Document:

Form of Investment Management Trust Agreement

 Exhibit 10.6 
 INVESTMENT MANAGEMENT TRUST AGREEMENT 
 This Agreement is made as of
                    , 2008 by and between North Asia Investment Corporation (the “Company”) and Continental Stock
Transfer & Trust Company (“Trustee”). 
 WHEREAS, the Company’s registration statement on Form F-1, File
No. 333-148378 (“Registration Statement”), for its initial public offering of securities (“IPO”) has been declared effective as of the date hereof (“Effective Date”) by the Securities and Exchange Commission
(capitalized terms used herein and not otherwise defined shall have the meanings set forth in the Registration Statement); and 
 WHEREAS,
Citigroup Global Markets Inc. (the “Representative”) is acting as the representative of the underwriters in the IPO pursuant to an underwriting agreement dated on or about the date hereof between the Company and the Representative (the
“Underwriting Agreement”); and 
 WHEREAS, as described in the Registration Statement, and in accordance with the Company’s
Memorandum and Articles of Association, $59,705,000 of the gross proceeds of the IPO and the issuance and sale of 2,455,000 warrants in a private placement to the Company’s sponsors, Thomas Chan-Soo Kang and Allister Morrison, (or $68,435,000
if the underwriters’ over-allotment option is exercised in full) will be delivered to the Trustee to be deposited and held in a trust account for the benefit of the Company and the holders of the Company’s ordinary shares, par value $.0001
per share, issued in the IPO as hereinafter provided (the amount to be delivered to the Trustee will be referred to herein as the “Property”, the shareholders for whose benefit the Trustee shall hold the Property will be referred to as the
“Public Shareholders,” and the Public Shareholders and the Company will be referred to together as the “Beneficiaries”); and 
 WHEREAS, pursuant to the Underwriting Agreement, a portion of the Property equal to $2,400,000 (or $2,760,000 if the underwriters’ over-allotment option is exercised in full, subject to proportional adjustment pursuant to the
Underwriting Agreement if the underwriters’ over-allotment option is exercised in part, but not in full, prior to its expiration as specified in a notice pursuant to Paragraph 1(i) hereof) is attributable to deferred underwriting commissions
that will become payable by the Company to the underwriters upon the consummation of an Initial Business Combination (the “Deferred Discount”); and 
 WHEREAS, the Company and the Trustee desire to enter into this Agreement to set forth the terms and conditions pursuant to which the Trustee shall hold the Property; 
 IT IS AGREED: 
  

	1.	Agreements and Covenants of Trustee. The Trustee is hereby appointed to serve as Trustee hereunder, and the Trustee hereby agrees to act as Trustee upon the terms and
conditions set forth herein. The Trustee hereby agrees and covenants to: 

 (a) Hold the Property in trust for the
Beneficiaries in accordance with the terms of this Agreement in a segregated trust account (“Trust Account”) established by the Trustee in London at HSBC; 

 (b) Manage, supervise and administer the Trust Account subject to the terms and conditions set forth
herein; 
 (c) In a timely manner, upon the instruction of the Company, to invest and reinvest the Property in United States “government
securities,” defined as any Treasury Bill issued by the United States having a maturity of 180 days or less; 
 (d) Collect and receive,
when due, all principal and income arising from the Property, which shall become part of the “Property,” as such term is used herein; 
 (e) Notify the Company and the Representative of all communications received by it with respect to any Property requiring action by the Company; 
 (f) Supply any necessary information or documents as may be requested by the Company in connection with the Company’s preparation of the tax returns for the Trust Account; 
 (g) Participate in any plan or proceeding for protecting or enforcing any right or interest arising from the Property if, as and when instructed by the
Company and/or the Representative to do so; 
 (h) Render to the Company and to the Representative, and to such other person as the Company
may instruct, monthly written statements of the activities of and amounts in the Trust Account reflecting all receipts and disbursements of the Trust Account; 
 (i) Commence liquidation of the Trust Account only after and promptly after receipt of, and only in accordance with, the terms of a letter (“Termination Letter”), in a form substantially similar to that
attached hereto as either Exhibit A or Exhibit B, signed on behalf of the Company by its Chief Executive Officer or Chairman of the Board and Secretary or Assistant Secretary or other authorized officer of the Company, and complete the
liquidation of the Trust Account and distribute the Property in the Trust Account only as directed in the Termination Letter and the other documents referred to therein; provided, however, that in the event that a Termination Letter has not
been received by the Trustee by the Last Date (as defined in Section 3(h) below), the Trust Account shall be liquidated in accordance with the procedures set forth in the Termination Letter attached as Exhibit B hereto and distributed to the
shareholders of record on the Last Date. In all cases, the Trustee shall provide the Representative with a copy of any Termination Letters and/or any other correspondence that it receives with respect to any proposed withdrawal from the Trust
Account promptly after it receives same. The provisions of this Section 1(i) may not be modified, amended or deleted under any circumstances; 
 (j) Distribute the Deferred Discount to the Representative on behalf of the Underwriters upon receipt of written notice from the Company; and 
 (k) Distribute upon receipt of an Extension Notification Letter, to Public Shareholders who exercised their conversion rights in connection with an Extension an amount equal to the pro rata share of the Property
relating to the ordinary shares for which such Public Shareholders have exercised conversion rights in connection with a vote of shareholders for an Extension. 
  

