Document:

REGISTRATION
      RIGHTS AGREEMENT

     

    This
      Registration Rights Agreement (this “Agreement”)
      is
      made and entered into as of ______ __, 2007, by and among Key Hospitality
      Acquisition Corporation, a Delaware corporation (the “Company”),
      and
      the parties signatory hereto (each a “Stockholder”
and
      collectively, the “Stockholders”),
      who
      are the former members of Cay Clubs, LLC, a Florida limited liability company
      (“Cay Clubs”).

     

    WHEREAS,
      the Company and the Stockholders have entered into a certain Merger Agreement,
      dated as of March 22, 2007 (the “Merger
      Agreement”),
      pursuant to which the Company will merge its wholly-owned subsidiary into Cay
      Clubs; and

     

    WHEREAS,
      the Company wishes to grant the Stockholders certain registration rights in
      connection with the shares of common stock of the Company they will acquire
      as a
      result of the Merger Agreement and the transactions contemplated
      thereby.

     

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

     

    1.  Definitions.
      Capitalized terms used and not otherwise defined herein that are defined in
      the
      Merger Agreement shall have the meanings given such terms in the Merger
      Agreement. As used in this Agreement, the following terms shall have the
      following meanings:

     

    “Business
      Day”
means
      any day except Saturday, Sunday and any day which shall be a federal legal
      holiday or a day on which banking institutions in the State of New York are
      authorized or required by law or other governmental action to
      close.

     

    “Effectiveness
      Date”
means
      the fifth (5th)
      Business Day following the date on which the Company is notified by the
      Commission that the Registration Statement will not be reviewed or is no longer
      subject to further review and comments.

     

    “Effectiveness
      Period”
shall
      have the meaning set forth in Section 2(a).

     

    “Exchange
      Act”
means
      the Securities Exchange Act of 1934, as amended.

     

    “Filing
      Date”
means
      the [60th calendar day following the Closing Date].

     

    “Holder”
or
      “Holders”
means
      the holder or holders, as the case may be, from time to time of Registrable
      Securities.

     

    “Indemnified
      Party”
shall
      have the meaning set forth in Section 5(c).

     

    “Indemnifying
      Party”
shall
      have the meaning set forth in Section 5(c).

     

    “Losses”
shall
      have the meaning set forth in Section 5(a).

     

    
      
         

      

      
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    “Proceeding”
means
      an action, claim, suit, investigation or proceeding (including, without
      limitation, an investigation or partial proceeding, such as a deposition),
      whether commenced or threatened.

     

    “Prospectus”
means
      the prospectus included in the Registration Statement (including, without
      limitation, a prospectus that includes any information previously omitted from
      a
      prospectus filed as part of an effective registration statement in reliance
      upon
      Rule 430A promulgated under the Securities Act), as amended or supplemented
      by
      any prospectus supplement, with respect to the terms of the offering of any
      portion of the Registrable Securities covered by the Registration Statement,
      and
      all other amendments and supplements to the Prospectus, including post-effective
      amendments, and all material incorporated by reference or deemed to be
      incorporated by reference in such Prospectus.

     

    “Registrable
      Securities”
means
      the shares of Common Stock issued in connection with the transactions
      contemplated by the Merger Agreement, together with any Securities issued or
      issuable upon any stock split, dividend or other distribution, recapitalization
      or similar event with respect to the foregoing.

     

    “Registration
      Statement”
means
      the registration statement required to be filed hereunder, including the
      Prospectus, amendments and supplements to the registration statement or
      Prospectus, including pre- and post-effective amendments, all exhibits thereto,
      and all material incorporated by reference or deemed to be incorporated by
      reference in the Registration Statement.

     

    “Rule
      415”
means
      Rule 415 promulgated by the Commission pursuant to the Securities Act, as such
      Rule may be amended from time to time, or any similar rule or regulation
      hereafter adopted by the Commission having substantially the same effect as
      such
      Rule.

     

    “Rule
      424”
means
      Rule 424 promulgated by the Commission pursuant to the Securities Act, as such
      Rule may be amended from time to time, or any similar rule or regulation
      hereafter adopted by the Commission having substantially the same effect as
      such
      Rule.

     

    “Securities
      Act”
means
      the Securities Act of 1933, as amended.

     

    “Trading
      Market”
means
      whichever of the New York Stock Exchange, the American Stock Exchange, the
      NASDAQ Global Market, the NASDAQ Capital Market or OTC Bulletin Board on which
      the Common Stock is listed or quoted for trading on the date in
      question.

     

    2.  Registration.
      On or
      prior to the Filing Date, the Company shall prepare and file with the Commission
      the Registration Statement covering the resale of all of the Registrable
      Securities issued in the Merger for an offering to be made on a continuous
      basis
      pursuant to Rule 415, or if Rule 415 is not available for offers or sales of
      the
      Registrable Securities, for such other means of distribution of Registrable
      Securities as the Holders may specify. The Registration Statement required
      hereunder shall be on Form S-3 (except if the Company is not then eligible
      to
      register for resale the Registrable Securities on Form S-3, in which case the
      Registration shall be on another appropriate form in accordance herewith).
      The
      Registration Statement required hereunder shall contain (except if otherwise
      directed by the Holders) the “Plan
      of Distribution”
      attached hereto as Annex
      A.
      The
      Company shall use its commercially reasonable efforts to cause the Registration
      Statement to be declared effective under the Securities Act as promptly as
      possible after the filing thereof and shall use its commercially reasonable
      efforts to keep such Registration Statement continuously effective under the
      Securities Act (including the filing of any necessary amendments, post-effective
      amendments and supplements) until the date which is two years after the Closing
      Date or such later date when all Registrable Securities covered by the
      Registration Statement (a) have been sold pursuant to the Registration Statement
      or an exemption from the registration requirements of the Securities Act or
      (b)
      may be sold without volume restrictions pursuant to Rule 144(k) promulgated
      under the Securities Act, as determined by the counsel to the Company pursuant
      to a written opinion letter to such effect, addressed to the Company’s transfer
      agent (the “Effectiveness
      Period”).

