Document:

Unassociated Document

    REGISTRATION
RIGHTS AGREEMENT

     

    THIS
REGISTRATION RIGHTS AGREEMENT (this “Agreement”)
is entered into as of the [●] day of ______, 2011, by and among S.E. Asia
Emerging Market Co., Ltd., a British Virgin Islands corporation (the “Company”),
Maxim Group LLC (“Maxim Group”) and the undersigned parties listed under
Investor on the signature page hereto (each, an “Investor”
and collectively, the “Investors”).

     

    WHEREAS,
the Investors currently hold all of the outstanding Ordinary Shares of the
Company issued prior to the consummation of the Company’s initial public
offering (the “Initial
Shares”), namely, 316,250 shares (up to 41,250 of which are subject to
cancellation if the underwriter’s over-allotment option is not exercised in
full) and all of which shall be subject to a lock-up agreement.

     

    WHEREAS,
the Investors and Maxim Group have entered into an Amended and Restated Warrant
Subscription Agreement with the Company pursuant to which Maxim Group and the
Investors are purchasing in the aggregate 1,585,714 warrants in a private
placement transaction occurring on or before the consummation of the Company’s
initial public offering to purchase an aggregate of 1,585,714 ordinary shares
(the “Private
Placement Warrants, the ordinary shares issuable pursuant thereto, the
“Private
Placement Warrant Shares” and collectively the “Private
Placement Securities”);

     

    WHEREAS,
subsequent to the consummation of a business combination by the Company, Maxim
Group and the Investors, pro rata according to their respective ownership
interests in the Company, will be eligible to receive additional warrants to
purchase ordinary shares if certain pre-determined price targets of the ordinary
shares are achieved in two separate tranches, which shall collectively equal 20%
of the total warrants outstanding following this offering (440,000 warrants or
506,000 warrants if the underwriter’s over-allotment is exercised in full) (the
“Incentive
Warrants”, the ordinary shares issuable pursuant thereto, the “Incentive
Warrant Shares” and collectively the “Incentive
Warrant Securities”;

     

    WHEREAS,
Maxim Group and the Investors, and the Company desire to enter into this
Agreement to provide Maxim Group and the Investors with certain rights relating
to the registration of the Initial Shares, the Private Placement Securities and
the Incentive Securities;

     

    WHEREAS,
the amount of Initial Shares, Private Placement Securities and Incentive
Securities held by Maxim Group and the Investors are set forth on Exhibit A
hereto;

     

    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.

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    “Business
Combination” means any merger, share exchange, asset acquisition, plan of
arrangement, recapitalization, reorganization or similar business combination
involving the Company.

     

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

     

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

     

    “Demand
Registration” is defined in Section 2.1.1.

     

    “Demanding
Holder” is defined in Section 2.1.1.

     

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

     

    “Form
F-3/S-3” is defined in Section 2.2.4.

     

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

     

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

     

    “Incentive
Warrants” is defined in the preamble to this Agreement.

     

    “Indemnified
Party” is defined in Section 4.3.

     

    “Indemnifying
Party” is defined in Section 4.3.

     

    “Initial
Shares” is defined in the preamble to this Agreement.

     

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

     

    “Investor
Indemnified Party” is defined in Section 4.1.

     

    “Maxim
Group” is defined in the preamble to this Agreement.

     

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

     

    “Notices”
is defined in Section 6.3.

     

    “Option
Securities” is defined in Section 2.1.4.

     

    “Ordinary
Shares” means the Ordinary Shares, par value $0.001 per share, of the
Company.

     

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

     

    “Private
Placement Warrant Securities” is defined in the preamble to this
Agreement.

    
      
         

      

      
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    “Private
Placement Warrant Shares” is defined in the preamble to this
Agreement.

     

    “Private
Placement Warrants” is defined in the preamble to this
Agreement.

     

    “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” means (i) all of the Initial Shares, (ii) all of the Private
Placement Warrants and the Private Placement Warrant Shares owned or held by
Maxim Group and Investors, as applicable, upon consummation of the Company’s
initial public offering and (iii) the Incentive Warrants and the Incentive
Warrant Shares which may be issued to the Investors following the Company’s
consummation of a business combination. Registrable Securities include any
warrants, shares of capital stock or other securities of the Company issued as a
dividend or other distribution with respect to or in exchange for or in
replacement of such Initial Shares, Private Placement Warrant Securities and
Incentive Warrant Securities. As to any particular Registrable Securities, such
securities shall cease to be Registrable Securities when: (a) a Registration
Statement with respect to the sale of such securities shall have become
effective under the Securities Act and such securities shall have been sold,
transferred, disposed of or exchanged in accordance with such Registration
Statement; (b) such securities shall have been otherwise transferred, new
certificates for them (if issued in certificated form) not bearing a legend
restricting further transfer shall have been delivered by the Company and
subsequent public distribution of them shall not require registration under the
Securities Act; (c) such securities shall have ceased to be outstanding, or (d)
the Securities and Exchange Commission makes a definitive determination to the
Company that the Registrable Securities are saleable under Rule
144.

     

    “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 equity securities, or
securities or other obligations exercisable or exchangeable for, or convertible
into, equity securities (other than a registration statement on Form F-4 or Form
S-8, or their successors, or any registration statement covering only securities
proposed to be issued in exchange for securities or assets of another
entity).

     

    “Release
Date” means the date on which Initial Shares or Private Placement
Warrants, as the case may be, are no longer subject to lock-up agreements,
namely, (i) in the case of the Initial Shares, the earlier of: (X) six months
after the consummation of a Business Combination or (Y) 30 months from the date
of the prospectus relating to the Company’s initial public offering, and (ii) in
the case of the Private Placement Warrants, on the later of (A) the completion
of a Business Combination or (B) one year from the date of the prospectus
relating to the Company’s initial public offering.

     

    “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.

