Document:

THE REGISTERED HOLDER OF THIS UNDERWRITER’S
WARRANT BY ITS ACCEPTANCE HEREOF, AGREES THAT IT WILL NOT SELL, TRANSFER OR ASSIGN THIS UNDERWRITER’S WARRANT EXCEPT AS HEREIN
PROVIDED AND THE REGISTERED HOLDER OF THIS UNDERWRITER’S WARRANT AGREES THAT IT WILL NOT SELL, TRANSFER, ASSIGN, PLEDGE OR
HYPOTHECATE THIS UNDERWRITER’S WARRANT FOR A PERIOD OF ONE YEAR FOLLOWING THE EFFECTIVE DATE (DEFINED BELOW) TO ANYONE OTHER
THAN (I) ICM CAPITAL MARKETS LTD. (“ICM”) OR AN UNDERWRITER OR A SELECTED DEALER IN CONNECTION WITH THE OFFERING, OR
(II) A BONA FIDE OFFICER OR PARTNER OF ICM OR OF ANY SUCH UNDERWRITER OR SELECTED DEALER.

 

UNDERWRITER’S WARRANT

For the Purchase of

50,000 ADSs

of

SUNITY ONLINE ENTERTAINMENT LIMITED

1.                  
Underwriter’s Warrant.

THIS
CERTIFIES THAT, in consideration of $100 duly paid by or on behalf of ____________________ (“Holder”), as registered
owner of this Underwriter’s Warrant, to SUNITY ONLINE ENTERTAINMENT LTD. (“Company”), Holder is entitled, at
any time or from time to time from ______, 2012 (6 months from the effective date of the offering (the “Offering”),
as set forth in the Company’s registration statement on Form F-1 (the “Registration Statement”) (the “Effective
Date”), and at or before 5:00 p.m., Eastern Time, ____________, 2015, but not thereafter, to subscribe for, purchase and
receive, in whole or in part, up to Fifty Thousand (50,000) ADSs of the Company. If the Expiration Date is a day on which banking
institutions are authorized by law to close, then this Underwriter’s Warrant may be exercised on the next succeeding day
which is not such a day in accordance with the terms herein. During the period ending on the Expiration Date, the Company agrees
not to take any action that would terminate the Underwriter’s Warrant. This Underwriter’s Warrant is initially exercisable
at $6.25 per ADS (125% of the price of the ADSs at the effective date of the Offering) so purchased; provided, however,
that upon the occurrence of any of the events specified in Section 6 hereof, the rights granted by this Underwriter’s Warrant,
including the exercise price per Unit and the number of ADS to be received upon such exercise, shall be adjusted as therein specified.
The term “Exercise Price” shall mean the initial exercise price or the adjusted exercise price, depending on the context.

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		2.	Exercise.

2.1               
Exercise Form. In order to exercise this Underwriter’s Warrant, the exercise form attached hereto must be duly
executed and completed and delivered to the Company, together with this Underwriter’s Warrant and payment of the Exercise
Price for the ADS being purchased payable in cash or by certified check or official bank check. If the subscription rights represented
hereby shall not be exercised at or before 5:00 p.m., Eastern Time, on the Expiration Date, this Underwriter’s Warrant shall
become and be void without further force or effect, and all rights represented hereby shall cease and expire.

2.2               
Legend. Each certificate for the securities purchased under this Underwriter’s Warrant shall bear a legend
as follows unless such securities have been registered under the Securities Act of 1933, as amended (“Act”):

“The securities represented by this certificate have not been registered under the Securities Act of 1933, as amended (“Act”)
or applicable state law. The securities may not be offered for sale, sold or otherwise transferred except pursuant to an effective
registration statement under the Act, or pursuant to an exemption from registration under the Act and applicable state law.”

2.3               
Cashless Exercise.

2.3.1          
Determination of Amount. In lieu of the payment of the Exercise Price multiplied by the number of ADSs for which
this Underwriter’s Warrant is exercisable in the manner required by Section 2.1, the Holder shall have the right (but not
the obligation) to convert any exercisable but unexercised portion of this Underwriter’s Warrant into ADSs (“Conversion
Right”) as follows: upon exercise of the Conversion Right, the Company shall deliver to the Holder (without payment by the
Holder of any of the Exercise Price in cash) that number of ADSs equal to the quotient obtained by dividing (x) the “Value”
(as defined below) of the portion of the Underwriter’s Warrant being converted by (y) the Current Market Price (as defined
below) of an ADS. The “Value” of the portion of the Underwriter’s Warrant being converted shall equal the remainder
derived from subtracting (a) (i) the Exercise Price multiplied by (ii) the number of ADSs underlying the portion of this Underwriter’s
Warrant being converted from (b) the Current Market Price of an ADSs multiplied by the number of ADSs underlying the portion of
the Underwriter’s Warrant being converted. The “Current Market Price” of a Unit shall mean (i) if the ADSs are
listed on a national securities exchange or quoted on the Nasdaq Capital Market, or FINRA OTC Bulletin Board (or successor such
as the Bulletin Board Exchange), the average closing price of an ADS for thirty (30) trading days immediately preceding the date
of determination of the Current Market Price in the principal trading market for the ADSs as reported by the exchange, Nasdaq or
FINRA, as the case may be; (ii) if the ADSs are not listed on a national securities exchange or quoted on the Nasdaq Capital Market,
or the FINRA OTC Bulletin Board (or successor such as the Bulletin Board Exchange), but is traded in the residual over-the-counter
market, the closing bid price for an ADS on the last trading day preceding the date in question for which such quotations are reported
by the Pink Sheets, LLC or similar publisher of such quotations; and (iii) if the fair market value of the ADSs cannot be determined
pursuant to clause (i) or (ii) above, such price as the Board of Directors of the Company (the “Board”) shall determine,
in good faith.

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2.3.2          
Mechanics of Cashless Exercise. The Cashless Exercise Right may be exercised by the Holder on any business day on
or after the Commencement Date and not later than the Expiration Date by delivering the Underwriter’s Warrant with a duly
executed exercise form attached hereto with the cashless exercise section completed to the Company, exercising the Cashless Exercise
Right and specifying the total number of ADSs the Holder will purchase pursuant to such Cashless Exercise Right.

		3.	Transfer.

3.1               
General Restrictions. The registered Holder of this Underwriter’s Warrant agrees that it will not sell, transfer,
assign, pledge or hypothecate this Underwriter’s Warrant for a period of one year following the Effective Date to anyone
other than (i) ICM or an underwriter or a selected dealer participating in the Offering, or (ii) a bona fide officer or partner
of ICM or of any such underwriter or selected dealer. On and after the first anniversary of the Effective Date, transfers to others
may be made subject to compliance with or exemptions from applicable securities laws. In order to make any permitted assignment,
the Holder must deliver to the Company the assignment form attached hereto duly executed and completed, together with the Underwriter’s
Warrant and payment of all transfer taxes, if any, payable in connection therewith. The Company shall within five business days
transfer this Underwriter’s Warrant on the books of the Company and shall execute and deliver a new Underwriter’s Warrant
or Underwriter’s Warrants of like tenor to the appropriate assignee(s) expressly evidencing the right to purchase the aggregate
number of ADSs purchasable hereunder or such portion of such number as shall be contemplated by any such assignment.