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	2.	Limited Distributions of Income from Trust Account. 

 (a) Upon written request from the Company, which may be given from time to time in a form substantially similar to that attached hereto as Exhibit C, signed on behalf of the Company by a duly authorized executive officer of the
Company, the Trustee shall distribute to the Company the amount requested by the Company to cover any of the Company’s tax obligations; 
 (b) Upon written request from the Company, which may be given from time to time in a form substantially similar to that attached hereto as Exhibit D, signed on behalf of the Company by a duly authorized executive officer of the
Company, the Trustee shall distribute to the Company the amount requested by the Company to cover expenses related to administrative expenses, investigating and selecting a target business and other working capital requirements; provided, however,
that the aggregate amount of all such distributions pursuant to this subsection shall not exceed $1,500,000 and the Company will not be allowed to withdraw interest income earned on the trust account unless there is sufficient funds available to pay
the Company’s tax obligations that are or will be due on such interest income at an assumed rate of 40% or otherwise then due at that time; and 
 (c) The limited distributions referred to in Sections 2(a) and 2(b) above shall be made only from interest collected on the Property. Except as provided in Section 2(a) and 2(b) above, no other distributions from
the Trust Account shall be permitted except in accordance with Section 1(i), 1(j) and 1(k) hereof. 
  

	3.	Agreements and Covenants of the Company. The Company hereby agrees and covenants to: 

 (a) Give all instructions to the Trustee hereunder in writing, signed by the Company’s Chairman of the Board or Chief Executive Officer or other
authorized officer. In addition, except with respect to its duties under paragraphs 1(i), 1(j), 1(k), 2(a) and 2(b) above, the Trustee shall be entitled to rely on, and shall be protected in relying on, any verbal or telephonic advice or instruction
which it in good faith believes to be given by any one of the persons authorized above to give written instructions, provided that the Company shall promptly confirm such instructions in writing; 
 (b) Hold the Trustee harmless and indemnify the Trustee from and against, any and all expenses, including reasonable counsel fees and disbursements, or
loss suffered by the Trustee in connection with any action, suit or other proceeding brought against the Trustee involving any claim, or in connection with any claim or demand which in any way arises out of or relates to this Agreement, the services
of the Trustee hereunder, or the Property or any income earned from investment of the Property, except for expenses and losses resulting from the Trustee’s gross negligence or willful misconduct. Promptly after the receipt by the Trustee of
notice of demand or claim or the commencement of any action, suit or proceeding, pursuant to which the Trustee intends to seek indemnification under this paragraph, it shall notify the Company in writing of such claim (hereinafter referred to as the
“Indemnified Claim”). The Trustee shall have the right to conduct and manage the defense against such Indemnified Claim, provided, that the Trustee shall obtain the consent of the Company with respect to the selection of counsel, which
consent shall not be unreasonably withheld. The Trustee may not agree to settle any Indemnified Claim without the prior written consent of the Company, which consent shall not be unreasonably withheld. The Company may participate in such action with
its own counsel; 
  

