Document:

Unassociated Document

    ESCROW
AGREEMENT

    

    This
Escrow Agreement (this “Agreement”) is dated
as of March 12, 2010, and is by and among Sun Zone Investments Limited, a
company organized under the laws of the British Virgin Islands (“Sun Zone”), and Sze
Kit Ting (collectively with Sun Zone, “Sellers”), SGOCO
Technology Ltd. (f/k/a Hambrecht Asia Acquisition Corp.), a company organized
under the laws of the Cayman Islands (the “Company”), and
certain holders of securities of the Company, who execute a counterpart
signature page hereto (each a “Sponsor” and
collectively “Sponsors”), and Grand
Pacific Investment Limited as escrow agent (the “Escrow
Agent”).  The Company, Sellers, Sponsors and Escrow Agent are
referred to collectively herein as the “Parties”).  Capitalized
terms used but not defined herein shall have the respective meanings given to
such terms in the Exchange Agreement (as defined below).

    

    RECITALS

    

    WHEREAS, the Company has
entered into that certain Share Exchange Agreement (the “Exchange Agreement”),
dated as of February 12, 2010, as amended, by and among the Company, Honesty
Group Holdings Limited (“Honesty Group”), and
Sellers, who collectively own all of the outstanding shares of Honesty Group
(the “Honesty Group
Shares”), pursuant to which Sellers will exchange all of the Honesty
Group Shares for up to 14,300,000 ordinary shares of the Company (the “HMAUF Shares”);
and

    

    WHEREAS, pursuant to the
Exchange Agreement, Sellers will be entitled to receive 5,800,000 of the HMAUF
Shares (the “Seller
Earn-Out Shares”) only if certain operating results described in the
Exchange Agreement (“Earn-Out Milestones”)
are met and, until such conditions are met, the Company and Sellers have agreed
that the Seller Earn-Out Shares will be held in escrow in accordance with the
terms of this Agreement; and

    

    WHEREAS, in connection with
entering into the Exchange Agreement, and as a condition to the execution by
Sellers of the Exchange Agreement, Sponsors have entered into that certain
Sponsor Agreement with Sellers, dated as of February 12, 2010, as amended by
Amendment No. 1 to Sponsor Agreement, dated March 11, 2010 (as so amended, the
“Sponsor
Agreement”), pursuant to which each Sponsor agreed to deposit in escrow
certain HMAUF Shares owned by such Sponsor subject to the Company meeting the
Earn-Out Milestones (the “Sponsor Earn-Out
Shares”), and each Sponsor agreed to deposit in escrow certain HMAUF
Shares owned by such Sponsor subject to fulfillment of certain conditions (the
“Conditions”) set forth in the Sponsor Agreement, each as set forth opposite
such Sponsor’s name on Exhibit A hereto to
be held in escrow in accordance with the terms of this Agreement  (the
“Sponsor Conditional
Shares” and the Seller Earn-Out Escrow Shares, the Sponsor Earn-Out
Escrow Shares and the Sponsor Conditional Shares, collectively, the “Escrow Shares”);
and

    

    WHEREAS, the Company, Sponsors
and Sellers desire that the Escrow Agent accept the Escrow Shares, in escrow, to
be held and disbursed as hereinafter provided; and

    

    WHEREAS, certain of the
Sponsors, consisting of John Wang, Robert J. Eu, Cannon Family Irrevocable
Trust, AEX Enterprises Limited, W.R. Hambrecht + Co., LLC, Hambrecht 1980
Revocable Trust, Shea Ventures LLC, and Marbella Capital Partners Ltd (the
“Initial
Sponsors”) have entered into a Securities Escrow Agreement (the “IPO Escrow
Agreement”), dated as of March 7, 2008, with Continental Stock Transfer
& Trust Company, as escrow agent (the “IPO Escrow Agent”),
pursuant to which the Initial Sponsors have deposited in escrow their HMAUF
Shares to be held for a period of one year following the Closing of the
transactions contemplated by the Exchange Agreement or another Business
Combination as described in the IPO Escrow Agreement.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    AGREEMENT

    

    NOW, THEREFORE, in
consideration of the premises and the mutual covenants hereinafter set forth,
and for other good and valuable consideration, the receipt and sufficiency of
which hereby is acknowledged, the Parties hereto agree as follows:

     

    1. Appointment
of Escrow Agent.  The Company,
Sponsors and Sellers hereby appoint the Escrow Agent to act in accordance with
and subject to the terms of this Agreement, and the Escrow Agent hereby accepts
such appointment and agrees to act in accordance with and subject to such
terms.

    

    2. Deposit
of Escrow Shares.

    

    (a) At the Closing, the
Company shall deliver to the Escrow Agent certificates representing the Seller
Escrow Shares issued in the names of Sellers and in the denominations set forth
on Exhibit
B.

    

    (b) At the Closing, each
Sponsor whose HMAUF Shares are not held by the IPO Escrow Agent shall deliver to
the Escrow Agent certificate(s) representing such his or its Sponsor Earn-Out
Shares and Sponsor Conditional Shares.  At the Closing, each Sponsor
whose HMAUF Shares are held by the IPO Escrow Agent shall deliver irrevocable
instructions to the IPO Escrow Agent to deliver to the Escrow Agent his or its
Sponsor Earn-Out Shares and Sponsor Conditional Shares at the time such Shares
would otherwise be delivered to such Sponsor under the IPO Escrow Agreement (the
“Release
Date”).

    

    (c) At the Closing, each
Seller and each Sponsor shall deliver to the Escrow Agent all stock powers,
assignments and related documents as may be necessary to effect the transfer to
the Company and cancellation of such Seller’s Seller Escrow Shares or such
Sponsor Earn-Out Shares and Sponsor Conditional Shares.

