Document:

___________, 2012

 

CIS Acquisition Ltd.

89 Udaltsova Street, Suite 84

Moscow, Russia 119607

 

Chardan Capital Markets, LLC

17 State Street, Suite 1600

New York, NY 10004

 

Re:           
Initial Public Offering

 

Gentlemen:

 

The undersigned [shareholder]
[Insert position] of CIS Acquisition Ltd. (the “Company”), in consideration of Chardan Capital Markets, LLC (“Chardan”)
entering into an agreement to underwrite an initial public offering of the securities of the Company (“IPO”) and embarking
on the IPO process, hereby agrees as follows (certain capitalized terms used herein are defined in paragraph 13 hereof):

 

1.
           If the Company initiates an issuer tender offer in
connection with the consummation of an Acquisition Transaction, the undersigned will not tender  any Shares owned by the
undersigned in such tender offer. If the Company solicits approval of its shareholders to approve the Acquisition
Transaction, the undersigned will vote all Insider Shares owned by the undersigned in accordance with the majority of the
votes cast by the holders of the IPO Shares, and will vote any IPO Shares acquired in the IPO or the aftermarket owned
by the undersigned in favor of such Acquisition Transaction. If the Company solicits approval of its shareholders
to amend Clause 6(3) of our Amended and Restated Memorandum and Articles of Association prior to consummation of an
Acquisition Transaction, the undersigned will vote all Insider Shares owned by the undersigned in accordance with the
majority of the votes cast by the holders of the IPO Shares. The undersigned will not exercise any appraisal rights (if such
appraisal rights are available) to which the undersigned may be entitled under the British Virgin Islands Law (“BVI
Law”) in connection with the vote to approve any Acquisition Transaction, as the case may be, with respect to any
Shares acquired in the aftermarket owned by the undersigned.

 

2.            In
the event that the Company fails to consummate an Acquisition Transaction within 18 months (or 21 months pursuant to the automatic
period extension) from the consummation of the IPO (such date being referred to herein as the “Termination Date”),
the undersigned shall take all such action reasonably within its power as is necessary to dissolve the Company and liquidate the
Trust Fund to holders of IPO Shares as soon as reasonably practicable, subject to any applicable requirements of BVI Law.  [The
undersigned in its capacity as a member of the board of directors of the Company hereby agrees not to recommend to shareholders
of the company to vote in favor of an amendment to Clause 6(3) of the Company’s Amended and Restated Memorandum and
Articles of Association, if such amendment would take effect prior to the consummation of an Acquisition Transaction.] The undersigned
hereby waives any and all right, title, interest or claim of any kind in or to any distribution of the Trust Fund and any remaining
net assets of the Company as a result of such liquidation with respect to his Insider Shares, and his Placement Warrants (“Claim”).
The undersigned hereby agrees that he will not seek recourse against the Trust Account for any Claim he may have in the future
as a result of, or arising out of, any negotiations, contracts or agreements with the Company and will not seek recourse against
the Trust Fund for any reason whatsoever, other than liquidation distributions for any IPO Shares acquired by him in the IPO or
the aftermarket.

 

3.            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) 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 for services rendered or products sold or contracted
for, or by any Target Business (“Third-Party Claimant”), but only to the extent necessary to ensure that such loss,
liability, claim, damage or expense does not reduce the amount in the Trust Fund; provided, however, that the undersigned shall
not be required to so indemnify the Company if the Third-Party Claimant has waived its right to proceed against the Trust Fund.  The
undersigned further agrees to advance such funds as are necessary to complete the plan of dissolution and distribution, and not
seek repayment thereof, if and to the extent the Company’s assets outside of the Trust Fund are insufficient.

 

    	 

    	 

    

 

4.            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
a Target Business, until the earlier of the consummation by the Company of an Acquisition Transaction, the liquidation of the Company
or until such time as the undersigned ceases to be a director of the Company, subject to any pre-existing fiduciary and contractual
obligations the undersigned might have.

 

5.            To
further minimize potential conflicts of interest, the undersigned acknowledges and agrees that the Company will not consummate
any Acquisition Transaction with an entity which is affiliated with any of its founding shareholders unless the Company obtains
an opinion from an independent investment banking firm that the Acquisition Transaction is fair to the Company’s unaffiliated
shareholders from a financial point of view.

