Document:

Exhibit 10.3

 

Execution Version

 

LOCK-UP AND SUPPORT AGREEMENT

 

 

THIS
LOCK-UP AND SUPPORT AGREEMENT (this “Agreement”) is made and entered into as of August 13, 2021, by and
among TH International Limited, a Cayman Islands exempted company (the “Company”), Silver Crest Acquisition Corporation,
a Cayman Islands exempted company (“SPAC”), and the persons listed on Schedule A hereto (each, a “Company
Shareholder” and collectively, the “Company Shareholders”).

 

WHEREAS,
capitalized terms used but not otherwise defined in this Agreement shall have the meanings ascribed thereto in the Agreement and Plan
of Merger (the “Merger Agreement”) entered into by and among the Company, Miami Swan Ltd, a Cayman Islands exempted
company and wholly owned subsidiary of the Company (“Merger Sub”), and SPAC, pursuant to which, among other things,
(i) Merger Sub will be merged with and into SPAC (the “First Merger”), with SPAC surviving the First Merger as
a wholly owned subsidiary of the Company, and (ii) SPAC will be merged with and into the Company (the “Second Merger”
and together with the First Merger, the “Mergers”), with the Company surviving the Second Merger.

 

WHEREAS,
each Company Shareholder is, as of the date of this Agreement, the sole legal and beneficial owner of the number of Pre-Split Shares,
set forth opposite such Company Shareholder’s name on Schedule A hereto (such Pre-Split Shares, together with any other
Pre-Split Shares acquired by such Company Shareholder after the date of this Agreement and during the term of this Agreement, including
upon exercise of Company Options, being collectively referred to herein as the “Subject Shares”).

 

WHEREAS,
as a condition to their willingness to enter into the Merger Agreement, the Company and SPAC have requested that each of the Company
Shareholders enter into this Agreement.

 

NOW,
THEREFORE, in consideration of the premises set forth above, which are incorporated into this Agreement as if fully set forth
below, and intending to be legally bound hereby, the parties hereto agree as follows:

 

Article I

Definitions

 

1.1           Definitions.
The terms defined in this Section 1.1 shall, for all purposes of this Agreement, have the respective meanings set forth below:

 

“Company Per Share
Trading Price” means, at any given time, the trading price per share of Company Ordinary Shares as reported by Bloomberg or,
if not available on Bloomberg, as reported by Morningstar.

 

“Company
Sale” means the transfer to or acquisition by (whether by tender offer, merger, consolidation, division or other similar transaction),
in one transaction or a series of related transactions, a person or entity or group of affiliated persons or entities (other than an
underwriter pursuant to an offering), of the Company’s voting securities if, after such transfer or acquisition, such person, entity
or group of affiliated persons or entities would beneficially own (as defined in Rule 13d-3 promulgated under the Securities Exchange
Act of 1934, as amended (the “Exchange Act”)) more than 50% of the outstanding voting securities of the Company.

 

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“Consent Agreement”
means the consent agreement dated the date hereof which exclusively governs the conditions and other terms under which the Company Shareholder
set forth in Schedule B to this Agreement has consented to the Company’s execution of the Merger Agreement and consummation of
the Mergers and Listing.

 

“Earn-Out Expiration
Date” means the five (5)-year anniversary of the Closing Date.

 

“Earn-Out Shares”
means, collectively, the Minimum Earn-Out Shares and the Maximum Earn-Out Shares.

 

“Listing”
has the meaning given to it in the Consent Agreement.

 

“Locked-Up
Shares” means, with respect to each Company Shareholder, any Company Ordinary Shares held by such Company Shareholder
immediately after the Closing, any Company Ordinary Shares issuable upon the exercise of options or warrants to purchase Company Ordinary
Shares held by such Company Shareholder immediately after the Closing (along with such options or warrants themselves), any Company Ordinary
Shares acquirable upon the conversion, exercise or exchange of any securities convertible into or exercisable or exchangeable for Company
Ordinary Shares held by such Company Shareholder immediately after the Closing (along with such securities themselves) and any Earn-Out
Shares to the extent issued pursuant hereto.

 

“Maximum Earn-Out
Shares” means, with respect to each Company Shareholder, the number of Company Ordinary Shares set forth opposite such Company
Shareholder’s name on Schedule A hereto.

 

“Minimum Earn-Out
Shares” means, with respect to each Company Shareholder, the number of Company Ordinary Shares set forth opposite such Company
Shareholder’s name on Schedule A hereto.

 

“Trading Day”
means any day on which Company Ordinary Shares are actually traded on the principal securities exchange or securities market on which
Company Ordinary Shares are then traded.

 

“Transfer”
means, with respect to any securities, any (a) sale of, offer to sell, contract or agreement to sell, hypothecation of, pledge
of, grant of any option, right or warrant to purchase or other transfer or disposition of, or agreement to transfer or dispose of, directly
or indirectly, or establishment or increase of a put equivalent position in respect of, or liquidation or decrease of a call equivalent
position in respect of, within the meaning of Section 16 of the Exchange Act, and the rules and regulations of the SEC promulgated
thereunder, any such securities, (b) entry into any swap or other arrangement that transfers to another, in whole or in part, any
of the economic consequences of ownership of any such securities, whether any such transaction is to be settled by delivery of such securities,
in cash or otherwise, or (c) public announcement of any intention to effect any transaction specified in clause (a) or (b).

 

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Article II

Representations and Warranties of the Company Shareholders

 

Each Company Shareholder severally and not jointly
hereby represents and warrants to the Company and SPAC during the period starting from the date hereof until the earlier of (1) the
Closing and (2) the termination of the Merger Agreement in accordance with its terms (the “Exclusivity Period”)
as follows:

 

2.1            Organization
and Standing. Such Company Shareholder has been duly organized and is validly existing and in good standing under the Laws of its
jurisdiction of organization and has all requisite power and authority to own, lease and operate its properties and to carry on its business
as now being conducted. Such Company Shareholder is duly qualified or licensed and in good standing to do business (to the extent such
concept is applicable in such Company Shareholder’s jurisdiction of formation) in each jurisdiction in which the character of the
property owned, leased or operated by it or the nature of the business conducted by it makes such qualification or licensing necessary.

 

2.2            Authorization;
Binding Agreement. Such Company Shareholder has all requisite power and authority to execute and deliver this Agreement, to perform
its obligations hereunder and to consummate the transactions contemplated hereby. The execution and delivery of this Agreement and the
consummation of the transactions contemplated hereby have been duly and validly authorized and no other proceedings on the part of such
Company Shareholder are necessary to authorize the execution and delivery of this Agreement or to consummate the transactions contemplated
hereby. This Agreement has been duly and validly executed and delivered by such Company Shareholder and, assuming the due authorization,
execution and delivery of this Agreement by the other parties hereto, constitutes the valid and binding obligation of such Company Shareholder,
enforceable against such party in accordance with its terms, subject to the Enforceability Exceptions. Solely with respect to Pangaea
Two Acquisition Holdings XXIIB Limited (“XXIIB”), such Company Shareholder has obtained a written consent of its equityholders
required to approve its execution and delivery of this Agreement and the Written Consent, its performance of its obligations hereunder
and thereunder and its consummation of the transactions contemplated hereby and thereby.

 

2.3            Governmental
Approvals. No consent of or with any Governmental Authority on the part of such Company Shareholder is required to be obtained or
made in connection with the execution, delivery or performance by such Company Shareholder of this Agreement or the consummation by such
Company Shareholder of the transactions contemplated hereby, other than (a) applicable requirements, if any, of the Securities Act,
the Exchange Act, and/ or any state “blue sky” securities Laws, and the rules and regulations thereunder and (b) where
the failure to obtain or make such consents or to make such filings or notifications would not prevent, impede or, in any material respect,
delay or adversely affect the performance by such Company Shareholder of its obligations under this Agreement.

 

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2.4            Non-Contravention.
The execution and delivery of this Agreement, the consummation of the transactions contemplated hereby and compliance with any of the
provisions hereof by such Company Shareholder will not (a) conflict with or violate any provision of the Organizational Documents
of such Company Shareholder and solely with respect to XXIIB, the Amended and Restated Shareholders’ Agreement, dated as of February 11,
2021, by and among Pangaea Two Acquisition Holdings XXIIA Limited and the other parties thereto (the “XXIIB SHA”),
(b) conflict with or violate any Law, permit, Governmental Order or consent applicable to such Company Shareholder or any of its
properties or assets, or (c) (i) violate, conflict with or result in a breach of, (ii) constitute a default (or an event
which, with notice or lapse of time or both, would constitute a default) under, (iii) result in the termination, withdrawal, suspension,
cancellation or modification of, (iv) accelerate the performance required by such Company Shareholder under, (v) result in
a right of termination or acceleration under, (vi) give rise to any obligation to make payments or provide compensation under, (vii) result
in the creation of any Lien (other than Permitted Lien) upon any of the properties or assets of such Company Shareholder under, (viii) give
rise to any obligation to obtain any third party consent from any Person or (ix) give any Person the right to declare a default,
exercise any remedy, accelerate the maturity or performance, cancel, terminate or modify any right, benefit, obligation or other term
under, any of the terms, conditions or provisions of, any material Contract of such Company Shareholder, except for any deviations from
any of the foregoing clauses (b) or (c) that would not prevent, impede or, in any material respect, delay or adversely affect
the performance by such Company Shareholder of its obligations under this Agreement.

 

2.5            Subject
Shares. Such Company Shareholder is the sole legal and beneficial owner of the Pre-Split Shares set forth opposite such Company Shareholder’s
name on Schedule A hereto, and all such Subject Shares are owned by such Company Shareholder free and clear of all liens or encumbrances,
other than liens or encumbrances pursuant to this Agreement, the Organizational Documents of the Company, the JVIA (as defined below),
the Merger Agreement or applicable federal or state securities laws. Such Company Shareholder does not legally or beneficially own any
shares of the Company other than the Subject Shares. Such Company Shareholder has the sole right to vote the Subject Shares, and none
of the Subject Shares is subject to any voting trust or other agreement, arrangement or restriction with respect to the voting of the
Subject Shares, except as contemplated by this Agreement, the Organizational Documents of the Company, the JVIA, the Merger Agreement
or the XXIIB SHA.

 

2.6            Merger
Agreement. Such Company Shareholder understands and acknowledges that the Company and SPAC are entering into the Merger Agreement
in reliance upon the Company Shareholders’ execution and delivery of this Agreement. Such Company Shareholder has received a copy
of the Merger Agreement and is familiar with the provisions of the Merger Agreement.

 

Article III

Representations and Warranties of SPAC

 

SPAC hereby represents and warrants to each Company
Shareholder and the Company during the Exclusivity Period as follows:

 

3.1            Organization
and Standing. SPAC is an exempted company duly incorporated, validly existing and in good standing under the Laws of the Cayman Islands.
SPAC has all requisite corporate power and authority to own, lease and operate its properties and to carry on its business as now being
conducted. SPAC is duly qualified or licensed and in good standing to do business in each jurisdiction in which the character of the
property owned, leased or operated by it or the nature of the business conducted by it makes such qualification or licensing necessary.

 

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3.2            Authorization;
Binding Agreement. SPAC has all requisite corporate power and authority to execute and deliver this Agreement, to perform its obligations
hereunder and to consummate the transactions contemplated hereby. The execution and delivery of this Agreement and the consummation of
the transactions contemplated hereby have been duly and validly authorized and no other corporate proceedings on the part of SPAC are
necessary to authorize the execution and delivery of this Agreement or to consummate the transactions contemplated hereby. This Agreement
has been duly and validly executed and delivered by SPAC and, assuming the due authorization, execution and delivery of this Agreement
by the other parties hereto, constitutes the valid and binding obligation of SPAC, enforceable against SPAC in accordance with its terms,
subject to the Enforceability Exceptions.

 

3.3          Non-Contravention.
The execution and delivery of this Agreement, the consummation of the transactions contemplated hereby and compliance with any of the
provisions hereof by SPAC will not (a) conflict with or violate any provision of Organizational Documents of SPAC, (b) conflict
with or violate any Law, permit, Governmental Order or consent applicable to SPAC or any of its properties or assets, or (c) (i) violate,
conflict with or result in a breach of, (ii) constitute a default (or an event which, with notice or lapse of time or both, would
constitute a default) under, (iii) result in the termination, withdrawal, suspension, cancellation or modification of, (iv) accelerate
the performance required by SPAC under, (v) result in a right of termination or acceleration under, (vi) give rise to any obligation
to make payments or provide compensation under, (vii) result in the creation of any Lien (other than Permitted Lien) upon any of
the properties or assets of SPAC under, (viii) give rise to any obligation to obtain any third party consent from any Person or
(ix) give any Person the right to declare a default, exercise any remedy, accelerate the maturity or performance, cancel, terminate
or modify any right, benefit, obligation or other term under, any of the terms, conditions or provisions of, any material Contract of
SPAC, except for any deviations from any of the foregoing clauses (b) or (c) that would not prevent, impede or, in any material
respect, delay or adversely affect the performance by SPAC of its obligations under this Agreement.

