Document:

Exhibit 4.1

  

NEITHER
THIS WARRANT NOR THE SECURITIES ISSUABLE UPON EXERCISE OF THIS WARRANT HAVE BEEN REGISTERED WITH THE SECURITIES AND EXCHANGE COMMISSION
OR THE SECURITIES COMMISSION OF ANY STATE IN RELIANCE UPON AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT OF 1933, AS
AMENDED (THE "SECURITIES ACT"), AND, ACCORDINGLY, MAY NOT BE OFFERED OR SOLD EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION
STATEMENT UNDER THE SECURITIES ACT OR PURSUANT TO AN AVAILABLE EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION
REQUIREMENTS OF THE SECURITIES ACT AND IN ACCORDANCE WITH APPLICABLE STATE SECURITIES LAWS AS EVIDENCED BY A LEGAL OPINION OF
COUNSEL TO THE TRANSFEROR TO SUCH EFFECT, THE SUBSTANCE OF WHICH SHALL BE REASONABLY ACCEPTABLE TO THE COMPANY. NOTWITHSTANDING
THE FOREGOING, THIS WARRANT AND THE SECURITIES ISSUABLE UPON EXERCISE OF THIS WARRANT MAY BE PLEDGED IN CONNECTION WITH A BONA
FIDE MARGIN ACCOUNT OR OTHER LOAN OR REFINANCING ARRANGEMENT SECURED BY SUCH SECURITIES.

 

THE
REGISTERED HOLDER OF THIS WARRANT IS ENTITLED TO THE BENEFITS OF A REGISTRATION RIGHTS AGREEMENT (COPIES OF WHICH ARE AVAILABLE
AT THE PRINCIPAL EXECUTIVE OFFICE OF THE ISSUER).

 

DEERFIELD
RESOURCES, LTD.

 

WARRANT
TO PURCHASE COMMON STOCK

 

VOID
AFTER 5:30 P.M. EASTERN 

TIME
ON THE EXPIRATION DATE

 

	NO. _________	Original Issue Date: February 10, 2010

 

FOR
VALUE RECEIVED, DEERFIELD RESOURCES, LTD., a Nevada corporation (the "Company"), hereby certifies that __________ or
its registered assigns (the "Holder"), is entitled to purchase from the Company under the terms as hereinafter set forth,
____________(________) fully paid and non-assessable shares of the Company's Common Stock, par value $.001 per share (the "Warrant
Stock"), at any time and from time to time, but no later than 5:30 p.m., Eastern Time, on the Expiration Date (as hereinafter
defined), at a purchase price of ONE DOLLAR AND SIXTY CENTS ($1.60) per share (the "Exercise Price"). The number of
shares of Warrant Stock to be so issued and the Exercise Price are subject to adjustment in certain events as hereinafter set
forth. The term "Common Stock" shall mean, when used herein, unless the context otherwise requires, the stock and other
securities and property at the time receivable upon the exercise of this Warrant.

 

RECITALS

 

A.          
This Warrant is one of the Warrants delivered in connection with the Company's private placement (the "Offering")
to accredited investors a minimum of 50 Units and a maximum of 80 Units at a purchase price of $125,000 per Unit, or up to 96
Units if the Company elects to accept over-subscriptions, with each Unit (the "Units") consisting of 100,000 shares
of the Company's common stock, par value $.001 per share (the "Common Stock"), and a five-year detachable warrant (the
"Warrant") to purchase 50,000 shares of Common Stock with an exercise price of $1.60 per share. The Common Stock and
Warrants comprising the Units, and the shares of Common Stock underlying the Warrants are collectively referred to as the Securities."
Capitalized terms used herein but not defined shall have the meaning given to such terms in the Subscription Agreement.

 

    	 

    	 

    

 

B.          
The Company is delivering this Warrant in reliance upon the exemption
from securities registration afforded by the provisions of Regulation D ("Regulation D") or as promulgated by the United
States Securities and Exchange Commission (the "Commission") under the Securities Act.

 

C.          
Contemporaneously with the execution and delivery of this Warrant, the
Company and Holder, among others, are executing and delivering (i) a Subscription Agreement (the "Subscription Agreement");
(ii) a Registration Rights Agreement (the "Registration Rights Agreement"); and (iii) the Lock-up Agreement (the "Lock-up
Agreement"). This Warrant, the Registration Rights Agreement, the Subscription Agreement and Lock-up Agreement are sometimes
hereinafter collectively referred to as the "Transaction Documents."

 

NOW,
THEREFORE, IN CONSIDERATION of the mutual covenants contained in the Transaction Documents, and for other good and valuable consideration
the receipt and adequacy of which are hereby acknowledged, the Company hereby agrees as follows:

 

		1.	Exercise of Warrant.

 

		a.	To
                                         effect exercises hereunder, the Holder shall not be required to physically surrender
                                         this Warrant unless the aggregate Warrant Shares represented by this Warrant is being
                                         exercised. The Holder may exercise this Warrant according to its terms by delivery of
                                         the Exercise Notice (in the form attached as Warrant Exhibit A
                                         hereto) to the Company, along with a Warrant Shares Log (in the form attached as Warrant
                                         Exhibit B hereto) at the
                                         Company's address for notice set forth herein, together with payment of the Exercise
                                         Price multiplied by the number of Warrant Stock that the Holder intends to purchase hereunder,
                                         prior to 5:30 p.m., Eastern Time, on February 9, 2015 (the "Expiration Date").

 

		b.	No
                                         fractional shares or scrip representing fractional shares shall be issued upon the exercise
                                         of this Warrant. The Company shall pay cash in lieu of fractions with respect to the
                                         Warrants based upon the fair market value of such fractional shares of Warrant Stock
                                         (which shall be the closing price of such shares on the exchange or market on which the
                                         Warrant Stock is then traded) at the time of exercise of this Warrant.

 

		c.	In
                                         the event of any exercise of the rights represented by this Warrant, a certificate or
                                         certificates for the Warrant Stock so purchased, registered in the name of the Holder,
                                         shall be delivered to the Holder within a reasonable time after such rights shall have
                                         been so exercised. The person or entity in whose name any certificate for the Warrant
                                         Stock is issued upon exercise of the rights represented by this Warrant shall for all
                                         purposes be deemed to have become the holder of record of such shares immediately prior
                                         to the close of business on the date on which the Warrant was surrendered and payment
                                         of the Exercise Price and any applicable taxes was made, irrespective of the date of
                                         delivery of such certificate, except that, if the date of such surrender and payment
                                         is a date when the stock transfer books of the Company are closed, such person shall
                                         be deemed to have become the holder of such shares at the opening of business on the
                                         next succeeding date on which the stock transfer books are open. The Company shall pay
                                         any and all documentary stamp or similar issue or transfer taxes payable in respect of
                                         the issue or delivery of shares of Warrant Stock on exercise of this Warrant.

 

    	 

    	 

    

  

		2.	Disposition of Warrant Stock and Warrant.

 

		a.	Except
                                         as expressly permitted by this Section 2, the Holder shall not, whether directly or indirectly,
                                         transfer any right, title or interest on this Warrant to any person (in each such case,
                                         a "Transferee"). The Holder hereby agrees that it will not sell or transfer
                                         all or any part of this Warrant unless and until it shall first have given written notice
                                         to the Company of its intention to transfer the Warrant, which shall include (i) a description
                                         of the securities to be transferred, (ii) the identity of the prospective Transferee,
                                         and (iii) the consideration and the material terms and conditions upon which the proposed
                                         transfer is to be made. Any attempt to Transfer all or any portion of this Warrant in
                                         violation of Section 13 shall be null and void, and the Company shall not register any
                                         such Transfer. Nothing in this Warrant, however, shall restrict the Holder from engaging
                                         in derivative transactions with respect to securities of the Company. The foregoing restriction
                                         shall not apply to transfers: (i) to the Holder's direct or indirect wholly-owned subsidiaries
                                         of the Holder; (ii) to any spouse or member of an individual Holder's immediate family,
                                         or to a custodian, trustee (including a trustee of a voting trust), executor, or other
                                         fiduciary for the account of the individual Holder's spouse or members of the individual
                                         Holder's immediate family,
                                         or to a trust for the individual Holder's own self, or a charitable remainder trust;
                                         or (iii) any bona fide gift to any charitable organization described in Section 501(c)(3)
                                         of the Internal Revenue Code; provided, however, that in the event of any transfer made
                                         pursuant to one of the exemptions hereunder, each such transferee or assignee, prior
                                         to the completion of the transfer, shall have executed documents assuming the obligations
                                         of the Holder under this Warrant with respect to the transferred securities.

 

		b.	All
                                         certificates shall bear the restrictive legend specified in the cover page of this Warrant
                                         only to the extent required by applicable law and as specified in the Transaction Documents.
                                         The Warrant Stock shall otherwise be freely transferable on the books and records of
                                         the Company as and to the extent permitted by applicable law and provided by this Agreement
                                         and the Registration Rights Agreement. If the Holder (i) provides the Company with an
                                         opinion of counsel reasonably satisfactory to the Company that registration by the Holder
                                         of the Warrant Stock is not required under the Securities Act, or (ii) transfers
                                         securities to an affiliate which is an accredited investor (in accordance with the provisions
                                         of this Agreement) or in compliance with Rule 144, then in either instance the Company
                                         shall permit the said transfer, and if applicable promptly instruct its transfer agent
                                         to issue one or more certificates in such name and in such denominations as specified
                                         by the Holder.

 

		c.	The
                                         legend shall be removed and the Company shall issue a certificate without such legend
                                         to the holder of any Warrant Stock upon which it is stamped, and a certificate for such
                                         Warrant Stock shall be originally issued without the legend, if, unless otherwise required
                                         by state securities laws, (i) the sale of such Warrant Stock is registered under the
                                         Securities Act, or (ii) the Holder provides the Company with an opinion by counsel reasonably
                                         satisfactory to the Company, that is in form, substance and scope reasonably satisfactory
                                         to the Company, to the effect that a public sale or Transfer of such Warrant Stock may
                                         be made without registration under the Securities Act or (iii) the Holder provides the
                                         Company with assurances reasonably satisfactory to the Company and its counsel, that
                                         such Warrant Stock can be sold pursuant to Rule 144. The Holder agrees that its sale
                                         of all Warrant Stock, including those represented by a certificate(s) from which the
                                         legend has been removed, or which were originally issued without the legend, shall be
                                         made only pursuant to an effective registration statement (and to deliver a prospectus
                                         in connection with such sale) or in compliance with an exemption from the registration
                                         requirements of the Securities Act. In the event the legend is removed from any Warrant
                                         Stock or any Warrant Stock is issued without the legend and thereafter the effectiveness
                                         of a registration statement covering the sales of such Warrant Stock is suspended or
                                         the Company determines that a supplement or amendment thereto is required by applicable
                                         securities laws, then upon reasonable advance notice to the holder of such Warrant Stock,
                                         the Company shall be entitled to require that the legend be placed upon any such Warrant
                                         Stock which cannot then be sold pursuant to an effective registration statement or Rule
                                         144 or with respect to which the opinion referred to in clause (i) next above has not
                                         been rendered, which legend shall be removed when such Warrant Stock may be sold pursuant
                                         to an effective registration statement or Rule 144 (or the holder thereof provides the
                                         opinion with respect thereto described in clause (i) next above.

