Document:

EX-4.3

EXHIBIT 4.3

WARRANT DEED (the “Warrant Deed”)

     This Warrant Deed is made as of June 21, 2007 between Titanium Asset Management Corp., a
company incorporated under the laws of the State of Delaware, with its registered office at 16192
Coastal Highway, Lewes, Sussex, Delaware 19958 USA (the
“Company”), and Capita Registrars (Jersey)
Limited, a company incorporated under the laws of Jersey, with its registered office at Victoria
Chambers, Liberation Square, 1/3 The Esplanade, St. Helier, Jersey
(the “Warrant Agent”).

     Capitalised terms used but not defined in this Warrant Deed have the meanings given to them
in the Offering Circular (defined below).

     WHEREAS, pursuant to an offering circular dated on or around the date hereof (the “Offering
Circular”) the Company is engaged in an offering of units
(“Units”) each comprised of one share of
common stock, par value $0.0001 per share, in the share capital of the Company (the “Common
Shares”) and one warrant (the “Warrants”), each Warrant evidencing the right of the holder thereof
to purchase one Common Share for US$4.00, on the terms and subject to the conditions set forth in
the Offering Circular and subject to adjustment as described herein; and

     WHEREAS the Company desires, for the benefit of the holders from time to time of the
Warrants, the Warrant Agent to act on behalf of the Company, and the Warrant Agent is willing to
so act, in connection with the issuance, registration, transfer, exchange, redemption and exercise
of the Warrants; and

     WHEREAS, the Company desires to provide for the form and provisions of the Warrants, the
terms upon which they shall be issued and exercised, and the respective rights, limitation of
rights, and immunities of the Company, the Warrant Agent, and the holders of the Warrants; and

     WHEREAS, all acts and things have been done and performed which are necessary to make the
Warrants, when executed on behalf of the Company and countersigned by or on behalf of the Warrant
Agent, as provided herein, the valid, binding and legal obligations of the Company, and to
authorize the execution and delivery of this Deed.

     NOW, THEREFORE the Company and the Warrant Agent have executed as a Deed the following

1. Appointment of Warrant Agent. The Company hereby appoints the Warrant
Agent to act as agent for the Company for the Warrants, and the Warrant Agent hereby
accepts such appointment and agrees to perform the same in accordance with the terms
and conditions set forth in this Deed.

2. Warrants.

     2.1 Form of Warrant. Each certified Warrant shall be issued in substantially the form
of Exhibit A hereto, the provisions of which are incorporated herein and shall be signed by, or
bear the facsimile signature of, the chairman of the Company, any director of the Company or the
company secretary of the Company. In the event the person whose facsimile signature has been placed
upon any Warrant shall have ceased to serve in the capacity in which such person signed the Warrant
before such Warrant is issued, it may be issued with the same effect as if he or she had not ceased
to be such at the date of issuance.

     The Company shall not be required to issue to any person a Warrant certificate in respect of
any uncertificated Warrant, but for the avoidance of doubt the terms and conditions set out herein
shall continue to apply notwithstanding the fact that they are not endorsed upon a relevant
certificate. The Company shall perform and observe the terms and conditions set out herein and the
Warrants shall be

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held subject to the terms and conditions hereof, all of which shall be binding on the Company and
the holders of the Warrants and all persons claiming through or under them respectively.

     2.2 Registration.

          2.2.1 Warrant Register. The Warrant Agent shall maintain books (the “Warrant
Register”) for the registration of original issuance and transfer of the Warrants. Upon the
initial issuance of the Warrants, the Warrant Agent shall issue and register the Warrants in the
names of the respective holders thereof in such denominations and otherwise in accordance with
instructions delivered to the Warrant Agent by the Company.

          2.2.2 Registered Holder. Prior to any due presentation for registration of the
transfer of any Warrant, the Company and the Warrant Agent may deem and treat the person in whose
name such Warrant shall be registered upon the Warrant Register (the
“registered holder”), as the
absolute owner of such Warrant and of each Warrant represented thereby (notwithstanding any
notation of ownership or other writing on the Warrant certificate made by anyone other than the
Company or the Warrant Agent), for the purpose of any exercise thereof, and for all other purposes,
and neither the Company nor the Warrant Agent shall be affected by any notice to the contrary.

     2.3 Trading of Securities. The Common Shares and the Warrants comprising the Units
will be separately tradable from the date on which the Common Shares and Warrants are admitted to
trading on AIM, a market operated by the London Stock Exchange plc (the date on which trading
commences being the “Admission Date”).

     2.4 Uncertificated Warrants. The Company may permit title to the Warrants to be
evidenced otherwise than by a certificate and to be transferred by means of a relevant system,
provided that it first makes arrangements for the Warrants to become a security traded through
such system. The Company may also, subject to compliance with the rules of any relevant system,
determine that title to the Warrants may, from any date specified by the Company, no longer be
evidenced otherwise than by a certificate and/or that title to the Warrants shall cease to be
transferred by means of any particular relevant system.

     2.5 In relation to the Warrants once they are eligible, and for so long as they remain
eligible, for
trading through a relevant system, no provision of these terms and conditions shall apply or
have effect to
the extent that it is inconsistent in any respect with:

          2.5.1 the holding of Warrants in uncertificated form; or

          2.5.2 the transfer of title to Warrants by means of the relevant system.

     2.6 For so long as the Warrants are traded through a relevant system, Warrants may be
changed from uncertificated to certificated form, and from certificated to uncertificated
form, in
accordance with and subject as provided in the rules of such relevant system, and the Company
shall
record on the Warrant Register that the Warrants are held in certificated or uncertificated
form as
appropriate.

     3. Terms and Exercise of Warrants.

     3.1 Warrant Price. Each Warrant shall, when accompanied by the duly completed
exercise notice substantially in the form set out in Exhibit B (the “Exercise Notice”), entitle
the registered holder thereof, subject to the provisions of this Deed, to purchase from the
Company the number of Common Shares stated therein, at the price of $4.00 per Common Share,
subject to the adjustments provided in Section 4 hereof and in the last sentence of this Section
3.1. The term “Warrant Price” as used in this Warrant Deed refers to the price per share at which
Common Shares may be purchased at the time a Warrant is exercised. The Company in its sole
discretion may reduce (but not increase) the Warrant Price at any time prior to the Expiration
Date (as defined in Section 3.2.2).

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     3.2 Duration of Warrants. A Warrant may only be exercised during the period (the
“Exercise
Period”):

          3.2.1 commencing on the earlier of (i) the consummation by the Company of a business
combination which either by itself or, when combined with all of the Company’s previous business
combinations, has an aggregate transaction value equal to at least seventy per cent of the Trust
Amount (as defined in the Offering Circular) (a “Qualified Business Combination”), and (ii) if one
or more business combinations have occurred but a Qualified Business Combination has not occurred,
the date that is 12 months from the Admission Date (or the date which is 18 months from the
Admission Date if, within such 12 month period, the Company has signed a current, binding (but
conditional, among other things, on the consent of its stockholders being given in special meeting)
letter of intent, agreement in principle or a definitive agreement in respect of a proposed
Qualified Business Combination); or (b) the deadline for consummating a Qualified Business
Combination has been extended (the date by which such Qualified Business Combination has to occur
following such extension being the “Extended Date”), in which case the relevant date shall be the
Extended Date); and

          3.2.2 terminating at 5:00 p.m., New York City time on the earlier to occur of (i) the fourth
anniversary of the Admission Date and (ii) the date fixed for redemption of the Warrants as
provided in Section 6 of this Warrant Deed (the “Expiration Date”).

          Except with respect to the right to receive the Redemption Price (as defined in Section 6
hereunder), each Warrant not exercised on or before the Expiration Date shall become void, and all
rights thereunder and all rights in respect thereof under this Warrant Deed shall automatically
cease at the close of business on the Expiration Date. The Company in its sole discretion may
extend (but not shorten) the Exercise Period.

     3.3 Exercise of Warrants.

          3.3.1 Payment. Subject to the provisions of the Warrant and this Warrant Deed, a
Warrant may be exercised by the registered holder thereof by (i) if certified, surrendering it at
the office of the Warrant Agent, or at the office of its successor as Warrant Agent, with the
Exercise Notice, duly executed, or, if uncertificated, by supplying to the Warrant Agent a properly
authenticated dematerialised instruction in the form from time to time prescribed by the Directors
that is addressed to the Company, is attributable to the system-member who is the holder of the
Warrants concerned and that specifies (in accordance with the form prescribed by the Directors as
aforesaid) the number of Warrants to be exercised; and in either case by paying in full, in lawful
money of the United States, in cash, banker’s cheque or good bank draft payable to the order of the
Company (or as otherwise provided in this Warrant Deed or otherwise agreed to by the Company), the
Warrant Price for each full share of Common Shares as to which the Warrant is exercised and any and
all applicable taxes due in connection with the exercise of the Warrant, the exchange of the
Warrant for the Common Shares, and the issuance of the Common Shares.