 

Article IV

Representations and Warranties of the Company

 

The Company hereby represents and warrants to
each Company Shareholder and SPAC during the Exclusivity Period as follows:

 

4.1            Organization
and Standing. The Company is an exempted company duly incorporated, validly existing and in good standing under the Laws of the Cayman
Islands. The Company has all requisite corporate power and authority to own, lease and operate its properties and to carry on its business
as now being conducted. The Company is duly qualified or licensed and in good standing to do business in each jurisdiction in which the
character of the property owned, leased or operated by it or the nature of the business conducted by it makes such qualification or licensing
necessary.

 

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4.2           Authorization;
Binding Agreement. The Company has all requisite corporate power and authority to execute and deliver this Agreement, to perform
its obligations hereunder and to consummate the transactions contemplated hereby. The execution and delivery of this Agreement and the
consummation of the transactions contemplated hereby have been duly and validly authorized and no other corporate proceedings on the
part of the Company are necessary to authorize the execution and delivery of this Agreement or to consummate the transactions contemplated
hereby. This Agreement has been duly and validly executed and delivered by the Company and, assuming the due authorization, execution
and delivery of this Agreement by the other parties hereto, constitutes the valid and binding obligation of the Company, enforceable
against the Company in accordance with its terms, subject to the Enforceability Exceptions.

 

4.3          Non-Contravention.
The execution and delivery of this Agreement, the consummation of the transactions contemplated hereby and compliance with any of the
provisions hereof by the Company will not (a) conflict with or violate any provision of Organizational Documents of the Company,
(b) conflict with or violate any Law, permit, Governmental Order or consent applicable to the Company or any of its properties or
assets, or (c) (i) violate, conflict with or result in a breach of, (ii) constitute a default (or an event which, with
notice or lapse of time or both, would constitute a default) under, (iii) result in the termination, withdrawal, suspension, cancellation
or modification of, (iv) accelerate the performance required by the Company under, (v) result in a right of termination or
acceleration under, (vi) give rise to any obligation to make payments or provide compensation under, (vii) result in the creation
of any Lien (other than Permitted Lien) upon any of the properties or assets of the Company under, (viii) give rise to any obligation
to obtain any third party consent from any Person or (ix) give any Person the right to declare a default, exercise any remedy, accelerate
the maturity or performance, cancel, terminate or modify any right, benefit, obligation or other term under, any of the terms, conditions
or provisions of, any material Contract of the Company, except for any deviations from any of the foregoing clauses (b) or (c) that
would not prevent, impede or, in any material respect, delay or adversely affect the performance by the Company of its obligations under
this Agreement.

 

Article V

Agreement Regarding Voting; Certain Other Covenants of the Company Shareholders

 

Each Company Shareholder covenants and agrees
during the Exclusivity Period:

 

5.1          Agreement
Regarding Voting.

 

(a)            Against
Other Transactions. At any meeting of shareholders of the Company, or at any adjournment thereof, or in connection with any written
consent of the shareholders of the Company or in any other circumstances upon which such Company Shareholder’s vote, consent or
other approval is sought, such Company Shareholder shall (i) attend any such meeting of shareholders (in person or by proxy) or
otherwise cause the Subject Shares to be counted as present thereat for the purposes of determining whether a quorum is present and (ii) vote
(or cause to be voted) the Subject Shares (including by written consent, if applicable) against (w) other than in connection with
the Transactions, any business combination agreement, merger agreement or merger (other than the Merger Agreement and the Mergers), scheme
of arrangement, business combination, consolidation, combination, sale of substantial assets, reorganization, recapitalization, dissolution,
liquidation or winding up of or by the Company or any public offering of any equity securities of the Company, any of its material Subsidiaries,
or, in case of a public offering only, a newly-formed holding company of the Company or such material Subsidiaries, (x) any Alternative
Transaction Proposal, (y) other than any amendment to Organizational Documents of the Company in furtherance of Section 2.01
of the Merger Agreement, any amendment of Organizational Documents of the Company or other proposal or transaction involving the Company
or any of its Subsidiaries and (z) any proposal or effort to revoke (in whole or in part) any approval set forth in the Written
Consent, which, in each of cases (w) and (y) of this sentence, would be reasonably likely to in any material respect impede,
interfere with, delay or attempt to discourage, frustrate the purposes of, result in a breach by the Company of, prevent or nullify any
provision of the Merger Agreement or any other Transaction Agreements, the Mergers or any other Transaction or change in any manner the
voting rights of any class of the Company’s share capital.

 

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(b)            Revoke
Other Proxies. Such Company Shareholder represents and warrants that any proxies or powers of attorney heretofore given in respect
of the Subject Shares that may still be in effect are not irrevocable, and such proxies or powers of attorney have been or are hereby
revoked, other than the voting and other arrangements under the Organizational Documents and any option grant agreement by and between
such Company Shareholder and the Company in connection with granting any Company Option to such Company Shareholder of the Company.

 

(c)           Irrevocable
Proxy and Power of Attorney. Such Company Shareholder hereby unconditionally and irrevocably grants to, and appoints, SPAC and any
individual designated in writing by SPAC, and each of them individually, as such Company Shareholder’s proxy and attorney-in-fact
(with full power of substitution), for and in the name, place and stead of such Company Shareholder, to vote the Subject Shares, or grant
a written consent or approval in respect of the Subject Shares in a manner consistent with Section 5.1(a). Such Company Shareholder
understands and acknowledges that SPAC is entering into the Merger Agreement in reliance upon such Company Shareholder’s execution
and delivery of this Agreement. Such Company Shareholder hereby affirms that the irrevocable proxy and power of attorney set forth in
this Section 5.1(c) are given in connection with the execution of the Merger Agreement, and that such irrevocable proxy and
power of attorney are given to secure the performance of the duties of such Company Shareholder under this Agreement. Such Company Shareholder
hereby further affirms that the irrevocable proxy and power of attorney are given to secure a proprietary interest and may under no circumstances
be revoked. Such Company Shareholder hereby ratifies and confirms all that such irrevocable proxy and power of attorney may lawfully
do or cause to be done by virtue hereof. SUCH IRREVOCABLE PROXY AND POWER OF ATTORNEY ARE EXECUTED AND INTENDED TO BE IRREVOCABLE IN
ACCORDANCE WITH THE PROVISIONS OF THE POWERS OF ATTORNEY ACT OF THE CAYMAN ISLANDS (REVISED). The irrevocable proxy and power of attorney
granted hereunder shall only terminate upon the termination of this Section 5.1. Notwithstanding anything to the contrary in this
Agreement, this Section 5.1(c) shall not apply to the Company Shareholder set forth in Schedule B to this Agreement.

 

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5.2            No
Transfer. During the Exclusivity Period, other than (w) upon the consent of both the Company and SPAC, (x) permitted by
this Agreement, (y) as a distribution to entities set forth in Schedule C to this Agreement or their respective Affiliates or (z) to
an Affiliate of such Company Shareholder (provided that, in each case of the foregoing clauses (x), (y) and (z), such transferee
shall enter into a written agreement, in form and substance reasonably satisfactory to the Company and SPAC, agreeing to be bound by
this Agreement, and shall have the same rights and benefits under this Agreement, to the same extent as such transferring Company Shareholder),
such Company Shareholder shall not, directly or indirectly, (i) Transfer any Subject Shares, other than pursuant to the Mergers,
(ii) grant any proxies or powers of attorney or enter into any voting arrangement, whether by proxy, voting agreement, voting trust,
voting deed or otherwise (including pursuant to any loan of Subject Shares), with respect to any Subject Shares, in each case, other
than as set forth in this Agreement, the Merger Agreement, Transaction Agreements or the voting and other arrangements under the Organizational
Documents of the Company, (iii) take any action that would reasonably be expected to make any representation or warranty of such
Company Shareholder herein untrue or incorrect, or would reasonably be expected to have the effect of preventing or disabling such Company
Shareholder from performing its obligations hereunder, or (iv) commit or agree to take any of the foregoing actions. Any action
attempted to be taken in violation of the preceding sentence will be null and void. Such Company Shareholder agrees with, and covenants
to, the Company and SPAC that such Company Shareholder shall not request that the Company register the Transfer (by book-entry or otherwise)
of any certificated or uncertificated interest representing any of the Subject Shares.

 

5.3            Waiver
of Dissenters’ Rights. Each Company Shareholder hereby irrevocably waives, and agrees not to exercise or assert, any dissenters’
rights under Section 238 of the Cayman Companies Law and any other similar statute in connection with the Mergers and the Merger
Agreement.

 

5.4           New
Shares. In the event that prior to the Closing (i) any Pre-Split Shares, Company Ordinary Shares or other securities are issued
or otherwise distributed to a Company Shareholder pursuant to any stock dividend or distribution, or any change in any of the Pre-Split
Shares, Company Ordinary Shares or other share capital of the Company by reason of any stock split-up, recapitalization, combination,
exchange of shares or the like, including any shares received pursuant to the Share Split, (ii) a Company Shareholder acquires legal
or beneficial ownership of any Pre-Split Shares or Company Ordinary Shares after the date of this Agreement, including upon exercise
of options or settlement of restricted share units or (iii) a Company Shareholder acquires the right to vote or share in the voting
of any Pre-Split Share or Company Ordinary Share after the date of this Agreement (collectively, the “New Securities”),
the terms “Subject Shares” shall be deemed to refer to and include such New Securities (including all such stock dividends
and distributions and any securities into which or for which any or all of the Subject Shares may be changed or exchanged into).

 

5.5          Exclusivity;
Confidentiality. Each Company Shareholder shall be bound by and comply with Sections 8.03(a) (Exclusivity) and 8.05(b) (Confidentiality;
Publicity) of the Merger Agreement (and any relevant definitions contained in any such sections) as if (a) such Company Shareholder
was an original signatory to the Merger Agreement with respect to such provisions, and (b) each reference to the “Company”
contained in Section 8.03(a) of the Merger Agreement (other than Section 8.03(a)(i) or for purposes of the definition
of Alternative Transaction Proposal) and “Affiliates” contained in Section 8.05(b) of the Merger Agreement also
referred to such Company Shareholder.

 

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5.6            Consent
to Disclosure. Each Company Shareholder consents to and authorizes the Company or SPAC, as applicable, to publish and disclose in
all documents and schedules filed with the SEC or any other Governmental Entity or applicable securities exchange, and any press release
or other disclosure document that the Company or SPAC, as applicable, reasonably determines to be necessary or advisable in connection
with the Mergers or any other transactions contemplated by the Merger Agreement or this Agreement, such Company Shareholder’s identity
and ownership of such Company Shareholder’s Subject Shares, the existence of this Agreement and the nature of such Company Shareholder’s
commitments and obligations under this Agreement, and such Company Shareholder acknowledges that the Company or SPAC may, in their sole
discretion, file this Agreement or a form hereof with the SEC or any other Governmental Entity or securities exchange. Such Company Shareholder
agrees to promptly give the Company or SPAC, as applicable, any information that is in its possession that the Company or SPAC, as applicable,
may reasonably request for the preparation of any such disclosure documents, and such Company Shareholder agrees to promptly notify the
Company and SPAC of any required corrections with respect to any written information supplied by it specifically for use in any such
disclosure document, if and to the extent that such Company Shareholder shall become aware that any such information shall have become
false or misleading in any material respect.

 

5.7            Restricted
Activities. Each Company Shareholder shall not revoke (in whole or in part), or seek to revoke (in whole or in part), or adopt any
resolution, consent or vote that would have the effect of revoking (in whole or in part), any approval set forth in the Written Consent
without the prior written consent of SPAC. Such Company Shareholder shall not adopt or enter into a plan of complete or partial liquidation,
dissolution, merger, consolidation, restructuring, recapitalization or other reorganization without the prior written consent of the
Company and SPAC.

 

5.8           Additional
Matters. Each Company Shareholder shall, from time to time, (i) execute and deliver, or cause to be executed and delivered,
such additional or further consents, documents and other instruments as the Company or SPAC may reasonably request for the purpose of
effectively carrying out the transactions contemplated by this Agreement, the Merger Agreement and the other Transaction Agreements and
(ii) refrain from exercising any veto right, consent right or similar right (whether under the Organizational Documents of the Company
or the Cayman Companies Law) which would prevent, impede or, in any material respect, delay or adversely affect the consummation of the
Mergers or any other Transaction.

 

5.9           Waiver
of Certain Company Shareholders’ Rights. To the extent applicable to such Company Shareholder, each Company Shareholder hereby
irrevocably waives and agrees not to exercise any rights he, she or it may have under the Joint Venture and Investment Agreement, dated
April 27, 2018, by and among XXIIB, Tim Hortons Restaurants International GmbH and the other parties thereto (as amended, the “JVIA”)
and the Amended and Restated Memorandum and Articles of Association of the Company adopted by a special resolutions of shareholders of
the Company dated February 26, 2021 in connection with the Mergers and other transactions contemplated by the Merger Agreement and
the other Transaction Agreements.

