing until the three (3) year anniversary
of the Closing Date (such period, the “Restricted Period”), the Subject Party will not, and will cause
its Affiliates not to, without the prior written consent of Pubco (which may be withheld in its sole discretion), anywhere in the
Cayman Islands, the British Virgin Islands, Hong Kong, Singapore, and People’s Republic of China or in any other markets
in which the Covered Parties are engaged in the Business as of the Closing Date or during the Restricted Period (the “Territory”),
directly or indirectly engage in the Business (other than through a Covered Party) or own, manage, finance or control, or become
engaged or serve as an officer, director, member, partner, employee, agent, consultant, advisor or representative of, a business
or entity (other than a Covered Party) that engages in the Business (a “Competitor”). Notwithstanding
the foregoing, the Subject Party and its Affiliates may own passive investments of no more than three percent (3%) of the total
issued and outstanding equity interests of a Competitor that is publicly traded, so long as the Subject Party and its Affiliates
and immediate family members are not directly or indirectly involved in the management or control of such Competitor (“Permitted
Ownership”).

(b)               
Acknowledgment. The Subject Party acknowledges and agrees, based upon the advice of legal counsel and/or the Subject
Party’s own education, experience and training, that (i) the Subject Party possesses knowledge of confidential information
of the Covered Parties and the Business, (ii) the Subject Party’s execution of this Agreement is a material inducement to
Purchaser, Pubco and the Company to enter into the Business Combination Agreement and consummate the Transactions and to realize
the goodwill of the Company and its Subsidiaries, for which the Subject Party and/or its Affiliates will receive a substantial
direct or indirect financial benefit, and that Purchaser, Pubco and the Company would not have entered into the Business Combination
Agreement or consummated the Transactions but for the Subject Party’s agreements set forth in this Agreement; (iii) it would
impair the goodwill of the Covered Parties and reduce the value of the assets of the Covered Parties and cause serious and irreparable
injury if the Subject Party and/or its Affiliates were to use their ability and knowledge by engaging in the Business in competition
with a Covered Party, and/or to otherwise breach the obligations contained herein and that the Covered Parties would not have an
adequate remedy at law because of the unique nature of the Business, (iv) the Subject Party and its Affiliates have no intention
of engaging in the Business (other than through the Covered Parties) during the Restricted Period other than through Permitted
Ownership, (v) the relevant public policy aspects of restrictive covenants, covenants not to compete and non-solicitation provisions
have been discussed, and effort has been made to limit the restrictions placed upon the Subject Party to those that are reasonable
and necessary to protect the Covered Parties’ legitimate interests, (vi) the Covered Parties conduct and intend to conduct
the Business in the Territory and compete with other businesses that are or could be located in any part of the Territory, (vii)
the foregoing restrictions on competition are fair and reasonable in type of prohibited activity, geographic area covered, scope
and duration, (viii) the consideration provided to the Subject Party under this Agreement and the Business Combination Agreement
is not illusory, and (ix) such provisions do not impose a greater restraint than is necessary to protect the goodwill or other
business interests of the Covered Parties.

 

    	 	 (2)	 

    	 	 	 

    

 

2.                  
No Solicitation; No Disparagement.

(a)               
No Solicitation of Employees and Consultants. The Subject Party agrees that, during the Restricted Period, the Subject
Party will not, and will not permit its Affiliates to, without the prior written consent of Pubco (which may be withheld in its
sole discretion), either on its own behalf or on behalf of any other Person (other than, if applicable, a Covered Party in the
performance of the Subject Party’s duties on behalf of the Covered Parties), directly or indirectly: (i) hire or engage as
an employee, independent contractor, consultant or otherwise any Covered Personnel (as defined below); or (ii) solicit, induce,
encourage or otherwise knowingly cause (or knowingly attempt to do any of the foregoing) any Covered Personnel to leave the service
(whether as an employee, consultant or independent contractor) of any Covered Party; provided, however, the Subject
Party and its Affiliates will not be deemed to have violated this Section 2(a) if any Covered Personnel voluntarily and
independently solicits an offer of employment from the Subject Party or its Affiliate (or other Person whom any of them is acting
on behalf of) by responding to a general advertisement or solicitation program conducted by or on behalf of the Subject Party or
its Affiliate (or such other Person whom any of them is acting on behalf of) that is not targeted at such Covered Personnel or
Covered Personnel generally, so long as such Covered Personnel is not hired. For purposes of this Agreement, “Covered
Personnel” shall mean any Person who is or was an employee, consultant or independent contractor of a Covered Party
between the date of this Agreement and the end of the Restricted Period, excluding with respect to consultants and independent
contractors any professional service providers.

(b)               
Non-Solicitation of Customers and Suppliers. The Subject Party agrees that, during the Restricted Period, the Subject
Party will not, and will not permit its Affiliates to, without the prior written consent of Pubco (which may be withheld in its
sole discretion), individually or on behalf of any other Person (other than, if applicable, a Covered Party in the performance
of the Subject Party’s duties on behalf of the Covered Parties), directly or indirectly: (i) solicit, induce, encourage or
otherwise knowingly cause (or knowingly attempt to do any of the foregoing) any Covered Customer (as defined below) to (A) cease
being a client or customer of any Covered Party with respect to the Business or (B) reduce the amount of business of such Covered
Customer with any Covered Party, or otherwise alter such business relationship in a manner adverse to any Covered Party, in either
case, with respect to or relating to the Business; (ii) interfere with or disrupt (or knowingly attempt to interfere with or disrupt)
the contractual relationship between any Covered Party and any Covered Customer; (iii) divert any business with any Covered Customer
relating to the Business from a Covered Party; (iv) solicit for business, provide services to, engage in or do business with, any
Covered Customer for products or services that are part of the Business; or (v) interfere with or disrupt (or knowingly attempt
to interfere with or disrupt), any Person (other than the Subject Party) that was a vendor, supplier, distributor, agent or other
service provider of a Covered Party at the time of such interference or disruption, for a purpose competitive with a Covered Party
as it relates to the Business. For purposes of this Agreement, a “Covered Customer” shall mean any Person
(other than the Subject Party) who is or was an actual customer or client of a Covered Party between the date of this Agreement
(including any customers or clients that used a Covered Party’s services during the one (1) year period prior thereto) and
the end of the Restricted Period.

(c)               
Non-Disparagement. The Subject Party agrees that from and after the Closing until the end of the Restricted Period,
the Subject Party will not, and will not permit its Affiliates to, directly or indirectly engage in publicly making or publishing
(including through electronic mail distribution or online social media) of any written or oral statements or remarks (including
the repetition or distribution of derogatory rumors, allegations, negative reports or comments) that are disparaging, deleterious
or damaging to the integrity or reputation of one or more Covered Parties or their respective management or officers. Notwithstanding
the foregoing, subject to Section 3 below, the provisions of this Section 2(c) shall not restrict the Subject Party
from providing truthful testimony or information in response to a subpoena or investigation by a Governmental Authority or in connection
with any legal action, arbitration or other similar proceedings between the Subject Party or its Affiliate and any Covered Party
under this Agreement, the Business Combination Agreement, any other Ancillary Document or other matters that is asserted by the
Subject Party or its Affiliate in good faith.

 

    	 	 (3)	 

    	 	 	 

    

 

3.                  
Confidentiality. During the Restricted Period and for a period of two (2) years thereafter, the Subject Party will,
and will cause its Representatives to, keep confidential and not (except, as required by applicable Law (subject to the provisions
of this Section 3 below) or, if applicable, in the performance of the Subject Party’s duties on behalf of the Covered
Parties) directly or indirectly use, disclose, reveal, publish or provide access to, any and all Covered Party Information without
the prior written consent of Pubco (which may be withheld in its sole discretion). As used in this Agreement, “Covered
Party Information” means all material and information relating to the business, affairs and assets of any Covered
Party, including material and information that concerns or relates to such Covered Party’s bidding and proposal, technical
information, computer hardware or software, administrative, management, operational, data processing, financial, marketing, sales,
human resources, business development, planning and/or other business activities, regardless of whether such material and information
is maintained in physical, electronic, or other form, that is: (A) gathered, compiled, generated, produced or maintained by such
Covered Party through its Representatives, or provided to such Covered Party by its suppliers, service providers, customers or
other third parties; and (B) intended and maintained by such Covered Party or its Representatives, suppliers, service providers,
customers or other third parties to be kept in confidence; provided that Covered Party Information shall not include any information
that: (i) is known or available through other lawful sources not bound by a confidentiality agreement with, or other confidentiality
obligation to, any Covered Party; (ii) is or becomes publicly known through no violation of this Agreement or other non-disclosure
obligation of the Subject Party or any of its Representatives; (iii) is already in the possession of the Subject Party at the time
of disclosure through lawful sources not bound by a confidentiality agreement or other confidentiality obligation; (iv) is developed
independently by the Subject Party without use of or reference to any Covered Party Information; (v) relates solely to the Subject
Party and other than in his capacity as a director, officer or equity holder of a Covered Party, or (v) is required to be disclosed
pursuant to an order of any administrative body or court or any other Governmental Authority of competent jurisdiction (provided
that (A) to the extent legally permitted, the applicable Covered Party is given reasonable prior written notice, (B) the Subject
Party cooperates (and causes its Representatives to cooperate) with any reasonable request of any Covered Party to seek to prevent
or narrow such disclosure at the Covered Party’s cost and (C) if after compliance with clauses (A) and (B) such disclosure
is still required, the Subject Party and its Representatives only disclose such portion of the Covered Party Information that is
expressly required by such order, as it may be subsequently narrowed).