In the event the Company has called the Warrants for redemption pursuant to Section 6 hereof, the
registered holder may exercise its Warrant by payment of the Warrant Price pursuant to Section
3.3.1 above or, if the registered holder so elects, through a “cashless exercise” in which event
the Company shall issue to the registered holder the number of Common Shares determined by:

X=Y*(A-B)/A)

where

X is the number of Common Shares to be issued to the registered holder;

Y is the number of Common Shares underlying the Warrant being exercised;

A is the Fair Market Value (as defined below) of the Common Shares; and

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     B is the Warrant Price,

     provided however, that in the event the holder of a Warrant would be entitled, upon such
“cashless exercise”, to receive a fractional interest in a Common Share, the Company shall, upon
such exercise, round down to the nearest whole number the number of Common Shares to be issued to
the registered holder.

The “Fair Market Value” of the Common Shares shall mean: (i) if the Common Shares are listed on
AIM, the average of the reported last independent bid price of the Common Shares as reported by AIM
for the ten (10) trading days ending on the third business day preceding the date in question; (ii)
if the Common Shares are not listed on AIM but are listed on a national securities exchange or
quoted on the Nasdaq Global Market, Nasdaq Global Select Market, Nasdaq Capital Market or NASD OTC
Bulletin Board (or successor such as the Bulletin Board Exchange), the average of the reported last
independent bid price of the Common Shares as reported by the exchange, Nasdaq or the NASD, as the
case may be, for the ten (10) trading days ending on the third business day preceding the date in
question; (iii) if the Common Shares are not listed on AIM, on a national securities exchange or
quoted on the Nasdaq Global Market, Nasdaq Global Select Market, Nasdaq Capital Market or the NASD
OTC Bulletin Board (or successor exchange), but are traded in the residual over-the-counter market,
the average of the reported last independent bid price of the Common Shares for the ten (10)
trading days ending on the third business day preceding the date in question for which such
quotations are reported by the Pink Sheets, LLC or similar publisher of such quotations; and (iv)
if the fair market value of the Common Shares cannot be determined pursuant to sub-sections (i),
(ii) or (iii) above, such price as the board of directors of the Company shall determine, in good
faith.

          3.3.3 Issuance of Common Shares. As soon as practicable after the exercise of any
Warrant and the clearance of the funds in payment of the aggregate Warrant Price, the Company
shall issue to the registered holder of such Warrant the number of Common Shares to which he is
entitled, registered in such name or names as may be directed by him, her or it, and if such
Warrant shall not have been exercised in full, a Warrant for the number of Common Shares as to
which such Warrant shall not have been exercised. Notwithstanding the foregoing, the Company shall
not be obligated to deliver any securities pursuant to the exercise of a Warrant unless the
Company shall, in its sole reasonable discretion, be satisfied that the transfer procedures for
purchasers and sellers have been followed, including, without limitation, its receipt of (i) a
written certification from the holder that it is neither within the United States nor a U.S.
person (as such term is defined in Regulation S of the Securities Act of 1933, as amended (the
“Act”)) and the Warrant is not being exercised on behalf of a U.S. person, or (ii) in the case of
a holder who cannot make the representation in (i), a written opinion of counsel in a form
reasonably satisfactory to the Company to the effect that the Warrants and the securities to be
delivered upon exercise thereof have been registered under the Act or are exempt from registration
thereunder and such securities are qualified for sale or exempt from qualification under the
applicable securities laws of the states or other jurisdictions in which the registered holders
reside. Warrants may not be exercised by, or securities issued to, any registered holder in any
state in which such exercise would be unlawful.

          3.3.4 Valid Issuance. All Common Shares issued upon the proper exercise of a Warrant
in conformity with this Warrant Deed shall be validly issued, fully paid and non-assessable.

          3.3.5 Date of Issuance. Each person in whose name any such certificate evidencing
Common Shares is issued shall for all purposes be deemed to have become the holder of record of
such Common Shares on the date on which such person’s name is entered into the register of members
following the surrender of its Warrant(s) for exercise and payment of any Warrant Price having
been made, irrespective of the date of delivery of such certificate, except that, if the date of
such surrender and any payment is a date when the share transfer books of the Company are closed,
such person shall be deemed to have become the holder of such Common Shares at the close of
business on the next succeeding date on which the share transfer books are open.

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          3.3.6 AIM Admission. The Company shall notify the London Stock Exchange plc of the
issue and allotment of Common Shares issued on the exercise from time to time of the Warrants and
supply it with evidence of such issue and allotment and obtain its confirmation of admission of
such Common Shares to trading on AIM, which notification shall be made, and confirmation obtained,
immediately following the exercise of the Warrant. The Company agrees to do all such acts and
things and execute and deliver all such agreements, documents and instruments as may be required
to ensure the issue and allotment and admission of such Common Shares to trading on AIM.

     4. Adjustments.

     4.1 Share Dividends — Subdivisions. If after the date hereof, and subject to the
provisions of Section 4.6 below, the number of outstanding Common Shares is increased by a share
dividend payable in Common Shares, or by a subdivision of Common Shares, or other similar event,
then, on the effective date of such share dividend, subdivision or similar event, the number of
Common Shares issuable on exercise of each Warrant shall be increased in proportion to such
increase in outstanding Common Shares.

     4.2 Aggregation of Common Shares. If after the date hereof, and subject to the
provisions of Section 4.6, the number of issued Common Shares is decreased by a consolidation,
combination, reverse share split or reclassification of Common Shares, or other similar event,
then, on the effective date of such consolidation, combination, reverse share split,
reclassification or similar event, the number of Common Shares issuable on exercise of each Warrant
shall be decreased in proportion to such decrease in issued Common Shares.

     4.3 Adjustments in Exercise Price. Whenever the number of Common Shares purchasable
upon the exercise of the Warrants is adjusted, as provided in Sections 4.1 and 4.2 above, the
Warrant Price shall be adjusted (to the nearest cent) by multiplying such Warrant Price immediately
prior to such adjustment by a fraction (x) the numerator of which shall be the number of Common
Shares purchasable upon the exercise of the Warrants immediately prior to such adjustment, and (y)
the denominator of which shall be the number of Common Shares so purchasable immediately
thereafter.

     4.4 Replacement of Securities upon Reorganisation, etc. In case of any
reclassification or reorganisation of the issued Common Shares (other than a change covered by
Sections 4.1 or 4.2 hereof or that solely affects the par value of such Common Shares), or in the
case of any merger, amalgamation or consolidation of the Company with or into another corporation
(other than a consolidation or merger (which shall not include amalgamation under U.S. law) in
which the Company is the continuing corporation and that does not result in any reclassification or
reorganisation of the outstanding Common Shares), or in the case of any sale or conveyance to
another corporation or entity of the assets or other property of the Company as an entirety or
substantially as an entirety in connection with which the Company is dissolved, the Warrant holders
shall thereafter have the right to purchase and receive, upon the basis and upon the terms and
conditions specified in the Warrants and in lieu of the Common Shares immediately theretofore
purchasable and receivable upon the exercise of the rights represented thereby, the kind and amount
of shares or other securities or property (including cash) receivable upon such reclassification,
reorganisation, merger, amalgamation or consolidation, or upon a dissolution following any such
sale or transfer, that the. Warrant holder would have received if such Warrant holder had exercised
his Warrant(s) immediately prior to such event; and if any reclassification also results in a
change in Common Shares covered by Sections 4.1 or 4.2, then such adjustment shall be made pursuant
to Sections 4.1, 4.2, 4.3 and this Section 4.4. The provisions of this Section 4.4 shall similarly
apply to successive reclassifications, reorganisations, mergers, amalgamations or consolidations,
sales or other transfers.