3.2               
Restrictions Imposed by the Act. The securities evidenced by this Underwriter’s Warrant shall not be transferred
unless and until (i) the Company has received the opinion of counsel for the Holder that the securities may be transferred pursuant
to an exemption from registration under the Act and applicable state securities laws, the availability of which is established
to the reasonable satisfaction of the Company (the Company hereby agreeing that the opinion of Gersten Savage LLP shall be deemed
satisfactory evidence of the availability of an exemption), or (ii) a registration statement or a post-effective amendment to the
Registration Statement relating to the offer and sale of such securities has been filed by the Company and declared effective by
the Securities and Exchange Commission and compliance with applicable state securities law has been established.

 

		4.	New Underwriter’s Warrants to be Issued.

4.1               
Partial Exercise or Transfer. Subject to the restrictions in Section 3 hereof, this Underwriter’s Warrant may
be exercised or assigned in whole or in part. In the event of the exercise or assignment hereof in part only, upon surrender of
this Underwriter’s Warrant for cancellation, together with the duly executed exercise or assignment form and funds sufficient
to pay any Exercise Price and/or transfer tax if exercised pursuant to Section 2.1 hereto, the Company shall cause to be delivered
to the Holder without charge a new Underwriter’s Warrant of like tenor to this Underwriter’s Warrant in the name of
the Holder evidencing the right of the Holder to purchase the number of ADSs purchasable hereunder as to which this Underwriter’s
Warrant has not been exercised or assigned.

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4.2               
Lost Certificate. Upon receipt by the Company of evidence satisfactory to it of the loss, theft, destruction or mutilation
of this Underwriter’s Warrant and of reasonably satisfactory indemnification or the posting of a bond, the Company shall
execute and deliver a new Underwriter’s Warrant of like tenor and date. Any such new Underwriter’s Warrant executed
and delivered as a result of such loss, theft, mutilation or destruction shall constitute a substitute contractual obligation on
the part of the Company.

 

		5.	Registration Rights.

5.1               
Demand Registration.

5.1.1          
Grant of Right. The Company, upon written demand (“Demand Notice”) of the Holder(s) of at least 51%
of the Underwriter’s Warrants and/or the underlying securities (“Majority Holders”), agrees to register on one
occasion, all or any portion of the ADSs (collectively, the “Registrable Securities”) as requested by the Majority
Holders in the Demand Notice, provided that no such registration will be required unless the Holders request registration of an
aggregate of at least 51% of the outstanding Registrable Securities. On such occasion, the Company will file a new registration
statement or a post-effective amendment to the Registration Statement covering the Registrable Securities
within sixty days after receipt of the Demand Notice and use its best efforts to have such registration statement or post-effective
amendment declared effective as soon as possible thereafter. The demand for registration may be made no later than three (3) years
from the date of effectiveness or the commencement of sales of the Offering. The Company covenants and agrees to give written
notice of its receipt of any Demand Notice by any Holder(s) to all other registered Holders of the Underwriter’s Warrants
and/or the Registrable Securities within ten days from the date of the receipt of any such Demand Notice, who shall have five
days from the receipt of such Notice in which to notify the Company of their desire to have their Registrable Securities
included in the Registration Statement.

5.1.2          
Terms. The Company shall bear all fees and expenses attendant to registering the Registrable Securities, including
the reasonable expenses of any legal counsel selected by the Holders to represent them in connection with the sale of the Registrable
Securities, but the Holders shall pay any and all underwriting commissions, if any. The Company agrees to use its commercially
reasonable efforts to qualify or register the Registrable Securities in such States as are reasonably requested by the Majority
Holder(s); provided, however, that in no event shall the Company be required to register the Registrable Securities in a State
in which such registration would cause (i) the Company to be obligated to qualify to do business in such State or execute a general
consent to service of process, or would subject the Company to taxation as a foreign corporation doing business in such jurisdiction
or (ii) the principal stockholders of the Company to be obligated to escrow their shares of capital stock of the Company. The Company
shall cause any registration statement or post-effective amendment filed pursuant to the demand rights granted under Section 5.1.1
to remain effective for a period of twelve consecutive months from the effective date of such registration statement or post-effective
amendment or until the Holders have completed the distribution of the Registrable Securities included in the Registration Statement,
whichever occurs first.

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5.1.3.Deferred
Filing. If (i) in the good faith judgment of the Board, filing a registration statement pursuant to Section 5.1 would be seriously
detrimental to the Company and the Board concludes, as a result, that it is essential to defer the filing of such registration
statement at such time, and (ii) the Company shall furnish to such Holders a certificate signed by the President of the Company
stating that in the good faith judgment of the Board it would be seriously detrimental to the Company for such registration statement
to be filed in the near future and that it is, therefore, essential to defer the filing of such registration statement, then the
Company shall have the right to defer such filing on two occasions for an aggregate of not more than one hundred and twenty (120)
days in any twelve-month period.

5.1.4. No Cash
Settlement Option. The Company is only required to use its best efforts to cause a registration statement covering issuance
of the Registrable Securities underlying the Underwriter’s Warrant to be declared effective, and once effective, only to
use its best efforts to maintain the effectiveness of the registration statement. The Company will not be obligated to deliver
securities, and there are no contractual penalties for failure to deliver securities, if a registration statement is not effective
at the time of exercise. Additionally, in no event is the Company obligated to settle any Underwriter’s Warrant, in whole
or in part, for cash in the event it is unable to register the Registrable Securities.

5.2               
“Piggy-Back” Registration.

5.2.1          
Grant of Right. In addition to the demand right of registration, the Holders of the Underwriter’s Warrants
shall have the right for a period of not more than seven (7) years from the date of effectiveness
or the commencement of sales of the Offering, to include the Registrable Securities as part of any other registration of
securities filed by the Company (other than in connection with a transaction contemplated by Rule 145(a) promulgated under the
Act or pursuant to Form S-8 or any successor or equivalent form); provided, however, that if, in the written opinion of the Company’s
managing underwriter or underwriters, if any, for such offering, the inclusion of the Registrable Securities, when added
to the securities being registered by the Company or the selling stockholder(s), will exceed the maximum amount of the Company’s
securities which can be marketed (i) at a price reasonably related to their then current market value, and (ii) without materially
and adversely affecting the entire offering, then the Company will still be required to include the Registrable Securities, but
may require the Holders to agree, in writing, to delay the sale of all or any portion of the Registrable Securities for a period
of 90 days from the effective date of the offering, provided, further, that if the sale of any Registrable Securities is so delayed,
then the number of securities to be sold by all stockholders in such public offering shall be apportioned pro rata among all such
selling stockholders, including all holders of the Registrable Securities, according to the total amount of securities of the
Company owned by said selling stockholders, including all holders of the Registrable Securities.