 

6.            Neither
the undersigned, any member of the family of the undersigned, nor any Affiliate of the undersigned will be entitled to receive
and will not accept any compensation for services rendered to the Company prior to the consummation of the Acquisition Transaction.  Notwithstanding
the foregoing, the undersigned shall be entitled to reimbursement from the Company for its reasonable out-of-pocket expenses incurred
in connection with identifying, investigating and consummating an Acquisition Transaction and the undersigned acknowledges that
(i) the Company has an obligation to repay a $[_______] non-interest bearing loan made to the Company by Intercarbo Holding AG,
an affiliate of the Company’s officers and directors, and (ii) CIS Acquisition Holding Co. Ltd., an affiliate of the Company’s officers and directors, shall
be allowed to charge the Company up to $7,500 per month to compensate it for the Company’s use of CIS Acquisition Holding Co. Ltd.’s office
space, utilities and secretarial services.

 

7.            Neither
the undersigned, any member of the family of the undersigned, nor any Affiliate of the undersigned will be entitled to receive
or accept a finder’s fee or any other compensation in the event the undersigned, any member of the family of the undersigned
or any Affiliate of the undersigned originates an Acquisition Transaction.

 

8.
           The undersigned will escrow, in accordance with the
terms of a Securities Escrow Agreement which the Company will enter into with the undersigned and Continental Stock Transfer
& Trust Company, as escrow agent, all of his Insider Shares until the date which is two (2) years after the effective
date of the registration statement for the IPO, (such applicable period being the “Share Lock-Up Period”). During
the Share Lock-Up Period, the undersigned shall not sell or transfer any Insider Shares until the later of the date that
the Company consummates its Initial Acquisition Transaction or the date that it consummates the post-acquisition tender
offer, except that the Insider Shares may be transferred (i) to any officer, director or employee of the
Company, (ii) by gift to an affiliate or a member of the holder’s immediate family (or a member of the immediate family
of its officers or directors) or a trust or other entity, the beneficiary of which is the holder (or one of its officers or
directors or a member of their respective immediate families); (iii) to any successor in interest by virtue of the laws of
descent and distribution upon death of any holder, or (iv) pursuant to a qualified domestic relations order; provided,
however, that any such transfers may be implemented only upon the respective transferee’s written agreement to be
subject to such transfer restrictions. 

 

9.            The
undersigned agrees that, until the date on which the Company consummates its Initial Acquisition Transaction or
post-acquisition tender offer, as the case may be (such applicable period being the “Warrant Lock-Up Period”),
the undersigned shall not sell or transfer any Placement Warrants until the later of the date that the Company consummates
its Initial Acquisition Transaction or the date that it consummates the post-acquisition tender offer, except that the
Placement Warrants may be transferred (i) to any officer, director or employee of the Company, (ii) by gift to an affiliate
or a member of the holder’s immediate family (or a member of the immediate family of its officers or directors) or a
trust or other entity, the beneficiary of which is the holder (or one of its officers or directors or a member of their
respective immediate families); (iii) to any successor in interest by virtue of the laws of descent and distribution upon
death of any holder, or (iv) pursuant to a qualified domestic relations order; provided, however, that any such transfers may
be implemented only upon the respective transferee’s written agreement to be subject to such transfer restrictions.

 

10.            [The
undersigned agrees to be [a member of the Company’s board of directors] [and] [the Company’s [Insert Officer Position]]
until the earlier of the consummation by the Company of an Acquisition Transaction or the liquidation of the Company.  The
undersigned’s biographical information furnished to the Company and Chardan and attached hereto as Exhibit A 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 Item 401 of Regulation S-K, promulgated under the Securities Act of
1933, as amended.]  The undersigned’s Questionnaire furnished to the Company and Chardan is true and accurate in
all respects.  The undersigned represents and warrants that:

 

(a)            The
undersigned 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)            The
undersigned has never been convicted of or pleaded guilty to any crime (i) involving any fraud or (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; and

 

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(c)            The
undersigned 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.

 

11.            The
undersigned has full right and power, without violating any agreement by which he is bound, to enter into this letter agreement
[and to serve as [a member of the Company’s board of directors] [and] [the Company’s [Insert Officer Position]].