     4.5 Notices of Changes in Warrant. Upon every adjustment of the Warrant Price or the
number of Common Shares to be issued upon exercise of a Warrant, the Company shall give written
notice thereof to the Warrant Agent, which notice shall state the Warrant Price resulting from
such

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adjustment and the increase or decrease, if any, in the number of Common Shares purchasable at
such price upon the exercise of a Warrant, setting forth in reasonable detail the method of
calculation and the facts upon which such calculation is based. Upon the occurrence of any event
specified in Sections 4.1, 4.2, 4.3 or 4.4, then, in any such event, the Company shall give
written notice to the Warrant holder, at the last address set forth for such holder in the Warrant
Register, of the record date or the effective date of the event. Failure to give such notice, or
any defect therein, shall not affect the legality or validity of such event.

     4.6 No Fractional Common Shares. Notwithstanding any provision contained in this Deed
to the contrary, the Company shall not issue fractional Common Shares upon exercise of Warrants.
If, by reason of any adjustment made pursuant to this Section 4, the holder of any Warrant would
be entitled, upon the exercise of such Warrant, to receive a fractional interest in a Common
Share, the Company shall, upon such exercise, round down to the nearest whole number the number of
Common Shares to be issued to the Warrant holder.

     4.7 Form of Warrant. The form of Warrant need not be changed because of any adjustment
pursuant to this Section 4, and Warrants issued after such adjustment may state the same Warrant
Price and the same number of Common Shares as is stated in the Warrants initially issued pursuant
to this Deed. However, the Company may at any time in its sole discretion make any change in the
form of Warrant that the Company may reasonably deem appropriate and that does not affect the
substance thereof, and any Warrant thereafter issued, whether in exchange or substitution for an
outstanding Warrant or otherwise, may be in the form as so changed.

     5. Transfer and Exchange of Warrants.

     5.1 Registration of Transfer. Each Warrant held in certificated form will be
registered and will be transferable by instrument of transfer in any usual or common form, or in
any other form which may be approved by the Directors. Each Warrant held in uncertificated form
will be registered and will be transferable in whole or in part by means of a relevant system in
such manner provided for, and subject as provided in, the regulations and the rules of the
relevant system and accordingly no paragraph of these terms and conditions shall apply in respect
of such a Warrant to the extent that the paragraph requires or contemplates the effecting of a
transfer by an instrument in writing and the production of a certificate for the Warrant to be
transferred. The Warrant Agent shall register the transfer, from time to time, of any outstanding
Warrant upon the Warrant Register.

     5.2 Procedure for Surrender of Certified Warrants. Subject to compliance with Section
3.3.3, the Certified Warrants may be surrendered to the Warrant Agent, together with a written
request for exchange or transfer, and thereupon the Warrant Agent shall, subject to the Company’s
satisfaction that, in its sole reasonable discretion, the transfer procedures for purchasers and
sellers have been followed, issue in exchange therefore one or more new Warrants as requested by
the registered holder of the Warrants so surrendered, representing an equal aggregate number of
Warrants; provided, however, that in the event that a Warrant surrendered for transfer bears a
restrictive legend, the Warrant Agent shall not cancel such Warrant and issue new Warrants in
exchange therefore unless the transfer is pursuant to an effective registration statement under
the Act or pursuant to an exemption from registration under the Act provided by Rule 144, Rule
144A or Regulation S under the Act (subject to such transferee making such representations in
favor of the Company as the Company may deem advisable to ensure that such transfer is conducted
pursuant to such an exemption from, or in a transaction not subject to, registration under the Act
and in accordance with any applicable laws of any state in the U.S. and any other jurisdiction
and, inter alia, agreement by the transferee to take such securities subject to customary transfer
restrictions and appropriate legends), and in each case in accordance with applicable securities
laws of each state of the U.S. and any other jurisdiction. The Company may request an opinion of
counsel reasonably satisfactory to the Company that such transfer is to be effected in a
transaction meeting the requirements of Regulation S under the Act or is exempt from registration.

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     5.3 Fractional Warrants. The Warrant Agent shall not be required to effect any
registration of transfer or exchange which will result in the issuance of a Warrant certificate
for a fraction of a Warrant.

     5.4 Service Charges. No service charge shall be made for any exchange or registration
of transfer of Warrants.

     5.5 Warrant Execution. The Warrant Agent is hereby authorized to deliver, in
accordance with the terms of this Deed, the Warrants required to be issued pursuant to the
provisions of this Section 5, and the Company, whenever required by the Warrant Agent, will supply
the Warrant Agent with Warrants duly executed on behalf of the Company for such purpose.

     6. Redemption.

     6.1 Redemption. Subject to Section 6.4 hereof, all (but not less than all) of the
then outstanding Warrants may be redeemed at the option of the Company with the prior written
consent of Sunrise Securities Corp. (the “Placing Agent”), at any time during the Exercise Period,
at the office of the Warrant Agent, upon the notice referred to in Section 6.2., at the price of
$0.01 per Warrant (“Redemption Price”), provided that the last sales price of the Common Shares
equals or exceeds $8.50 per Common Share, on each of any twenty (20) trading days within a thirty
(30) trading day period ending three business days prior to the date on which notice of redemption
is given and the weekly trading volume of the Common Shares has been at least 800,000 Common
Shares for each of the previous two calendar weeks. The provisions of this Section 6.1 may not be
modified, amended or deleted without the prior written consent of the Placing Agent.

     6.2 Date Fixed for, and Notice of, Redemption. In the event the Company shall elect
to redeem all of the Warrants with the prior written consent of the Placing Agent, the Company
shall fix a date for the redemption. Notice of redemption shall be mailed by first class mail,
postage prepaid, by the Company not less than thirty (30) days prior to the date fixed for
redemption to the registered holders of the Warrants to be redeemed at their last addresses as
they shall appear on the Warrant Register. Any notice mailed in the manner herein provided shall
be conclusively presumed to have been duly given whether or not the registered holder received
such notice.

     6.3 Exercise After Notice of Redemption. The Warrants may be exercised for cash or on
a “cashless” basis in accordance with Section 3 of this Warrant Deed at any time after notice of
redemption shall have been given by the Company pursuant to Section 6.2. hereof and prior to the
time and date fixed for redemption. On and after the redemption date, the record holder of the
Warrants shall have no further rights except to receive, upon surrender of the Warrants, the
Redemption Price.

     6.4 Outstanding Warrants Only. The Company understands that the redemption rights
provided for by this Section 6 apply only to outstanding Warrants. To the extent a person holds
rights to purchase Warrants, such purchase rights shall not be extinguished by redemption.
However, once such purchase rights are exercised, the Company may redeem the Warrants issued upon
such exercise provided that the criteria for redemption is met. The provisions of this Section 6.4
may not be modified, amended or deleted without the prior written consent of the Placing Agent.

     7. Other Provisions Relating to Rights of Holders of Warrants.

     7.1 No Rights as Shareholder. A Warrant does not entitle the registered holder
thereof to any of the rights of a shareholder of the Company, including, without limitation, the
right to receive dividends, or other distributions, exercise any preemptive rights to vote or to
consent or to receive notice as shareholders in respect of the meetings of shareholders or the
election of directors of the Company or any other matter.

     7.2 Lost, Stolen, Mutilated, or Destroyed Warrants. If any Warrant Certificate is
lost, stolen, mutilated, or destroyed, the Company and the Warrant Agent may on such terms as to
indemnity or

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otherwise as they may in their discretion impose (which shall, in the case of a mutilated Warrant
Certificate, include the surrender thereof), issue a new Warrant Certificate of like denomination,
tenor, and date as the Warrant Certificate so lost, stolen, mutilated, or destroyed. Any such new
Warrant Certificate shall constitute a substitute contractual obligation of the Company, whether
or not the allegedly lost, stolen, mutilated, or destroyed Warrant Certificate shall be at any
time located or enforceable by anyone.

     7.3 Reservation of Common Shares. The Company shall at all times reserve and keep
available a number of its authorized but unissued Common Shares that will be sufficient to permit
the exercise in full of all outstanding Warrants issued pursuant to this Deed.

     7.4 Listing of Common Shares. Upon exercise of the Warrants the Company will use its
reasonable endeavors to ensure that Common Shares issued pursuant to such exercise are admitted to
trading on such exchange as the Company’s Common Shares and/or Warrants are trading at that time.

     8. Concerning the Warrant Agent and Other Matters.

     8.1 Payment of Taxes. The Company will from time to time promptly pay all taxes and
charges that may be imposed upon the Company or the Warrant Agent in respect of the issuance or
delivery of Common Shares upon the exercise of Warrants, but the Company shall not be obligated to
pay any transfer taxes in respect of the Warrants or such Common Shares.