 

    	 

    	 

    

  

		3.	Cashless Exercise

 

		a.	If
                                         a registration statement covering the Warrant Stock filed in connection with the Offering
                                         (a "Registration Statement") is effective such that the Holder may freely sell
                                         its shares of Warrant Stock upon exercise hereof, this Warrant may be exercisable in
                                         whole or in part for cash only as set forth in Section 1 above. If no such Registration
                                         Statement is available, then payment upon exercise may be made at the option of the Holder
                                         either (i) in cash, wire transfer or by certified or official bank check payable to the
                                         order of the Company equal to the applicable aggregate Purchase Price, (ii) by delivery
                                         of Warrant Stock issuable upon exercise of the Warrants in accordance with Section 3(b)
                                         below ("Cashless Exercise") or (iii) by
                                         a combination of any of the foregoing methods, for the number of Warrant Stock specified
                                         in such form (as such exercise number shall be adjusted to reflect any adjustment in
                                         the total number of shares of Warrant Stock issuable to the Holder per the terms of this
                                         Warrant) and the Holder shall thereupon be entitled to receive the number of duly authorized,
                                         validly issued, fully paid and nonassessable shares of Warrant Stock (or other securities)
                                         determined as provided herein.

 

		b.	If
                                         the Fair Market Value of one share of Warrant Stock is greater than the Purchase Price
                                         (at the date of calculation as set forth below) and no Registration Statement relating
                                         to the Warrant Stock is effective, in lieu of exercising this Warrant for cash, the Holder
                                         may elect to receive shares equal to the value (as determined below) of this Warrant
                                         (or the portion thereof being cancelled) by surrender of this Warrant at the principal
                                         office of the Company together with the properly endorsed Subscription Form in which
                                         event the Company shall issue to the Holder a number of shares of Warrant Stock computed
                                         using the following formula:

 

X
=[ Y*(A-B)]/A

 

Where

X=
the number of shares of Warrant Stock to be issued to the Holder

 

Y=
the number of shares of Warrant Stock purchasable under the Warrant or, if only a portion of the Warrant is being exercised, the
portion of the Warrant being exercised (at the date of such calculation)

 

A=
the Fair Market Value of one share of the Company's Warrant Stock (at the date of such calculation)

 

B=
Purchase Price (as adjusted to the date of such calculation)

 

		c.	For
                                         purposes of Rule 144 promulgated under the 1933 Act, it is intended, understood and acknowledged
                                         that the Commission currently has interpreted Rule 144 to mean that the Warrant Stock
                                         issued in a cashless exercise transaction shall be deemed to have been acquired by the
                                         Holder, and the holding period for the Warrant Stock shall be deemed to have commenced,
                                         on the date this Warrant was originally issued pursuant to the Subscription Agreement.

 

    	 

    	 

    

  

		4.	Reservation of Shares.
                                         The Company hereby agrees that at all times there shall be reserved for issuance upon
                                         the exercise of this Warrant such number of shares of its Warrant Stock as shall be required
                                         for issuance upon exercise of this Warrant. The Company further agrees that all shares
                                         which may be issued upon the exercise of the rights represented by this Warrant will
                                         be duly authorized and will, upon issuance and against payment of the exercise price,
                                         be validly issued, fully paid and non-assessable, free from all taxes, liens, charges
                                         and preemptive rights with respect to the issuance thereof, other than taxes, if any,
                                         in respect of any transfer occurring contemporaneously with such issuance and other than
                                         transfer restrictions imposed by federal and state securities laws.

 

		5.	Exchange, Transfer or Assignment
                                         of Warrant. This Warrant
                                         is exchangeable, without expense, at the option of the Holder, upon presentation and
                                         surrender hereof to the Company or at the office of its stock transfer agent, if any,
                                         for other Warrants of different denominations, entitling the Holder or Holders thereof
                                         to purchase in the aggregate the same number of shares of Warrant Stock purchasable hereunder.
                                         Upon surrender of this Warrant to the Company or at the office of its stock transfer
                                         agent, if any, with the Assignment Form annexed hereto duly executed and funds sufficient
                                         to pay any transfer tax, the Company shall, without charge, execute and deliver a new
                                         Warrant in the name of the assignee named in such Instrument of assignment and this Warrant
                                         shall promptly be canceled. This Warrant may be divided or combined with other Warrants
                                         that carry the same rights upon presentation hereof at the office of the Company or at
                                         the office of its stock transfer agent, if any, together with a written notice specifying
                                         the names and denominations
                                         in which new Warrants are to be issued and signed by the Holder hereof.

 

		6.	Certain Adjustments.
                                         The Exercise Price and number of Warrant Shares issuable upon exercise of this Warrant
                                         are subject to adjustment from time to time as set forth in this Section 6.

 

		a.	Stock Dividends and Splits.
                                         If the Company (i) pays a stock dividend on its Common
                                         Stock or otherwise makes a distribution on any class of capital stock that is payable
                                         in shares of Common Stock, (ii) subdivides outstanding shares of Common
                                         Stock into a larger number of shares, or (iii) combines outstanding shares of Common
                                         Stock into a smaller number of shares, then in each such case the Exercise Price shall
                                         be multiplied by a fraction of which the numerator shall be the number of shares of Common
                                         Stock outstanding immediately before such event and of which the denominator
                                         shall be the number of shares of Common Stock outstanding immediately after such event.
                                         Any adjustment made pursuant to clause (i) of this paragraph shall become effective immediately
                                         after the record date for the determination
                                         of stockholders entitled to receive such dividend or distribution, and any adjustment
                                         pursuant to clause (ii) or (iii) of this paragraph shall become effective immediately
                                         after the effective date of such subdivision or combination.

 

		b.	Fundamental Transactions.
                                         If there is a Fundamental Transaction, then the Holder shall have the right thereafter
                                         to receive, upon exercise of this Warrant, the same amount and kind of securities, cash
                                         or property as it would have been entitled to receive upon the occurrence of such Fundamental
                                         Transaction if it had been, immediately prior to such Fundamental Transaction, the holder
                                         of the number of Warrant Shares then issuable upon exercise in full of this Warrant (the
                                         "Alternative Consideration"). For purposes of any such exercise, the determination
                                         of the Exercise Price shall be appropriately adjusted to apply to such Alternative Consideration
                                         based on the amount of Alternative Consideration issuable in respect of one share of
                                         Common Stock in such Fundamental Transaction, and the Company shall apportion the Exercise
                                         Price among the Alternative Consideration in a reasonable manner reflecting the relative
                                         value of any different components of the Alternative Consideration. If holders of Common
                                         Stock are given any choice as to the securities, cash or property to be received in a
                                         Fundamental Transaction, then the Holder shall be given the same choice as to the Alternative
                                         Consideration it receives upon any exercise of this Warrant following such Fundamental
                                         Transaction. At the Holder's option and request, any successor to the Company or surviving
                                         entity in such Fundamental Transaction shall issue to the Holder a new warrant substantially
                                         in the form of this Warrant for a term equal to the remainder of the term of this Warrant
                                         and consistent with the foregoing provisions and evidencing the Holder's right to purchase
                                         the Alternative Consideration for the aggregate Exercise Price upon exercise thereof.
                                         The terms of any agreement pursuant to which a Fundamental Transaction is effected shall
                                         include terms requiring any such successor or surviving entity to comply with the provisions
                                         of this paragraph (b) and insuring that the Warrant (or any such replacement security)
                                         will be similarly adjusted upon any subsequent transaction analogous to a Fundamental
                                         Transaction. "Fundamental Transaction" means (i) the consummation of a transaction
                                         (including, without limitation, any merger or consolidation) the result of which is that
                                         any Person or group of Persons acting in concert becomes the owner, directly or indirectly,
                                         beneficially or of record, of shares representing more than 50% of the aggregate ordinary
                                         voting power represented by the Company's issued and outstanding capital stock on a fully-diluted
                                         basis, (ii) the adoption of a plan relating to the liquidation, dissolution or wind-up
                                         of the affairs of the Company, (iii) a consolidation or merger of the Company with or
                                         into any other Person or Persons (except one in which the holders of capital stock of
                                         the Company immediately prior to such merger or consolidation continue to hold a majority
                                         of the outstanding equity securities of the surviving, resulting or consolidated entity),
                                         or (iv) the direct or indirect sale, lease, transfer, conveyance or other disposition
                                         (other than by way of merger or consolidation), in one or a series of related transactions,
                                         of all or substantially all of the properties or assets of the Company and its Subsidiaries
                                         taken as a whole to any "person" (as that term is used in Section 12(d) of
                                         the Exchange Act) or persons.

 

    	 

    	 

    

  

c.        Subsequent
Equity Sales.

 

		(i)	If
                                         and whenever on or after the date hereof and through the earlier to occur of (i) eighteen
                                         months from the date hereof and (ii) date that there is an effective registration statement
                                         on file with the Securities and Exchange Commission covering the resale of all of the
                                         Warrant Stock and all of the shares of Common Stock issued in the Offering, the Company
                                         issues or sells any shares of Common Stock or securities convertible into Common Stock
                                         for a consideration per share of Common Stock less than the then current Exercise Price
                                         (if the holder of the Common Stock or securities convertible into Common Stock so issued
                                         shall at any time, whether by operation of purchase price adjustments, reset provisions,
                                         floating conversion, exercise or exchange prices or otherwise, or due to warrants, options
                                         or rights issued in connection with such issuance, be entitled to receive shares of Common
                                         Stock at a price less than the Exercise Price, such issuance shall be deemed to have
                                         occurred for less than the Exercise Price), then, the Exercise Price shall be multiplied
                                         by a fraction, the numerator of which shall be the number of shares of Common
                                         Stock outstanding immediately prior to the issuance of such shares of Common
                                         Stock or securities convertible into Common Stock plus the number of shares of Common
                                         Stock which the offering price for such shares of Common Stock or securities convertible
                                         into Common Stock would
                                         purchase at the Exercise Price, and the denominator of which shall be the sum of the
                                         number of shares of Common Stock outstanding immediately prior to such issuance plus
                                         the number of shares of Common Stock so issued or issuable. The Company shall notify
                                         the Holder in writing, no later than the third Trading Day following the issuance of
                                         any Common Stock or securities convertible into Common Stock subject to this section,
                                         indicating therein the applicable issuance price, or applicable reset price, exchange
                                         price, conversion price and other pricing terms.