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 (c) Pay the Trustee an initial acceptance fee, an annual fee and a transaction processing fee for each
disbursement made pursuant to Section 2 as set forth on Schedule A hereto, which fees shall be subject to modification by the parties from time to time. It is expressly understood that the Property shall not be used to pay such fees unless and
until it is distributed to the Company pursuant to Section 2. The Company shall pay the Trustee the initial acceptance fee and first year’s fee at the consummation of the IPO and thereafter on the anniversary of the Effective Date. The
Trustee shall refund to the Company the annual fee (on a pro rata basis) with respect to any period after the liquidation of the Trust Fund. The Company shall not be responsible for any other fees or charges of the Trustee except as set forth in
this Section 3(c) and as may be provided in Section 3(b) hereof (it being expressly understood that the Property shall not be used to make any payments to the Trustee under such Sections); 
 (d) Within five business days after the underwriters’ over-allotment option (or any unexercised portion thereof) expires or is exercised in full,
provide the Trustee with a notice in writing (with a copy to the Representative) of the total amount of the Deferred Discount, which shall in no event be less than $2,400,000; 
 (e) In connection with any vote of the Company’s shareholders regarding a Business Combination or an Extension, provide to the Trustee an affidavit
or certificate of a firm regularly engaged in the business of soliciting proxies and/or tabulating shareholder votes (which firm may be the Trustee) verifying the vote of the Company’s shareholders regarding such Business Combination or
Extension; 
 (f) Within five business days after the consummation of the initial IPO, provide the Trustee with a notice in writing (with a
copy to the Representative) indicating the date that is 18 months after the date of the Company’s final prospectus filed pursuant to Rule 424(b) of the Securities Act of 1933, as amended, in connection with the IPO (such date, the “Initial
Last Date”); 
 (g) Within five business days after the Company enters into a letter of intent, memorandum of understanding, agreement
in principle or definitive agreement with respect to a Business Combination, provide the Trustee with a notice in writing (with a copy to the Representative) indicating that the Company entered into a definitive agreement prior to the Initial Last
Date and that the Initial Last Date has been extended to the date that is 24 months after the date of the Company’s final prospectus filed pursuant to Rule 
 424(b) of the Securities Act of 1933, as amended, in connection with the IPO (such date, the “Second Last Date”); and 
 (h) Within five business days after the vote of the Company’s shareholders regarding an Extension (as described in paragraph (e) above) provide the Trustee with a letter (an “Extension Notification Letter”) (with a copy to
the Representative) providing that (i) the Initial last Date (or the Second Last Date) has been extended (an “Extension”) to a date that is not more than 36 months after the consummation of the IPO (such date, the “Extended Last
Date”; as used herein the term “Last Date” shall mean the later of (A) the Initial Last Date, (B) the Second Last Date if the Initial Last Date was extended as described in paragraph (g) above, and (C) the Extended Last Date, if there
is an Extension), and (ii) instructions for the distribution of funds to Public Shareholders who exercised their conversion option in connection with such Extension. 
 4.     Limitations of Liability. The Trustee shall have no responsibility or liability to: 
 (a) Take any action with respect to the Property, other than as directed in paragraphs 1 and 2 hereof and the Trustee shall have no liability to any party except for liability arising out of its own gross negligence
or willful misconduct; 
 (b) Institute any proceeding for the collection of any principal and income arising from, or institute, appear in
or defend any proceeding of any kind with respect to, any of the Property unless and until it shall have received instructions from the Company given as provided herein to do so and the Company shall have advanced or guaranteed to it funds
sufficient to pay any expenses incident thereto; 
 (c) Change the investment of any Property, other than in compliance with
paragraph 1(c); 
 (d) Refund any depreciation in principal of any Property; 
 (e) Assume that the authority of any person designated by the Company to give instructions hereunder shall not be continuing unless provided otherwise in
such designation, or unless the Company shall have delivered a written revocation of such authority to the Trustee; 
  

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 (f) The other parties hereto or to anyone else for any action taken or omitted by it, or any action
suffered by it to be taken or omitted, in good faith and in the exercise of its own best judgment, except for its gross negligence or willful misconduct. The Trustee 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 Trustee), 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 Trustee, in good faith, to be genuine and to be signed or presented by the proper person or persons. The Trustee shall not be bound by any notice or
demand, or any waiver, modification, termination or rescission of this Agreement or any of the terms hereof, unless evidenced by a written instrument delivered to the Trustee signed by the proper party or parties and, if the duties or rights of the
Trustee are affected, unless it shall give its prior written consent thereto; 
 (g) Verify the correctness of the information set forth in
the Registration Statement or to confirm or assure that any acquisition made by the Company or any other action taken by it is as contemplated by the Registration Statement; and 
 (h) File information returns with the United States Internal Revenue Service and payee statements with the Company, documenting the taxes payable by the
Company, if any, relating to interest earned on the Property. 
 5. Termination. This Agreement shall terminate as follows: 
 (a) If the Trustee gives written notice to the Company that it desires to resign under this Agreement, the Company shall use its reasonable efforts to
locate a successor trustee. At such time that the Company notifies the Trustee that a successor trustee has been appointed by the Company and has agreed to become subject to the terms of this Agreement, the Trustee shall transfer the management of
the Trust Account to the successor trustee, including but not limited to the transfer of copies of the reports and statements relating to the Trust Account, whereupon this Agreement shall terminate; provided, however, that, in the event that the
Company does not locate a successor trustee within ninety days of receipt of the resignation notice from the Trustee, the Trustee may submit an application to have the Property deposited with any court in the State of New York or with the United
States District Court for the Southern District of New York and upon such deposit, the Trustee shall be immune from any liability whatsoever; or 
 (b) At such time that the Trustee has completed the liquidation of the Trust Account in accordance with the provisions of paragraph 1(i) hereof, and distributed the Property in accordance with the provisions of the Termination Letter, this
Agreement shall terminate except with respect to Paragraph 3(b). 
 6. Miscellaneous. 
 (a) The Company and the Trustee each acknowledge that the Trustee will follow the procedures set forth below with respect to funds transferred from the
Trust Account. Upon receipt of written instructions, the Trustee will confirm such instructions 

  