     8.2 Resignation, Consolidation, or Merger of Warrant Agent.

          8.2.1 Appointment of Successor Warrant Agent. The Warrant Agent, or any successor to
it hereafter appointed, may resign its duties and be discharged from all further duties and
liabilities hereunder after giving sixty (60) days’ prior written notice to the Company. If the
office of the Warrant Agent becomes vacant by resignation or incapacity to act or otherwise, the
Company shall appoint in writing a successor Warrant Agent in place of the Warrant Agent. If the
Company shall fail to make such appointment within a period of thirty (30) days after it has been
notified in writing of such resignation or incapacity by the Warrant Agent or by the holder of the
Warrant (who shall, with such notice, submit his Warrant for inspection by the Company), then the
holder of any Warrant may apply to the High Court of Justice in England for the appointment of a
successor Warrant Agent at the Company’s cost. Any successor Warrant Agent, whether appointed by
the Company or by such court, shall be a corporation in good standing authorized to exercise the
functions of the Warrant Agent pursuant to this Warrant Deed and shall be subject to supervision or
examination by appropriate regulatory authorities. After appointment, any successor Warrant Agent
shall be vested with all the authority, powers, rights, immunities, duties, and obligations of its
predecessor Warrant Agent with like effect as if originally named as Warrant Agent hereunder,
without any further act or deed; but if for any reason it becomes necessary or appropriate, the
predecessor Warrant Agent shall execute and deliver, at the expense of the Company, an instrument
transferring to such successor Warrant Agent all the authority, powers, and rights of such
predecessor Warrant Agent hereunder; and upon request of any successor Warrant Agent the Company
shall make, execute, acknowledge, and deliver any and all instruments in writing for more fully and
effectually vesting in and confirming to such successor Warrant Agent all such authority, powers,
rights, immunities, duties, and obligations.

          8.2.2 Notice of Successor Warrant Agent. In the event a successor Warrant Agent shall
be appointed, the Company shall give notice thereof to the predecessor Warrant Agent and the
transfer agent for the Common Shares not later than the effective date of any such appointment.

          8.2.3 Merger or Consolidation of Warrant Agent. Any corporation into which the
Warrant Agent may be merged or with which it may be consolidated or any corporation resulting from
any merger or consolidation to which the Warrant Agent shall be a party shall be the successor
Warrant Agent under this Warrant Deed without any further act.

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     8.3
Fees and Expenses of Warrant Agent.

          8.3.1 Remuneration. The Company agrees to pay the Warrant Agent reasonable
remuneration for its services as such Warrant Agent hereunder and will reimburse the Warrant Agent
upon demand for all expenditures that the Warrant Agent may reasonably incur in the execution of
its duties hereunder (as more particularly set out in the off-shore registrar agreement between
the Company and the Warrant Agent dated on or around the date hereof.

          8.3.2 Further Assurances. The Company agrees to perform, execute, acknowledge, and
deliver or cause to be performed, executed, acknowledged, and delivered all such further and other
acts, instruments, and assurances as may reasonably be required by the Warrant Agent for the
carrying out or performing of the provisions of this Deed.

     8.4 Liability of Warrant Agent.

          8.4.1 Reliance on Company Statement. Whenever in the performance of its duties under
this Warrant Deed, the Warrant Agent shall deem it necessary or desirable that any fact or matter
be proved or established by the Company prior to taking or suffering any action hereunder, such
fact or matter (unless other evidence in respect thereof be herein specifically prescribed) may be
deemed to be conclusively proved and established by a statement signed by the chairman or deputy
chairman of the Company and delivered to the Warrant Agent. The Warrant Agent may rely upon such
statement for any action taken or suffered in good faith by it pursuant to the provisions of this
Deed.

          8.4.2 Indemnity. The Warrant Agent shall be liable hereunder only for its own
negligence, fraud, willful misconduct or bad faith provided that the aggregate liability of the
Warrant Agent will be limited to the lesser of £1,000,000 (one million pounds) or an amount equal
to ten (10) times the total annual fee payable to the Warrant Agent under the Registrar Agreement.
The Company agrees to indemnify the Warrant Agent and save it harmless against any and all
liabilities, including judgments, costs and reasonable counsel fees, for anything done or omitted
by the Warrant Agent in the execution of this Warrant Deed except as a result of the Warrant
Agent’s negligence, fraud, wilful misconduct or bad faith

          8.4.3 Exclusions. The Warrant Agent shall have no responsibility with respect to the
validity of this Warrant Deed or with respect to the validity or execution of any Warrant; nor
shall it be responsible for any breach by the Company of any covenant or condition contained in
this Warrant Deed or in any Warrant; nor shall it be responsible to make any adjustments required
under the provisions of Section 4 hereof or responsible for the manner, method, or amount of any
such adjustment or the ascertaining of the existence of facts that would require any such
adjustment; nor shall it by any act hereunder be deemed to make any representation or warranty as
to the authorization or reservation of any Common Shares to be issued pursuant to this Warrant Deed
or any Warrant or as to whether any Common Shares will when issued be valid and fully paid and
nonassessable.

     8.5 Acceptance of Appointment. The Warrant Agent hereby accepts the appointment as
Warrant Agent as described in this Warrant Deed and agrees to perform the same upon the terms and
conditions herein set forth and among other things, shall account promptly to the Company with
respect to Warrants exercised and concurrently account for, and pay to the Company, all moneys
received by the Warrant Agent for the purchase of the Common Shares through the exercise of
Warrants.

     8.6 Waiver of Claims. The Warrant Agent hereby agrees that it does not have any
right, title, interest or claim of any kind in or to any monies held in the trust established by
the Company with Continental Stock Transfer and Trust Company, as trustee, pursuant to a trust
agreement to be signed on or prior to the Admission Date (the “Claim”) and hereby waives any Claim
it may have in the future as a result of, or arising out of, this Deed and will not seek recourse
against such trust for any reason whatsoever.

9

 

     9. Miscellaneous Provisions.

     9.1 Successors. All the covenants and provisions of this Deed by or for the benefit
of the Company or the Warrant Agent shall bind and inure to the benefit of their respective
successors and assigns.

     9.2 Notices. Any notice, statement or demand authorized by this Deed to be given or
made by the Warrant Agent or by the holder of any Warrant to or on the Company shall be
sufficiently given when so delivered if by hand or overnight delivery or if sent by certified mail
or private courier service within five days after deposit of such notice, postage prepaid,
addressed (until another address is filed in writing by the Company with the Warrant Agent), as
follows:

Titanium Asset Management Corp.

ComCenter at Lakewood Ranch
 9040
Town Center Parkway
 Suite 102

Bradenton
 Florida 34202

Attn: The Chief Executive Officer

     Any notice, statement or demand authorized by this Warrant Deed to be given or made by the
holder of any Warrant or by the Company to or on the Warrant Agent shall be sufficiently given when
so delivered if by hand or overnight delivery or if sent by certified mail or private courier
service within five days after deposit of such notice, postage prepaid, addressed (until another
address is filed in writing by the Warrant Agent with the Company), as follows:

Capita Registrars (Jersey) Limited

Victoria Chambers

Liberation Square

1 /3 The Esplanade

St. Helier

Jersey

Attn: Compliance Department

     with a copy in each case to:

Sunrise Securities Corp.
 641
Lexington Avenue, 25th Floor
 New
York, New York 10022
 Attn:
Sheldon Goldman

     9.3 Applicable law. This Warrant Deed shall be governed by, interpreted under, and
construed in accordance with the laws of the State of New York, without giving effect to any
choice-of-law provisions thereof that would compel the application of the substantive laws of any
other jurisdiction. 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 Warrant Deed or the negotiation,
administration, performance or enforcement hereof.

     9.4 Persons Having Rights under this Deed. Nothing in this Warrant Deed expressed and
nothing that may be implied from any of the provisions hereof is intended, or shall be construed,
to confer

10

 

upon, or give to, any person or corporation other than the parties hereto and the registered
holders of the Warrants and, for the purposes of Sections 6.1, 6.4 and 9.2 hereof, the Placing
Agent, any right, remedy, or claim under or by reason of this Warrant Deed or of any covenant,
condition, stipulation, promise, or agreement hereof. The Placing Agent shall be deemed to be a
third-party beneficiary of this Warrant Deed with respect to Sections 6.1, 6.4 and 9.2 hereof. All
covenants, conditions, stipulations, promises, and agreements contained in this Warrant Deed shall
be for the sole and exclusive benefit of the parties hereto (and the Placing Agent with respect to
the Sections 6.1, 6.4 and 9.2 hereof) and their successors and assigns and of the registered
holders of the Warrants.