    

    3. Escrow
Period.  The term of this
Agreement (the “Escrow
Period”) is from the Closing Date to the date on which the Escrow Agent
disburses all of the Escrow Shares according to the terms and conditions
herein.

    

    4. Disbursement
of the Earn-Out Shares.

    

    (a) Within ten (10) Business
Days (as hereinafter defined) after each of the First Earn-Out Milestone Date
and the Second Earn-Out Milestone Date, the Company shall give notice to the
other Parties to this Agreement specifying whether the applicable Earn-Out
Milestone has been met (a “Satisfaction
Notice”); provided, however, that no notice pursuant to this Section 4
shall be required to be given to, or permitted to be given by, Sponsors with
respect to the Second Earn-Out Milestone Date if the First Earn-Out Milestone
has been met for purposes of this Agreement.  In the event the Company
fails to timely deliver a Satisfaction Notice, any Seller or Sponsor may give
notice that the Applicable Earn-Out Milestone has been met (an “Earn-Out Notice”) to
each of the other parties to this Agreement. For purposed of this Agreement, the
term “Business Days” shall mean Monday through Friday of each week other than
any days when banks generally and federal or central government offices in New
York, U.S.A., China or Hong Kong are authorized or required to be
closed.

     

    
      
        
        

      

      
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    (b) The Satisfaction Notice
shall include a calculation of the Income from Existing Operations for the year
ended December 31, 2010 (in the case of the Satisfaction Notice given after the
First Earn-Out Milestone Date) or the year ended December 31, 2011 (in the case
of the Satisfaction Notice given after the Second Earn-Out Milestone
Date).

     

    (c) Within fifteen (15)
Business Days after the giving of any Satisfaction Notice or Earn-Out Notice,
any Seller or Sponsor or, in the case of an Earn-Out Notice, the Company, may
dispute the determination set forth in the Satisfaction Notice or Earn-Out
Notice (the “Dispute
Period”), by written notice to the other parties (the “Dispute
Notice”).  If no Dispute Notice is given during the Dispute
Period: (i) any determination in the Satisfaction Notice that an Earn-Out
Milestone has not been met, and (ii) any determination in a Satisfaction Notice
or an Earn-Out Notice that the applicable Earn-Out Milestone has been met, shall
be final for all purposes under this Agreement.

     

    (d) If any party timely gives
a Dispute Notice, the Company shall make available to the Sellers, the Sponsors
and their respective advisors all books and records or copies thereof used by
the Company or that are reasonably necessary to determine whether the First
Earn-Out Milestone or the Second Earn-Out Milestone, as applicable, has been met
(the “Applicable
Records”).  The Applicable Records will be made available upon
written request, at the offices of the Company where they are customarily
maintained, during normal business hours.  Review of the Applicable
Records shall be conducted in a manner which is not unreasonably disruptive of
the business operations of the Company and its subsidiaries.  The
provisions of Section 9.2 [Confidentiality] of the Exchange Agreement shall
apply to the Sellers and the Sponsors and the respective advisors with respect
to the information in the Applicable Records to the same extent as if such
Section were included herein.

     

    (e) If any of the Company, a
Seller or a Sponsor timely gives a Dispute Notice (in each case, creating an
“Earn-Out
Dispute”), the Company, the Sellers and the Sponsors shall use reasonable
business efforts to resolve the dispute within a period of 30 days following the
Dispute Notice.  If the Earn-Out Dispute has been resolved, a joint
notice of the resolution by the Company and any Sellers or Sponsors who have
timely delivered a Dispute Notice shall be given to all of the parties to this
Agreement.  If no resolution has been reached in such 30-day period,
then the Company or any Seller or Sponsor may submit the Earn-Out Dispute (a
“Dispute
Submission”) to a firm of independent accountants located in China with
expertise in U.S generally accepted accounting principles applicable to public
companies (the “Accountants”) and
shall provide a copy of the Dispute Submission to the Company (if the Dispute
Submission is made by a Seller or Sponsor), the Sellers and the Sponsors;
provided, a Dispute Submission with respect to the Second Earn-Out Milestone may
not be made by a Sponsor if the First Earn-Out Milestone has been met for
purposes of this Agreement and a copy of any Dispute Submission with respect to
the Second Earn-Out Milestone need not be given to the Sponsors if the First
Earn-Out Milestone has been met for purposes of this Agreement.  The
Company shall, following reasonable notice and during regular business hours,
make available to the Accountants all Applicable Records.  The
Accountants’ sole review shall be to calculate the Income from Existing
Operations in accordance with U.S. GAAP, consistently applied, and to confirm
that, based on reasonable testing conducted consistently with U.S. generally
accepted auditing standards, the Applicable Records used to calculate the Income
from Existing Operations have been maintained in accordance with U.S. GAAP,
consistently applied.  The Accountants shall give notice specifying
the amount of Income from Existing Operations as calculated by the Accountants
(the “Accountants’
Determination”) to each of the Parties.  The Accountants’
Determination shall be final and binding upon the Parties for all purposes of
this Agreement.  If the Earn-Out Dispute relates to the First Earn-Out
Milestone and the Accountants’ Determination is that the Income from Existing
Operations for the year ended December 31, 2010 is greater than US $15,000,000,
then the First Earn-Out Milestone shall be deemed to have been met; otherwise,
the First Earn-Out Milestone shall be deemed not to have been met.  If
the Earn-Out Dispute relates to the Second Earn-Out Milestone and the
Accountants’ Determination is that the Income from Existing Operations for the
year ended December 31, 2011 is greater than US $20,000,000, then the Second
Earn-Out Milestone shall be deemed to have been met; otherwise, the Second
Earn-Out Milestone shall be deemed not to have been met.