 

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5.10          Company
Shareholder’s Consent Condition. Notwithstanding anything to the contrary in this Agreement, each party hereto acknowledges
that the Company Shareholder set forth in Schedule B to this Agreement has provided its consents and covenants under Article V pursuant
to and subject to the provisions set forth in the Consent Agreement dated as of the date hereof. Accordingly, the waivers and agreements
of the Company Shareholders set forth in Sections 5.1, 5.3 and 5.6 to 5.9 shall not apply to the Company Shareholder set forth in Schedule
B to this Agreement. For the avoidance of doubt, the consents of the Company Shareholder set forth in Schedule B to this Agreement are
exclusively governed by the terms of the Consent Agreement. If there is any conflict or inconsistency between the provisions of this
Agreement and the Consent Agreement, the provisions of the Consent Agreement shall prevail with respect to the Company Shareholder set
forth in Schedule B to this Agreement.

 

Article VI

Other Agreements

 

6.1           Lock-Up
Provisions.

 

(a)           Subject
to the exceptions set forth herein, during the applicable Lock-Up Period (as defined below), each Company Shareholder agrees not to,
without the prior written consent of the board of directors of the Company, Transfer any Locked-Up Shares held by such Company Shareholder;
provided, however, if any other holder of securities of the Company enters into an agreement relating to the subject matter
set forth in this Article VI in connection with the Closing on terms and conditions that are less restrictive than those agreed
to herein (or such terms and conditions are subsequently relaxed including as a result of a modification, waiver or amendment), then
the less restrictive terms and conditions shall apply to each Company Shareholder. The foregoing limitations shall remain in full force
and effect for a period of (i) with respect to 100% of the Company Ordinary Shares held, issuable or acquirable in respect of any
Locked-Up Shares held by such Company Shareholder, six (6) months from and after the Closing Date, (ii) with respect to 80%
of the Company Ordinary Shares held, issuable or acquirable in respect of any Locked-Up Shares (rounded up to the nearest whole share)
held by such Company Shareholder, twelve (12) months from and after the Closing Date, and (iii) with respect to 50% of the Company
Ordinary Shares held, issuable or acquirable in respect of any Locked-Up Shares (rounded up to the nearest whole share) held by such
Company Shareholder, eighteen (18) months from and after the Closing Date (such periods set forth in the foregoing clauses (i) through
(iii), as applicable, the “Lock-Up Period”), with the percentages set forth in this sentence applying to the aggregate
holdings of Locked-Up Shares held by all entities constituting such Company Shareholder (to the extent two (2) or more entities
constitute such Company Shareholder), and calculated on an aggregated basis. For the avoidance of doubt, the Locked-Up Shares shall be
measured on an as-exercised or as-converted basis, as applicable.

 

(b)           The
restrictions set forth in Section 6.1(a) (the “Lock-Up Restrictions”) shall not apply to:

 

(i)            in
the case of an entity, Transfers to (A) such entity’s officers or directors or any affiliate (as defined below) or immediate
family (as defined below) of any of such entity’s officers or directors, (B) any shareholder, partner or member of such entity
or their affiliates, (C) any affiliate of such entity, or (D) any employees of such entity or of its affiliates;

 

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(ii)            in
the case of an individual, Transfers by gift to members of the individual’s immediate family or to a trust, the beneficiary of
which is a member of the individual’s immediate family, an affiliate of such person or to a charitable organization;

 

(iii)            in
the case of an individual, Transfers by virtue of laws of descent and distribution upon death of the individual;

 

(iv)          in
the case of an individual, Transfers by operation of law or pursuant to a court order, such as a qualified domestic relations order,
divorce decree or separation agreement;

 

(v)            in
the case of an individual, Transfers to a partnership, limited liability company or other entity of which the undersigned and/or the
immediate family of the undersigned are the legal and beneficial owner of all of the outstanding equity securities or similar interests;

 

(vi)           in
the case of an entity that is a trust, to a trustor or beneficiary of the trust or to the estate of a beneficiary of such trust;

 

(vii)        in
the case of an entity, Transfers by virtue of the laws of the state of the entity’s organization and the entity’s organizational
documents upon dissolution of the entity;

 

(viii)       pledges
of any Locked-Up Shares held by such Company Shareholder to a financial institution that create a mere security interest in such Locked-Up
Shares pursuant to a bona fide loan or indebtedness transaction so long as such Company Shareholder continues to control the exercise
of the voting rights of such pledged Locked-Up Shares as well as any foreclosures on such pledged Locked-Up Shares;

 

(ix)          Transfers
of any Company Ordinary Shares acquired as part of the PIPE Financing;

 

(x)           transactions
relating to Company Ordinary Shares or other securities convertible into or exercisable or exchangeable for Company Ordinary Shares acquired
in open market transactions after the Closing, provided that no such transaction is required to be, or is, publicly announced
(whether on Form 4, Form 5 or otherwise, other than a required filing on Schedule 13F, 13G or 13G/A) during the applicable
Lock-Up Period;

 

(xi)           the
exercise of any options or warrants to purchase Company Ordinary Shares (which exercises may be effected on a cashless basis to the extent
the instruments representing such options or warrants permit exercises on a cashless basis);

 

    11 

     

    

 

(xii)           Transfers
to the Company to satisfy tax withholding obligations pursuant to the Company’s equity incentive plans or arrangements;

 

(xiii)         Transfers
to the Company pursuant to any contractual arrangement in effect at the Closing that provides for the repurchase by the Company or forfeiture
of such Company Shareholder’s Locked-up Shares or other securities convertible into or exercisable or exchangeable for Company
Ordinary Shares in connection with (x) the termination of the Company Shareholder’s service to the Company or (y) the
arrangements contemplated by the JVIA Termination Agreement and Non-Compete Agreement to be entered into by and among the Company and
certain other parties on the date hereof;

 

(xiv)         the
establishment of a trading plan that meets the requirements of Rule 10b5-1(c) under the Exchange Act (a “Trading Plan”);
provided, however, that no sales of Locked-Up Shares shall be made by such Company Shareholder pursuant to such Trading
Plan during the applicable Lock-Up Period and no public announcement or filing is voluntarily made regarding such plan during the applicable
Lock-Up Period;

 

(xv)         Transfers
made after the date on which the closing Company Per Share Trading Price equals or exceeds $12.00 per share for any twenty (20) Trading
Days within any consecutive thirty (30)-Trading Day period commencing at least one hundred fifty (150) days after the Closing Date;

 

(xvi)        Transfers
made in connection with a liquidation, merger, share exchange or other similar transaction that results in all of the Company’s
shareholders having the right to exchange their Company Ordinary Shares for cash, securities or other property subsequent to the Closing
Date; and

 

(xvii)        transactions
to satisfy any U.S. federal, state, or local income tax obligations of such Company Shareholder (or its direct or indirect owners) arising
from a change in the U.S. Internal Revenue Code of 1986, as amended (the “Code”), or the U.S. Treasury Regulations
promulgated thereunder (the “Regulations”) after the date on which the Merger Agreement was executed by the parties,
and such change prevents the Mergers from qualifying as a “reorganization” pursuant to Section 368 of the Code (and
the Mergers do not qualify for similar tax-free treatment pursuant to any successor or other provision of the Code or Regulations taking
into account such changes), in each case, solely to the extent necessary to cover any tax liability as a result of the transaction.

 

provided,
however, that in the case of clauses (i) through (viii), these permitted transferees must enter into a written agreement,
in substantially the form of this Agreement, agreeing to be bound by the Lock-Up Restrictions and shall have the same rights and benefits
under this Agreement. For purposes of this paragraph, “immediate family” shall mean a spouse, domestic partner, child, grandchild
or other lineal descendant (including by adoption), father, mother, brother or sister of an individual; and “affiliate” shall
have the meaning set forth in Rule 405 under the Securities Act of 1933, as amended.

 

    12 

     

    

 

(c)           For
the avoidance of doubt, each Company Shareholder shall retain all of its rights as a shareholder of the Company during the Lock-Up Period,
including the right to vote any Locked-Up Shares.

 

(d)            In
furtherance of the foregoing, the Company, and any duly appointed transfer agent for the registration or transfer of the Locked-Up Shares,
are hereby authorized to decline to make any transfer of securities if such Transfer would constitute a violation or breach of the Lock-Up
Restrictions.

 

(e)           The
Company shall remove, and shall cause to be removed (including by causing its transfer agent and The Depository Trust Company (as applicable)
to remove), any legends, marks, stop-transfer instructions or other similar notations pertaining to the lock-up arrangements herein from
the book-entries evidencing any Locked-Up Shares at the time any such share is no longer subject to the Lock-Up Restrictions (any such
Locked-Up Share, a “Free Share”), and shall take all such actions (and shall cause to be taken all such actions) necessary
or proper to cause the Free Shares to be consolidated under the CUSIP(s) and/or ISIN(s) applicable to the unrestricted Company
Ordinary Shares or so that the Free Shares are in a like position. Any holder of a Locked-Up Share is an express third-party beneficiary
of this Section 6.1(e) and entitled to enforce specifically the obligations of the Company set forth in this Section 6.1(e) directly
against the Company.

 

6.2            Earn-Out
Provisions.

 

(a)            If
the Company Per Share Trading Price at any point during the trading hours of a Trading Day equals or exceeds $12.50 per share for any
twenty (20) Trading Days within any consecutive thirty (30)-Trading Day period at any time commencing on or after the Closing Date and
ending on or prior to the Earn-Out Expiration Date (the first occurrence of the foregoing is referred to herein as the “Minimum
Share Price Milestone,” and the date on which the first occurrence of the foregoing occurs is referred to as the “Minimum
Share Price Milestone Date”), then the Company shall issue, as promptly as reasonably practicable following the Minimum Share
Price Milestone Date, to each Company Shareholder its Minimum Earn-Out Shares for the aggregate par value of such Minimum Earn-Out Shares.

 

(b)            If
the Company Per Share Trading Price at any point during the trading hours of a Trading Day equals or exceeds $15.00 per share for any
twenty (20) Trading Days within any consecutive thirty (30)-Trading Day period at any time commencing on or after the Closing Date and
ending on or prior to the Earn-Out Expiration Date (the first occurrence of the foregoing is referred to herein as the “Maximum
Share Price Milestone” and together with the Minimum Share Price Milestone, the “Earn-Out Milestones,” and
the date on which the first occurrence of the Maximum Share Price Milestone occurs is referred to as the “Maximum Share Price
Milestone Date”), then the Company shall issue, as promptly as reasonably practicable following the Maximum Share Price Milestone
Date, to each Company Shareholder its Maximum Earn-Out Shares for the aggregate par value of such Maximum Earn-Out Shares.

 

    13 

     

    

 

(c)           For
the avoidance of doubt, (x) if the Maximum Share Price Milestone has been achieved, but the Minimum Share Price Milestone has not
been previously achieved, the Minimum Share Price Milestone shall be deemed achieved on the Maximum Share Price Milestone Date, and (y) Earn-Out
Shares in respect of each Earn-Out Milestone will be issued and earned only once.

 

(d)           Upon
the Earn-Out Expiration Date:

 

(i)            if
the Minimum Share Price Milestone has not been achieved, none of the Minimum Earn-Out Shares shall be issued and the contingent right
to receive the Minimum Earn-Out Shares shall be forfeited for no consideration; and

 

(ii)            if
the Maximum Share Price Milestone has not been achieved, none of the Maximum Earn-Out Shares shall be issued and the contingent right
to receive the Maximum Earn-Out Shares shall be forfeited for no consideration.

 

(e)           In
the event that after the Closing and prior to the Earn-Out Expiration Date, there is a Company Sale (or a definitive agreement providing
for a Company Sale has been entered into prior to the Earn-Out Expiration Date and such Company Sale is ultimately consummated, even
if such consummation occurs after the Earn-Out Expiration Date), then if the per share value of the consideration to be received by the
holders of the Company Ordinary Shares in such Company Sale equals or exceeds $12.50 per share and the Minimum Share Price Milestone
has not been previously achieved, then the Minimum Share Price Milestone shall be deemed to have been achieved, and if the per share
value of the consideration to be received by the holders of the Company Ordinary Shares in such Company Sale equals or exceeds $15.00
per share and the Maximum Share Price Milestone (or both the Minimum Share Price Milestone and the Maximum Share Price Milestone) has
not been previously achieved, then the Maximum Share Price Milestone (and, if not previously achieved, the Minimum Share Price Milestone)
shall be deemed to have been achieved; provided, that if the consideration to be received by the holders of the Company Ordinary
Shares in such Company Sale includes non-cash consideration, the value of such consideration shall be determined in good faith by the
Company Board; provided, further, that with respect to such Earn-Out Shares that are not deemed achieved as of the consummation
of such Company Sale pursuant to this Section 6.2(e), none such Earn-Out Shares shall be issued or deemed issued and the contingent
right to receive such Earn-Out Shares or the consideration therefor upon the consummation of such Company Sale shall be forfeited for
no consideration. In the event either the Minimum Share Price Milestone or the Maximum Share Price Milestone would be deemed to be achieved
pursuant to this Section 6.2(e), the applicable Earn-Out Shares shall be issued or deemed to be issued immediately prior to the
consummation of the Company Sale and such Earn-Out Shares shall receive the same consideration per share as the shares of Company Ordinary
Shares receive in the Company Sale.