 

    	 

    	 

    

 

		(ii)	For
                                         purposes of this subsection 6(c), the following subsections (c)(ii)(1) to (c)(ii)(6)
                                         shall also be applicable:

 

		1.	Issuance
                                         of Rights or Options. In
                                         case at any time the Company shall in any manner grant (directly and not by assumption
                                         in a merger or otherwise) any warrants or other rights to subscribe for or to purchase,
                                         or any options for the purchase of, Common Stock or any stock or security convertible
                                         into or exchangeable for Common Stock (such warrants, rights or options being called
                                         "Options" and such convertible or exchangeable stock or securities being called
                                         "Convertible Securities") whether or not such Options or the right to convert
                                         or exchange any such Convertible Securities are immediately exercisable, and the price
                                         per share for which Common Stock is issuable upon the exercise of such Options or upon
                                         the conversion or exchange of such Convertible Securities (determined by dividing (i)
                                         the sum (which sum shall constitute the applicable consideration) of (x) the total amount,
                                         if any, received or receivable by the Company as consideration for the granting of such
                                         Options, plus (y) the aggregate amount of additional consideration payable to the Company
                                         upon the exercise of all such Options, plus (z), in the case of such Options which relate
                                         to Convertible Securities, the aggregate amount of additional consideration, if any,
                                         payable upon the issue or sale of such Convertible Securities and upon the conversion
                                         or exchange thereof, by (ii) the total maximum
                                         number of shares of Common Stock issuable upon the exercise of such Options or upon the
                                         conversion or exchange of all such Convertible Securities issuable upon the exercise
                                         of such Options) shall be less than the Exercise Price in effect immediately prior to
                                         the time of the granting of such Options, then the total number of shares of Common Stock
                                         issuable upon the exercise of such Options or upon conversion or exchange of the total
                                         amount of such Convertible Securities issuable upon the exercise of such Options shall
                                         be deemed to have been issued for such price per share as of the date of granting of
                                         such Options or the issuance of such Convertible Securities and thereafter shall be deemed
                                         to be outstanding for purposes of adjusting the Exercise Price. Except as otherwise provided
                                         in subsection 6(c)(ii)(3), no adjustment of the Exercise Price shall be made upon the
                                         actual issue of such Common Stock or of such Convertible Securities upon exercise of
                                         such Options or upon the actual issue of such Common Stock upon conversion or exchange
                                         of such Convertible Securities.

 

		2.	Issuance of Convertible Securities.
                                         In case the Company shall in any manner issue (directly and not by assumption in a merger
                                         or otherwise) or sell any Convertible Securities, whether or not the rights to exchange
                                         or convert any such Convertible Securities are immediately exercisable, and the price
                                         per share for which Common Stock is issuable upon such conversion or exchange (determined
                                         by dividing (i) the sum (which sum shall constitute the applicable consideration) of
                                         (x) the total amount received or receivable by the Company as consideration for the issue
                                         or sale of such Convertible Securities, plus (y) the aggregate amount of additional consideration,
                                         if any, payable to the Company upon the conversion or exchange thereof, by (ii) the total
                                         number of shares of Common
                                         Stock issuable upon the conversion or exchange of all such Convertible Securities) shall
                                         be less than the Exercise Price in effect immediately prior to the time of such issue
                                         or sale, then the total maximum number of shares of Common
                                         Stock issuable upon conversion or exchange of all such Convertible Securities shall be
                                         deemed to have been issued for such price per share as of the date of the issue or sale
                                         of such Convertible Securities and thereafter shall be deemed to be outstanding for purposes
                                         of adjusting the Exercise Price, provided that (a) except as otherwise provided in subsection
                                         6(c)(ii)(3), no adjustment of the Exercise Price shall be made upon the actual issuance
                                         of such Common Stock upon conversion or exchange of such Convertible Securities and (b)
                                         no further adjustment of the Exercise Price shall be made by reason of the issue or sale
                                         of Convertible Securities upon exercise of any Options to purchase any such Convertible
                                         Securities for which adjustments of the Exercise Price have been made pursuant to the
                                         other provisions of subsection 6(c).

 

    	 

    	 

    

  

		3.	Change in
                                         Option Price or Conversion Rate.
                                         Upon the happening of any of the following events, namely, if the purchase price provided
                                         for in any Option referred to in subsection 6(c)(ii)(l) hereof, the additional consideration,
                                         if any, payable upon the conversion or exchange of any Convertible Securities referred
                                         to in subsections 6(c)(ii)(l) or 6(c)(ii)(2), or the rate at which Convertible Securities
                                         referred to in subsections 6(c)(ii)(1)
                                         or 6(c)(ii)(2) are convertible into or exchangeable for Common Stock shall change at
                                         any time (including, but not limited to, changes under or by reason of provisions designed
                                         to protect against dilution), the Exercise Price in effect at the time of such event
                                         shall forthwith be readjusted to the Exercise Price which would have been in effect at
                                         such time had such Options or Convertible Securities still outstanding provided for such
                                         changed purchase price, additional consideration or conversion rate, as the case may
                                         be, at the time initially granted, issued or sold. On the termination of any Option for
                                         which any adjustment was made pursuant to this subsection 6(c) or any right to convert
                                         or exchange Convertible Securities for which any adjustment was made pursuant to this
                                         subsection 6(c) (including without limitation upon the redemption or purchase for consideration
                                         of such Convertible Securities by the Company), the Exercise Price then in effect hereunder
                                         shall forthwith be changed to the Exercise Price which would have been in effect at the
                                         time of such termination had such Option or Convertible Securities, to the extent outstanding
                                         immediately prior to such termination, never been issued.

 

		4.	Stock Dividends.
                                         Subject to the provisions of this subsection 6(c), in case the Company shall declare
                                         a dividend or make any other distribution upon any stock of the Company (other than the
                                         Common Stock) payable in Common Stock, Options or Convertible Securities, then any Common
                                         Stock, Options or Convertible Securities, as the case may be, issuable in payment of
                                         such dividend or distribution shall be deemed to have been issued or sold without consideration.
                                         Notwithstanding the foregoing, if Section 6(a) is applicable to the declaration by the
                                         Company of a stock dividend or other distribution, then Section 6(c) shall not apply
                                         to that dividend or other distribution.

 

    	 

    	 

    

 

		5.	Consideration for Stock.
                                         In case any shares of Common Stock, Options or Convertible Securities shall be issued
                                         or sold for cash, the consideration received therefor shall be deemed to be gross amount
                                         received by the Company therefor, before any deduction of any expenses incurred or any
                                         underwriting commissions or concessions paid or allowed by the Company in connection
                                         therewith. In case any shares of Common Stock, Options or Convertible Securities shall
                                         be issued or sold for a consideration other than cash, the amount of the consideration
                                         other than cash received by the Company shall be deemed to be the fair value of such
                                         consideration as determined in good faith by the Board of Directors of the Company, before
                                         the deduction of any expenses incurred or any underwriting commissions or concessions
                                         paid or allowed by the Company in connection therewith. In case any Options shall be
                                         issued in connection with the issue and sale of other securities of the Company, together
                                         comprising one integral transaction in which no specific consideration is allocated to
                                         such Options by the parties thereto, such Options shall be deemed to have been issued
                                         for such consideration as determined in good faith by the Board of Directors of the Company.
                                         If Common Stock, Options or Convertible Securities shall be issued or sold by the Company
                                         and, in connection therewith, other Options or Convertible Securities (the "Additional
                                         Rights") are issued, then the consideration received or deemed to be received by
                                         the Company shall be reduced by the fair market value of the Additional Rights (as determined
                                         using a method mutually agreed to by the Company and the Holder). The Board of Directors
                                         of the Company shall respond promptly, in writing, to an inquiry by the Holders as to
                                         the fair market value of the Additional Rights. In the event that the Board of Directors
                                         of the Company and the Holders are unable to agree upon the fair market value of the
                                         Additional Rights, the Company and the Holders shall jointly select an appraiser, who
                                         is experienced in such matters. The decision of such appraiser shall be final and conclusive,
                                         and the cost of such appraiser shall be borne evenly by the Company and the Holder.

 

		6.	Record Date.
                                         In case the Company shall take a record of the holders of its Common Stock for the purpose
                                         of entitling them (i) to receive a dividend or other distribution payable in Common
                                         Stock, Options or Convertible Securities or (ii) to subscribe for or purchase Common
                                         Stock, Options or Convertible Securities, then such record date shall be deemed to be
                                         the date of the issue or sale of the shares of Common
                                         Stock deemed to have been issued or sold upon the declaration of such dividend or the
                                         making of such other distribution or the date of the granting of such right of subscription
                                         or purchase, as the case may be.

 

		(iii)	Notwithstanding
                                         the foregoing, no adjustment will be made under this paragraph (c) in respect of: (1)
                                         the issuance of shares of Common Stock or options to employees, officers, directors,
                                         or consultants of the Company pursuant to any stock or option plan duly adopted for such
                                         purpose by a majority of the non-employee members of the Board of Directors of the Company
                                         or a majority of the members of a committee
                                         of non-employee directors, (2) securities issued upon the exercise or exchange of or
                                         conversion of any securities issued hereunder and/or other securities exercisable or
                                         exchangeable for or convertible into shares of Common
                                         Stock issued and outstanding on the date of this Warrant, provided that such securities
                                         have not been amended since the date of this Warrant to increase the number of such securities
                                         or to decrease the exercise, exchange or conversion price of such securities; and (3)
                                         securities issued pursuant to acquisitions or strategic transactions approved by a majority
                                         of the disinterested directors of the Company, provided that any such issuance shall
                                         only be to a person which is either an owner of, or an entity that is, itself or through
                                         its subsidiaries, an operating company in a business synergistic with the business of
                                         the Company and in which the Company receives benefits in addition to the investment
                                         of funds, but shall not include a transaction in which the Company is issuing securities
                                         primarily for the purpose of raising capital or to an entity whose primary business is
                                         investing in securities.