 5 

 
with an Authorized Individual at an Authorized Telephone Number listed on the attached Exhibit E. In executing funds transfers, the Trustee will rely
upon account numbers or other identifying numbers of a beneficiary, beneficiary’s bank or intermediary bank, rather than names. The Trustee shall not be liable for any loss, liability or expense resulting from any error in an account number or
other identifying number, provided it has accurately transmitted the numbers provided. 
 (b) This Agreement shall be governed by and
construed and enforced in accordance with the laws of the State of New York, without giving effect to conflicts of law principles that would result in the application of the substantive laws of another jurisdiction. It may be executed in several
original or facsimile counterparts, each one of which shall constitute an original, and together shall constitute but one instrument. 
 (c)
This Agreement contains the entire agreement and understanding of the parties hereto with respect to the subject matter hereof. Except for Section 1(i) (which may not be amended under any circumstances), this Agreement or any provision hereof
may only be changed, amended or modified by a writing signed by each of the parties hereto; provided, however, that no such change, amendment or modification may be made without the prior written consent of the Representative. As to any claim,
cross-claim or counterclaim in any way relating to this Agreement, each party waives the right to trial by jury. 
 (d) The parties hereto
consent to the jurisdiction and venue of any state or federal court located in the City of New York, Borough of Manhattan, for purposes of resolving any disputes hereunder. 
 (e) Any notice, consent or request to be given in connection with any of the terms or provisions of this Agreement shall be in writing and shall be sent
by express mail or similar private courier service, by certified mail (return receipt requested), by hand delivery or by facsimile transmission: 
 if to the Trustee, to: 
 Continental Stock Transfer 
 & Trust Company 
 17 Battery Place 
 New York, New York 10004 
 Attn: Steven
Nelson 
 Fax No.: (            )
            -             
 if to the Company, to: 
 North Asia Investment Corporation 
 Jongro Tower 18F 
 6 Jongro 2-ga, Jongro-gu

 Seoul, Republic of Korea 
 Attn: Alex J.Kim, Chief Financial Officer 
 Fax No.: (822) 2198-3339 
  

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 in either case with a copy to: 
 Citigroup Global Markets Inc. 
 388
Greenwich Street 
 New York, New York 10013 
 Attn: David Spivak 
 Fax No.:
(            )             -            

 and 
 Graubard Miller

 405 Lexington Avenue 
 New
York, New York 10174 
 Attn: David Alan Miller, Esq. 
 Fax No.: (212) 818-8638 
 and 
 Bingham McCutchen LLP 
 399 Park Avenue

 New York, New York 10022 
 Attn: Ann F. Chamberlain, Esq. 
 Fax No.: (212) 752-5378 
 (f) This Agreement may not be assigned by the Trustee without the prior consent of the Company and the Representative. 
 (g) Each of the Trustee and the Company hereby represents that it has the full right and power and has been duly authorized to enter into this Agreement
and to perform its respective obligations as contemplated hereunder. The Trustee acknowledges and agrees that it shall not make any claims or proceed against the Trust Account, including by way of set-off, and shall not be entitled to any funds in
the Trust Account under any circumstance. 
 (h) Each of the Company and the Trustee hereby acknowledge that the Representative is a third
party beneficiary of this Agreement. 
  

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 IN WITNESS WHEREOF, the parties have duly executed this Investment Management Trust Agreement as of the
date first written above. 
  

			
	CONTINENTAL STOCK TRANSFER & TRUST COMPANY, as Trustee
		
	By:	 	  

	Name:	 	
	Title:	 	
	
	NORTH ASIA INVESTMENT CORPORATION
		
	By:	 	  

	Name:	 	
	Title:	 	

  

 8 

 SCHEDULE A 
  

						
	 Fee Item
	 	 Time and method of payment
	 	Amount
	Initial acceptance fee	 	Initial closing of IPO by wire transfer	 	$	1,000
			
	Annual fee	 	First year, initial closing of IPO by wire transfer; thereafter on the anniversary of the effective date of the IPO by wire transfer or check	 	$	3,000
			
	Transaction processing fee for disbursements to Company under Section 2	 	Deduction by Trustee from accumulated income following disbursement made to Company under Section 2	 	$	250

  

 9 

 EXHIBIT A 
  

									
		  		  	[Letterhead of Company]	  		  	
					
		  		  	[Insert date]	  		  	

 Continental Stock Transfer & Trust Company 
 17 Battery Place 
 New York, New York 10004 
 Attn: Steven Nelson 
  