 

12.            This
letter agreement shall be governed by and construed and enforced in accordance with the laws of the State 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 arising out of or relating in any way to this letter
agreement (a “Proceeding”) shall be brought and enforced in the courts of the State of New York of the United States
of America for the Southern District of New York, and irrevocably submits to such jurisdiction, which jurisdiction shall be exclusive,
(ii) waives any objection to such exclusive jurisdiction and that such courts represent an inconvenient forum and (iii) irrevocably
agrees to appoint Loeb & Loeb LLP as agent for the service of process in the State of New York to receive, for the undersigned
and on his behalf, service of process in any Proceeding.  If for any reason such agent is unable to act as such, the
undersigned will promptly notify the Company and Chardan and appoint a substitute agent acceptable to each of the Company Chardan
within 30 days and nothing in this letter will affect the right of either party to serve process in any other manner permitted
by law.

 

13.            As
used herein, (i) an “Acquisition Transaction” shall mean an acquisition by a merger, stock exchange, asset acquisition,
stock purchase or other similar business combination, or controlling, through contractual arrangements, of one or more Target Businesses
that have a fair market value, individually or collectively, of at least equal to 80% of the balance in the trust account (less taxes payable) at the time of such acquisition transaction; (ii) “Shares”
shall mean shares of the Company’s ordinary shares, par value $.0001 per share; (iii) “Insiders” shall mean all
officers, directors and shareholders of the Company immediately prior to the Private Placement; (iv) “Insider Shares”
shall mean all of the Class C Shares owned by an Insider prior to the Private Placement; (v) “IPO Shares” shall mean
the Class A Shares issued in the Company’s IPO; (vii) “Private Placement” shall mean the private placement of
securities of the Company consummated immediately prior to the IPO; (viii) “Placement Warrants” shall mean the warrants
issued in the Private Placement; (ix) “Class C Shares” shall mean the Shares issued to the Insiders prior to the Private
Placement; (x) “Target Business” shall mean an operating business that the Company seeks to acquire; and (xi) “Trust
Fund” shall mean the trust account established by the Company at the consummation of its IPO and into which a certain amount
of the net proceeds of the IPO is deposited.

 

	 	By:	 
	 	Name:	 

 

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EXHIBIT A

 

[Insert Biographical Information from “Management”
section of Final Prospectus]

  

    	4SECURITIES ESCROW AGREEMENT

 

SECURITIES
ESCROW AGREEMENT, dated as of __________, 2012 (“Agreement”) by and among CIS Acquisition Ltd., a British Virgin
Islands company (“Company”), the undersigned parties listed as Initial Shareholders on the signature page hereto
(the “Initial Shareholders”) Chardan Capital Markets, LLC (“Chardan”), The PrinceRidge Group
LLC (“PrinceRidge”), Maxim Group LLC (“Maxim”) and Continental Stock Transfer & Trust Company, as escrow agent (the “Escrow
Agent”).

 

WHEREAS, the Company
has entered into an Underwriting Agreement, dated _________, 2012 (“Underwriting Agreement”) with Chardan, as representative  of the underwriters named therein (collectively, the “Underwriters”)
in connection with a public offering (the “Public Offering”) by the Company of Units (as hereafter defined), pursuant
to which, among other matters, the Underwriters have agreed to purchase up to [_____] units (“Units”) of the Company,
each consisting of one Class A Share of the Company, par value $0.0001 per share (the “Class A Shares”), and one
Warrant (a “Warrant”). Each Warrant evidences the right of the holder thereof to purchase one ordinary share for $10.00,
subject to adjustment, as described in the Warrant Agreement dated as of __________, 2012 by and between the Company and Continental
Stock Transfer & Trust Company, as Warrant Agent; and

 

WHEREAS, pursuant to
the Placement Warrant Purchase Agreement, dated as of ____________, 2012, among the Company and the Initial Shareholders, the Company
will issue [_____] warrants (the “Private Placement Warrants”) to purchase ordinary shares in a private placement
that will occur immediately prior to the closing of the IPO (the “Private Placement”);

 

WHEREAS, pursuant
to the Share Purchase Agreement, dated as of ____________, 2012, (the “Share Purchase Agreement”) among
the Company, Chardan,  PrinceRidge and Maxim, the Company will issue 170,000 ordinary shares (the “Underwriter
Shares”) in a private placement that will occur immediately prior to the closing of the IPO (the “Underwriter Share
Purchase”);

