Document:

EX-4.7

EXHIBIT 4.7

SHARE ESCROW AGREEMENT dated as of June 21, 2007
(the “Agreement”), by and among:

(1) Titanium Asset Management Corp. a company
organised under the laws of the State of
Delaware with its registered office at 16192 Coastal Highway, Lewes, Sussex, Delaware 19958 USA
(“Company”);

(2) The persons whose names and addresses are
set out in Exhibit A to this Agreement (each a
“Founding Stockholder” and together the “Founding Stockholders”); and

(3) Capita Trust Company (Jersey) Limited, a
company incorporated in and registered under the
laws of Jersey, with its registered office at Victoria Chambers, Liberation Square, 1/3 Esplanade,
St
Helier, JE2 3QA Jersey (the “Escrow Agent”).

     WHEREAS, the Founding
Stockholders have subscribed (directly or indirectly) for, and the
Company has issued to such Founding Stockholders, in aggregate 2,880,000 shares of common stock
par value $0.0001 per share and 720,000 shares of convertible restricted stock, par value $0.0001
per share (the “Restricted Shares”) (together the “Founding Shares”);

     WHEREAS, the Founding
Stockholders have agreed to deposit such Founding Shares as are set
forth opposite their respective names in Exhibit A attached hereto (collectively the “Escrow
Shares”), in escrow as hereinafter provided;

     WHEREAS, the Company and the
Founding Stockholders desire that the Escrow Agent hold the
Escrow Shares, in escrow, to be held and disbursed as hereinafter provided.

     IT IS AGREED:

     1. Appointment of
Escrow Agent. The Company and the Founding Stockholders hereby
appoint the Escrow Agent to act in accordance with and subject to the terms of this Agreement
and the
Escrow Agent hereby accepts such appointment and agrees to act in accordance with and subject
to such
terms.

     2. Deposit of Escrow Shares. On or before the Effective Date, each of the Founding
Stockholders shall deliver to the Escrow Agent certificates representing his or its respective
Escrow
Shares, to be held and disbursed subject to the terms and conditions of this Agreement. For
the purposes
of this Agreement, “Effective Date” means the date on which any of the common stock or
warrants of the
Company are first admitted to trading on AIM, a market operated by the London Stock Exchange.
For
the avoidance of doubt, all rights, title to and indicators of ownership of the Escrow Shares
shall remain
with the Founding Stockholders.

     3. Disbursement of
the Escrow Shares. The Escrow Agent shall hold the Escrow Shares in
escrow up to and including the third anniversary of the date of admission of the Company’s
securities to
trading on AIM (the “Escrow Period”). For the purposes of this Agreement, “Qualified
Business
Combination” has the meaning given to it in the offering circular of the Company dated on or
around the
date here of (the “Offering Circular”). On the expiry of the Escrow Period, the Escrow Agent
shall,
disburse each of the Founding Stockholder’s Escrow Shares to such Founding Stockholder;
provided,
however, that, prior to the expiry of the Escrow Period, if the Escrow Agent is notified in
writing by the
Company that the Company:

	 	(a)	 	is being dissolved or liquidated at any time during the Escrow Period,
then the Escrow Shares shall be forfeited and the Escrow Agent shall promptly return
the certificates

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	 	 	 	representing the Escrow Shares to the Company or the Company’s registrar, upon the
Company’s order, for cancellation;
	 
	 	(b)	 	having consummated a Qualified Business Combination, intends to consummate a
merger,
amalgamation, share exchange or other similar transaction which results in (or would
result
in) all of the shareholders of such resulting entity having the right to exchange
their Shares
for cash, securities or other property, then the Escrow Agent will, upon receipt of a
certificate executed by the chairman or chief executive officer of the Company, in a
form
reasonably acceptable to the Escrow Agent, stating that such transaction is
being
consummated, release the Escrow Shares to the Founding Stockholders when the
consummation of the transaction becomes unconditional in all respects
(save for
consummation of such exchange) so that they can similarly participate;
	 
	 	(c)	 	is repurchasing any of the Escrow Shares in accordance with its bylaws or
otherwise for
cancellation, then the Escrow Agent will, upon receipt of a certificate stating that
such
repurchase is being undertaken, executed by the chairman or chief executive officer
of the
Company and in a form reasonably acceptable to the Escrow Agent (the “Repurchase
Notice”), release the Escrow Shares specified in the Repurchase Notice to the Company
for
repurchase and cancellation; or
	 
	 	(d)	 	in the case of the Restricted Shares, a Change of Control (as defined in the
Company’s
Certificate of incorporation) has occurred following a Qualified Business
Combination;

     then the Escrow Agent shall have no further duties hereunder in respect of any Escrow Shares
which have been disbursed or destroyed in accordance with this Section 3.

     4. Rights of Founding Stockholders in Escrow Shares.

     4.1 Voting Rights as a Stockholder. Subject to the terms of the Insider Letters (as
defined in
Section 4.4 hereof) and except as herein provided, the Founding Stockholders shall retain all
of their
rights as holders of such Founding Shares in the Company during the Escrow Period, including,
without
limitation, the right to vote in respect of such Founding Shares.