     

    
      
         

      

      
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    3.  Registration
      Procedures

     

    In
      connection with the Company's registration obligations hereunder, the Company
      shall:

     

    (a)  Not
      less
      than three (3) Business Days prior to the filing of the Registration Statement
      or any related Prospectus or any amendment or supplement thereto, (i) furnish
      to
      the Holders copies of all such documents proposed to be filed (including
      documents incorporated or deemed incorporated by reference to the extent
      requested by such Person) which documents will be subject to the review of
      such
      Holders, and (ii) cause its officers and directors, counsel and independent
      certified public accountants to respond to such inquiries as shall be necessary,
      in the reasonable opinion of respective legal counsel to conduct a reasonable
      investigation within the meaning of the Securities Act. The Company shall not
      file the Registration Statement or any such Prospectus or any amendments or
      supplements thereto to which the Holders of a majority of the Registrable
      Securities shall reasonably object in good faith.

     

    (b)  (i)
      Prepare and file with the Commission such amendments, including post-effective
      amendments, to the Registration Statement and the Prospectus used in connection
      therewith as may be necessary to keep the Registration Statement continuously
      effective as to the Registrable Securities for the Effectiveness Period; (ii)
      cause the related Prospectus to be amended or supplemented by any required
      Prospectus supplement, and as so supplemented or amended to be filed pursuant
      to
      Rule 424; (iii) respond as promptly as reasonably possible to any comments
      received from the Commission with respect to the Registration Statement or
      any
      amendment thereto; and (iv) comply in all material respects with the provisions
      of the Securities Act and the Exchange Act with respect to the disposition
      of
      all Registrable Securities covered by the Registration Statement in accordance
      with the intended methods of disposition by the Holders thereof set forth in
      the
      Registration Statement as so amended or in such Prospectus as so
      supplemented.

     

    
      
         

      

      
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    (c)  Notify
      the Holders of Registrable Securities to be sold as promptly as reasonably
      possible (and, in the case of (i)(A) below, not less than two (2) Business
      Days
      prior to such filing) and (if requested by any such Person) confirm such notice
      in writing promptly following the day (i) (A) when a Prospectus or any
      Prospectus supplement or post-effective amendment to the Registration Statement
      is proposed to be filed; (B) when the Commission notifies the Company whether
      there will be a “review” of the Registration Statement and whenever the
      Commission comments in writing on the Registration Statement (the Company shall
      upon request provide true and complete copies thereof and all written responses
      thereto to each of the Holders); and (C) with respect to the Registration
      Statement or any post-effective amendment, when the same has become effective;
      (ii) of any request by the Commission or any other Federal or state governmental
      authority during the period of effectiveness of the Registration Statement
      for
      amendments or supplements to the Registration Statement or Prospectus or for
      additional information; (iii) of the issuance by the Commission or any other
      federal or state governmental authority of any stop order suspending the
      effectiveness of the Registration Statement covering any or all of the
      Registrable Securities or the initiation of any Proceedings for that purpose;
      (iv) of the receipt by the Company of any notification with respect to the
      suspension of the qualification or exemption from qualification of any of the
      Registrable Securities for sale in any jurisdiction, or the initiation or
      threatening of any Proceeding for such purpose, and (v) of the occurrence of
      any
      event or passage of time that makes the financial statements included in the
      Registration Statement ineligible for inclusion therein or any statement made
      in
      the Registration Statement or Prospectus or any document incorporated or deemed
      to be incorporated therein by reference untrue in any material respect or that
      requires any revisions to the Registration Statement, Prospectus or other
      documents so that, in the case of the Registration Statement or the Prospectus,
      as the case may be, it will not contain any untrue statement of a material
      fact
      or omit to state any material fact required to be stated therein or necessary
      to
      make the statements therein, in light of the circumstances under which they
      were
      made, not misleading.

     

    (d)  Use
      its
      commercially reasonable efforts to avoid the issuance of, or, if issued, obtain
      the withdrawal of (i) any order suspending the effectiveness of the Registration
      Statement, or (ii) any suspension of the qualification (or exemption from
      qualification) of any of the Registrable Securities for sale in any
      jurisdiction, at the earliest practicable moment.

     

    (e)  To
      the
      extent requested by such Holders, furnish to each Holder, without charge, at
      least one conformed copy of the Registration Statement and each amendment
      thereto, including financial statements and schedules, all documents
      incorporated or deemed to be incorporated therein by reference, and all exhibits
      (including those previously furnished or incorporated by reference) promptly
      after the filing of such documents with the Commission.

     

    (f)  Promptly
      deliver to each Holder, without charge, as many copies of the Prospectus or
      Prospectuses (including each form of prospectus) and each amendment or
      supplement thereto as such Persons may reasonably request in connection with
      resales by the Holder of Registrable Securities. The Company hereby consents
      to
      the use of such Prospectus and each amendment or supplement thereto by each
      of
      the selling Holders in connection with the offering and sale of the Registrable
      Securities covered by such Prospectus and any amendment or supplement thereto,
      except after the giving of any notice pursuant to Section 3(b).

     

    
      
         

      

      
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    (g)  Use
      its
      commercially reasonable efforts to register or qualify or cooperate with the
      selling Holders in connection with the registration or qualification (or
      exemption from the Registration or qualification) of such Registrable Securities
      for the resale by the Holder under the securities or Blue Sky laws of such
      jurisdictions within the United States as any Holder reasonably requests in
      writing, to keep each of the registration or qualification (or exemption
      therefrom) effective during the Effectiveness Period and to do any and all
      other
      acts or things reasonably necessary to enable the disposition in such
      jurisdictions of the Registrable Securities covered by the Registration
      Statement; provided, that the Company shall not be required to qualify generally
      to do business in any jurisdiction where it is not then so qualified, subject
      the Company to any material tax in any such jurisdiction where it is not then
      so
      subject or file a general consent to service of process in any such
      jurisdiction.