4.                  
Representations and Warranties. The Subject Party hereby represents and warrants, to and for the benefit of the Covered
Parties as of the date of this Agreement and as of the Closing Date, that: (a) the Subject Party has full power and capacity to
execute and deliver, and to perform all of the Subject Party’s obligations under, this Agreement; and (b) neither the execution
and delivery of this Agreement nor the performance of the Subject Party’s obligations hereunder will result directly or indirectly
in a violation or breach of any agreement or obligation by which the Subject Party is a party or otherwise bound. By entering into
this Agreement, the Subject Party certifies and acknowledges that the Subject Party has carefully read all of the provisions of
this Agreement, and that the Subject Party voluntarily and knowingly enters into this Agreement.

5.                  
Remedies. The covenants and undertakings of the Subject Party contained in this Agreement relate to matters which are
of a special, unique and extraordinary character and a violation of any of the terms of this Agreement may cause irreparable injury
to the Covered Parties, the amount of which may be impossible to estimate or determine and which cannot be adequately compensated.
The Subject Party agrees that, in the event of any breach or threatened breach by the Subject Party of any covenant or obligation
contained in this Agreement, each applicable Covered Party will be entitled to obtain the following remedies (in addition to, and
not in lieu of, any other remedy at law or in equity or pursuant to the Business Combination Agreement or the other Ancillary Documents
that may be available to the Covered Parties, including monetary damages), and a court of competent jurisdiction may award: (i)
an injunction, restraining order or other equitable relief restraining or preventing such breach or threatened breach, without
the necessity of proving actual damages or that monetary damages would be insufficient or posting bond or security, which the Subject
Party expressly waives; and (ii) recovery of the Covered Party’s attorneys’ fees and costs reasonably incurred in enforcing
the Covered Party’s rights under this Agreement. The Subject Party hereby acknowledges and agrees that in the event of any
breach of this Agreement, any value attributed or allocated to this Agreement (or any other non-competition agreement with the
Subject Party) under or in connection with the Business Combination Agreement shall not be considered a measure of, or a limit
on, the damages of the Covered Parties.

 

    	 	 (4)	 

    	 	 	 

    

 

6.                  
Survival of Obligations. The expiration of the Restricted Period will not relieve the Subject Party of any obligation
or liability arising from any breach by the Subject Party of this Agreement during the Restricted Period. The Subject Party further
agrees that the time period during which the covenants contained in Sections 1, 2 and 3 of this Agreement
will be effective will be computed by excluding from such computation any time during which the Subject Party is in violation of
any provision of such Sections.

7.                  
Miscellaneous.

(a)               
Notices. All notices, consents, waivers and other communications hereunder shall be in writing and shall be deemed
to have been duly given when delivered (i) in person, (ii) by facsimile or other electronic means, with affirmative confirmation
of receipt, (iii) one Business Day after being sent, if sent by reputable, nationally recognized overnight courier service or (iv)
three (3) Business Days after being mailed, if sent by registered or certified mail, pre-paid and return receipt requested, in
each case to the applicable party at the following addresses (or at such other address for a party as shall be specified by like
notice):

	
        If to Purchaser prior to the Closing,
        to:

        Proficient Alpha Acquisition Corp.

        40 Wall Street, 29th Floor

        New York, NY 10005

        Attn: Kin Sze, Co-Chief Executive Officer

        Telephone No.: (917) 289-0932

        Email: stephen@paac-us.com
	
        with a copy (that will not constitute
        notice) to: 

        Ellenoff Grossman & Schole LLP

        1345 Avenue of the Americas, 11th Floor

        New York, New York 10105, USA

        Attn:Barry I. Grossman, Esq.

        Matthew A. Gray, Esq.

        Facsimile No.: (212) 370-7889

        Telephone No.: (212) 370-1300

        Email:bigrossman@egsllp.com

        mgray@egsllp.com

	
        If to the Company or Pubco prior to the
        Closing, to:

        Lion Financial Group Limited

        Unit A-C, 33/F, Tower A, Billion Center, 1 Wang Kwong Road, Kowloon Bay, Hong Kong

        Attention: Wang Jian / Wilson Wang / Rover Luo / Alex Lee

        Facsimile No.:  +852 2796 2338

        Telephone No.:  +852 2820 9088 / +852 9690 0900 / +852 2820 9001 / +852 2820 9099

        Email:  *** / *** / rover.luo@libkr.com
        / alex.lee@libkr.com
	
        with a copy (that will not constitute
        notice) to: 

        Kirkland & Ellis LLP

        601 Lexington Avenue

        New York, NY 10022

        Attn: James Hu; Christian Nagler

        Facsimile No.: +1 (212) 446-6460

        Telephone No.: +1 (212) 909-3341

        Email:james.hu@kirkland.com;

        cnagler@kirkland.com

        and

        Kirkland & Ellis International LLP

        26th Floor, Gloucester Tower, The Landmark

        15 Queen's Road Central

        Hong Kong

        Attn: Ben James

        Facsimile No.: 852-3761-3301

        Telephone No.: +852-3761-3412

        Email: ben.james@kirkland.com

	
        If to Purchaser, Pubco, the Company or
        any other Covered Party from or after the Closing, to:

        Lion Financial Group Limited

        Unit A-C, 33/F, Tower A, Billion Center, 1 Wang Kwong Road, Kowloon Bay, Hong Kong

        Attention: Wang Jian / Wilson Wang / Rover Luo / Alex Lee

        Facsimile No.:  +852 2796 2338

        Telephone No.:  +852 2820 9088 / +852 9690 0900 / +852 2820 9001 / +852 2820 9099

        Email:  *** / *** / rover.luo@libkr.com
        / alex.lee@libkr.com
	
        with a copy (that will not constitute
        notice) to: 

        Kirkland & Ellis LLP

        601 Lexington Avenue

        New York, NY 10022

        Attn: James Hu; Christian Nagler

        Facsimile No.: +1 (212) 446-6460

        Telephone No.: +1 (212) 909-3341

        Email:james.hu@kirkland.com;

        cnagler@kirkland.com

        and

        Kirkland & Ellis International LLP

        26th Floor, Gloucester Tower, The Landmark

        15 Queen's Road Central

        Hong Kong

        Attn: Ben James

        Facsimile No.: 852-3761-3301

        Telephone No.: +852-3761-3412

        Email: ben.james@kirkland.com

	If to the Subject Party, to: 

the address below the Subject Party’s name on the signature page to this Agreement.

    	 	 (5)	 

    	 	 	 

    

 

(b)               
Integration and Non-Exclusivity. This Agreement, the Business Combination Agreement and the other Ancillary Documents
contain the entire agreement between the Subject Party and the Covered Parties concerning the subject matter hereof. Notwithstanding
the foregoing, the rights and remedies of the Covered Parties under this Agreement are not exclusive of or limited by any other
rights or remedies which they may have, whether at law, in equity, by contract or otherwise, all of which will be cumulative (and
not alternative). Without limiting the generality of the foregoing, the rights and remedies of the Covered Parties, and the obligations
and liabilities of the Subject Party and its Affiliates, under this Agreement, are in addition to their respective rights, remedies,
obligations and liabilities (i) under the laws of unfair competition, misappropriation of trade secrets, or other requirements
of statutory or common law, or any applicable rules and regulations and (ii) otherwise conferred by contract, including the Business
Combination Agreement and any other written agreement between the Subject Party or its Affiliate and any of the Covered Parties.
Nothing in the Business Combination Agreement will limit any of the obligations, liabilities, rights or remedies of the Subject
Party or the Covered Parties under this Agreement, nor will any breach of the Business Combination Agreement or any other agreement
between the Subject Party or its Affiliate and any of the Covered Parties limit or otherwise affect any right or remedy of the
Covered Parties under this Agreement. If any term or condition of any other agreement between the Subject Party or its Affiliate
and any of the Covered Parties conflicts or is inconsistent with the terms and conditions of this Agreement, the more restrictive
terms will control as to the Subject Party or its Affiliate, as applicable.

(c)               
Severability; Reformation. Each provision of this Agreement is separable from every other provision of this Agreement.
If any provision of this Agreement is found or held to be invalid, illegal or unenforceable, in whole or in part, by a court of
competent jurisdiction, then (i) such provision will be deemed amended to conform to applicable laws so as to be valid, legal and
enforceable to the fullest possible extent, (ii) the invalidity, illegality or unenforceability of such provision will not affect
the validity, legality or enforceability of such provision under any other circumstances or in any other jurisdiction, and (iii)
the invalidity, illegality or unenforceability of such provision will not affect the validity, legality or enforceability of the
remainder of such provision or the validity, legality or enforceability of any other provision of this Agreement. The Subject Party
and the Covered Parties will substitute for any invalid, illegal or unenforceable provision a suitable and equitable provision
that carries out, so far as may be valid, legal and enforceable, the intent and purpose of such invalid, illegal or unenforceable
provision. Without limiting the foregoing, if any court of competent jurisdiction determines that any part hereof is unenforceable
because of the duration, geographic area covered, scope of such provision, or otherwise, such court will have the power to reduce
the duration, geographic area covered or scope of such provision, as the case may be, and, in its reduced form, such provision
will then be enforceable. The Subject Party will, at a Covered Party’s request, join such Covered Party in requesting that
such court take such action.

(d)               
Amendment; Waiver. This Agreement may not be amended or modified in any respect, except by a written agreement executed
by the Subject Party, Pubco, Purchaser and, from and after the Closing, a majority of the Disinterested Independent Directors (or
their respective permitted successors or assigns). No waiver will be effective unless it is expressly set forth in a written instrument
executed by the waiving party (and from and after the Closing if such waiving party is a Covered Party, a majority of the Disinterested
Independent Directors) and any such waiver will have no effect except in the specific instance in which it is given. Any delay
or omission by a party in exercising its rights under this Agreement, or failure to insist upon strict compliance with any term,
covenant, or condition of this Agreement will not be deemed a waiver of such term, covenant, condition or right, nor will any waiver
or relinquishment of any right or power under this Agreement at any time or times be deemed a waiver or relinquishment of such
right or power at any other time or times.

