Document:

2001 Bryan Street

Suite 3700

Dallas, Texas 75201

www .regenyenergy.com

 

January 25, 2010

 

Osman Kaldirim, Jr.

E&Pco, LLC

2500 Tanglewilde

Suite 260

Houston, Texas 77063

 

	 	Re:	Regency Intrastate Gas LP
	 	 	Facility Construction and Reimbursement Agreement
	 	 	Tap, Valve and Meter Installation
	 	 	IPCO #1 Interconnect, Section 21-T14N-R5E
	 	 	Caldwell Parish, Louisiana

 

Dear Mr.Kaldirim:

 

This Facility Agreement shall indicate the mutual agreement
of Regency Intrastate Gas LP ('RIGS"), and E&Pco, LLC ("E&Pco") to install a tap, valve and metering facilities
for the receipt of gas by RIGS from E&Pco under the following terms and conditions:

 

		1.	Facilities: Prior to the construction of any facilities contemplated hereunder, RIGS must
obtain all permits and approvals as required by any agencies having jurisdiction over RIGS. Upon receipt of all necessary permits
or regulatory approvals, RIGS will install, own, and maintain on or a new meter station consisting of a 6" tap and a 3"
meter tube and associated piping, valves, flow control, over pressure protection valve, flanges and fittings ("Meter Station")
to be located near Section 21-Tl4N-R5E on Regency's existing 30" pipeline in Caldwell Parish, Louisiana (the "Facilities").
Exhibit A attached hereto sets forth in detail the responsibilities of Regency Intrastate and E&Pco.

 

	 	2.	Reimbursement: E&Pco shall reimburse RIGS for all costs actually incurred by RIGS associated with the construction of the Facilities. All costs and charges shall be paid in advance of any work performed by RIGS. RIGS has estimated the total costs hereunder to be $221,000 ("Estimate"). E&Pco and RIGS recognize that the Estimate may not be equivalent to the total actual RIGS costs and, that E&Pco shall be solely responsible for and shall reimburse RIGS for the total actual RIGS costs, if any, that exceed the Estimate. RIGS shall promptly notify E&Pco in writing if RIGS reasonably anticipates that the actual costs will exceed the Estimate. Within sixty (60) days after completion of the installation of the Facilities, RIGS shall either (a) invoice E&Pco for the total actual costs incurred by RIGS in excess of the Estimate if actual costs exceed the Estimate or (b) refund to E&Pco any amounts paid that exceeded the actual costs if the actual costs were less than the Estimate; provided, however, that RIGS shall not be obligated to invoice or refund amounts less than $100. E&Pco shall pay the full Estimate prior to installation of the Facilities.

 

 

    	 

    	 

    

 

		3.	Operations and Maintenance: RIGS shall have the
on-going right to perform, or to have performed, any future construction, inspections, repairs, additions, modifications, upgrades,
replacements, removal, disconnect, abandonment, and, if necessary, retirement of the Facilities deemed necessary by RIGS, and
any associated costs shall be reimbursed by E&Pco. E&Pco shall provide RIGS or its representatives full access, rights,
permission, and authority for ingress to and egress from the.Facilities as long as such Facilities are in service.

 

If
E&Pco materially fails to comply with any provision of this Agreement (excluding by reason of force majeure), then RIGS
shall have the right, upon reasonable notification to E&Pco and subject to any necessary regulatory authorizations , to suspend
the flow of gas through the Facilities. E&Pco shall reimburse RIGS for any costs incurred as a result of such suspension, and
for reestablishing the flow of gas through the Facilities. RIGS shall not be required to resume gas flow through the Facilities
until E&Pco has corrected, in RIGS's reasonable judgment , the area(s) of noncompliance with this Agreement.

 

		4.	Other Agreement(s): Nothing in this Agreement shall be construed to grant E&Pco any
transmission rights on RIGS pipeline system. RIGS' receipt of Gas at the new receipt point will be subject to the terms and conditions
of the applicable Transportation Agreement(s) and the Operating Statement of Regency Intrastate Gas LP ("RIGS Operating Statement").

 

		5.	Indemnity

 

		a.	Indemnity by E&Pco: E&Pco shall defend, indemnify and hold harmless RIGS, its parent,
subsidiaries and affiliates, and their respective agents, officers, directors, representatives and employees (collectively "RIGS
Indemnified Parties") from and against any and all claims, demands, causes of action, settlements, liabilities, losses, costs,
damages, fines, judgments or expenses (including without limitation, fees and disbursements of counsel incurred by the RIGS Indemnified
Parties in any action or proceeding between the indemnifying party and the RIGS Indemnified Parties or between the RIGS Indemnified
Parties and any third party or otherwise) (collectively "Claims") arising from or related in any way to (i) an actual
or asserted failure of E&Pco or its designee to comply with this Agreement and/or any law, ordinance, code, rule or regulation
of any governmental body, or (ii) injury to or death of persons arising in whole or in part and directly or indirectly out of the
acts or omissions of E&Pco or its designees, agents, or contractors , but excepting, in the case of either clause (i) or clause
(ii) above, injury or death of persons or damage to or loss of property to the extent caused
by the gross negligence or willful misconduct of the RIGS Indemnified Parties.