     

    (h)  If
      requested by the Holders, cooperate with the Holders to facilitate the timely
      preparation and delivery of certificates representing Registrable Securities
      to
      be delivered to a transferee pursuant to the Registration Statement, which
      certificates shall be free, to the extent permitted by the Merger Agreement,
      of
      all restrictive legends, and to enable such Registrable Securities to be in
      such
      denominations and registered in such names as any such Holders may
      request.

     

    (i)  Upon
      the
      occurrence of any event contemplated by Section 3(c)(v), as promptly as
      reasonably possible, prepare a supplement or amendment, including a
      post-effective amendment, to the Registration Statement or a supplement to
      the
      related Prospectus or any document incorporated or deemed to be incorporated
      therein by reference, and file any other required document so that, as
      thereafter delivered, neither the Registration Statement nor such Prospectus
      will contain an untrue statement of a material fact or omit to state a material
      fact required to be stated therein or necessary to make the statements therein,
      in light of the circumstances under which they were made, not
      misleading.

     

    (j)  Comply
      with all applicable rules and regulations of the Commission and use its
      commercially reasonable efforts to cause all Registrable Securities to be listed
      for trading on a Trading Market.

     

    The
      Company may require each selling Holder to furnish to the Company a certified
      statement as to the number of shares of Common Stock beneficially owned by
      such
      Holder and, if required by the Commission, the person thereof that has voting
      and dispositive control over the Shares.

     

    
      
         

      

      
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    4.  Registration
      Expenses.
      All
      fees and expenses incident to the performance of or compliance with this
      Agreement by the Company shall be borne by the Company whether or not any
      Registrable Securities are sold pursuant to the Registration Statement. The
      fees
      and expenses referred to in the foregoing sentence shall include, without
      limitation, (i) all registration and filing fees (including, without limitation,
      fees and expenses (A) with respect to filings required to be made with the
      Trading Market on which the Common Stock is then listed for trading, and (B)
      for
      compliance with applicable state securities or Blue Sky laws), (ii) printing
      expenses (including, without limitation, expenses of printing certificates
      for
      Registrable Securities and of printing prospectuses if the printing of
      prospectuses is reasonably requested by the Holders of a majority of the
      Registrable Securities included in the Registration Statement), (iii) messenger,
      telephone and delivery expenses, (iv) fees and disbursements of counsel for
      the
      Company, (v) Securities Act liability insurance, if the Company so desires
      such
      insurance, and (vi) fees and expenses of all other Persons retained by the
      Company in connection with the consummation of the transactions contemplated
      by
      this Agreement. In addition, the Company shall be responsible for all of its
      internal expenses incurred in connection with the consummation of the
      transactions contemplated by this Agreement (including, without limitation,
      all
      salaries and expenses of its officers and employees performing legal or
      accounting duties), the expense of any annual audit and the fees and expenses
      incurred in connection with the listing of the Registrable Securities on any
      securities exchange as required hereunder. In no event shall the Company be
      responsible for any broker or similar commissions or any legal fees or other
      costs of the Holders.

     

    5.  Indemnification

     

    (a)  Indemnification
      by the Company.
      The
      Company shall, notwithstanding any termination of this Agreement, indemnify
      and
      hold harmless each Holder, the officers, directors, agents and employees of
      each
      of them, each Person who controls any such Holder (within the meaning of Section
      15 of the Securities Act or Section 20 of the Exchange Act) and the officers,
      directors, agents and employees of each such controlling Person, to the fullest
      extent permitted by applicable law, from and against any and all losses, claims,
      damages, liabilities, costs (including, without limitation, reasonable
      attorneys' fees) and expenses (collectively, “Losses”),
      as
      incurred, to the extent arising out of or relating to any untrue or alleged
      untrue statement of a material fact contained in the Registration Statement,
      any
      Prospectus or any form of prospectus or in any amendment or supplement thereto
      or in any preliminary prospectus, or arising out of or relating to any omission
      or alleged omission of a material fact required to be stated therein or
      necessary to make the statements therein (in the case of any Prospectus or
      form
      of prospectus or supplement thereto, in light of the circumstances under which
      they were made) not misleading, except to the extent, but only to the extent,
      that (1) such untrue statements or omissions are based solely upon information
      regarding such Holder furnished in writing to the Company by such Holder
      expressly for use therein, or to the extent that such information relates to
      such Holder or such Holder's proposed method of distribution of Registrable
      Securities as set forth in Annex
      A
      hereto
      or any changes to Annex
      A
      hereto
      that are expressly approved in writing by such Holder expressly for use in
      the
      Registration Statement, such Prospectus or such form of Prospectus or in any
      amendment or supplement thereto or (2) in the case of an occurrence of an event
      of the type specified in Section 3(c)(ii)-(v), the use by such Holder of an
      outdated or defective Prospectus after the Company has notified such Holder
      in
      writing that the Prospectus is outdated or defective and prior to the receipt
      by
      such Holder of the Advice contemplated in Section 6(c). The Company shall notify
      the Holders promptly of the institution, threat or assertion of any Proceeding
      of which the Company is aware in connection with the transactions contemplated
      by this Agreement.

     

    
      
         

      

      
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    (b)  Indemnification
      by Holders.
      Each
      Holder shall, severally and not jointly, indemnify and hold harmless the
      Company, its directors, officers, agents and employees, each Person who controls
      the Company (within the meaning of Section 15 of the Securities Act and Section
      20 of the Exchange Act), and the directors, officers, agents or employees of
      such controlling Persons, to the fullest extent permitted by applicable law,
      from and against all Losses, as incurred, to the extent arising out of or based
      upon: (x) such Holder's failure to comply with the prospectus delivery
      requirements of the Securities Act or (y) any untrue or alleged untrue statement
      of a material fact contained in the Registration Statement, any Prospectus,
      or
      any form of prospectus, or in any amendment or supplement thereto or in any
      preliminary prospectus, or arising out of or relating to any omission or alleged
      omission of a material fact required to be stated therein or necessary to make
      the statements therein not misleading (i) to the extent, but only to the extent,
      that such untrue statement or omission is contained in any information so
      furnished in writing by such Holder to the Company specifically for inclusion
      in
      the Registration Statement or such Prospectus or (ii) to the extent that (1)
      such untrue statements or omissions are based solely upon information regarding
      such Holder furnished in writing to the Company by such Holder expressly for
      use
      therein, or to the extent that such information relates to such Holder or such
      Holder's proposed method of distribution of Registrable Securities as set forth
      in Annex
      A
      hereto
      or any changes to Annex
      A
      hereto
      that are expressly approved in writing by such Holder expressly for use in
      the
      Registration Statement, such Prospectus or such form of Prospectus or in any
      amendment or supplement thereto, or (2) in the case of an occurrence of an
      event
      of the type specified in Section 3(c)(ii)-(v), the use by such Holder of an
      outdated or defective Prospectus after the Company has notified such Holder
      in
      writing that the Prospectus is outdated or defective and prior to the receipt
      by
      such Holder of the Advice contemplated in Section 6(b). In no event shall the
      liability of any selling Holder hereunder be greater in amount than the dollar
      amount of the net proceeds received by such Holder upon the sale of the
      Registrable Securities covered by the Registration Statement giving rise to
      such
      indemnification obligation.