(e)               
Governing Law; Dispute Resolution. This Agreement shall be governed by, construed and enforced in accordance with
the laws of Hong Kong Special Administrative Region without regard to the conflict of laws principles thereof. Any dispute, controversy,
difference or claim arising out of or relating to this Agreement, including the existence, validity, interpretation, performance,
breach or termination hereof or any dispute regarding non-contractual obligations arising out of or relating to it shall be referred
to and finally resolved by arbitration administered by the Hong Kong International Arbitration Centre (HKIAC) under the HKIAC Administered
Arbitration Rules in force when the Notice of Arbitration is submitted. The seat of arbitration shall be Hong Kong. The number
of arbitrators shall be three and the arbitration proceedings shall be conducted in Chinese (Mandarin).

    	 	 (6)	 

    	 	 	 

    

 

(f)                
Successors and Assigns; Third Party Beneficiaries. This Agreement will be binding upon the Subject Party, and will
inure to the benefit of the Covered Parties, and their respective successors and assigns. Each Covered Party may freely assign
any or all of its rights under this Agreement, at any time, in whole or in part, to any Person which acquires, in one or more transactions,
at least a majority of the equity securities (whether by equity sale, merger or otherwise) of such Covered Party or all or substantially
all of the assets of such Covered Party and its Subsidiaries, taken as a whole, without obtaining the consent or approval of the
Subject Party; provided that the obligations of the Subject Party hereunder are not expanded in any respect. The Subject Party
agrees that the obligations of the Subject Party under this Agreement are personal and will not be assigned by the Subject Party.
Each of the Covered Parties are express third party beneficiaries of this Agreement and will be considered parties under and for
purposes of this Agreement.

(g)               
Authorization to Act on Behalf of Covered Parties. The parties acknowledge and agree that from and after the Closing
the Disinterested Independent Directors, by a majority of the Disinterested Independent Directors, is authorized and shall have
the sole right to act on behalf of Pubco, Purchaser and the other Covered Parties under this Agreement, including the right to
enforce Pubco’s, Purchaser’s and the other Covered Parties’ rights and remedies under this Agreement. For purposes
of this Agreement, a “Disinterested Independent Director” means an independent director serving on Pubco's
board of directors at the applicable time of determination that is disinterested in this Agreement (i.e., such independent director
is not the Subject Party, an Affiliate of the Subject Party, or an officer, director, manager, employee, trustee or beneficiary
of the Subject Party or its Affiliate, nor an immediate family member of any of the foregoing). Without limiting the foregoing,
in the event that the Subject Party serves as a director, officer, employee or other authorized agent of a Covered Party, the Subject
Party shall have no authority, express or implied, to act or make any determination on behalf of a Covered Party in connection
with this Agreement or any dispute or Action with respect hereto.

(h)               
Construction. The Subject Party acknowledges that the Subject Party has been represented by counsel, or had the opportunity
to be represented by counsel of the Subject Party’s choice. Any rule of construction to the effect that ambiguities are to
be resolved against the drafting party will not be applied in the construction or interpretation of this Agreement. Neither the
drafting history nor the negotiating history of this Agreement will be used or referred to in connection with the construction
or interpretation of this Agreement. The headings and subheadings contained in this Agreement are for reference purposes only and
shall not affect in any way the meaning or interpretation of this Agreement. In this Agreement: (i) the words “include,”
“includes” and “including” when used herein shall be deemed in each case to be followed by the words “without
limitation”; (ii) the definitions contained herein are applicable to the singular as well as the plural forms of such terms;
(iii) whenever required by the context, any pronoun shall include the corresponding masculine, feminine or neuter forms, and the
singular form of nouns, pronouns and verbs shall include the plural and vice versa; (iv) the words “herein,” “hereto,”
and “hereby” and other words of similar import shall be deemed in each case to refer to this Agreement as a whole and
not to any particular Section or other subdivision of this Agreement; (v) the word “if” and other words of similar
import when used herein shall be deemed in each case to be followed by the phrase “and only if”; (vi) the term “or”
means “and/or”; (vii) any agreement or instrument defined or referred to herein or in any agreement or instrument that
is referred to herein means such agreement or instrument as from time to time amended, modified or supplemented, including by waiver
or consent and references to all attachments thereto and instruments incorporated therein; and (viii) the term “Affiliate”
as used in respect of the Subject Party does not include any of the Covered Parties.

(i)                
Counterparts. This Agreement may be executed in one or more counterparts, and by the different parties hereto in
separate counterparts, each of which when executed shall be deemed to be an original but all of which taken together shall constitute
one and the same agreement. A photocopy, faxed, scanned and/or emailed copy of this Agreement or any signature page to this Agreement,
shall have the same validity and enforceability as an originally signed copy.

 

    	 	 (7)	 

    	 	 	 

    

 

(j)                
Effectiveness. This Agreement shall be binding upon the Subject Party upon the Subject Party’s execution and
delivery of this Agreement, but this Agreement shall only become effective upon the consummation of the Transactions. In the event
that the Business Combination Agreement is validly terminated in accordance with its terms, this Agreement shall automatically
terminate and become null and void ab initio, and the parties shall have no obligations hereunder.

[Remainder of Page Intentionally
Left Blank; Signature Page Follows]

    	 	 (8)	 

    	 	 	 

    

 

IN WITNESS WHEREOF,
the undersigned has duly executed and delivered this Non-Competition and Non-Solicitation Agreement as of the date first written
above.

		 	 Subject Party:	 	 	 
	 	 	 	 	 	 
	 	 	Wang Chunning	 	 	 
	 	 	 	 	 	 
	 	 	By: /s/ Wang Chunning	 	 	 
	 	 	Name: Wang Chunning	 	 	 
	 	 	 	 	 	 
	 	 	 	 	 	 
	 	 	Address for Notice:			 
	 	 	 	 	 	 
	 	 	Address:	 	 	 
	 	 	 	 	 	 
	 	 	 	 	 	 
	 	 	 	 	 	 
	 	 	 	 	 	 
	 	 	Facsimile:	 	 	 
	 	 	 	 	 	 
	 	 	 	 	 	 
	 	 	Telephone:	 	 	 
	 	 	 	 	 	 
	 	 	 	 	 	 
	 	 	Email:	 	 	 
	 	 	 	 	 	 
	 	 	 	 	 	 

 

    	 	 (9)	 

    	 	 	 

    

 Acknowledged and accepted
as of the date first written above:

	Pubco:

	 
	 	 
	LION GROUP
        HOLDING LTD.

	 
	 	 
	By: /s/ Wang Jian	 
	Name: Wang Jian	 
	Title: Director	 

	Purchaser:	 
	 	 
	 PROFICIENT ALPHA ACQUISITION CORP.	 
	 	 
	By: /s/ Kin Sze	 
	Name: Kin Sze	 
	Title: Chief Executive Officer	 

 

	The Company:	 
	 	 
	 LION FINANCIAL GROUP LIMITED	 
	 	 
	By: /s/ Wang Jian	 
	Name: Wang Jian	 
	Title: DIrector	 

    	 	 (10)EXHIBIT 10.5  

 

SELLER
REGISTRATION RIGHTS AGREEMENT

THIS SELLER REGISTRATION
RIGHTS AGREEMENT (this “Agreement”) is entered into as of [●], 2020 by and among (i) Lion Group
Holding Ltd., a Cayman Islands exempted company (including any successor entity thereto, “Pubco”),
and (ii) the undersigned parties listed as “Investors” on the signature page hereto (each, an “Investor”
and collectively, the “Investors”).

WHEREAS,
on March 10, 2020, (i) Proficient Alpha Acquisition Corp., a Nevada corporation (the “Purchaser”), (ii)
Shih-Chung Chou, in the capacity as the Purchaser Representative thereunder (the “Purchaser Representative”),
(iii) Pubco, (iv) Lion MergerCo 1, Inc., a Delaware corporation and a wholly-owned subsidiary of Pubco (“Merger Sub”),
(v) Lion Financial Group Limited, a corporation organized under the laws of the British Virgin Islands (“Lion”),
(vi) Wang Jian and Legend Success Ventures Limited, each in the capacity thereunder as the Seller Representative, and (v) each
of the Investors entered into that certain Business Combination Agreement (as amended from time to time in accordance with the
terms thereof, the “Business Combination Agreement”);

WHEREAS,
pursuant to the Business Combination Agreement, subject to the terms and conditions thereof, upon the consummation of the transactions
contemplated thereby (the “Closing”), among other matters, (i) Merger Sub will merge with and into Purchaser,
with Purchaser continuing as the surviving entity and a wholly-owned subsidiary of Pubco, and with holders of Purchaser’s
securities receiving substantially equivalent securities of Pubco, and (ii) Pubco will acquire all of the issued and outstanding
capital shares of Lion from the Investors in exchange for the Exchange Shares, subject to the withholding of the Escrow Shares
being deposited in the Escrow Account in accordance with the terms and conditions of the Business Combination Agreement and the
Escrow Agreement, with Lion becoming a wholly-owned subsidiary of Pubco, all upon the terms and subject to the conditions
set forth in the Business Combination Agreement and in accordance with the provisions of applicable law;

WHEREAS,
in connection with the execution of the Business Combination Agreement, certain of the Investors (the “Lock-Up Investors”)
entered into a lock-up agreement with Pubco and the Purchaser Representative (each, as amended from time to time in accordance
with the terms thereof, a “Lock-Up Agreement”), pursuant to which each such Lock-Up Investor agreed not
to transfer its Pubco securities for a certain period of time after the Closing as stated in the Lock-Up Agreement or to transfer
their rights to the Escrow Shares while such shares are held in escrow under the Escrow Agreement; and

WHEREAS,
the parties desire to enter into this Agreement to provide the Investors with certain rights relating to the registration of the
Exchange Shares received by the Investors under the Business Combination Agreement, including any shares held in escrow as Escrow
Shares upon their release from escrow to the Investors and any additional Exchange Shares issued after the Closing pursuant to
Section 2.5 of the Business Combination Agreement.

