Exhibit 10.1


 


Final Form


 


FORM OF LOCK-UP AGREEMENT


 


THIS LOCK-UP AGREEMENT
(this “Agreement”) is made and entered into as of [●], 2021, by and among (i) PT Asia Vision
Network, an Indonesian limited liability company and 99.99% owned subsidiary of Holder (“Company”),
(ii) Malacca Straits Management Company Limited, a British Virgin Islands business company with limited liability, in the
capacity under the Business Combination Agreement (as defined below) as the representative from and after the Closing for the shareholders
of Malacca (as defined below) and the security holders of the Company (other than Holder (as defined below)) (including any successor
Malacca Representative appointed in accordance therewith, the “Malacca Representative”), and (iii) PT
MNC Vision Networks TBK, an Indonesian public limited liability company (“Holder”). Any capitalized
term used but not defined in this Agreement will have the meaning ascribed to such term in the Business Combination Agreement.


 


WHEREAS, on
March 21, 2021, (i) Malacca Straits Acquisition Company Limited, a Cayman Islands exempted company (together with its successors,
“Malacca”), (ii) the Malacca Representative, (iii) the Company, (iv) MNC Entertainment Ltd, a Cayman
Islands exempted company and a wholly-owned subsidiary of the Company (“Merger Sub”), and (v) Holder,
entered into that certain Business Combination Agreement (as amended from time to time in accordance with the terms thereof, the
“Business Combination Agreement”), pursuant to which, subject to the terms and conditions thereof, among
other matters, Merger Sub will merge with and into Malacca, with Malacca continuing as the surviving company, as a result of which,
(i) Malacca shall become a wholly-owned subsidiary of the Company, (ii) each issued and outstanding security of Malacca immediately
prior to the effective time of the Merger shall no longer be outstanding and shall be cancelled, in exchange for the right of the
holder thereof to receive a substantially equivalent security to be issued by the Company (with Malacca shareholders receiving
Company ADSs in lieu of Company Ordinary Shares and Malacca warrant holders receiving warrants to purchase Company ADSs in lieu
of Company Ordinary Shares), and (iii) the Company will issue to Holder additional shares of the Company, all upon the terms and
subject to the conditions set forth in the Business Combination Agreement and in accordance with the provisions of applicable law;


 


WHEREAS, Holder
is a party to the Business Combination Agreement and as of immediately prior to the Closing a holder of all of the issued and outstanding
equity capital of the Company; and


 


WHEREAS, pursuant
to the Business Combination Agreement, and in view of the valuable consideration to be received by Holder thereunder, the parties
desire to enter into this Agreement, pursuant to which all of the Company Ordinary Shares owned by the Holder as of the Closing,
and those issued by the Company to the Holder under the Business Combination Agreement after the Closing (all such securities,
together with any securities paid as dividends or distributions with respect to such securities or into which such securities are
exchanged or converted, the “Restricted Securities”) shall become subject to limitations on disposition
as set forth herein.


 






     


     


    

 


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


 


1. Lock-Up
Provisions.


 