     4.2 Dividends and Other
Distributions in Respect of the Escrow Shares. During the Escrow
Period, all dividends or other distributions payable in cash with respect to the Escrow Shares
shall be paid
to the Founding Stockholders, but all dividends payable in shares or other non-cash property
(“Non-Cash
Dividends”) shall be delivered to the Escrow Agent to hold in accordance with the terms
hereof. As used
herein, the term “Escrow Shares” shall be deemed to include the Non-Cash Dividends distributed
thereon, if any.

     4.3 Restrictions on Transfer. During the Escrow Period, no sale, transfer or other disposition
may be made of any or all of the Escrow Shares except (i) by gift to a member of a Founding
Stockholder’s immediate family or to a trust, the beneficiary of which is a Founding
Stockholder or a
member of a Founding Stockholder’s immediate family, (ii) by virtue of the laws of descent and
distribution upon the death of any Founding Stockholder, (iii) pursuant to a qualified
domestic relations
order, or (iv) to any company which is wholly owned by that Founding Stockholder; provided,
however,
that such permissive transfers may be implemented only upon the respective transferee’s
written
agreement to be bound by the terms and conditions of this Agreement and each of the Insider
Letter and

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Lock-in Deed and, in the case of a permissive transfer (iv), to transfer the Escrow Shares back to
the Founding Stockholder in the event that the Founding Stockholder disposes of a majority of the
shares of the transferee company. During the Escrow Period, the Founding Stockholders shall not
pledge or grant a security interest in the Escrow Shares or grant a security interest in their
rights under this Agreement.

     4.4 Insider Letters and Lock-in Deeds. Each of the Founding Stockholders has executed
(i)
a letter agreement with Sunrise Securities Corp., Seymour Pierce Limited and the Company (the
“Insider
Letter”) and (ii) a lock-in deed with Seymour Pierce Limited and the Company (the “Lock-in
Deed”),
each dated as indicated on Exhibit A hereto, in connection with the rights and obligations of
such
Founding Stockholder in certain events, including but not limited to the liquidation of the
Company.

     4.5 The Escrow Agent shall permit the Escrow Shares to be released during the Escrow
Period if notified by the Company that the Escrow Shares which are of Restricted Shares are to
be
converted into shares of common stock. The Company undertakes that the certificates
representing the
shares of common stock issued on such conversion shall be delivered on issue to the Escrow
Agent and
that such new shares shall constitute the Escrow Shares thereafter.

     5. Concerning the Escrow Agent.

     5.1 Good Faith Reliance. The Escrow Agent shall not be liable for any action taken
or
omitted by it in good faith and in the exercise of its own best judgment, and may rely
conclusively and
shall be protected in acting upon any order, notice, demand, certificate, opinion or advice of
counsel
(including counsel chosen by the Escrow Agent), statement, instrument, report or other paper
or
document (not only as to its due execution and the validity and effectiveness of its
provisions, but also as
to the truth and acceptability of any information therein contained) which is reasonably
believed by the
Escrow Agent to be genuine after appropriate due diligence and to be signed or presented by
the proper
person or persons. The Escrow Agent shall not be bound by any notice or demand, or any
waiver,
modification, termination or rescission of this Agreement unless evidenced in writing
delivered to the
Escrow Agent signed by the proper party or parties and, if the duties or rights of the Escrow
Agent are
affected, unless it shall have given its prior written consent thereto.

     5.2 Indemnification. The Escrow Agent shall be indemnified and held harmless by the
Founding Stockholders from and against any expenses, including counsel fees and disbursements,
or loss
suffered by the Escrow Agent in connection with any action, suit or other proceeding involving
any claim
which in any way, directly or indirectly, arises out of or relates to this Agreement, the
services of the
Escrow Agent hereunder, or the Escrow Shares held by it hereunder, other than expenses or
losses arising
from the gross negligence, fraud, bad faith, willful default or willful misconduct of the
Escrow Agent.
Promptly after the receipt by the Escrow Agent of notice of any demand or claim or the
commencement
of any action, suit or proceeding, the Escrow Agent shall notify the other parties hereto in
writing. In the
event of the receipt of such notice, the Escrow Agent shall retain the Escrow Shares pending
receipt of
instructions from each of the Company and the Founding Stockholders or receipt of an order of
a court
having jurisdiction over any of the parties hereto directing to whom and under what
circumstances the
Escrow Shares are to be disbursed and delivered. The provisions of this Section 5.2 shall
survive in the
event the Escrow Agent resigns or is discharged pursuant to Sections 5.5 or 5.6 below.

     5.3 Compensation. The Escrow Agent shall be entitled to an initial fee of $1,500, and an
ongoing fee of $5,000 per annum (subject to annual review and payable quarterly in advance). The
Escrow Agent shall also be entitled to an activity fee of $95 any time any Escrow Shares are
released,

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delivered or transferred to it, and reimbursement from the Company for all expenses paid or
incurred by it in the administration of its duties hereunder including, but not limited to, all
counsel, advisors’ and agents’ fees and disbursements and all taxes or other governmental charges.

     5.4 Further Assurances. From time to time on and after the date hereof, the Company
and
the Founding Stockholders shall deliver or cause to be delivered to the Escrow Agent such
further
documents and instruments and shall do or cause to be done such further acts as the Escrow
Agent shall
reasonably request to carry out more effectively the provisions and purposes of this
Agreement, to
evidence compliance herewith or to assure itself that it is protected in acting hereunder.