	 	Re:	Trust Account No.                     Termination Letter

 Gentlemen: 
 Pursuant to
paragraph 1(i) of the Investment Management Trust Agreement between North Asia Investment Corporation (“Company”) and Continental Stock Transfer & Trust Company (“Trustee”), dated as of
                    , 2008 (“Trust Agreement”), this is to advise you that the Company has entered into an agreement (“Business
Agreement”) with                      (“Target Business”) to consummate a business combination with Target Business
(“Business Combination”) on or about [insert date]. The Company shall notify you at least 48 hours in advance of the actual date of the consummation of the Business Combination (“Consummation Date”). 
 In accordance with the terms of the Trust Agreement, we hereby authorize you to commence liquidation of the Trust Account to the effect that, on the
Consummation Date, all of funds held in the Trust Account will be immediately available for transfer to the account or accounts that the Company shall direct on the Consummation Date. 
 On the Consummation Date (i) counsel for the Company shall deliver to you written notification that the Business Combination has been consummated
(“Counsel’s Letter”) and (ii) the Company shall deliver to you (a) [an affidavit] [a certificate] of
                    , which verifies the vote of the Company’s shareholders in connection with the Business Combination and
(b) written instructions with respect to the transfer of the funds held in the Trust Account (“Instruction Letter”). You are hereby directed and authorized to transfer the funds held in the Trust Account immediately upon your receipt
of the Counsel’s Letter and the Instruction Letter, in accordance with the terms of the Instruction Letter. In the event that certain deposits held in the Trust Account may not be liquidated by the Consummation Date without penalty, you will
notify the Company of the same and the Company shall direct you as to whether such funds should remain in the Trust Account and distributed after the Consummation Date to the Company. Upon the distribution of all the funds in the Trust Account
pursuant to the terms hereof, the Trust Agreement shall be terminated and the Trust Account closed. 
 In the event that the Business
Combination is not consummated on the Consummation Date described in the notice thereof and we have not notified you on or before the original Consummation Date of a new Consummation Date, then the funds held in the Trust Account shall be reinvested
as provided in the Trust Agreement on the business day immediately following the Consummation Date as set forth in the notice. 
  

			
	Very truly yours,
	
	NORTH ASIA INVESTMENT CORPORATION
		
	By:	 	  

		 	Allister Morrison, Chairman of the Board
		
	By:	 	  

		 	Alex Kim, Secretary

 cc: Citigroup Global Markets Inc. 
  

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 EXHIBIT B 
  

									
		  		  	[Letterhead of Company]	  		  	
					
		  		  	[Insert date]	  		  	

 Continental Stock Transfer & Trust Company 
 17 Battery Place 
 New York, New York 10004 
 Attn: Steven Nelson 
  

	 	Re:	Trust Account No.                     Termination Letter

 Gentlemen: 
 Pursuant to
paragraph 1(i) of the Investment Management Trust Agreement between North Asia Investment Corporation (“Company”) and Continental Stock Transfer & Trust Company (“Trustee”), dated as of
                    , 2008 (“Trust Agreement”), this is to advise you that the Company has been unable to effect a Business
Combination with a Target Company within the time frame specified in the Company’s Memorandum and Articles of Association, as described in the Company’s prospectus relating to its IPO. 
 In accordance with the terms of the Trust Agreement, we hereby authorize you, to commence liquidation of the Trust Account as promptly as practicable to
shareholders of record on the Last Date (as defined in the Trust Agreement). You will notify the Company in writing as to when all of the funds in the Trust Account will be available for immediate transfer (“Transfer Date”) in accordance
with the terms of the Trust Agreement and the Memorandum and Articles of Association of the Company. You shall commence distribution of such funds in accordance with the terms of the Trust Agreement and the Memorandum and Articles of Association of
the Company and you shall oversee the distribution of the funds. Upon the distribution of all the funds in the Trust Account, your obligations under the Trust Agreement shall be terminated. 
  

			
	Very truly yours,
	
	NORTH ASIA INVESTMENT CORPORATION
		
	By:	 	  

		 	Allister Morrison, Chairman of the Board
		
	By:	 	  

		 	Alex Kim, Secretary

 cc: Citigroup Global Markets Inc. 
  

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 EXHIBIT C 
  

									
		  		  	[Letterhead of Company]	  		  	
					
		  		  	[Insert date]	  		  	

 Continental Stock Transfer & Trust Company 
 17 Battery Place 
 New York, New York 10004 
 Attn: Steven Nelson 
  

	 	Re:	Trust Account No.                      

 Gentlemen: 
 Pursuant to paragraph 2(a) of the Investment
Management Trust Agreement between North Asia Investment Corporation (“Company”) and Continental Stock Transfer & Trust Company (“Trustee”), dated as of
                    , 2008 (“Trust Agreement”), this is to advise you that the Company hereby requests that you deliver to the
Company $             of the income earned on the Property as of the date hereof. The Company needs such funds to pay for the tax obligations as set forth on the attached tax return
or tax statement. In accordance with the terms of the Trust Agreement, you are hereby directed and authorized to transfer (via wire transfer) such funds promptly upon your receipt of this letter to the Company’s operating account at:

 [WIRE INSTRUCTION INFORMATION] 
  

			
	Very truly yours,
	
	NORTH ASIA INVESTMENT CORPORATION
		
	By:	 	  

		 	Allister Morrison, Chairman of the Board
		
	By:	 	  

		 	Alex Kim, Secretary

 cc: Citigroup Global Markets Inc. 
  