     

    
      
        
        

      

      
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    (f) For purposes of this
Agreement, the “Determination Date”
shall be:

     

    (i) If the Company gives a
Satisfaction Notice and no Seller or Sponsor gives an Earn-Out Notice during the
Dispute Period, the last day of the Dispute Period;

     

    (ii) If (x) the Company does
not timely give a Satisfaction Notice, (y) a Seller or Sponsor gives an Earn-Out
Notice, and (z) the Company does not give a Dispute Notice during the Dispute
Period, the last day of the Dispute Period; or

     

    (iii) If there is an Earn-Out
Dispute, the date on which the Accountants give notice of the Accountants’
Determination.

     

    (g) Within ten (10) Business
Days after the applicable Determination Date, the Escrow Agent shall disburse
the Seller and Sponsor Earn-Out Shares held in escrow as follows:

     

    (i) In the event that the
First Earn-Out Milestone is met, the Escrow Agent shall (x) deliver 5,000,000 of
the Seller Earn-Out Shares to Sellers in the amounts set forth on Exhibit B attached
hereto; and (y) if a Notice of Conditions (as defined below) has been issued and
such Notice confirms the Conditions have been met on or prior to the
Determination Date, deliver to each Sponsor the appropriate Sponsor Earn-Out
Shares.

     

    (ii) In the event that the
First Earn-Out Milestone is not met, no Escrow Shares shall be disbursed as a
result of the occurrence of a Determination Date with respect to the First
Earn-Out Milestone.

     

    
      
        
        

      

      
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    (iii) In the event the Second
Earn-Out Milestone is met: (x)(1) if the First Earn-Out Milestone was met, the
Escrow Agent shall deliver the remaining 800,000 Seller Earn-Out Shares to
Sellers in the amounts set forth on Exhibit B attached
hereto, or (2) if the First Earn-Out Milestone was not met, the Escrow Agent
shall deliver all 5,800,000 Seller Earn-Out Shares to Sellers in the amounts set
forth on Exhibit
B attached hereto; and (y) if the Sponsors’ Earn-Out Shares were not
delivered pursuant to Section 4(g)(i)(y) above and if a Notice of Conditions (as
defined below) has been issued and confirms the Conditions have been met on or
prior to the Determination Date, deliver to each Sponsor the appropriate Sponsor
Earn-Out Shares.

     

    (iv) In the event that the
Second Earn-Out Milestone is not met but the First Earn-Out Milestone was met,
the Escrow Agent shall: (x) deliver the remaining 800,000 Seller Earn-Out Shares
to the Company, and (y) if the Sponsors’ Earn-Out Shares were not delivered
pursuant to Section 4(g)(i)(y) above and if a Notice of Conditions has been
issued and confirms the Conditions have been met on or prior to the
Determination Date, deliver to each Sponsor the appropriate Sponsor Earn-Out
Shares, if any, remaining in escrow.  All Escrowed Shares returned to
the Company  will be returned to the status of authorized but unissued
shares as of the Second Earn-Out Milestone Date.

     

    (v) If neither Earn-Out
Milestone is met and the Determination Date has occurred with respect to both
the First Earn-Out Milestone and the Second Earn-Out Milestone, the Escrow Agent
shall (i) deliver all 5,800,000 Seller Earn-Out Shares to the Company and such
shares will be returned to the status of authorized but unissued shares as of
the Second Earn-Out Milestone Date; and (ii) deliver all Sponsor Earn-Out Shares
to the Company and such shares will be returned to the status of authorized but
unissued shares as of the Second Earn-Out Milestone Date.

     

    (vi) If, as of any
Determination Date, a Notice of Conditions has been issued which states that the
Conditions have not been met, or if no Notice of Conditions has been given, no
Sponsor Earn-Out Shares shall be delivered to Sponsor and such Sponsor Earn-Out
Shares shall remain in escrow until disbursed as provided in Section 5
below.

     

    (h) The Escrow Agent shall
deliver to the Company all stock powers, assignments and related documents as
may be necessary to effect the transfer to the Company and cancellation of any
Escrow Shares delivered to the Company pursuant to Section 4(g).  All
other stock powers, assignments and related documents shall be returned to the
Seller or Sponsor who delivered such documents to the Escrow Agent promptly
after all of the Escrow Shares have been disbursed by the Escrow
Agent.

     

    5. Disbursement
of the Sponsor Conditional Shares.

     

    (a) Within ten (10) Business
Days after the earlier of satisfaction of the Conditions or December 31, 2011,
the Company shall give notice to the other Parties to this Agreement specifying
whether the Conditions to release of the Sponsor Conditional Shares have been
met (a “Notice of
Conditions”).

     

    
      
        
        

      

      
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    (b) If the Notice of
Conditions states that the Conditions to the rights of the Sponsors to the
return of the Sponsor Conditional Shares have been met, within ten (10) Business
Days after the Notice of Conditions is delivered, the Escrow Agent shall
disburse the Sponsor Conditional Shares held in escrow to the appropriate
Sponsors together with the Sponsor Earn-Out Shares, if the First Earn-Out
Milestone has been met.

     

    (c) If the Notice of
Conditions states that the Conditions to the rights of the Sponsors to the
return of the Sponsor Conditional Shares have not been met, the Notice of
Conditions shall specify which of the Conditions have not been
met.  The Sponsors shall have ten (10) Business Days after the Notice
of Conditions is delivered to dispute the Notice of Conditions by written notice
(the “Conditions
Dispute Notice”) to the Escrow Agent and the Company, setting forth with
particularity the facts demonstrating satisfaction of the
Conditions.  If no Conditions Dispute Notice is received by the Escrow
Agent within such ten (10) Business Days, the Escrow Agent shall deliver all of
the Sponsor Conditional Shares and Sponsor Earn-Out Shares to the Company and
such shares will be returned to the status of authorized but unissued shares as
of the date of the Notice of Conditions.