     5.5 Resignation. The Escrow Agent may resign at any time and be discharged from its
duties as escrow agent hereunder by its giving the other parties hereto 3 months’ written
notice and such
resignation shall become effective as hereinafter provided. Such resignation shall become
effective at
such time following the expiry of the notice period that the Escrow Agent shall turn over to a
successor
escrow agent appointed by the Company on terms substantially as set out in this Agreement, the
Escrow
Shares held hereunder in such manner so as to ensure that the Escrow Shares remain in escrow
without
being returned to the Founding Stockholders.

     5.6 Discharge of Escrow Agent. The Escrow Agent shall resign and be discharged from its
duties as escrow agent hereunder if so requested in writing at any time by the Company and a
majority of
the Founding Stockholders, jointly, provided, however, that such resignation shall become
effective only
upon acceptance of appointment by a successor escrow agent as provided in Section 5.5.

     5.7 Liability. Notwithstanding anything herein to the contrary, the Escrow Agent shall not
be relieved from liability hereunder for its own gross negligence or its own willful
misconduct.

     6. Miscellaneous.

     6.1 Governing Law. This Agreement shall for all purposes be deemed to be made under
and
shall be construed in accordance with the laws of England and Wales.

     6.2 Jurisdiction. The parties hereto agree to submit all disputes hereunder to the non
exclusive jurisdiction of the courts of England and Wales.

     6.3 Agent for Service of Process. Each party may give any notice or other communication
under or in connection with this Agreement by letter or facsimile transmission or e-mail
addressed to the
other party on the terms of Section 6.8 below. Each of the Company and Sunrise Securities
Corp. shall
maintain an agent for service of process in England and Wales and hereby appoint the following
agents
for service of process of any proceedings in England and Wales.

Titanium Asset Management Corp.

Address for service of process of proceedings in the UK:

Capita IRG plc

The Registry

34 Beckenham Road

Beckenham

-4-

 

Kent BR3 4TU

Tel: +44 207 800 4904

Fax: +44 207 626 2217

Attention: Tom Harkus

Sunrise Securities Corp.

Address for service of process of proceedings in the UK:

c/o Nabarro

Lacon House

84 Theobald’s Road

London WC1X 8RW

Tel: 020 7524 6000

Fax: 020 7524 6524

Attention: Elliot Shear

     6.4 Third Party Beneficiaries. Each of the Company and the Founding Stockholders
hereby
acknowledge that Sunrise Securities Corp. and Seymour Pierce Limited are third party
beneficiaries of
this Agreement, and that this Agreement may not be modified or changed without the prior
written
consent of both Sunrise Securities Corp. and Seymour Pierce Limited. Except as explicitly
provided
herein, the parties do not intend that any person who is not a signatory to this Agreement (a
“Third
Party”) shall acquire any right under this Agreement (whether or not pursuant to the Contracts
(Rights of
Third Parties) Act 1999) nor that the consent of or any notice to any Third Party shall be
required for the
variation, rescission or termination of this Agreement.

     6.5 Entire Agreement. This Agreement contains the entire agreement of the parties hereto
with respect to the subject matter hereof and, except as expressly provided herein, may not be
changed or
modified except by an instrument in writing signed by the party to be charged.

     6.6 Headings. The headings contained in this Agreement are for reference purposes only
and shall not affect in any way the meaning or interpretation thereof.

     6.7 Binding Effect. This Agreement shall be binding upon and inure to the benefit of the
respective parties hereto and their legal representatives, successors and assigns.

     6.8 Notices. Any notice or other communication required or which may be given hereunder
shall be in writing and either be delivered personally or be mailed, certified or registered
mail, or by
private national courier service, return receipt requested, postage prepaid, and shall be
deemed given
when so delivered personally or, if mailed, two days after the date of mailing, as follows:

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If to the Company, to:

ComCenter at Lakewood Ranch

9040 Town Center Parkway

Suite 102

Brandenton

Florida 34202

Attention: Chief Executive Officer

If to a Founding Stockholder, to the address set forth in Exhibit A.

and if to the Escrow Agent, to:

Capita Trust Company (Jersey) Limited

Victoria Chambers

Liberation Square

1/3 Esplanade

St Helier

Jersey

JE2 3QA

Attention: Paul Horton

The parties may change the persons and addresses to which the notices or other communications are
to be sent by giving written notice to any such change in the manner provided herein for giving
notice.

     6.9 Liquidation of Company. The Company shall give the Escrow Agent written
notification of the liquidation and dissolution of the Company in the event that the Company fails
to consummate a Business Combination by the Qualified Business Combination Deadline (such terms as
defined in the Offering Circular).

     6.10 Trust Fund. Notwithstanding any other provision of this Agreement, the Escrow
Agent confirms its understanding that the Company has established a trust fund (the “Trust Fund”)
relating to certain of the proceeds of the issue of the Shares and Warrants, all as described in
the Offering Circular. The Escrow Agent acknowledges that the Trust Fund will exist for the benefit
of the Company’s New Stockholders (as defined in the Offering Circular) and that monies from the
Trust Fund may only be disbursed (i) to the New Stockholders (as defined in the Offering Circular)
in the event of liquidation of the Company or (ii) in the event of certain other events as more
fully described in the Offering Circular. The Escrow Agent agrees that neither it nor any of its
affiliates have or will have any right, title interest or claim in or to monies in the Trust Fund
(a “Claim”) and the Escrow Agent and its affiliates hereby waive any Claim against the Trust Fund
that it or they may have now or in the future as a result of or arising out of this Agreement and
will not seek recourse against the Trust Fund for any reason whatsoever, including in respect of
the Founding Stockholder’s indemnification obligations set out in this Agreement.