     

    (c)  Conduct
      of Indemnification Proceedings.
      If any
      Proceeding shall be brought or asserted against any Person entitled to indemnity
      hereunder (an “Indemnified
      Party”),
      such
      Indemnified Party shall promptly notify the Person from whom indemnity is sought
      (the “Indemnifying
      Party”)
      in
      writing, and the Indemnifying Party shall have the right to assume the defense
      thereof, including the employment of counsel reasonably satisfactory to the
      Indemnified Party and the payment of all fees and expenses incurred in
      connection with defense thereof; provided, that the failure of any Indemnified
      Party to give such notice shall not relieve the Indemnifying Party of its
      obligations or liabilities pursuant to this Agreement, except (and only) to
      the
      extent that it shall be finally determined by a court of competent jurisdiction
      (which determination is not subject to appeal or further review) that such
      failure shall have prejudiced the Indemnifying Party.

     

    
      
         

      

      
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    An
      Indemnified Party shall have the right to employ separate counsel in any such
      Proceeding and to participate in the defense thereof, but the fees and expenses
      of such counsel shall be at the expense of such Indemnified Party or Parties
      unless: (1) the Indemnifying Party has agreed in writing to pay such fees and
      expenses; (2) the Indemnifying Party shall have failed promptly to assume the
      defense of such Proceeding and to employ counsel reasonably satisfactory to
      such
      Indemnified Party in any such Proceeding; or (3) the named parties to any such
      Proceeding (including any impleaded parties) include both such Indemnified
      Party
      and the Indemnifying Party, and such Indemnified Party shall have been advised
      by counsel that a conflict of interest is likely to exist if the same counsel
      were to represent such Indemnified Party and the Indemnifying Party (in which
      case, if such Indemnified Party notifies the Indemnifying Party in writing
      that
      it elects to employ separate counsel at the expense of the Indemnifying Party,
      the Indemnifying Party shall not have the right to assume the defense thereof
      and the reasonable fees and expenses of one separate counsel shall be at the
      expense of the Indemnifying Party). The Indemnifying Party shall not be liable
      for any settlement of any such Proceeding effected without its written consent.
      No Indemnifying Party shall, without the prior written consent of the
      Indemnified Party, effect any settlement of any pending Proceeding in respect
      of
      which any Indemnified Party is a party, unless such settlement includes an
      unconditional release of such Indemnified Party from all liability on claims
      that are the subject matter of such Proceeding.

     

    All
      reasonable fees and expenses of the Indemnified Party (including reasonable
      fees
      and expenses to the extent incurred in connection with investigating or
      preparing to defend such Proceeding in a manner not inconsistent with this
      Section) shall be paid to the Indemnified Party, as incurred, within ten
      Business Days of written notice thereof to the Indemnifying Party; provided,
      that
      the Indemnified Party shall promptly reimburse the Indemnifying Party for that
      portion of such fees and expenses applicable to such actions for which such
      Indemnified Party is not entitled to indemnification hereunder, determined
      based
      upon the relative faults of the parties.

     

    (d)  Contribution.
      If a
      claim for indemnification under Section 5(a) or 5(b) is unavailable to an
      Indemnified Party (by reason of public policy or otherwise), then each
      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 Losses, in such proportion as is appropriate to reflect the relative
      fault of the Indemnifying Party and Indemnified Party in connection with the
      actions, statements or omissions that resulted in such Losses as well as any
      other relevant equitable considerations. The relative fault of such Indemnifying
      Party and Indemnified Party shall be determined by reference to, among other
      things, whether any action in question, including any untrue or alleged untrue
      statement of a material fact or omission or alleged omission of a material
      fact,
      has been taken or made by, or relates to information supplied by, such
      Indemnifying Party or Indemnified Party, and the parties' relative intent,
      knowledge, access to information and opportunity to correct or prevent such
      action, statement or omission. The amount paid or payable by a party as a result
      of any Losses shall be deemed to include, subject to the limitations set forth
      in Section 5(c), any reasonable attorneys' or other reasonable fees or expenses
      incurred by such party in connection with any Proceeding to the extent such
      party would have been indemnified for such fees or expenses if the
      indemnification provided for in this Section was available to such party in
      accordance with its terms.

     

    
      
         

      

      
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    The
      parties hereto agree that it would not be just and equitable if contribution
      pursuant to this Section 5(d) were determined by pro rata allocation or by
      any
      other method of allocation that does not take into account the equitable
      considerations referred to in the immediately preceding paragraph.
      Notwithstanding the provisions of this Section 5(d), no Holder shall be required
      to contribute, in the aggregate, any amount in excess of the amount by which
      the
      proceeds actually received by such Holder from the sale of the Registrable
      Securities subject to the Proceeding exceeds the amount of any damages that
      such
      Holder has otherwise been required to pay by reason of such untrue or alleged
      untrue statement or omission or alleged omission, except in the case of fraud
      by
      such Holder. The indemnity and contribution agreements contained in this Section
      are in addition to any liability that the Indemnifying Parties may have to
      the
      Indemnified Parties.