(a) Holder
hereby agrees not to, during the period (the “Lock-Up Period”) commencing from the Closing and ending
on the earlier of (x) the one (1) year anniversary of the Closing, (y) the date after the Closing on which the last sale price
of the Company ADSs on the principal securities exchange or securities market on which such security is then traded equals or exceeds
$12.00 per share (as adjusted for share splits, share capitalizations, share consolidations, rights issuances, subdivisions, reorganizations,
recapitalizations and the like) for any twenty (20) trading days within any thirty (30) trading day period commencing at least
one-hundred and fifty (150) days after the Closing, and (z) the date after the Closing on which the Company consummates a liquidation,
merger, share exchange, reorganization or other similar transaction with an unaffiliated third party that results in all of the
Company’s shareholders having the right to exchange their equity holdings in the Company for cash, securities or other property:
(i) lend, offer, assign, sell, contract to sell, sell any option or contract to purchase, purchase any option or contract to sell,
grant any option, right or warrant to purchase, or otherwise transfer or dispose of, directly or indirectly, any Restricted Securities,
(ii) enter into any swap or other arrangement that transfers to another, in whole or in part, any of the economic consequences
of ownership of the Restricted Securities, or (iii) publicly announce the intention to do any of the foregoing, whether any
such transaction described in clauses (i), (ii) or (iii) above is to be settled by delivery of Restricted Securities or other securities,
in cash or otherwise (any of the foregoing described in clauses (i), (ii) or (iii), a “Prohibited Transfer”).
The foregoing sentence shall not apply to the transfer of any or all of the Restricted Securities owned by Holder (I) by gift,
will or intestate succession upon the death of Holder, (II) to any Permitted Transferee (as defined below), (III) pursuant to a
court order or settlement agreement related to the distribution of assets in connection with the dissolution of marriage or civil
union or pursuant to a domestic relations order, (IV) to the Company in accordance with the requirements of the Business Combination
Agreement, or (V) required by virtue of the laws of Republic of Indonesia; provided, however, that in the of cases of clauses (I),
(II) or (III) it shall be a condition to such transfer that the transferee executes and delivers to Company and the Malacca Representative
an agreement stating that the transferee is receiving and holding the Restricted Securities subject to the provisions of this Agreement
applicable to Holder, and there shall be no further transfer of such Restricted Securities except in accordance with this Agreement.
As used in this Agreement, the term “Permitted Transferee” shall mean: (A) the members of Holder’s
immediate family (for purposes of this Agreement, “immediate family” shall mean with respect to any natural person,
any of the following: such person’s spouse, the siblings of such person and his or her spouse, and the direct descendants
and ascendants (including adopted and step children and parents) of such person and his or her spouses and siblings), (B) any trust
or charitable organization for the direct or indirect benefit of Holder or the immediate family of Holder, (C) if Holder is a trust,
the trustor or beneficiary of such trust or to the estate of a beneficiary of such trust, (D) if Holder is an entity, as a distribution
to limited partners, shareholders, members of, or owners of similar equity interests in Holder upon the liquidation and dissolution
of Holder or (E) to any affiliate of Holder. Holder further agrees to execute such agreements as may be reasonably requested by
Company or the Malacca Representative that are consistent with the foregoing or that are necessary to give further effect thereto.


 


(b) If
any Prohibited Transfer is made or attempted contrary to the provisions of this Agreement, such purported Prohibited Transfer shall
be null and void ab initio, and Company shall refuse to recognize any such purported transferee of the Restricted Securities as
one of its equity holders for any purpose. In order to enforce this Section 1, Company may impose stop-transfer instructions
with respect to the Restricted Securities of Holder (and Permitted Transferees and assigns thereof) until the end of the Lock-Up
Period.


 


(c) During
the Lock-Up Period, each certificate evidencing any Restricted Securities shall be stamped or otherwise imprinted with a legend
in substantially the following form, in addition to any other applicable legends:


 


“THE SECURITIES REPRESENTED
BY THIS CERTIFICATE ARE SUBJECT TO RESTRICTIONS ON TRANSFER SET FORTH IN A LOCK-UP AGREEMENT, DATED AS OF [●], 2021, BY AND
AMONG THE ISSUER OF SUCH SECURITIES (THE “ISSUER”), A CERTAIN REPRESENTATIVE OF THE ISSUER NAMED THEREIN AND THE ISSUER’S
SECURITY HOLDER NAMED THEREIN, AS AMENDED. A COPY OF SUCH LOCK-UP AGREEMENT WILL BE FURNISHED WITHOUT CHARGE BY THE ISSUER TO THE
HOLDER HEREOF UPON WRITTEN REQUEST.”


 




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(d) For
the avoidance of any doubt, Holder shall retain all of its rights as a shareholder of Company with respect to the Restricted Securities
during the Lock-Up Period, including the right to vote any Restricted Securities, but subject to the obligations under the Business
Combination Agreement.


 


2. Miscellaneous.


 


(a) Effective
Date; Termination of Business Combination Agreement. This Agreement shall be binding upon Holder upon Holder’s execution
and delivery of this Agreement, but this Agreement shall only become effective upon the Closing. Notwithstanding anything to the
contrary contained herein, in the event that the Business Combination Agreement is terminated in accordance with its terms prior
to the Closing, this Agreement shall automatically terminate and become null and void, and the parties shall not have any rights
or obligations hereunder.


 


(b) Binding
Effect; Assignment. This Agreement and all of the provisions hereof shall be binding upon and inure to the benefit of the parties
hereto and their respective permitted successors and assigns. This Agreement and all obligations of Holder are personal to Holder
and may not be transferred or delegated by Holder at any time. Company may freely assign any or all of its rights under this Agreement,
in whole or in part, to any successor entity (whether by merger, consolidation, equity sale, asset sale or otherwise) without obtaining
the consent or approval of Holder (but from and after the Closing, the consent of the Malacca Representative shall be required).
If the Malacca Representative is replaced in accordance with the terms of the Business Combination Agreement, the replacement Malacca
Representative shall automatically become a party to this Agreement as if it were the original Malacca Representative hereunder.