     6.11 Counterparts. This Agreement may be executed in any number of counterparts, each
of which shall be deemed to be an original and which shall together constitute one and the same
agreement.

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[Remainder of page intentionally left blank]

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WITNESS the execution of this Agreement as of the date first above written.

	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	SIGNED by NIGEL WIGHTMAN, 
	 	 	)	 	 	 	 	 
	duly authorised, for and on
	 	 	)	 	 	/s/ NIGEL WIGHTMAN 
	 	 
	behalf of TITANIUM ASSET MANAGEMENT CORP.
	 	 	)	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	SIGNED by 
	 	 	)	 	 	/s/ THOMAS ANGLIN HAMILTON 

	 	 
	THOMAS ANGLIN HAMILTON
	 	 	)	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	SIGNED
by JOHN M. KUZAN,
	 	 	)	 	 	 	 	 
	duly authorised, for and on 
	 	 	)	 	 	/s/ JOHN M. KUZAN 

	 	 
	behalf of NAZUK, LLC
	 	 	)	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	SIGNED by 
	 	 	)	 	 	/s/ MARK ADAM PARKIN
 

	 	 
	MARK ADAM PARKIN
	 	 	)	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	SIGNED by 
	 	 	)	 	 	/s/ NIGEL DAVID WIGHTMAN
 

	 	 
	NIGEL DAVID WIGHTMAN
	 	 	)	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	SIGNED
by JOHN SAUICKIE,
	 	 	)	 	 	 	 	 
	duly authorised, for and on 
	 	 	)	 	 	/s/ JOHN SAUICKIE 

	 	 
	behalf of WHITEWATER PLACE, LLC
	 	 	)	 	 	 	 	 

 

 

	 	 	 	 	 	 	 	 	 
	SIGNED
by JOHN SAUICKIE,

	 	 	)	 	 	/s/ JOHN
SAUICKIE 
	 	 
	duly authorised, for and on

	 	 	)	 	 	 
	 	 
	behalf of SKC TRUST SHARES, LLC

	 	 	)	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	SIGNED
by JOHN SAUICKIE,

	 	 	)	 	 	/s/ JOHN
SAUICKIE 
	 	 
	duly authorised, for and on

	 	 	)	 	 	 	 	 
	behalf of TITANIUM INCENTIVE PLAN, LLC

	 	 	)	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	SIGNED by

	 	 	)	 	 	/s/ ANDREW
MCDONALD 
	 	 
	ANDREW MCDONALD

	 	 	)	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	SIGNED by ANTHONY O’KEEFFE — DIRECTOR

	 	 	)	 	 	/s/ ANTHONY O’KEEFFE	 	 
	                     PAUL LE BIHAN — A SIGNATORY.

	 	 	 	 	 	 

	 	 
	duly authorised, for and on

	 	 	)	 	 	/s/ PAUL LE BIHAN	 	 
	behalf of CAPITA TRUST COMPANY (JERSEY) LIMITED

	 	 	)	 	 	 

	 	 

 

 

Exhibit A

List of
Founding StockholdersEX-4.8

EXHIBIT 4.8

DATE

 

THE COVENANTORS

and

TITANIUM
ASSET MANAGEMENT CORP.

and

SEYMOUR PIERCE LIMITED

and

SUNRISE SECURITIES CORP.

 

LOCK IN DEED

relating to TITANIUM ASSET MANAGEMENT CORP.

 

 

 

CONTENTS

	 	 	 	 	 	 	 
	Clause	 	Subject matter	 	Page	 
	1.	 	DEFINITIONS
	 	 	1	 
	2.	 	INTERPRETATION
	 	 	4	 
	3.	 	CONDITION
	 	 	4	 
	4.	 	LOCK IN AND ORDERLY MARKET PROVISIONS
	 	 	5	 
	5.	 	UNDERTAKINGS
	 	 	6	 
	6.	 	GENERAL
	 	 	6	 
	 	 	SCHEDULE THE COVENANTORS	 	 	10	 

 i

 

 

LOCK IN DEED

DATE

PARTIES

	(1)	 	Those persons whose names are stated in the schedule (each a “Covenantor” and together
the “Covenantors”);
	 
	(2)	 	TITANIUM ASSET MANAGEMENT CORP., a corporation organised under the laws of the State of
Delaware pursuant to the Delaware General Corporation Law whose registered office is located
at 16192 Coastal Highway, Lewes, Sussex, Delaware U.S.A. (the “Company”);
	 
	(3)	 	SUNRISE SECURITIES CORP. a corporation organised under the laws of New York, with its
principal place of business located at 25 Floor, 641 Lexington Avenue, New York, NY 10022
U.S.A. (“Sunrise”); and
	 
	(4)	 	SEYMOUR PIERCE LIMITED a company organised under the laws of England and Wales with its
principal office at 20 Old Bailey, London, EC4M 7EN, UK (“Seymour Pierce”).