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5.2.2          
Terms. The Company shall bear all fees and expenses attendant to registering the Registrable Securities, including
the expenses of any legal counsel selected by the Holders to represent them in connection with the sale of the Registrable Securities,
but the Holders shall pay any and all underwriting commissions. In the event of such a proposed registration, the Company shall
furnish the then Holders of outstanding Registrable Securities with not less than fifteen days written notice prior to the proposed
date of filing of such registration statement. Such notice to the Holders shall continue to be given for each applicable registration
statement filed (during the period in which the Underwriter’s Warrant is exercisable) by the Company until such time as all
of the Registrable Securities have been registered and sold. The holders of the Registrable Securities shall exercise the “piggy
back” rights provided for herein by giving written notice, within ten business days of the receipt of the Company’s
notice of its intention to file a registration statement. The Company shall cause any registration statement filed pursuant to
the above “piggyback” rights that does not relate to a firm commitment underwritten offering to remain effective for
at least nine consecutive months from the effective date of such registration statement or until the Holders have completed the
distribution of the Registrable Securities in the registration statement, whichever occurs first.

5.3               
Damages. Intentionally omitted.

5.4               
General Terms.

5.4.1          
Indemnification. The Company shall indemnify the Holder(s) of the Registrable Securities to be sold pursuant to any
registration statement hereunder and each person, if any, who controls such Holders within the meaning of Section 15 of the Act
or Section 20(a) of the Securities Exchange Act of 1934, as amended (“Exchange Act”), against all loss, claim, damage,
expense or liability (including all reasonable attorneys’ fees and other expenses reasonably incurred in investigating, preparing
or defending against litigation, commenced or threatened, or any claim whatsoever) to which any of them may become subject under
the Act, the Exchange Act or otherwise, arising from such registration statement but only to the same extent and with the same
effect as the provisions pursuant to which the Company has agreed to indemnify the underwriters contained in Section 5 of the Underwriting
Agreement in the Offering. The Holder(s) of the Registrable Securities to be sold pursuant to such registration statement, and
their successors and assigns, shall severally, and not jointly, indemnify the Company, its officers and directors and each person,
if any, who controls the Company within the meaning of Section 15 of the Act or Section 20(a) of the Exchange Act, against all
loss, claim, damage, expense or liability (including all reasonable attorneys’ fees and other expenses reasonably incurred
in investigating, preparing or defending against any claim whatsoever) to which they may become subject under the Act, the Exchange
Act or otherwise, arising from information furnished by or on behalf of such Holders, or their successors or assigns, in writing,
for specific inclusion in such registration statement to the same extent and with the same effect as the provisions contained in
Section 5 of the Underwriting Agreement pursuant to which the underwriters have agreed to indemnify the Company.

5.4.2          
Exercise of Underwriter’s Warrants. Nothing contained in this Underwriter’s Warrant shall be construed
as requiring the Holder(s) to exercise their Underwriter’s Warrants prior to or after the initial filing of any registration
statement or the effectiveness thereof.

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5.4.3          
Documents Delivered to Holders. The Company shall furnish ICM, as representative of the Holders participating in
any of the foregoing offerings, a signed counterpart, addressed to the participating Holders, of (i) an opinion of counsel to the
Company, dated the effective date of such registration statement (or, if such registration includes an underwritten public offering,
an opinion dated the date of the closing under any underwriting agreement related thereto), and (ii) a “cold comfort”
letter dated the effective date of such registration statement (and, if such registration includes an underwritten public offering,
a letter dated the date of the closing under the underwriting agreement) signed by the independent public accountants who have
issued a report on the Company’s financial statements included in such registration statement, in each case covering substantially
the same matters with respect to such registration statement (and the prospectus included therein) and, in the case of such accountants’
letter, with respect to events subsequent to the date of such financial statements, as are customarily covered in opinions of issuer’s
counsel and in accountants’ letters delivered to underwriters in underwritten public offerings of securities; provided
however, that in the case of an underwritten offering, the provisions of the underwriting agreement described in Section 5.4.4
shall control. The Company shall also deliver promptly to ICM, as representative of the Holders participating in the offering,
the correspondence and memoranda described below and copies of all correspondence between the Commission and the Company, its counsel
or auditors and all memoranda relating to discussions with the Commission or its staff with respect to the registration statement
and permit ICM, as representative of the Holders, to do such investigation, upon reasonable advance notice, with respect to information
contained in or omitted from the registration statement as it deems reasonably necessary to comply with applicable securities laws
or rules of FINRA. Such investigation shall include access to books, records and properties and opportunities to discuss the business
of the Company with its officers and independent auditors, all to such reasonable extent and at such reasonable times and as often
as ICM, as representative of the Holders, shall reasonably request. The Company shall not be required to disclose any confidential
information or other records to ICM, as representative of the Holders, or to any other person, until and unless such persons shall
have entered into confidentiality agreements (in form and substance reasonably satisfactory to the Company) with the Company with
respect thereto.

5.4.4          
Underwriting Agreement. The Company shall enter into an underwriting agreement with the managing underwriter(s),
if any, selected by any Holders whose Registrable Securities are being registered pursuant to this Section 5, which managing underwriter
shall be reasonably acceptable to the Company. Such agreement shall be reasonably satisfactory in form and substance to the Company,
each Holder and such managing underwriters, and shall contain such representations, warranties and covenants by the Company and
such other terms as are customarily contained in agreements of that type used by the managing underwriter. The Holders shall be
parties to any underwriting agreement relating to an underwritten sale of their Registrable Securities and may, at their option,
require that any or all the representations, warranties and covenants of the Company to or for the benefit of such underwriters
shall also be made to and for the benefit of such Holders. Such Holders shall not be required to make any representations or warranties
to or agreements with the Company or the underwriters except as they may relate to such Holders and their intended methods of distribution
or as are customarily required of selling shareholders in a firm commitment underwritten offering. Such Holders, however, shall
agree to such covenants and indemnification and contribution obligations for selling stockholders as are customarily contained
in agreements of that type used by the managing underwriter. Further, such Holders shall execute appropriate custody agreements
and otherwise cooperate fully in the preparation of the registration statement and other documents relating to any offering in
which they include securities pursuant to this Section 5. Each Holder shall also furnish to the Company such information regarding
itself, the Registrable Securities held by it, and the intended method of disposition of such securities as shall be reasonably
required to effect the registration of the Registrable Securities.

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5.4.5          
Rule 144 Sale. Notwithstanding anything contained in this Section 5 to the contrary, the Company shall have no obligation
pursuant to Sections 5.1 or 5.2 for the registration of Registrable Securities held by any Holder, where such Holder would then
be entitled to sell under Rule 144 within any three-month period (or such other period prescribed under Rule 144 as may be provided
by amendment thereof) all of the Registrable Securities then held by such Holder.