 

		b.	Indemnity by RIGS: RIGS shall defend, indemnify and hold harmless E&Pco, its parent
, subsidiaries and affiliates, and their respective agents, officers, directors, representatives and employees (collectively "E&Pco
Indemnified Parties") from and against any and all claims, demands, causes of action, settlements, liabilities, losses,costs,
damages, fines, judgments or expenses (including without limitation, fees and disbursements of counsel incurred by the E&Pco
Indemnified Parties in any action or proceeding between the indemnifying party and the E&Pco Indemnified Parties or between
the E&Pco Indemnified Parties and any third party or otherwise) (collectively "Claims") arising from or related in
any way to (i) an actual or asserted failure of RIGS or its designee to comply with this Agreement and/or any law, ordinance, code,
rule or regulation of any governmental body, or (ii) injury to or death of persons arising in whole or in part and directly or
indirectly out of the acts or omissions of RIGS or its designees, agents, or contractors, but excepting, in the case of either
clause (i) or clause (ii) above, injury or death of persons or damage to or loss of property to the extent caused by the gross
negligence or willful misconduct of the E&Pco Indemnified Parties.

 

 

 

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		6.	Insurance: E&Pco will carry or cause to be carried
and maintained in force throughout the entire term of this Agreement
insurance as described below with reliable insurance companies. The limits set forth are minimum limits and will not be construed
to limit E&Pco's liability.

 

Workers' Compensation insurance
with statutory limits in compliance with all applicable state and federal laws having jurisdiction over each employee and Employer's
Liability insurance with limits of $1,000,000 each accident, $1,000,000 disease each employee and $1,000,000 disease policy limit.

 

Commercial General Liability insurance
on an occurrence form with a combined single limit of $1,000,000 each occurrence and annual aggregates of $1,000,000, for bodily
injury and property damage, including coverage for contractual liability, independent contractors, broad form property damage,
products/completed operations and explosion, collapse and underground.

 

Automobile Liability insurance with a combined single
limit of $1,000,000 each occurrence for bodily injury and property damage to include coverage for all owned, non-owned and hired
vehicles.

 

Excess or Umbrella Liability insurance with a combined
single limit of $1,000,000 each occurrence, and annual aggregates of $1,000,000 for bodily injury and property damage covering
excess of Employer's Liability, General Liability, and Automobile Liability insurance described above.

 

In each policy of the above-described insurance, E&Pco,
with respect to its obligations, agrees to waive and will require its insurers to waive any rights of subrogation or recovery they
may have against RIGS.

 

E&Pco agrees to submit a certificate(s) of insurance
evidencing compliance with the insurance requirements set forth in this article.

 

 

 

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		7.	Force Majem:e: In the event of either Party
                                                                hereto being rendered unable, wholly or in part, by force majeure to carry out its obligations under this Agreement , the
                                                                obligations (other than the obligation to pay money) of such
                                                                Party, so far as they are affected by such force majeure, shall be suspended during the continuance of any inability so
                                                                caused, but for no longer period, and such cause shall be remedied with all reasonable dispatch. It is agreed that such Party
                                                                shall give notice and full particulars of such force majeure in writing by U.S. mail, e-mail or by facsimile to the other
                                                                Party as soon as reasonably possible after the occurrence of the cause relied on.

 

The term "force majeure" as employed herein
shall mean acts of God, strikes, lockouts or other industrial disturbances, acts of .the public enemy, wars, blockades, insurrections,
riots, epidemics, landslides, lightning, earthquakes, fires, storms, floods, washouts, arrests and restraints of governments and
people, civil disturbances, explosions, breakage or accident to natural gas processing and/or treating facilities, wells, machinery
or lines of pipe, the necessity for making repairs or alterations to wells, equipment or lines of pipe, freezing of wells or lines
of pipe, or any other causes, whether of the kind herein enumerated or otherwise, not within the control of the Party claiming
suspension, and which by the exercise of reasonable diligence, such Party is unable to prevent or overcome. It
is understood and agreed that the settlement of strikes or lockouts shall be entirely within the discretion of the Party
experiencing the strike or lockout.

 

		8.	Pressure and Quality: Deliveries of gas to RIGS by E&Pco shall be at a pressure sufficient
to allow gas to enter RIGS's pipeline against the pressure existing therein from time to time, provided that the pressure of the
gas delivered to RIGS at the point of interconnection shall not exceed the maximum allowable operating pressure ("MAOP")
set forth in RIGS Operating Statement. E&Pco warrants that the quality of the gas that will flow through the Facilities will
conform to the gas quality specifications of the RIGS Operating Statement. If
gas delivered through the Facilities at any time fails to conform to any of the specifications set forth in RIGS Operating
Statement, RIGS shall give notice to E&Pco of such nonconforming gas and may, in its discretion, immediately discontinue receiving
gas at the Facilities until such nonconforming gas is remedied. E&Pco shall be liable for and pay all costs that the RIGS incurs
as a result of any nonconforming gas and any penalties imposed on RIGS for any nonconforming gas. E&Pco shall be liable for
and pay all costs arising from any damage caused by the nonconforming gas to RIGS's facilities or the facilities of third parties
directly connected to RIGS. Failure to give such notice or discontinue service relating to nonconforming gas shall not constitute
a waiver of RIGS's rights hereunder.

 

		9.	Governing Law: This Agreement, and all terms and provisions contained herein, and the respective
obligations of the Parties are subject to valid laws, orders, rules, and regulations of duly constituted authorities having jurisdiction.
This Agreement shall be governed by and interpreted in accordance with the laws of the state of Texas without regard to conflicts
of law provisions . The Parties irrevocably submit to the exclusive jurisdiction of the state and federal courts located in Dallas,
Texas in any action or proceeding arising out of or relating to this Agreement and waive any objection to such jurisdiction on
the grounds that it is an inconvenient forum or any similar grounds.