 

    14 

     

    

 

(f)            Notwithstanding
anything to the contrary in this Agreement, before the Earn-Out Shares are issued in connection with an Earn-Out Milestone or in connection
with a Company Sale and registered in the Company’s register of members, the contingent right to receive the Earn-Out Shares: (i) does
not provide the holders of such contingent right any rights of a holder of Company Ordinary Shares, including any right to vote or receive
dividends; (ii) does not bear interest in any form; (iii) is not a “security” and is not assignable or transferable,
except by operation of law, will or intestacy; and (iv) is not represented by any form of certificate or instrument.

 

(g)            Notwithstanding
anything set forth in this Section 6.2 to the contrary, if any of the terms of the Sponsor Lock-Up Agreement (the “Sponsor
Lock-Up Agreement”), dated as of the date hereof, between the Company and Silver Crest Management LLC in respect of the Sponsor
Covered Shares are less restrictive than those agreed to herein (or such terms and conditions are subsequently relaxed including as a
result of a modification, waiver or amendment), then the less restrictive terms and conditions shall apply to the Earn-Out Shares. For
the avoidance of doubt, (x) if the Minimum Target (as defined in the Sponsor Lock-Up Agreement) shall have been achieved, then the
Minimum Share Price Milestone shall be deemed achieved, and (y) if the Maximum Target (as defined in the Sponsor Lock-Up Agreement)
shall have been achieved, then the Maximum Share Price Milestone shall be deemed achieved.

 

6.3          If,
during the period between the Closing Date and the Earn-Out Expiration Date, the Company Ordinary Shares outstanding as of immediately
following the First Effective Time shall have been changed into a different number of shares or a different class by reason of any share
capitalization, dividend, distribution, combination, reverse share split, share consolidation, split, subdivision, conversion, exchange,
transfer, sale, cancelation, repurchase, redemption or reclassification, or any similar event shall have occurred, then (x) the
Company Per Share Trading Price specified in each of Section 6.1(b)(xv), Section 6.2(a) and Section 6.2(b) and
the per share value of the consideration with respect to any Company Sale specified in Section 6.2(e) shall be equitably adjusted
to reflect such change, and (y) the number of Earn-Out Shares issuable pursuant hereto shall be equitably adjusted to reflect such
change.

 

Article VII

General Provisions

 

7.1           Termination.
This Agreement shall be effective the date hereof and shall immediately terminate upon the earlier of (x) the termination of the
Merger Agreement pursuant to its terms and (y) the date on which none of the Company, SPAC or any holder of a Locked-Up Share and/or
a contingent right to an Earn-Out Share has any rights or obligations hereunder; provided that, in the event that the Merger Agreement
is not terminated pursuant to its terms prior to the Closing, Article II, Article III, Article IV and Article V (other
than Section 5.3, Section 5.5, Section 5.6 (solely with respect to 8.05(b) (Confidentiality; Publicity) of
the Merger Agreement) and Section 5.8 which shall survive indefinitely) shall terminate upon the Closing. The termination of this
Agreement shall not relieve any party from any liability arising in respect of any willful and material breach of this Agreement prior
to such termination. Upon the termination of this Agreement (or any portion thereof), this Article VII shall survive indefinitely.

 

    15 

     

    

 

7.2            Capacity
as a Company Shareholder. Each Company Shareholder signs this Agreement solely in such Company Shareholder’s capacity as a
shareholder of the Company, and not in such Company Shareholder’s capacity as a director or officer of the Company, if applicable.

 

7.3            Notice.
All notices and other communications hereunder shall be in writing and shall be deemed given if delivered personally or sent by overnight
courier (providing proof of delivery) to the Company and SPAC in accordance with Section 11.02 of the Merger Agreement and to each
Company Shareholder at its address set forth set forth on Schedule A hereto (or at such other address for a party as shall be
specified by like notice).

 

7.4            Entire
Agreement; Amendment. This Agreement constitutes the entire agreement and understanding between the parties hereto relating to the
subject matter hereof and the transactions contemplated hereby and supersedes any other agreements and understandings, whether written
or oral, that may have been made or entered into by or between the parties hereto relating to the subject matter hereof or the transactions
contemplated hereby. This Agreement may not be changed, amended, modified or waived (other than to correct a typographical error) as
to any particular provision, except by a written instrument executed by all parties hereto.

 

7.5            Assignment.
No party hereto shall assign this Agreement or any part hereof without the prior written consent of the other parties hereto, except
that, for the avoidance of doubt, in connection with a transfer of any Subject Shares or Locked-Up Shares (as applicable) in accordance
with the terms of this Agreement, transferee to whom such Subject Shares or Locked-Up Shares (as applicable) are transferred shall thenceforth
be entitled to all the rights and be subject to all the obligations under this Agreement; provided, that no such assignment shall
relieve the assigning party of its obligations hereunder. Subject to the foregoing, this Agreement shall be binding upon and inure to
the benefit of the parties hereto and their respective successors and permitted assigns. Any attempted assignment in violation of the
terms of this Section 7.5 shall be null and void, ab initio. For the avoidance of doubt, no transfer of Company Ordinary
Shares, Locked-Up Shares, Earn-Out Shares or Free Shares shall be (or be deemed to be) an assignment of this Agreement or the rights
or obligations hereunder.

 

7.6            Governing
Law. This Agreement shall be governed by, and construed in accordance with, the internal substantive laws of the State of New York
applicable to contracts entered into and to be performed solely within such state, without giving effect to principles or rules of
conflict of laws to the extent such principles or rules would require or permit the application of laws of another jurisdiction.
Any dispute, controversy, difference, or claim arising out of or relating to this Agreement, including its existence, validity, interpretation,
performance, breach, or termination, or any dispute regarding non-contractual obligations arising out of or relating to this Agreement,
shall be referred to and finally resolved by arbitration administered by the Hong Kong International Arbitration Centre (“HKIAC”)
under the HKIAC Administered Arbitration Rules in force when the Notice of Arbitration is submitted. The seat of arbitration shall
be Hong Kong. There shall be three arbitrators. The arbitration proceedings shall be conducted in English. The law of this arbitration
clause shall be Hong Kong law. For the avoidance of doubt, a request by a party hereto to a court of competent jurisdiction for interim
measures necessary to preserve such party’s rights, including pre-arbitration attachments, injunctions, or other equitable relief,
shall not be deemed incompatible with, or a waiver of, the agreement to arbitrate in this Section 7.6.

 

    16 

     

    

 

7.7          Enforcement.
Each of the parties hereto acknowledges that its obligations under this Agreement are unique, recognizes and affirms that in the event
of a breach of this Agreement by it, money damages will be inadequate and the other party will have no adequate remedy at law, and agrees
that irreparable damage would occur in the event that any of the provisions of this Agreement were not performed by it in accordance
with their specific terms or were otherwise breached. Accordingly, the non-breaching party shall be entitled to an injunction or restraining
order to prevent breaches of this Agreement by the other party and to enforce specifically the terms and provisions hereof, without the
requirement to post any bond or other security or to prove that money damages would be inadequate, this being in addition to any other
right or remedy to which the non-breaching party may be entitled under this Agreement, at law or in equity.

 

7.8          Counterparts.
This Agreement may be executed in two or more counterparts (any of which may be delivered by electronic transmission), each of which
shall constitute an original, and all of which taken together shall constitute one and the same instrument.

 

[Signature pages follow]

 

    17 

     

    

 

IN WITNESS
WHEREOF, each party has duly executed and delivered this Agreement as a deed, all as of the date first written above.

 

	 	EXECUTED AND DELIVERED AS A DEED
    BY:
	 	 
	 	TH International
    Limited

 

 

	 	Signature:	/s/
    Paul Hong
	 	 
	 	Name:	Paul Hong
	 	 
	 	Title:	Director

 

[Signature Page to
Target Lock-Up and Support Agreement]

 

     

     

    

 

IN WITNESS
WHEREOF, each party has duly executed and delivered this Agreement as a deed, all as of the date first written above.

 

	 	EXECUTED AND DELIVERED AS A DEED
    BY:
	 	 
	 	SILVER CREST ACQUISITION CORPORATION

 

 

	 	Signature:	/s/
    Liang (Leon) Meng
	 	 
	 	Name:	Liang (Leon) Meng
	 	 
	 	Title:	 Chairman

 

[Signature Page to
Target Lock-Up and Support Agreement]

 

     

     

    

 

IN WITNESS
WHEREOF, each party has duly executed and delivered this Agreement as a deed, all as of the date first written above.

 

	 	EXECUTED AND DELIVERED AS A DEED BY:
	 	 
	 	TIM HORTONS RESTAURANTS INTERNATIONAL GMBH

 

 

		 	Signature:	/s/ Lucas Muniz
	 	 	 	 
		 	Name:	Lucas Muniz
	 	 	 	 
		 	Title:	Authorized Signatory

 

 

			Witness
                                            Signature:	/s/ Peter Weber
	 	 	 	 
		 	Name:	Peter Weber
	 	 	 	 
		 	Address:	
	 	 	 	 
		 	Occupation:	

 

[Signature Page to
Target Lock-Up and Support Agreement]

 

     

     

    

 

IN WITNESS
WHEREOF, each party has duly executed and delivered this Agreement as a deed, all as of the date first written above.

 

	 	EXECUTED AND DELIVERED AS A DEED BY:
	 	 
	 	PANGAEA TWO ACQUISITION HOLDINGS XXIIB LIMITED

 

 

		 	Signature:	/s/ Peter Yu
	 	 	 	 
		 	Name:	Peter Yu
	 	 	 	 
		 	Title:	Authorized Signatory

 

 

			Witness
                                            Signature:	/s/ Sandra Maneiari
	 	 	 	 
		 	Name:	Sandra Maneiari
	 	 	 	 
		 	Address:	
	 	 	 	 
		 	Occupation:	 

 

[Signature Page to
Target Lock-Up and Support Agreement]

 

     

     

    

 

IN WITNESS
WHEREOF, each party has duly executed and delivered this Agreement as a deed, all as of the date first written above.

 

	 	EXECUTED AND DELIVERED AS A DEED BY:
	 	 
	 	L&L TOMORROW HOLDINGS LIMITED

 

 

		 	Signature:	/s/ Yongchen Lu
	 	 	 	 
		 	Name:	Yongchen Lu
	 	 	 	 
		 	Title:	Authorized Signatory

 

 

			Witness
                                            Signature:	/s/ Bin He
	 	 	 	 
		 	Name:	Bin He
	 	 	 	 
		 	Address:	 
	 	 	 	 
		 	Occupation:	 

 

[Signature Page to Target Lock-Up and Support
Agreement]

 

     

     

    

 

IN WITNESS
WHEREOF, each party has duly executed and delivered this Agreement as a deed, all as of the date first written above.

 

	 	EXECUTED AND DELIVERED AS A DEED BY:
	 	 
	 	LORD WINTERFELL LIMITED

 

 

		 	Signature:	/s/ Bin He
	 	 	 	 
		 	Name:	Bin He
	 	 	 	 
		 	Title:	Authorized Signatory

 

 

			Witness
                                            Signature:	/s/ Yongchen Lu
	 	 	 	 
		 	Name:	Yongchen Lu
	 	 	 	 
		 	Address:	 
	 	 	 	 
		 	Occupation:	 

 

[Signature Page to Target Lock-Up and Support
Agreement]

 

     

     

    

 

Schedule A

 

	Name
    of Company

    Shareholder	Number
    of Pre-Split Shares	Number
    of Minimum Earn-

    Out Shares	Number
    of Maximum Earn-

    Out Shares
	Tim
    Hortons Restaurants International GmbH	10,000
    ordinary shares, par value $0.01 per share, of the Company	599,875
    Company Ordinary Shares	599,875
    Company Ordinary Shares
	Pangaea
    Two Acquisition Holdings XXIIB Limited	(i) 45,013
    ordinary shares, par value $0.01 per share, of the Company and (ii) 60,000 redeemable shares,
    par value $0.01 per share, of the Company	6,299,466
    Company Ordinary Shares	6,299,466
    Company Ordinary Shares
	L&L
    Tomorrow Holdings Limited	1,178
    ordinary shares, par value $0.01 per share, of the Company	70,665
    Company Ordinary Shares	70,665
    Company Ordinary Shares
	Lord
    Winterfell Limited	500
    ordinary shares, par value $0.01 per share, of the Company	29,994
    Company Ordinary Shares	29,994
    Company Ordinary Shares

 

Address
for Notice:

 

If to Tim Hortons Restaurants International GmbH:

 

	Address:	Dammstrasse 23, 6300 Zug, Switzerland
	Attention:	Head of Tim Hortons International
	Telephone No.:	+41-41-729-8533
	Email:	lmuniz@rbi.com

 

    Schedule A

     

    

 

With a copy to:

 

	Address:	Inwilerriedstrasse 61, Baar 6340, Switzerland
	Attention:	Head of Legal, Tim Hortons International
	Telephone No.:	+65-6511-3783
	Email:	sdean@rbi.com

 

If to Pangaea Two Acquisition
Holdings XXIIB Limited:  

 

	Address:	505 Fifth Avenue, 15th Floor, New York, NY 10017
	Attention:	Peter Yu
	Email:	peter.yu@cartesiangroup.com

 

Copy to (such copy not constitute
notice hereunder):  

 

	Address:	Kirkland& Ellis LLP, 200 Clarendon Street,
    Boston, MA 02116
	Attention:	Armand A. Della Monica
	Email:	armand.dellamonica@kirkland.com
	 	 
	And	 
	 	 
	Address:	Kirkland& Ellis, 26th Floor, Gloucester Tower, The Landmark,
    15 Queen’s Road Central, Hong Kong
	Attention:	Daniel Dusek
	Email:	daniel.dusek@kirkland.com

 

If to L&L Tomorrow Holdings
Limited:  

 

	Address:	Room 2501, 227 North Huangpi Road, Shanghai
	Attention:	Yongchen Lu
	Telephone No.:	+86 13918016007
	Email:	yongchen.lu@timschina.com

 

    Schedule A

     

    

 

If to Lord Winterfell Limited:
  

 

	Address:	Room 2501, 227 North Huangpi Road, Shanghai
	Attention:	Bin He
	Telephone No.:	+86 13918631739
	Email:	bin.he@timschina.com

 

    Schedule A

     

    

 

Schedule B

 

Tim Hortons Restaurants International GmbH

 

    Schedule B

     

    

 

Schedule C

 

Pangaea Two Acquisition Holdings XXIIA Limited

 

Tencent Mobility Limited

 

SCC Growth VI Holdco D, Ltd.