5.4.6          
Supplemental Prospectus. Each Holder agrees, that upon receipt of any notice from the Company of the happening of
any event as a result of which the prospectus included in the 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 light of the circumstances then existing, or that would otherwise require disclosure of material nonpublic information
that, if disclosed at such time, would be materially harmful to the Company, such Holder will immediately discontinue disposition
of Registrable Securities pursuant to the Registration Statement covering such Registrable Securities until such Holder’s
receipt of the copies of a supplemental or amended prospectus, or the public disclosure and dissemination of such information,
as the case may be, and, if so desired by the Company, such Holder shall deliver to the Company (at the expense of the Company)
or destroy (and deliver to the Company a certificate of such destruction) all copies, other than permanent file copies then in
such Holder’s possession, of the prospectus covering such Registrable Securities current at the time of receipt of such notice.

 

		6.	Adjustments.

6.1               
Adjustments to Exercise Price and Number of Securities. The Exercise Price and the number of ADSs underlying the
Underwriter’s Warrant shall be subject to adjustment from time to time as hereinafter set forth:

6.1.1          
Stock Dividends; Split Ups. If after the date hereof, and subject to the provisions of Section 6.3 below, the number
of outstanding ADSs or Ordinary Shares is increased by a stock dividend payable in ADSs or by a split up of Ordinary Shares or
other similar event, then, on the effective day thereof, the number of ADSs purchasable hereunder shall be increased in proportion
to such increase in outstanding ADSs. For example, if the Company declares a two-for-one stock dividend and at the time of such
dividend this Underwriter’s Warrant is for the purchase of one ADS at $6.25 per ADS, upon effectiveness of the dividend,
this Underwriter’s Warrant will be adjusted to allow for the purchase of one ADS for $3.125. In such example, the number
of ADSs purchasable hereunder would increase to 100,000 ADSs.

6.1.2          
Aggregation of Shares. If after the date hereof, and subject to the provisions of Section 6.3, the number of outstanding
ADSs is decreased by a consolidation, combination or reclassification of ADSs or other similar event, then, on the effective date
thereof, the number of ADSs underlying this Underwriter’s Warrant each of purchasable hereunder shall be decreased in proportion
to such decrease in outstanding shares.

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6.1.3          
Replacement of Securities upon Reorganization, etc. In case of any reclassification or reorganization of the outstanding
ADSs or Ordinary Shares other than a change covered by Section 6.1.1 or 6.1.2 hereof or that solely affects the par value of ADS
or Ordinary Shares, or in the case of any merger or consolidation of the Company with or into another corporation (other than a
consolidation or merger in which the Company is the continuing corporation and that does not result in any reclassification or
reorganization of the outstanding ADSs, or in the case of any sale or conveyance to another corporation or entity of the property
of the Company as an entirety or substantially as an entirety in connection with which the Company is dissolved, the Holder of
this Underwriter’s Warrant shall have the right thereafter (until the expiration of the right of exercise of this Underwriter’s
Warrant) to receive upon the exercise hereof, for the same aggregate Exercise Price payable hereunder immediately prior to such
event, the kind and amount of shares of stock or other securities or property (including cash) receivable upon such reclassification,
reorganization, merger or consolidation, or upon a dissolution following any such sale or transfer, by a Holder of the number of
ADSs or Ordinary Shares of the Company obtainable upon exercise of this Underwriter’s Warrant immediately prior to such event;
and if any reclassification also results in a change in the number of ADSs or Ordinary Shares covered by Section 6.1.1 or 6.1.2,
then such adjustment shall be made pursuant to Sections 6.1.1, 6.1.2 and this Section 6.1.3. The provisions of this Section 6.1.3
shall similarly apply to successive reclassifications, reorganizations, mergers or consolidations, sales or other transfers.

6.1.4          
Changes in Form of Underwriter’s Warrant. This form of Underwriter’s Warrant need not be changed because
of any change pursuant to this Section, and Underwriter’s Warrants issued after such change may state the same Exercise Price
and the same number of ADSs are stated in the Underwriter’s Warrants initially issued pursuant to this Agreement. The acceptance
by any Holder of the issuance of new Underwriter’s Warrant reflecting a required or permissive change shall not be deemed
to waive any rights to an adjustment occurring after the Commencement Date or the computation thereof.

6.2               
Substitute Underwriter’s Warrant. In case of any consolidation of the Company with, or merger of the Company
with or into, another corporation (other than a consolidation or merger which does not result in any reclassification or change
of the outstanding ADSs), the corporation formed by such consolidation or merger shall execute and deliver to the Holder a supplemental
Underwriter’s Warrant providing that the holder of each Underwriter’s Warrant then outstanding or to be outstanding
shall have the right thereafter (until the stated expiration of such Underwriter’s Warrant) to receive, upon exercise of
such Underwriter’s Warrant, the kind and amount of ADSs and other securities and property receivable upon such consolidation
or merger, by a holder of the number of ADSs of the Company for which such Underwriter’s Warrant might have been exercised
immediately prior to such consolidation, merger, sale or transfer. Such supplemental Underwriter’s Warrant shall provide
for adjustments which shall be identical to the adjustments provided in Section 6. The above provision of this Section shall similarly
apply to successive consolidations or mergers.

6.3               
Elimination of Fractional Interests. The Company shall not be required to issue certificates representing fractions
of ADSs upon the exercise of the Underwriter’s Warrant, nor shall it be required to issue scrip or pay cash in lieu of any
fractional interests, it being the intent of the parties that all fractional interests shall be eliminated by rounding any fraction
up to the nearest whole number of Warrants, ADSs or other securities, properties or rights.

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7.                  
Reservation and Listing. The Company shall at all times reserve and keep available out of its authorized ADSs and
Ordinary Shares, solely for the purpose of issuance upon exercise of the Underwriter’s Warrants, such number of shares of
ADSs, Ordinary Shares or other securities, properties or rights as shall be issuable upon the exercise thereof. The Company covenants
and agrees that, upon exercise of the Underwriter’s Warrants and payment of the Exercise Price therefor, in accordance with
the terms hereby, all ADSs and other securities issuable upon such exercise shall be duly and validly issued, fully paid and non-assessable
and not subject to preemptive rights of any stockholder. As long as the Underwriter’s Warrants shall be outstanding, the
Company shall use its commercially reasonable efforts to cause all ADSs issuable upon exercise of the Underwriter’s Warrants,
to be listed (subject to official notice of issuance) on all securities exchanges (or, if applicable on the Nasdaq Capital Market,
OTC Bulletin Board or any successor trading market) on which the ADSs, issued to the public in the Offering may then be listed
and/or quoted.

8.                  
Certain Notice Requirements.

8.1               
Holder’s Right to Receive Notice. Nothing herein shall be construed as conferring upon the Holders the right
to vote or consent or to receive notice as a stockholder for the election of directors or any other matter, or as having any rights
whatsoever as a stockholder of the Company. If, however, at any time prior to the expiration of the Underwriter’s Warrants
and their exercise, any of the events described in Section 8.2 shall occur, then, in one or more of said events, the Company shall
give written notice of such event at least fifteen days prior to the date fixed as a record date or the date of closing the transfer
books for the determination of the stockholders entitled to such dividend, distribution, conversion or exchange of securities or
subscription rights, or entitled to vote on such proposed dissolution, liquidation, winding up or sale. Such notice shall specify
such record date or the date of the closing of the transfer books, as the case may be. Notwithstanding the foregoing, the Company
shall deliver to each Holder a copy of each notice given to the other stockholders of the Company at the same time and in the same
manner that such notice is given to the stockholders.