 

		10.	Assignment: This Agreement may not be assigned without prior written consent of the other
Party, such consent not to be unreasonably withheld. All the terms, covenants and agreements hereof
shall run in favor of and be binding upon the Parties hereto, their successors and assigns.

 

 

 

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		11.	Term: This Agreement shall extend
from the date of full execution hereof until the Facilities are removed,
disconnected, or abandoned . The indemnification provisions, however, shall survive any termination hereof.

 

		12.	Entire Agreement: This Agreement contains the entire agreement between the Parties and except
as stated herein there are no oral promises, agreemnts or warranties affecting it.

 

		13.	Waiver: The failure of either Party
hereto at any time to require performance by the other Party of any provision
hereof shall in no way affect the right of such Party thereafter to enforce the same, nor shall the waiver by any Party hereto
of any breach of any provision hereof by the other Party be taken or held to be a waiver by such Party of any succeeding breach
of such provision, or as a waiver of the provisions itself.

 

If you are in agreement with the foregoing please so indicate
by signing and returning one copy of this Facility Construction and Reimbursement Agreement along with payment of the Estimate.

 

Sincerely,

 

REGENCY INTRASTATE GAS LP

By: RIGS GP LLC, its general partner

By: RIGS Haynesville Partnership Co., its sole member

 

 

L. Patric

Executive Vice President         

 

Agreed To and Accepted

This 26 day of January, 2010

 

E&Pco, LLC

 

	By:	/s/ Charles E.
    Edwards	 	By:	/s/ Osman
    Kaldirim
	Name:	Charles E. Edwards	 	Name:	Osman Kaldirim, Jr.
	Title:	EC Member	 	Title:	Vice President

 

    	Page 5

    	 

    

 

EXHIBIT A

 

Facility Construction
and Reimbursement Agreement

Between

Regency Intrastate Gas LP ("RIGS")
and E&Pco, LLC ( "E&Pco")

 

RESPONSIBILITY MATRIX

 

	DESCRIPTION	 	OWN	 	DESIGN/INSTALL	 	OPERATE	 	MAINTAIN
	 	 	 	 	 	 	 	 	 
	Interconnect Site	 	RIGS	 	RIGS	 	RIGS	 	RIGS
	 	 	 	 	 	 	 	 	 
	Regency Intrastate Hot Tap(s)	 	RIGS	 	RIGS	 	RIGS	 	RIGS
	 	 	 	 	 	 	 	 	 
	Connecting Pipeline/Lateral {If required)RIGS taps to Meter Station Outlet	 	RIGS	 	RIGS	 	RIGS	 	RIGS
	 	 	 	 	 	 	 	 	 
	Meter (Custody Transfer)	 	RIGS	 	RIGS	 	RIGS	 	RIGS
	 	 	 	 	 	 	 	 	 
	EFM(Including Gas Chromatograph, Moisture Analyzer & H2S Monitor)	 	RIGS	 	RIGS	 	RIGS	 	RIGS
	 	 	 	 	 	 	 	 	 
	Flow Control Valve	 	RIGS	 	RIGS	 	RIGS	 	RIGS
	 	 	 	 	 	 	 	 	 
	OPP Valve	 	RIGS	 	RIGS	 	RIGS	 	RIGS
	 	 	 	 	 	 	 	 	 
	Filter-Separator/Coalescer	 	E&Pco	 	E&Pco	 	E&Pco	 	E&Pco
	 	 	 	 	 	 	 	 	 
	Connecting  Pipeline/Lateral TBD taps to Meter Station Inlet	 	E&Pco	 	E&Pco	 	E&Pco	 	E&Pco
	 	 	 	 	 	 	 	 	 
	Site prep.Fencing,& Lighting	 	RIGS	 	RIGS	 	RIGS	 	RIGS
	 	 	 	 	 	 	 	 	 
	AC power, Telephone	 	E&Pco	 	E&Pco	 	E&Pco	 	E&Pco

 

 

 

    	 

    	 

    

 

 

 

    	 

    	 

    

 

 

 

    	 

    	 

    

 

 

 

    	 

    	 

    

 

 

 

    	 

    	 

    

 

 

 

    	 

    	 

    

 

 

 

    	 

    	 

    

 

 

 

    	 

    	 

    

 

 

 

    	 

    	 

    

 

 

 

    	 

    	 

    

 

 

 

    	 

    	 

    

 

 

 

    	 

    	 

    

 

 

 

    	 

    	 

    

 

 

 

    	 

    	 

    

 

 

 

    	 

    	 

    

 

 

 

    	 

    	 

    

 

 

 

    	 

    	 

    

  

SPECIAL PROVISIONS ATTACHED TO AND FORMING
PART OF THE BASE CONTRACT FOR SALE AND PURCHASE OF NATURAL GAS

 

Dated November 20, 2009

By and between

Regency Gas Marketing LLC

And

E &
P Co.,., LLC

 

Regency Gas Marketing LLC and
E & P Co., LLC hereby agree to amend the Base Contract for Sale and Purchase of Natural Gas referenced above to incorporate
t17e modifications set forth below.