     9.5 Examination of the Deed. A copy of this Warrant Deed shall be available at all
reasonable times at the office of the Warrant Agent, for inspection by the registered holder of
any Warrant. The Warrant Agent may require any such holder to submit his Warrant for inspection by
it.

     9.6 Counterparts. This Warrant Deed may be executed in any number of counterparts and
each of such counterparts shall for all purposes be deemed to be an original, and all such
counterparts shall together constitute but one and the same instrument.

     9.7 Effect of Headings. The Section headings herein are for convenience only and are
not part of this Warrant Deed and shall not affect the interpretation thereof.

[Remainder
of page intentionally left blank]

11

 

     IN WITNESS WHEREOF, this Warrant Deed has been duly executed by the parties hereto as of the
day and year first above written.

	 	 	 	 	 	 	 	 	 
	SIGNED by NIGEL WIGHTMAN,

duly authorised, for and on

behalf of TITANIUM ASSET MANAGEMENT CORP.	 	)

)

)
	 	 
/s/ Nigel Wightman
 

	 	 

	 	 	 	 	 	 	 	 	 
	SIGNED
by CAPITA REGISTRARS (JERSEY) LIMITED

duly authorised, for and on

behalf of CAPITA REGISTRARS (JERSEY) LIMITED
	 	)

)

)
	 	 
/s/ Capita
Registrars (Jersey) Limited
 

	 	 

WARRANT DEED

 

 

EXHIBIT A

WARRANT
CERTIFICATE FACE
Titanium Asset Management Corp.

(Incorporated under the laws of the State of Delaware pursuant to Delaware General Corporation Law)

Certificates Representing Warrants to subscribe for Common Shares at $4.00 per Common Share

ISIN:                    

CUSIP:                    

SEDOL:                    

This is to certify that:

Is/are the registered holder(s) of

Warrants to subscribe for fully paid Common Shares, having a par value of US$0.0001 fully paid in
Titanium Asset Management Corp, subject to the certificate of incorporation and the bylaws of the
Company and the deed under which the Warrants are constituted (the
“Warrant Deed”). The exercise
price of the Warrants is $4.00, subject to adjustment as described in the Warrant Deed, and the
Warrants expire on June 21, 2011. The Warrant Deed can be viewed at Victoria Chambers, Liberation
Square, 1/3 The Esplanade, St. Helier, Jersey. The Warrantholder is entitled to the benefit of and
is bound by and is deemed to have knowledge of all the provisions of the Warrant Deed.

PRIOR TO INVESTING IN THE SECURITIES OR CONDUCTING ANY TRANSACTIONS IN THE SECURITIES, INVESTORS
ARE ADVISED TO CONSULT PROFESSIONAL ADVISERS REGARDING THE RESTRICTIONS ON TRANSFER SUMMARIZED
BELOW AND ANY OTHER RESTRICTIONS.

THIS SECURITY (OR ITS PREDECESSOR) WAS ORIGINALLY ISSUED IN A TRANSACTION EXEMPT FROM
REGISTRATION UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS
AMENDED (THE “SECURITIES ACT”), AND
THIS SECURITY MAY NOT BE OFFERED, SOLD OR OTHERWISE TRANSFERRED IN THE ABSENCE OF SUCH REGISTRATION
OR AN APPLICABLE EXEMPTION THEREFROM. EACH PURCHASER OF THIS SECURITY IS HEREBY NOTIFIED THAT THE
SELLER OF THIS SECURITY MAY BE RELYING ON THE EXEMPTION FROM THE PROVISIONS OF SECTION 5 OF THE
SECURITIES ACT PROVIDED BY RULE 144A THEREUNDER.

THE HOLDER OF THIS SECURITY AGREES FOR THE BENEFIT OF THE COMPANY THAT (A) THIS SECURITY MAY BE
OFFERED, RESOLD, PLEDGED OR OTHERWISE TRANSFERRED, ONLY (I) IN THE UNITED STATES TO A PERSON WHOM
THE SELLER REASONABLY BELIEVES IS A QUALIFIED INSTITUTIONAL BUYER (AS DEFINED IN RULE 144A UNDER
THE SECURITIES ACT) IN A TRANSACTION
MEETING THE REQUIREMENTS OF RULE 144A, (II) OUTSIDE OF THE UNITED STATES IN AN OFFSHORE TRANSACTION
IN ACCORDANCE WITH RULE 904 UNDER THE SECURITIES ACT, (III) PURSUANT TO AN EXEMPTION FROM

 

 

REGISTRATION UNDER THE SECURITIES ACT PROVIDED BY RULE 144 THEREUNDER (IF AVAILABLE) OR (IV)
PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT, IN EACH OF CASES (I)
THROUGH (IV) IN ACCORDANCE WITH ANY APPLICABLE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES,
AND (B) THE HOLDER WILL, AND EACH SUBSEQUENT HOLDER IS REQUIRED TO, NOTIFY ANY PURCHASER OF THIS
SECURITY FROM IT OF THE RESALE RESTRICTIONS REFERRED TO IN
(A) ABOVE.

THE SECURITIES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO TRANSFER RESTRICTIONS WHICH REQUIRE
THAT IN ADDITION TO ANY CERTIFICATIONS REQUIRED FROM A TRANSFEROR AS SET FORTH ON THE REVERSE OF
THIS CERTIFICATE, PRIOR TO THE EXPIRATION OF A ONE-YEAR DISTRIBUTION COMPLIANCE PERIOD, THE
TRANSFEREE CERTIFIES AS TO WHETHER OF NOT IT IS A U.S. PERSON WITHIN THE MEANING OF REGULATION S AND
PROVIDES CERTAIN OTHER CERTIFICATIONS AND AGREEMENTS. PRIOR TO PERMITTING ANY TRANSFER, THE COMPANY
MAY REQUEST AN OPINION OF COUNSEL REASONABLY SATISFACTORY TO THE COMPANY THAT SUCH TRANSFER IS TO
BE EFFECTED IN A TRANSACTION MEETING THE REQUIREMENTS OF REGULATIONS UNDER THE SECURITIES ACT OR IS
EXEMPT FROM REGISTRATION.

	 	 	 	 	 	 	 	 	 	 	 
	Director

	 	 	 	 
	 	Director
	 	 	 	 
	 

	 	 
	 	 	 	 	 	 	 	 

No transfer of the warrants (or any portion thereof) comprised in this certificate can be
registered until
 this certificate has been lodged with the

Company’s Registrars: Capita Registrars (Jersey) Limited,
Victoria Chambers, Liberation Square, 1/3 The Esplanade,
St Helier, Jersey JE4 OFF
UK Transfer Agent: Capita Registrars, The Registry, 34 Beckenham Road, Beckenham, Kent BR3 4TU

 

 

Warrant Certificate

REVERSE BOX

The common shares underlying this Warrant Certificate shall be
held (pending exercise of this Warrant Certificate) subject to all
the provisions of the certificate of incorporation and the bylaws
the Company and any amendments thereto, a copy of each of which is
on file at the registered office of the Company’s Registrar and
made a part hereof as fully as though the provisions of said
certificate of incorporation and bylaws were imprinted in full
this Warrant Certificate, to all of which the holder of this
Warrant Certificate, by acceptance hereof, assents and agrees to
be bound. The Company will furnish without charge to each holder
warrants (a “Holder") who so requests a copy of the certificate of
incorporation and the bylaws of the Company.