    
      
         

      

      
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    “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.

     

    “Unit
Purchase Option” is defined in Section 2.1.4.

     

     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 date that
is (i) in the case of the Incentive Warrants Securities, after the Company
consummates a Business Combination and (X) with respect to the first tranche of
Incentive Warrant Securities, which shall equal 10% of the warrants outstanding
following the Company’s initial public offering (220,000 warrants or 253,000 is
the underwriter’s over-allotment is exercised in full) if the price of the
Ordinary Shares of the Company has been $7.00 or greater for any 20 trading days
within any 30 trading day period and (Y) with respect to with respect to the
second tranche of Incentive Warrant Securities, which shall equal 10% of the
warrants outstanding following the Company’s initial public offering (220,000
warrants or 253,000 is the underwriter’s over-allotment is exercised in full) if
the price of the Ordinary Shares of the Company has been $9.00 or greater for
any 20 trading days within any 30 trading day period or (ii) in the case of the
Initial Shares and the Private Placement Securities, any time after its
respective Release Date, but prior to the date that is five years from the
effective date of the Company’s initial public offering, the holders of a
majority-in-interest of such Incentive Warrants Securities, Initial Shares,
Private Placement Warrant Securities or other Registrable Securities, as the
case may be, may make a written demand for registration under the Securities Act
of all or part of their Incentive Securities, Private Placement Securities,
Initial Shares or other Registrable Securities, as the case may be (a “Demand
Registration”). Any demand for a Demand Registration shall specify the
type and number of Registrable Securities proposed to be sold and the intended
method(s) of distribution thereof. The Company will notify all holders of the
same class of securities (ie, Initial Shares, Private Placement Warrant
Securities and the Incentive Warrant Securities) as Registrable Securities of
the demand, and each holder of the same class of Registrable Securities who
wishes to include all or a portion of such holder’s Registrable Securities of
that same class as 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 three (3) Demand Registrations (one (1) for each such
class) under this Section 2.1.1 in respect of all 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.

    
      
         

      

      
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    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 Registrable Securities through such underwriting shall enter
into an underwriting agreement in customary form with the Underwriter or
Underwriters selected for such underwriting by a majority-in-interest of the
holders initiating the Demand Registration.

     

    2.1.4   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 Ordinary Shares or other securities which the Company
desires to sell and the Ordinary 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 that each such Person has requested be included in such registration,
regardless of the number of shares held by each such Person (such proportion is
referred to herein as “Pro
Rata”)) 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 Ordinary 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 Ordinary
Shares or other securities registrable pursuant to the terms of this Agreement
and the Unit Purchase Option to be issued to Maxim Group LLC (“Maxim
Group”) or its designees in connection with the Company’s initial public
offering on ______, 20___ (the “Unit
Purchase Option” and such registrable securities, the “Option
Securities”) as to which "piggy-back" registration has been requested by
the holders thereof, Pro Rata, that can be sold without exceeding the Maximum
Number of Shares; (iv) fourth, to the extent that the Maximum Number of Shares
has not been reached under the foregoing clauses (i), (ii) and (iii), the
Ordinary Shares or other securities 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.

    
      
         

      

      
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    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.

     

    2.2           Piggy-Back
Registration.

     

    2.2.1   Piggy-Back Rights. If
at any time on or after the date the Company consummates a Business Combination
(but prior to the date that is seven years from the effective date of the
Company’s initial public offering) the Company proposes to file a Registration
Statement under the Securities Act with respect to an offering of equity
securities, or securities or other obligations exercisable or exchangeable for,
or convertible into, equity securities, by the Company for its own account or
for 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 five (5) days following
receipt of such notice (a “Piggy-Back
Registration”). The Company shall cause such Registrable Securities to be
included in such registration and shall use its best efforts to cause the
managing Underwriter or Underwriters of a proposed underwritten offering to
permit the Registrable Securities requested to be included in a Piggy-Back
Registration on the same terms and conditions as any similar securities of the
Company and to permit the sale or other disposition of such Registrable
Securities in accordance with the intended method(s) of distribution thereof.
All holders of Registrable Securities proposing to distribute their securities
through a Piggy-Back Registration that involves an Underwriter or Underwriters
shall enter into an underwriting agreement in customary form with the
Underwriter or Underwriters selected for such Piggy-Back
Registration.

     

    2.2.2   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
Ordinary Shares which the Company desires to sell, taken together with the
Ordinary 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 Ordinary 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:

    
      
         

      

      
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    a)           If
the registration is undertaken for the Company’s account: (A) first, the
Ordinary 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 Ordinary Shares or other securities, if any, comprised
of  Registrable Securities and Option Securities, as to which
registration has been requested pursuant to the applicable written contractual
piggy-back registration rights of such security holders, Pro Rata, 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 Ordinary Shares or other securities for the
account of other persons that the Company is obligated to register pursuant to
written contractual piggy-back registration rights with such persons and that
can be sold without exceeding the Maximum Number of Shares;

     

    b)           If
the registration is a “demand” registration undertaken at the demand of holders
of Option Securities, (A) first, the Ordinary Shares or other securities for the
account of the demanding persons, Pro Rata, 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 Ordinary
Shares or other securities that the Company desires to sell that can be sold
without exceeding the Maximum Number of Shares; (C) third, to the extent that
the Maximum Number of Shares has not been reached under the foregoing clauses
(A) and (B), the shares of Registrable Securities, Pro Rata, as to which
registration has been requested pursuant to the terms hereof, that can be sold
without exceeding the Maximum Number of Shares; 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 Ordinary Shares or other securities for the
account of other persons that the Company is obligated to register pursuant to
written contractual arrangements with such persons, that can be sold without
exceeding the Maximum Number of Shares; and

     

    c)           If
the registration is a “demand” registration undertaken at the demand of persons
other than either the holders of Registrable Securities (including classes of
securities of Registrable Securities that are not of the same class as the
Demanding Holders), or of Option Securities, (A) first, the Ordinary Shares or
other securities 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 Ordinary Shares or other securities that the Company desires to sell
that can be sold without exceeding the Maximum Number of Shares; (C) third, to
the extent that the Maximum Number of Shares has not been reached under the
foregoing clauses (A) and (B), collectively the Ordinary Shares or other
securities comprised of Registrable Securities and Option Securities, Pro Rata,
as to which registration has been requested pursuant to the terms hereof, and of
the Unit Purchase Option, as applicable, that can be sold without exceeding the
Maximum Number of Shares; 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
Ordinary Shares or other securities for the account of other persons that the
Company is obligated to register pursuant to written contractual arrangements
with such persons, that can be sold without exceeding the Maximum Number of
Shares.