 

Section
1.        PURPOSES
AND PROCEDURES

 

Section 1.2 is amended by replacing the first two
sentences with the following:

 

'Theparties will use
the following Transaction Confirmation procedure . Any Gas purchase and sale transaction may be effectuated in an EDI transmission
or telephone conversation or a conversation using an instant messenger program ("JM Conversation"}, with the offer and
acceptance constituting the agreement of the parties. "

 

Section 1.2 is further amended
by add the word "in writing;" in the last sentence after the words "both parties" and before "provided"
so that the sentence reads:

 

"such provisions
shall not be deemed to be accepted pursuant to Section 1.3 but must be expressly agreed to
by both parties in writing; provided that the foregoing shall not invalidate any transaction agreed to by the parties ."

 

Section
7        BILLING,
PAYMENT,AND AUDIT

 

Section 7.5 is deleted in its entirety and replaced
by the following:

 

"If the invoiced
party fails to remit the full amount payable when due, a late fee shall be assessed on the unpaid portion and shall accrue from
the date due until the date of payment in an amount equal to the then standard rate applied by Regency Gas Marketing LLC. 11

 

Section
10.        FINANCIAL
RESPONSIBILITY

 

Section 10.1is hereby amended
by (i) adding the word "or" in the second sentence, after the comma following the word "prepayment'' and before
"a security interest'', and is further amended by deleting the final two sentences of the paragraph so that it reads:

 

"If
either party ( "X ") has reasonable grounds for insecurity regarding the performance of any obligation under this Contract
(whether or not then due) by the other party ("Y") (including, without limitation, the occurrence of a material change
in the creditworthiness of Y or its

 

    	6

    	 

    

 

Guarantor, if applicable},
X may demand Adequate Assurance of Performance. 'Adequate Assurance of Performance ' shall mean sufficient security in the form,
amount, for a term, and from an issuer, all as reasonably acceptable to X, including, but not limited to cash, a standby irrevocable
letter of credit, a prepa yment, or a security interest in an asset or guaranty. 11

 

Section 10.2
(vii) is amended by removing the words "but at least one Business Day" from the sentence, and by replacing the
words "48 hours" with "72 hours" :

 “fail to
give Adequate Assurance of Performance under Sect.ion 10.1
within 72 hours of a written request by the other party;"

 

Section 10.3.1is
amended by deleting the final sentence and replacing it with the following sentence :

 

"The discount rate
used in calculating net present value shall be determined by the Non Defaulting Party in a commercially reasonable manner.11

 

Section 10.4
is hereby amended by deleting the last sentence of the paragraph and replacing it with the following:

 

"Latefees on any
unpaid portion of the Net Settlement Amount as adjusted by setoffs, shall accrue from the date due until the date of payment in
an amount equal to the then standard rate ap plied by Regency Gas Marketing LLC."

 

Section 11.        FORCE
MAJEURE

 

Section 11.3
(iv) is hereby amended by deleting subsection (iv) in its entirety and replacing it with the following:

 

"(iv) the loss
of Buyer's market(s) or Buyer's inability to use or resell Gas purchased hereunder, except, in either case, as a result of events
that qualify as a Force Majeure as provided in Section 11.2; or''

 

Section 11.3(v)
is hereby amended by deleting subsection (v) in its entirety and replacing it with the following :

 

"(v) the loss orfailure
of Seller's gas supply or depletion of reserves, except, in either case, as a result of events that qualify as a Force Majeure
as provided in Section 11.2.11

 

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Section
12.        TERM

 

Section 12
is hereby amended by replacing the number "30" with
the number "60" so the sentence reads as follow :

 

"This Contract
may be terminated on 60 Day's written Notice, but shall remain in effect until the expiration of the latest Delivery Period of
any transaction(s)."

 

Regency Gas Marketing LLC

By: Regency Gas Services LP, its sole member

By: Regency OLP GP LLC, its general partner

 

	 	By:	 	 
	 	Pat Giroir	 
	 	Vice President 	 
	 	Date:	 	 
	 	 	 
	E & P Co., LLC	 
	 	 	 
	 	By:	/s/ Charles E. Edwards	 
	 	Name:
    Charles E. Edwards	 
	 	Title: Member/Manager 	 
	 	Date: November 20, 2009	 
	 	 	 
	 	By:	/s/ Osman Kaldirim, Jr	 
	 	Name:
    Osman     Kaldirim, Jr.	 
	 	Title: Member/Manager Date: November 20, 2009	 

 

    	8Execution version

 

TRANSACTION VALUE AGREEMENT

 

THIS TRANSACTION VALUE
AGREEMENT (this “Agreement”) is dated as of 30 September, 2013, by and among the persons set forth on
the signature page to this Agreement (the “Holders”), Prime Acquisition Corp., a Cayman Islands company
(the “Company”), and Prime BHN Luxembourg S.àr.l., a Luxembourg company (“LuxCo”).
Capitalized terms used and not otherwise defined herein that are defined in the Stock Purchase Agreements (as defined below) will
have the meanings given such terms in the Stock Purchase Agreements.