In connection with any transfer of this Warrant Certificate to be
consummated prior to such time as the Company shall have otherwise
notified all Holders writing, the undersigned holder warrants
certifies that (check one):

			
	o	 	(a) This Warrant Certificate is being transferred to the Company.

			
	o	 	(b) This Warrant Certificate is being transferred pursuant to
an effective registration statement under the Securities Act and
in accordance with any applicable laws of the United States and
any state of the United States.

			
	o	 	(c) (i) This Warrant Certificate is being transferred in an
offshore transaction not subject to the registration requirements
of the Securities Act, by virtue of Regulation S thereunder; (ii)
the offer of the warrants was not made to a person in the United
States; (iii) (A) at the time the buy order was originated, the
transferee was outside the United States or the Holder and any
person acting on its behalf reasonably believed that the
transferee was outside the United States or (B) the transaction is executed in, or through the
facilities of the AIM Market operated by the London Stock Exchange plc, and neither the Holder nor
any person acting on its behalf knows that the transaction has been pre-arranged with a buyer in
the United States; (iv) the transferee is not a U.S. person (as defined in Regulation S) and is not
purchasing for the account or benefit of a U.S. person; (v) no directed selling efforts have been
made in contravention of the requirements of Regulation S; (vi) the transaction is not part of a
plan or scheme to evade the registration requirements of the Securities Act; (vii) if applicable,
in the case of a transfer by a Holder who is a dealer or a person receiving a selling concession,
fee or other remuneration in connection with such transfer, such Holder has complied with the
additional conditions set forth in Rule 904(b) of Regulation S, and (viii) the Holder has complied
with all applicable additional requirements imposed by Rule 903 of Regulation S;

			
	o	 	(d) This Warrant Certificate is being transferred pursuant to an exemption from
registration under the Securities Act in compliance with Rule 144, if applicable, under Securities
Act and is in accordance with applicable US state securities laws and in relation to which the
Holder has furnished to the Company an opinion to such effect from counsel of recognized standing
in form and substance satisfactory to the Company prior to such offer, sale, pledge or transfer.

 

 

			
	o	 	(e) This Warrant Certificate is being transferred to a person
whom the Holder reasonably believes is a qualified institutional
buyer (as defined in Rule 144A under the Securities Act) in a
transaction meeting the requirements of Rule 144A and is in
accordance with applicable US state securities laws.

The Company may determine to extend or shorten the certification
periods set forth above, or to modify the form of the
certificates, or to require additional certifications and/or
related documentation evidence an exemption from registration, in
each case in accordance with applicable law.

The exercise of this Warrant Certificate must be in accordance with
the procedures implemented by the Company to ensure that the
warrants are not exercised in the U.S., and that the common shares
underlying the warrants are not delivered within the United States
upon exercise, other than in offerings in accordance with
Regulation S, or unless registered under the Securities Act, or
exempt from such registration. These procedures include delivery of
an exercise notice. If you do not have a form of exercise notice,
please contact the Transfer Agent.

The Transfer Agent shall not be obligated to register this Warrant
Certificate in the name of any person other than the Holder thereof
unless and until the conditions to any such transfer of
registration set forth herein and on the face hereof shall have
been satisfied.

Assignment and transfer of this Warrant Certificate shall not be
effected by an endorsement on this certificate, but by execution
delivery of a separate stock transfer form, which may be from the
Company’s Transfer Agent.

Unless otherwise specified, terms used in this Warrant Certificate
have the meanings set forth in Regulation S. Transferee and the
Company are entitled to rely upon this certificate and are
irrevocably authorized to produce this Certificate or a copy hereof
to any interested party in any administrative or legal proceeding
or official inquiry with respect to the matters covered hereby.

 

 

EXHIBIT B

Notice of Exercise

	 	 	 
	To:

	 	The Directors
	 

	 	Titanium Asset Management Corp.
	 

	 	ComCenter at Lakewood Ranch
	 

	 	9040 Town Center Parkway
	 

	 	Suite 102
	 

	 	Bradenton
	 

	 	Florida 34202

I/We hereby exercise the rights to call for the issue to [me] [us] of [     ] Common Shares the subject
of the [     ] Warrant(s) represented by this Certificate and attach hereto a banker’s draft/cheque for
[     ]/attach my/our duly executed authority that you may deduct from the proceeds of any sale of the
Common Shares referred to above which you might effect on my/our behalf the sum of [     ] (delete as
appropriate), being the aggregate Subscription Price payable in respect thereof.

I/We hereby exercise the rights to call for the issue of [     ] Common Shares as set out above as a
direct consequence of the solicitation by Sunrise Securities Corp.*

*   PLEASE TICK BOX IF APPLICABLE  o  OR DELETE IF NOT APPLICABLE

I/We agree that such Common Shares are accepted subject to the Bylaws and Certificate of
Incorporation.

Signed:

Full Name:

Address:EX-4.4

EXHIBIT 4.4

REGISTRATION RIGHTS AGREEMENT

     THIS REGISTRATION RIGHTS AGREEMENT (this “Agreement”) is entered into as of June 21,
2007, by and among Titanium Asset Management Corp., a corporation organized under the laws of the
State of Delaware (the “Company”) and the undersigned parties listed on the signature page
hereto (each, an “Investor” and collectively, the “Investors”).

     WHEREAS, the Investors currently hold all of the issued and outstanding securities of the
Company; and

     WHEREAS, the Investors and the Company desire to enter into this Agreement to provide the
Investors with certain rights relating to the registration of the Common Shares held by them.

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

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

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

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

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

          “Demand Registration” is defined in Section 2.1.1.

          “Demanding Holder” is defined in Section 2.1.1.

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

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

          “Indemnified Party” is defined in Section 4.3.

          “Indemnifying Party” is defined in Section 4.3.

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

 

 

          “Investor Indemnified Party” is defined in Section 4.1.

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

          “Notices” is defined in Section 6.3.

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

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

          “Registrable Securities” mean all of the Common Shares owned or held by Investors.
Registrable Securities include any warrants, shares in the share capital or other securities of the
Company issued as a dividend or other distribution with respect to or in exchange for or in
replacement of such Common Shares. 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 and new certificates for them
not bearing a legend restricting further transfer shall have been delivered by the Company; (c)
such securities shall have ceased to be issued and outstanding, or (d) the Securities and Exchange
Commission makes a definitive determination or US securities counsel to the Company delivers an
opinion to the Company that the Registrable Securities are salable under Rule 144(k).

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

          “Release Date” means the date on which Common Shares are disbursed from escrow
pursuant to Section 3 of that certain Share Escrow Agreement dated as of June ___, 2007 by and
among the parties hereto and Capita Trust Company (Jersey) Limited, as escrow agent.

          “Reporting Date” means the date on which the Company has become obligated to file
reports under the Exchange Act.

          “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.

2

 

          “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.

     2. REGISTRATION RIGHTS.

     2.1 Demand Registration.

          2.1.1. Request for Registration. At any time and from time to time on or after the
later of the Release Date and the Reporting Date, the holders of a majority-in-interest of the
Registrable Securities held by the Investors or the transferees of the Investors may make a
written demand for registration under the Securities Act of all or part of their Registrable
Securities (a “Demand Registration”). Any demand for a Demand Registration shall specify
the number of shares of Registrable Securities proposed to be sold and the intended method(s) of
distribution thereof. The Company will notify all holders of Registrable Securities of the demand,
and each holder of Registrable Securities who wishes to include all or a portion of such holder’s
Registrable Securities in the Demand Registration (each such holder including shares of Registrable
Securities in such registration, a “Demanding Holder”) shall so notify the Company within
fifteen (15) days after the receipt by the holder of the notice from the Company. Upon any such
request, the Demanding Holders shall be entitled to have their Registrable Securities included in
the Demand Registration, subject to Section 2.1.4 and the provisos set forth in Section 3.1.1. The
Company shall not be obligated to effect more than an aggregate of two (2) Demand Registrations
under this Section 2.1.1 in respect of Registrable Securities.

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

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

3

 

majority-in-interest of the holders initiating the Demand Registration.

          2.1.4. Reduction of Offering. If the managing Underwriter or Underwriters for a Demand
Registration that is to be an underwritten offering advises the Company and the Demanding Holders
in writing that the dollar amount or number of shares of Registrable Securities which the Demanding
Holders desire to sell, taken together with all other Common Shares or other securities which the
Company desires to sell and the Common Shares, if any, as to which registration has been requested
pursuant to written contractual piggy-back registration rights held by other shareholders of the
Company 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 shares, as applicable, the “Maximum Number of Shares”), then the Company
shall include in such registration: (i) first, the Registrable Securities as to which Demand
Registration has been requested by the Demanding Holders (pro rata in accordance with the
number of shares of Registrable Securities which such Demanding Holder has requested be included in
such registration, regardless of the number of shares of Registrable Securities held by each
Demanding Holder) that can be sold without exceeding the Maximum Number of Shares; (ii) second, to
the extent that the Maximum Number of Shares has not been reached under the foregoing clause (i),
the Common Shares or other securities that the Company desires to sell that can be sold without
exceeding the Maximum Number of Shares; (iii) third, to the extent that the Maximum Number of
Shares has not been reached under the foregoing clauses (i) and (ii), the Common Shares for the
account of other persons that the Company is obligated to register pursuant to written contractual
arrangements with such persons and that can be sold without exceeding the Maximum Number of Shares;
and (iv) fourth, to the extent that the Maximum Number of Shares have not been reached under the
foregoing clauses (i), (ii), and (iii), the Common Shares that other shareholders desire to sell
that can be sold without exceeding the Maximum Number of Shares.