 

    	 

    	 

    

 

		d.	Number of Warrant Shares.
                                         Simultaneously with any adjustment to the Exercise Price pursuant to this Section 6,
                                         the number of Warrant Shares that may be purchased upon exercise of this Warrant shall
                                         be increased or decreased proportionately, so that after such adjustment the aggregate
                                         Exercise Price payable hereunder for the adjusted number of Warrant Shares shall be the
                                         same as the aggregate
                                         Exercise Price in effect immediately prior to such adjustment.

 

		e.	Calculations.
                                         All calculations under this Section 6 shall be made to the nearest cent or the nearest
                                         1/100th of a share, as applicable. The number of shares of Common Stock outstanding
                                         at any given time shall not include shares owned or held by or for the account of the
                                         Company, and the disposition of any such shares shall be considered an issue or sale
                                         of Common Stock.

 

		f.	Notice of Adjustments.
                                         Upon the occurrence of each adjustment pursuant to this Section 6, the Company at its
                                         expense shall promptly compute such adjustment in accordance with the terms of this Warrant
                                         and prepare a certificate setting forth such adjustment, including a statement of the
                                         adjusted Exercise Price and adjusted number or type of Warrant Shares or other securities
                                         issuable upon exercise of this Warrant (as applicable), describing the transactions giving
                                         rise to such adjustments and showing in detail the facts upon which such adjustment is
                                         based. Upon written request, the Company will promptly deliver a copy of each such certificate
                                         to the Holder and to the Company's Transfer Agent.

 

		g.	Notice of Corporate Events.
                                         If the Company (i) declares a dividend or any other distribution of cash, securities
                                         or other property in respect of its Common Stock, including without limitation
                                         any granting of rights or warrants to subscribe for or purchase any capital stock of
                                         the Company or any Subsidiary, (ii) authorizes or approves, enters into any agreement
                                         contemplating or solicits stockholder approval for any Fundamental Transaction or (iii)
                                         authorizes the voluntary dissolution, liquidation or winding up of the affairs of the
                                         Company, then the Company shall deliver to the Holder a notice describing the material
                                         terms and conditions of such transaction (but only to the extent such disclosure would
                                         not result in the dissemination of material, non-public information to the Holder) at
                                         least 10 calendar days prior to the applicable record or effective date on which a Person
                                         would need to hold Common Stock in order to participate in or vote with respect to such
                                         transaction, and the Company will take all steps reasonably necessary in order to insure
                                         that the Holder is given the practical opportunity to exercise this Warrant prior to
                                         such time so as to participate in or vote with respect to such transaction; provided,
                                         however, that the failure to deliver such notice or any defect therein shall not affect
                                         the validity of the corporate action required to be described in such notice.

 

    	 

    	 

    

 

		7.	Limitation on Exercises.
                                         Notwithstanding anything herein to the contrary, the Holder shall not be entitled to
                                         exercise this Warrant on an exercise date nor may the Company exercise its right to give
                                         a Call Notice (as defined in Section 8) in connection with that number of Warrant Stock
                                         which would be in excess of the sum of (i) the number of Common Stock beneficially owned
                                         by the Holder and its affiliates
                                         on an exercise date or Call Date, and (ii) the number of Warrant Stock issuable upon
                                         the exercise of this Warrant with respect to which the determination of this limitation
                                         is being made on an exercise date or Call Date, which would result in beneficial ownership
                                         by the Holder and its affiliates
                                         of more than 9.99% of the outstanding, Common
                                         Stock on such date. For the purposes of the immediately preceding sentence, beneficial
                                         ownership shall be determined in accordance with Section 13(d) of the Securities Exchange
                                         Act of 1934, as amended, and Regulation 13d-3 there under. Subject to the foregoing,
                                         the Holder shall not be limited to aggregate exercises which would result in the issuance
                                         of more than 9.99%. The restriction described in this paragraph may be revoked upon sixty-one
                                         (61) days prior notice from the Holder to the Company. The Holder may allocate which
                                         of the equity of the Company deemed beneficially owned by the Subscriber shall be included
                                         in the 9.99% amount described above and which shall be allocated to the excess above
                                         9.99%.

 

		8.	Warrant Call Option.
                                         The Company shall have the option to "call" the Warrants (the "Warrant
                                         Call"), one or more times, in accordance with and governed by this Section 8. The
                                         Company may not exercise the right to Call this Warrant after the occurrence of a default
                                         by the Company of a material term of this Warrant or the Subscription Agreement.

 

		a.	Call Notice.
                                         The Company shall exercise the Warrant Call by giving to the Holder a written notice
                                         of call (the "Call Notice") during the period in which the Warrant Call may
                                         be exercised. Unless otherwise agreed to by the Holder, a Call Notice must be given to
                                         all other holders who received warrants in the Offering, in proportion to the amounts
                                         of Warrant Stock which may be purchased by the respective holders in accordance with
                                         the respective warrants held by each.

 

		b.	Call Date.
                                         The Company's right to exercise the Warrant Call shall commence thirty trading days after
                                         the actual effective date of the Registration Statement covering the Warrant Stock to
                                         be issued upon exercise of the Warrant and end thirty trading days prior to the Expiration
                                         Date. The effective date of each Call Notice (the "Call Date") is the date
                                         on which notice is effective under the notice provision of Section 10 of this Warrant.
                                         A new Call Notice may be given no sooner than fifteen trading days after a prior Call
                                         Date.

 

		c.	Lookback Period.
                                         A Call Notice may be given by the Company only within five trading days after the Common
                                         Stock has had a closing price of at least $3.00 and the average daily trading volume
                                         exceeds 100,000 shares for fifteen (15) consecutive trading days ("Lookback Period"),
                                         as reported by the trading market or quotation system on which the Company's Common Stock
                                         is listed, traded or quoted (the "Principal Market"). The Company shall not
                                         have received a notice from the Principal Market during the ninety calendar days prior
                                         to the Call Date, that the Company or the Common Stock does not meet the requirements
                                         for continued quotation, listing or trading on such Principal Market. The Company shall
                                         meet the requirements for continued quotation, listing or trading on the Principal Market
                                         for the Lookback Period through the Delivery Date.

 

    	 

    	 

    

  

		d.	Timely Exercise and Payment.
                                         The Holder shall exercise the Warrant and submit the Exercise Price within fourteen trading
                                         days after the Call Date. If the Holder fails to timely pay the amount required by the
                                         Warrant Call, the Company's sole remedy shall be to cancel a corresponding amount of
                                         this Warrant.

 

		9.	Loss, Theft, Destruction or Mutilation.
                                         Upon receipt by the Company of evidence satisfactory to it, in the exercise of its reasonable
                                         discretion, of the ownership and the loss, theft, destruction or mutilation of this Warrant
                                         and, in the case of loss, theft or destruction, of indemnity reasonably satisfactory
                                         to the Company and, in the case of mutilation, upon surrender and cancellation thereof,
                                         the Company will execute and deliver in lieu thereof, without expense to the Holder,
                                         a new Warrant of like tenor dated the date hereof.

 

		10.	Holder Not a Stockholder.
                                         Prior to exercise of this Warrant, the Holder hereof shall not, by reason of being a
                                         Holder, be entitled to any rights of a stockholder with respect to the Warrant Stock.

 

		11.	Fees and Expenses.
                                         Except as specified in the Subscription Agreement or otherwise herein provided, the Company
                                         and Holder shall pay the fees and expenses of its respective advisers, counsel, accountants
                                         and other experts, if any, and all other expenses incurred by such party incident to
                                         the negotiation, preparation, execution, delivery and performance of this Warrant.

 

		12.	Entire Agreement.
                                         The Transaction Documents, together with the Exhibits and Schedules thereto, contain
                                         the entire understanding of the parties with respect to the subject matter hereof and
                                         supersede all prior agreements and understandings, oral or written, with respect to such
                                         matters, which the parties acknowledge have been merged into such documents, exhibits
                                         and schedules.

 

		13.	Notices.
                                         Any and all notices or other communications or deliveries required or permitted to be
                                         provided hereunder shall be in writing and shall be deemed given and effective on the
                                         earliest of (a) the date of transmission, if such notice or communication is delivered
                                         via facsimile at the facsimile number specified in this Section prior to 5:30 p.m. (Eastern
                                         Time) on a Business Day, (b) the next business day after the date of transmission, if
                                         such notice or communication is delivered via facsimile at the facsimile number specified
                                         in this Section on a day that is not a business day or later than 5:30 p.m. (Eastern
                                         Time) on any date and earlier than 11:59 p.m. (Eastern Time) on such date, (c) the business
                                         day following the date of mailing, if sent by U.S. nationally recognized overnight courier
                                         service, or (d) upon actual receipt by the party to whom such notice is required to be
                                         given. The address for such notices and communications shall be as follows:

 

	 	If to
    the Company:	SanJun
    Industrial Park, HuaWang Road 
	 	 	Dalang, Longhua
    Town 
	 	 	Shenzhen, 518109,
    China 
	 	 	Fax: +86-755-2810
    9421 
	 	 	Attention: Chief
    Executive Officer

 

	 	with a
    copy (for informational purposes only) to:	Pillsbury
    Winthrop Shaw Pittman LLP

50 Fremont Street

San Francisco, CA
    94105-2228
	 	 	 
	 	 	Tel: 415.983.1523
    
	 	 	Fax: 415.983.1200
    
	 	 	Attention: Scott
    C. Kline

 

	 	If to
    the Holder:	To
    the address set forth on such Holder's signature page to the Subscription Agreement or such other address as may be designated
    in writing hereafter, in the same manner, by such Person.