 

BACKGROUND

 

 

		A.	The Company, LuxCo and the Holders entered into that certain Stock Purchase Agreements dated July
9, 2013 as amended (the “Stock Purchase Agreements”), by and among Prime, LuxCo,
BHN LLC, a limited liability company, Magfin S.r.l., an Italian limited liability company (“Magfin”), G.S.I.
S.r.l., an Italian limited liability company (“GSI”), Ellegi S.r.l., an Italian limited liability company (“Ellegi”),
Dieci Real Estate S.r.l., an Italian limited liability company (“Dieci”), SIM S.r.l., an Italian limited liability
company (“SIM”), Delfin S.r.l., an Italian limited liability company (“Delfin”, and together with Magfin,
GSI, Ellegi, Dieci and SIM, the “Companies” or “Targets” and each a “Company”), Cesare Lanati,
an individual, Stefano Lanati, an individual, Davide Rigamonti, an individual, Bell Real Estate S.r.l., an Italian limited liability
company (“Bell”), IGS S.r.l., an Italian limited liability company (“IGS”, and together with Cesare Lanati,
Stefano Lanati, Davide Rigamonti and Bell, the “Sellers” or the “Holders”, and each a “Seller”
or the “Holder”, and together with Prime, LuxCo, BHN and Companies, the "Parties", and each, a "Party")..
Prior to the consummation of the transactions contemplated by the Stock Purchase Agreements, the Holders owned all of the issued
and outstanding securities of the Target. Pursuant to the Stock Purchase Agreements, the Company acquired all of the outstanding
securities of Target in exchange for shares of the Company.

		B.	The Holders have appointed Stefano Lanati as their representative pursuant to the provisions of
Section 13.15 of the Stock Purchase Agreements, as amended (the “Holders’ Representative”).

		C.	This Agreement is being entered into pursuant to Section 9.2(l) of the Stock Purchase Agreements.

 

AGREEMENT

 

NOW, THEREFORE, for
and in consideration of the mutual covenants and agreements set forth herein, and other good and valuable consideration, the receipt
and sufficiency of which is hereby acknowledged, the parties, intending to be legally bound, agree as follows:

 

1.          Representations
and Warranties. Each of the parties hereto, by their respective execution and delivery of this Agreement, hereby represents
and warrants to the others and to all third party beneficiaries of this Agreement that (a) such party has the full right, capacity
and authority to enter into, deliver and perform its respective obligations under this Agreement, (b) this Agreement has been duly
executed and delivered by such party and is the binding and enforceable obligation of such party, enforceable against such party
in accordance with the terms of this Agreement, and (c) the execution, delivery and performance of such party’s obligations
under this Agreement will not conflict with or breach the terms of any other agreement, contract, commitment or understanding to
which such party is a party or to which the assets or securities of such party are bound.

 

    	 

    	 

    

 

Each Holder has independently
evaluated the merits of its decision to enter into and deliver this Agreement, and such Holder confirms that it has not relied
on the advice of the Company, the Company’s counsel, Holder, Holder’s counsel, or any other person.

 

2.          Beneficial
Ownership. Each Holder hereby represents and warrants that it does not beneficially own, directly or through its nominees (as
determined in accordance with Section 13(d) of the Exchange Act of 1934, as amended (the “Exchange Act”),
and the rules and regulations promulgated thereunder) any shares of Company common stock, or any economic interest therein or derivative
therefrom, other than those Company ordinary shares the counter-value of which is specified on the signature page hereto (the “Agreement
Shares”).

 

3.          Sale
of Agreement Shares.

 

(a)          During
the Sale Limitation Period (as defined below), each Holder irrevocably agrees that it will not (i) sell, directly or indirectly,
more than the following dollar value of Agreement Shares, in public market transactions in any calendar month: Bell Real Estate,
IGS and Cesare Lanati, in the aggregate: USD 495,671; Stefano Lanati: USD 52,642; and Davide Rigamonti: USD 1,687 (the “Monthly
Targets”) except as provided in Section 3(h) hereof, (ii) publicly disclose the intention to make any offer, sale,
pledge or disposition, or to enter into any transaction, swap, hedge or other arrangement, or engage in any Short Sales (as defined
below) with respect to any security of the Company, or (iii) sell any Agreement Shares or Make-Whole Shares (as defined below)
in public market transactions at a price per share less than the lowest third-party ask price in the market (not including an ask
price posted by the Seller or any of its agents or affiliates).

 

(b)          In
furtherance of the foregoing, the Company will (i) place an irrevocable stop order on all Agreement Shares, including those which
are covered by a registration statement, and (ii) notify its transfer agent in writing of the stop order and the restrictions on
the Agreement Shares under this Agreement and direct its transfer agent not to process any attempts by any Holder
to resell or transfer any Agreement Shares, except in compliance with this Agreement.

 

(c)          For
purposes hereof, “Short Sales” include, without limitation, all “short sales” as defined
in Rule 200 promulgated under Regulation SHO under the Exchange Act and all types of direct and indirect stock pledges, forward
sale contracts, options, puts, calls, swaps and similar arrangements (including on a total return basis), and sales and other transactions
through non-US broker dealers or foreign regulated brokers.

 

    	2

    	 

    

 

(d)          For
purpose hereof, the “Sale Limitation Period” means a period of 18 months from the Closing Date.

 

(e)          To
the extent that the Holders collectively sell all of the Agreement Shares, and the Agreement Shares that are sold in public market
transactions are sold at an average price (the “Average Sales Price”) of less than $10.00 per share,
the Holders shall be entitled to receive from the Company, promptly after the Company receives a request therefor form the Seller,
a number of additional shares (the “Make-Whole Shares”) of Parent’s Common Stock equal to (x)(1)
$10.00 minus the Average Sales Price (the “Shortfall”), multiplied by (2) the number of Agreement Shares
sold in public market transactions, divided by (y) the Fair Market Value of the Parent Common Stock. The Holders shall provide
evidence of the Average Sales Price by providing the Company with copies of sales confirmations for the Agreement Shares along
with the Holders calculations of the Average Sales Price and the Shortfall. In lieu of issuing Make-Whole Shares to the Seller,
the Company may elect to pay the amount of any Shortfall to the Holders in cash within ten (10) business days of receiving notice
of the Shortfall from the Holders.