 

Eastern Bell International XXVI Limited

 

    Schedule CExhibit 10.4

 

REGISTRATION
RIGHTS AGREEMENT

 

THIS
REGISTRATION RIGHTS AGREEMENT (this “Agreement”) is entered into as of [●], 202[●]
by and among (i) TH International Limited, a Cayman Islands exempted company (including any successor entity thereto, the “Company”),
and (ii) the undersigned parties listed as “Investors” on the signature page hereto (each, an “Investor”
and collectively, the “Investors”).

 

WHEREAS,
on August 13, 2021, (i) Silver Crest Acquisition Corporation, a Cayman Islands exempted company (“SPAC”),
(ii) the Company and (iii) Miami Swan Ltd, a Cayman Islands exempted company and a wholly-owned subsidiary of the Company (the
 “Merger Sub”) entered into that certain Merger Agreement (as amended and restated after the date hereof, the
 “Merger Agreement”);

 

WHEREAS,
pursuant to the Merger Agreement, subject to the terms and conditions thereof, upon the consummation of the transactions contemplated
thereby (the “Closing”), among other matters, (i) Merger Sub will be merged with and into SPAC (the “First
Merger”), with SPAC surviving the First Merger as a wholly owned subsidiary of the Company, and (ii) SPAC will be
merged with and into the Company (the “Second Merger”), with the Company surviving the Second Merger; and

 

WHEREAS,
in connection with the execution of the Merger Agreement, the Investors (the “Lock-Up Investors”) entered into
a lock-up agreement with the Company (each, as amended from time to time in accordance with the terms thereof, a “Lock-Up
Agreement”), pursuant to which each such Lock-Up Investor agreed not to transfer its Company securities for a certain period
of time after the Closing as stated in the Lock-Up Agreement.

 

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

 

1.             DEFINITIONS.
Any capitalized term used but not defined in this Agreement will have the meaning ascribed to such term in the Merger Agreement. The
following capitalized terms used herein have the following meanings:

 

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

 

“Beneficial Owners”
means Cartesian Capital Group, Tencent Holdings Limited, SCC Growth VI Holdco D, Ltd. and Eastern Bell International XXVI Limited.

 

“Business Day”
means a day, other than a Saturday, Sunday or other day on which commercial banks in New York City, the Cayman Islands, Hong Kong or
the PRC (as defined in the Merger Agreement) are authorized or required by law to close.

 

“Closing”
is defined in the recitals to this Agreement.

 

“Company”
is defined in the preamble to this Agreement, and shall include the Company’s successors by merger, acquisition, reorganization
or otherwise.

 

“Disinterested
Independent Director” means an independent director serving on the Company’s board of directors at the applicable
time of determination that is disinterested in this Agreement (i.e., such independent director is not an Investor, an affiliate of an
Investor, or an officer, director, manager, employee, trustee or beneficiary of an Investor or its affiliate, nor an immediate family
member of any of the foregoing).

 

    

     

    

 

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

 

“First Merger”
is defined in the recitals to this Agreement.

 

“Form S-3”
and “Form F-3” mean such respective form under the Securities Act as is in effect on the date hereof or
any successor registration form under the Securities Act subsequently adopted by the SEC which permits inclusion or incorporation of
substantial information by reference to other documents filed by the Company with the SEC.

 

“Government Entity”
means any foreign or domestic governmental authority, agency, instrumentality, bureau, court, board, commission, tribunal, subdivision
or other body of any federal, state, local, regional, or municipal government, any commercial or similar entities that the government
controls or owns (whether partially or completely), including any state-owned and state-operated companies or enterprises, any international
organizations such as the United Nations or the World Bank, and any political party.

 

“Holder”
means any Person owning of record Registrable Securities that have not been sold to the public or pursuant to Rule 144 promulgated
under the Securities Act or any permitted assignee of record of such Registrable Securities to whom rights under this Agreement have
been duly assigned in accordance with this Agreement.

 

“Holder Information”
means such information and affidavits as the Company reasonably requests for use in connection with any Registration.

 

“Investor(s)”
is defined in the preamble to this Agreement, and include any transferee of the Registrable Securities (so long as they remain Registrable
Securities) of an Investor permitted under this Agreement and with respect to a Lock-Up Investor, its Lock-Up Agreement.

 

“Joinder”
is defined in Section 5.2 to this Agreement.

 

“Law”
means all federal, state, foreign, local civil and common law, statute, subordinate legislation, treaty, regulations, directive, decision,
by-law, ordinance, rule, code, order, decree, injunction or judgment of any Government Entity.

 

“Lock-Up Agreement”
is defined in the recitals to this Agreement.

 

“Lock-Up Investor”
is defined in the recitals to this Agreement.

 

“Merger Agreement”
is defined in the recitals to this Agreement.

 

“Merger Sub”
is defined in the recitals to this Agreement.

 

“Person”
means (i) any individual, firm, company, corporation or other body corporate, unincorporated organization, joint venture, association,
organization, trust or partnership, works council or employee representative body, a division or an operating group of any of the foregoing
or any other entity or organization, including any Government Entity (whether or not having separate legal personality); and (ii) that
Person’s legal personal representatives, successors, permitted assigns and permitted nominees in any jurisdiction and whether or
not having separate legal personality but only if such successors, permitted assigns and permitted nominees are not prohibited by this
Agreement.

 

    2

     

    

 

“Ordinary Shares”
means the ordinary shares of the Company.

 

“Register,”
 “registered” and “registration” mean a registration effected by preparing and filing
a registration statement in compliance with the Securities Act, and the declaration or ordering of effectiveness of such registration
statement.

 

“Registrable
Securities” means (i) any Ordinary Shares held by the Investors as of the date of this Agreement or hereafter by the
Beneficial Owners, either of record or beneficially, issued or issuable upon conversion, exchange or exercise of any other Securities
of the Company (including Ordinary Shares issued or issuable upon the exercise of the SPAC Private Placement Warrants); (ii) any
Ordinary Shares issued as (or issuable upon the conversion or exercise of any warrant, right or other Security which is issued as) a
dividend or other distribution with respect to, or in exchange for or in replacement of, any Securities of the Company described in clause
(i) of this definition; and (iii) any other Ordinary Shares owned or hereafter acquired by any Investor or Beneficial Owner
in its capacity as an affiliate of the Company (as defined in Rule 144). Notwithstanding the foregoing, as to any particular Registrable
Securities, such securities shall cease to be Registrable Securities when: (a) a Registration Statement with respect to the sale
of such securities shall have become effective under the Securities Act and such securities shall have been sold, transferred, disposed
of or exchanged in accordance with such Registration Statement; (b) such securities shall have been otherwise transferred, new certificates
for them not bearing a legend restricting further transfer shall have been delivered by the Company and subsequent public distribution
of them shall not require registration under the Securities Act; (c) such securities shall have ceased to be outstanding; or (d) such
securities are freely saleable under Rule 144 without limitation, including with respect to volume, manner of sale and the availability
of current public information. Notwithstanding anything to the contrary contained herein, a person shall be deemed to be an “Investor
holding Registrable Securities” (or words to that effect) under this Agreement only if they are an Investor or a transferee of
the applicable Registrable Securities (so long as they remain Registrable Securities) of any Investor permitted under this Agreement
and the Lock-Up Agreement.

 

“Registrable
Securities Then Outstanding” means the number of Ordinary Shares that are Registrable Securities and are then issued and
outstanding.

 

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

 

“Rule 144”
means Rule 144 promulgated under the Securities Act.

 

“SEC”
means the United States Securities and Exchange Commission or any successor thereto.

 

“Second Merger”
is defined in the recitals to this Agreement.

 

“Securities Act”
means the Securities Act of 1933 of the United States of America, as amended, or any similar federal statute and the rules and regulations
of the SEC thereunder, all as the same shall be in effect at the time.

 

    3

     

    

 

“Securities”
means any shares, stocks, debentures, funds, bonds, notes or any rights, warrants, options or interests in respect of any of the foregoing
or any other derivatives or instruments having similar economic effect.

 

“SPAC”
is defined in the recitals to this Agreement.

 

“Underwriter”
means a securities dealer who purchases any Registrable Securities as principal in an underwritten offering and not as part of such dealer’s
market-making activities.

 

2.             REGISTRATION
RIGHTS.

 

2.1           Demand
Registration.

 

2.1.1        Request
by Holders. If the Company at any time after six (6) months following the consummation of the Closing, receives a written request
from the Holders of at least five (5%) of the Registrable Securities Then Outstanding (the “Demanding Holders”)
that the Company file a registration statement under the Securities Act covering the registration of Registrable Securities pursuant
to this Section 2.1, then the Company shall, no later than ten (10) Business Days after the receipt of such written request,
give written notice of such request (the “Request Notice”) to all Holders, and use reasonable efforts to effect,
as soon as practicable, the registration under the Securities Act of all Registrable Securities that Holders (including other shareholders)
who so request to be registered and included in such registration by written notice given by such Holders to the Company within twenty
(20) calendar days after receipt of the Request Notice, subject only to the limitations of this Section 2.1.

 

2.1.2        Underwriting.
If the Holders initiating the registration request under this Section 2.1 (the “Initiating Holders”) intend
to distribute the Registrable Securities covered by their request by means of an underwriting, then they shall so advise the Company
as a part of their request made pursuant to this Section 2.1 and the Company shall include such information in the written notice
referred to in subsection 2.1.1. In such event, the right of any Holder to include Registrable Securities in such registration will be
conditional upon such Holder’s participation in such underwriting and the inclusion of such Holder’s Registrable Securities
in the underwriting (unless otherwise mutually agreed by a majority in interest of the Initiating Holders and such Holder) to the extent
provided herein. All Holders proposing to distribute their securities through such underwriting shall enter into an underwriting agreement
in customary form with the managing underwriter or underwriters selected for such underwriting by the Holders of a majority of the Registrable
Securities being registered and reasonably acceptable to the Company. Notwithstanding any other provision of this Section 2.1, if
the one or more underwriters advise the Company in writing that marketing factors require a limitation of the number of securities to
be underwritten then the Company shall so advise all Holders of Registrable Securities which would otherwise be registered and underwritten
pursuant hereto, and the number of Registrable Securities that may be included in the underwriting shall be reduced as required by the
underwriter(s) and allocated among the Holders of Registrable Securities on a pro rata basis according to the number of Registrable
Securities Then Outstanding held by each Holder requesting registration (including the Initiating Holders); on the condition that the
number of shares of Registrable Securities to be included in such underwriting and registration will not be reduced unless all other
Securities are first entirely excluded from the underwriting and registration. If any Holder disapproves of the terms of any underwriting,
such Holder may elect to withdraw therefrom by written notice to the Company and the one or more underwriters, delivered prior to the
filing of the “red herring” prospectus related to such offering. Any Registrable Securities excluded and withdrawn from such
underwriting will be withdrawn from the registration. If the underwriter has not limited the number of Registrable Securities to be underwritten,
the Company may include its Securities for its own account in such registration if the underwriter so agrees and if the number of Registrable
Securities which would otherwise have been included in such registration and underwriting will not thereby be limited.

 

    4

     

    

 

2.1.3        Maximum
Number of Demand Registrations. Other than as contemplated by Section 2.1.6, the Company shall be obligated to effect only two
(2) such registrations pursuant to this Section 2.1 so long as such registrations have been declared or ordered effective.