     

    6.  Miscellaneous

     

    (a)  Compliance.
      Each
      Holder covenants and agrees that it will comply with the prospectus delivery
      requirements of the Securities Act as applicable to it in connection with sales
      of Registrable Securities pursuant to the Registration Statement.

     

    (b)  Discontinued
      Disposition.
      Each
      Holder agrees by its acquisition of such Registrable Securities that, upon
      receipt of a notice from the Company of the occurrence of any event of the
      kind
      described in Section 3(c), such Holder will forthwith discontinue disposition
      of
      such Registrable Securities under the Registration Statement until such Holder's
      receipt of the copies of the supplemented Prospectus and/or amended Registration
      Statement or until it is advised in writing (the “Advice”)
      by the
      Company that the use of the applicable Prospectus may be resumed, and, in either
      case, has received copies of any additional or supplemental filings that are
      incorporated or deemed to be incorporated by reference in such Prospectus or
      Registration Statement. In the event of a discontinued disposition under this
      Section 6(b), the Company will use its commercially reasonable efforts to
      provide copies of the supplemented Prospectus and/or amended Registration
      Statement or the Advice as soon as possible in order to enable each Holder
      to
      resume dispositions of the Registrable Securities. The Company may provide
      appropriate stop orders to enforce the provisions of this paragraph.

     

    
      
         

      

      
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    (c)  Amendments
      and Waivers.
      The
      provisions of this Agreement, including the provisions of this sentence, may
      not
      be amended, modified or supplemented, and waivers or consents to departures
      from
      the provisions hereof may not be given, unless the same shall be in writing
      and
      signed by the Company and each Holder of the then outstanding Registrable
      Securities.

     

    (d)  Lock-up.
      Until
      the Stockholders beneficially own less than 5% (on a fully-diluted basis) of
      the
      outstanding Common Stock and securities convertible or exchangeable into Common
      Stock, if the Company delivers to the Stockholders a certificate signed by
      an
      officer of the Company stating that the managing underwriter of a registered
      public offering of equity securities of the Company, all of which relates to
      securities to be sold on a primary basis by the Company (the “Offering”),
      has
      requested that the Stockholders refrain from selling or otherwise transferring
      or disposing of any Registrable Securities then held by the Stockholders for
      a
      specified period of time during the Offering, the Stockholders shall refrain
      from selling or otherwise transferring or disposing of any Registrable
      Securities then held by the Stockholders beginning on the later of (i) the
      10th
      Business
      Day after receipt of such certificate from the Company and (ii) the commencement
      of the Offering (which shall be the effective date of the registration statement
      for such Offering) and ending following a specified period of time that is
      customary under the circumstances (not to exceed ninety (90) days); provided,
      however, that no holder of Registrable Securities shall be restrained from
      selling or otherwise transferring or disposing of Registrable Securities under
      this Section 6(f) unless the directors and officers of the Company, and all
      holders of 5% or more (on a fully diluted basis) of the outstanding Common
      Stock
      and securities convertible or exchangeable into Common Stock, are also so
      restrained.

     

    (e)  Suspension
      of Trading.
      At any
      time after the Registrable Securities are covered by an effective Registration
      Statement, the Company may deliver to the Holders of such Registrable Securities
      a certificate (the “Suspension
      Certificate”)
      approved by the Chief Executive Officer of the Company and signed by an officer
      of the Company stating that the effectiveness of and sales of Registrable
      Securities under the Registration Statement would:

     

    (i) materially
      interfere with any transaction that would require the Company to prepare
      financial statements under the Securities Act that the Company would otherwise
      not be required to prepare in order to comply with its obligations under the
      Exchange Act, or

     

    
      
         

      

      
        10

        
          

        

      

      
         

      

    

    (ii) require
      public disclosure of any transaction of the type discussed in Section 6(e)(i)
      prior to the time such disclosure might otherwise be required.

     

    Beginning
      ten (10) Business Days after the receipt of a Suspension Certificate by Holders
      of Registrable Securities, the Company may, in its discretion, require such
      Holders of Registrable Securities to refrain from selling or otherwise
      transferring or disposing of any Registrable Securities or other Company
      securities then held by such Holders for a specified period of time that is
      customary under the circumstances (not to exceed thirty (30) days).
      Notwithstanding the foregoing sentence, the Company shall be permitted to cause
      Holders of Registrable Securities to so refrain from selling or otherwise
      transferring or disposing of any Registrable Securities or other securities
      of
      the Company on only one occasion during each twelve (12) consecutive month
      period that the Registration Statement remains effective. The Company may impose
      stop transfer instructions to enforce any required agreement of the Holders
      under this Section 6(e). 

     

    (f)  Notices.
      Any and
      all notices or other communications or deliveries required or permitted to
      be
      provided hereunder shall be in writing and shall be deemed given and effective
      on the earliest of (i) the date of transmission, if such notice or communication
      is delivered via facsimile at the facsimile number provided for below prior
      to
      5:00 p.m. (New York City time) on a Business Day, (ii) the Business Day after
      the date of transmission, if such notice or communication is delivered via
      facsimile at the facsimile number provided for below later than 5:00 p.m. (New
      York City time) on any date and earlier than 11:59 p.m. (New York City time)
      on
      such date, (iii) the Business Day following the date of mailing, if sent by
      nationally recognized overnight courier service, or (iv) upon actual receipt
      by
      the party to whom such notice is required to be given. The address and delivery
      requirements for such notices and communications shall be delivered and
      addressed as set forth in the Merger Agreement.

     

    (g)  Successors
      and Assigns.
      This
      Agreement shall inure to the benefit of and be binding upon the successors
      and
      permitted assigns of each of the parties and shall inure to the benefit of
      each
      Holder. Each Holder may assign their respective rights hereunder in the manner
      and to the Persons as permitted under the Merger Agreement.

     

    (h)  Counterparts.
      This
      Agreement may be executed in any number of counterparts, each of which when
      so
      executed shall be deemed to be an original and, all of which taken together
      shall constitute one and the same Agreement. In the event that any signature
      is
      delivered by facsimile transmission, such signature shall create a valid binding
      obligation of the party executing (or on whose behalf such signature is
      executed) the same with the same force and effect as if such facsimile signature
      were the original thereof.