    
      
         

      

      
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    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 (whether on its own
determination or as the result of a withdrawal by persons making a demand
pursuant to written contractual obligations) may withdraw a Registration
Statement at any time prior to the effectiveness of such Registration Statement.
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.

     

    2.2.4   Registrations on Form
S-3/F-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/F-3 or any similar short-form
registration which may be available at such time (“Form
S-3/F-3”);
provided, however, that the Company shall not be obligated to effect such
request through an underwritten offering. Upon receipt of such written request,
the Company will promptly give written notice of the proposed registration to
all other holders of Registrable Securities, and, as soon as practicable
thereafter, effect the registration of all or such portion of such holder’s or
holders’ Registrable Securities as are specified in such request, together with
all or such portion of the Registrable Securities or other securities of the
Company, if any, of any other holder or holders joining in such request as are
specified in a written request given within fifteen (15) days after receipt of
such written notice from the Company; provided, however, that the Company shall
not be obligated to effect any such registration pursuant to this Section 2.2:
(i) if Form S-3/F-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 $500,000.  Registrations effected pursuant
to this Section 2.2 shall not be counted as Demand Registrations effected
pursuant to Section 2.1.

     

    3.           REGISTRATION
PROCEDURES.

     

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

    
      
         

      

      
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    3.1.1   Filing Registration
Statement. The Company shall use its best efforts to, as expeditiously as
possible after receipt of a request for a Demand Registration pursuant to
Section 2.1, prepare and file with the Commission a Registration Statement on
any form for which the Company then qualifies or which counsel for the Company
shall deem appropriate and which form shall be available for the sale of all
Registrable Securities to be registered thereunder in accordance with the
intended method(s) of distribution thereof, and shall use its best efforts to
cause such Registration Statement to become effective and use its best efforts
to keep it effective for the period required by Section 3.1.3; provided,
however, that the Company shall have the right to defer any Demand Registration
for up to thirty (30) 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 or Vice Chairman
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, and such holders’ legal counsel,
copies of such Registration Statement as proposed to be filed, each amendment
and supplement to such Registration Statement (in each case including all
exhibits thereto and documents incorporated by reference therein), the
prospectus included in such Registration Statement (including each preliminary
prospectus), and such other documents as the holders of Registrable Securities
included in such registration or legal counsel for any such holders may request
in order to facilitate the disposition of the Registrable Securities owned by
such holders.

     

    3.1.3   Amendments and
Supplements. The Company shall prepare and file with the Commission such
amendments, including post-effective amendments, and supplements to such
Registration Statement and the prospectus used in connection therewith as may be
necessary to keep such Registration Statement effective and in compliance with
the provisions of the Securities Act until all Registrable Securities and other
securities covered by such Registration Statement have been disposed of in
accordance with the intended method(s) of distribution set forth in such
Registration Statement 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 a material fact or omit to state any material fact required to be
stated therein or necessary to make the statements therein not misleading, and
promptly make available to the holders of Registrable Securities included in
such Registration Statement any such supplement or amendment; except that before
filing with the Commission a Registration Statement or prospectus or any
amendment or supplement thereto, including documents incorporated by reference,
the Company shall furnish to the holders of Registrable Securities included in
such Registration Statement and to the legal counsel for any such holders,
copies of all such documents proposed to be filed sufficiently in advance of
filing to provide such holders and legal counsel with a reasonable opportunity
to review such documents and comment thereon, and the Company shall not file any
Registration Statement or prospectus or amendment or supplement thereto,
including documents incorporated by reference, to which such holders or their
legal counsel shall object.

     

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

     

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

     

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

    
      
         

      

      
        10

        
          

        

      

      
         

      

    

     

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

     

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

     

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

     

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

     

    3.2          Obligation to Suspend
Distribution. Upon receipt of any notice from the Company of the
happening of any event of the kind described in Section 3.1.4(iv), or, in the
case of a resale registration on Form F-3/S-3 pursuant to Section 2.2 hereof,
upon any suspension by the Company, pursuant to a written insider trading
compliance program adopted by the Company’s Board of Directors, of the ability
of all “insiders” covered by such program to transact in the Company’s
securities because of the existence of material non-public information, each
holder of Registrable Securities included in any registration shall immediately
discontinue disposition of such Registrable Securities pursuant to the
Registration Statement covering such Registrable Securities until such holder
receives the supplemented or amended prospectus contemplated by Section
3.1.4(iv) or the restriction on the ability of “insiders” to transact in the
Company’s securities is removed, as applicable, and, if so directed by the
Company, each such holder will deliver to the Company all copies, other than
permanent file copies then in such holder’s possession, of the most recent
prospectus covering such Registrable Securities at the time of receipt of such
notice.