 


(c) Third
Parties. Nothing contained in this Agreement or in any instrument or document executed by any party in connection with the
transactions contemplated hereby shall create any rights in, or be deemed to have been executed for the benefit of, any person
or entity that is not a party hereto or thereto or a successor or permitted assign of such a party.


 


(d) Arbitration;
Governing Law; Jurisdiction; Waiver of Jury Trial. Sections 11.4, 11.5 and 11.6 of the Business Combination Agreement shall
apply to this Agreement mutatis mutandis.


 


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


 


(f) Notices.
All notices, consents, waivers and other communications hereunder shall be in writing and shall be deemed to have been duly given
when delivered (i) in person, (ii) by facsimile or other electronic means, with affirmative confirmation of receipt, (iii) two
(2) Business Days after being sent, if sent by reputable, internationally recognized overnight courier service or (iv) four (4)
Business Days after being mailed, if sent by registered or certified mail, pre-paid and return receipt requested, in each case
to the applicable party at the following addresses (or at such other address for a party as shall be specified by like notice):


 




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        If to the Malacca Representative, to:

         

        Malacca Straits Management Company Limited

        Unit 601-2

        St. George’s Building

        2 Ice House Street

        Central, Hong Kong

        Attn: Kenneth Ng

        Telephone No.: +852 3752 3889

        Email: kng@arkpacific.hk
	 	
        with a copy (which will not constitute notice) to:

         

        Ellenoff Grossman & Schole LLP

        1345 Avenue of the Americas, 11th Floor

        New York, New York 10105, USA

        Attn:       Stuart Neuhauser, Esq.

         Matthew A. Gray, Esq.

        Facsimile No.: (212) 370-7889

        Telephone No.: (212) 370-1300

        Email:      sneuhauser@egsllp.com

          mgray@egsllp.com

	 	 	 
	
        If to Company, to:

         

        PT Asia Vision Network

        c/o PT MNC Vision Networks TBK

        MNC Tower 27th Floor

        MNC Center, J1, Kebon Sirih 17-19

        Jakarta Pusat 10340, Indonesia

        Attn: Ade Tjendra

        Facsimile No.: +62 21 - 2305281, 3909207

        Telephone No.: +62 21 - 3909211, 3900310

        Email:     ade.tjendra@mncgroup.com;

         abuzzal.abusaeri@mncgroup.com
	 	
        with a copy (which will not constitute notice) to:

         

        DLA Piper Singapore Pte. Ltd.

        80 Raffles Place

        UOB Plaza 1, #48-01

        Singapore 048624

        Attn:       Joseph E. Bauerschmidt

        Telephone No.: +65 6512 6066

        Email: joe.bauerschmidt@dlapiper.com

         

        and

         

        the Malacca Representative (and its copy for notices hereunder)

	 	 	 
	
        If to Holder, to:

         

        PT MNC Vision Networks TBK

        MNC Tower 27th Floor

        MNC Center, J1, Kebon Sirih 17-19

        Jakarta Pusat 10340, Indonesia

        Attn: Ade Tjendra

        Facsimile No.: +62 21 - 2305281, 3909207

        Telephone No.: +62 21 - 3909211, 3900310

        Email:       ade.tjendra@mncgroup.com;

           abuzzal.abusaeri@mncgroup.com
	 	
        with a copy (which will not constitute notice) to:

         

        DLA Piper Singapore Pte. Ltd.

        80 Raffles Place

        UOB Plaza 1, #48-01

        Singapore 048624

        Attn:       Joseph E. Bauerschmidt

        Telephone No.: +65 6512 6066

        Email: joe.bauerschmidt@dlapiper.com

	 	 	 





 


(g) Amendments
and Waivers. Any term of this Agreement may be amended and the observance of any term of this Agreement may be waived (either
generally or in a particular instance, and either retroactively or prospectively) only with the written consent of Company, the
Malacca Representative and Holder. No failure or delay by a party in exercising any right hereunder shall operate as a waiver thereof.
No waivers of or exceptions to any term, condition, or provision of this Agreement, in any one or more instances, shall be deemed
to be or construed as a further or continuing waiver of any such term, condition, or provision.


 




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(h) Severability.
In case any provision in this Agreement shall be held invalid, illegal or unenforceable in a jurisdiction, such provision shall
be modified or deleted, as to the jurisdiction involved, only to the extent necessary to render the same valid, legal and enforceable,
and the validity, legality and enforceability of the remaining provisions hereof shall not in any way be affected or impaired thereby
nor shall the validity, legality or enforceability of such provision be affected thereby in any other jurisdiction. Upon such determination
that any term or other provision is invalid, illegal or incapable of being enforced, the parties will substitute for any invalid,
illegal or unenforceable provision a suitable and equitable provision that carries out, so far as may be valid, legal and enforceable,
the intent and purpose of such invalid, illegal or unenforceable provision.