RECITALS

	(A)	 	The Company proposes to raise funds through the Placing and is proposing to seek the
admission of its entire share capital and warrants issued and to be issued pursuant to the
Placing to trading on AIM.
	 
	(B)	 	Subject to the terms of this deed, the Covenantors have agreed with the Company, Sunrise
and Seymour Pierce to enter into certain restrictions with regard to the disposal by them
(or any of their Associates) of the Locked-in Shares and Warrants.

IT IS
AGREED AS FOLLOWS:

	1.	 	DEFINITIONS
	 
	 	 	In this deed and in the recitals to this deed the following definitions apply:
	 
	 	 	“Admission”

admission of the entire ordinary share capital of the Company and warrants
issued and to be issued pursuant to the Placing to trading on AIM, such
admission becoming effective in accordance with rule 6 of the AIM Rules;

1

 

	 	 	“Admission Document”

the document in the agreed form to be issued by the Company in connection with the
Admission;

	 	 	“AIM”

the market of that name operated by London Stock Exchange plc;

	 	 	“AIM Rules”

the rules for AIM companies issued by London Stock Exchange plc as amended from time
to time;

	 	 	“Associate”

in relation to any Covenantor, their associates as defined in the definition of
“related party” in the glossary to the AIM Rules;

	 	 	“Business Day”

a day (other than a Saturday or Sunday) on which banks in London are open for general
business;

	 	 	“City Code”

the City Code on Takeovers and Mergers;

	 	 	“Common Shares”

the shares of common stock of $0.0001 each in the capital of the Company (or such
other nominal amount of the Company’s shares of common stock following any
consolidation, sub-division, repayment or reduction of capital or other event giving
rise to an adjustment of the nominal amount of such shares of common stock
hereafter), including any such shares allotted (whether or not subject to any
condition) but not yet issued;

	 	 	“Disposal”

(includes any sale, transfer, mortgage, assignment, grant of options over, charge,
pledge, or other disposal or an agreement to sell, transfer, mortgage, assign, grant
options over, charge, pledge or otherwise dispose, or any transaction which has the
same economic effect as a Disposal (including, without limitation, any swap or
contract for differences) and “Dispose” shall be construed accordingly;

	 	 	“Family Members”

any spouse (but not any former spouse), children, grandchildren (including step and
adopted), brothers, sisters and parents;

	 	 	“Financial Services Authority”

the Financial Services Authority of the United Kingdom;

2

 

	 	 	“Locked-In Shares and Warrants”

	 	(a)	 	the Common Shares, Restricted Shares and Warrants held or controlled, whether
directly or indirectly, by the Covenantors or any of their Associates on or
immediately following the date of Admission; and
	 
	 	(b)	 	any additional Common Shares, Restricted Shares, Warrants or other securities in
the Company allotted or issued to and/or acquired by the Covenantors or any of their
Associates up to and including the last day of the Orderly Market Period (including
pursuant to the conversion of any Restricted Shares, Warrants or options);

	 	 	“Lock-In Period”

the period of 12 months commencing on the date of Admission;

	 	 	“London Stock Exchange”

London Stock Exchange plc;

	 	 	“Orderly Market Period”

the period commencing at the end of the Lock-In Period and expiring 12 months
thereafter;

	 	 	“Placing”

the proposed placing of Units pursuant to the Placing Agreement;

	 	 	“Placing Agreement”

the agreement of even date herewith between the Company, the directors of the
Company, Seymour Pierce and Sunrise;

	 	 	“Restricted Shares”

shares of convertible restricted stock of the Company, having a par value of $0.0001
per restricted share (or such other nominal amount of the Company’s shares of
convertible restricted stock following any consolidation, sub-division, repayment or
reduction of capital or other event giving rise to an adjustment of the nominal
amount of such shares of convertible restricted stock hereafter), including any such
shares allotted (whether or not subject to any condition) but not yet issued;

	 	 	“Unit”

a unit of one Common Share and one Warrant; and

	 	 	“Warrants”

the warrants issued by the Company giving each holder the right, upon exercise of
such warrants, to subscribe for one Common Share.

3

 

	2.	 	INTERPRETATION
	 
	2.1	 	In this deed:
	 
	2.1.1	 	the contents page and clause headings are for convenience only and do not affect its
construction;
	 
	2.1.2	 	words denoting the singular include the plural and the other way round; and
	 
	2.1.3	 	words denoting one gender includes all genders.
	 
	2.2	 	In this deed, unless otherwise specified or the context otherwise requires, a reference to:
	 
	2.2.1	 	a person is to be construed to include a reference to any individual, firm, partnership,
company, corporation, association, organisation or trust (in each case whether or not
having a separate legal personality);
	 
	2.2.2	 	a party is a reference to a party to this deed;
	 
	2.2.3	 	a document, instrument or agreement (including, without limitation, this deed) is a
reference to any such document, instrument or agreement as modified, amended, varied,
supplemented or novated from time to time;
	 
	2.2.4	 	a recital or clause is a reference to a recital to, a clause of this deed and a reference to
this deed includes its recitals and the schedule;
	 
	2.2.5	 	a provision of any statute or other legislation is to be construed as a reference to such
provision as amended or re-enacted or as its application is modified from time to time
(whether before or after the date of this deed) and shall include reference to any provision
of which it is a re-enactment (whether with or without modification) and to any orders,
regulations, instruments or other subordinate legislation (and relevant codes of practice)
made under the relevant statute or other legislation except to the extent that any amendment
or re-enactment coming into force after the date of this deed would increase or extend the
liability of any party to any other person under this deed; and
	 
	2.2.6	 	writing shall include any method of reproducing words in a legible and permanent form.
	 