    
      
         

      

      
        11

        
          

        

      

      
         

      

    

     

    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 F-3/S-3
effected pursuant to Section 2.2, and all expenses incurred in performing or
complying with its other obligations under this Agreement, whether or not the
Registration Statement becomes effective, including, without limitation: (i) all
registration and filing fees; (ii) fees and expenses of compliance with
securities or “blue sky” laws (including fees and disbursements of counsel in
connection with blue sky qualifications of the Registrable Securities); (iii)
printing expenses; (iv) the Company’s internal expenses (including, without
limitation, all salaries and expenses of its officers and employees); (v) the
fees and expenses incurred in connection with the listing of the Registrable
Securities as required by Section 3.1.11; (vi) Financial Industry Regulatory
Authority, 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.  Notwithstanding anything
herein to the contrary, the Company shall bear the costs and expenses incurred
in connection with no more than one Demand Registration pursuant to Section 2.1
that is made by Maxim Group as the Demanding Holder.

     

    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.

    
      
         

      

      
        12

        
          

        

      

      
         

      

    

     

    4.           INDEMNIFICATION AND
CONTRIBUTION.

     

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

     

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

    
      
         

      

      
        13

        
          

        

      

      
         

      

    

     

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

     

    4.4          Contribution.

     

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

     

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

    
      
         

      

      
        14

        
          

        

      

      
         

      

    

     

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

     

    5.           UNDERWRITING AND
DISTRIBUTION.

     

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

     

    6.           MISCELLANEOUS.

     

    6.1          Other Registration
Rights. Except with respect to those securities issued or issuable upon
exercise of that certain Unit Purchase Option to be issued to Maxim Group or its
designees in connection with the Company’s initial public offering in _________
20__, the Company represents and warrants that no person, other than a holder of
the Registrable Securities, has any right to require the Company to register any
shares of the Company’s capital stock for sale or to include shares of the
Company’s capital stock in any registration filed by the Company for the sale of
shares of capital stock for its own account or for the account of any other
person.

     

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

    
      
         

      

      
        15

        
          

        

      

      
         

      

    

     

    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:

     

    S.E. Asia
Emerging Market Co., Ltd.

    75 Bukit
Timah Road #05-12

    Boon Siew
Building

    Singapore
229833

    Fax No.
65-6732-1611

    

    and a
copy, which shall not constitute notice, to:

    

    Ellenoff
Grossman & Schole LLP

    150 East
42nd
Street, 10th
Floor

    New York,
NY 10017

    Attn:  Barry
Grossman, Esq.

    Fax No.
(212) 370-7889

    

    To any
Investor, to:

    

    The
address listed on the signature pages hereto

    

    To Maxim
Group, to:

    

    Maxim
Group, LLC

    405
Lexington Avenue

    New York,
NY 10174

    Attn:  _______________

    Fax No.:
(212) ___________

    

    with a
copy, which shall not constitute notice, to:

    

    Lowenstein
Sandler PC

    65
Livingston Avenue

    Roseland,
NJ  07068

    Attn:  Steven
M. Skolnick, Esq.

    Fax No.
(973) 597-2477

    
      
         

      

      
        16

        
          

        

      

      
         

      

    

     

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

     

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

     

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

     

    6.7           Modifications and
Amendments. No amendment, modification or termination of this Agreement
shall be binding upon any party unless executed in writing by such party.
Notwithstanding the foregoing, any and all parties must obtain the written
consent of Maxim Group to amend or modify this Agreement.

     

    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.

    
      
         

      

      
        17

        
          

        

      

      
         

      

    

     

    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 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 or Maxim Group in the negotiation, administration, performance
or enforcement hereof.

     

    6.13           Mutual
Drafting.  This Agreement is the joint product of the
Investors, Maxim Group and the Company and each provision hereof has been
subject to the mutual consultation, negotiation and agreement of such parties
and shall not be construed for or against any party hereto.

     

    [REMAINDER
OF PAGE INTENTIONALLY LEFT BLANK]

    
      
         

      

      
        18

        
          

        

      

      
         

      

    

    

    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.

    

    
      
        
          
            
              
                
                  
                    
                      
                        
                          
                            
                              
                                
                                  	 
      	
                                          S.E.
      ASIA EMERGING MARKET CO., LTD.

                                        
	 
      	 
      
	
                                          By:

                                        	
                                           

                                        
	 
      	
                                          Name:
      Ivan Hajadi

                                        
	 
      	
                                          Title:
      Chief Executive Officer

                                        
	 
      	 
      
	 
      	
                                          INVESTORS:

                                        
	 
      	 
      
	
                                           

                                        	  
      
	
                                          Name:

                                        	
                                          Eugene
      Cho Park

                                        
	
                                          Address:

                                        	 
      
	
                                           

                                        	
                                           
      

                                        
	
                                          Name:

                                        	

                                          Pranata
      Hajadi

                                        
	 	 
	
                                          Address:

                                        	 
      
	
                                           

                                        	  
      
	
                                          Name:

                                        	

                                          Ivan
      Hajadi  

                                        
	 
      	 
      
	
                                          Address:

                                        	 
      
	 	 
	 
      	 
      
	
                                          Name:

                                        	
                                          Eugene
      Hin Sun Wong

                                        
	 
      	 
      
	
                                          Address:

                                        	 
      
	 
      	 
      
	
                                          Name:

                                        	
                                          James
      Preissler

                                        
	 
      	 
      
	
                                          Address:

                                        	 
      
	 	 
	 
      	 
      
	
                                          Name:

                                        	
                                          Andrew
      Sing Tak So

                                        
	 
      	 
      
	
                                          Address:

                                        	 
      

                                

                              

                            

                          

                        

                      

                    

                  

                

              

            

          

        

      

    

     

    
      
         

      

      
        19

        
          

        

      

      
         

      

    

    

    
      
        
          
            
              
                
                  
                    	 	 
	
                            Name:

                          	
                            William
      B. Heyn

                          
	 
      	 
      
	
                            Address:

                          	 
      
	 	 
	 
      	 
      
	
                            Name:

                          	
                            Boon
      How Lee

                          
	 
      	 
      