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

1.                  
DEFINITIONS. Any capitalized term used but not defined in this Agreement will have the meaning ascribed to
such term in the Business Combination Agreement. The following capitalized terms used herein have the following meanings:

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

 

    	 	 (1)	 

    	 	 	 

    

 

“Business
Combination Agreement” is defined in the recitals to this Agreement.

“Closing”
is defined in the recitals to this Agreement.

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

“Demand
Registration” is defined in Section 2.1.1.

“Demanding
Holder” is defined in Section 2.1.1.

“Disinterested
Independent Director” means an independent director serving on Pubco’s board of directors at the applicable
time of determination that is disinterested in this Agreement (i.e., such independent director is not an Investor, an Affiliate
of an Investor, or an officer, director, manager, employee, trustee or beneficiary of an Investor or its Affiliate, nor an immediate
family member of any of the foregoing).

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

“Founder
Registration Rights Agreement” means that certain Registration Rights Agreement dated as of May 29, 2019 by and among
Purchaser, I-Bankers Securities, Inc. and the holders of “Registrable Securities” thereunder, as it is to be amended
at or prior to the Closing, including by the First Amendment to Registration Rights Agreement, and as it may further be amended
in accordance with the terms thereof.

“Founder
Securities” means those securities included in the definition of “Registrable Securities” specified in
the Founder Registration Rights Agreement.

“Indemnified
Party” is defined in Section 4.3.

“Indemnifying
Party” is defined in Section 4.3.

“Investor(s)”
is defined in the preamble to this Agreement, and include any transferee of the Registrable Securities (so long as they remain
Registrable Securities) of an Investor permitted under this Agreement and with respect to a Lock-Up Investor, its Lock-Up Agreement.

“Investor
Indemnified Party” is defined in Section 4.1.

“Lock-Up
Agreement” is defined in the recitals to this Agreement.

“Lock-Up
Investor” is defined in the recitals to this Agreement.

“Maximum
Number of Securities” is defined in Section 2.1.4.

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

“Pro
Rata” is defined in Section 2.1.4.

“Proceeding”
is defined in Section 6.9. 

“Pubco”
is defined in the preamble to this Agreement, and shall include Pubco’s successors by merger, acquisition, reorganization
or otherwise.

    	 	 (2)	 

    	 	 	 

    

 

“Purchaser”
is defined in the recitals to this Agreement.

“Purchaser
Representative” is defined in the recitals to this Agreement.

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

“Registrable
Securities” means the Class A Exchange Shares and any Pubco Class A Ordinary Shares issuable upon the exercise of
Class B Exchange Shares (including, in each case, any of such shares held in escrow as Escrow Shares pursuant to the Escrow Agreement
and any additional Exchange Shares (with respect to Class B Exchange Shares, only the Pubco Class A Ordinary shares issuable upon
the exercise of Class B Exchange Shares) issued after the Closing pursuant to Section 2.5 of the Business Combination Agreement).
Registrable Securities include any warrants, capital shares or other securities of Pubco issued as a dividend or other distribution
with respect to or in exchange for or in replacement of the foregoing securities. As to any particular Registrable Securities,
such securities shall cease to be Registrable Securities when: (a) a Registration Statement with respect to the sale of such securities
shall have become effective under the Securities Act and such securities shall have been sold, transferred, disposed of or exchanged
in accordance with such Registration Statement; (b) such securities shall have been otherwise transferred, new certificates for
them not bearing a legend restricting further transfer shall have been delivered by Pubco and subsequent public distribution of
them shall not require registration under the Securities Act; (c) such securities shall have ceased to be outstanding; or (d) such
securities are freely saleable under Rule 144 without volume limitations. Notwithstanding anything to the contrary contained herein,
a Person shall be deemed to be an “Investor holding Registrable Securities” (or words to that effect) under this Agreement
only if they are an Investor or a transferee of the applicable Registrable Securities (so long as they remain Registrable Securities)
of any Investor permitted under this Agreement, the Escrow Agreement and any applicable Lock-Up Agreement.

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

“Rule
144” means Rule 144 promulgated under the Securities Act.

“SEC”
means the United States Securities and Exchange Commission or any successor thereto.

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

“Short
Form Registration” is defined in Section 2.3.

“Specified
Courts” is defined in Section 6.9.

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

 

    	 	 (3)	 

    	 	 	 

    

 

2.                  
REGISTRATION RIGHTS.

2.1              
Demand Registration.

2.1.1         
Request for Registration. Subject to Section 2.4, at any time and from time to time after the Closing, Investors
holding a majority-in-interest of the Registrable Securities then issued and outstanding (for the avoidance of any doubt, throughout
this agreement, (i) such determination is based on the number of Registrable Securities held by the investors and not the voting
rights of those Registrable Securities, and (ii) Escrow Shares as held under the terms of the Escrow Agreement or other escrow
arrangements shall not be counted towards any majority-in-interest determination on behalf of the Investors under this Agreement)
may make a written demand for registration under the Securities Act of all or part of their Registrable Securities (a “Demand
Registration”). Any demand for a Demand Registration shall specify the number of Registrable Securities proposed
to be sold and the intended method(s) of distribution thereof. Within thirty (30) days following receipt of any request for a Demand
Registration, Pubco will notify all other Investors holding Registrable Securities of the demand, and each Investor holding Registrable
Securities who wishes to include all or a portion of such Investor’s Registrable Securities in the Demand Registration (each
such Investor including shares of Registrable Securities in such registration, a “Demanding Holder”)
shall so notify Pubco within fifteen (15) days after the receipt by the Investor of the notice from Pubco. Upon any such request,
the Demanding Holders shall be entitled to have their Registrable Securities included in the Demand Registration, subject to Section
2.1.4 and the provisos set forth in Section 3.1.1. Pubco shall not be obligated to effect more than an aggregate of three (3) Demand
Registrations under this Section 2.1.1 in respect of all Registrable Securities. Notwithstanding anything in this Section 2.1 to
the contrary, Pubco shall not be obligated to effect a Demand Registration, (i) if a Piggy-Back Registration had been available
to the Demanding Holder(s) within the one hundred twenty (120) days preceding the date of request for the Demand Registration,
(ii) within sixty (60) days after the effective date of a previous registration effected with respect to the Registrable Securities
pursuant this Section 2.1, or (iii) during any period (not to exceed one hundred eighty (180) days) following the closing of the
completion of an offering of securities by Pubco if such Demand Registration would cause Pubco to breach a “lock-up”
or similar provision contained in the underwriting agreement for such offering.

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

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

    	 	 (4)	 

    	 	 	 

    

 

2.1.4         
Reduction of Offering. If the managing Underwriter or Underwriters for a Demand Registration that is to be an underwritten
offering advises Pubco and the Demanding Holders in writing that the dollar amount or number of Registrable Securities which the
Demanding Holders desire to sell, taken together with all other Pubco Ordinary Shares or other securities which Pubco desires
to sell and the Pubco Ordinary Shares or other securities, if any, as to which Registration by Pubco has been requested pursuant
to written contractual piggy-back registration rights held by other security holders of Pubco who desire to sell, exceeds the
maximum dollar amount or maximum number of shares that can be sold in such offering without adversely affecting the proposed offering
price, the timing, the distribution method, or the probability of success of such offering (such maximum dollar amount or maximum
number of securities, as applicable, the “Maximum Number of Securities”), then Pubco shall include in
such Registration: (i) first, the Registrable Securities as to which Demand Registration has been requested by the Demanding Holders
and the Founder Securities for the account of any Persons who have exercised demand registration rights pursuant to the Founder
Registration Rights Agreement during the period under which the Demand Registration hereunder is ongoing (all pro rata in accordance
with the number of securities that each applicable Person has requested be included in such registration, regardless of the number
of securities held by each such Person, as long as they do not request to include more securities than they own (such proportion
is referred to herein as “Pro Rata”)) that can be sold without exceeding the Maximum Number of Securities;
(ii) second, to the extent that the Maximum Number of Securities has not been reached under the foregoing clause (i), the Pubco
Ordinary Shares or other securities that Pubco desires to sell that can be sold without exceeding the Maximum Number of Securities;
(iii) third, to the extent that the Maximum Number of Securities has not been reached under the foregoing clauses (i) and (ii),
the Registrable Securities of Investors as to which registration has been requested pursuant to Section 2.2 and the Founder Securities
as to which registration has been requested pursuant to the applicable written contractual piggy-back registration rights of the
Founder Registration Rights Agreement, Pro Rata among the holders thereof based on the number of securities requested by such
holders to be included in such registration, that can be sold without exceeding the Maximum Number of Securities; and (iv) fourth,
to the extent that the Maximum Number of Securities has not been reached under the foregoing clauses (i), (ii) and (iii), the
Pubco Ordinary Shares or other securities for the account of other Persons that Pubco is obligated to register pursuant to written
contractual arrangements with such Persons that can be sold without exceeding the Maximum Number of Securities. In the event that
Pubco securities that are convertible into Pubco Ordinary Shares are included in the offering, the calculations under this Section
2.1.4 shall include such Pubco securities on an as-converted to Pubco Ordinary Share basis.