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 EXHIBIT D 
  

									
		  		  	[Letterhead of Company]	  		  	
					
		  		  	[Insert date]	  		  	

 Continental Stock Transfer & Trust Company 
 17 Battery Place 
 New York, New York 10004 
 Attn: Steven Nelson 
  

	 	Re:	Trust Account No.                      

 Gentlemen: 
 Pursuant to paragraph 2(b) of the Investment
Management Trust Agreement between North Asia Investment Corporation (“Company”) and Continental Stock Transfer & Trust Company (“Trustee”), dated as of
                    , 2008 (“Trust Agreement”), this is to advise you that the Company hereby requests that you deliver to the
Company $             of the income earned on the Property as of the date hereof, which does not exceed, in the aggregate with all such prior disbursements pursuant to paragraph
2(b), if any, the maximum amount set forth in paragraph 2(b). The Company needs such funds to cover its expenses relating to administrative expenses, investigating and selecting a target business and other working capital requirements. In accordance
with the terms of the Trust Agreement, you are hereby directed and authorized to transfer (via wire transfer) such funds promptly upon your receipt of this letter to the Company’s operating account at: 
 [WIRE INSTRUCTION INFORMATION] 
  

			
	Very truly yours,
	
	NORTH ASIA INVESTMENT CORPORATION
		
	By:	 	  

		 	Allister Morrison, Chairman of the Board
		
	By:	 	  

		 	Alex Kim, Secretary

 cc: Citigroup Global Markets Inc. 
  

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 EXHIBIT E 
  

			
	 AUTHORIZED INDIVIDUAL(S)
 FOR TELEPHONE CALL BACK

	  	 AUTHORIZED
 TELEPHONE
NUMBER(S)

		
	Company:	  	
		
	North Asia Investment Corporation	  	
	Jongro Tower 18F	  	
	6 Jongro 2-ga, Jongro-gu	  	
	Seoul, Korea	  	
	Attn:    Thomas Chan-Soo Kang	  	(822) 2198-3330
		
	Trustee:	  	
		
	Continental Stock Transfer & Trust Company	  	
	17 Battery Place	  	
	New York, New York 10004	  	
	Attn:    Steven Nelson	  	(212) 845-3200

  

 14Letter Agreement

 Exhibit 10.12 
                  , 2008 
 North Asia Investment Corporation 
 Jongro Tower 18F 
 6 Jongro 2-ga, Jongro-gu 
 Seoul, South Korea 
 Citigroup Global Markets Inc. 
 As Representative of the Several Underwriters 
 388 Greenwich Street 
 New York, New York 10013 
  

			
	 Re:
	  	Initial Public Offering

 Gentlemen: 
 This letter is being delivered to you in accordance with the Underwriting Agreement (the “Underwriting Agreement”) entered into by and between North Asia Investment Corporation, a Cayman Islands company (the
“Company”), and Citigroup Global Markets Inc., as Representative (the “Representative”) of the several Underwriters named in Schedule I thereto (the “Underwriters”), relating to
an underwritten initial public offering (the “IPO”) of the Company’s units (the “Units”), each comprised of one ordinary share, par value $0.0001 per share (the “Ordinary
Shares”), and one warrant exercisable for one Ordinary Share (each, a “Warrant”). Certain capitalized terms used herein are defined in Section 15 hereof. 
 In order to induce the Company and the Underwriters to enter into the Underwriting Agreement and to proceed with the IPO, and in recognition of the
benefit that such IPO will confer upon the undersigned as an officer of the Company, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the undersigned hereby agrees with the Company as
follows: 
 1. If the Company solicits the approval of its shareholders of a Business Combination, the undersigned will (i) vote all of
the Founders’ Ordinary Shares beneficially owned by him (to the extent any such shares are acquired) in accordance with the majority of the votes cast by the holders of the IPO Shares with respect to a Business Combination or the Extended
Period and (ii) vote all IPO Shares that may be acquired by him in the IPO or in the aftermarket in favor of a Business Combination or the Extended Period. 
 2. In the event that the Company fails to consummate a Business Combination within (x) 18 months of the closing date of the IPO, (y) 24 months of the closing date of the IPO if the Company has not
consummated a Business Combination within 18 months of the closing date of the IPO but has entered into a letter of intent, memorandum of understanding, agreement in principle or definitive agreement with respect to a Business Combination within
such 18-month period or (z) 36 months from the closing date of the IPO if the Company’s shareholders approve a proposal to extend the period of time to consummate a Business Combination by an additional 12 months and public shareholders
owning less than 40% of the shares sold in the IPO exercise their conversion rights, the undersigned will, as promptly as possible, (i) cause the Trust Account to be liquidated and distributed to the holders of IPO Shares and (ii) cause
the Company to liquidate as soon as reasonably practicable. The undersigned hereby waives any and all right, title, 