 

(f)          To
the extent that the Holders sell all of the Make-Whole Shares, and (i) the aggregate consideration received for all Agreement Shares
and Make-Whole Shares sold by the Holders in public market transactions plus (ii) the number of Make-Whole Shares sold in non-public
transactions multiplied by the greater of the actual average sales price of such Make-Whole Shares or the average sales price of
the Agreement Shares and Make-Whole Shares sold by the Holders in public market transactions (the “Make-Whole Share
Average Sales Price”), is less than the Transaction Value (as defined below), then the Company shall, promptly after
receiving a request therefor from the Holders, issue additional Make-Whole Shares equal to (x) (i) the Transaction Value minus
(ii) the aggregate dollar amount received by the Holders for all Agreement Shares and Make-Whole Shares sold in public market transactions,
plus the product of the number of Make-Whole Shares sold by the Holders in non-public transactions multiplied by the Make-Whole
Share Average Sales Price (each a “Make-Whole Shortfall”), divided by (y) the Fair Market Value of the
Parent’s Common Stock. The Holders shall provide evidence of the aggregate consideration received for all of the Agreement
Shares and Make-Whole Shares sold by the Holders by providing the Company with copies of sales confirmations or other comparable
evidence along with the Holders’ calculations of the Make-Whole Shortfall. In lieu of issuing Make-Whole Shares to the Seller,
the Company may elect to pay the amount of any Make-Whole Shortfall to the Holders in cash within thirty business days of receiving
notice of the Make-Whole Shortfall from the Holders. The term Transaction Value means an amount which (a) is the
product of the Agreement Shares sold in public market transactions multiplied by $10.00), minus (b)(i) the aggregate amount of
any dividend payment made by Parent on any Agreement Shares and Make-Whole Shares, and (ii) the value of any payment made under
Article 10.1 of the Stock Purchase Agreements.

 

(g)          The
Holders shall cease selling any Make-Whole Shares, and the provisions of Sections 3(e) and (f) shall terminate and be of no further
force or effect, once the aggregate consideration received by the Holders for all Agreement Shares and Make-Whole Shares
sold in public market transactions, plus the product of the number of Make-Whole Shares sold by the Holders in non-public transactions
multiplied by the Make-Whole Share Average Sales Price equals or exceeds the Transaction Value, and shall so notify the Company
in writing. If, within ten business days of receiving such notification, the Company responds to the Holders in writing that it
wishes to repurchase the remaining Make-Whole Shares owned by the Holders, the Company and the Holders’ Representative shall
set a mutually satisfactory date when the Make-Whole Shares may be sold back to the Company. The purchase price for all of the
remaining Make-Whole Shares shall be an aggregate of $1.00. In the event that the Holders’ Representative does not receive
such a notice from the Company within the ten business day period, the Holders may sell all remaining Agreement Shares and Make
Whole Shares and retain the profits therefrom.

 

    	3

    	 

    

 

(h)          In
the event that, in each calendar month, the Holders collectively are not able to sell the Monthly Target, the Holders will be allowed
to sell, in the following months, in addition to the Monthly Target for that month, a number of Agreement Shares equal to the balance
between the Monthly Target and the number of Agreement Shares actually sold in the previous months, provided that: (i) at the end
of each month in which the Monthly Target has not been reached, the Holders’ Representative has informed the Company in writing
pursuant to Section 8 hereof of the number and the price of the Agreement Shares actually sold in such month; and (ii) a quarterly
threshold of 16.67% of the Agreement Shares is not exceeded.

 

4.          Breach.

 

If
the Holder materially breaches the terms of Sections 1 through 3 of this Agreement, this Agreement shall automatically terminate
and Parent shall have no further obligations to the Holder pursuant to this Agreement.

 

5.          Company’s
Indemnification Obligations; Pledge. 

 

(a)          The
Holders have issued the guarantees attached as Annex 5 (the “Guarantees”) to guarantee the Target’s obligations
vis-à-vis certain banks that hold mortgages on the Target’s assets. The Company undertakes to indemnify and hold harmless
the Holders for any actual disbursement that such Holders may incur as a result of the enforcement of the Guarantees; provided,
however, that the indemnification obligation provided under this Section 5(a) will be enforceable and effective as long as the
Company holds all the issued and outstanding securities of the Target.

 

(b)          To
secure the Company’s obligations provided under letter (a), at closing, the Company, LuxCo and the Holders will enter into
a pledge agreement pursuant to which the Company and LuxCo will pledge their participation in Target to the benefit of Holders
during the Sale Limitation Period.

 

6.          Escrow
of Units; Call Option.

 

(a)          The
Units shall be deposited in an escrow within 30 calendar days from the Closing Date (the “Escrow Fund”) with
a financial institution mutually satisfactory to the Parent and the Holders, as escrow agent (the “Escrow Agent”),
to be held in accordance with the terms set forth in this Agreement and the Escrow Agreement that the Parties undertake to
negotiate and agree upon immediately after Closing (the “Escrow Agreement”).