2.1.5         
Withdrawal. If a majority-in-interest of the Demanding Holders disapprove of the terms of any underwritten offering
or are not entitled to include all of their Registrable Securities in any offering, such majority-in-interest of the Demanding
Holders may elect to withdraw from such offering by giving written notice to Pubco and the Underwriter or Underwriters of their
request to withdraw prior to the effectiveness of the Registration Statement filed with the SEC with respect to such Demand Registration.
If the majority-in-interest of the Demanding Holders withdraws from a proposed offering relating to a Demand Registration in such
event, then such registration shall not count as a Demand Registration provided for in Section 2.1.

2.2              
Piggy-Back Registration.

2.2.1         
Piggy-Back Rights. Subject to Section 2.4, if at any time after the Closing Pubco proposes to file a Registration
Statement under the Securities Act with respect to the Registration of or an offering of equity securities, or securities or other
obligations exercisable or exchangeable for, or convertible into, equity securities, by Pubco for its own account or for security
holders of Pubco for their account (or by Pubco and by security holders of Pubco including pursuant to Section 2.1), other than
a Registration Statement (i) filed in connection with any employee share option or other benefit plan, (ii) for an exchange offer
or offering of securities solely to Pubco’s existing security holders, (iii) for an offering of debt that is convertible
into equity securities of Pubco, or (iv) for a dividend reinvestment plan, then Pubco shall (x) give written notice of such proposed
filing to Investors holding Registrable Securities as soon as practicable but in no event less than ten (10) days before the anticipated
filing date, which notice shall describe the amount and type of securities to be included in such offering or registration, the
intended method(s) of distribution, and the name of the proposed managing Underwriter or Underwriters, if any, of the offering,
and (y) offer to Investors holding Registrable Securities in such notice the opportunity to register the sale of such number of
Registrable Securities as such Investors may request in writing within five (5) days following receipt of such notice (a “Piggy-Back
Registration”). To the extent permitted by applicable securities laws with respect to such registration by Pubco
or another demanding security holder, Pubco shall use its best efforts to cause (i) such Registrable Securities to be included
in such registration and (ii) the managing Underwriter or Underwriters of a proposed underwritten offering to permit the Registrable
Securities requested to be included in a Piggy-Back Registration on the same terms and conditions as any similar securities of
Pubco and to permit the sale or other disposition of such Registrable Securities in accordance with the intended method(s) of distribution
thereof. All Investors holding Registrable Securities proposing to distribute their securities through a Piggy-Back Registration
that involves an Underwriter or Underwriters shall enter into an underwriting agreement in customary form with the Underwriter
or Underwriters selected for such Piggy-Back Registration.

    	 	 (5)	 

    	 	 	 

    

 

2.2.2         
Reduction of Offering. If the managing Underwriter or Underwriters for a Piggy-Back Registration that is to be an
underwritten offering advises Pubco and Investors holding Registrable Securities proposing to distribute their Registrable Securities
through such Piggy-Back Registration in writing that the dollar amount or number of Pubco Ordinary Shares or other Pubco securities
which Pubco desires to sell, taken together with the Pubco Ordinary Shares or other Pubco securities, if any, as to which registration
has been demanded pursuant to written contractual arrangements with Persons other than the Investors holding Registrable Securities
hereunder, the Registrable Securities as to which registration has been requested under this Section 2.2, and the Pubco Ordinary
Shares or other Pubco securities, if any, as to which registration has been requested pursuant to the written contractual piggy-back
registration rights of other security holders of Pubco, exceeds the Maximum Number of Securities, then Pubco shall include in any
such registration:

(a)              
If the registration is undertaken for Pubco’s account: (i) first, the Pubco Ordinary Shares or other securities that
Pubco desires to sell that can be sold without exceeding the Maximum Number of Securities; (ii) second, to the extent that the
Maximum Number of Securities has not been reached under the foregoing clause (i), the Registrable Securities of Investors as to
which registration has been requested pursuant to this Section 2.2 and the Founder Securities as to which registration has been
requested pursuant to the applicable written contractual piggy-back registration rights under the Founder Registration Rights Agreement,
Pro Rata among the holders thereof based on the number of securities requested by such holders to be included in such registration,
that can be sold without exceeding the Maximum Number of Securities; and (iii) third, to the extent that the Maximum Number of
Securities has not been reached under the foregoing clauses (i) and (ii), the Pubco Ordinary Shares or other equity securities
for the account of other Persons that Pubco is obligated to register pursuant to separate written contractual arrangements with
such Persons that can be sold without exceeding the Maximum Number of Securities;

(b)              
If the registration is a “demand” registration undertaken at the demand of Demanding Holders pursuant to Section
2.1: (i) first, the Pubco Ordinary Shares or other securities for the account of the Demanding Holders and the Founder Securities
for the account of any Persons who have exercised demand registration rights pursuant to the Founder Registration Rights Agreement
during the period under which the Demand Registration hereunder is ongoing, Pro Rata among the holders thereof based on the number
of securities requested by such holders to be included in such registration, that can be sold without exceeding the Maximum Number
of Securities; (ii) second, to the extent that the Maximum Number of Securities has not been reached under the foregoing clause
(i), the Pubco Ordinary Shares or other securities that Pubco desires to sell that can be sold without exceeding the Maximum Number
of Securities; (iii) third, to the extent that the Maximum Number of Securities has not been reached under the foregoing clauses
(i) and (ii), the Registrable Securities of Investors as to which registration has been requested pursuant to this Section 2.2
and the Founder Securities as to which registration has been requested pursuant to the applicable written contractual piggy-back
registration rights under the Founder Registration Rights Agreement, Pro Rata among the holders thereof based on the number of
securities requested by such holders to be included in such registration, that can be sold without exceeding the Maximum Number
of Securities; and (iv) fourth, to the extent that the Maximum Number of Securities has not been reached under the foregoing clauses
(i), (ii) and (iii), the Pubco Ordinary Shares or other equity securities for the account of other Persons that Pubco is obligated
to register pursuant to separate written contractual arrangements with such Persons that can be sold without exceeding the Maximum
Number of Securities;

 

    	 	 (6)	 

    	 	 	 

    

 

(c)              
If the registration is a “demand” registration undertaken at the demand of holders of Founder Securities under
the Founder Registration Rights Agreement: (i) first, the Founder Securities for the account of the demanding holders and the Registrable
Securities for the account of Demanding Holders who have exercised demand registration rights pursuant to Section 2.1 during the
period under which the demand registration under the Founder Registration Rights Agreement is ongoing, Pro Rata among the holders
thereof based on the number of securities requested by such holders to be included in such registration, that can be sold without
exceeding the Maximum Number of Securities; (ii) second, to the extent that the Maximum Number of Securities has not been reached
under the foregoing clause (i), the Pubco Ordinary Shares or other securities that Pubco desires to sell that can be sold without
exceeding the Maximum Number of Securities; (iii) third, to the extent that the Maximum Number of Securities has not been reached
under the foregoing clauses (i) and (ii), the Registrable Securities of Investors as to which registration has been requested pursuant
to this Section 2.2 and the Founder Securities as to which registration has been requested pursuant to the applicable written contractual
piggy-back registration rights under the Founder Registration Rights Agreement, Pro Rata among the holders thereof based on the
number of securities requested by such holders to be included in such registration, that can be sold without exceeding the Maximum
Number of Securities; and (iv) fourth, to the extent that the Maximum Number of Securities has not been reached under the foregoing
clauses (i), (ii) and (iii), the Pubco Ordinary Shares or other equity securities for the account of other Persons that Pubco is
obligated to register pursuant to separate written contractual arrangements with such Persons that can be sold without exceeding
the Maximum Number of Securities; and

(d)              
If the registration is a “demand” registration undertaken at the demand of Persons other than either Demanding
Holders under Section 2.1 or the holders of Founder Securities exercising demand registration rights under the Founder Registration
Rights Agreement: (i) first, the Pubco Ordinary Shares or other securities for the account of the demanding Persons that can be
sold without exceeding the Maximum Number of Securities; (ii) second, to the extent that the Maximum Number of Securities has not
been reached under the foregoing clause (i), the Pubco Ordinary Shares or other securities that Pubco desires to sell that can
be sold without exceeding the Maximum Number of Securities; (iii) third, to the extent that the Maximum Number of Securities has
not been reached under the foregoing clauses (i) and (ii), the Registrable Securities of Investors as to which registration has
been requested pursuant to this Section 2.2 and the Founder Securities as to which registration has been requested pursuant to
the applicable written contractual piggy-back registration rights under the Founder Registration Rights Agreement, Pro Rata among
the holders thereof based on the number of securities requested by such holders to be included in such registration, that can be
sold without exceeding the Maximum Number of Securities; and (iv) fourth, to the extent that the Maximum Number of Securities has
not been reached under the foregoing clauses (i), (ii) and (iii), the Pubco Ordinary Shares or other equity securities for the
account of other Persons that Pubco is obligated to register pursuant to separate written contractual arrangements with such Persons
that can be sold without exceeding the Maximum Number of Securities.

    	 	 (7)	 

    	 	 	 

    

 

In the event that
Pubco securities that are convertible into Pubco Ordinary Shares are included in the offering, the calculations under this Section
2.2.2 shall include such Pubco securities on an as-converted to Pubco Ordinary Share basis. Notwithstanding anything to the contrary
above, to the extent that the registration of an Investor’s Registrable Securities would prevent Pubco or the demanding shareholders
from effecting such registration and offering, such Investor shall not be permitted to exercise Piggy-Back Registration rights
with respect to such registration and offering.