 

2.1.4        Deferral.
Notwithstanding anything to the contrary contained herein, the Company will not be required to effect a registration pursuant to this
Section 2.1: (i) during the period starting with the date thirty (30) calendar days prior to the Company’s good
faith estimate of the date of the filing of, and ending on a date ninety (90) calendar days following the effective date of, a Company-initiated
registration subject to Section 2.2 below, provided that the Company is actively employing in good faith all reasonable efforts
to cause such registration statement to become effective; (ii) if the Initiating Holders propose to dispose of Registrable Securities
that may be registered on Form S-3 or Form F-3 pursuant to Section 2.3 below; or (iii) if the Company shall furnish
to Holders requesting the filing of a registration statement pursuant to this Section 2.1 a certificate signed by the Chief Executive
Officer or Chairman of the Board of the Company stating that in the good faith judgment of the Board, it would be materially detrimental
to the Company and its shareholders for such registration statement to be filed at such time, then the Company shall have the right to
defer such filing for a period of not more than ninety (90) calendar days after receipt of the request of the Initiating Holders; provided,
however, that the Company may not utilize this right more than once in any twelve (12) month period, and provided further that the Company
shall not register any securities for the account of itself or any other shareholder during such ninety (90) calendar day period (other
than a registration relating solely to the sale of securities of participants in an employee benefit plan, a registration relating to
a corporate reorganization or transaction under Rule 145 of the Securities Act).

 

2.1.5        Expenses.
The Company shall bear all expenses incurred in connection with any registration pursuant to this Section 2.1, including
without limitation all registration, filing and qualification fees, printer’s and accounting fees, fees and disbursements of counsel
for the Company, and reasonable fees and disbursements of one legal counsel for the selling Holders (but excluding underwriters’
discounts and commissions relating to shares sold by the Holders). Each Holder participating in a registration pursuant to this Section 2.1
shall bear such Holder’s proportionate share (based on the total number of shares sold in such registration other than for the
account of the Company) of all discounts, commissions or other amounts payable to underwriter(s) or brokers, in connection with
such offering by the Holders. Notwithstanding any of the foregoing provisions, the Company will not be required to pay for any expenses
of any registration proceeding begun pursuant to this Section 2.1 if the registration request is subsequently withdrawn at the request
of the Holders of a majority of the Registrable Securities to be registered (in which case the participating Holders requesting for the
withdrawal shall bear such expenses), unless all of the Holders of the Registrable Securities agree to forfeit their right to one demand
registration pursuant to this Section 2.1; on the condition, however, that if at the time of such withdrawal, the Holders have learned
of a material adverse change in the conditions, business or prospects of the Company from that known to the Holders at the time of their
request and have withdrawn the request with reasonable promptness following disclosure by the Company of such material adverse change,
then the Holders will not be required to pay any of such expenses and will retain their rights pursuant to this Section 2.1.

 

    5

     

    

 

2.1.6        Shelf
Registration. The Company shall file within forty-five (45) calendar days of the Closing, and use commercially reasonable efforts
to cause to be declared effective as soon as practicable thereafter (but no later than the earlier of (a) the ninetieth (90th)
day following the filing date thereof if the SEC notifies the Company that it will “review” the Registration Statement and
(b) the tenth (10th) Business Day after the date the Company is notified (orally or in writing,
whichever is earlier) by the SEC that the Registration Statement will not be “reviewed” or will not be subject to further
review), a Registration Statement for a shelf registration on Form S-1 or Form F-1 (the “Form S-1 or
Form F-1 Shelf”) or, if the Company is eligible to use a Registration Statement on Form S-3 or Form F-3,
a shelf registration on Form S-3 or Form F-3 (the “Form S-3 or Form F-3 Shelf” and together with the
Form S-1 or Form F-1 Shelf, each a “Shelf”), in each case, covering the resale of all the Registrable
Securities (determined as of two Business Days prior to such filing) on a delayed or continuous basis. Such Shelf shall provide for the
resale of the Registrable Securities included therein pursuant to any method or combination of methods legally available to, and requested
by, any holder named therein. The Company shall maintain a Shelf in accordance with the terms hereof, and shall prepare and file with
the SEC such amendments, including post-effective amendments, and supplements as may be necessary to keep a Shelf continuously effective,
available for use and in compliance with the provisions of the Securities Act until such time as there are no longer any Registrable
Securities. In the event the Company files a Form S-1 or Form F-1 Shelf, the Company shall use its commercially reasonable
efforts to convert the Form S-1 or Form F-1 Shelf (and any subsequent Shelf) to a Form S-3 or Form F-3 Shelf as soon
as practicable after the Company is eligible to use Form S-3 or Form F-3. Notwithstanding anything to the contrary herein,
to the extent there is an active Shelf under this Section 2.1.6 covering an Investor’s or Investors’ Registrable Securities,
and such Investor or Investors qualify as Demanding Holders pursuant to Section 2.1.1 and wish to request an underwritten offering
from such Shelf, such underwritten offering shall follow the procedures of Section 2.1 but such underwritten offering shall be made
from the Shelf and shall count against the number of long form Demand Registrations that may be made pursuant to Section 2.1.1.
The Company shall have the right to remove any Persons no longer holding Registrable Securities from the Shelf or any other shelf registration
statement by means of a post-effective amendment. In the event that any Holder holds Registrable Securities that are not registered for
resale on a delayed or continuous basis, the Company, upon written request of such Holder, shall promptly use its commercially reasonable
efforts to cause the resale of such Registrable Securities to be covered by either, at the Company’s option, any then available
Shelf (including by means of a post-effective amendment) or by filing a new Shelf and cause the same to become effective as soon as practicable
after such filing and such Shelf shall be subject to the terms hereof; provided, however, that the Company shall only be required to
cause such Registrable Securities to be so covered twice per calendar year for each of the Holders.

 

2.2           Piggy-Back
Registration.

 

2.2.1        Piggy-Back
Rights. The Company shall notify all Holders of Registrable Securities in writing at least twenty (20) calendar days prior to filing
any registration statement under the Securities Act for purposes of effecting a public offering of securities of the Company (including,
but not limited to, registration statements relating to secondary offerings of securities of the Company, but excluding registration
statements relating to any registration under Section 2.1 or Section 2.3, any employee benefit plan, any corporate reorganization
or transaction under Rule 145 of the Securities Act) and will afford each such Holder an opportunity to include in such registration
statement all or any part of the Registrable Securities then held by such Holder. Each Holder desiring to include in any such registration
statement all or any part of the Registrable Securities held by such Holder shall, no later than 18 calendar days after receipt of the
above-described notice from the Company, so notify the Company in writing, and in such notice must indicate the number of Registrable
Securities such Holder wishes to include in such registration statement. If a Holder decides not to include all of its Registrable Securities
in any registration statement thereafter filed by the Company, such Holder shall nevertheless continue to have the right to include any
Registrable Securities in any subsequent registration statement or registration statements as may be filed by the Company with respect
to offerings of its securities, all upon the terms and conditions set forth herein.

 

    6

     

    

 

2.2.1        Right
to Terminate Registration. The Company may terminate or withdraw any registration initiated by it under this Section 2.2 prior
to the effectiveness of such registration, regardless of whether any Holder has elected to include securities in such registration. The
Company shall bear all expenses of such withdrawn registration in accordance with Section 2.1.1(d).

 

2.2.2        Underwriting.
If a registration statement under which the Company gives notice under this Section 2.2 is for an underwritten offering,
then the Company shall so advise the Holders of Registrable Securities. In such event, the right of any such Holder’s Registrable
Securities to be included in a registration pursuant to this Section 2.2 will be conditioned upon such Holder’s participation
in such underwriting and the inclusion of such Holder’s Registrable Securities in the underwriting to the extent provided herein.
All Holders proposing to distribute their Registrable Securities through such underwriting shall enter into an underwriting agreement
in customary form with the managing underwriter or underwriters selected for such underwriting. Notwithstanding any other provision of
this Agreement, if the one or more managing underwriters determine in good faith that marketing factors require a limitation of the number
of shares to be underwritten, then the one or more managing underwriters may exclude shares from the registration and the underwriting,
and the number of shares that may be included in the registration and the underwriting shall be allocated, first to the Company, if applicable,
and second, to each of the Holders requesting inclusion of their Registrable Securities in such registration statement on a pro rata
basis based on the total number of Registrable Securities then held by each such Holder (or such other proportions as agreed among all
the selling Holders); except that the right of the one or more underwriters to exclude shares (including Registrable Securities) from
the registration and underwriting as described above shall be restricted so that (i) the number of Registrable Securities included
in any such registration is not reduced below 25% of the aggregate number of Registrable Securities for which inclusion has been requested;
and (ii) all shares that are not Registrable Securities and are held by any other Person, including, without limitation, any Person
who is an employee, officer, consultant or director of the Company (or any subsidiary of the Company), will first be excluded from such
registration and underwriting before any Registrable Securities are so excluded. If any Holder disapproves of the terms of any such underwriting,
such Holder may elect to withdraw therefrom by written notice to the Company and the one or more underwriters, delivered prior to the
filing of the “red herring” prospectus related such offering. Any Registrable Securities excluded or withdrawn from such
underwriting will be excluded and withdrawn from the registration. For any Holder that is a partnership, the Holder and the partners
and retired partners of such Holder, or the estates and family members of any such partners and retired partners and any trusts for the
benefit of any of the foregoing Persons, and for any Holder that is a corporation, the Holder and all corporations that are affiliates
of such Holder, shall be deemed to be a single “Holder” and any pro rata reduction with respect to such “Holder”
shall be based upon the aggregate amount of Registrable Securities owned by all such entities and individuals.

 

2.2.3        Expenses.
All expenses incurred in connection with any registration pursuant to this Section 2.2, including without limitation all
registration, filing and qualification fees, printer’s and accounting fees, fees and disbursements of counsel for the Company,
and reasonable fees and disbursements of one legal counsel for the selling Holders (but excluding underwriters’ discounts and commissions
relating to shares sold by the Holders), shall be borne by the Company.

 

2.2.4        Not
Demand Registration. Registration pursuant to this Section 2.2 will not be deemed to be a demand registration as described in
Section 2.1 above. Except as otherwise provided herein, there will be no limit on the number of times the Holders may request registration
of Registrable Securities under this Section 2.2.

 

    7

     

    

 

2.3           Form S-3
or Form F-3 Registration.

 

2.3.1        If
the Company receives from any one or more Holder of Registrable Securities Then Outstanding a written request or requests that the Company
effect a registration on Form S-3 or Form F-3 and any related qualification or compliance with respect to all or a part of
the Registrable Securities owned by such Holder or Holders, then the Company will (i) promptly give written notice of the proposed
registration and the Holder’s or Holders’ request therefor, and any related qualification or compliance, to all other Holders
of Registrable Securities; (ii) and use commercially reasonable efforts to effect, as soon as practicable, such registration and
all such qualifications and compliances as may be so requested and as would permit or facilitate the sale and distribution of all or
such portion of such Holders or Holders’ Registrable Securities as are specified in such request, together with all or such portion
of the Registrable Securities of any other Holder or Holders joining in such request as are specified in a written request given no later
than fourteen (14) calendar days after the Company provides the notice contemplated by this section 2.3.1; except that the Company will
not be obligated to effect any such registration, qualification or compliance pursuant to this Section 2.3:

 

		(a)	if
                                            Form S-3 or Form F-3 is not available for such offering by the Holders;

 

		(b)	if
                                            the Holders, together with the holders of any other securities of the Company entitled to
                                            inclusion in such registration, propose to sell Registrable Securities and such other securities
                                            (if any) at an aggregate price to the public (net of any underwriters’ discounts or
                                            commissions) of less than US$1,000,000;

 

		(c)	if
                                            the Company furnishes the Holders with a certificate signed by the Company’s Chief
                                            Executive Officer or Chairman of the Board stating that in the good faith judgment of the
                                            board of directors of the Company, it would be materially detrimental to the Company and
                                            its shareholders for such Form S-3 or Form F-3 registration to be effected at such
                                            time, in which event the Company may defer the filing of the Form S-3 or Form F-3
                                            registration statement for a period of not more than ninety (90) calendar days after receipt
                                            of the request of the Holder or Holders under this Section 2.3; except that the Company
                                            shall not (i) exercise this right more than once in any twelve (12) month period; and
                                            (ii) register any securities for the account of itself or any other shareholder during
                                            any such ninety (90) day period (other than a registration relating solely to the sale of
                                            securities of participants in an employee benefit plan, a registration relating to a corporate
                                            reorganization or transaction under Rule 145 of the Securities Act);

 

		(d)	if
                                            the Company has, during the twelve (12) month period preceding the date of such request,
                                            already effected two (2) registrations under the Securities Act pursuant to the provisions
                                            of this Section 2.3 and such registrations have been declared or ordered effective;
                                            or

 

		(e)	during
                                            the period starting with the date thirty (30) calendar days prior to the Company’s
                                            good faith estimate of the date of the filing of and ending on a date ninety (90) calendar
                                            days following the effective date of a Company-initiated registration subject to Section 2.2,
                                            so long as the Company is actively employing in good faith reasonable efforts to cause such
                                            registration statement to become effective.

 

    8

     

    

 

2.3.2        Expenses.
The Company shall bear all expenses incurred in connection with any registration pursuant to this Section 2.3, including without
limitation all registration, filing and qualification fees, printer’s and accounting fees, fees and disbursements of counsel for
the Company, and reasonable fees and disbursements of one legal counsel for the selling Holders (but excluding underwriters’ discounts
and commissions relating to shares sold by the Holders). Notwithstanding any of the foregoing provisions, the Company shall not be required
to pay for any expenses of any registration proceeding begun pursuant to this Section 2.3 if the registration request is subsequently
withdrawn at the request of the Holders of a majority of the Registrable Securities to be registered (in which case the participating
Holders requesting for the withdrawal shall bear such expenses), except that if at the time of such withdrawal, the Holders have learned
of a material adverse change in the condition, business or prospects of the Company from that known to the Holders at the time of their
request and have withdrawn the request with reasonable promptness following disclosure by the Company of such material adverse change,
then the Holders will not be required to pay any of such expenses and will retain their rights pursuant to this Section 2.3.