	2.3	 	All representations, warranties, undertakings, agreements, covenants, indemnities and
obligations made or given or entered into by the Covenantors in this deed are made or given
or entered into by them severally.
	 
	2.4	 	The liability of the Covenantors under this deed is several.
	 
	2.5	 	Words or phrases used in this deed and defined in the Admission Document shall have the
meaning set out in the Admission Document.
	 
	3.	 	CONDITION
	 
	3.1	 	The obligations of the parties to this deed are conditional upon Admission.
	 
	3.2	 	If the condition set out in clause 3.1 is not fulfilled by 13 July 2007, this deed shall
cease and determine and no party to this deed shall have any claim against any other party to
this deed for costs, damages, compensation or otherwise.

4

 

	4.	 	LOCK IN AND ORDERLY MARKET PROVISIONS
	 
	4.1	 	Subject to the provisions of clause 4.2, each Covenantor undertakes to each of the Company,
Sunrise and Seymour Pierce that it will not, and will use its reasonable endeavours to
procure that its Associates will not:
	 
	4.1.1	 	prior to the last day of the Lock-In Period, Dispose of, or agree to Dispose of, directly or
indirectly, any of the Locked-in Shares and Warrants or any interest in or right to them; and
	 
	4.1.2	 	during the Orderly Market Period, Dispose of, or agree to Dispose of, directly or
indirectly, any of the Locked-In Shares and Warrants or any interest in or right to them,
except subject to the orderly market provisions set out in clause 4.3 
below.
	 
	4.2	 	The undertakings contained in clause 4.1 above shall not apply to any Disposals by
Covenantors of Locked-In Shares and Warrants made:
	 
	4.2.1	 	as a result of an acceptance of an offer for the entire
issued share capital of the Company
or the giving of an irrevocable undertaking to accept an offer or offers or proposal for
shares or convertible securities in the Company to which the City Code would apply (in either
case excluding Common Shares already held by the offeror) which has either been recommended
for acceptance by the directors of the Company or has become unconditional as to
acceptances, provided that nothing in this clause shall exclude a Covenantor from giving an
irrevocable undertaking to accept an offer or offers or proposal for shares or convertible
securities in the Company to which the City Code would apply which is conditional upon such
offer or offers or proposal becoming or being declared unconditional in all respects and being
recommended for acceptance by the directors of the Company;
	 
	4.2.2	 	for bona fide purposes to any of such Covenantors’ Family Members provided that such new
transferee, before registration of any transfer of such securities to such transferee,
executes an agreement in relation to such securities in similar terms to that contained in
this deed in a form reasonably satisfactory to each of Seymour Pierce and the Company (which
will be evidenced by written confirmation from each);
	 
	4.2.3	 	pursuant to or in connection with an offer by the Company for the purchase or redemption of
its own share capital in accordance with applicable law and the AIM Rules;
	 
	4.2.4	 	pursuant to an intervening court order; or
	 
	4.2.5	 	by personal representatives of the Covenantor if he shall die during the Lock-In Period or
the Orderly Market Period provided that the sale by such personal representatives pursuant to
this clause 4.2.5 during such period shall be effected in accordance with the reasonable
requirements of Seymour Pierce and Sunrise so as to ensure an orderly market for the issued
share capital of the Company.
	 
	4.3	 	If a Covenantor wishes to Dispose of any of his Locked-In Shares and Warrants during the
Orderly Market Period, then in order to maintain an orderly market, any such Disposal
shall be effected through Seymour Pierce in its capacity as the Company’s broker under
the AIM Rules, provided that:

5

 

	4.3.1	 	Seymour Pierce is, at the time of such proposed Disposal, authorised by the
Financial Services Authority to effect such Disposal; and
	 
	4.3.2	 	in the execution of such Disposal, Seymour Pierce offers competitive pricing and trading
terms for the quantity of Locked-in Shares and Warrants being Disposed based on market terms
quoted by any other reputable stockbroker or dealer in securities in the United Kingdom in
respect of such Disposal.
	 
	4.4	 	In the event that Seymour Pierce is no longer the Company’s broker, then the benefits of the
provisions of this clause 4 shall (without need for any further action) pass to any successor
broker which has replaced Seymour Pierce.
	 
	4.5	 	Any sale pursuant to clause 4.3 above shall be effected by Seymour Pierce within five (5)
Business Days of the receipt by Seymour Pierce of notification from the Covenantor of its
intention to sell any of the Locked-in Shares and Warrants. In the event that such sale is not
effected within five (5) Business Days in accordance with this clause 4.5, the Covenantor
shall be entitled to sell the Locked-in Shares and Warrants through any other stockbroker or
dealer in securities.
	 