2.2.3         
Withdrawal. Any Investor holding Registrable Securities may elect to withdraw such Investor’s request for inclusion
of Registrable Securities in any Piggy-Back Registration by giving written notice to Pubco of such request to withdraw prior to
the effectiveness of the Registration Statement. Pubco (whether on its own determination or as the result of a withdrawal by Persons
making a demand pursuant to written contractual obligations) may withdraw a Registration Statement at any time prior to the effectiveness
of such Registration Statement without any liability to the applicable Investor, subject to the next sentence and the provisions
of Section 4. Notwithstanding any such withdrawal, Pubco shall pay all expenses incurred in connection with such Piggy-Back Registration
as provided in Section 3.3 (subject to the limitations set forth therein) by Investors holding Registrable Securities that requested
to have their Registrable Securities included in such Piggy-Back Registration.

2.3              
Short Form Registrations. After the Closing, subject to Section 2.4, Investors holding Registrable Securities may
at any time and from time to time, request in writing that Pubco register the resale of any or all of such Registrable Securities
on Form S-3 or F-3 or any similar short-form registration which may be available at such time (“Short Form Registration”);
provided, however, that Pubco shall not be obligated to effect such request through an underwritten offering. Upon receipt of such
written request, Pubco will promptly give written notice of the proposed registration to all other Investors holding Registrable
Securities, and, as soon as practicable thereafter, effect the registration of all or such portion of such Investors’ Registrable
Securities as are specified in such request, together with all or such portion of the Registrable Securities, if any, of any other
Investors joining in such request as are specified in a written request given within fifteen (15) days after receipt of such written
notice from Pubco; provided, however, that Pubco shall not be obligated to effect any such registration pursuant to this Section
2.3: (i) if Short Form Registration is not available to Pubco for such offering; or (ii) if Investors holding Registrable Securities,
together with the holders of any other securities of Pubco entitled to inclusion in such registration, propose to sell Registrable
Securities and such other securities (if any) at any aggregate price to the public of less than $1,000,000. Registrations effected
pursuant to this Section 2.3 shall not be counted as Demand Registrations effected pursuant to Section 2.1.

2.4              
Restriction of Offerings. Notwithstanding anything to the contrary contained in this Agreement, the Investors shall
not be entitled to request, and Pubco shall not be obligated to effect, or to take any action to effect, any registration (including
any Demand Registration or Piggy-Back Registration) pursuant to this Section 2 with respect to any Registrable Securities that
are either (i) subject to the transfer restrictions under the applicable Lock-Up Investor’s Lock-Up Agreement or (ii) that
are Escrow Shares while they are held in the Escrow Account in accordance with the Escrow Agreement and the Business Combination
Agreement and not distributed to the Investors.

 

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3.                  
REGISTRATION PROCEDURES.

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

3.1.1         
Filing Registration Statement. Pubco shall use its best efforts to, as expeditiously as possible after receipt of
a request for a Demand Registration pursuant to Section 2.1, prepare and file with the SEC a Registration Statement on any form
for which Pubco then qualifies or which counsel for Pubco shall deem appropriate and which form shall be available for the sale
of all Registrable Securities to be registered thereunder in accordance with the intended method(s) of distribution thereof, and
shall use its reasonable efforts to cause such Registration Statement to become effective and use its reasonable efforts to keep
it effective for the period required by Section 3.1.3; provided, however, that Pubco shall have the right to defer
any Demand Registration for up to ninety (90) days, and any Piggy-Back Registration for such period as may be applicable to deferment
of any demand registration to which such Piggy-Back Registration relates, in each case if Pubco shall furnish to Investors requesting
to include their Registrable Securities in such registration a certificate signed by the Chief Executive Officer, Chief Financial
Officer or Chairman of Pubco stating that, in the good faith judgment of the Board of Directors of Pubco, it would be materially
detrimental to Pubco and its shareholders for such Registration Statement to be effected at such time or the filing would require
premature disclosure of material information which is not in the interests of Pubco to disclose at such time; provided further,
however, that Pubco shall not have the right to exercise the right set forth in the immediately preceding proviso more than twice
in any 365-day period in respect of a Demand Registration hereunder.

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

3.1.3         
Amendments and Supplements. Pubco shall prepare and file with the SEC such amendments, including post-effective amendments,
and supplements to such Registration Statement and the prospectus used in connection therewith as may be necessary to keep such
Registration Statement effective and in compliance with the provisions of the Securities Act until all Registrable Securities and
other securities covered by such Registration Statement have been disposed of in accordance with the intended method(s) of distribution
set forth in such Registration Statement or such securities have been withdrawn or until such time as the Registrable Securities
cease to be Registrable Securities as defined by this Agreement.

3.1.4         
Notification. After the filing of a Registration Statement, Pubco shall promptly, and in no event more than five
(5) Business Days after such filing, notify Investors holding Registrable Securities included in such Registration Statement of
such filing, and shall further notify such Investors promptly and confirm such advice in writing in all events within five (5)
Business Days after the occurrence of any of the following: (i) when such Registration Statement becomes effective; (ii) when any
post-effective amendment to such Registration Statement becomes effective; (iii) the issuance or threatened issuance by the SEC
of any stop order (and Pubco shall take all actions required to prevent the entry of such stop order or to remove it if entered);
and (iv) any request by the SEC for any amendment or supplement to such Registration Statement or any prospectus relating thereto
or for additional information or of the occurrence of an event requiring the preparation of a supplement or amendment to such prospectus
so that, as thereafter delivered to the purchasers of the securities covered by such Registration Statement, such prospectus will
not contain an untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary
to make the statements therein not misleading, and promptly make available to Investors holding Registrable Securities included
in such Registration Statement any such supplement or amendment; except that before filing with the SEC a Registration Statement
or prospectus or any amendment or supplement thereto, including documents incorporated by reference, Pubco shall furnish to Investors
holding Registrable Securities included in such Registration Statement and to the legal counsel for any such Investors, copies
of all such documents proposed to be filed sufficiently in advance of filing to provide such Investors and legal counsel with a
reasonable opportunity to review such documents and comment thereon; provided that such Investors and their legal counsel must
provide any comments promptly (and in any event within five (5) Business Days) after receipt of such documents.

 

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

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

3.1.7         
Cooperation. The principal executive officer of Pubco, the principal financial officer of Pubco, the principal accounting
officer of Pubco and all other officers and members of the management of Pubco shall reasonably cooperate in any offering of Registrable
Securities hereunder, which cooperation shall include the preparation of the Registration Statement with respect to such offering
and all other offering materials and related documents, and participation in meetings with Underwriters, attorneys, accountants
and potential investors.

 

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3.1.8         
Records. Pubco shall make available for inspection by Investors holding Registrable Securities included in such Registration
Statement, any Underwriter participating in any disposition pursuant to such Registration Statement and any attorney, accountant
or other professional retained by any Investor holding Registrable Securities included in such Registration Statement or any Underwriter,
all financial and other records, pertinent corporate documents and properties of Pubco, as shall be reasonably necessary to enable
them to exercise their due diligence responsibility, and cause Pubco’s officers, directors and employees to supply all information
reasonably requested by any of them in connection with such Registration Statement; provided that Pubco may require execution of
a reasonable confidentiality agreement prior to sharing any such information.

3.1.9         
Opinions and Comfort Letters. Pubco shall request its counsel and accountants to provide customary legal opinions
and customary comfort letters, to the extent so reasonably required by any underwriting agreement.

3.1.10     
Earnings Statement. Pubco shall comply with all applicable rules and regulations of the SEC and the Securities Act,
and make available to its shareholders if reasonably required, as soon as reasonably practicable, an earnings statement covering
a period of twelve (12) months, which earnings statement shall satisfy the provisions of Section 11(a) of the Securities Act and
Rule 158 thereunder.

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

3.1.12     
Road Show. If the registration involves the registration of Registrable Securities involving gross proceeds in excess
of $50,000,000, Pubco shall use its reasonable efforts to make available senior executives of Pubco to participate in customary
“road show” presentations that may be reasonably requested by the Underwriter in any underwritten offering.

3.2              
Obligation to Suspend Distribution. Upon receipt of any notice from Pubco of the happening of any event of the kind
described in Section 3.1.4(iv), or in the event that the financial statements contained in the Registration Statement become stale,
or in the event that the Registration Statement or prospectus included therein contains a misstatement of material fact or omits
to state a material fact due to a bona fide business purpose, or, in the case of a resale registration on Short Form Registration
pursuant to Section 2.3 hereof, upon any suspension by Pubco, pursuant to a written insider trading compliance program adopted
by Pubco’s Board of Directors, of the ability of all “insiders” covered by such program to transact in Pubco’s
securities because of the existence of material non-public information, each Investor holding Registrable Securities included in
any registration shall immediately discontinue disposition of such Registrable Securities pursuant to the Registration Statement
covering such Registrable Securities until such Investor receives the supplemented or amended prospectus contemplated by Section
3.1.4(iv) or the Registration Statement is updated so that the financial statements are no longer stale, or the restriction on
the ability of “insiders” to transact in Pubco’s securities is removed, as applicable, and, if so directed by
Pubco, each such Investor will deliver to Pubco all copies, other than permanent file copies then in such Investor’s possession,
of the most recent prospectus covering such Registrable Securities at the time of receipt of such notice.