 
interest or claim of any kind in or to any distribution of the Trust Account and any remaining net assets of the Company held outside of the Trust Account as
a result of such liquidation with respect to his Founders’ Ordinary Shares to the extent any such Founders’ Ordinary Shares are acquired by the undersigned after the date hereof. The undersigned further waives any and all right, title,
interest or claim in or to the Trust Account the undersigned may have in the future as a result of, or arising out of, any contracts or agreements with the Company and will not seek recourse against the Trust Account for any reason whatsoever;
provided, however, that in the event that the Company fails to consummate a Business Combination and the Trust Account is liquidated and distributed, nothing herein shall prevent the undersigned from participating in the Trust Account pro rata with
the other holders of IPO Shares with respect to any IPO Shares purchased by the undersigned as part of the IPO or in the aftermarket. The undersigned acknowledges and agrees that there will be no distribution from the Trust Account with respect to
any warrants or Sponsors’ Warrants, all rights of which will terminate upon the Company’s liquidation. 
 3. In order to minimize
potential conflicts of interest which may arise from multiple corporate affiliations, the undersigned has agreed, until the earlier of the consummation by the Company of a Business Combination or the liquidation of the Company, to present to the
Company for its consideration, prior to presentation to any other person or entity, any suitable business opportunity to acquire an operating business. Decisions by the Company to release the undersigned to pursue any specific business opportunity
will be made solely by a majority of the Company’s disinterested directors. In addition, the undersigned agrees that he will not, directly or indirectly, be a sponsor, promoter, officer, director or principal shareholder of any other blank
check company that completes an initial public offering until the earlier of the Company’s execution of a definitive agreement for a Business Combination or the liquidation of the Company. 
 4. The undersigned acknowledges and agrees that the Company will not (i) consummate a Business Combination with an entity which is, or has been
within the past five years, affiliated with any of its officers, directors, founders, special advisors or their affiliates, including an entity that is either a portfolio company of, or has otherwise received a material financial investment from,
any private equity fund or investment company (or an affiliate thereof) that is affiliated with any of the Company’s founders, special advisors, officers, directors or their affiliates; or (ii) enter into a Business Combination where the
Company acquires less than 100% of a target business and any of its officers, directors, founders, special advisors or their affiliates acquire the remaining portion of such target business, unless, in either case, (x) such transaction is
approved by a majority of the Company’s disinterested directors and (y) the Company obtains an opinion from an independent investment banking firm that is a member of the Financial Industry Regulatory Authority that the Business
Combination is fair to the unaffiliated shareholders of the Company from a financial point of view. 
 5. Neither the undersigned, any member
of the family of the undersigned, nor any affiliate of the undersigned will be entitled to receive and will not accept any compensation of any kind (whether in the form of cash, securities or otherwise) for services rendered to the Company prior to
or in connection with the consummation of the Business Combination; provided, however, that commencing on the effective date of the Company’s Registration Statement, Kang & Company, Ltd. shall be allowed to charge the Company $10,000
per month, representing an allocable share of its overhead, to compensate it for the Company’s use of its space, utilities and secretarial support until the earlier of the Company’s consummation of a Business Combination or its
liquidation. The undersigned shall also be entitled to reimbursement from the Company for his out-of-pocket expenses incident to the identification, investigation and consummation of a Business Combination, but only to the extent such expenses can
be reimbursed from the $50,000 held outside of the Trust Account and the interest income on the Trust Account released to the Company to fund its working capital requirements, net of taxes payable; provided, however, that, subject to Audit Committee
review as described below, nothing shall limit the 