          2.1.5. Withdrawal. If a majority-in-interest of the Demanding Holders disapprove of
the terms of any underwriting or are not entitled to include all of their Registrable Securities
in any offering, such majority-in-interest of the Demanding Holders may elect to withdraw from
such offering by giving written notice to the Company and the Underwriter or Underwriters of their
request to withdraw prior to the effectiveness of the Registration Statement filed with the
Commission with respect to such Demand Registration. If the majority-in-interest of the Demanding
Holders withdraws from a proposed offering relating to a Demand Registration, then such
registration shall not count as a Demand Registration provided for in Section 2.1.1.

     2.2 Piggy-Back Registration.

          2.2.1. Piggy-Back Rights. If at any time on or after the later of the Release Date
and the Reporting Date the Company proposes to file a Registration Statement under the Securities
Act with respect to an offering of equity securities, or securities or other obligations
exercisable or exchangeable for, or convertible into, equity securities, by the Company for its

4

 

own account or for shareholders of the Company for their account (or by the Company and by
shareholders of the Company including, without limitation, pursuant to Section 2.1), other than a
Registration Statement (i) filed in connection with any employee stock option or other benefit
plan, (ii) for an exchange offer or offering of securities solely to the Company’s existing
shareholders, (iii) for an offering of debt that is convertible into equity securities of the
Company or (iv) for a dividend reinvestment plan, then the Company shall (x) give written notice of
such proposed filing to the holders of Registrable Securities as soon as practicable but in no
event less than ten (10) days before the anticipated filing date, which notice shall describe the
amount and type of securities to be included in such offering, the intended method(s) of
distribution, and the name of the proposed managing Underwriter or Underwriters, if any, of the
offering, and (y) offer to the holders of Registrable Securities in such notice the opportunity to
register the sale of such number of shares of Registrable Securities as such holders may request in
writing within fifteen (15) days following receipt of such notice (a “Piggy-Back
Registration”). The Company shall cause such Registrable Securities to be included in such
registration and shall use its best efforts to cause the managing Underwriter or Underwriters of a
proposed underwritten offering to permit the Registrable Securities requested to be included in a
Piggy-Back Registration to be included on the same terms and conditions as any similar securities
of the Company and to permit the sale or other disposition of such Registrable Securities in
accordance with the intended method(s) of distribution thereof. All holders of Registrable
Securities proposing to sell or otherwise dispose of their securities through a Piggy-Back
Registration that involves an Underwriter or Underwriters shall enter into an underwriting
agreement in customary form (with respect to selling shareholders) with the Underwriter or
Underwriters selected for such Piggy-Back Registration.

          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 the Company and the holders
of Registrable Securities in writing that the dollar amount or number of Common Shares which the
Company desires to sell, taken together with Common Shares, if any, as to which registration has
been demanded pursuant to written contractual arrangements with persons other than the holders of
Registrable Securities hereunder, the Registrable Securities as to which registration has been
requested under this Section 2.2, and the Common Shares, if any, as to which registration has been
requested pursuant to the written contractual piggy-back registration rights of other shareholders
of the Company, exceeds the Maximum Number of Shares, then the Company shall include in any such
registration:

               (i) if the registration is undertaken for the Company’s account: (A) first, the Common Shares
or other securities that the Company desires to sell that can be sold without exceeding the
Maximum Number of Shares; (B) second, to the extent that the Maximum Number of Shares has not been
reached under the foregoing clause (A), the Common Shares, if any, including the Registrable
Securities, as to which registration has been requested pursuant to written contractual piggy-back
registration rights of security holders (pro rata in accordance with the number of Common Shares
which each such person has actually requested to be included in such registration, regardless of
the number of Common Shares with respect to which such persons have the right to request such
inclusion) that can be sold without exceeding the Maximum Number of Shares; and

5

 

               (ii) if the registration is a “demand” registration undertaken at the demand of persons other
than the holders of Registrable Securities pursuant to written contractual arrangements with such
persons, (A) first, the Common Shares for the account of the demanding persons that can be sold
without exceeding the Maximum Number of Shares; (B) second, to the extent that the Maximum Number
of Shares has not been reached under the foregoing clause (A), the Common Shares or other
securities that the Company desires to sell that can be sold without exceeding the Maximum Number
of Shares; and (C) third, to the extent that the Maximum Number of Shares has not been reached
under the foregoing clauses (A) and (B), the Registrable Securities as to which registration has
been requested under this Section 2.2 (pro rata in accordance with the number of shares of
Registrable Securities held by each such holder); and (D) fourth, to the extent that the Maximum
Number of Shares has not been reached under the foregoing clauses (A), (B) and (C), the Common
Shares, if any, as to which registration has been requested pursuant to written contractual
piggy-back registration rights which other shareholders desire to sell that can be sold without
exceeding the Maximum Number of Shares.

          2.2.3. Withdrawal. Any holder of Registrable Securities may elect to withdraw such
holder’s request for inclusion of Registrable Securities in any Piggy-Back Registration by giving
written notice to the Company of such request to withdraw prior to the effectiveness of the
Registration Statement. The Company may also elect to withdraw a registration statement at any time
prior to the effectiveness of the Registration Statement. Notwithstanding any such withdrawal, the
Company shall pay all expenses incurred by the holders of Registrable Securities in connection with
such Piggy-Back Registration as provided in Section 3.3.

     2.3 Registrations on Form S-3. The holders of Registrable Securities may at any time
and from time to time, request in writing that the Company register the resale of any or all of
such Registrable Securities on Form S-3 or any similar short-form registration which may be
available at such time (“Form S-3”);
provided, however, that the Company is
eligible to use such form and provided further that the Company shall not be obligated to effect
such request through an underwritten offering. Upon receipt of such written request, the Company
will promptly give written notice of the proposed registration to all other holders of Registrable
Securities, and, as soon as practicable thereafter, effect the registration of all or such portion
of such holder’s or holders’ Registrable Securities as are specified in such request, together with
all or such portion of the Registrable Securities of any other holder or holders joining in such
request as are specified in a written request given within fifteen (15) days after receipt of such
written notice from the Company; provided, however, that the Company shall not be obligated
to effect any such registration pursuant to this Section 2.3: (i) if Form S-3 is not available for
such offering; or (ii) if the holders of the Registrable Securities, together with the holders of
any other securities of the Company 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 $2,000,000. Registrations effected pursuant to this Section 2.3 shall not be counted as
Demand Registrations effected pursuant to Section 2.1.

     3. REGISTRATION PROCEDURES.

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

          3.1.1. Filing Registration Statement. The Company shall, as expeditiously as possible
and in any event within sixty (60) days after receipt of a request for a Demand Registration
pursuant to Section 2.1, prepare and file with the Commission a Registration Statement on any form
for which the Company then qualifies or which counsel for the Company shall deem appropriate and
which form shall be available for the sale of all Registrable Securities to be registered
thereunder in accordance with the intended method(s) of distribution thereof, and shall use
commercially reasonable efforts to cause such Registration Statement to become and remain
effective for the period required by Section 3.1.3;
provided, however, that the Company
shall have the right to defer any Demand Registration for up to sixty (60) 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 the Company shall
furnish to the holders a certificate signed by the Chief Executive Officer of the Company stating
that, in the good faith judgment of the Board of Directors of the Company, it would be materially
detrimental to the Company and its shareholders for such Registration Statement to be effected at
such time; provided further, however, that the Company shall not have the right to
exercise the right set forth in the immediately preceding proviso more than once in any 365-day
period in respect of a Demand Registration hereunder.

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

          3.1.3. Amendments and Supplements. The Company shall prepare and file with the
Commission such amendments, including post-effective amendments, and supplements to such
Registration Statement and the prospectus used in connection therewith as may be necessary to keep
such Registration Statement effective and in compliance with the provisions of the Securities Act
until all Registrable Securities and other securities covered by such Registration Statement have
been disposed of in accordance with the intended method(s) of distribution set forth in such
Registration Statement (which period shall not exceed the sum of one hundred twenty (120) days
plus any period during which any such disposition is interfered with by any stop order or
injunction of the Commission or any governmental agency or court) or such securities have been
withdrawn.