 

    	 

    	 

    

  

		14.	Governing Law.
                                         ALL QUESTIONS CONCERNING THE CONSTRUCTION, VALIDITY, ENFORCEMENT AND INTERPRETATION OF
                                         THIS WARRANT SHALL BE GOVERNED BY AND CONSTRUED AND ENFORCED IN ACCORDANCE WITH THE INTERNAL
                                         LAWS OF THE STATE OF NEW YORK, WITHOUT REGARD TO THE PRINCIPLES OF CONFLICTS OF LAW THEREOF
                                         THAT WOULD APPLY ANY OTHER LAW. Each party agrees that all proceedings concerning the
                                         interpretations, enforcement and defense of the transactions contemplated by this Warrant
                                         and any other Transaction Documents may be commenced in the state and federal courts
                                         sitting in the City of New York, Borough of Manhattan (the "New York Courts").
                                         The Company and the Holder hereby irrevocably submits to the non-exclusive jurisdiction
                                         of the New York Courts for the adjudication of any dispute hereunder or in connection
                                         herewith or with any transaction contemplated hereby or discussed herein (including with
                                         respect to the enforcement of the any of the Transaction Documents), and hereby irrevocably
                                         waive, and agrees not to assert in any proceeding, any claim that it is not personally
                                         subject to the jurisdiction of any such New York Court, or that such proceeding has been
                                         commenced in an improper or inconvenient forum. The Company and the Holder hereby irrevocably
                                         waive personal service of process and consents to process being served in any such proceeding
                                         by mailing a copy thereof via registered or certified mail or overnight delivery (with
                                         evidence of delivery) to such party at the address in effect for notices to it under
                                         this Warrant and agrees that such service shall constitute good and sufficient service
                                         of process and notice thereof. Nothing contained herein shall be deemed to limit in any
                                         way any right to serve process in any manner permitted by law. THE COMPANY AND THE HOLDER
                                         HEREBY IRREVOCABLY WAIVE, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND
                                         ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS
                                         WARRANT OR THE TRANSACTIONS CONTEMPLATED HEREBY.

 

		15.	Successors and Assigns.
                                         This Warrant shall be binding upon and inure to the benefit of the parties and their
                                         successors and permitted assigns. The Company may not assign this Warrant or any rights
                                         or obligations hereunder without the prior written consent of the Holder. Subject to
                                         compliance with applicable securities laws, and the terms and conditions herein, this
                                         Warrant, and the rights evidenced hereby, may be transferred by any registered holder
                                         hereof with respect to any or all of the Warrant Stock. On the surrender for exchange
                                         of this Warrant, with the transferor's endorsement in the form of Warrant Exhibit
                                         C attached hereto (the "Transferor
                                         Endorsement Form") and together with evidence reasonably satisfactory to the Company
                                         demonstrating compliance with applicable Securities Laws, the Company at its expense
                                         but with payment by such transferor of any applicable transfer taxes) will issue and
                                         deliver to or on the order of the transferor thereof a new Warrant or a Warrant of like
                                         tenor, in the name of the transferor and/or the Transferee(s) specified in such Transferor
                                         Endorsement Form, calling in the aggregate on the face or faces thereof for the number
                                         of shares of Warrant Stock called for on the face or faces of the Warrant so surrendered
                                         by such transferor.

 

		16.	Amendments; Waivers.
                                         No provision of this Warrant may be waived or amended except in a written instrument
                                         signed by the Company and the holders of a majority of the Warrants issued in connection
                                         with the Offering. No waiver of any default with respect to any provision, condition
                                         or requirement of this Warrant shall be deemed to be a continuing waiver in the future
                                         or a waiver of any subsequent default or a waiver of any other provision, condition or
                                         requirement hereof, nor shall any delay or omission of either party to exercise any right
                                         hereunder in any manner impair the exercise of any such right.

 

    	 

    	 

    

  

		17.	Construction.
                                         The headings herein are for convenience only, do not constitute a part of this Warrant
                                         and shall not be deemed to limit or affect any of the provisions hereof. The language
                                         used in this Warrant 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. This Warrant shall be construed as if drafted jointly by the parties, and no presumption
                                         or burden of proof shall arise favoring or disfavoring any party by virtue of the authorship
                                         of any provisions of this Warrant.

 

[Remainder
of Page Left Blank Intentionally]

 

    	 

    	 

    

 

IN
WITNESS WHEREOF, the Company has caused this Warrant to be duly executed by its authorized officer as of the date first indicated
above.

 

	 	DEERFIELD
    RESOURCES, LTD.
	 	 	 
	 	By:	 
	 	Name:	Xiangjun Liu 
	 	Title:	Chief Executive Officer

 

Signature
Page to Warrant

 

    	 

    	 

    

 

WARRANT EXHIBIT
A 

 

EXERCISE
NOTICE 

 

DEERFIELD
RESOURCES, LTD.

 

WARRANT
DATED FEBRUARY 10, 2010

 

(1)       The
undersigned hereby irrevocably elects to purchase                          shares
of Common Stock of the Company pursuant to the terms of the attached Warrant, and tenders herewith payment of the exercise
price in full, together with all applicable transfer taxes, if any.

 

(2)       The
undersigned shall pay the sum of $                  to
the Company in accordance with the terms of the Warrant.

 

(3)       Please
issue a certificate or certificates representing said Common Stock in the name of the undersigned or in such other name as is
specified below: 

 

 

 

The
Warrant Stock shall be delivered to the following DWAC Account Number, if permitted, or by physical delivery of a certificate
to:

 

 

  

 

 

(4)       By
its delivery of this Exercise Notice, the undersigned represents and warrants to the Company that in giving effect to the exercise
evidenced hereby the Holder will not beneficially own in excess of the number of shares of Common Stock (determined in accordance
with Section 13(d) of the Securities Exchange Act of 1934) permitted to be owned under Section 7 of this Warrant to which this
notice relates.

 

(5)       The
undersigned represents and warrants that the undersigned is acquiring such shares for its own account for investment purpose,
and not for resale or with a view to distribution of such shares.

 

	Dated: ____________,
    _____	Name of Holder:
	 	 
	 	(Print)
	 	 
	 	 
	 	By:
	 	 
	 	 
	 	Name:
	 	 
	 	Title:
	 	 
	 	 
	 	(Signature must conform
    in all respects to name of
	 	holder as specified
    on the face of the Warrant)

 

    	 

    	 

    

  

WARRANT
EXHIBIT B 

 

DEERFIELD
RESOURCES, LTD.

 

Warrant
Shares Exercise Log

 

	Date	 	Number of Warrant 

    Shares Available to be 

    Exercised	 	Number of Warrant Shares

    Exercised	 	Number of 

    Warrant Shares

    Remaining to be 

    Exercised
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 

 

    	 

    	 

    

 

WARRANT
EXHIBIT C 

DEERFIELD
RESOURCES, LTD.

 

WARRANT
ORIGINALLY ISSUED FEBRUARY 10, 2010

 

WARRANT
NO.____

 

ASSIGNMENT
FORM

 

(To
assign the foregoing warrant, execute 

this
form and supply required information.

Do
not use this form to exercise the warrant.)

 

FOR
VALUE RECEIVED, the undersigned hereby sells, assigns and transfers unto                                            (the
"Transferee") the right represented by the above-captioned Warrant to purchase                       shares
of Common Stock to which such Warrant relates, and all rights evidenced thereby, and appoints any duly authorized officer or other
authorized person of the Company, attorney to transfer said right on the books of the Company with full power of substitution
in the premises.

 

Dated:_________________,
__________

 

	 	 
	Holder's Name:	 
	 	 
	Holder's Signature:	 
	 	 
	Name and Title
    of Signatory:	 
	 	 
	Holder's Address:	 
	 	 
	Signature Guaranteed:	 

 

NOTE:
The signature to this Assignment Form must correspond with the name as it appears on the face of the Warrant, without alteration
or enlargement or any change whatsoever, and must be guaranteed by a bank or trust company. Officers of corporations and those
acting in a fiduciary or other representative capacity should file proper evidence of authority to assign the foregoing Warrant.

 

	 	 
	Transferee's Name:	 
	 	 
	Transferee's Address:Exhibit
4.2

 

REGISTRATION
RIGHTS AGREEMENT

 

THIS
REGISTRATION RIGHTS AGREEMENT (this “Agreement” ) is made as of February 10, 2010, among Deerfield Resources, Ltd.,
a Nevada corporation (the “Company” ), and each signatory hereto (each, an “Investor” and collectively,
the “Investors” ).

 

RECITALS

 

WHEREAS,
the Company and the Investors are parties to Subscription Agreements (the “Subscription Agreements” ) entered into
in connection with a private placement offering (the “Offering” ) described in the Confidential Private Placement
Memorandum, dated January 14, 2010 (the “PPM” ), as such may be amended and supplemented from time to time; and

 

WHEREAS,
the Investors’ obligations under the Subscription Agreements are conditioned upon the registration under the Securities
Act of 1933, as amended (the “Securities Act” ) pursuant to this Agreement, of the securities issued in connection
with the Offering.

 

NOW,
THEREFORE, in consideration of the promises, covenants and conditions set forth herein, the parties hereto hereby agree as follows:

 

1.          Registration
Rights.

 

1.1       Definitions.
As used in this Agreement, the following terms shall have the meanings set forth below:

 

(a)          “Commission”
means the United States Securities and Exchange Commission.

 

(b)          “Common
Stock” means the Company’s common stock, par value $0.001
per share.

 

(c)          “Effectiveness
Date” means the date that is one hundred and eighty (180) days
after the Trigger Date.

 

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

 

(e)          “Filing
Date” means the date that is ninety (90) days after the Trigger
Date.

 

(f)          “Investor”
means any person owning Registrable Securities who becomes party to this Agreement by executing a counterpart signature page hereto,
or other agreement in writing to be bound by the terms hereof, which is accepted by the Company.

 

(g)          The
terms “register.” “registered”
and “registration” refer to a registration
effected by preparing and filing a Registration Statement or similar document in compliance with the Securities Act, and the declaration
or ordering of effectiveness of such Registration Statement or document.

 

(h)          “Registration
Statement” means any registration statement required to be
filed in accordance with this Agreement to register the Registrable Securities including the prospectus, amendments and supplements
to such registration statement or Prospectus, including pre- and post-effective amendments, all exhibits thereto, and all material
incorporated by reference or deemed to be incorporated by reference therein.

 

 

    	 

    	 

    

 

(i)           “Registrable
Securities” means (i) the Shares and (ii) any securities issued
or issuable upon any stock split, dividend or other distribution, recapitalization or similar event, or any exercise price adjustment
with respect to any of the Common Stock underlying the Warrants; provided, however, that Registrable Securities shall not include
any securities of the Company that have previously been registered and remain subject to a currently effective Registration Statement
or which have been sold to the public either pursuant to a Registration Statement or Rule 144, or which have been sold in a private
transaction in which the transferor’s rights under this Section 1 are not assigned, or which may be sold immediately without
registration under the Securities Act and without volume restrictions pursuant to Rule 144.