8.2               
Events Requiring Notice. The Company shall be required to give the notice described in this Section 8 upon one or
more of the following events: (i) if the Company shall take a record of the holders of its ADSs for the purpose of entitling them
to receive a dividend or distribution payable otherwise than in cash, or a cash dividend or distribution payable otherwise than
out of retained earnings, as indicated by the accounting treatment of such dividend or distribution on the books of the Company,
(ii) the Company shall offer to all the holders of its ADSs any additional ADSs of the Company or securities convertible into or
exchangeable for ADSs of the Company, or any option, right or warrant to subscribe therefor, or (iii) a dissolution, liquidation
or winding up of the Company (other than in connection with a consolidation or merger) or a sale of all or substantially all of
its property, assets and business shall be proposed.

8.3               
Notice of Change in Exercise Price. The Company shall, promptly after an event requiring a change in the Exercise
Price pursuant to Section 6 hereof, send notice to the Holders of such event and change (“Price Notice”). The Price
Notice shall describe the event causing the change and the method of calculating same and shall be certified as being true and
accurate by the Company’s Chief Financial Officer.

    	10

    	 

    
 

8.4               
Transmittal of Notices. All notices, requests, consents and other communications under this Underwriter’s Warrant
shall be in writing and shall be deemed to have been duly made when hand delivered, or mailed by express mail or private courier
service: (i) If to the registered Holder of the Underwriter’s Warrant, to the address of such Holder as shown on the books
of the Company, or (ii) if to the Company, to following address or to such other address as the Company may designate by notice
to the Holders: 

 

Sunity Online Entertainment Limited

Level 9, Block A, No. 31

Gaoxin Road, Xian, PRC 710075

Attn: Fan Zhang

 

		9.	Miscellaneous.

9.1               
Amendments. The Company and ICM may from time to time supplement or amend this Underwriter’s Warrant without
the approval of any of the Holders in order to cure any ambiguity, to correct or supplement any provision contained herein that
may be defective or inconsistent with any other provisions herein, or to make any other provisions in regard to matters or questions
arising hereunder that the Company and ICM may deem necessary or desirable and that the Company and ICM deem shall not adversely
affect the interest of the Holders. All other modifications or amendments shall require the written consent of and be signed by
the party against whom enforcement of the modification or amendment is sought.

9.2               
Headings. The headings contained herein are for the sole purpose of convenience of reference, and shall not in any
way limit or affect the meaning or interpretation of any of the terms or provisions of this Underwriter’s Warrant.

10.           Entire
Agreement. This Underwriter’s Warrant (together with the other agreements and documents being delivered pursuant to
or in connection with this Underwriter’s Warrant) constitutes the entire agreement of the parties hereto with respect to
the subject matter hereof, and supersedes all prior agreements and understandings of the parties, oral and written, with respect
to the subject matter hereof.

10.1           
Binding Effect. This Underwriter’s Warrant shall inure solely to the benefit of and shall be binding upon,
the Holder and the Company and their permitted assignees, respective successors, legal representative and assigns, and no other
person shall have or be construed to have any legal or equitable right, remedy or claim under or in respect of or by virtue of
this Underwriter’s Warrant or any provisions herein contained.

10.2           
Governing Law; Submission to Jurisdiction. This Underwriter’s Warrant shall be governed by and construed and
enforced in accordance with the laws of the State of New York, without giving effect to conflict of laws. The Company hereby agrees
that any action, proceeding or claim against it arising out of, or relating in any way to this Underwriter’s Warrant shall
be brought and enforced in the courts of the State of New York or of the United States of America for the Southern District of
New York, and irrevocably submits to such jurisdiction, which jurisdiction shall be exclusive. The Company hereby waives any objection
to such exclusive jurisdiction and that such courts represent an inconvenient forum. Any process or summons to be served upon the
Company may be served by transmitting a copy thereof by registered or certified mail, return receipt requested, postage prepaid,
addressed to it at the address set forth in Section 8 hereof. Such mailing shall be deemed personal service and shall be legal
and binding upon the Company in any action, proceeding or claim. The Company and the Holder agree that the prevailing party(ies)
in any such action shall be entitled to recover from the other party(ies) all of its reasonable attorneys’ fees and expenses
relating to such action or proceeding and/or incurred in connection with the preparation therefor.

    	11

    	 

    
 

10.3           
Waiver, Etc. The failure of the Company or the Holder to at any time enforce any of the provisions of this Underwriter’s
Warrant shall not be deemed or construed to be a waiver of any such provision, nor to in any way affect the validity of this Underwriter’s
Warrant or any provision hereof or the right of the Company or any Holder to thereafter enforce each and every provision of this
Underwriter’s Warrant. No waiver of any breach, non-compliance or non-fulfillment of any of the provisions of this Underwriter’s
Warrant shall be effective unless set forth in a written instrument executed by the party or parties against whom or which enforcement
of such waiver is sought; and no waiver of any such breach, non-compliance or non-fulfillment shall be construed or deemed to be
a waiver of any other or subsequent breach, non-compliance or non-fulfillment.

10.4           
Execution in Counterparts. This Underwriter’s Warrant may be executed in one or more counterparts, and by the
different parties hereto in separate counterparts, each of which shall be deemed to be an original, but all of which taken together
shall constitute one and the same agreement, and shall become effective when one or more counterparts has been signed by each of
the parties hereto and delivered to each of the other parties hereto.

10.5           
Exchange Agreement. As a condition of the Holder’s receipt and acceptance of this Underwriter’s Warrant,
Holder agrees that, at any time prior to the complete exercise of this Underwriter’s Warrant by Holder, if the Company and
ICM enter into an agreement (“Exchange Agreement”) pursuant to which they agree that all outstanding Underwriter’s
Warrants will be exchanged for securities or cash or a combination of both, then Holder shall agree to such exchange and become
a party to the Exchange Agreement.

 

[Remainder of page
deliberately left blank]

 

 

    	12

    	 

    
 

IN WITNESS
WHEREOF, the Company has caused this Underwriter’s Warrant to be signed by its duly authorized officer as of the ___ day
of __________, 2012.

 

	 	SUNITY ONLINE ENTERTAINMENT LIMITED
	 	 
	 	By:_____________________________________
	 	Name: Fan Zhang
	 	Its: Chief Executive Officer

 

    	13

    	 

    

Form to be used to exercise Underwriter’s
Warrant:

 

Sunity Online Entertainment
Limited

Level 9, Block A, No. 31

Gaoxin Road, Xian, PRC 710075

Attn:
Fan Zhang

Date: _________________, 200__

The undersigned hereby
elects irrevocably to exercise the within Underwriter’s Warrant and to purchase ____ ADSs of Sunity Online Entertainment
Limited and hereby makes payment of $____________ (at the rate of $_________ per ADS) in payment of the Exercise Price pursuant
thereto. Please issue the ADSs as to which this Underwriter’s Warrant is exercised in accordance with the instructions given
below.

or

The undersigned hereby
elects irrevocably to convert its right to purchase _________ ADSs purchasable under the within Underwriter’s Warrant by
surrender of the unexercised portion of the attached Underwriter’s Warrant (with a “Value” based of $_______
based on a “Market Price” of $_______). Please issue the ADSs as to which this Underwriter’s Warrant is exercised
in accordance with the instructions given below.