     

    
      
         

      

      
        11

        
          

        

      

      
         

      

    

    (i)  Governing
      Law.
      All
      questions concerning the construction, validity, enforcement and interpretation
      of this Agreement shall be governed by and construed and enforced in accordance
      with the internal laws of the State of New York, without regard to the
      principles of conflicts of law thereof. 

     

    (j)  Cumulative
      Remedies.
      The
      remedies provided herein are cumulative and not exclusive of any remedies
      provided by law.

     

    (k)  Severability.
      If any
      term, provision, covenant or restriction of this Agreement is held by a court
      of
      competent jurisdiction to be invalid, illegal, void or unenforceable, the
      remainder of the terms, provisions, covenants and restrictions set forth herein
      shall remain in full force and effect and shall in no way be affected, impaired
      or invalidated, and the parties hereto shall use their commercially reasonable
      efforts to find and employ an alternative means to achieve the same or
      substantially the same result as that contemplated by such term, provision,
      covenant or restriction. It is hereby stipulated and declared to be the
      intention of the parties that they would have executed the remaining terms,
      provisions, covenants and restrictions without including any of such that may
      be
      hereafter declared invalid, illegal, void or unenforceable.

     

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

     

    (m)  Independent
      Nature of Stockholders' Obligations and Rights.
      The
      obligations of each Stockholder hereunder are several and not joint with the
      obligations of any other Stockholder hereunder, and no Stockholder shall be
      responsible in any way for the performance of the obligations of any other
      Stockholder hereunder. Nothing contained herein or in any other agreement or
      document delivered at any closing, and no action taken by any Stockholder
      pursuant hereto or thereto, shall be deemed to constitute the Stockholders
      as a
      partnership, an association, a joint venture or any other kind of entity, or
      create a presumption that the Stockholders are in any way acting in concert
      with
      respect to such obligations or the transactions contemplated by this Agreement.
      Each Stockholder shall be entitled to protect and enforce its rights, including
      without limitation the rights arising out of this Agreement, and it shall not
      be
      necessary for any other Stockholder to be joined as an additional party in
      any
      proceeding for such purpose.

     

     

    *************************

     

    
      
         

      

      
        12

        
          

        

      

      
         

      

    

     

    IN
      WITNESS WHEREOF, the parties have executed this Registration Rights Agreement
      as
      of the date first written above.

     

     

     

     

    
      	 	 	 
	 	KEY HOSPITALITY ACQUISITION
              CORPORATION
	 
 	 
 	 
 
	 	By:  	 
	 	
              
[Name],
              [Title]
	 	 

    

     

     

    

     

     

    [STOCKHOLDERS’
      SIGNATURE PAGES TO FOLLOW]

     

    

 

    
      
         

      

      
        13

        
          

        

      

      
         

      

    

     

    [STOCKHOLDERS’
      SIGNATURE PAGE TO REGISTRATION RIGHTS AGREEMENT]

     

     

     

     

    
      

    

    [NAME
      OF STOCKHOLDER]

     

     

    
      	By:	
            

      	 	
              
Name:

      	 	Title:

      	 	
              Fax
                Number:

            

    

     

     

    

     

     

     

    [ADDITIONAL
      STOCKHOLDER SIGNATURES FOLLOW]

     

     

    

    
      
         

      

      
        
        

        
          

        

      

      
         

      

    

     

    ANNEX
      A

     

    Plan
      of Distribution

     

    The
      shares covered by this prospectus may be offered and sold from time to time
      by
      the selling stockholders. The term “selling stockholder” includes pledgees,
      donees, transferees or other successors in interest selling shares received
      after the date of this prospectus from each selling stockholder as a pledge,
      gift, partnership distribution or other non-sale related transfer. The number
      of
      shares beneficially owned by a selling stockholder will decrease as and when
      it
      effects any such transfers. The plan of distribution for the selling
      stockholders’ shares sold hereunder will otherwise remain unchanged, except that
      the transferees, pledgees, donees or other successors will be selling
      stockholders hereunder. To the extent required, we may amend and supplement
      this
      prospectus from time to time to describe a specific plan of
      distribution.

     

    The
      selling stockholders will act independently of us in making decisions with
      respect to the timing, manner and size of each sale. The selling stockholders
      may make these sales at prices and under terms then prevailing or at prices
      related to the then current market price. The selling stockholders may also
      make
      sales in negotiated transactions. The selling stockholders may offer their
      shares from time to time pursuant to one or more of the following
      methods:

     

    	·  	
            ordinary
              brokerage transactions and transactions in which the broker-dealer
              solicits purchasers;

          

     

    	·  	
            one
              or more block trades in which the broker-dealer will attempt to sell
              the
              shares as agent but may position and resell a portion of the block
              as
              principal to facilitate the transaction;

          

     

    	·  	
            purchases
              by a broker-dealer as principal and resale by the broker-dealer for
              its
              account;

          

     

    	·  	
            an
              exchange distribution in accordance with the rules of the applicable
              exchange;

          

     

    	·  	
            public
              or privately negotiated transactions;

          

     

    	·  	
            on
              the American Stock Exchange or Nasdaq National Market (or through the
              facilities of any national securities exchange or U.S. inter-dealer
              quotation system of a registered national securities association, on
              which
              the shares are then listed, admitted to unlisted trading privileges
              or
              included for quotation);

          

     

    	·  	
            through
              underwriters, brokers or dealers (who may act as agents or principals)
              or
              directly to one or more purchasers;

          

     

    	·  	
            a
              combination of any such methods of sale;
              and

          

     

    
      
         

      

      
        A-1

        
          

        

      

      
         

      

    

     

    	·  	
            any
              other method permitted pursuant to applicable
              law.