	
                            Address:

                          	 
      
	 
      	 
      
	
                            Maxim
      Group LLC

                          
	 
      	 
      
	
                            By:

                          	
                             

                          
	 
      	
                            Name:

                          
	 
      	
                            Title:

                          

                  

                

              

            

          

        

      

    

     

    
      
         

      

      
        20

        
          

        

      

      
         

      

    

    Exhibit
A

     

    
      Investor
Securities

    

    

    
      
        
          
            
              	 
      	 	
                      Private

                      Placement

                    	 	 	
                      Initial

                    	 	 	
                      Incentive

                    	 
	 
      	 	
                      Warrants

                    	 	 	
                      Shares

                    	 	 	
                      Warrants

                    	 
	
                      Pranata
      Hajadi

                    	 	 	226,286	 	 	 	44,000	 	 	 	35,200	 	 	 	35,200	 
	
                      Parallax
      Venture Partners XX Ltd.

                    	 	 	282,857	 	 	 	55,000	 	 	 	44,000	 	 	 	44,000	 
	
                      Ivan
      Hajadi

                    	 	 	277,928	 	 	 	53,625	 	 	 	43,233	 	 	 	42,900	 
	
                      Sirius
      Investment Inc.

                    	 	 	282,857	 	 	 	55,000	 	 	 	44,000	 	 	 	44,000	 
	
                      James
      Preissler

                    	 	 	70,714	 	 	 	13,750	 	 	 	11,000	 	 	 	11,000	 
	
                      Rampant
      Dragon, LLC

                    	 	 	212,142	 	 	 	41,250	 	 	 	33,000	 	 	 	33,000	 
	
                      Boon
      How Lee

                    	 	 	56,571	 	 	 	11,000	 	 	 	8,800	 	 	 	8,800	 
	
                      Andrew
      Sing Tak So

                    	 	 	4,929	 	 	 	1,375	 	 	 	767	 	 	 	767	 
	
                      Maxim
      Group LLC

                    	 	 	171,430	 	 	 	 	 	 	 	 	 	 	 	 	 
	
                      Total

                    	 	 	1,585,714	 	 	 	275,000	 	 	 	220,000	 	 	 	220,000	 
	 
      	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	
                      With
      15% Over-Allotment

                    	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
      	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	
                      Pranata
      Hajadi

                    	 	 	226,286	 	 	 	50,600	 	 	 	40,480	 	 	 	40,480	 
	
                      Parallax
      Venture Partners XX Ltd.

                    	 	 	282,857	 	 	 	63,250	 	 	 	50,600	 	 	 	50,600	 
	
                      Ivan
      Hajadi

                    	 	 	277,928	 	 	 	61,669	 	 	 	49,718	 	 	 	49,718	 
	
                      Sirius
      Investment Inc.

                    	 	 	282,857	 	 	 	63,250	 	 	 	50,600	 	 	 	50,600	 
	
                      James
      Preissler

                    	 	 	70,714	 	 	 	15,813	 	 	 	12,650	 	 	 	12,650	 
	
                      Rampant
      Dragon, LLC

                    	 	 	212,142	 	 	 	47,438	 	 	 	37,950	 	 	 	37,950	 
	
                      Boon
      How Lee

                    	 	 	56,571	 	 	 	12,650	 	 	 	10,120	 	 	 	10,120	 
	
                      Andrew
      Sing Tak So

                    	 	 	4,929	 	 	 	1,581	 	 	 	882	 	 	 	882	 
	
                      Maxim
      Group LLC

                    	 	 	171,430	 	 	 	 	 	 	 	 	 	 	 	 	 
	
                      Total

                    	 	 	1,585,714	 	 	 	316,250	 	 	 	253,000	 	 	 	253,000	 

            

          

        

      

    

     

    
      
         

      

      
        21[Date]

    

    S.E. Asia
Emerging Market Co., Ltd

    75 Bukit
Timah Road #05-02

    Boon Siew
Building

    Singapore
229833

    

    Maxim
Group, LLC

    405
Lexington Avenue

    New York,
New York 10174

    

    Re:           Initial Public
Offering

    

    Gentlemen:

    

    This
letter agreement (the “Agreement”) by the undersigned
beneficial owner of Ordinary Shares of S.E. Asia Emerging Market Co., Ltd (the
“Company”) is made in
consideration of Maxim Group, LLC (“Maxim”) pursuing an
underwritten initial public offering of the securities of the Company (“IPO”).

    

    The
undersigned hereby agrees as follows (certain capitalized terms used herein are
defined in Paragraph 15 hereof):

    

    
      	
               
      

            	
              1.

            	
              Solely
      in the event the Company solicits its shareholders for approval of a
      Business Combination, the undersigned will vote all of his Ordinary
      Shares, including any Insider Shares and IPO Shares acquired in connection
      with or following the IPO in favor of such initial Business
      Combination.

            

    

    

    
      	
               
      

            	
              2.