 

(j)           “Rule
144” means Rule 144 as promulgated by the Commission under
the Securities Act, as such Rule may be amended from time to time, or any similar successor rule that may be promulgated by the
Commission.

 

(k)          “Rule
415” means Rule 415 as promulgated by the Commission under
the Securities Act, as such Rule may be amended from time to time, or any similar successor rule that may be promulgated by the
Commission.

 

(l)           “Shares”
means the shares of Common Stock issued pursuant to the Subscription
Agreements and issuable upon exercise of the Warrants.

 

(m)         “Trigger
Date” means the later of the final Closing Date or the Termination
Date (as such terms are defined in the Subscription Agreement).

 

(n)          “Warrants”
means five-year warrants to purchase Common Stock issued pursuant to the Subscription Agreements and issued to any Placement Agents
(as defined in the PPM).

 

1.2        Company
Registration.

 

(a)          On
or prior to the Filing Date the Company shall prepare and file with the Commission a Registration Statement covering the Registrable
Securities for an offering to be made on a continuous basis pursuant to Rule 415 (such initial Registration Statement, together
with any additional Registration Statements to be filed pursuant to Section 2(b) below, each a “Mandatory Registration Statement”
). The Mandatory Registration Statement shall be on Form S-1 and shall contain the “Plan of Distribution” attached
hereto as Annex A. The Company shall cause the Mandatory
Registration Statement to become effective and remain effective as provided herein. The Company shall use commercially reasonable
efforts to cause the Mandatory Registration Statement to be declared effective under the Securities Act as soon as possible and,
in any event, by no later than the Effectiveness Date. The Company shall use commercially reasonable efforts to keep the Mandatory
Registration Statement continuously effective under the Securities Act until all Registrable Securities covered by such Mandatory
Registration Statement have been sold, or may be sold without the requirement to be in compliance with Rule 144(c)(1) and otherwise
without restriction or limitation pursuant to Rule 144, as determined by the counsel to the Company (the “Effectiveness
Period” ).

 

(b)          The
Company shall pay to Investors a fee of 1% per month of the Investors’ investment, payable in cash, for every thirty (30)
day period up to a maximum of 6%, (i) following the Filing Date that the Mandatory Registration Statement has not been filed and
(ii) following the Effectiveness Date that the Mandatory Registration Statement has not been declared effective; provided, however,
that the Company shall not be obligated to pay any such liquidated damages if the Company is unable to fulfill its registration
obligations as a result of rules, regulations, positions or releases issued or actions taken by the Commission pursuant to its
authority with respect to “Rule 415,” and the Company registers at such time the maximum number of shares of Common
Stock permissible upon consultation with the staff of the Commission; provided, further, that the Company shall not be obligated
to pay any liquidated damages for its failure to file a Mandatory Registration Statement on or before the Filing Date at any time
following the one year anniversary of the final Closing Date.

 

    	 

    	 

    

 

(c)           If
at any time during the Effectiveness Period, the number of Registrable Securities at any time exceeds the number of shares of
Common Stock then registered in a Mandatory Registration Statement, the Company shall file as soon as reasonably practicable an
additional Registration Statement covering the resale by the Investors of not less than 30% of the number of such Registrable
Securities.

 

(d)           The
Company shall bear and pay all expenses incurred in connection with any registration, filing or qualification of Registrable Securities
with respect to the registrations pursuant to this Section 1.2 for each Investor, including (without limitation) all registration,
filing and qualification fees, printer’s fees, accounting fees and fees and disbursements of counsel for the Company, but
excluding any brokerage or underwriting fees, discounts and commissions relating to the Registrable Securities, or fees and disbursements
of counsel for the Investors.

 

(e)           If
at any time during the Effectiveness Period there is not an effective Mandatory Registration Statement covering all of the Registrable
Securities, then the Company shall notify each Investor in writing at least ten (10) days prior to the filing of any registration
statement under the Securities Act, in connection with a public offering of shares of Common Stock (including, but not limited
to, registration statements relating to secondary offerings of securities of the Company but excluding any registration statements
(i) on Form S-4 or S-8 (or any successor or substantially similar form), or of any employee stock option, stock purchase or compensation
plan or of securities issued or issuable pursuant to any such plan, or a dividend reinvestment plan, (ii) otherwise relating to
any employee, benefit plan or corporate reorganization or other transactions covered by Rule 145 promulgated under the Securities
Act, or (iii) on any registration form which does not permit secondary sales or does not include substantially the same information
as would be required to be included in a registration statement covering the resale of the Registrable Securities) and will afford
each Investor an opportunity to include in such registration statement (each a “Piggyback Registration Statement”
) all or part of the Registrable Securities held by such Investor. In the event an Investor desires to include in any such Piggyback
Registration Statement all or any part of the Registrable Securities held by such Investor, the Investor shall within five (5)
days after the delivery of the above-described notice from the Company, so notify the Company in writing, including the number
of such Registrable Securities such Investor wishes to include in such Piggyback Registration Statement. If an Investor decides
not to include all of its Registrable Securities in any Registration Statement thereafter filed by the Company such Investor shall
nevertheless continue to have the right to include any Registrable Securities in any subsequent Registration Statement or Registration
Statements as may be filed by the Company with respect to the offering of the securities, all upon the terms and conditions set
forth herein.

 

(f)          The
right of any such Investor’s Registrable Securities to be included in any Piggyback Registration Statement pursuant to
Section 1(e) above in connection with an underwritten offering, shall be conditioned upon such Investor’s participation
in such underwritten offering and the inclusion of such Investor’s Registrable Securities in the underwritten offering
to the extent provided herein. All Investors proposing to distribute their Registrable Securities through such underwritten offering
shall enter into an underwriting agreement in customary form with the managing underwriters selected by the Company for such underwriting
and complete and execute any questionnaires, powers of attorney, indemnities, securities escrow agreements, custody agreements,
lock-up agreements, and other documents reasonably required under the terms of such underwriting, and furnish to the Company such
information in writing as the Company may reasonably request for inclusion in the Piggyback Registration Statement. Notwithstanding
any other provision of this Agreement, if at any time in connection with an underwritten offering, the managing underwriters determine
in good faith that marketing factors require a limitation on the
number of shares to be included in a Piggyback Registration Statement pursuant to Section 1(e) above, then the managing underwriters
may exclude shares (including Registrable Securities) from the Piggyback Registration Statement and the underwritten offering,
and any Shares included in the Piggyback Registration Statement and the underwritten offering shall be allocated, first, to the
Company, and second, to each of the Investors requesting inclusion of their Registrable Securities in such Piggyback Registration
Statement on a pro rata basis based on the total number of Registrable Securities then held by each such Investor that is requesting
inclusion. If any Investor disapproves of the terms of any such underwritten offering that is undertaken in compliance with the
terms hereof, such Investor may elect to withdraw therefrom by providing written notice to the Company and the underwriter, delivered
at least ten trading days prior to the effective date of the Piggyback Registration Statement. Any Registrable Securities excluded
or withdrawn from such underwritten offering shall be excluded and withdrawn from the Piggyback Registration Statement. By electing
to include Registrable Securities in the Piggyback Registration Statement, if any, the Investor shall be deemed to have agreed
not to effect any sale or distribution of securities of the Company of the same or similar class or classes of the securities
included in the Registration Statement or any securities convertible into or exchangeable or exercisable for such securities,
including a sale pursuant to Rule 144 under the Securities Act, during such periods as reasonably requested by the managing underwriter
(but in no event for a period longer than 60 days following the effective date of the Piggyback Registration Statement).

 

    	 

    	 

    

 

1.3        Obligations
of the Company. Whenever required under this Section 1 to effect
the registration of any Registrable Securities, the Company shall, as expeditiously as reasonably possible:

 

(a)          Prepare
and file with the Commission a Registration Statement with respect to such Registrable Securities and use commercially reasonable
efforts to cause such Registration Statement to become effective and to keep such Registration Statement effective during the
Effectiveness Period;

 

(b)          Prepare
and file with the Commission such amendments and supplements to such Registration Statement as may be necessary to comply with
the provisions of the Securities Act with respect to the disposition of all securities covered by such Registration Statement;

 

(c)          Furnish
to the Investors such numbers of copies of the prospectus that is part of such Registration Statement (the “Prospectus”
), including any preliminary Prospectus, in conformity with the requirements of the Securities Act, and such other documents as
they may reasonably request in order to facilitate the disposition of Registrable Securities owned by them (provided that the
Company would not be required to print such Prospectuses if readily available to Investors from any electronic service, such as
on the EDGAR filing database maintained at www.sec.gov);

 

    	 

    	 

    

 

(d)          Use
commercially reasonable efforts to register and qualify the securities covered by such Registration Statement under such other
securities’ or blue sky laws of such jurisdictions as shall be reasonably requested by the Investors; provided that the
Company shall not be required in connection therewith or as a condition thereto to qualify to do business or to file a general
consent to service of process in any such states or jurisdictions;

 

(e)          In
the event of any underwritten public offering, enter into and perform its obligations under an underwriting agreement, in usual
and customary form, with the managing underwriter(s) of such offering (each Investor participating in such underwriting shall
also enter into and perform its obligations under such an agreement);

 

(f)          Promptly
notify each Investor holding Registrable Securities covered by such Registration Statement at any time when a Prospectus relating
thereto is required to be delivered under the Securities Act, within one business day, (i) of the effectiveness of such Registration
Statement, or (ii) of the happening of any event as a result of which the Prospectus included in such Registration Statement,
as then in effect, includes an untrue statement of a material fact or omits to state a material fact required to be stated therein
or necessary to make the statements therein not misleading in the light of the circumstances then existing;

 

(g)          Cause
all such Registrable Securities registered pursuant hereto to be listed on each securities exchange or nationally recognized quotation
system on which similar securities issued by the Company are then
listed; and

 

(h)          Provide
a transfer agent and registrar for all Registrable Securities registered pursuant hereunder and a CUSIP number for all such Registrable
Securities, in each case not later than the effective date of such registration.

 

1.4       Furnish
Information. It shall be a condition precedent to the Company’s obligations to take any action pursuant to this Section 1 with respect to the Registrable Securities of any selling Investor,
that such Investor shall furnish to the Company such information regarding such Investor, the Registrable Securities held by such
Investor, and the intended method of disposition of such securities, in the form attached to this Agreement as Annex B, or as
otherwise reasonably required by the Company or the managing underwriters, if any, to effect the registration of such Investor’s Registrable Securities.