          

     

    In
      connection with distributions of the shares or otherwise, the selling
      stockholders may:

     

    	·  	
            enter
              into hedging transactions with broker-dealers or other financial
              institutions, which may in turn engage in short sales of the shares
              in the
              course of hedging the positions they
              assume;

          

     

    	·  	
            sell
              the shares short and redeliver the shares to close out such short
              positions;

          

     

    	·  	
            enter
              into option or other transactions with broker-dealers or other financial
              institutions which require the delivery to them of shares offered by
              this
              prospectus, which they may in turn resell;
              and

          

     

    	·  	
            pledge
              shares to a broker-dealer or other financial institution, which, upon
              a
              default, they may in turn resell.

          

     

    In
      addition to the foregoing methods, the selling stockholders may offer their
      shares from time to time in transactions involving principals or brokers not
      otherwise contemplated above, in a combination of such methods or described
      above or any other lawful methods. The selling stockholders may also transfer,
      donate or assign their shares to lenders, family members and others and each
      of
      such persons will be deemed to be a selling stockholder for purposes of this
      prospectus. The selling stockholders or their successors in interest may from
      time to time pledge or grant a security interest in some or all of the shares
      of
      common stock, and if the selling stockholders default in the performance of
      their secured obligations, the pledgees or secured parties may offer and sell
      the shares of common stock from to time under this prospectus; provided however
      in the event of a pledge or then default on a secured obligation by the selling
      stockholder, in order for the shares to be sold under this registration
      statement, unless permitted by law, we must distribute a prospectus supplement
      and/or amendment to this registration statement amending the list of selling
      stockholders to include the pledgee, secured party or other successors in
      interest of the selling stockholder under this prospectus. 

     

    The
      selling stockholders may also sell their shares pursuant to Rule 144 under
      the Securities Act, which permits limited resale of shares purchased in a
      private placement subject to the satisfaction of certain conditions, including,
      among other things, the availability of certain current public information
      concerning the issuer, the resale occurring following the required holding
      period under Rule 144 and the number of shares being sold during any
      three-month period not exceeding certain limitations. 

     

    Sales
      through brokers may be made by any method of trading authorized by any stock
      exchange or market on which the shares may be listed or quoted, including block
      trading in negotiated transactions. Without limiting the foregoing, such brokers
      may act as dealers by purchasing any or all of the shares covered by this
      prospectus, either as agents for others or as principals for their own accounts,
      and reselling such shares pursuant to this prospectus. The selling stockholders
      may effect such transactions directly, or indirectly through underwriters,
      broker-dealers or agents acting on their behalf. In effecting sales,
      broker-dealers or agents engaged by the selling stockholders may arrange for
      other broker-dealers to participate. Broker-dealers or agents may receive
      commissions, discounts or concessions from the selling stockholders, in amounts
      to be negotiated immediately prior to the sale (which compensation as to a
      particular broker-dealer might be in excess of customary commissions for routine
      market transactions). 

     

    
      
         

      

      
        A-2

        
          

        

      

      
         

      

    

    In
      offering the shares covered by this prospectus, the selling stockholders, and
      any broker-dealers and any other participating broker-dealers who execute sales
      for the selling stockholders, may be deemed to be "underwriters" within the
      meaning of the Securities Act in connection with these sales. Any profits
      realized by the selling stockholders and the compensation of such broker-dealers
      may be deemed to be underwriting discounts and commissions.

     

    The
      Company is required to pay all fees and expenses incident to the registration
      of
      the shares.

     

    The
      Company has agreed to indemnify the selling stockholders against certain losses,
      claims, damages and liabilities, including liabilities under the Securities
      Act.

     

     

    
      
         

      

      
        A-3Exhibit
      4.2

     

    CERTIFICATE
      OF DESIGNATION, NUMBER, POWER, 

    PREFERENCES
      AND RELATIVE, PARTICIPATING, OPTIONAL,

    AND
      OTHER
      SPECIAL RIGHTS AND THE QUALIFICATIONS,

    LIMITATIONS,
      RESTRICTIONS, AND OTHER DISTINGUISHING

    CHARACTERISTICS
      OF PREFERRED STOCK

    

    OF

    

    SUNRISE
      MINING CORPORATION

    

    Sunrise
      Mining Corporation, a corporation organized and existing under the laws of
      the
      State of Nevada (the “Company”), hereby certifies that:

    

    1. The
      Company is validly existing and incorporated under the laws of the State of
      Nevada.

    

    2. The
      Company’s Articles of Incorporation, as amended, authorize the issuance of
      10,000,000 shares of preferred stock, and expressly vests in the Board of
      Directors the authority provided therein to issue any and all of such preferred
      shares in one or more series, and by resolution or resolutions the designation,
      number, full or limited voting powers, preferences and relative, participating,
      optional and other special rights, and the qualifications, limitations,
      restrictions, and other distinguishing characteristics of each series to be
      issued.

    

    3. Designation
      of the Preferred Stock.
      The
      Board of Directors of the Company, pursuant to authority expressly vested in
      it
      as aforesaid, has adopted the following, creating a class of 10,000,000 shares
      of its Preferred Stock effective January 15, 2007.

    

    There
      shall be a series of Preferred Stock designated as “ Preferred Stock”. The
      Preferred Stock shall be referred to herein as the “ Shares”. Upon initial
      issuance by the Company, the price per share of the Shares shall be per share
      or
      for services as determined by the Board of Directors (the “Purchase Price”). The
      par value per share is $.001(U.S.). The authorized number of such Shares is
      10,000,000.

     

    
      
        A.
          Voting
          Rights.
          Except
          as otherwise required by law, the holders of the Shares shall not be entitled
          to
          vote separately, as a series or otherwise, on any matter submitted to a
          vote of
          the stockholders of the Company. However, each share of the Shares of the
          Company shall be entitled to the equivalent of 20 voting shares of the
          common
          stock of the Company at any meeting or vote of the stockholders of the
          Company.
          Notwithstanding the foregoing, without the prior written consent of the
          holders
          of the Shares;

         

      

    

    
      (i)
the
        Company shall not amend, alter, or repeal (whether by amendment, merger,
        or
        otherwise) any of the provisions related to the Shares in its Articles of
        Incorporation, as amended, any resolutions of the Board of Directors or any
        instrument establishing and designating the Shares in determining the relative
        rights and preferences thereof so as to affect any materially adverse change
        in
        the rights, privileges, powers, or preferences of the holders of Shares;
        or

       

    

    
      (ii)
        the
        Company shall not create or designate any additional preferred stock senior
        in
        right as to voting rights, redemptions or liquidation to the
        Shares. 