 

    	4

    	 

    

 

(b)          In
the event that (i) in selling the Agreement Shares, the Holders cannot sell a sufficient number of Agreement Shares and Make-Whole
Shares to reach one of the dollar targets set out in Annex 6 hereto, or (ii) the SEC has informed the Company that the registration
statement may not go effective, then the Holders shall have an option (the “Call Option”) to repurchase the
entire equity interest in Target held by the Company (the “Repurchased Participation”).

 

(c)          In
order to exercise the Call Option, the Holders must (i) comply with the terms and conditions set forth in the Escrow Agreement,
and (ii) within 5 business days from the end of any period set out in Annex 6 hereto or the date the Company notifies the Holder
that the Registration Statement will not go effective, provide the Escrow Agent with a repurchase notice confirming either that
the Target Dollar Value of Shares To Be Sold has not been reached and the amount that the Agreement Shares and Make-Whole Shares
have been sold for, including satisfactory documentation as to the sale price of the Agreement Shares and Make-Whole Shares or
that the SEC has informed the Company that the registration statement may not go effective (the “Repurchase Notice”).
Upon receipt of the Repurchase Notice, the Escrow Agent shall deliver a copy of the Repurchase Notice to the Company. If the Company
does not object to the Repurchase Notice within 7 business days of the date of receipt of the Repurchase Notice, then the Escrow
Agent shall proceed to the closing of the Repurchased Participation according to the terms and conditions of the Escrow Agreement.

 

(d)          In
accordance with the terms of the Escrow Agreement, the closing of any purchase and sale of the Repurchased Participation shall
take place no later than thirty (30) business days following receipt by the Company of the Repurchase Notice.

 

(e)          In
the event that any bankruptcy, insolvency, receivership, liquidation or other similar proceedings is commenced by or against Parent
or LuxCo, or a trustee, receiver, liquidator, or custodian is appointed for Parent or LuxCo, or Parent or LuxCo make a general
assignment for the benefit of creditors, the Holders’ Representative may direct the Escrow Agent to transfer the Escrow Units
to Holders’ Representative in exchange for the Option Consideration (as defined below). Upon receipt of such an instruction
from the Holders, the Escrow Agent shall advise Parent and LuxCo of such instruction, and, no earlier than 5 business days after
notifying Parent and LuxCo, without any further action by LuxCo or Parent, transfer the Escrow Units to Holders’ Representative
in exchange for the Option Consideration.

 

(f)          At
the closing of the transactions pursuant to this Section 6, the Escrow Agent, (i) shall deliver to a notary public indicated by
Holders’ Representative the irrevocable Power of Attorney delivered to Escrow Agent pursuant to the Escrow Agreement to effect
the transfer of the Repurchased Participation in the corporate books of the Target, and (ii) shall transfer to the Company (x)
the entire amount the Holders have received by the sale of the Agreement Shares and Make Whole Shares in public market or private
transactions, if any, less (i) the Tax Franchise Amount, (ii) the transaction costs demonstrably incurred by Holders in selling
the Agreement Shares, (iii) the Escrow Agent costs, and (y) any remaining Agreement Shares or Make-Whole Shares held by the Holders
(the “Option Consideration”).

 

    	5

    	 

    

 

(g)          Provided
effectiveness of the registration statement, notwithstanding anything in this Section 6 to the contrary, the Call Option may not
be exercised for an applicable period in the event that the dollar amount of all shares traded for such period is equal to or in
excess of the Target Dollar Value of Shares To Be Sold for such period.

 

(h)          The
costs of the Escrow shall be borne by the Holders.

 

7.          Legends.
The Holders understand and consent to the placement of a legend on any certificate or other document evidencing the Agreement Shares
stating that such shares have not been registered under the Securities Act of 1933, as amended (the “Securities Act”)
and setting forth or referring to the restrictions on transferability and sale thereof. Each certificate evidencing Agreement Shares
shall bear the legends set forth below, or legends substantially equivalent thereto, together with any other legends that may be
required by federal or state securities laws at the time of the issuance of the Agreement Shares:

 

		(1)	THE SHARES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED
UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”), AND MAY NOT BE OFFERED, SOLD OR OTHERWISE
TRANSFERRED, PLEDGED OR HYPOTHECATED UNLESS AND UNTIL (I) REGISTERED UNDER THE ACT OR (II) THE ISSUER OF THE SHARES (THE “ISSUER”)
HAS RECEIVED AN OPINION OF COUNSEL IN FORM AND SUBSTANCE SATISFACTORY TO THE ISSUER THAT SUCH OFFER, SALE OR TRANSFER, PLEDGE
OR HYPOTHECATION IS IN COMPLIANCE WITH THE ACT.

 

		(2)	THE SHARES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT
TO THE TERMS AND CONDITIONS OF AN AGREEMENT DATED SEPTEMBER 30, 2013 BETWEEN, AMONG OTHERS, THE COMPANY AND THE HOLDER OF THIS
CERTIFICATE. THESE SHARES MAY NOT BE SOLD EXCEPT IN COMPLIANCE WITH THAT AGREEMENT.

 

8.          No
Additional Fees/Payment. Other than the consideration specifically referenced herein, the parties hereto agree that no fee,
payment or additional consideration in any form has been or will be paid to the Holder in connection
with this Agreement.

 

    	6

    	 

    

 

9.          Notices.
Any notices required or permitted to be sent hereunder shall be delivered personally or by courier service to the following addresses,
or such other address as any party hereto designates by written notice to the other party. Provided, however, a transmission per
telefax or email shall be sufficient and shall be deemed to be properly served when the telefax or email is received if the signed
original notice is received by the recipient within three (3) calendar days thereafter.