            	
              In
      the event that the Company fails to consummate a Business Combination
      prior to the occurrence of the Termination Event, the undersigned will
      take all reasonable actions within his power to further the automatic
      redemption of IPO Shares pursuant to the Company’s amended and restated
      memorandum and articles of association, to the holders of the IPO Shares,
      pro rata, at a redemption price equal to the amount held in the Trust
      Account, less taxes and any interest earned on the proceeds placed in the
      Trust Account that were used for working capital purposes.  In
      the event of the liquidation of the Trust Account (other than in
      connection with the consummation of a Business Combination), the
      undersigned agrees to indemnify and hold harmless the Company against any
      and all loss, liability, claims, damage and expense whatsoever (including,
      but not limited to, any and all legal or other expenses reasonably
      incurred in investigating, preparing or defending against any litigation,
      whether pending or threatened, or any claim whatsoever) to which the
      Company may become subject as a result of any claim by any vendor or other
      Person who is owed money by the Company (in excess of the proceeds of the
      IPO not held in trust at such time) for services rendered to the Company
      or contracted for or products sold, or by any target business, but only to
      the extent necessary, pro rata based upon the undersigned’s beneficial
      ownership interest in the Company, to ensure that such loss, liability,
      claim, damage or expense does not reduce the amount in the Trust Account
      below $6.00 per share (or $5.98 per share if the underwriter’s
      over-allotment option is exercised in full); provided that
      such indemnity shall not apply if such vendor or prospective target
      business executed an agreement waiving any claims against the Trust
      Account and except as to any claims under the indemnity of the
      underwriters of the IPO against certain liabilities, including liabilities
      under the Securities Act.  The undersigned hereby waives: (i)
      any and all right, title, interest or claim of any kind (“Claim”) in or to any
      funds in, or distributions from, the Trust Account and (ii) in connection
      with any Claim the undersigned may have in the future as a result of, or
      arising out of, any contracts or agreements with the Company, the right to
      seek recourse against the Trust Account for any reason whatsoever; provided, however, the
      undersigned shall be entitled to liquidation distributions if no Business
      Combination is consummated in connection with any IPO Shares owned by the
      undersigned.

            

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    

    
      	
               
      

            	
              3.

            	
              To
      the extent that the Underwriters do not exercise their over-allotment
      option to purchase an additional 165,000 Units (as described in the
      Registration Statement), the undersigned, along with all other
      shareholders of the Company prior to the IPO (the “Existing Shareholders”),
      agrees that it shall return to the Company for cancellation, at no cost,
      the number of Insider Shares held by the undersigned and the other
      Existing Shareholders determined by multiplying 41,250 by a fraction, (i)
      the numerator of which is 165,000 minus the number of Units purchased by
      the Underwriters upon the exercise of their over-allotment option, and
      (ii) the denominator of which is 165,000. The undersigned further agrees
      that to the extent that (a) the size of the Offering is increased or
      decreased and (b) an adjustment to the number of Insider Shares has been
      effected by way of a stock split, stock dividend, reverse stock split,
      contribution back to capital or otherwise, in each case in connection with
      such increase or decrease in the size of the Offering, then (i) the
      references to 165,000 in the numerator and denominator of the formula in
      the immediately preceding sentence shall be changed to a number equal to
      15.0% of the number of Ordinary Shares included in the Units issued in the
      Offering and (ii) the reference to 41,250 in the formula set forth in the
      immediately preceding sentence shall be adjusted to such number of
      Ordinary Shares that the undersigned (together with all other Existing
      Shareholders) would have to return to the Company in order to hold 20.0%
      of the Company’s issued and outstanding Ordinary Shares in aggregate with
      the Company’s other Existing Shareholders after the Offering (assuming the
      Underwriters do not exercise their over-allotment
  option).

            

    

    

    
      	
               
      

            	
              4.

            	
              The
      undersigned agrees to be [a member of the board of directors][officer
      position][special advisor to the Company], until the earlier of: (i) the
      consummation by the Company of a Business Combination, (ii) the
      Termination Event, (iii) the resignation, death or removal of the
      undersigned or (iv) until the undersigned’s successor is duly appointed
      and takes office.  The undersigned’s biographical information
      furnished to the Company and Maxim is true and accurate in all respects,
      does not omit any material information with respect to the undersigned’s
      background and contains all of the information required to be disclosed
      pursuant to the rules governing foreign privates issuers.  [The
      undersigned’s questionnaire furnished to the Company and Maxim is true and
      accurate in all respects.]  The undersigned represents and
      warrants that:

            

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    

    
      	
               
      

            	
              a.

            	
              he
      is not subject to, or a respondent in, any legal action for, any
      injunction, cease-and-desist order or order or stipulation to desist or
      refrain from any act or practice relating to the offering of securities in
      any jurisdiction;

            

    

    

    
      	
               
      

            	
              b.

            	
              he
      has never been convicted of or pleaded guilty to any crime (i) involving
      any fraud, (ii) relating to any financial transaction or handling of funds
      of another Person, or (iii) pertaining to any dealings in any securities
      and he is not currently a defendant in any such criminal
      proceeding;

            

    

    

    
      	
               
      

            	
              c.

            	
              he
      has never been suspended or expelled from membership in any securities or
      commodities exchange or association or had a securities or commodities
      license or registration denied, suspended or revoked;
  and

            

    

    

    
      	
               
      

            	
              d.

            	
              he
      has full right and power, without violating any agreement by which he is
      bound, to serve as [a member of the board of directors][officer
      position][special advisor to the
Company].

            

    

    

    
      	
               
      

            	
              5.

            	
              The
      undersigned has full right and power, without violating any agreement by
      which he/it is bound, to enter into this
  Agreement.

            

    

    

    
      	
               
      

            	
              6.

            	
              [In
      order to minimize potential conflicts of interest which may arise from
      multiple affiliations, the undersigned agrees to present to the Company
      for its consideration, prior to presentation to any other Person or
      entity, any suitable opportunity to acquire an operating business of which
      the undersigned, or any company or other entity controlled or managed by
      the undersigned, becomes aware, until the earlier of: (i) the consummation
      by the Company of a Business Combination, (ii) the Termination Event or
      (iii) such time as the undersigned ceases to be an officer or director of
      the Company, subject to any pre-existing fiduciary and contractual
      obligations the undersigned might have; provided, however, if the
      Company’s management rejects such opportunity, the undersigned shall be
      free to present such opportunity to any other Person or entity.][Omitted
      for non director / officer
shareholders.]

            

    

    

    
      	
               
      

            	
              7.

            	
              The
      undersigned acknowledges and agrees that the Company will not consummate
      any Business Combination with an entity which is Affiliated with the
      undersigned, or any officer, director, advisor or Existing Shareholder of
      the Company, unless the Company obtains an opinion from an independent
      investment banking firm that the Business Combination is fair to the
      Company’s unaffiliated shareholders from a financial point of
      view.