    

    

    
      
        B.
          Dividends.
          Only
          such dividends as are declared by the Board of Directors in its sole discretion
          shall accrue or be paid on the Preferred Stock.

      

    

    

    
      
        C.
          Conversion
          Rights.
          The
          Shares of the Preferred Stock have no conversion
          rights.

      

    

    

     

    
      
        D.
          Redemption.
          The
          Company may not redeem the Preferred Stock.

      

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

      

        (I)
          Certain Adjustments. In the event of any change in one or more classes
          of
          capital stock of the Company by reason of any stock dividend, stock split-up,
          recapitalization, reclassification, or combination, subdivision or exchange
          of
          Shares or the like, or in the event of the merger or consolidation of the
          Company or the sale or transfer by the Company of all or substantially
          all of
          its assets, then all liquidation preference and other rights and privileges
          appurtenant to the Shares shall be promptly and appropriately adjusted
          by the
          Board of Directors of the Company so as to fully protect and preserve the
          same
          (such preservation and protection to be to the same extent and effect as
          if the
          subject event had not occurred, or the applicable right or privilege had
          been
          exercised immediately prior to the occurrence of the subject event, or
          otherwise
          as the case may be), it being the intention that, following any such adjustment,
          the holders of the Shares shall be in the same relative position with respect
          to
          their voting rights and other privileges as they possessed immediately
          prior to
          the event that precipitated the adjustment. 

      

       

    

    
      
        E.
          Liquidation.

         

      

    

    
      (I)
Preference.
        Upon any liquidation, dissolution or winding up of the Company, whether
        voluntary or involuntary, the holders of Shares shall be entitled, before
        any
        distribution or payment is made upon any shares of Common Stock or any preferred
        stock junior in rank to the Shares, to be paid an amount per share equal
        to the
        liquidation value described in this Section 3.D(i) (the “Liquidation Value”).
        The per share Liquidation Value of the Shares on any date is equal to the
        sum of
        the following: 

       

    

    
      A.
$.001
        plus

       

    

    
    

    B.
an
      amount
      equal to any accrued and unpaid dividends from the date of issuance of the
      Shares, if any.

    Neither
      the consolidation nor merger of the Company with or into any other corporation
      or other entities, nor the sale, transfer or lease of all or substantially
      all
      of the assets of the Company shall itself be deemed to be a liquidation,
      dissolution or winding-up of the Company within the meaning of Section 3.D.
      Notice of liquidation, dissolution, or winding-up of the Company shall be
      mailed, by overnight courier, postage prepaid, not less than 20 days prior
      to
      the date on which such liquidation, dissolution, or winding-up is expected
      to
      take place or become effective, to the holders of record of the Shares at their
      respective addresses as the same appear on the books of the Company or supplied
      by them in writing to the Company for the purpose of such notice, but no defect
      in such notice or in the mailing thereof shall affect the validity of the
      liquidation, dissolution or winding-up.

     

    (ii) General.

    

    
      	 	
              (a)

            	
              All
                of the preferential amounts to be paid to the holders of the Shares
                pursuant to Section 3.D(i) shall be paid or set apart for payment
                before
                the payment or setting apart for payment of any amount for, or the
                distribution of any assets of the Company to, the holders of the
                Common
                Stock or any preferred stock junior in rank to the Shares in connection
                with such liquidation, dissolution or
                winding-up.

            

    

    

    
      	 	 	 	
              (b)

            	
              After
                setting apart or paying in full the preferential amounts aforesaid
                to the
                holders of record of the issued and outstanding Shares as set forth
                in
                Section 3.D(i), the holders of record of Common Stock and any preferred
                stock junior in rank to the Shares shall be entitled to participate
                in any
                distribution of any remaining assets of the Company, and the holders
                of
                records of the Shares shall not be entitled to participate in such
                distribution.

            

    

    

    
      
        F.
          Re-Acquired
          Shares.
          Any
          Shares purchased or otherwise acquired by the Company in any manner whatsoever
          shall not be reissued as part of such and shall be retired promptly after
          the
          acquisition thereof. All such Shares upon their retirement and the filing
          of any
          certificate required in connection therewith pursuant to Nevada law shall
          become
          authorized but unissued shares of preferred stock of the
          Company.

      

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

       

    

    
      
        G.
          Equality.
          All
          holders shall be subject to the same terms and conditions as set forth
          herein.
          No holders shall be entitled to or receive terms that are more favorable
          than
          those given to any other holder. In the event a holder is given or receives
          terms more favorable than those given to or received by any other holder,
          then
          in such event all holders shall be given and entitled to those more favorable
          terms.

      

    

    

    
      
        H.
          Copies
          of Agreements, Instruments, Documents.
          Copies
          of any of the agreements, instruments or other documents referred to in
          this
          certificate shall be furnished to any shareholder upon written request
          to the
          Company at its principal place of business.

      

    

    

    4. The
      statements contained in the foregoing, creating and designating the said Shares
      issue of Preferred Stock and fixing the number, powers, preferences and
      relative, optional, participating, and other special rights and the
      qualifications, limitations, restrictions, and other distinguishing
      characteristics thereof shall, upon the effective date, be deemed to be included
      in and be a part of the Articles of Incorporation, as amended.

    

    IN
      WITNESS WHEREOF this Certificate of Designation has been executed on behalf
      of
      the Company by its President and attested by its Secretary on this
      15th
      day of
      January, 2007.

    
      	 	 	 
	 	SUNRISE
              MINING CORPORATION
	 
 	 
 	 
 
	 	By:  	/s/
              Xuguang Sun
	 	
              
Xuguang
              Sun, Chief Executive Officer and
              President

    
      	 	 	 	 
	ATTEST:	 	 	 
	 	 	 	 
	/s/
              Shaojun
              Sun	 	 	
            
	
              
Shaojun
              Sun, Secretary

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