 

WHEREAS, the Initial
Shareholders have agreed, as a condition of the Underwriters’ obligation to purchase the Units pursuant to the Underwriting
Agreement and to offer them to the public, to deposit all of the Class C Shares (the “Insider Shares”) owned by the
Initial Shareholders prior to the consummation of the Public Offering and the Private Placement in escrow as hereinafter provided;
and

 

WHEREAS,
Chardan, PrinceRidge and Maxim have agreed, as a condition to the purchase of the Underwriter Shares, to deposit all of
the Underwriter Shares (the Insider Shares and Underwriter Shares, collectively, the “Escrow Securities”; provided, however,
that if Chardan does not exercise the over-allotment option in full, the Escrow Securities will equal such lesser amount as
remains after the cancellation of such Insider Shares held in escrow pursuant to Section 3.1), in escrow as hereinafter
provided; and

 

WHEREAS, the
Company, the Initial Shareholders, Chardan, PrinceRidge and Maxim desire that the Escrow Agent accept the Escrow Securities,
in escrow, to be held and disbursed as hereinafter provided.

 

NOW, THEREFORE, IT
IS AGREED:

 

1.            
Appointment of Escrow Agent.  The Company, the Initial Shareholders, Chardan, PrinceRidge and Maxim hereby appoint the Escrow Agent to act
in accordance with and subject to the terms of this Agreement and the Escrow Agent hereby accepts such appointment and agrees to
act in accordance with and subject to such terms.

 

2.
            Deposit of Escrow Securities.  Prior to
the date of the consummation of the Private Placement and the Public Offering, the Initial Shareholders, Chardan, PrinceRidge and Maxim shall deliver to the Escrow Agent certificates representing his or her respective Escrow Securities to be held and
disbursed subject to the terms and conditions of this Agreement.  The Initial Shareholders, Chardan, PrinceRidge and Maxim acknowledge and agree that the certificates representing their respective Escrow Securities will be legended to reflect
the deposit of such Escrow Securities under this Agreement.

 

    	 

    	 

    

 

3.            
Disbursement of the Escrow Securities.

 

3.1
            The Escrow Securities.  The Escrow
Agent shall hold the Escrow Securities listed under “Share Escrow” on Schedule A until it receives a certificate
signed by the Chief Executive Officer or Chief Financial Officer of the Company stating that 24 months have elapsed from
the effective date of the Company’s registration statement relating the Public Offering  (the “Escrow
Period”).  Notwithstanding the foregoing, the Escrow Period shall be extended if the Company has completed
an Acquisition Transaction without liquidating the trust account established at the time of the Public Offering, until such
trust account has been liquidated as described in the prospectus relating to the Public Offering.  Following the
termination of the Escrow Period, the Escrow Agent shall, upon written instructions from each of the Initial Shareholders,
Chardan, PrinceRidge, Maxim and/or their Permitted Transferees (as defined in Section 4.3 below), as applicable, disburse the
applicable Escrow Securities to the Initial Shareholders, Chardan, PrinceRidge, Maxim and/or such Permitted Transferees; provided however,
that if, after the Company consummates an Acquisition Transaction, it (or the surviving entity) subsequently consummates a
liquidation, merger, share exchange or if there is a tender offer for the Company’s securities, or other similar
transaction which results in all of the shareholders of such entity having the right to exchange their Escrow
Securities for cash, securities or other property, then the Escrow Agent will, upon receipt of a certificate, executed
by the Chief Executive Officer or Chief Financial Officer of the Company, in form reasonably acceptable to the Escrow Agent,
stating that such transaction is then being consummated, release the Escrow Securities to the Initial Shareholders, Chardan,
PrinceRidge, Maxim or their Permitted Transferees immediately prior to the consummation of such transaction so that they can
similarly participate; provided further, that if the Escrow Agent is notified by the Company pursuant to
Section 6.7 hereof that the Company is being liquidated at any time during the Escrow Period, then the Escrow Agent shall
promptly destroy the certificates representing the Escrow Securities; and provided further, that if the Escrow
Agent is notified by the Company that Chardan did not exercise its over-allotment option (as further described in the
Registration Statement) or exercised it in part, an amount such that the remaining Insider Shares included in the Escrow
Securities shall not exceed 20% of the sum of the Insider Shares and the shares sold in the Public Offering (but in
no event more than [_____] Insider Shares) shall be forfeited by the Initial Shareholders and any Permitted Transferee
and cancelled by the Company and the Escrow Agent shall promptly destroy the certificates representing such Insider Shares.
For purposes of this Agreement, an “Acquisition Transaction” shall mean an acquisition of one or more
operating businesses by a merger, stock exchange, asset acquisition, stock purchase or other similar
acquisition transaction, or control and pursuant to which holders of Units sold in the Public Offering have been granted
redemption rights with respect to such Units.