	5.	 	UNDERTAKINGS
	 
	5.1	 	Each Covenantor agrees that:
	 
	5.1.1	 	if any of the Locked-In Shares and Warrants beneficially owned by such Covenantor are
registered in the name of any other person, it shall procure that such person complies with
the obligations set out in this deed as though it were a party to this deed;
	 
	5.1.2	 	if it holds Locked-In Shares and Warrants as nominee for any other person, it shall use its
reasonable endeavours to procure that such person complies with the obligations set out in
this deed as though it were a party to this deed; and
	 
	5.1.3	 	the restriction on Disposals and the other provisions in this deed will be binding on each
such person and its successors and assigns.
	 
	5.2	 	Each Covenantor consents to the inclusion in the Admission Document of references to this
deed and a summary of its contents and agrees and acknowledges that the particulars of this
deed may be available for inspection by members of the public and published by the Company
(including, without limitation, in any document required in connection with
Admission) and hereby consents to any such inspection and publication.

	6.	 	GENERAL
	 
	6.1	 	Authority
	 
	 	 	Each Covenantor warrants that he has the power and authority to enter into and give the
undertakings in this deed without obtaining the consent of any third party.
	 
	6.2	 	Assignment

6

 

	 	 	Subject to clause 4,4 this deed is personal to the parties hereto and may not be assigned
by any party without the prior written consent of the other parties (such consent not to
be unreasonably withheld or delayed). This deed is binding on and enures for the benefit
of the successors and permitted assigns
	 
	6.3	 	Variation
	 
	 	 	No variation of this deed shall be effective unless made in writing and signed by or on
behalf of each of the parties.
	 
	6.4	 	Contracts (Rights of Third Parties) Act 1999
	 
	6.4.1	 	Subject to the provisions of clause 6.4.2 no person who is not a party to this deed has any
rights on any person under the Contracts (Rights of Third Parties) Act 1999.
	 
	6.4.2	 	A successor to Seymour Pierce as broker to the Company has the right to enforce the
provisions of clause 4 of this deed.
	 
	6.5	 	Counterparts
	 
	 	 	This deed may be executed in one or more counterparts and by the parties to it on
separate counterparts, each of which when so executed and delivered shall be an original,
but all the counterparts shall together constitute one and the same instrument.
	 
	6.6	 	Notices
	 
	6.6.1	 	Each party may give any notice or other communication under or in connection with this deed
by letter or facsimile transmission addressed to any other party. The address for service of
each party shall be the address set out above or, in the case of the Covenantors, the address
stated in clause 6.9.2, or such other address within the United Kingdom for service as the
addressee may from time to time notify to the other parties for the purposes of this clause or
(in the case of a company) its registered office from time to time.
	 
	6.6.2	 	Any such communication will be deemed to be served:

	 	(a)	 	if personally delivered, at the time of delivery and, in proving
service, it shall be sufficient to produce a receipt for the notice signed by or
on behalf of the addressee;
	 
	 	(b)	 	if by letter, at noon on the Business Day after such letter was
posted (or, in the case of airmail, five Business Days after such letter was
posted) and, in proving service, it shall be sufficient to prove that the letter
was properly stamped first class (or airmail), addressed and delivered to the
postal authorities; and
	 
	 	(c)	 	if by facsimile transmission, at noon on the Business Day after the
day of transmission and, in proving service, it shall be sufficient to produce a
transmission report from the sender’s facsimile machine indicating that the
facsimile was sent in its entirety to the recipient’s facsimile number.

	6.7	 	Acknowledgements
	 
	6.7.1	 	Each of the Covenantors acknowledges that any decision by Seymour Pierce or Sunrise to
withhold consent in accordance with the provisions of this deed shall not form the basis

7

 

	 	 	of any claim against the Company, Seymour Pierce or Sunrise for any damage, loss,
costs or expense alleged to have been caused by such decision, unless Seymour Pierce
or Sunrise has not complied with its obligations, if any, to act reasonably in
circumstances where its consent is required under this deed.
	 
	6.7.2	 	Each of the Covenantors acknowledge that damages for breach or threat of breach of the
provisions of clause 4 by any Covenantors may be inadequate, and that the Company,
Seymour Pierce and/or Sunrise may be entitled to apply for an injunction or
injunctions to prevent breaches of such provisions or to enforce such provisions in
addition to any other remedy to which the Company, Seymour Pierce and/or Sunrise are
entitled at law or in equity.
	 
	6.8	 	Severability
	 
	 	 	Each provision of this deed is severable and distinct from the others. The parties intend
that every such provision shall be and remain valid and enforceable to the fullest extent
permitted by law. If any such provision is or at any time becomes to any extent invalid
illegal or unenforceable under any enactment or rule of law, it shall to that extent be
deemed not to form part of this deed but (except to that extent in the case of that
provision) it and all other provisions of this deed shall continue in full force and
effect and their validity, legality and enforceability shall not be thereby affected or
impaired, provided that the operation of this clause would not negate the commercial
intent and purpose of the parties under this deed.
	 
	6.9	 	Appointment of Process Agent
	 
	6.9.1	 	Each of the parties to this deed shall procure that it maintains an agent for service of
proceedings in England at all times during which a claim may be made against them by Explore
for breach of any of the provisions of this deed.
	 