 

2.3.3        Underwriting.
If the Holders requesting registration on Form S-3 or Form F-3 intend to distribute the Registrable Securities covered by their
request by means of an underwriting, such Holders shall so advise the Company as a part of their request made pursuant to this Section 2.3
and the Company shall include such information in the written notice referred to in Section 2.3.1. The provisions of Section 2.1
will apply to such a request (with the substitution of this Section 2.3 for references to Section 2.1). Subject to the foregoing,
the Company shall file a registration statement covering the Registrable Securities and other securities so requested to be registered
as soon as practicable after receipt of the request or requests of the Holders requesting registration on Form S-3 or Form F-3.

 

2.3.4        Not
Demand Registration. Form S-3 or Form F-3 registrations will not be deemed to be demand registrations as described in Section 2.1.
Except as otherwise provided herein, there will be no limit on the number of times the Holders may request registration of Registrable
Securities under this Section 2.3.

 

3.             REGISTRATION
PROCEDURES.

 

3.1           Filings;
Information. Whenever required to effect the registration of any Registrable Securities under this Agreement, the Company shall,
as expeditiously as reasonably possible:

 

3.1.1        Registration
Statement. Prepare and file with the SEC a registration statement with respect to such Registrable Securities and use reasonable
efforts to cause such registration statement to become effective.

 

3.1.2        Amendments
and Supplements. Prepare and file with the SEC such amendments and supplements to such registration statement and the prospectus
used in connection with such registration statement as may be necessary to comply with the provisions of the Securities Act with respect
to the disposition of all securities covered by such registration statement.

 

3.1.3        State
Securities Laws Compliance. Use reasonable efforts to register and qualify the securities covered by such registration statement
under such other securities or Blue Sky laws of such jurisdictions as is reasonably requested by the Holders, but the Company will not
be required in connection therewith or as a condition thereto to qualify to do business or to file a general consent to service of process
in any such states or jurisdictions.

 

3.1.4        Notification.
Notify each Holder of Registrable Securities covered by such registration statement at any time when a prospectus or free writing prospectus
(to the extent prepared by or on behalf of the Company) relating thereto is required to be delivered under the Securities Act of the
happening of any event as a result of which the prospectus included in such registration statement, as then in effect, includes an untrue
statement of a material fact or omits to state a material fact required to be stated therein or necessary to make the statements therein
not misleading in the light of the circumstances then existing, and, at the request of any such Holder, the Company will, as soon as
reasonably practicable, file and furnish to all such Holders a supplement or amendment to such prospectus or free writing prospectus
(to the extent prepared by or on behalf of the Company) so that, as thereafter delivered to the purchasers of such Registrable Securities,
such prospectus will not contain an untrue statement of a material fact or omit to state any fact necessary to make the statements therein
not misleading in light of the circumstances under which they were made.

 

    9

     

    

 

3.1.5        Opinion
and Comfort Letter. Furnish, at the request of any Holder requesting registration of Registrable Securities, on the date that such
Registrable Securities are delivered to the one or more underwriters for sale, if such securities are being sold through underwriters,
or, if such securities are not being sold through underwriters, on the date that the registration statement with respect to such securities
becomes effective, (i) an opinion, dated as of such date, of each of the Company’s United States securities counsel and the
local counsel which are representing the Company for the purposes of such registration, in form and substance as is customarily given
to underwriters in an underwritten public offering and reasonably satisfactory to a majority in interest of the Holders requesting registration,
addressed to the underwriters, if any, and to the Holders requesting registration of Registrable Securities and (ii) a “comfort
letter”, dated as of such date, from the independent certified public accountants of the Company, in form and substance as is customarily
given by independent certified public accountants to underwriters in an underwritten public offering and reasonably satisfactory to a
majority in interest of the Holders requesting registration, addressed to the underwriters, if any, and to the Holders requesting registration
of Registrable Securities.

 

3.1.6        Exchange.
Cause all such Registrable Securities registered pursuant to this Agreement to be listed on a national exchange or trading system and
on each securities exchange and trading system on which similar securities issued by the Company are then listed.

 

3.1.7        CUSIP.
Provide a transfer agent and registrar for all Registrable Securities registered pursuant to this Agreement and a CUSIP number for all
such Registrable Securities, in each case not later than the effective date of such registration.

 

3.2           Holder
Information. Notwithstanding anything in this Agreement to the contrary, if any Holder does not provide the Company with its requested
Holder Information, the Company may exclude such Holder’s Registrable Securities from the applicable Registration if the Company
determines, based on the advice of counsel, that such information is necessary to effect the Registration and such Holder continues thereafter
to withhold such information. The exclusion of a Holder’s Registrable Securities as a result of this Section 3.2 shall
not affect the registration of the other Registrable Securities to be included in such Registration.

 

    10

     

    

 

4.             INDEMNIFICATION
AND CONTRIBUTION.

 

4.1           Indemnification
by the Company. To the extent permitted by law, the Company shall indemnify and hold harmless each Holder, the partners, members,
officers, directors and stockholders of each Holder, legal counsel and accountants for each Holder, any underwriter (as defined in the
Securities Act) for such Holder and each Person, if any, who controls such Holder or underwriter within the meaning of the Securities
Act or the Exchange Act, against any losses, claims, damages or liabilities (joint or several) to which they may become subject under
the Securities Act, the Exchange Act, any state securities laws or any rule or regulation promulgated under the Securities Act,
insofar as such losses, claims, damages, or liabilities (or actions in respect thereof) arise out of or are based upon any of the following
statements, omissions or violations (collectively a “Violation”): (i) any untrue statement or alleged
untrue statement of a material fact contained in such registration statement, including any preliminary prospectus, final prospectus,
or free writing prospectus contained therein or any amendments or supplements thereto, any issuer information (as defined in Rule 433
of the Securities Act) filed or required to be filed pursuant to Rule 433(d) under the Securities Act or any other document
incident to such registration prepared by or on behalf of the Company or used or referred to by the Company, (ii) the omission or
alleged omission to state in such registration statement a material fact required to be stated therein, or necessary to make the statements
therein not misleading or (iii) any violation or alleged violation by the Company of the Securities Act, the Exchange Act, any state
securities laws or any rule or regulation promulgated under the Securities Act, the Exchange Act or any state securities laws, and
the Company shall reimburse each such Holder, underwriter, controlling Person or other aforementioned Person for any legal or other expenses
reasonably incurred by them in connection with investigating or defending any such loss, claim, damage, liability or action as such expenses
are incurred; except that the indemnity agreement contained in this Section 4 will not apply to amounts paid in settlement of any
such loss, claim, damage, liability or action if such settlement is effected without the consent of the Company (which consent cannot
be unreasonably withheld), nor shall the Company be liable in any such case for any such loss, claim, damage, liability or action to
the extent that it arises out of or is based upon a Violation that occurs in reliance upon and in conformity with written information
furnished expressly for use in connection with such registration by any such Holder, underwriter, controlling Person or other aforementioned
Person.

 

4.2           Indemnification
by Investors Holding Registrable Securities. To the extent permitted by law, each selling Holder, severally and not jointly, will
indemnify and hold harmless the Company, each of the Holder’s directors, each of its officers who has signed the registration statement,
each Person, if any, who controls the Company within the meaning of the Securities Act, legal counsel and accountants for the Company,
any underwriter, any other Holder selling securities in such registration statement and any controlling Person of any such underwriter
or other Holder, against any losses, claims, damages or liabilities (joint or several) to which any of the foregoing Persons may become
subject, under the Securities Act, the Exchange Act, any state securities laws or any rule or regulation promulgated under the Securities
Act, the Exchange Act or any state securities laws, insofar as such losses, claims, damages or liabilities (or actions in respect thereto)
arise out of or are based upon any Violation, in each case to the extent (and only to the extent) that such Violation occurs in reliance
upon and in conformity with written information furnished by such Holder expressly for use in connection with such registration; and
each such Holder will reimburse any Person intended to be indemnified pursuant to this Section 4.2 for any legal or other expenses
reasonably incurred by such Person in connection with investigating or defending any such loss, claim, damage, liability or action as
such expenses are incurred; provided, however, that the indemnity agreement contained in this Section 4.2 shall not apply to amounts
paid in settlement of any such loss, claim, damage, liability or action if such settlement is effected without the consent of the Holder
(which consent shall not be unreasonably withheld), and provided that in no event shall a Holder’s liability pursuant to this Section 4.2,
when combined with the amounts paid or payable by such Holder pursuant to Section 4.4 below, exceed the proceeds from the offering
received by such Holder (net of underwriter discounts and commissions and any expenses paid by such Holder).

 

4.3           Conduct
of Indemnification Proceedings. Promptly after receipt by an indemnified party under this Section 4 of notice of the commencement
of any action (including any governmental action) for which a party may be entitled to indemnification, such indemnified party will,
if a claim in respect thereof is to be made against any indemnifying party under this Section 4, deliver to the indemnifying party
a written notice of the commencement thereof and the indemnifying party shall have the right to participate in and, to the extent the
indemnifying party so desires, jointly with any other indemnifying party similarly noticed, to assume the defense thereof with counsel
mutually satisfactory to the parties; provided, however, that an indemnified party (together with all other indemnified parties that
may be represented without conflict by one counsel) shall have the right to retain one (1) separate counsel, with the fees and expenses
to be paid by the indemnifying party, if representation of such indemnified party by the counsel retained by the indemnifying party would
be inappropriate due to actual or potential differing interests between such indemnified party and any other party represented by such
counsel in such proceeding. The failure to deliver written notice to the indemnifying party within a reasonable time of the commencement
of any such action, if prejudicial to its ability to defend such action, shall relieve such indemnifying party of liability to the indemnified
party under this Section 4 to the extent of such prejudice, but the omission to so deliver written notice to the indemnifying party
will not relieve it of any liability that it may have to any indemnified party otherwise than under this Section 4.

 

    11

     

    

 

4.4           Contribution.
If the indemnification provided for in this Section 4 is held by a court of competent jurisdiction to be unavailable to an indemnified
party with respect to any loss, liability, claim, damage or expense referred to herein, then the indemnifying party, in lieu of indemnifying
such indemnified party hereunder, shall contribute to the amount paid or payable by such indemnified party as a result of such loss,
liability, claim, damage or expense in such proportion as is appropriate to reflect the relative fault of the indemnifying party on the
one hand and the indemnified party on the other hand in connection with the statements or omissions that resulted in such loss, liability,
claim, damage or expense, as well as any other relevant equitable considerations; provided, however, that (i) no contribution by
any Holder, when combined with any amounts paid by such Holder pursuant to Section 4.2, shall exceed the net proceeds from the offering
received by such Holder and (ii) no Person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of
the Securities Act) will be entitled to contribution from any Person who was not guilty of such fraudulent misrepresentation; and provided
further that in no event shall a Holder’s liability pursuant to this Section 4.4, when combined with the amounts paid or payable
by such Holder pursuant to Section 4.2, exceed the proceeds from the offering received by such Holder (net of underwriter discounts
and commissions and any expenses paid by such Holder). The relative fault of the indemnifying party and the indemnified party shall be
determined by reference to, among other things, whether the untrue or alleged untrue statement of a material fact or the omission or
alleged omission to state a material fact relates to information supplied by the indemnifying party or by the indemnified party and the
parties’ relative intent, knowledge, access to information and opportunity to correct or prevent such statement or omission.

 

4.5           Survival.
The obligations of the Company and Holders under this Section 4 will survive the completion of any offering of Registrable Securities
in a registration statement under this Section 4 and otherwise.

 

4.6           The
obligations of the parties under this Section 4 shall be in addition to any liability which any party may otherwise have to any
other party.

 

5.             MISCELLANEOUS

 

5.1           No
Registration Rights to Third Parties. Without the prior consent of the Holders of a majority of the Registrable Securities Then Outstanding,
the Company shall not grant, and shall not cause or permit to be created, for the benefit of any Person any registration rights of any
kind (whether similar to the demand, “piggyback” or Form S-3 or Form F-3 registration rights described in this
Agreement, or otherwise) relating to any Securities of the Company, other than rights that are subordinate in right to each Investor.

 

5.2           Third-Party
Beneficiaries; Joinder. Each Beneficial Owner shall be a third-party beneficiary of this Agreement. If any Beneficial Owner
becomes a direct shareholder of the Company, such Beneficial Owners shall become a party to this Agreement and be entitled to and be
bound by all the rights and obligations as a Holder by executing a joinder to this Agreement in the form of Exhibit A attached hereto
(each, a “Joinder”). Upon the execution and delivery of a Joinder by such Beneficial Owner, such Beneficial
Owner shall be deemed as a Holder.