  

3.2            
Company Covenants.  The Company hereby covenants and agrees to (i) cause its officers to act in good faith regarding
the release of the Escrow Securities pursuant to Section 3.1, and (ii) to promptly release the Escrow Securities after the end
of the Escrow Period.

 

3.3            
Duties.  The Escrow Agent shall have no further duties hereunder after the disbursement or destruction of the
Escrow Securities in accordance with this Section 3.

 

4.            
Rights of the Initial Shareholders in Escrow Securities.

 

4.1
            Voting Rights as a Shareholder.  Subject
to the terms of the Insider Letters described in Section 4.4 hereof and except as herein provided, the Initial Shareholders,
Chardan, PrinceRidge, Maxim and each of their affiliates and designees shall retain all of their rights as shareholders of
the Company during the Escrow Period, including, without limitation, the right to vote such shares.

 

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

 

    	 

    	 

    

 

4.3
            Restrictions on Transfer.  During
the Escrow Period, no sale, transfer, assignment or other disposition may be made of any or all of the Escrow
Securities except (i) by gift to an affiliate or a member of the immediate family of the Initial Shareholder, Chardan,
PrinceRidge or Maxim (or the immediate family of the  officers and/or directors of the Initial Shareholders, Chardan,
PrinceRidge  or Maxim) or to a trust or other entity, the beneficiary of which is an  Initial Shareholder, Chardan,
PrinceRidge or Maxim or one of their officers, directors (or member of their respective immediate families), (ii) by virtue
of the laws of descent and distribution upon death of any Initial Shareholder, Chardan, PrinceRidge or Maxim or (iii)
pursuant to a qualified domestic relations order (such transferees, the “Permitted Transferees”); provided, however,
that such permissive transfers may be implemented only upon the respective transferee’s written agreement to be bound
by the terms and conditions of this Agreement and (i) in the case of the Insider Shares of the Insider Letters signed by each
Initial Shareholder and their affiliates and designees transferring the Insider Shares or, (ii) in the case of the
Underwriter Shares, of the Share Purchase Agreement signed by each of Chardan, PrinceRidge or Maxim and their affiliates and
designees transferring the Underwriter Shares. During the Escrow Period, neither any  Initial Shareholder nor Chardan,
PrinceRidge or Maxim or any Permitted Transferee shall pledge or grant a security interest in his, her or its Escrow
Securities or grant a security interest in his, her or its rights under this Agreement.

 

4.4
            Insider Letters.  Each of the
Initial Shareholders  Chardan, PrinceRidge, Maxim and their affiliates and designees has executed a letter agreement
with Chardan and the Company, dated as indicated on Schedule A hereto (“Insider Letter”), and which
is filed as an exhibit to the Company’s Registration Statement on Form F-1, Registration No. 333-180224 with
respect to the Units to be issued in the Public Offering (the “Registration Statement”), respecting the rights
and obligations of such Initial Shareholder and its affiliates and designees in certain events, including but not limited to
the liquidation of the Company.

 

4.5             Share
Purchase Agreement. Each of Chardan,  PrinceRidge and Maxim has executed the Share Purchase Agreement, which is
filed as an exhibit to the Registration Statement, respecting the
rights and obligations of each of Chardan, PrinceRidge, Maxim and their affiliates and designees in certain events, including
but not limited to the liquidation of the Company.