 


(i) Specific
Performance. Holder acknowledges that its obligations under this Agreement are unique, recognizes and affirms that in the event
of a breach of this Agreement by Holder, money damages will be inadequate and Company (and the Malacca Representative on behalf
of Company) will have no adequate remedy at law, and agrees that irreparable damage would occur in the event that any of the provisions
of this Agreement were not performed by Holder in accordance with their specific terms or were otherwise breached. Accordingly,
each of Company and the Malacca Representative shall be entitled to an injunction or restraining order to prevent breaches of this
Agreement by Holder and to enforce specifically the terms and provisions hereof, without the requirement to post any bond or other
security or to prove that money damages would be inadequate, this being in addition to any other right or remedy to which such
party may be entitled under this Agreement, at law or in equity.


 


(j) Entire
Agreement. This Agreement constitutes the full and entire understanding and agreement among the parties with respect to the
subject matter hereof, and any other written or oral agreement relating to the subject matter hereof existing between the parties
is expressly canceled; provided, that, for the avoidance of doubt, the foregoing shall not affect the rights and obligations
of the parties under the Business Combination Agreement or any Ancillary Document. Notwithstanding the foregoing, nothing in this
Agreement shall limit any of the rights or remedies of Company and the Malacca Representative or any of the obligations of Holder
under any other agreement between Holder and Company or the Malacca Representative or any certificate or instrument executed by
Holder in favor of Company or the Malacca Representative, and nothing in any other agreement, certificate or instrument shall limit
any of the rights or remedies of Company or the Malacca Representative or any of the obligations of Holder under this Agreement.


 


(k) Further
Assurances. From time to time, at another party’s request and without further consideration (but at the requesting party’s
reasonable cost and expense), each party shall execute and deliver such additional documents and take all such further action as
may be reasonably necessary to consummate the transactions contemplated by this Agreement.


 


(l) Counterparts;
Facsimile.  This Agreement may also be executed and delivered by facsimile signature or by email in portable document
format in two or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and
the same instrument.


 


(m) Language.
This Agreement is entered into in the languages of English and Bahasa Indonesia. The parties agree that (i) the English version
of this Agreement shall be controlling for all purposes (including, for the avoidance of doubt, where there are inconsistencies
between the English version and the Bahasa Indonesia version), (ii) the text of the Bahasa Indonesia version of this Agreement
will in all cases be deemed to be amended to conform with the corresponding English text of this Agreement, and (iii) the Bahasa
Indonesia version has been prepared solely for compliance with Indonesian Law No. 24 of 2009 regarding National Flag, Language,
Coat of Arms, and Anthem (together with its implementing regulations, as amended, “Law 24”) and shall
be for reference only among the parties. The Bahasa Indonesia version of this Agreement shall not create any duplication of the
rights or obligations of the parties. The parties agree and undertake that they will not (and will not allow or assist any other
Person to) in any manner or forum, (x) challenge the validity of, or raise or file any objection to, the transaction or this Agreement
on the basis of any failure to comply with Law 24, (y) defend its non-performance or breach of its obligations under this Agreement
on the basis of any failure to comply with Law 24 and (z) allege that this Agreement is against public policy or otherwise does
not constitute its legal, valid and binding obligation, enforceable against it in accordance with its terms on the basis of any
failure to comply with Law 24.








 


{Remainder of Page Intentionally Left
Blank; Signature Pages Follow}


 




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IN WITNESS WHEREOF,
the parties have executed this Lock-Up Agreement as of the date first written above.


 


 


 


	 	The Company:
	 	 
	 	PT ASIA VISION NETWORK
	 	 
	 	By:	                         
	 	Name:  	 
	 	Title:	 
	 	 	 
	 	The Malacca Representative:
	 	 
	 	MALACCA STRAITS MANAGEMENT

COMPANY LIMITED, solely in the capacity 

under the Business Combination Agreement as the

Malacca Representative
	 	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 


 


{Additional
Signature on the Following Page} 


 


 


{Signature
Page to Lock-Up Agreement}


 






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IN WITNESS WHEREOF,
the parties have executed this Lock-Up Agreement as of the date first written above. 


 


	Holder:
	 	 
	PT MNC VISION NETWORKS TBK
	 	 
	By:	                    	 
	Name:  	 	 
	Title:	 	 
	 	 



 


{Signature Page to Lock-Up Agreement}