	 	 
	 	Signature
	 	 
	 	 
	 	Signature Guaranteed

INSTRUCTIONS FOR REGISTRATION OF SECURITIES

Name:_____________________________________________________________

(Print in Block Letters)

Address:___________________________________________________________

NOTICE: The signature
to this form must correspond with the name as written upon the face of the within Underwriter’s Warrant in every particular
without alteration or enlargement or any change whatsoever, and must be guaranteed by a bank, other than a savings bank, or by
a trust company or by a firm having membership on a registered national securities exchange.

    	14

    	 

    

Form to be used to assign Underwriter’s
Warrant:

ASSIGNMENT

(To be executed by
the registered Holder to effect a transfer of the within Underwriter’s Warrant):

FOR VALUE
RECEIVED,_________________________does hereby sell, assign and transfer unto_______________ the right to purchase __________
ADSs of Sunity Online Entertainment Limited (“Company”) evidenced by the within Underwriter’s Warrant and
does hereby authorize the Company to transfer such right on the books of the Company.

Dated: ___________________, 2012

	 	 
	 	Signature
	 	 
	 	 
	 	Signature Guaranteed

NOTICE: The signature
to this form must correspond with the name as written upon the face of the within Underwriter’s Warrant in every particular
without alteration or enlargement or any change whatsoever, and must be guaranteed by a bank, other than a savings bank, or by
a trust company or by a firm having membership on a registered national securities exchange.

    	15ESCROW AGREEMENT

(Subscription Escrow Agreement)

 

THIS SUBSCRIPTION ESCROW
AGREEMENT (this “Agreement”), is entered into as of _______, 2012, by and among Sunity Online Entertainment Limited
(“Issuer”), ICM Capital Markets Ltd. (“Depositor”, and together with Issuer, sometimes referred to individually
as “Party” and collectively as the “Parties”), and JPMorgan Chase Bank, N.A. (the “Escrow
Agent”).

 

Whereas,
the Issuer has filed a registration statement on Form F-1 under the Securities Act of 1933, as amended, with the Securities and
Exchange Commission, File No. 333-169515 (the “Registration Statement”), relating to the offer and sale of American
Depositary Shares (“ADSs”) of the Issuer. The Issuer proposes to sell a minimum of 800,000 ADSs (the “Minimum
Offering Amount”) and a maximum of 1,600,000 ADSs at a price of $5.00 per ADS on a “best efforts, minimum/maximum”
basis pursuant to the Registration Statement (the “Offering”).

 

WHEREAS, the Depositor has been named
as the underwriter in connection with the Offering in accordance with the terms of an underwriting agreement to be entered into
upon the effectiveness of the Registration Statement between the Issuer, the Depositor and any other underwriters named therein
(the “Underwriting Agreement”); and

 

WHEREAS, in compliance with Rule 15c2-4
under the Securities Exchange Act of 1934, as amended, the Issuer and the Depositor propose to establish an Escrow Account (as
defined in Section 2 hereof) with the Escrow Agent until the Offering terminates;

 

NOW
THEREFORE, in consideration of the foregoing and of the mutual covenants hereinafter set forth, the parties hereto agree
as follows:

 

1.          Appointment.
The Parties hereby appoint Escrow Agent as their escrow agent for the purposes set forth herein, and Escrow Agent hereby accepts
such appointment under the terms and conditions set forth herein. The Depositor represents, warrants
and covenants that at all times during the term of this Agreement less than twenty-five percent (25%) of the subscribers will be
benefit plan investors as defined in 29 CFR 2510.3-101. Additionally, the Depositor represents to Issuer and Escrow Agent that
the Depositor: (i) verified the identity of each subscriber to the Offering, and, if the subscriber is an entity, further
identified the beneficial owners of such entity; (ii) screened each subscriber through the Office of
Foreign Assets Control (“OFAC”) to confirm that such subscriber is, or its beneficial owners are, not on any sanctions
list; and (iii) confirmed the legitimacy of source of funds for each subscriber. For any subscriber that the Depositor is required
to have an OFAC license to conduct business, such documentation and any amendments shall be supplied to Issuer and Escrow Agent
by the Depositor prior to Escrow Agent’s receipt of such subscriber’s funds.

 

2.          Establishment
of the Escrow Account. Contemporaneously herewith, the Parties have established a non-interest-bearing
account with the Escrow Agent, which escrow account is entitled “Sunity Online Entertainment Limited IPO Escrow Account”
(the “Escrow Account”). The subscribers will transfer funds directly to the Escrow Account or make checks payable to
the Escrow Agent for deposit into the Escrow Account. The Escrow Agent agrees to hold all funds (the “Funds”) so deposited
in the Escrow Account for the benefit of the Parties and subscribers until authorized to disburse such Funds under the terms of
this Agreement. 

 

3.          Disposition
and Termination.  (a) The Parties agree to notify Escrow Agent in writing of the closing date of the Offering (the “Offering
Closing Date”) at least one Business Day (as hereafter defined) in advance thereof, and, by the Offering Closing Date, whether
or not Depositor received subscriptions for the Minimum Offering Amount. Upon receipt of such written notification one of the following
procedures will take place:

 

(i) If Depositor has received
subscriptions for the Minimum Offering Amount by the Offering Closing Date, on the Offering Closing Date the Funds will be promptly
paid to or credited to the account of, or otherwise transferred pursuant to Issuer’s funds transfer instructions as set forth
in section 3(b) below; or

 

    	1

    	 

    

 

(ii) If Depositor has not
received subscriptions for the Minimum Offering Amount by the Offering Closing Date, the Parties shall provide to Escrow Agent
an electronic spreadsheet or list in a form reasonably acceptable to Escrow Agent containing the amount received from each subscriber
whose Funds have been deposited with Escrow Agent (with respect to each subscriber the “Subscriber Investment Amount”)
along with the name, address and Taxpayer Identification Number, if any, of each subscriber. The aggregate of all Subscriber Investment
Amounts shall be equal to the amount of the Funds on the Offering Closing Date. Escrow Agent shall distribute to each subscriber
the appropriate Subscriber Investment Amount pursuant to joint written instructions of the Parties within five (5) Business Days
of receipt of the information described in this Section 3(a)(ii).