     

    (d) Any disputes set forth in
a timely Conditions Dispute Notice shall be resolved in the manner provided in
the Sponsor Agreement.  Upon receipt by the Escrow Agent of joint
written instructions from the Company and each of the Sponsors or a final
arbitral award under the Sponsor Agreement, the Escrow Agent shall deliver the
Sponsor Conditional Shares as set forth in the joint instructions or arbitral
award.

     

    6.
Rights of Sponsors and
Sellers in Escrow Shares.

    

    (a) Adjustment of Escrow
Shares. The
number of HMAUF Shares deliverable upon meeting any Earn-Out Milestone or
Conditions will be proportionately increased or decreased, or subject to such
other adjustment, in the event of any stock dividend, stock split, or other
recapitalization of the Company as may be necessary or appropriate so that the
capital stock of the Company delivered to Sponsors and Sellers with respect to
any Earn-Out Milestone or satisfaction of Conditions provides Sponsors and
Sellers with the same economic and other benefits of ownership as they would
have received if the number of HMAUF Shares delivered with respect to such
Earn-Out Milestone or satisfaction of Conditions had been delivered to them at
Closing.

     

    (b) Distributions in Respect of the
Escrow Shares.  Any capital stock of the Company or other
consideration payable with respect to the HMAUF Shares held by the Escrow Agent
in connection with any stock dividend, stock split, or other recapitalization of
Company shall be issued or paid by the Company to the Escrow Agent at the same
time that capital stock of the Company or other consideration is issued or paid
to other shareholders of the Company in connection with such stock dividend,
stock split, or other recapitalization of the Company.

    

    (c) Voting Rights as a
Shareholder. Except as herein provided, Sponsors and Sellers shall retain
all of their rights as shareholders of HMAUF during the Escrow Period with
respect to the Escrow Shares, including, without limitation, the right to vote
such shares.

     

    
      
        
        

      

      
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    (d) Restrictions on Transfer.
During the Escrow Period, no sale, transfer or other disposition may be made of
any or all of the Escrow Shares except (i) by gift to an affiliate or a member
of the Sponsor or Seller’s immediate family or to a trust or other entity, the
beneficiary of which is such Sponsor or Seller or a member of such Sponsor or
Seller’s immediate family, (ii) by virtue of the laws of descent and
distribution upon death of any Sponsor or Seller, or (iii) pursuant to a
qualified domestic relations order; provided, however, that such permissive
transfers may be implemented only upon the respective transferee’s written
agreement to be bound by the terms and conditions of this Agreement and the
Sponsor Agreement, as amended.  During the Escrow Period, Sponsors and
Sellers shall not pledge or grant a security interest in the Escrow Shares or
grant a security interest in their rights under this Agreement.

    

    6.
Concerning the Escrow
Agent.

    

    (a) Good Faith Reliance. The Escrow Agent shall
not be liable for any action taken or omitted by it in good faith and in the
exercise of its own best judgment, and may rely conclusively and shall be
protected in acting upon any order, notice, demand, certificate, opinion or
advice of counsel (including counsel chosen by the Escrow Agent), statement,
instrument, report or other paper or document (not only as to its due execution
and the validity and effectiveness of its provisions, but also as to the truth
and acceptability of any information therein contained) which is believed by the
Escrow Agent to be genuine and to be signed or presented by the proper person or
persons.  The Escrow Agent shall not be bound by any notice or demand,
or any waiver, modification, termination or rescission of this Agreement unless
evidenced by a written document delivered to the Escrow Agent signed by the
proper Party or Parties and, if the duties or rights of the Escrow Agent are
affected, unless it shall have given its prior written consent
thereto.

    

    (b)
Indemnification.  The Escrow Agent shall be indemnified and
held harmless by the Company from and against any expenses, including counsel
fees and disbursements, or loss suffered by the Escrow Agent in connection with
any action, suit or other proceeding involving any claim which in any way,
directly or indirectly, arises out of or relates to this Agreement, the services
of the Escrow Agent hereunder, or the Escrow Shares held by it hereunder, other
than expenses or losses arising from the gross negligence or willful misconduct
of the Escrow Agent.  Promptly after the receipt by the Escrow Agent
of notice of any demand or claim or the commencement of any action, suit or
proceeding, the Escrow Agent shall notify the other Parties hereto in
writing.  In the event of the receipt of such notice, the Escrow
Agent, in its sole discretion, may commence an action in the nature of
interpleader in an appropriate court to determine ownership or disposition of
the Escrow Shares or it may deposit the Escrow Shares with the clerk of any
appropriate court or it may retain the Escrow Shares pending receipt of a final,
non-appealable order of a court having jurisdiction over all of the Parties
hereto directing to whom and under what circumstances the Escrow Shares are to
be disbursed and delivered.  The provisions of this Section 6(b) shall
survive in the event the Escrow Agent resigns or is discharged pursuant to this
Agreement.

    

    (c)
Compensation.  The Escrow Agent shall be entitled to reasonable
compensation from the Company for all services rendered by it hereunder, as set
forth on Exhibit
C hereto. The Escrow Agent shall also be entitled to reimbursement from
the Company for all expenses paid or incurred by it in the administration of its
duties hereunder including, but not limited to, all counsel, advisors’ and
agents’ fees and disbursements and all taxes or other governmental
charges.