	6.9.2	 	Each of the Covenantors and the Company hereby irrevocably appoint the following agent for
service of process in of any proceedings in England and Wales:
	 
	 	 	Capita IRG plc

The Registry

34 Beckenham Road

Beckenham

Kent BR3 4TU
	 
	6.9.3	 	Sunrise hereby irrevocably appoints the following agent for service of process of any
proceedings in England and Wales:
	 
	 	 	Eagle Place Notices Limited (matter reference S0493-1)

84 Theobald’s Road

London WC 1X 8RW 
Tel:
020 7524 6000 
Fax:
020 7524 6524
	 
	6.10	 	Law and Jurisdiction
	 
	6.10.1	 	This deed, and all disputes or claims arising out of or in connection with it, shall be
governed by and construed in accordance with English law.

8

 

	6.10.2	 	In relation to any legal action or proceedings arising out of or in connection with this
deed, each of the parties irrevocably submits to the non-exclusive jurisdiction of the
English Courts and waives any objection to such proceedings in the English Courts on
the grounds of venue or on the grounds that such proceedings have been brought in an
inappropriate forum.

9

 

SCHEDULE

THE COVENANTORS

10

 

IN
WITNESS
of which this deed has been duly executed and is delivered on the data written at
the beginning of this deed.

	 	 	 	 	 	 	 	 	 
	SIGNED and DELIVERED as a DEED

	 	 	)	 	 	 	 	 
	by

	 	 	)	 	 	 	 	 
	 

	 	 	)	 	 	 	 	 
	in the presence of:

	 	 	 	 	 	 

Signature	 	 

	 	 	 	 	 
	Signature witness:
	 	 	 	 
	 
	 	 
	Name (in BLOCK CAPITALS):
	 	 	 	 
	 
	 	 
	Address:
	 	 	 	 
	 
	 	 
	 
	 
	 	 

	 	 	 	 	 	 	 	 	 
	SIGNED and DELIVERED as a DEED

	 	 	)	 	 	 	 	 
	by

	 	 	)	 	 	 	 	 
	 

	 	 	)	 	 	 	 	 
	in the presence of:

	 	 	 	 	 	 

Signature	 	 

	 	 	 	 	 
	Signature witness:
	 	 	 	 
	 
	 	 
	Name (in BLOCK CAPITALS):
	 	 	 	 
	 
	 	 
	Address:
	 	 	 	 
	 
	 	 
	 
	 
	 	 

	 	 	 	 	 	 	 	 	 
	SIGNED and DELIVERED as a DEED

	 	 	)	 	 	 	 	 
	by

	 	 	)	 	 	 	 	 
	 

	 	 	)	 	 	 	 	 
	in the presence of:

	 	 	 	 	 	 

Signature	 	 

	 	 	 	 	 
	Signature witness:
	 	 	 	 
	 
	 	 
	Name (in BLOCK CAPITALS):
	 	 	 	 
	 
	 	 
	Address:
	 	 	 	 
	 
	 	 
	 
	 
	 	 

LOCK IN DEED - INDIVIDUALS

 

 

	 	 	 	 	 	 	 	 	 
	SIGNED and DELIVERED as a DEED

	 	 	)	 	 	 	 	 
	by

	 	 	)	 	 	 	 	 
	 

	 	 	)	 	 	 	 	 
	in the presence of:

	 	 	 	 	 	 

Signature	 	 

	 	 	 	 	 
	Signature witness:
	 	 	 	 
	 
	 	 
	Name (in BLOCK CAPITALS):
	 	 	 	 
	 
	 	 
	Address:
	 	 	 	 
	 
	 	 
	 
	 
	 	 

	 	 	 	 	 	 	 	 	 
	SIGNED and DELIVERED as a DEED

	 	 	)	 	 	 	 	 
	by

	 	 	)	 	 	 	 	 
	 

	 	 	)	 	 	 	 	 
	in the presence of:

	 	 	 	 	 	 

Signature	 	 

	 	 	 	 	 
	Signature witness:
	 	 	 	 
	 
	 	 
	Name (in BLOCK CAPITALS):
	 	 	 	 
	 
	 	 
	Address:
	 	 	 	 
	 
	 	 
	 
	 
	 	 

	 	 	 	 	 	 	 	 	 
	SIGNED and DELIVERED as a DEED by

	 	 	)	 	 	 	 	 
	TITANIUM ASSET MANAGEMENT CORP.

	 	 	)	 	 	 	 	 
	acting by

	 	 	)	 	 	 

Director
	 	 
	a director and its secretary or
two directors

	 	 	)	 	 	 	 	 
	 
	 

	 	 	 	 	 	 

Director/Secretary
	 	 
	 
	 	 	 	 	 	 	 	 
	SIGNED and DELIVERED as a DEED by

	 	 	)	 	 	 	 	 
	SUNRISE SECURITIES CORP. acting by a

	 	 	)	 	 	 	 	 
	director and its secretary or two
directors

	 	 	)	 	 	 

Director	 	 
	 

	 	 	)	 	 	 	 	 
	 
	 

	 	 	 	 	 	 

Director/Secretary	 	 
	 
	 	 	 	 	 	 	 	 
	SIGNED and DELIVERED as a DEED by

	 	 	)	 	 	 	 	 
	SEYMOUR PIERCE LIMITED acting by a

	 	 	)	 	 	 	 	 
	director and its secretary or two
directors

	 	 	)	 	 	 

Director	 	 
	 

	 	 	)	 	 	 	 	 
	 
	 

	 	 	 	 	 	 

Director/Secretary	 	 

LOCK IN DEED - INDIVIDUALS

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