 

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5.3           Assignment.
This Agreement and the rights, duties and obligations of the Company hereunder may not be assigned or delegated by the Company in whole
or in part, unless the Company first provides Investors holding Registrable Securities at least ten (10) Business Days prior written
notice; provided that no assignment or delegation by the Company will relieve the Company of its obligations under this Agreement unless
the Investors holding a majority-in-interest of the Registrable Securities provide their prior written consent, which consent must not
be unreasonably withheld, delayed or conditioned. This Agreement and the rights, duties and obligations of an Investor holding Registrable
Securities hereunder may be freely assigned or delegated by such Investor in conjunction with and to the extent of any transfer of Registrable
Securities by such Investor which is not prohibited by such Investor’s Lock-Up Agreement; provided that no assignment by any Investor
of its rights, duties and obligations hereunder shall be binding upon or obligate the Company unless and until the Company shall have
received (i) written notice of such assignment and (ii) the written agreement of the assignee, in a form reasonably satisfactory
to the Company, to be bound by the terms and provisions of this Agreement (which may be accomplished by an addendum or certificate of
joinder to this Agreement). This Agreement and the provisions hereof shall be binding upon and shall inure to the benefit of each of
the parties, to the permitted assigns of the Investors or of any assignee of the Investors. This Agreement is not intended to confer
any rights or benefits on any persons that are not party hereto other than as expressly set forth in Section 4 and this Section 5.3.

 

5.4           Specific
Performance. Each of the parties acknowledges and agrees that the other parties would be damaged irreparably in the event any of
the provisions of this Agreement are not performed in accordance with their specific terms or otherwise are breached or violated. Accordingly,
to the fullest extent permitted by law, each of the parties agrees that, without posting bond or other undertaking, the other parties
will be entitled to an injunction or injunctions to prevent breaches or violations of the provisions of this Agreement and to enforce
specifically this Agreement and the terms and provisions hereof in any action, claim or suit in addition to any other remedy to which
it may be entitled, at law or in equity. Each party further agrees that, in the event of any action for specific performance in respect
of such breach or violation, it will not assert that the defense that a remedy at law would be adequate.

 

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

 

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

 

5.7           Entire
Agreement. This Agreement (together with the Merger Agreement and the Lock-Up Agreements to the extent incorporated herein, and including
all agreements entered into pursuant hereto or thereto or referenced herein or therein and all certificates and instruments delivered
pursuant hereto and thereto) constitutes the entire agreement of the parties with respect to the subject matter hereof and supersedes
all prior and contemporaneous agreements, representations, understandings, negotiations and discussions between the parties, whether
oral or written, relating to the subject matter hereof; provided, that, for the avoidance of doubt, the foregoing shall not affect the
rights and obligations of the parties under the Merger Agreement or any other ancillary document.

 

    13

     

    

 

5.8           Interpretation.
Titles and headings of sections of this Agreement are for convenience only and shall not affect the construction of any provision of
this Agreement. In this Agreement, unless the context otherwise requires: (i) any pronoun used in this Agreement shall include the
corresponding masculine, feminine or neuter forms, and the singular form of nouns, pronouns and verbs shall include the plural and vice
versa; (ii) “including” (and with correlative meaning “include”) means including without limiting the generality
of any description preceding or succeeding such term and shall be deemed in each case to be followed by the words “without limitation”;
(iii) the words “herein,” “hereto,” and “hereby” and other words of similar import in this Agreement
shall be deemed in each case to refer to this Agreement as a whole and not to any particular section or other subdivision of this Agreement;
and (iv) the term “or” means “and/or”. The parties have participated jointly in the negotiation and drafting
of this Agreement. Consequently, in the event an ambiguity or question of intent or interpretation arises, this Agreement shall be construed
as if drafted jointly by the parties hereto, and no presumption or burden of proof shall arise favoring or disfavoring any party by virtue
of the authorship of any provision of this Agreement.

 

5.9           Amendments;
Waivers. Any term of this Agreement may be amended and the observance of any term of this Agreement may be waived (either generally
or in a particular instance, and either retroactively or prospectively) only with the written agreement or consent of the Company (after
the Closing by a majority of the Disinterested Independent Directors) and Investors holding a majority-in-interest of the Registrable
Securities; provided, that any amendment or waiver of this Agreement which affects an Investor in a manner materially and adversely disproportionate
to other Investors will also require the consent of such Investor. No failure or delay by a party in exercising any right hereunder shall
operate as a waiver thereof. No waivers of or exceptions to any term, condition, or provision of this Agreement, in any one or more instances,
shall be deemed to be or construed as a further or continuing waiver of any such term, condition, or provision.

 

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

 

5.11         Governing
Law; Jurisdiction. This Agreement shall be governed by, construed and enforced in accordance with the Laws of the State of New York
without regard to the conflict of laws principles thereof. THE PARTIES HERETO IRREVOCABLY SUBMIT TO THE EXCLUSIVE JURISDICTION OF THE
UNITED STATES DISTRICT COURT FOR THE SOUTHERN DISTRICT OF NEW YORK, THE SUPREME COURT OF THE STATE OF NEW YORK AND THE FEDERAL COURTS
OF THE UNITED STATES OF AMERICA LOCATED IN THE STATE OF NEW YORK IN NEW YORK COUNTY SOLELY IN RESPECT OF THE INTERPRETATION AND ENFORCEMENT
OF THE PROVISIONS OF THIS AGREEMENT AND THE DOCUMENTS REFERRED TO IN THIS AGREEMENT AND IN RESPECT OF THE TRANSACTIONS CONTEMPLATED HEREBY,
AND HEREBY WAIVE, AND AGREE NOT TO ASSERT, AS A DEFENSE IN ANY ACTION, SUIT OR PROCEEDING FOR INTERPRETATION OR ENFORCEMENT HEREOF OR
SUCH DOCUMENTS THAT SUCH ACTION, SUIT OR PROCEEDING MAY NOT BE BROUGHT OR IS NOT MAINTAINABLE IN SAID COURTS OR THAT VENUE THEREOF
MAY NOT BE APPROPRIATE OR THAT THIS AGREEMENT OR ANY SUCH DOCUMENT MAY NOT BE ENFORCED IN OR BY SUCH COURTS, AND THE PARTIES
HERETO IRREVOCABLY AGREE THAT ALL CLAIMS WITH RESPECT TO SUCH ACTION, SUIT OR PROCEEDING SHALL BE HEARD AND DETERMINED BY SUCH A NEW
YORK STATE OR FEDERAL COURT. THE PARTIES HEREBY CONSENT TO AND GRANT ANY SUCH COURT JURISDICTION OVER THE PERSON OF SUCH PARTIES AND
OVER THE SUBJECT MATTER OF SUCH DISPUTE AND AGREE THAT MAILING OF PROCESS OR OTHER PAPERS IN CONNECTION WITH SUCH ACTION, SUIT OR PROCEEDING
IN THE MANNER PROVIDED IN SECTION 5.15 OR IN SUCH OTHER MANNER AS MAY BE PERMITTED BY LAW SHALL BE VALID AND SUFFICIENT SERVICE
THEREOF.

 

    14

     

    

 

5.12         WAIVER
OF TRIAL BY JURY. EACH PARTY ACKNOWLEDGES AND AGREES THAT ANY CONTROVERSY WHICH MAY ARISE UNDER THIS AGREEMENT OR THE TRANSACTIONS
CONTEMPLATED HEREBY IS LIKELY TO INVOLVE COMPLICATED AND DIFFICULT ISSUES, AND THEREFORE EACH SUCH PARTY HEREBY IRREVOCABLY AND UNCONDITIONALLY
WAIVES ANY RIGHT SUCH PARTY MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING
TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED BY THIS AGREEMENT. EACH PARTY CERTIFIES AND ACKNOWLEDGES THAT (I) NO REPRESENTATIVE,
AGENT OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION,
SEEK TO ENFORCE THE FOREGOING WAIVER; (II) SUCH PARTY UNDERSTANDS AND HAS CONSIDERED THE IMPLICATIONS OF THE FOREGOING WAIVER; (III) SUCH
PARTY MAKES THE FOREGOING WAIVER VOLUNTARILY AND (IV) SUCH PARTY HAS BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS,
THE MUTUAL WAIVER AND CERTIFICATIONS IN THIS SECTION 5.12.

 

5.13         Authorization
to Act on Behalf of the Company. The parties acknowledge and agree that from and after the Closing, the Disinterested Independent
Directors, by vote, consent, approval or determination of a majority of the Disinterested Independent Directors, is authorized and shall
have the sole right to act on behalf of the Company under this Agreement, including the right to enforce the Company’s rights and
remedies under this Agreement. Without limiting the foregoing, in the event that an Investor serves as a director, officer, employee
or other authorized agent of the Company, such Investor shall have no authority, express or implied, to act or make any determination
on behalf of the Company in connection with this Agreement or any dispute or Action with respect hereto.

 

5.14         Termination
of Merger Agreement. This Agreement shall be binding upon each party upon such party’s execution and delivery of this Agreement,
but this Agreement shall only become effective upon the Closing. In the event that the Merger Agreement is validly terminated in accordance
with its terms prior to the Closing, this Agreement shall automatically terminate and become null and void and be of no further force
or effect, and the parties shall have no obligations hereunder.

 

5.15         Notices.
All notices, consents, waivers and other communications hereunder shall be in writing and shall be deemed to have been duly given when
delivered (i) in person, (ii) by facsimile or other electronic means, with affirmative confirmation of receipt, (iii) one
Business Day after being sent, if sent by reputable, nationally recognized overnight courier service or (iv) three (3) Business
Days after being mailed, if sent by registered or certified mail, pre-paid and return receipt requested, in each case to the applicable
party at the addresses provided under such party’s signature page hereto (or at such other address for such party as shall
be specified by like notice).

 

    15

     

    

 

5.16         Counterparts.
This Agreement may be executed in multiple counterparts (including by facsimile or pdf or other electronic document transmission), each
of which shall be deemed an original, and all of which taken together shall constitute one and the same instrument.

 

{REMAINDER OF PAGE INTENTIONALLY LEFT BLANK;
SIGNATURE PAGES FOLLOW}

 

    16

     

    

 

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

 

	 	Company:
	 	 
	 	TH INTERNATIONAL LIMITED
	 	 
	 	By:
	 	Name:
	 	Title:
	 	 
	 	Address for Notice:
	 	 
	 	Address:
	 	 
	 	Facsimile No.:
	 	Telephone No.:
	 	Email:

 

     

     

    

 

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

 

	 	Investor:
	 	 
	 	[INVESTOR]
	 	 
	 	By:	                 
	 		Name:
	 		Title:
	 	                           
	 	Address
    for Notice:
	 	 
	 	Address:
	 	 
	 	Facsimile
    No.:
	 	Telephone
    No.:
	 	Email:

 

{Exhibit A to Registration Rights Agreement}

 

     

     

    

 

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

 

	 	Investor:
	 	 
	 	[INVESTOR]
	 	 
	 	By:	                 
	 		Name:
	 		Title:
	 	                           
	 	Address
    for Notice:
	 	 
	 	Address:
	 	 
	 	Facsimile
    No.:
	 	Telephone
    No.:
	 	Email:

 

{Signature Page to Registration Rights
Agreement}

 

     

     

    

 

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

 

	 	Investor:
	 	 
	 	[INVESTOR]
	 	 
	 	By:	                 
	 		Name:
	 		Title:
	 	                           
	 	Address
    for Notice:
	 	 
	 	Address:
	 	 
	 	Facsimile
    No.:
	 	Telephone
    No.:
	 	Email:

 

{Signature Page to Registration Rights Agreement}

 

     

     

    

 

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

 

	 	Investor:
	 	 
	 	[INVESTOR]
	 	 
	 	By:	                 
	 		Name:
	 		Title:
	 	                           
	 	Address
    for Notice:
	 	 
	 	Address:
	 	 
	 	Facsimile
    No.:
	 	Telephone
    No.:
	 	Email:

 

{Signature Page to Registration Rights
Agreement}

 

     

     

    

 

EXHIBIT A

 

The
undersigned is executing and delivering this Joinder pursuant to the Registration Rights Agreement dated as of _____, 2021 (as amended,
modified and waived from time to time, the “Registration Agreement”) by and among TH International Limited,
a Cayman Islands exempted company (including any successor entity thereto, the “Company”), and the other parties
named as parties therein (including pursuant to other Joinders). Capitalized terms used herein shall have the meaning set forth in the
Registration Agreement.

 

By executing and delivering this Joinder to the Company, the undersigned
hereby agrees to become a party to, to be bound by, and to comply with the provisions of, the Registration Agreement as a Holder in the
same manner as if the undersigned were an original signatory to the Registration Agreement, and the undersigned will be deemed for all
purposes to be a Holder and the undersigned’s ________ Ordinary Shares of the Company will be deemed for all purposes to be Registrable
Securities under the Registration Agreement.

 

Accordingly, the undersigned has executed and delivered this Joinder
as of the ____ day of _____, 20__.

 

 

	 	 
	 	Signature
	 	 
	 	By: 
	 	Name:
	 	Title:

 

Agreed and Accepted as of

 

______, 20___:

 

TH INTERNATIONAL LIMITED

 

By:     

Name:

Title:

 

{Exhibit A to Registration Rights Agreement}

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