            

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    
      	
               
      

            	
              8.

            	
              There
      will be no fees, reimbursements, cash payments or compensation of any
      kind, including the issuance of any securities of the Company, made to the
      undersigned, any member of the family of the undersigned, or any Affiliate
      (directly or indirectly) related to the undersigned, nor shall any such
      Person accept such compensation, prior to the earlier of consummation of
      an initial Business Combination or the Termination Event; provided, however, the
      undersigned shall be entitled to (a) reimbursement from the Company for
      his out-of-pocket expenses incurred in connection with seeking and
      consummating a Business Combination and (b) the Existing Shareholders of
      the Company shall be entitled to (i) repayment of an aggregate of $150,000
      in non-interest bearing loans made in connection with the IPO and (ii)
      payment of $5,000 per month for office space and general and
      administrative services, including but not limited to receptionist,
      secretarial and general office services beginning on the date of the
      Registration Statement. Additionally, the undersigned may, but is not
      obligated to, loan the Company funds in whatever amount deemed reasonable
      in the sole discretion of the undersigned and, in exchange for such loan,
      receive a convertible note or other security from the
    Company.

            

    

    

    
      	
               
      

            	
              9.

            	
              The
      undersigned hereby waives: (i) in connection with the submission of a
      Business Combination to a vote of the Company’s shareholders and (ii) in
      connection with a tender offer presented to the Company’s shareholders in
      connection with a Business Combination, the right to redeem or seek to
      redeem, tender or seek to tender, or to seek appraisal rights with respect
      to, all as applicable, any Insider Shares owned by the
      undersigned.  For purposes of clarity, nothing contained herein
      shall prevent the undersigned from receiving liquidation proceeds of IPO
      Shares owed by the undersigned if no Business Combination is consummated.
      If the undersigned contemplates a transfer of any Insider Shares to a
      “permitted transferee” (i.e. immediate family members of the Existing
      Shareholder and trusts established by the Existing Shareholder for estate
      planning purposes, to another Existing Shareholder, to a shareholder of an
      Existing Shareholder that is an entity, by virtue of the laws of descent
      and distribution or pursuant to a domestic relations order), such transfer
      shall not be deemed valid or given effect until the permitted transferee
      agrees to the waiver (in its entirety) as set forth in this
      Paragraph 9 and the transfer restrictions set forth in Paragraph
      10.

            

    

    

    
      	
               
      

            	
              10.

            

    

    
      	
               
      

            	
              a.

            	
              With
      respect to the Insider Shares, the undersigned shall not, except as
      described in the Registration Statement and Paragraph 3 hereof (the
      “Share Lockup
      Period”), (i) sell, offer to sell, contract or agree to sell,
      hypothecate, pledge, grant any option to purchase or otherwise dispose of
      or agree to dispose of, directly or indirectly, or establish or increase a
      put equivalent position or liquidate or decrease a call equivalent
      position within the meaning of Section 16 of the Securities Exchange Act
      of 1934, as amended, and the rules and regulations of the Commission
      promulgated thereunder, (ii) enter into any swap or other arrangement that
      transfers to another, in whole or in part, any of the economic
      consequences of ownership of any of the Insider Shares, whether any such
      transaction is to be settled by delivery of Ordinary Shares or such other
      securities, in cash or otherwise, or (iii) publicly announce any intention
      to effect any transaction specified in clause (i) or (ii), until the
      earlier of: (i) six months after the consummation of a Business
      Combination or (ii) 30 months from the date of the Registration
      Statement.  All of the Insider Shares will be released from such
      restrictions, if, following consummation of a Business Combination, the
      Company engages in a subsequent liquidation, share exchange, share
      reconstruction and amalgamation or contractual control arrangement or
      engages in any other similar Business Combination which results in all of
      the Company’s shareholders having the right to exchange their Ordinary
      Shares for cash, securities or other
property.

            

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    

    
      	
               
      

            	
              b.

            	
              Until
      the completion of the Company’s Business Combination (“Warrant Lockup Period”),
      the undersigned shall not, except as described in the Registration
      Statement, (i) sell, offer to sell, contract or agree to sell,
      hypothecate, pledge, grant any option to purchase or otherwise dispose of
      or agree to dispose of, directly or indirectly, or establish or increase a
      put equivalent position or liquidate or decrease a call equivalent
      position within the meaning of Section 16 of the Securities Exchange Act
      of 1934, as amended, and the rules and regulations of the SEC promulgated
      thereunder, with respect to the Insider Warrants and the Ordinary Shares
      underlying the Insider Warrants, (ii) enter into any swap or other
      arrangement that transfers to another, in whole or in part, any of the
      economic consequences of ownership of any of the Insider Warrants and the
      Ordinary Shares underlying the Insider Warrants, whether any such
      transaction is to be settled by delivery of Ordinary Shares or such other
      securities, in cash or otherwise, or (iii) publicly announce any intention
      to effect any transaction specified in clause (i) or
  (ii).

            

    

    

    
      	
               
      

            	
              c.

            	
              Further,
      the undersigned agrees that after the Share Lockup Period or the Warrant
      Lockup Period, as applicable, has elapsed, the Insider Shares and the
      Insider Warrants and the Ordinary Shares underlying such Insider Warrants,
      shall only be transferable or saleable pursuant to a sale registered under
      the Securities Act or pursuant to an available exemption from registration
      under the Securities Act.

            

    

    

    
      	
               
      

            	
              d.