 
undersigned’s reimbursement of out-of-pocket expenses to the extent the Company consummates a Business Combination. The Company’s Audit Committee
will review and approve all payments made to the undersigned and its affiliates, and any payments made to members of the Company’s Audit Committee will be reviewed and approved by the Company’s Board of Directors, with any interested
directors abstaining from such review and approval. 
 6. Neither the undersigned, any member of the family of the undersigned, nor any
affiliate of the undersigned will be entitled to receive or accept a finder’s fee, consulting fee or any other compensation in the event the undersigned, any member of the family of the undersigned or any affiliate of the undersigned originates
a Business Combination (regardless of the type of transaction that it is). 
 7. To the extent the undersigned acquires any Founders’
Ordinary Shares, the undersigned will escrow such Founders’ Ordinary Shares until 180 days after the consummation by the Company of a Business Combination subject to the terms of an Escrow Agreement which the Company will enter into with the
undersigned and Continental Stock Transfer & Trust Company. 
 8. The undersigned agrees to be the Chairman of the Board of the
Company until the earlier of the consummation by the Company of a Business Combination or the liquidation of the Company; provided that nothing herein shall be construed as providing a right of the undersigned to any position if removed by proper
corporate action. The undersigned further agrees to sign all documents necessary for, or in connection with, the IPO. The undersigned’s biographical information furnished to the Company and the Representative and attached hereto as Exhibit A is
true and accurate in all respects, does not omit any material information with respect to the undersigned’s background and contains all of the information required to be disclosed pursuant to Item 401 of Regulation S-K, promulgated under
the Securities Act of 1933. The undersigned’s FINRA and Director and Officer Questionnaires furnished to the Company and the Representative and annexed as Exhibit B hereto are true and accurate in all respects. The undersigned represents
and warrants that: 
 (a) he is not subject to, or a respondent in, any legal action for, any injunction, cease-and-desist order or order or
stipulation to desist or refrain from any act or practice relating to the offering of securities in any jurisdiction; 
 (b) he has never
been convicted of or pleaded guilty to any crime (i) involving any fraud or (ii) relating to any financial transaction or handling of funds of another person, or (iii) pertaining to any dealings in any securities and he is not
currently a defendant in any such criminal proceeding; and 
 (c) he has never been suspended or expelled from membership in any securities
or commodities exchange or association or had a securities or commodities license or registration denied, suspended or revoked. 
 9. The
undersigned has full right and power, without violating any agreement by which he is bound, to enter into this letter agreement and to serve as Chairman of the Board of the Company and hereby consents to being named in the registration statement as
such. 
 10. The undersigned hereby waives his right to exercise conversion rights with respect to any of the Company’s Ordinary Shares
owned or to be owned by the undersigned, directly or indirectly, and agrees that he will not seek conversion with respect to such shares in connection with any vote to approve a Business Combination or the Extended Period. 

 11. Other than in connection with a vote for the Extended Period, the undersigned hereby agrees not to
propose, or vote in favor of, an amendment to the Company’s Memorandum and Articles of Association to extend the period of time in which the Company must consummate a Business Combination prior to its liquidation. Should such a proposal be put
before shareholders other than for approval of the Extended Period, the undersigned hereby agrees to vote against such proposal. This paragraph may not be modified or amended under any circumstances. 
 12. This letter agreement shall be governed by and construed and enforced in accordance with the laws of the State of New York, without giving effect to
conflicts of law principles that would result in the application of the substantive laws of another jurisdiction. The undersigned hereby (i) agrees that any action, proceeding or claim arising out of or relating in any way to this letter
agreement (a “Proceeding”) shall be brought and enforced in the courts of the State of New York of the United States of America located in the City and County of New York, and irrevocably submits to such jurisdiction, which jurisdiction
shall be exclusive, (ii) waives any objection to such exclusive jurisdiction and that such courts represent an inconvenient forum, and (iii) appoints, without power of revocation, Graubard Miller, with an office at The Chrysler Building,
405 Lexington Avenue, New York, New York 10174, Attention: David Alan Miller, Esq., as his agent to accept and acknowledge on his behalf service of any and all process which may be served in any action, proceeding, claim or counterclaim arising out
of or relating in any way to this letter agreement or the transactions contemplated hereby. 
 13. The undersigned acknowledges and
understands that the Underwriters and the Company will rely upon the agreements, representations and warranties set forth herein in proceeding with the IPO. Nothing contained herein shall be deemed to render the Underwriters a representative of, or
a fiduciary with respect to, the Company, its shareholders or any creditor or vendor of the Company with respect to the subject matter hereof. 
 14. This letter agreement shall be binding on the undersigned and such person’s respective successors, heirs, personal representatives and assigns. This letter agreement shall terminate on the earlier of (i) the expiration of the
longest applicable lock-up period and (ii) the liquidation of the Company; provided, that such termination shall not relieve the undersigned from liability for any breach of this agreement prior to its termination and that the waiver of
Claims provisions of Section 2 shall survive such liquidation. 
 15. As used herein, (i) a “Business
Combination” shall mean a merger, share exchange, asset acquisition, plan of arrangement, recapitalization, reorganization or other similar business combination with one or more operating businesses as described in the Company’s
Registration Statement for the IPO; (ii) “Insiders” shall mean all officers, directors and shareholders of the Company immediately prior to the IPO; (iii) “Founders’ Ordinary Shares”
shall mean all of the Ordinary Shares of the Company acquired by an Insider prior to the IPO; (iv) “IPO Shares” shall mean the Ordinary Shares issued in the Company’s IPO; (iv) the “Extended
Period” shall mean the additional 12-month period to approve a Business Combination as more specifically described in the Registration Statement; (v) “Sponsors’ Warrants” shall mean the warrants that are being sold
privately by the Company simultaneously with the consummation of the IPO; (vi) the “Registration Statement” shall mean registration statement relating to the Company’s IPO; and (vii) “Trust
Account” shall mean the Trust Account into which a portion of the net proceeds of the Company’s IPO will be deposited. 
  

	
	 Allister George Morrison

	Print Name of Insider
	
	  

	Signature

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