     

    
      
        
        

      

      
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    (d) Further
Assurances.  From time to time on and after the date hereof,
the Company, Sponsors and Sellers shall deliver or cause to be delivered to the
Escrow Agent such further documents and instruments and shall do or cause to be
done such further acts as the Escrow Agent shall reasonably request to carry out
more effectively the provisions and purposes of this Agreement, to evidence
compliance herewith or to assure itself that it is protected in acting
hereunder.

    

    (e)
Resignation.  The Escrow Agent may resign at any time and be
discharged from its duties as escrow agent hereunder by its giving the other
Parties hereto written notice and such resignation shall become effective as
hereinafter provided.  Such resignation shall become effective at such
time that the Escrow Agent shall turn over to a successor escrow agent,
appointed by the Company and approved by Sponsors and Sellers, the Escrow Shares
held hereunder.  If no new escrow agent is so appointed within the 60
day period following the giving of such notice of resignation, the Escrow Agent
may deposit the Escrow Shares with any court it reasonably deems
appropriate.

    

    (f) Discharge of Escrow
Agent.  The Escrow Agent shall resign and be discharged from
its duties as escrow agent hereunder if so requested in writing at any time by
all the other Parties hereto, jointly, provided, however, that such resignation
shall become effective only upon acceptance of appointment by a successor escrow
agent as provided in Section 6(e).

    

    (g)
Liability.  Notwithstanding anything herein to the contrary,
the Escrow Agent shall not be relieved from liability hereunder for its own
gross negligence or its own willful misconduct.

    

    7.
Miscellaneous.

    

    (a) Governing
Law.  This Agreement shall for all purposes be deemed to be
made under and shall be construed in accordance with the laws of the State of
New York.  Except as otherwise expressly provided in the Sponsor
Agreement or Section 4 hereof, each of the Parties hereby agrees that any
action, proceeding or claim against it arising out of or relating in any way to
this Agreement shall be brought and enforced in the courts of the State of New
York or the United States District Court for the Southern District of New York,
and irrevocably submits to such jurisdiction, which jurisdiction shall be
exclusive. Each of the Parties hereby waives any objection to such exclusive
jurisdiction and that such courts represent an inconvenient forum.

    

    (b) Successors and
Assigns.  This Agreement shall be binding upon and inure to the
benefit of the Parties hereto and their respective successors and assigns; provided that the
Escrow Agent may only assign any of its rights or delegation of any of its
obligations hereunder in accordance with Section 6(e) hereof.

     

    (c) Notices.  Any
notice or other communication required or which may be given hereunder shall be
in writing and either be delivered personally or by private national courier
service, or be mailed, certified or registered mail, return receipt requested,
postage prepaid, and shall be deemed given when so delivered personally or, if
sent by private international courier service, four Business Days after delivery
to the courier, or, if mailed, ten Business Days after the date of mailing, as
follows:

     

    
      
        
        

      

      
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    If to the
Company, to:

    

    SGOCO
Technology Ltd.

    SGOCO
Technology Park

    Loushan,
Jinjiang City

    Fujian,
China 32200

    Attn:  Burnette
Or, President

    

    If to a
Sponsor or a Seller, to its address set forth

    on the
applicable signature page hereto, and

    

    If to the
Escrow Agent, to:

    

    Grand
Pacific Investment Limited

    50th
Floor, Bank of China Tower

    1 Garden
Road, Central, Hong Kong

    Attn:
Cheng Hoo, Executive Director

    

    A copy of
any notice sent hereunder shall be sent to:

    

    Nixon
Peabody LLP

    One
Embarcadero Center

    Suite
1800

    San
Francisco, California 94111

    Attn:
David Cheng, Esq.

    

    and

    

    Loeb
& Loeb LLP

    345 Park
Avenue

    New York,
New York 10154

    Attn:
Giovanni Caruso, Esq.

    

    The
Parties may change the persons and addresses to which the notices or other
communications are to be sent by giving written notice to any such change in the
manner provided herein for giving notice.

    

    (d)
Counterparts.  This Agreement may be executed in several
counterparts each one of which shall constitute an original and may be delivered
by facsimile transmission and together shall constitute one
instrument.

     

    
      
        
        

      

      
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    (e)
Amendments.  This Agreement may be amended, modified,
superseded, canceled, renewed or extended, and the terms and conditions hereof
may be waived, only by written instrument signed by each of the Parties (or any
successor thereto), or, in the case of a waiver, by the Party or Parties waiving
compliance.  No delay on the part of any Party hereof in exercising
any right, power or privilege hereunder shall operate as a waiver thereof, nor
shall any waiver on the part of any Party of any right, power or privilege
hereunder, nor any single or partial exercise of any right, power or privilege
hereunder, preclude any other or further exercise hereof or the exercise of any
other rights, power or privilege hereunder.

     

    (f) Entire
Agreement.  This Agreement, the Exchange Agreement and the
Sponsor Agreement contain the entire agreement among the Parties with respect to
the subject matter hereof and supersede all prior agreements, written or oral,
with respect hereof.

     

    (g) Headings.  The
headings contained in this Agreement are for reference purposes only and shall
not affect in any way the meaning or interpretation thereof.

    

    [Signature
Pages Follow]

     

    
      
        
        

      

      
        - 10
-

        
          

        

      

      
        
        

      

       

    

    IN
WITNESS WHEREOF, the Parties hereto have executed this Agreement on the day and
year first above written.

     

    
      	
              HAMBRECHT
      ASIA ACQUISITION CORP. 

               

              (to
      be known as SGOCO TECHNOLOGY LTD.)