 

1.5       Delay
of Registration. No Investor shall have any right to obtain or seek
an injunction restraining or otherwise delaying any such registration as the result of any controversy that might arise with respect
to the interpretation or implementation of this Section 1.

 

1.6       Indemnification.

 

(a)          To
the extent permitted by law, the Company will indemnify and hold harmless each Investor, any underwriter (as defined in the Securities
Act) for such Investor and each person, if any, who controls such Investor or underwriter within the meaning of the Securities
Act or the Exchange Act, against any losses, claims, damages or liabilities (joint or several) to which any of the foregoing persons
may become subject under the Securities Act, the Exchange Act or other federal or state securities law, insofar as such losses,
claims, damages or liabilities (or actions in respect thereof) arise out of or are based upon any of the following statements,
omissions or violations (collectively, a “Violation” ): (i) any untrue statement or alleged untrue statement of a
material fact contained in a Registration Statement, including any preliminary prospectus or final prospectus contained therein
or any amendments or supplements thereto (collectively, the “Filings” ), (ii) the omission or alleged omission to
state in the Filings a material fact required to be stated therein, or necessary to make the statements therein not misleading,
or (iii) any violation or alleged violation by the Company of the Securities Act, the Exchange Act, any state securities law or
any rule or regulation promulgated under the Securities Act, the Exchange Act or any state securities law; and the Company will
pay any legal or other expenses reasonably incurred by any person to be indemnified
pursuant to this Section 1.6(a) in connection with investigating or defending any such loss, claim, damage, liability or action;
provided, however, that the indemnity agreement contained in this Section 1.6(a) shall not apply to amounts paid in settlement
of any such loss, claim, damage, liability or action if such settlement is effected without the consent of the Company (which
consent shall not be unreasonably withheld), nor shall the Company be liable in any such case for any such loss, claim, damage,
liability or action to the extent that it arises out of or is based upon a Violation that occurs in reliance upon and in conformity
with written information furnished expressly for use in connection with such registration by any such Investor, underwriter or
controlling person; and provided further that, in no event shall any indemnity under this subsection 1.6(a) exceed the investment
amount received by the Company from such Investor in the Offering.

 

    	 

    	 

    

  

(b)          To
the extent permitted by law, each Investor will indemnify and hold harmless the Company, each of its directors, each of its officers
who has signed the Registration Statement, each person, if any, who controls the Company within the meaning of the Securities
Act or the Exchange Act, any underwriter, any other Investor selling securities in such Registration Statement and any controlling
person of any such underwriter or other Investor, against any losses, claims, damages or liabilities (joint or several) to which
any of the foregoing persons may become subject under the Securities Act, the Exchange Act or other federal or state securities
law, insofar as such losses, claims, damages or liabilities (or actions in respect thereto) arise out of or are based upon any
Violation, in each case to the extent (and only to the extent) that such Violation occurs in reliance upon and in conformity with
written information furnished by such Investor expressly for use in connection with such registration; and each such Investor
will pay any legal or other expenses reasonably incurred by any person to be indemnified pursuant to this Section 1.6(b) in connection
with investigating or defending any such loss, claim, damage, liability or action; provided, however, that the indemnity agreement
contained in this Section 1.6(b) shall not apply to amounts paid in settlement of any such loss, claim, damage, liability or action
if such settlement is effected without the consent of the Investor (which consent shall not be unreasonably withheld); provided,
however, in no event shall any indemnity under this subsection 1.6(b) exceed the net proceeds received by such Investor upon the
sale of the Registrable Securities giving rise to such indemnification obligation.

 

(c)          Promptly
after receipt by an indemnified party under this Section 1.6 of
notice of the commencement of any action (including any governmental action), such indemnified party will, if a claim in respect
thereof is to be made against any indemnifying party under this Section 1.6, deliver to the indemnifying party a written notice
of the commencement thereof and the indemnifying party shall have the right to participate in, and, to the extent the indemnifying
party so desires, jointly with any other indemnifying party similarly noticed, to assume the defense thereof with counsel mutually
satisfactory to the parties; provided, however, that an indemnified party (together with all other indemnified parties that may
be represented without conflict by one counsel) shall have the
right to retain one separate counsel, with the fees and expenses to be paid by the indemnifying party, if representation of such
indemnified party by the counsel retained by the indemnifying party would be inappropriate due to actual or potential differing
interests between such indemnified party and any other party represented by such counsel in such proceeding. The failure to deliver
written notice to the indemnifying party within a reasonable time of the commencement of any such action, if materially prejudicial
to its ability to defend such action, shall relieve such indemnifying party of any liability to the indemnified
party under this Section 1.6, but the omission so to deliver written notice to the indemnifying party will not relieve it of any
liability that it may have to any indemnified party otherwise than under this
Section 1.6.

 

    	 

    	 

    

 

(d)          If
the indemnification provided for in Sections 1.6(a) and (b) is held by a court of competent jurisdiction to be unavailable to
an indemnified party with respect to any loss, claim, damage or expense referred to herein, then the indemnifying party, in lieu
of indemnifying such indemnified party hereunder, shall contribute to the amount paid or payable by such indemnified party as
a result of such loss, claim, damage or expense in such proportion as is appropriate to reflect the relative fault of the indemnifying
party on the one hand and of the indemnified party on the other in connection with the statements or omissions or alleged statements
or omissions that resulted in such loss, liability, claim or expense as well as any other relevant equitable considerations. The
relative fault of the indemnifying party and of the indemnified party shall be determined by reference to, among other things,
whether the untrue or alleged untrue statement of a material fact relates to information supplied by the indemnifying party or
by the indemnified party and the parties’ relative intent, knowledge, access to information and opportunity to correct or
prevent such statement or omission. In no event shall any Investor be required to contribute an amount in excess of the net proceeds
received by such Investor upon the sale of the Registrable Securities giving rise to such indemnification obligation.

 

(e)           The
obligations of the Company and Investors under this Section 1.6 shall survive the completion of any offering of Registrable Securities
in a Registration Statement under this Section 1, and otherwise.

 

1.7        Reports
Under Securities Exchange Act. With a view to making available the
benefits of certain rules and regulations of the Commission, including Rule 144, that may at any time permit an Investor to sell
securities of the Company to the public without registration or pursuant to a registration on Form S-1, the Company agrees to:

 

(a)           make
and keep public information available, as those terms are understood and defined in Rule 144, at all times after one hundred and
eighty (180) days after the Trigger Date;

 

(b)           take
such action, including the voluntary registration of its Common Stock under Section 12 of the Exchange Act, as is necessary to
enable the Investors to utilize Form S-1 for the sale of their
Registrable Securities, such action to be taken as soon as practicable after the end of the fiscal year in which the Registration
Statement is declared effective;

 

(c)           file
with the Commission in a timely manner all reports and other documents required of the Company under the Securities Act and the
Exchange Act; and

 

(d)           furnish
to any Investor, so long as the Investor owns any Registrable Securities, forthwith upon request (i) a written statement by the
Company that it has complied with the reporting requirements of Rule 144 (at any time after ninety (90) calendar days after the
Trigger Date), the Securities Act and the Exchange Act (at any time after it has become subject to such reporting requirements),
or that it qualifies as a registrant whose securities may be resold pursuant to Form S-1 (at any time after it so qualifies),
(ii) a copy of the most recent annual or quarterly report of the Company and such other reports and documents so filed by the
Company, and (iii) such other information as may be reasonably requested in availing any Investor of any rule or regulation of
the Commission that permits the selling of any such securities without registration or pursuant to such form.

 

    	 

    	 

    

  

1.8        Transfer
or Assignment of Registration Rights. The rights to cause the Company
to register Registrable Securities pursuant to this Section 1 may be transferred or assigned, but only with all related obligations,
by an Investor to a transferee or assignee who (a) acquires at least twenty (20%) of the Units issued in the Offering (subject
to appropriate adjustment for stock splits, stock dividends and combinations) from such transferring Investor, unless waived in
writing by the Company, or (b) holds Registrable Securities immediately prior to such transfer or assignment; provided,
that in the case of (a), (i) prior to such transfer
or assignment, the Company is furnished with written notice stating the name and address of such transferee or assignee and identifying
the securities with respect to which such registration rights are being transferred or assigned, (ii) such transferee or assignee
agrees in writing to be bound by and subject to the terms and conditions of this Agreement and (iii) such transfer or assignment
shall be effective only if immediately following such transfer or assignment the further disposition of such securities by the
transferee or assignee is restricted under the Securities Act.

 

2.          Legend.

 

(a)          Each
certificate representing Shares of Common Stock held by the Investors shall be endorsed with the following legend:

 

“THE
SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”
), AND MAY NOT BE SOLD, OFFERED FOR SALE, PLEDGED OR HYPOTHECATED OR OTHERWISE TRANSFERRED IN THE ABSENCE OF A REGISTRATION STATEMENT
IN EFFECT WITH RESPECT TO SUCH SECURITIES UNDER THE ACT OR AN OPINION OF COUNSEL SATISFACTORY TO THE ISSUER OF THIS CERTIFICATE
THAT AN EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE ACT IS AVAILABLE WITH RESPECT TO SUCH TRANSFER. ANY SUCH TRANSFER
MAY ALSO BE SUBJECT TO COMPLIANCE WITH APPLICABLE STATE SECURITIES LAWS.”

 

(b)          The
legend set forth above shall be removed, and the Company shall issue a certificate without such legend to the transferee of the
Shares represented thereby, if, unless otherwise required by state securities laws, (i) such Shares have been sold under an effective
Registration Statement under the Securities Act, (ii) in connection with a sale, assignment or other transfer, such holder provides
the Company with an opinion of counsel, reasonably acceptable to the Company, to the effect that such sale, assignment or transfer
is being made pursuant to an exemption from the registration requirements of the Securities Act, or (iii) such holder provides
the Company with reasonable assurance that the Shares are being sold, assigned or transferred pursuant to Rule 144 or Rule 144A
under the Securities Act.

 

3.          Miscellaneous.

 

3.1        Governing
Law. The parties hereby agree that any dispute which may arise between
them arising out of or in connection with this Agreement shall be adjudicated only before a federal court located in the State
of New York and they hereby submit to the exclusive jurisdiction of the federal and state courts of the State of New York with
respect to any action or legal proceeding commenced by any party, and irrevocably waive any objection they now or hereafter may
have respecting the venue of any such action or proceeding brought in such a court or respecting the fact that such court is an
inconvenient forum, relating to or arising out of this Agreement or any acts or omissions relating to the registration of the
securities hereunder, and consent to the service of process in any such action or legal proceeding by means of registered or certified
mail, return receipt requested, in care of the address set forth below or such other address as the undersigned shall furnish
in writing to the other.