 

5.            
Concerning the Escrow Agent.

 

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

 

5.2            
Indemnification.  The Escrow Agent shall be indemnified and held harmless by the Company from and against any
expenses, including counsel fees and disbursements, or loss suffered by the Escrow Agent in connection with any action, suit or
other proceeding involving any claim which in any way, directly or indirectly, arises out of or relates to this Agreement, the
services of the Escrow Agent hereunder, or the Escrow Securities held by it hereunder, other than expenses or losses arising from
the gross negligence or willful misconduct of the Escrow Agent.  Promptly after the receipt by the Escrow Agent of notice
of any demand or claim or the commencement of any action, suit or proceeding, the Escrow Agent shall notify the other parties hereto
in writing.  In the event of the receipt of such notice, the Escrow Agent, in its sole discretion, may commence an action
in the nature of interpleader in an appropriate court to determine ownership or disposition of the Escrow Securities or it may
deposit the Escrow Securities with the clerk of any appropriate court or it may retain the Escrow Securities pending receipt of
a final, non-appealable order of a court having jurisdiction over all of the parties hereto directing to whom and under what circumstances
the Escrow Securities are to be disbursed and delivered.  The provisions of this Section 5.2 shall survive in the event
the Escrow Agent resigns or is discharged pursuant to Sections 5.5 or 5.6 below.

 

5.3            
Compensation.  The Escrow Agent shall be entitled to reasonable compensation from the Company for all services
rendered by it hereunder, as set forth on Exhibit A hereto.  The Escrow Agent shall also be entitled to reimbursement
from the Company for all expenses paid or incurred by it in the administration of its duties hereunder including, but not limited
to, all counsel, advisors’ and agents’ fees and disbursements and all taxes or other governmental charges.

 

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

 

    	 

    	 

    

 

5.5
            Resignation.  The Escrow Agent may resign
at any time and be discharged from its duties as escrow agent hereunder by its giving the other parties hereto written notice
and such resignation shall become effective as hereinafter provided.  Such resignation shall become effective at
such time that the Escrow Agent shall turn over to a successor escrow agent appointed by the Company and approved by
the Initial Shareholders, Chardan, PrinceRidge and Maxim or their Permitted Transferees, the Escrow Securities
held hereunder.  If no new escrow agent is so appointed within the 60 day period following the giving of such
notice of resignation, the Escrow Agent may deposit the Escrow Securities with any court it deems appropriate.

 

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

 

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

 

6.            
Miscellaneous.

 

6.1            
Governing Law.  This Agreement shall for all purposes be deemed to be made under and shall be construed in accordance
with the laws of the State of New York, without giving effect to any choice-of-law provisions thereof that would compel the application
of the substantive laws of any other jurisdiction.  Each of the parties hereby agrees that any action, proceeding or
claim against it arising out of or relating in any way to this Agreement shall be brought and enforced in the courts of the State
of New York or the United States District Court for the Southern District of New York (each, a “New York court”), and
irrevocably submits to such jurisdiction, which jurisdiction shall be exclusive.  Each of the parties hereby waives any
objection to such exclusive jurisdiction and that such courts represent an inconvenient forum.

  

6.2            
Amendment.  This Agreement contains the entire agreement and understanding of the parties hereto with respect
to the subject matter hereof. This Agreement or any provision hereof may only be changed, amended or modified by a writing signed
by Escrow Agent and holders of 65% or more of the Escrow Securities, and with the consent of the holders of 80% of the Class A
Shares sold in the Public Offering (the “IPO Shares”), it being the specific intention of the parties hereto that each
holder of an IPO Share is and shall be a third-party beneficiary of this Section 6.3 with the same right and power to enforce this
Section 6.3 as any of the parties hereto.  For purposes of this Section 6.3, the “consent of the holders of 80%
of the IPO Shares” shall mean receipt by the Escrow Agent of a certificate from an entity certifying that either (i) the
holders of record of 80% of the IPO Shares outstanding as of a record date established in accordance with the applicable provisions
of the Company’s Amended and Restated Memorandum and Articles of Association and British Virgin Islands Law (“BVI Law”),
have voted in favor of such amendment or modification or (ii) the holders of record of 80% of the IPO Shares outstanding as of
a record date established in accordance with the applicable provisions of the the Company’s Amended and Restated Memorandum
and Articles of Association and BVI Law have delivered to such entity a signed writing approving such amendment or modification.

 

6.3            
Headings.  The headings contained in this Agreement are for reference purposes only and shall not affect in any
way the meaning or interpretation thereof.