 

		(a)	If to the Company:

 

Prime Acquisition
Corp.

No. 322,
Zhongshan East Road

Shijiazhuang
Hebei Province, 050011

PRC

Fax: +86-650-618-2552

 

With a
copy to:

BHN LLC

6369 Mill
Street, Suite 205

Rhinebeck,
NY 12572

Fax: +1
845.876.8714

To the
attention of: Marco Prete, Managing Member

 

With
a copy (which shall not constitute notice) to:

 

Loeb
& Loeb LLP

345 Park Ave.

New York, NY 10154

USA

Attn: Mitchell Nussbaum

 

(b)          If
to the Holders:

 

			Cesare Lanati

			Via Newton No. 9

			20090 Assago (MI)

			+ 39 02 36706848

			

 

With
a copy (which shall not constitute notice) to:

 

Studio Associato R&P Legal - Rossotto, Colombatto
& Partners

Piazzale Luigi Cadorna n. 4

20123 Milano

Attention: Claudio Elestici

Telecopy: +39 02 8807222 

 

or to such other address as any party may
have furnished to the others in writing in accordance herewith.

 

10.          Enumeration
and Headings. The enumeration and headings contained in this Agreement are for convenience of reference only and shall not
control or affect the meaning or construction of any of the provisions of this Agreement.

 

    	7

    	 

    

 

11.          Counterparts.
This Agreement may be executed in facsimile and in any number of counterparts, each of which when so executed and delivered shall
be deemed an original, but all of which shall together constitute one and the same agreement.

 

12.          Successors
and Assigns. This Agreement and the terms, covenants, provisions and conditions hereof shall be binding upon, and shall inure
to the benefit of, the respective heirs, successors and assigns of the parties hereto.

 

13.          Severability.
If any provision of this Agreement is held to be invalid or unenforceable for any reason, such provision will be conformed to prevailing
law rather than voided, if possible, in order to achieve the intent of the parties and, in any event, the remaining provisions
of this Agreement shall remain in full force and effect and shall be binding upon the parties hereto.

 

14.          Amendment.
This Agreement may be amended or modified by written agreement executed by each of the parties hereto.

 

15.          Further
Assurances. Each party shall do and perform, or cause to be done and performed, all such further acts and things, and shall
execute and deliver all such other agreements, certificates, instruments and documents, as any other party may reasonably request
in order to carry out the intent and accomplish the purposes of this Agreement and the consummation of the transactions contemplated
hereby.

 

16.          No
Strict Construction. The language used in this Agreement will be deemed to be the language chosen by the parties to express
their mutual intent, and no rules of strict construction will be applied against any party.

 

17.          Dispute
Resolution. Article XI of the Stock Purchase Agreements, regarding dispute resolution, is incorporated by reference herein
to apply with full force to any disputes arising under this Agreement.

 

18.          Governing
Law. The terms and provisions of this Agreement shall be construed in accordance with the laws of the State of New York, without
reference to principles of conflicts of law.

 

19.          Controlling
Agreement. To the extent the terms of this Agreement (as amended, supplemented, restated or otherwise modified from time to
time) directly conflicts with a provision in the Stock Purchase Agreements, the terms of this Agreement shall control.

 

[Signature Page Follows]

 

    	8

    	 

    

 

IN WITNESS WHEREOF, the parties hereto have
caused this Agreement to be duly executed by their respective authorized signatories as of the date first indicated above.

 

	 	PRIME ACQUISITION CORP.
	 	 	 	 
	 	By: 	/s/
    Diana Liu
	 	 	Name: 	Diana Liu
	 	 	Title: 	CEO
	 	 	 	 
	 	 	 	 
	 	 	Name: 	 
	 	 	 	 
	 	 	 	 
	 	PRIME BHN LUXEMBOURG S.ÀR.L.
	 	 	 	 
	 	By: 	/s/
    William Yu
	 	 	Name: 	William Yu
	 	 	Title: 	Manager

 

    	9

    	 

    

 

HOLDERS:

 

	 	Cesare Lanati
	 	Monthly Target: USD 409,177
	 	/s/ Cesare Lanati
	 	 
	 	 
	 	Stefano Lanati
	 	Monthly Target: USD 902,746
	 	/s/ Stefano Lanati
	 	 
	 	 
	 	Davide Rigamonti
	 	Monthly Target: USD 28,929
	 	/s/ Davide Rigamonti
	 	 
	 	 
	 	 
	 	Bell Real Estate S.r.l.
	 	Monthly Target: USD 8,024,987
	 	/s/ Cesare Lanati
	 	Name: Cesare Lanati
	 	Title: Managing member
	 	 
	 	 
	 	 
	 	IGS S.r.l.
	 	Monthly Target: USD 65,962
	 	 
	 	/s/ Cesare Lanati
	 	 
	 	Name: Cesare Lanati
	 	Title: Board member

 

    	10

    	 

    

 

ANNEX 6

 

TARGETS FOR THE SALE OF AGREEMENT SHARES

 

 

 

Sellers of BELL Real Estate

 

	Time elapsed after Effectiveness of Registration Statement Relating to Resale of the Shares	Target Dollar Value of Shares To Be Sold
	3 months	16.67%
	6 months	33%
	9 months	49.67%
	12 months	67%
	15 months	83.33%
	18 months	100%

 

    	11

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