 

    	 

    	 

    

 

3.2       Waivers
and Amendments. This Agreement may be terminated and any term of
this Agreement may be amended or waived (either generally or in a particular instance and either retroactively or prospectively)
with the written consent of the Company and Investors holding at least a majority of the Registrable Securities then outstanding
(the “Majority Investors” ). Notwithstanding the foregoing, additional parties may be added as Investors under this
Agreement, and the definition of Registrable Securities expanded, with the written consent of the Company and the Majority Investors.
No such amendment or waiver shall reduce the aforesaid percentage of the Registrable Securities, the holders of which are required
to consent to any termination, amendment or waiver without the consent of the record holders of all of the Registrable Securities.
Any termination, amendment or waiver effected in accordance with this Section 3.2 shall be binding upon each holder of Registrable
Securities then outstanding, each future holder of all such Registrable Securities and the Company.

 

3.3       Successors
and Assigns. Except as otherwise expressly provided for herein, the
provisions of this Agreement shall inure to the benefit of, and be binding upon, the successors, assigns, heirs, executors and
administrators of the parties hereto.

 

3.4       Entire
Agreement. This Agreement constitutes the full and entire understanding
and agreement among the parties with regard to the subject matter hereof, and no party shall be liable or bound to any other party
in any manner by any warranties, representations or covenants except as specifically set forth herein.

 

3.5       Notices.
All notices and other communications or deliveries required or
permitted to be provided hereunder shall be in writing and shall be deemed given and effective on the earliest of (a) the date
of transmission, if such notice or communication is delivered
via facsimile at the facsimile number specified in this Section prior to 5:30 p.m. (Eastern Time) on a Business Day, (b) the next
business day after the date of transmission, if such notice or communication is delivered via facsimile
at the facsimile number specified in this Section on a day that is not a business day or later than 5:30 p.m. (Eastern Time) on
any date and earlier than 11:59 p.m. (Eastern Time) on such date, (c) the business day following the date of mailing, if sent
by U.S. nationally recognized overnight courier service, or (d) upon actual receipt by the party to whom such notice is required
to be given. The address for such notices and communications shall
be as follows:

 

	If to the Company:	SanJun Industrial Park, HuaWang Road

                                                                 Dalang, Longhua Town

                                                                 Shenzhen, 518109, China

                                                                 Fax: +86-755-2810 9421

                                                                 Attention: Chief Executive Officer

	 	 
	with a copy (for	Pillsbury Winthrop Shaw Pittman LLP
	informational	50 Fremont Street
	purposes only) to:	San Francisco, CA 94105-2228

    Tel: 415.983.1523

    Fax: 415.983.1200

    Attention: Scott C. Kline
	 	 
	If to the Investor:	To the address set forth on such Investor’s signature page to the
    
     Subscription Agreement or such other address as may be designated in writing hereafter, in the same manner, by such Person.

 

    	 

    	 

    

  

3.6        Interpretation.
The words “include,” “includes” and “including” when used herein shall be deemed in each case
to be followed by the words “without limitation.” The titles and subtitles used in this Agreement are used for convenience
only and are not considered in construing or interpreting this Agreement.

 

3.7        Severability.
If one or more provisions of this Agreement are held to be unenforceable under applicable law, such provision shall be excluded
from this Agreement, and the balance of the Agreement shall be interpreted as if such provision were so excluded, and shall be
enforceable in accordance with its terms.

 

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

 

3.9        Counterparts.
This Agreement may be executed in any number of counterparts, each of which shall be an original, but all of which together shall
constitute one instrument.

 

3.10      Telecopy
Execution and Delivery. A facsimile, telecopy or other reproduction
of this Agreement may be executed by one or more parties hereto, and an executed copy of this Agreement may be delivered by one
or more parties hereto by facsimile or similar electronic transmission device pursuant to which the signature of or on behalf
of such party can be seen, and such execution and delivery shall be considered valid, binding and effective for all purposes.
At the request of any party hereto, all parties hereto agree to execute an original of this Agreement as well as any facsimile,
telecopy or other reproduction hereof.

 

[SIGNATURE PAGE
FOLLOWS]

 

    	 

    	 

    

 

IN
WITNESS WHEREOF, the Company has caused this Agreement to be executed by its duly authorized officer, as of the date, month and
year first set forth above.

 

	 	COMPANY:
	 	 
	 	DEERFIELD RESOURCES,
    LTD.
	 	 
	 	By:	 
	 	Name: Xiangjun Liu
	 	Title: Chief Executive Officer

 

[COMPANY
SIGNATURE PAGE TO REGISTRATION RIGHTS AGREEMENT]

 

    	 

    	 

    

 

IN WITNESS
WHEREOF, the undersigned Investor has executed this Agreement as of the date, month and year that such Investor became the owner
of Registrable Securities.

 

	 	INVESTOR:
	 	 
	 	 
	 	 
	 	By:	 
	 	Name
	 	Title:
	 	 
	 	Address:
	 	 
	 	 
	 	 
	 	Telephone:
	 	 
	 	 
	 	Facsimile:
	 	 
	 	 
	 	Email:
	 	 

 

[INVESTOR
COUNTERPART SIGNATURE PAGE TO REGISTRATION RIGHTS AGREEMENT]

 

    	 

    	 

    

 

Annex
A

 

Plan of Distribution

 

Each
selling stockholder of the common stock and any of their pledgees,
assignees and successors-in-interest may, from time to time, sell any or all of their shares of common
stock on the trading market or quotation system on which the Company’s Common Stock is listed, traded or quoted (the “Principal
Market” ) or in private transactions. These sales may be at fixed or negotiated prices. A selling stockholder may use any
one or more of the following methods when selling shares:

 

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

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

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

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

		·	privately
                                         negotiated transactions;

		·	settlement
                                         of short sales entered into after the effective date of the registration statement of
                                         which this prospectus is a part:

		·	broker-dealers
                                         may agree with the selling stockholders to sell a specified number of such shares at
                                         a stipulated price per share;

		·	through
                                         the writing or settlement of options or other hedging transactions, whether through an
                                         options exchange or otherwise;

		·	a
                                         combination of any such methods of sale; or

		·	any
                                         other method permitted pursuant to applicable law.

 

The selling
stockholders may also sell shares under Rule 144 under the Securities Act of 1933, as amended, if available, rather than under
this prospectus.

 

Broker-dealers
engaged by the selling stockholders may arrange for other brokers-dealers to participate in sales. Broker-dealers may receive
commissions or discounts from the selling stockholders (or, if any broker-dealer acts as agent for the purchaser of shares, from
the purchaser) in amounts to be negotiated, but, except as set forth in a supplement to this prospectus, in the case of an agency
transaction not in excess of a customary brokerage commission
in compliance with FINRA Rule 2440; and in the case of a principal transaction a markup or markdown in compliance with FINRA IM-2440.

 

In
connection with the sale of the common stock or interests therein,
the selling stockholders may enter into hedging transactions with broker-dealers or other financial institutions, which may in
turn engage in short sales of the common stock in the course of
hedging the positions they assume. The selling stockholders may also sell shares of the common
stock short and deliver these securities to close out their short positions, or loan or pledge the common
stock to broker-dealers that in turn may sell these securities. The selling stockholders may also enter into option or other transactions
with broker-dealers or other financial institutions or the creation of one or more derivative securities which require the delivery
to such brokerdealer or other financial institution of shares offered by this prospectus, which shares such broker-dealer or other
financial institution may resell pursuant to this prospectus (as supplemented or amended to reflect such transaction).

 

    	 

    	 

    

 

The selling
stockholders and any broker-dealers or agents that are involved in selling the shares may be deemed to be “underwriters”
within the meaning of the Securities Act of 1933, as amended, in connection with such sales. In such event, any commissions received
by such broker-dealers or agents and any profit on the resale of the shares purchased by them may be deemed to be underwriting
commissions or discounts under the Securities Act of 1933, as amended. Each selling stockholder has informed us that it does not
have any written or oral agreement or understanding, directly or indirectly, with any person to distribute the common stock. In
no event shall any broker-dealer receive fees, commissions and markups which, in the aggregate, would exceed six and one-half
percent (6.5%).

 

We are required
to pay certain fees and expenses incurred by us incident to the registration of the shares. We have agreed to indemnify the selling
stockholders against certain losses, claims, damages and liabilities, including liabilities under the Securities Act of 1933,
as amended.

 

Because selling
stockholders may be deemed to be “underwriters” within the meaning of the Securities Act of 1933, as amended, they
will be subject to the prospectus delivery requirements of the Securities Act of 1933, as amended, including Rule 172 thereunder.
In addition, any securities covered by this prospectus which qualify for sale pursuant to Rule 144 under the Securities Act of
1933, as amended may be sold under Rule 144 rather than under this prospectus. There is no underwriter or coordinating broker
acting in connection with the proposed sale of the resale shares by the selling stockholders.

 

We agreed to
keep this prospectus effective until the earlier of (i) the date on which the shares may be resold by the selling stockholders
without registration and without the requirement to be in compliance with Rule 144(c)(1) and otherwise without restriction or
limitation pursuant to Rule 144 or (ii) all of the shares have been sold pursuant to this prospectus or Rule 144 under the Securities
Act or any other rule of similar effect. The resale shares will be sold only through registered or licensed brokers or dealers
if required under applicable state securities laws. In addition, in certain states, the resale shares may not be sold unless they
have been registered or qualified for sale in the applicable state or an exemption from the registration or qualification requirement
is available and is complied with.

 

Under
applicable rules and regulations under the Securities Exchange Act of 1934, as amended, any person engaged in the distribution
of the resale shares may not simultaneously engage in market making activities with respect to the common
stock for the applicable restricted period, as defined in Regulation M, prior to the commencement of the distribution. In addition,
the selling stockholders will be subject to applicable provisions of the Securities Exchange Act of 1934, as amended, and the
rules and regulations thereunder, including Regulation M, which may limit the timing of purchases and sales of shares of the common
stock by the selling stockholders or any other person. We will make copies of this prospectus available to the selling stockholders
and have informed them of the need to deliver a copy of this prospectus to each purchaser at or prior to the time of the sale
(including by compliance with Rule 172 under the Securities Act of 1933, as amended).

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