            
	 	 	 
	By:  	
              /s/
      John Wang

            	 
      
	Name:
      John
      Wang	 
      
	Title:
      CEO	 
      
	 	 	 
	SUN
      ZONE INVESTMENTS LIMITED
	 	 	 
	By: 	
              /s/
      Or Tin
      Man                                

            	 
      
	Name:
      Tin Man Or	 
      
	Title:
      Owner	 
      
	Address:	 
      
	 	 
      	 
      
	 	 
      	 
      
	/s/Ting
      Sze Kit	 
      
	SZE
      KIT TING	 
      
	 	 	 
	Address:	 
      

    

    

    
      
        
          Signature
Page to Escrow Agreement

        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    IN
WITNESS WHEREOF, the Parties hereto have executed this Agreement on the day and
year first above written.

     

    
      	
              For
      individual Sponsors:

            	 	 	For
      Sponsors other than individuals:	 
	 	 	 	 	 
	
              /s/
      John Wang

            	 	 	Cannon
      Family Irrevocable Trust	 
	John
      Wang	 	 	 	 
	
            	 	 	By:
      	
              /s/
      Stephen N. Cannon

            	 
	 	 	 	
              Name:
      Stephen
      N. Cannon 

            	 
	/s/
      Robert Eu	 	 	Title:
      Trustee	 
	Robert
      Eu	 	 	 	 
	 	 	 	AEX
      Enterprises Limited	 
	 	 	 	 	 	 
	 	 	 	By:	
              /s/
      Robert Eu

            	 
	 	 	 	 	 	 
	 	 	 	W.E.
      Hambrecht + Co.,LLC	 
	 	 	 	 	 	 
	 
      	 	 	By:	
              /s/
      W.R. Hambrecht

            	 
	 	 	 	 	 	 
	 	 	 	Hambrecht
      1980 revocable trust	 
	 	 	 	 	 	 
	 
      	 	 	By:	
              /s/
      W.R. Hambrecht

            	 
	 	 	 	 	 	 
	 	 	 	Shea
      Ventures LLC	 
	 	 	 	 	 	 
	 
      	 	 	By:
      	
              /s/
      Ronald Lakey

            	 
	 	 	 	Roanld
      Lakey, Vice President	 
	 	 	 	 	 	 
	 	 	 	Marella
      Capital Partners, Ltd.	 
	 	 	 	 	 	 
	 
      	 	 	By:
      	
              /s/
      John Wang

            	 
	 	 	 	John  Wang	 

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    
      	
              Address(for
      all Sponsors):

              Address:
      13/F Tower 2

              New
      World tower

              18
      Queens Road Central

              Hong
      KongUnassociated Document

    

     

    SPONSOR
AGREEMENT

     

    THIS SPONSOR AGREEMENT (the
“Agreement”) is
made as of February 12, 2010, by and among Sun Zone Investments Limited, a
company organized under the laws of the British Virgin Islands (“Sun Zone”), and Sze
Kit Ting (collectively with Sun Zone, the “Sellers”) and certain
holders of securities of Hambrecht Asia Acquisition Corp., a Cayman Islands
company (the “Company”), who
execute a counterpart signature page hereto (each a “Sponsor” and collectively,
the “Sponsors”).  Capitalized
terms not otherwise defined in this Agreement have the same meaning as such
capitalized terms have in the Exchange Agreement (as defined
below).

     

    The
Sellers have entered into a share exchange agreement (the “Exchange Agreement”)
with Honesty Group Holdings Limited (“Honesty Group”) and
the Company pursuant to which the Sellers agreed to sell the Company all of
their outstanding interests in Honesty Group.  In connection with
entering into the Exchange Agreement, and as a condition to the execution by
Sellers of the Exchange Agreement, the Sellers have requested that the Sponsors
enter into this Agreement.

     

    Certain
of the Sponsors, consisting of John Wang, Robert J. Eu, Cannon Family
Irrevocable Trust, AEX Enterprises Limited, W.R. Hambrecht + Co., LLC, Hambrecht
1980 Revocable Trust, Shea Ventures LLC, and Marbella Capital Partners Ltd (the
“Initial
Sponsors”) have entered into a Securities Escrow Agreement (the “IPO Escrow
Agreement”), dated as of March 7, 2008, with Continental Stock Transfer
& Trust Company, as escrow agent (the “IPO Escrow Agent”),
pursuant to which the Initial Sponsors have deposited in escrow their HMAUF
Shares to be held for a period of one year following the Closing of the
transactions contemplated by the Exchange Agreement or another Business
Combination as described in the IPO Escrow Agreement.

     

    NOW, THEREFORE, in
consideration of the mutual covenants contained herein and other good and
valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, the parties to this Agreement hereby agree as
follows:

     

    I. Earn-Out.

     

    A. Each
Sponsor agrees that the number of HMAUF Shares owned by such Sponsor and set
forth opposite such Sponsor’s name in the column captioned “Earn-Out Shares” on
Exhibit A (the “Earn-Out Shares”)
shall be forfeited and cancelled unless the First Earn-Out Milestone is met or
the Second Earn-Out Milestone is met.  Each Sponsor agrees to enter
into the Escrow Agreement with the Escrow Agent, the Sellers and the Company
simultaneously with the Closing.

     

    B. At the
Closing, each Sponsor whose HMAUF Shares are not held by the IPO Escrow Agent
shall transfer and deliver to the Escrow Agent under the Escrow Agreement such
Sponsor’s Earn-Out Shares.  At the Closing, each Sponsor whose HMAUF
Shares are held by the IPO Escrow Agent shall deliver irrevocable instructions
to the IPO Escrow Agent to deliver to the Escrow Agent such Sponsor’s Earn-Out
Shares at the time such Earn-Out Shares would otherwise be delivered to such
Sponsor under the IPO Escrow Agreement.  At the Closing, each Sponsor
shall deliver to the Escrow Agent all stock powers, assignments and related
documents as may be necessary to effect the transfer to the Company and
cancellation of such Sponsor’s Earn-Out Shares.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    C. If the
First Earn-Out Milestone is met, each Sponsor shall be entitled to receive such
Sponsor’s Earn-Out Shares on the First Earn-Out Milestone Date.  If
the First Earn-Out Milestone is not met but the Second Earn-Out Milestone is
met, each Sponsor shall be entitled to receive such Sponsor’s Earn-Out Shares on
the Second Earn-Out Milestone Date.  If neither the First Earn-Out
Milestone nor the Second Earn-Out Milestone is met, all of the Earn-Out Shares
shall be forfeited to the Company and cancelled.  The Earn-Out Shares
shall be released to the Sponsors or the Company at the times and in the manner
provided in the Escrow Agreement.