3.3              
Registration Expenses. Subject to Section 4, Pubco shall bear all reasonable costs and expenses incurred in connection
with any Demand Registration pursuant to Section 2.1, any Piggy-Back Registration pursuant to Section 2.2, and any registration
on Short Form Registration effected pursuant to Section 2.3, and all reasonable expenses incurred in performing or complying with
its other obligations under this Agreement, whether or not the Registration Statement becomes effective, including: (i) all registration
and filing fees; (ii) fees and expenses of compliance with securities or “blue sky” laws (including fees and disbursements
of counsel in connection with blue sky qualifications of the Registrable Securities); (iii) printing expenses; (iv) Pubco’s
internal expenses (including all salaries and expenses of its officers and employees); (v) the fees and expenses incurred in connection
with the listing of the Registrable Securities as required by Section 3.1.11; (vi) Financial Industry Regulatory Authority fees;
(vii) fees and disbursements of counsel for Pubco and fees and expenses for independent certified public accountants retained by
Pubco (including the expenses or costs associated with the delivery of any opinions or comfort letters requested pursuant to Section
3.1.9); (viii) the reasonable fees and expenses of any special experts retained by Pubco in connection with such registration;
and (ix) the reasonable fees and expenses (up to a maximum of $15,000 in the aggregate in connection with such registration) of
one legal counsel selected by Investors holding a majority-in-interest of the Registrable Securities included in such registration
for such legal counsel’s review, comment and finalization of the proposed Registration Statement and other relevant documents.
Pubco shall have no obligation to pay any underwriting discounts or selling commissions attributable to the Registrable Securities
being sold by the holders thereof, which underwriting discounts or selling commissions shall be borne by such holders. Additionally,
in an underwritten offering, all selling security holders and Pubco shall bear the expenses of the Underwriter pro rata in proportion
to the respective amount of securities each is selling in such offering.

 

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3.4              
Information. Investors holding Registrable Securities included in any Registration Statement shall provide such information
as may reasonably be requested by Pubco, or the managing Underwriter, if any, in connection with the preparation of such Registration
Statement, including amendments and supplements thereto, in order to effect the registration of any Registrable Securities under
the Securities Act pursuant to Section 2 and in connection with the obligation to comply with federal and applicable state securities
laws. Investors selling Registrable Securities in any offering must provide all questionnaires, powers of attorney, custody agreements,
stock powers, and other documentation reasonably requested by Pubco or the managing Underwriter.

4.                  
INDEMNIFICATION AND CONTRIBUTION.

4.1              
Indemnification by Pubco. Subject to the provisions of this Section 4.1 below, Pubco agrees to indemnify and hold
harmless each Investor, and each Investor’s officers, employees, affiliates, directors, partners, members, attorneys and
agents, and each Person, if any, who controls an Investor (within the meaning of Section 15 of the Securities Act or Section 20
of the Exchange Act) (each, an “Investor Indemnified Party”), from and against any expenses, losses,
judgments, claims, damages or liabilities, whether joint or several, arising out of or based upon any untrue statement of a material
fact contained in any Registration Statement under which the sale of such Registrable Securities was registered under the Securities
Act, any preliminary prospectus, final prospectus or summary prospectus contained in the Registration Statement, or any amendment
or supplement to such Registration Statement, or arising out of or based upon any omission to state a material fact required to
be stated therein or necessary to make the statements therein not misleading, or any violation by Pubco of the Securities Act or
any rule or regulation promulgated thereunder applicable to Pubco and relating to action or inaction required of Pubco in connection
with any such registration (provided, however, that the indemnity agreement contained in this Section 4.1 shall not apply to amounts
paid in settlement of any such claim, loss, damage, liability or action if such settlement is effected without the consent of Pubco,
such consent not to be unreasonably withheld, delayed or conditioned); and Pubco shall promptly reimburse the Investor Indemnified
Party for any legal and any other expenses reasonably incurred by such Investor Indemnified Party in connection with investigating
and defending any such expense, loss, judgment, claim, damage, liability or action; provided, however, that Pubco
will not be liable in any such case to the extent that any such expense, loss, claim, damage or liability arises out of or is based
upon any untrue statement or omission made in such Registration Statement, preliminary prospectus, final prospectus, or summary
prospectus, or any such amendment or supplement, in reliance upon and in conformity with information furnished to Pubco, in writing,
by such selling holder or Investor Indemnified Party expressly for use therein. Pubco also shall indemnify any Underwriter of the
Registrable Securities, their officers, affiliates, directors, partners, members and agents and each Person who controls such Underwriter
on substantially the same basis as that of the indemnification provided above in this Section 4.1.

 

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4.2              
Indemnification by Investors Holding Registrable Securities. Subject to the provisions of this Section 4.2 below,
each Investor selling Registrable Securities will, in the event that any registration is being effected under the Securities Act
pursuant to this Agreement of any Registrable Securities held by such selling Investor, indemnify and hold harmless Pubco, each
of its directors and officers and each Underwriter (if any), and each other selling holder and each other Person, if any, who controls
another selling holder or such Underwriter within the meaning of the Securities Act, against any losses, claims, judgments, damages
or liabilities, whether joint or several, insofar as such losses, claims, judgments, damages or liabilities (or actions in respect
thereof) arise out of or are based upon any untrue statement of a material fact contained in any Registration Statement under which
the sale of such Registrable Securities was registered under the Securities Act, any preliminary prospectus, final prospectus or
summary prospectus contained in the Registration Statement, or any amendment or supplement to the Registration Statement, or arise
out of or are based upon any omission to state a material fact required to be stated therein or necessary to make the statement
therein not misleading, if the statement or omission was made in reliance upon and in conformity with information furnished in
writing to Pubco by such selling Investor expressly for use therein (provided, however, that the indemnity agreement contained
in this Section 4.2 shall not apply to amounts paid in settlement of any such claim, loss, damage, liability or action if such
settlement is effected without the consent of the indemnifying Investor, such consent not to be unreasonably withheld, delayed
or conditioned), and shall reimburse Pubco, its directors and officers, each Underwriter and each other selling holder or controlling
Person for any legal or other expenses reasonably incurred by any of them in connection with investigation or defending any such
loss, claim, damage, liability or action. Each selling Investor’s indemnification obligations hereunder shall be several
and not joint and shall be limited to the amount of any net proceeds actually received by such selling Investor.

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

 

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4.4              
Contribution.

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

4.4.2         
The parties hereto agree that it would not be just and equitable if contribution pursuant to this Section 4.4 were determined
by pro rata allocation or by any other method of allocation which does not take account of the equitable considerations referred
to in the immediately preceding Section 4.4.1.

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

5.                  
RULE 144.

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

 

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6.                  
MISCELLANEOUS.

6.1              
Other Registration Rights. Pubco represents and warrants that as of the date of this Agreement, no Person, other
than the holders of (i) Registrable Securities and (ii) Founder Securities, has any right to require Pubco to register any of Pubco’s
share capital for sale or to include Pubco’s share capital in any registration filed by Pubco for the sale of share capital
for its own account or for the account of any other Person.

6.2              
Assignment; No Third Party Beneficiaries. This Agreement and the rights, duties and obligations of Pubco hereunder
may not be assigned or delegated by Pubco in whole or in part, unless Pubco first provides Investors holding Registrable Securities
at least ten (10) Business Days prior written notice; provided that no assignment or delegation by Pubco will relieve Pubco of
its obligations under this Agreement unless Investors holding a majority-in-interest of the Registrable Securities provide their
prior written consent, which consent must not be unreasonably withheld, delayed or conditioned. This Agreement and the rights,
duties and obligations of Investors holding Registrable Securities hereunder may be freely assigned or delegated by such Investor
in conjunction with and to the extent of any transfer of Registrable Securities by such Investor which is permitted by the Escrow
Agreement and such Investor’s applicable Lock-Up Agreement; provided that no assignment by any Investor of its rights, duties
and obligations hereunder shall be binding upon or obligate Pubco unless and until Pubco shall have received (i) written notice
of such assignment and (ii) the written agreement of the assignee, in a form reasonably satisfactory to Pubco, to be bound by the
terms and provisions of this Agreement (which may be accomplished by an addendum or certificate of joinder to this Agreement).
This Agreement and the provisions hereof shall be binding upon and shall inure to the benefit of each of the parties, to the permitted
assigns of the Investors or of any assignee of the Investors. This Agreement is not intended to confer any rights or benefits on
any Persons that are not party hereto other than as expressly set forth in Section 4 and this Section 6.2. If the Pubco Representative
is replaced in accordance with the terms of the Business Combination Agreement, the replacement Pubco Representative shall automatically
become a party to this Agreement as if it were the original Pubco Representative hereunder.

6.3              
Notices. All notices, consents, waivers and other communications hereunder shall be in writing and shall be deemed
to have been duly given when delivered (i) in person, (ii) by facsimile or other electronic means, with affirmative confirmation
of receipt, (iii) one Business Day after being sent, if sent by reputable, nationally recognized overnight courier service or (iv)
three (3) Business Days after being mailed, if sent by registered or certified mail, pre-paid and return receipt requested, in
each case to the applicable party at the following addresses (or at such other address for a party as shall be specified by like
notice):

	
        If to Pubco, to:

        Lion Group Holding Ltd.