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

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

          3.1.6. Agreements for Disposition. The Company shall enter into customary agreements
(including, if applicable, an underwriting agreement in customary form) and take such other
actions as are reasonably required in order to expedite or facilitate the disposition of such
Registrable Securities. The representations, warranties and covenants of the Company in any
underwriting agreement which are made to or for the benefit of any Underwriters, to the

8

 

extent applicable, shall also be made to and for the benefit of the holders of Registrable
Securities included in such registration statement. No holder of Registrable Securities included
in such registration statement shall be required to make any representations or warranties in the
underwriting agreement except, if applicable, with respect to such holder’s organization, good
standing, authority, title to Registrable Securities, lack of conflict of such sale with such
holder’s material agreements and organizational documents, and with respect to written information
relating to such holder that such holder has furnished in writing expressly for inclusion in such
Registration Statement.

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

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

          3.1.9. Opinions and Comfort Letters. The Company shall furnish to each holder of
Registrable Securities included in any Registration Statement a signed counterpart, addressed to
such holder, of (i) any opinion of counsel to the Company delivered to any Underwriter and (ii)
provided that such holder has furnished customary representations and certifications, any comfort
letter from the Company’s independent public accountants delivered to any Underwriter.

          3.1.10. Listing. The Company shall use its best efforts to cause all Registrable
Securities included in any registration to be listed on such exchanges, admitted to trading or
otherwise designated for trading in the same manner as similar securities issued by the Company
are then listed, admitted to trading or designated.

     3.2 Obligation to Suspend Distribution. Upon receipt of any notice from the Company of
the happening of any event of the kind described in Section 3.1.4(iv), or, in the case of a resale
registration on Form S-3 pursuant to Section 2.3 hereof, upon any suspension by the Company,
pursuant to a written insider trading compliance program adopted by the Company’s Board of
Directors, of the ability of all “insiders” covered by such program to transact in the Company’s
securities because of the existence of material non-public information, each holder of Registrable
Securities included in any registration shall immediately discontinue disposition of such
Registrable Securities pursuant to the Registration Statement covering such Registrable

9

 

Securities until such holder receives the supplemented or amended prospectus contemplated by
Section 3.1.4(iv) or the restriction on the ability of “insiders” to transact in the Company’s
securities is removed, as applicable, and, if so directed by the Company, each such holder will
deliver to the Company all copies, other than permanent file copies then in such holder’s
possession, of the most recent prospectus covering such Registrable Securities at the time of
receipt of such notice.

     3.3 Registration Expenses. The Company shall bear all costs and expenses incurred in
connection with any Demand Registration pursuant to Section 2.1, any Piggy-Back Registration
pursuant to Section 2.2, and any registration on Form S-3 effected pursuant to Section 2.3, and
all expenses incurred in performing or complying with its other obligations under this Agreement,
whether or not the Registration Statement becomes effective, including, without limitation: (i)
all registration and filing fees; (ii) fees and expenses of compliance with securities or “blue
sky” laws (including fees and disbursements of counsel in connection with blue sky qualifications
of the Registrable Securities); (iii) printing expenses; (iv) the Company’s internal expenses
(including, without limitation, all salaries and expenses of its officers and employees); (v) the
fees and expenses incurred in connection with the listing of the Registrable Securities as
required by Section 3.1.10; (vi) National Association of Securities Dealers, Inc. fees; (vii) fees
and disbursements of counsel for the Company and fees and expenses for independent certified
public accountants retained by the Company (including the expenses or costs associated with the
delivery of any opinions or comfort letters requested pursuant to Section 3.1.9); (viii)the fees
and expenses of any special experts retained by the Company in connection with such registration;
and (ix) the fees and expenses of one legal counsel selected by the holders of a
majority-in-interest of the Registrable Securities included in such registration. The Company
shall have no obligation to pay any underwriting discounts or selling commissions attributable to
the Registrable Securities being sold by the holders thereof, which underwriting discounts or
selling commissions shall be borne by such holders. Additionally, in an underwritten offering, all
selling shareholders and the Company shall bear the expenses of the underwriter pro rata in
proportion to the respective amount of shares each is selling in such offering.

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

     4. INDEMNIFICATION AND CONTRIBUTION.

     4.1 Indemnification by the Company. The Company agrees to indemnify and hold harmless
each Investor and each other holder of Registrable Securities, and each of their respective
officers, employees, affiliates, directors, partners, members, attorneys and agents, and each
person, if any, who controls an Investor and each other holder of Registrable Securities (within
the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act)

10

 

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

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

11

 

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

     4.4 Contribution.

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

12

 

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

     5. UNDERWRITING AND DISTRIBUTION.

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

     6. MISCELLANEOUS.

     6.1 Other Registration Rights. The Company represents and warrants that, except as
disclosed in the Admission Document relating to the Company’s admission for trading on AIM, a
market operated by the London Stock Exchange plc, no person, other than a holder of the
Registrable Securities, has any right to require the Company to register any shares of the
Company’s share capital for sale or to include shares of the Company’s share capital in any
registration filed by the Company for the sale of shares 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 the Company hereunder may not be assigned or delegated by the Company in whole
or in part. This Agreement and the rights, duties and obligations of the holders of Registrable
Securities hereunder may be freely assigned or delegated by such holder of Registrable Securities
in conjunction with and to the extent of any transfer of Registrable Securities by any such
holder. This Agreement and the provisions hereof shall be binding upon and shall inure to the
benefit of each of the parties and their respective successors and the

13

 

permitted assigns of the Investor or holder of Registrable Securities or of any assignee of the
Investor or holder of Registrable Securities. This Agreement is not intended to confer any rights
or benefits on any persons that are not party hereto other than as expressly set forth in Article
4 and this Section 6.2.

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

To the Company:

Titanium Asset Management Corp.

ComCenter at Lakewood Ranch

9040 Town Center Parkway, Suite 102

Bradenton, Florida 34202

Attn: Mr. John Sauickie

with a copy to:

Mintz Levin Conn Ferris Glovsky and Popeo, P.C.

666 Third Avenue

New York, NY 10017

Attn: Jeffrey Schultz, Esq.

To an Investor, to the address of such investor on the books of the Company,

with a copy to:

Sunrise Securities Corp.

641 Lexington Avenue, 25th Floor

New York, New York 10022

Attn: Dr. Amnon Mandelbaum

     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

14

 

this Agreement a provision as similar in terms to such invalid or unenforceable provision as may
be possible and be valid and enforceable.

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

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

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

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

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

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

     6.11 Governing Law. This Agreement shall be governed by, interpreted under, and
construed in accordance with the internal laws of the State of New York applicable to agreements
made and to be performed within the State of New York, without giving effect to any choice-of-law
provisions thereof that would compel the application of the substantive laws of

15

 

any other jurisdiction.

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

[Remainder of page intentionally left blank]

16

 

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

	 	 	 	 	 
	 	TITANIUM ASSET MANAGEMENT CORP.

 	 
	 	By:  	/s/ NIGEL WIGHTMAN
 	 
	 	 	Name:  	NIGEL WIGHTMAN 	 
	 	 	Title:  	DIRECTOR 	 
	 
	 	INVESTORS:

 	 
	 	
/s/ Thomas Anglin Hamilton	 
	 	Thomas Anglin Hamilton 	 
	 	 	 
	 
	 	NAZUK, LLC

 	 
	 	By:  	/s/
John M. Kuzan	 
	 	 	Name:  	John M. Kuzan	 
	 	 	Title:  	Chairman	 
	 
	 	 	 
	 	/s/ Mark Adam Parkin
 	 
	 	Mark Adam Parkin 	 
	 	 	 
	 
	 	 	 
	 	/s/ Nigel David Wightman
 	 
	 	Nigel David Wightman 	 
	 	 	 
	 
	 	 	 
	 	/s/ Andrew McDonald
 	 
	 	Andrew McDonald 	 
	 	 	 
	 

 

 

	 	 	 	 	 
	 	WHITEWATER PLACE, LLC

 	 
	 	By:  	/s/ John Sauickie
 	 
	 	 	Name:  	John Sauickie  	 
	 	 	Title:  	Managing Partner 	 
	 
	 	SKC TRUST SHARES, LLC

 	 
	 	By:  	/s/ John Sauickie
 	 
	 	 	Name:  	John Sauickie  	 
	 	 	Title:  	Managing Partner 	 
	 
	 	TITANIUM INCENTIVE PLAN, LLC

 	 
	 	By:  	/s/ John Sauickie
 	 
	 	 	Name:  	John Sauickie  	 
	 	 	Title:  	Managing Partner

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00145-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00145-of-00352.parquet"}]]