 

(b)
Any instructions setting forth, claiming, containing, objecting to, or in any way related to the transfer or distribution of the
Funds, must be in writing or set forth in a Portable Document Format (“PDF”), executed by the appropriate Party
or Parties as evidenced by the signatures of the person or persons signing this Agreement or one of their designated persons as
set forth in Schedule 1 (each an “Authorized Representative”), and delivered to Escrow Agent only by confirmed facsimile
or attached to an email on a Business Day only at the fax number or email address set forth in Section 8 below. No instruction
for or related to the transfer or distribution of the Funds shall be deemed delivered and effective unless Escrow Agent actually
shall have received it on a Business Day by facsimile or as a PDF attached to an email only at the fax number or email address
set forth in Section 8 and as evidenced by a confirmed transmittal to the Party’s or Parties’ transmitting fax number
or email address and Escrow Agent has been able to satisfy any applicable security procedures as may be required hereunder. Escrow
Agent shall not be liable to any Party or other person for refraining from acting upon any instruction for or related to the transfer
or distribution of the Funds if delivered to any other fax number or email address, including but not limited to a valid email
address of any employee of Escrow Agent. The Parties each acknowledge that Escrow Agent is authorized to use the following
funds transfer instructions to disburse any Funds pursuant to Section 3(a)(i), without a verifying call-back as set forth in Section
3(c) below:

 

	Issuer:	Bank name:	Depositor:	Bank name:
	 	Bank Address:	 	Bank Address:
	 	ABA number:	 	ABA number:
	 	Account name:	 	Account Name:
	 	Account number:	 	Account Number:

 

(c) In the event any other
funds transfer instructions are set forth in a permitted instruction from a Party or the Parties in accordance with Section 3(a),
Escrow Agent is authorized to seek confirmation of such funds transfer instructions by a single telephone call-back to one of the
Authorized Representatives, and Escrow Agent may rely upon the confirmation of anyone purporting to be that Authorized Representative.
The persons and telephone numbers designated for call-backs may be changed only in a writing executed by Authorized Representatives
of the applicable Party and actually received by Escrow Agent via facsimile or as a PDF attached to an email. Except as set forth
in Section 3(a) above, no Funds will be disbursed until an Authorized Representative is able to confirm such instructions by telephone
callback. Escrow Agent and the beneficiary's bank in any Funds transfer may rely solely upon any account numbers or similar identifying
numbers provided by the Parties and confirmed by an Authorized Representative.

 

(d) The Parties acknowledge
that there are certain security, corruption, transmission error and access availability risks associated with using open networks
such as the Internet and the Parties hereby expressly assume such risks.

 

(e) As used in this Agreement,
“Business Day” shall mean any day other than a Saturday, Sunday
or any other day on which Escrow Agent located at the notice address set forth below is authorized or required by law or executive
order to remain closed. The Parties acknowledge that the security procedures set forth in this Section 3 are commercially
reasonable. Upon delivery of the Funds by Escrow Agent in accordance herewith, this Agreement shall terminate, subject to the provisions
of Section 6.

 

    	2

    	 

    

 

4.          Escrow
Agent. Escrow Agent shall have only those duties as are specifically and expressly provided herein, which shall be deemed purely
ministerial in nature, and no other duties shall be implied. Escrow Agent has no knowledge of, nor any requirement to comply with,
the terms and conditions of any other agreement between the Parties, nor shall Escrow Agent be required to determine
if any Party has complied with any other agreement. Notwithstanding the terms of any other agreement
between the Parties, the terms and conditions of this Agreement shall control the actions of Escrow Agent.
Escrow Agent may conclusively rely upon any written notice, document, instruction or request
delivered by the Parties believed by it to be genuine and to have been signed by an Authorized Representative(s), as applicable,
without inquiry and without requiring substantiating evidence of any kind and Escrow Agent shall be under no duty to inquire into
or investigate the validity, accuracy or content of any such document, notice, instruction or request. Escrow Agent shall not be
liable for any action taken, suffered or omitted to be taken by it in good faith except to the extent that Escrow Agent's gross
negligence or willful misconduct was the cause of any direct loss to either Party. Escrow Agent
may execute any of its powers and perform any of its duties hereunder directly or through affiliates or agents. In the event Escrow
Agent receives instructions, claims or demands from any Party hereto which conflict with the provisions of this Agreement, or if
Escrow Agent receives conflicting instructions from the Parties, Escrow Agent shall be entitled either to (a) refrain from taking
any action until it shall be given a joint written direction executed by Authorized Representatives of the Parties
which eliminates such conflict or by a final court order or (b) file an action in interpleader.
Escrow Agent shall have no duty to solicit any payments which may be due it, including, without limitation, the Funds nor
shall the Escrow Agent have any duty or obligation to confirm or verify the accuracy or correctness
of any amounts deposited with it hereunder. Anything in this Agreement to the contrary notwithstanding, in no event shall Escrow
Agent be liable for special, incidental, punitive, indirect or consequential loss or damage of any kind whatsoever (including but
not limited to lost profits), even if Escrow Agent has been advised of the likelihood of such loss or damage and regardless of
the form of action. 

 

5.          Resignation;
Succession. Escrow Agent may resign and be discharged from its duties or obligations hereunder by giving thirty (30)
days advance notice in writing of such resignation to the Parties. Escrow Agent’s sole responsibility
after such thirty (30) day notice period expires shall be to hold the Funds (without any obligation to reinvest the same) and to
deliver the same to a designated substitute escrow agent, if any, appointed by the Parties, or such other person designated by
the Parties, or in accordance with the directions of a final court order, at which time of delivery, Escrow Agent’s obligations
hereunder shall cease and terminate. If prior to the effective resignation date, the Parties have failed to appoint a successor
escrow agent, or to instruct the Escrow Agent to deliver the Funds to another person as provided above, at any time on or after
the effective resignation date, Escrow Agent either (a) may interplead the Funds with a court of competent jurisdiction; or (b)
appoint a successor escrow agent of its own choice. Any appointment of a successor escrow agent shall be binding upon the Parties
and no appointed successor escrow agent shall be deemed to be an agent of Escrow Agent. Escrow Agent shall deliver the Funds to
any appointed successor escrow agent, at which time Escrow Agent’s obligations under this Agreement shall cease and terminate.
Any entity into which Escrow Agent may be merged or converted or with which it may be consolidated, or any entity to which all
or substantially all the escrow business may be transferred, shall be the Escrow Agent under this Agreement without further act.

 

6.          Compensation.
The Parties agree jointly and severally to pay Escrow Agent upon execution of this Agreement and from time to time thereafter
reasonable compensation for the services to be rendered hereunder, which unless otherwise agreed in writing, shall be as described
in Schedule 2.

 

7.          Indemnification
and Reimbursement. The Parties agree jointly and severally
to indemnify, defend, hold harmless, pay or reimburse Escrow Agent and its affiliates and their respective successors, assigns,
directors, agents and employees (the “Indemnitees”) from and against any and all losses, damages, claims, liabilities,
penalties, judgments, settlements, litigation, investigations, costs or expenses (including, without limitation, the fees and
expenses of outside counsel and experts and their staffs and all expense of document location, duplication and shipment) (collectively
“Losses”), arising out of or in connection with (a) Escrow Agent’s performance of this Agreement, except to
the extent that such Losses are determined by a court of competent jurisdiction through a final order to have been caused by the
gross negligence, willful misconduct, or bad faith of such Indemnitee; and (b) Escrow Agent’s following any instructions
or directions, whether joint or singular, from the Parties received in accordance with this Agreement. The obligations set forth
in this Section 7 shall survive the resignation, replacement or removal of Escrow Agent or the termination of this Agreement.