            	
              The
      undersigned and the Company understand and agree that the transfer
      restrictions set forth in this paragraph 10 shall be in addition to
      any and all transfer restrictions relating to (i) the Insider Shares set
      forth in that certain Securities Subscription Agreement, effective as of
      September 9, 2010, as amended by Amendment No. 1 to the Securities
      Subscription Agreement, dated February 11, 2011 and (ii) the Insider
      Warrants set forth in that certain Warrant Subscription Agreement,
      effective as of September 9, 2010, as amended by the Amended and Restated
      Warrant Subscription Agreement, dated February 11, 2011 each by and
      between the Company and the
warrantholders.

            

    

    

    
      	
               
      

            	
              e.

            	
              The
      undersigned shall retain all of its rights as a shareholder during the
      Share Lockup Period including, without limitation, the right to vote such
      shares.

            

    

    

    
      	
               
      

            	
              f.

            	
              During
      the Share Lockup Period and Warrant Lockup Period, all dividends payable
      in cash with respect to such securities shall be paid to the undersigned,
      but all dividends payable in Ordinary Shares or other non-cash property
      shall become subject to the applicable lockup period as described herein
      and shall be released from such lockup, pro rata, in accordance with the
      provisions of Paragraphs 10(a) and 10(b), as
  applicable.

            

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    

    
      	
               
      

            	
              g.

            	
              The
      Share Lockup Period shall terminate immediately following the liquidation
      of the Trust Account following a Termination Event and the distribution of
      funds to the holders of the IPO Shares.  For the purposes of
      clarity, the Insider Warrants shall expire
  worthless.

            

    

    

    
      	
            	
              11.

            	
              This
      Agreement shall be governed by and construed and enforced in accordance
      with the laws of New York, without giving effect to conflicts of law
      principles that would result in the application of the substantive laws of
      another jurisdiction.  The undersigned hereby (i) agrees that
      any action, proceeding or claim against him/it arising out of or relating
      in any way to this Agreement shall be brought and enforced first in the
      U.S. District Court for the Southern District of New York, then to such
      other federal or state courts located in the State of New York, and
      irrevocably submits to such jurisdiction in New York, which jurisdiction
      shall be exclusive and (ii) waives any objection to such exclusive
      jurisdiction and that such courts represent an inconvenient
      forum.

            

    

    

    
      	
            	
              12.

            	
              This
      Agreement, including any agreement referenced herein, constitutes the
      entire agreement and understanding of the parties hereto in respect of the
      subject matter hereof and supersedes all prior understandings, agreements,
      or representations by or among the parties hereto, written or oral, to the
      extent they relate in any way to the subject matter hereof or the
      transactions contemplated hereby. This Agreement may not be changed,
      amended, modified or waived (other than to correct a clerical error) as to
      any particular provision, except by a written instrument executed by all
      parties hereto.

            

    

    

    
      	
            	
              13.

            	
              No
      party hereto may assign either this Agreement or any of its rights,
      interests, or obligations hereunder without the prior written consent of
      the other party. Any purported assignment in violation of this paragraph
      shall be void and ineffectual and shall not operate to transfer or assign
      any interest or title to the purported assignee. This Agreement shall be
      binding on the undersigned and its respective successors, heirs, personal
      representatives and assigns.

            

    

    

    
      	
            	
              14.

            	
              Any
      notice, consent or request to be given in connection with any of the terms
      or provisions of this Agreement shall be in writing and shall be sent by
      express mail or similar private courier service, by certified mail (return
      receipt requested), by hand delivery or facsimile
      transmission.

            

    

    

    
      	
            	
              15.

            	
              As
      used herein, (a) “Affiliate” or “Affiliates” means a
      Person that directly, or indirectly through one or more intermediaries,
      controls, is controlled by, or is under common control with, the Person
      specified, where “control” means the possession, directly or indirectly,
      of the power to direct or cause the direction of the management and
      policies of a Person, whether through the ownership of voting securities,
      by agreement, as trustee or executor, or otherwise, (b) “Business Combination”
      means an initial acquisition, share exchange, share reconstruction and
      amalgamation or contractual control arrangement with, purchase of all or
      substantially all of the assets of, or any other similar business
      combination with one or more operating businesses or assets, (c) “Insiders” mean all
      officers, directors and shareholders of the Company immediately prior to
      the IPO; “Insider
      Shares” means all Ordinary Shares issued by the Company prior to
      the IPO; (d) “Insider
      Warrants” means the warrants being sold privately by the Company to
      the Existing Shareholders and Maxim, (e) “IPO Shares” mean all
      Ordinary Shares issued in the IPO; (f) “Ordinary Shares” mean
      the ordinary shares, no par value, of the Company, (g) “Person” means any individual
      or entity, including, but not limited to, all corporations, partnerships
      and limited liability companies, (h) “Registration Statement”
      means that certain registration statement of the Company on Form F-1, as
      amended, relating to the IPO, (i) “Termination Event” means
      any failure by the Company to consummate a Business Combination within 24
      months from the effective date of its Registration Statement and (j)
      “Trust Account”
      means that certain trust account in which a substantial amount of the net
      proceeds of the IPO are deposited and held for the benefit of the holders
      of the IPO Shares, as described in greater detail in the Registration
      Statement.

            

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    

    [Remainder
of Page Intentionally Blank]

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    IN
WITNESS WHEREOF, the undersigned has executed this Agreement as of the date
first written above.

     

    
      
        
          
            
              
                
                  
                    
                      
                        
                          
                            
                              
                                
                                  
                                    
                                      
                                        
                                          
                                            
                                              	  
      	
                                                        
      

                                                    
	 
      	
                                                      [Existing
      Shareholder], individually

                                                    
	 
      	 
      
	 
      	
                                                      [INVESTMENT
      VEHICLE]

                                                    
	 
      	 
      
	
                                                      By:

                                                    	
                                                        
      

                                                    
	 
      	
                                                      Name:
      [Existing Shareholder]

                                                    
	 
      	
                                                      Title:
      [Title]

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00184-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00184-of-00352.parquet"}]]