        Unit A-C, 33/F, Tower A, Billion Center

        1 Wang Kwong Road

        Kowloon Bay, Hong Kong

        Attention: Wang Jian / Wilson Wang / Rover Luo / Alex Lee

        Facsimile No.: +852 2796 2338

        Telephone No.: +852 2820 9088 / +852 9690 0900 / +852 2820 9001 / +852 2820 9099

        Email: *** / *** / rover.luo@libkr.com / alex.lee@libkr.com
	
        With copies to (which shall not constitute notice):

        Kirkland & Ellis LLP

        601 Lexington Avenue

        New York, NY 10022

        Attn: James Hu; Christian Nagler

        Facsimile No.: +1 (212) 446-6460

        Telephone No.: +1 (212) 909-3341

        Email:james.hu@kirkland.com;

        cnagler@kirkland.com

        and

        Kirkland & Ellis International LLP

        26th Floor, Gloucester Tower, The Landmark

        15 Queen's Road Central

        Hong Kong

        Attn: Ben James

        Facsimile No.: +852-3761-3301

        Telephone No.: +852-3761-3412

        Email:ben.james@kirkland.com

	If to an Investor, to:  the address set forth underneath such             Investor’s name on the signature page.	
        With copies to (which shall not constitute notice):

        Kirkland & Ellis LLP

        601 Lexington Avenue

        New York, NY 10022

        Attn: James Hu; Christian Nagler

        Facsimile No.: +1 (212) 446-6460

        Telephone No.: +1 (212) 909-3341

        Email:james.hu@kirkland.com;

        cnagler@kirkland.com

        and

        Kirkland & Ellis International LLP

        26th Floor, Gloucester Tower, The Landmark

        15 Queen's Road Central

        Hong Kong

        Attn: Ben James

        Facsimile No.: +852-3761-3301

        Telephone No.: +852-3761-3412

        Email:ben.james@kirkland.com

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6.4              
Severability. This Agreement shall be deemed severable, and the invalidity or unenforceability
of any term or provision hereof shall not affect the validity or enforceability of this Agreement or of any other term or provision
hereof. Furthermore, in lieu of any such invalid or unenforceable term or provision, the parties hereto intend that there shall
be added as a part of this Agreement a provision as similar in terms to such invalid or unenforceable provision as may be possible
that is valid and enforceable. Notwithstanding anything to the contrary contained in this Agreement, in the event that a duly executed
copy of this Agreement is not delivered to Pubco by a Person receiving Exchange Shares in connection with the Closing, such Person
failing to provide such signature shall not be a party to this Agreement or have any rights or obligations hereunder, but such
failure shall not affect the rights and obligations of the other parties to this Agreement as amongst such other parties.

6.5              
Entire Agreement. This Agreement (together with the Business Combination Agreement, the Escrow Agreement and the
Lock-Up Agreements to the extent incorporated herein, and including all agreements entered into pursuant hereto or thereto or referenced
herein or therein and all certificates and instruments delivered pursuant hereto and thereto) constitutes the entire agreement
of the parties with respect to the subject matter hereof and supersedes all prior and contemporaneous agreements, representations,
understandings, negotiations and discussions between the parties, whether oral or written, relating to the subject matter hereof;
provided, that, for the avoidance of doubt, the foregoing shall not affect the rights and obligations of the parties under
the Business Combination Agreement or any other Ancillary Document or the rights or obligations of the parties under the Founder
Registration Rights Agreement.

6.6              
Interpretation. Titles and headings of sections of this Agreement are for convenience only and shall not affect the
construction of any provision of this Agreement. In this Agreement, unless the context otherwise requires: (i) any pronoun used
in this Agreement shall include the corresponding masculine, feminine or neuter forms, and the singular form of nouns, pronouns
and verbs shall include the plural and vice versa; (ii) “including” (and with correlative meaning “include”)
means including without limiting the generality of any description preceding or succeeding such term and shall be deemed in each
case to be followed by the words “without limitation”; (iii) the words “herein,” “hereto,”
and “hereby” and other words of similar import in this Agreement shall be deemed in each case to refer to this Agreement
as a whole and not to any particular section or other subdivision of this Agreement; and (iv) the term “or” means “and/or”.
The parties have participated jointly in the negotiation and drafting of this Agreement. Consequently, in the event an ambiguity
or question of intent or interpretation arises, this Agreement shall be construed as if drafted jointly by the parties hereto,
and no presumption or burden of proof shall arise favoring or disfavoring any party by virtue of the authorship of any provision
of this Agreement.

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6.7              
Amendments; Waivers. Any term of this Agreement may be amended and the observance of any term of this Agreement may
be waived (either generally or in a particular instance, and either retroactively or prospectively) only with the written agreement
or consent of Pubco (after the Closing by a majority of the Disinterested Independent Directors) and Investors holding a majority-in-interest
of the Registrable Securities; provided, that any amendment or waiver of this Agreement which affects an Investor in a manner materially
and adversely disproportionate to other Investors will also require the consent of such Investor. No failure or delay by a party
in exercising any right hereunder shall operate as a waiver thereof. No waivers of or exceptions to any term, condition, or provision
of this Agreement, in any one or more instances, shall be deemed to be or construed as a further or continuing waiver of any such
term, condition, or provision.

6.8              
Remedies Cumulative. In the event a party fails to observe or perform any covenant or agreement to be observed or
performed under this Agreement, the other parties may proceed to protect and enforce its rights by suit in equity or action at
law, whether for specific performance of any term contained in this Agreement or for an injunction against the breach of any such
term or in aid of the exercise of any power granted in this Agreement or to enforce any other legal or equitable right, or to take
any one or more of such actions, without being required to post a bond. None of the rights, powers or remedies conferred under
this Agreement shall be mutually exclusive, and each such right, power or remedy shall be cumulative and in addition to any other
right, power or remedy, whether conferred by this Agreement or now or hereafter available at law, in equity, by statute or otherwise.

6.9              
Governing Law; Jurisdiction. This Agreement shall be governed by, construed and enforced in accordance with the Laws
of the State of New York without regard to the conflict of laws principles thereof. Each party hereto hereby (i) submits to
the exclusive jurisdiction of any state or federal court located in the County of New York in the State of New York (or in any
appellate court thereof) (the “Specified Courts”) for the purpose of any claim, action, litigation or
other legal proceeding arising out of or relating to this Agreement or the transactions contemplated hereby (a “Proceeding”),
and (b) irrevocably waives, and agrees not to assert by way of motion, defense or otherwise, in any such Proceeding, any claim
that it is not subject personally to the jurisdiction of the above-named courts, that its property is exempt or immune from attachment
or execution, that the Proceeding is brought in an inconvenient forum, that the venue of the Proceeding is improper, or that this
Agreement or the transactions contemplated hereby may not be enforced in or by any Specified Court. Each party agrees that a final
judgment in any Proceeding shall be conclusive and may be enforced in other jurisdictions by suit on the judgment or in any other
manner provided by applicable Law. Each party irrevocably consents to the service of the summons and complaint and any other process
in any Proceeding, on behalf of itself, or its property, by personal delivery of copies of such process to such party at the applicable
address set forth in Section 6.3. Nothing in this Section 6.9 shall affect the right of any party to serve legal
process in any other manner permitted by applicable Law.

6.10          
WAIVER OF TRIAL BY JURY. EACH PARTY HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVES THE RIGHT TO A TRIAL BY JURY IN
ANY ACTION, SUIT, COUNTERCLAIM OR OTHER PROCEEDING (WHETHER BASED ON CONTRACT, TORT OR OTHERWISE) ARISING OUT OF, CONNECTED WITH
OR RELATING TO THIS AGREEMENT, THE TRANSACTIONS CONTEMPLATED HEREBY, OR THE ACTIONS OF THE INVESTORS IN THE NEGOTIATION, ADMINISTRATION,
PERFORMANCE OR ENFORCEMENT HEREOF.

    	 	 (17)	 

    	 	 	 

    

 

6.11          
Authorization to Act on Behalf of Pubco. The parties acknowledge and agree that from and after the Closing, the Disinterested
Independent Directors, by vote, consent, approval or determination of a majority of the Disinterested Independent Directors, is
authorized and shall have the sole right to act on behalf of Pubco under this Agreement, including the right to enforce Pubco’s
rights and remedies under this Agreement. Without limiting the foregoing, in the event that an Investor serves as a director, officer,
employee or other authorized agent of Pubco, such Investor shall have no authority, express or implied, to act or make any determination
on behalf of Pubco in connection with this Agreement or any dispute or Action with respect hereto.

6.12          
Termination of Business Combination Agreement. This Agreement shall be binding upon each party upon such party’s
execution and delivery of this Agreement, but this Agreement shall only become effective upon the Closing. In the event that the
Business Combination Agreement is validly terminated in accordance with its terms prior to the Closing, this Agreement shall automatically
terminate and become null and void and be of no further force or effect, and the parties shall have no obligations hereunder.

6.13          
Counterparts. This Agreement may be executed in multiple counterparts (including by facsimile or pdf or other electronic
document transmission), each of which shall be deemed an original, and all of which taken together shall constitute one and the
same instrument.

{REMAINDER OF PAGE INTENTIONALLY
LEFT BLANK; SIGNATURE PAGES FOLLOW}

 

 

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

 

	 	Pubco:
	 	 
	 	LION GROUP HOLDING LTD.
	 	 
	 	By:
	 	 
	 	Name:
	 	Title:

 

    	 	 (19)	 

    	 	 	 

    

 

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

		 	Investor:	 	 	 
	 	 	 	 	 	 
	 	 	 	 	 	 
	 	 	[INVESTOR]	 	 	 
	 	 	 	 	 	 
	 	 	By:	 	 	 
	 	 	 	 	 	 
	 	 	Name:	 	 	 
	 	 	Title:	 	 	 
	 	 	 	 	 	 
	 	 	Address for Notice:			 
	 	 	 	 	 	 
	 	 	Address:	 	 	 
	 	 	 	 	 	 
	 	 	 	 	 	 
	 	 	 	 	 	 
	 	 	 	 	 	 
	 	 	Facsimile:	 	 	 
	 	 	 	 	 	 
	 	 	 	 	 	 
	 	 	Telephone:	 	 	 
	 	 	 	 	 	 
	 	 	 	 	 	 
	 	 	Email:	 	 	 
	 	 	 	 	 	 
	 	 	 	 	 	 

 

    	 	 (20)

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