 

    	3

    	 

    

 

8.          Notices.
All communications hereunder shall be in writing or set forth in a PDF attached to an email, and all instructions from a
Party or the Parties to the Escrow Agent shall be executed by an Authorized Representative, and shall
be delivered in accordance with the terms of this Agreement by facsimile, email or overnight courier only to the appropriate fax
number, email address, or notice address set forth for each party as follows:

 

	If to Issuer:	Sunity Online Entertainment Limited
	 	Suite 1002, Block A, Buoya International Center
	 	No. 1 Lize Middle Road, Chaoyang District, Beijing, P.R.C.
	 	Attention: Steve Lifeng Weng, Director
	 	Tel No.: +86-29-88278225
	 	Email Address: steve.wayne@vip.163.com
	 	 
	With copies to:	Loeb & Loeb LLP
	 	345 Park Avenue
	 	New York, NY 10154
	 	Attn: Mitchell S. Nussbaum, Esq.
	 	Tel No.: 212-407-4159
	 	Fax No.: 212-407-4990
	 	 
	If to Depositor:	Averell W. Satloff
	 	ICM Capital Markets Ltd
	 	888 Seventh Ave, 17th Flr
	 	New York, N.Y. 10019
	 	Attention: Averell Satloff
	 	Tel No.: 646-833-4907
	 	Fax No.: 646-360-1137
	 	 
	With copies to:	Arthur Marcus
	 	Gersten Savage, LLP
	 	600 Lexington Avenue
	 	9th Floor
	 	New York, NY 10022
	 	Tel No:212-752-9700
	 	Fax No: 212-980-5192
	 	 
	If to Escrow Agent:	JPMorgan Chase Bank, N.A.
	 	Escrow Services
	 	4 New York Plaza, 21st Floor
	 	New York, NY 10004
	 	Attention:  Gregory P. Shea/Joan King-Francois
	 	Fax No.: 212-623-6168
	 	Email Address: ec.escrow@jpmorgan.com

 

9.          Compliance
with Court Orders. In the event that any of the Funds shall be attached, garnished, levied
upon, or otherwise be subject to any court order, or the delivery thereof shall be stayed or enjoined by an order of a court, Escrow
Agent is hereby expressly authorized, in its sole discretion, to obey and comply with all such orders so entered or issued, which
it is advised by legal counsel of its own choosing is binding upon it, whether with or without jurisdiction, and in the event that
Escrow Agent obeys or complies with any such order it shall not be liable to any of the Parties hereto or to any other person by
reason of such compliance notwithstanding such order be subsequently reversed, modified, annulled, set aside or vacated.

 

    	4

    	 

    

 

10.         Miscellaneous.
The provisions of this Agreement may be waived, altered, amended or supplemented only by a writing signed by Escrow Agent and
the Parties. Neither this Agreement nor any right or interest hereunder may be assigned by any Party without the prior consent
of Escrow Agent and each other Party. This Agreement shall be governed by and construed under the laws of the State of New York
without regard to conflicts of law principles that may result in the application of the substantive laws of another jurisdiction.
Each Party and Escrow Agent irrevocably waives any objection on the grounds of venue, forum non-conveniens or any similar grounds
and irrevocably consents to service of process by mail or in any other manner permitted by applicable law and consents to the jurisdiction
of the courts located in the State of New York. To the extent that in any jurisdiction either Party may now or hereafter be entitled
to claim for itself or its assets, immunity from suit, execution, attachment (before or after judgment) or other legal process,
such Party shall not claim, and hereby irrevocably waives, such immunity. Escrow Agent and the Parties further hereby waive any
right to a trial by jury with respect to any lawsuit or judicial proceeding arising or relating to this Agreement. No party to
this Agreement is liable to any other party for losses due to, or if it is unable to perform its obligations under the terms of
this Agreement because of, acts of God, fire, war, terrorism, floods, strikes, electrical outages, equipment or transmission failure,
or other causes reasonably beyond its control. This Agreement and any joint instructions from the Parties, may be executed in one
or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument
or instruction, as applicable. All signatures of the parties to this Agreement may be transmitted by facsimile or PDF, and such
facsimile or PDF will, for all purposes, be deemed to be the original signature of such party whose signature it reproduces, and
will be binding upon such party. If any provision of this Agreement
is determined to be prohibited or unenforceable by reason of any applicable law of a jurisdiction, then such provision shall, as
to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions
thereof, and any such prohibition or unenforceability in such jurisdiction shall not invalidate or render unenforceable such provisions
in any other jurisdiction. The Parties represent, warrant and covenant that each document, notice, instruction or request provided
by such Party to Escrow Agent shall comply with applicable laws and regulations. Except as expressly provided in Section 7, nothing
in this Agreement, whether express or implied, shall be construed to give to any person or entity other than Escrow Agent and the
Parties any legal or equitable right, remedy, interest or claim under or in respect of the Funds or
this Agreement. 

 

IN WITNESS WHEREOF, the parties hereto have executed this
Agreement as of the date set forth above. 

 

	SUNITY ONLINE ENTERTAINMENT LIMITED	 
	 	 
	By:	 	 
	Name:	 	 
	Title:	 	 
	 	 	 
	ICM CAPITAL MARKETS LTD.	 
	 	 	 
	By:	 	 
	Name:	 	 
	Title:	 	 
	 	 	 
	JPMORGAN CHASE BANK, NA,	 
	As Escrow Agent	 
	 	 	 
	By:	 	 
	Name:	 	 
	Title:	 	 

 

    	5

    	 

    

 

Schedule
1

 

Telephone
Numbers and Authorized Signatures for

Person(s)
Designated to Give Instructions and Confirm Funds Transfer Instructions

 

For Issuer:

 

	 	 	Name	 	Telephone Number	 	Signature
	 	 	 	 	 	 	 
	1.	 	 	 	 	 	 
	 	 	 	 	 	 	 
	2.	 	 	 	 	 	 
	 	 	 	 	 	 	 
	3.	 	 	 	 	 	 
	 	 	 	 	 	 	 
	For Depositor: 
	 	 	 	 	 	 	 
	 	 	Name	 	Telephone Number	 	Signature
	 	 	 	 	 	 	 
	1.	 	 	 	 	 	 
	 	 	 	 	 	 	 
	2.	 	 	 	 	 	 
	 	 	 	 	 	 	 
	3.	 	 	 	 	 	 

 

All instructions, including but not limited
to funds transfer instructions, whether transmitted by facsimile or set forth in a PDF attached to an email,
must include the signature of the Authorized Representative authorizing said funds transfer on behalf of each Party.

 

    	6

    	 

    

 

Schedule
2

 

    	7

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