     

    II. Forfeited
Shares.  Each Sponsor agrees that the number of HMAUF Shares
owned by such Sponsor and set forth opposite such Sponsor’s name in the column
captioned “Forfeited Shares” on Exhibit A (the “Forfeited Shares”)
shall be forfeited and cancelled effective as of the Closing.  At the
Closing, each Sponsor whose HMAUF Shares are not held by the IPO Escrow Agent
shall transfer and deliver to the Company such Sponsor’s Forfeited
Shares.  Each Sponsor whose HMAUF Shares are held by the IPO Escrow
Agent shall deliver irrevocable instructions to the IPO Escrow Agent to deliver
to the Company such Sponsor’s Forfeited Shares at the time such Forfeited Shares
would otherwise be delivered to such Sponsor under the IPO Escrow
Agreement.  At the Closing, each Sponsor shall deliver to the Company
all stock powers, assignments and related documents as may be necessary to
effect the transfer to the Company and cancellation of such Sponsor’s Forfeited
Shares.

     

    III.
Lock
Up.

     

    A. Each Sponsor agrees to not offer, sell,
contract to sell, pledge or otherwise dispose of or enter into any transaction
which is designed to, or might reasonably be expected to result in the
disposition (whether by actual disposition or effective economic
disposition due to cash settlement or otherwise), directly or indirectly, of or
establish or increase a put equivalent position or liquidate or decrease a call
equivalent position within the meaning of Section 16 of the Exchange Act and the
rules and regulations of the SEC promulgated thereunder with respect to (collectively, a “Disposition”) any HMAUF Shares owned by such
Sponsor on the date hereof for a period commencing on the date hereof and ending
on the second anniversary of the Closing Date, inclusive, without the prior
written consent of the Company; provided,
however, that the Sponsor
may transfer: (1) any HMAUF Shares to any partner, sponsor or member of the
Sponsor if, prior to such transfer, such partner, sponsor or member agrees in
writing to be bound by the restrictions set forth herein; (2) any HMAUF Shares
to any controlled affiliate of the Sponsor if, prior to such transfer, such
affiliate agrees in writing to be bound by the restrictions set forth herein,
(3) any HMAUF Shares for estate planning purposes if, prior to such transfer,
the person receiving such Shares agrees in writing to be bound by the
restrictions set forth herein, or (4) two-thirds of the HMAUF Shares owned by
such Sponsor on the date hereof on or after the one-year anniversary of the
Closing Date, and further
provided, that the
one-third of the HMAUF Shares owned by such Sponsor that are subject to the
escrows provided for in the IPO Escrow Agreement or the Escrow Agreement shall
not be Disposed of by such Sponsor so long as such HMAUF Shares are subject to
such escrows.

     

    
      
        
        

      

      
        - 2
-

        
          

        

      

      
        
        

      

    

     

    B. Each Sponsor hereby consents to the
Company issuing a stop transfer instruction to the transfer agent in accordance
with the terms of this Agreement. Any sale of HMAUF Shares in violation of this
Agreement by a Sponsor without the consent of the Company and Sellers shall
constitute a material breach of this Agreement by such
Sponsor.

     

    C. Each Sponsor acknowledges that its
breach or impending violation of any of the provisions of this Section III may
cause irreparable damage to the Company and Sellers for which remedies at law
would be inadequate. Each Sponsor further acknowledges and agrees that the
provisions set forth herein are essential terms and conditions of this Agreement
and that the Company or Sellers may seek to enforce this Agreement by, in
addition to any rights or remedies provided under any other agreement, obtaining
a decree or order from any court of competent jurisdiction to enjoin such
impending or actual violation of any of such provisions. Such decree or order,
to the extent appropriate, shall specifically enforce the full performance of
any such provision by the Sponsors. This remedy shall be in addition to all
other remedies available to the Company or Sellers at law or equity.

     

    IV. Consent to Warrant
Amendment.  Each Sponsor that owns Sponsor Warrants agrees to
consent to the Warrant Amendment.

     

    V. Notices. All notices
and other communications provided for herein shall be in writing and shall be
deemed to have been duly given, delivered and received if delivered personally,
if sent by facsimile, registered or certified mail (return receipt requested)
postage prepaid, or by courier guaranteeing next day delivery, in each case to
the party to whom it is directed at the addresses indicated on the signature
pages hereto (or at such other address for any party as shall be specified by
notice given in accordance with the provisions hereof, provided that notices of
a change of address shall be effective only upon receipt thereof). Notices
delivered personally shall be effective on the day so delivered, notices sent by
registered or certified mail shall be effective five days after mailing, notices
sent by facsimile shall be effective when the sender receives a receipt
acknowledging delivery, and notices sent by courier guaranteeing next day
delivery shall be effective on the earlier of the second Business Day after
timely delivery to the courier or the day of actual delivery by the
courier.