 

6.4            
Binding Effect.  This Agreement shall be binding upon and inure to the benefit of the respective parties hereto
and their legal representatives, successors and assigns.

 

    	 

    	 

    

 

6.6            
Notices.  Any notice or other communication required or which may be given hereunder shall be in writing and either
be delivered personally or by private national courier service, or be mailed, certified or registered mail, return receipt requested,
postage prepaid, and shall be deemed given when so delivered personally or, if sent by private national courier service, on the
next business day after delivery to the courier, or, if mailed, two business days after the date of mailing, as follows:

 

If to the Company,
to:

 

CIS Acquisition Ltd.

89 Udaltsova Street, Suite 84

Moscow, Russia 119607

Attn: Chief Executive Officer

 

If to the Initial Shareholders
or their Permitted Transferees, to:

 

c/o CIS Acquisition Ltd.

89 Udaltsova Street, Suite 84

Moscow, Russia 119607

Attn: [Initial Shareholder]

 

If to Chardan or its Permitted Transferees, to:

 

Chardan Capital Markets LLC

17 State Street, Suite 1600

New York, NY 10004

Attn: Kerry Propper

Fax No.: (646) 465-9039

 

If to PrinceRidge or its Permitted Transferees, to:

 

[Address]

Attn: [___]

Fax No.: [___]

 

If to Maxim or its Permitted Transferees, to:

 

[Address]

Attn: [___]

Fax No.: [___]

 

and if to the Escrow
Agent, to:

 

Continental Stock Transfer & Trust Company

17 Battery Place, 8th Floor

New York, NY 10004

Attn: Compliance Department

Fax No. [____]

 

A copy of any notice
sent hereunder shall be sent to (but which shall not constitute notice):

 

Loeb & Loeb LLP

345 Park Avenue

New York, New York 10154

Attn:    Mitchell S. Nussbaum, Esq.

  

and:

Golenbock Eiseman Assor Bell & Peskoe LLP

437 Madison Avenue

New York, NY 10022

Attn: Andrew Hudders, Esq. 

Fax.: (212) 754-0330

 

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

 

6.7            
Liquidation of Company.  The Company shall give the Escrow Agent written notification of the liquidation and dissolution
of the Company in the event that the Company fails to consummate an  Acquisition Transaction within the time period(s) specified
in the Registration Statement.

 

    	 

    	 

    

 

- Signature page of the Company immediately
follows –

 

    	 

    	 

    

 

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

 

	 	CIS ACQUISITION LTD.
	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 
	 	 
	 	Initial Shareholders:
	 	 
	 	 
	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 
	 	 	 
	 	 	 
	 	 	 
	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 
	 	 	 
	 	 	 
	 	 	 
	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 

 

	 	CHARDAN CAPITAL MARKETS, LLC
	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 
	 	 
	 	THE PRINCERIDGE GROUP LLC
	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 
	 	 
	 	MAXIM GROUP LLC
	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 

 

- Signature page of Escrow Agent immediately
follows –

 

Securities Escrow Agreement

 

    	 

    	 

    

 

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

 

	 	CONTINENTAL STOCK TRANSFER
	 	& TRUST COMPANY,  as Escrow Agent
	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 

 

Securities Escrow Agreement

 

    	 

    	 

    

 

SCHEDULE A

  

	Insider Share Escrow	 		 	 		 
	 	 		 	 	Stock	 
	Name of Initial Shareholder	 	Number of	 	 	Certificate	 
	and Affiliates/Designees	 	Shares	 	 	Number	 
		 	 		 	 	 		 
		 	 		 	 	 		 

 

(1) Up to [____] shares subject to forfeiture pursuant to Section
3.1 of this Agreement.

 

	Underwriter Share Escrow	 	 	 	 		 
	Name of Initial Shareholder 
and Affiliates/Designees	 	Number of
 Shares	 	 	Stock

Certificate
 Number	 
		 	 		 	 	 		 
	 	 	 	 	 	 	 	 	 

 

    	 

    	 

    

 

EXHIBIT A

 

Escrow Agent Fees

 

	Description	 	Amount ($)
	 	 	 
	Fee for acting as Escrow Agent	 	[_____]

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00210-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00210-of-00352.parquet"}]]