     

    VI. Amendment and
Waiver.  Except as otherwise provided herein, no modification,
amendment or waiver of any provision of this Agreement shall be effective
against the Company, Sellers or the Sponsors unless such modification, amendment
or waiver is signed by each of the parties hereto.  The failure of any
party to enforce any of the provisions of this Agreement shall in no way be
construed as a waiver of such provisions and shall not affect the right of such
party thereafter to enforce each and every provision of this Agreement in
accordance with its terms.

     

    VII.
Severability.  Whenever
possible, each provision of this Agreement shall be interpreted in such manner
as to be effective and valid under applicable law, but if any provision of this
Agreement is held to be prohibited by or invalid under applicable law, such
provision shall be ineffective only to the extent of such prohibition or
invalidity, without invalidating the remainder of this Agreement.

     

    
      
        
        

      

      
        - 3
-

        
          

        

      

      
        
        

      

    

     

    VIII.
Entire
Agreement.  Except as otherwise expressly set forth herein,
this document and the Escrow Agreement embody the complete agreement and
understanding among the parties hereto with respect to the subject matter hereof
and supersede and preempt any prior understandings, agreements or
representations by or among the parties, written or oral, which may have related
to the subject matter hereof in any way.

     

    IX. Successors and
Assigns.  Except as otherwise expressly provided herein, this
Agreement shall bind and inure to the benefit of and be enforceable by the
Company, Sellers and their respective successors and assigns and the Sponsors
and any subsequent holders of HMAUF Shares and the respective successors and
assigns of each of them.

     

    X. Counterparts.  This
Agreement may be executed simultaneously in two or more counterparts, any one of
which need not contain the signatures of more than one party, but all such
counterparts taken together shall constitute one and the same
Agreement.

     

    XI. Governing
Law.  This Agreement shall be governed by and construed in
accordance with the domestic laws of the State of New York, without giving
effect to any conflict of laws provision or rule (whether of the State of New
York or any other jurisdiction) that would cause the application of the laws of
any jurisdiction other than the State of New York.

     

    XII.
Descriptive
Headings.  The descriptive headings of this Agreement are
inserted for convenience only and do not constitute a part of this
Agreement.

     

    
      
        
        

      

      
        - 4
-

        
          

        

      

      
        
        

      

    

     

    SIGNATURE
PAGE TO

     

    SPONSOR
AGREEMENT

     

    IN
WITNESS WHEREOF, the parties hereto have executed this Agreement on the day and
year first above written.

     

    
      	HAMBRECHT
      ASIA ACQUISITION CORP.
	 	 
	 	 
	By:	
              /s/
      Robet Eu

            	 
      
	Name:
      Robert Eu	 
      
	Title:
      Chairman	 
      
	Address:
      13/F Tower 2	 
      
	
              New
      World tower 

              18
      Queens Road Central

            
	Hong
      Kong	 
      

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    SIGNATURE
PAGE TO

     

    SPONSOR
AGREEMENT

     

    IN
WITNESS WHEREOF, the parties hereto have executed this Agreement on the day and
year first above written.

     

    
      	SUN
      ZONE INVESTMENTS LIMITED
	 	 	 
	 	 	 
	By:	
              /s/
      Or Tin
      Man                                

            	 
      
	
              Name:
      Tin Man Or 

              Title:  Owner

            	 
      
	 	 
	 	 
	Address:	 
      
	
              c/o
      Guanke (Fujian) Electron 

              Technological
      Industry Co. Ltd. 

              SGOCO
      Technology Park 

              Loushan,
      Jinjiang City 

              Fujian,
      China 32200 

              Attn:  Burnette
      Or, President

            
	 	 
      	 
      
	 	 
      	 
      
	/s/
      Ting Sze Kit	 
      
	SZE
      KIT TING	 
      
	 	 
	 	 
	Address:	 
      
	
              Room
      2101, 21/F., Block B 

              Healthy
      Gardens, No. 560 King’s Road 

              North
      Point, Hong Kong

            	 
      

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    SIGNATURE
PAGE TO

     

    SPONSOR
AGREEMENT

     

    IN
WITNESS WHEREOF, the parties hereto have executed this Agreement on the day and
year first above written.

     

    
      	 
      	 	 	 
      	 
	
              /s/
      Robert Eu

            	 	 	
              /s/
      W.R. Hambrecht

            	 
	Robert
      Eu 

              Address

              1356
      Greenwich Street

              San
      Francisco, CA 94109 USA

            	 	Name:
      W.R. Hambrecht + Co, LLC 

              Title:

              c/o
      Jonathan Fayman, Pier 1, Bay 3

              San
      Francisco, CA 94111 USA

            
	 	 	 	 	 
	
              /s/
      John
      Wang                                

            	 	 	
              /s/
      W.R. Hambrecht

            	 
	John
      Wang 

              Loft
      2-305, 283 West Jianguo Road

              XuHiu
      District, Shanghai 200031

            	 	Hambrecht
      1980 Revocable Trust 

              c/o
      Anna Schweizer, Pier 1, Bay 3

              San
      Francisco, CA 94111 USA

            
	 	 	 	 	 
	
              /s/
      Stephen N. Cannon

            	 	 	
              /s/
      Edward H. Shea

            	 
	Cannon
      Family Irrevocable Trust 

              2538
      Hayward Drive

              Burlingame,
      CA 94010 USA

            	 	Shea
      Ventures LLC 

              P.O.
      Box 489, 655 Brea Canyon Road

              Walnut

            
	 	 	 
	
              /s/
      Robert Eu

            	 	 	
              /s/
      John Wang

            	 
	AEX
      Enterprises Limited 

              Rm
      802, AIA Tower, 183 Electric Road

              North
      Point, Hong Kong

            	 	Marbella
      Capital Partners Ltd. 

              Loft
      2-305, 283 West Jianguo Road

              XuHui
      District, Shanghai 200031

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