Document:

Unassociated Document

    INVESTMENT
      MANAGEMENT TRUST AGREEMENT

    

    This
      Agreement is made as of [____],
      2008 by
      and between Korea Milestone Acquisition Corporation (the “Company”)
      whose
      principal office is located at 545-7 Dogokdong, Gangnam, Seoul, Korea 135-170,
      and Continental Stock Transfer & Trust Company (the
      “Trustee”),
      17
      Battery Place, New York, New York 10004.

    

    WHEREAS,
      the Company’s
      registration statement on Form F-1, No. 333-153155 (the “Registration
      Statement”),
      relating to the initial public offering of its securities (the “IPO”)
      has
      been declared effective as of the date hereof (the “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);

    

    WHEREAS,
      Broadband Capital Management LLC (the “Representative”)
      is
      acting as the representative of the underwriters in the IPO;

    

    WHEREAS,
      as described in the Registration Statement, and in accordance with the Company’s
      amended and restated memorandum and articles of association, an aggregate of
      $102,000,000 (or $109,350,000,
      if the underwriters’ over-allotment option is exercised in full), which is
      comprised of (i) the net proceeds of the IPO (except as provided in the
      Registration Statement); (ii) $5,000,000 received by the Company in exchange
      for
      its securities issued pursuant to the private placement that will take place
      immediately prior the closing of the IPO; and (iii) an additional $5,000,000
      (or
      $5,375,000, if the underwriters’ over-allotment option is exercised in full) of
      the proceeds of the IPO, representing deferred underwriting discounts and
      commissions payable to the underwriters of the IPO under the underwriting
      agreement between the Company and the Representative on behalf of the other
      underwriters named therein (the “Deferred
      Discount”),
      which
      the underwriters have agreed to deposit in the Trust Account (as defined below),
      will be delivered to the Trustee to be deposited and held in the Trust Account
      for the benefit of the Company, and the holders of the Company’s ordinary
      shares, par value $0.0001 per ordinary share (“Ordinary
      Shares”),
      that
      form a part of the units of the Company’s securities issued in the IPO (the
“Units”).
      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, the underwriters and the Company will be referred
      to
      collectively as the “Beneficiaries;”
      and

    

    WHEREAS,
      the Company and the Trustee desire to enter into this Agreement to set forth
      the
      terms and con-di-tions pursuant to which the Trustee shall hold the
      Property.

    

    NOW,
      THEREFORE,
      in
      consideration of the foregoing and the mutual covenants and agreements herein
      contained, the parties hereto agree as follows:

    

    1. Agreements
      and Covenants of Trustee.
      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 at J.P. Morgan Chase Bank N.A. and at a brokerage
      institution located outside the United States selected by the
      Company; 

    

    (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” within the meaning of Section
      2(a)(16) of the Investment Company Act of 1940 having a maturity of 180 days
      or
      less,
      and/or
      in any money market fund selected by the Company meeting the conditions of
      paragraphs (c)(2), (c)(3) and (c)(4) of Rule 2a-7 promulgated under the
      Investment Company Act of 1940, as determined by the Company;

    

    (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 of all communications received by it with respect to any Property
      requiring action by the Company;

    

    (f) supply
      any necessary information or docu-ments as may be requested by the Company
      in
      connection with the Com-pany’s preparation of its tax returns;

    

    (g) participate
      in any plan or proceeding for protect-ing 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 such other person as the Company may instruct and the
      Representative 
      (at the
      Representative’s request), monthly written statements of the activities of and
      amounts in the Trust Account reflecting all receipts and disbursements of the
      Trust Account; 

    

    (i) if
      there
      is any income or other tax obligation relating to the income from the Property
      in the Trust Account as determined by the Company, then, from time to time,
      at
      the written instruction of the Company, the Trustee shall promptly, to the
      extent there is not sufficient cash in the Trust Account to pay such tax
      obligation, liquidate such assets held in the Trust Account as shall be
      designated by the Company in writing, and disburse to the Company by wire
      transfer, out of the Property in the Trust Account, the amount indicated by
      the
      Company as owing in respect of such income tax obligation 

     

    (j) commence
      liquidation of the Trust Account only after and promptly after receipt of,
      and
      only in accordance with, the terms of a letter (the “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 President or Chairman of the Board and
      Secre-tary or Assistant Secretary 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
      close of business on the “business day” that is the 12 month anniversary of the
      consummation of the IPO (or up to the 24 month anniversary, if an extension
      of
      the time period within which the Company’s initial business combination may be
      consummated has been approved by shareholders in accordance with the Company’s
      second amended and restated memorandum and articles of association) (the
“Last
      Date”),
      the
      Trust Account shall be liquidated in accordance with the procedures described
      in
      the Prospectus and set forth in the Termination Letter attached as Exhibit
      B
      hereto
      and distributed to the designated paying agent for distribution to the
      shareholders of record on the Last Date. A business day shall be any day that
      is
      not a Saturday, Sunday or other day on which banks are required or authorized
      to
      be closed in the City of New York. In all cases, the Trustee shall provide
      the
      Representative with
      a
      copy of any Termination Letter 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(j) may not be modified, amended
      or deleted under any circumstances; and

     

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

     

    (k) distribute,
      upon receipt of an Extension Notification Letter (as defined below), to the
      Public Shareholders who exercised their conversion rights in connection with
      an
      Extension (as defined below), 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. 

    

    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,
      the
      Trustee shall pay to the Company
      by
      wire transfer the amount required to pay such taxes; provided,
      however,
      that in
      no event shall the aggregate amount of all payments made to the Company for
      the
      payment of taxes pursuant to this Section 2(a) exceed the income in respect
      of
      which such taxes are due and owing;

    

    (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,
      the
      Trustee shall distribute to the Company from interest earned on the Property
      (net of income taxes payable thereon) the amount requested by the Company
to
      cover
      expenses related to investigating and selecting a target business and other
      working capital requirements; provided,
      however,
      that the
      aggregate amount of all such distributions shall not exceed $1,500,000,
      and the Company will not be allowed to withdraw interest income earned on the
      Property unless there is sufficient funds available to pay the Company’s tax
      obligations that are or will be due on such interest income; and

    

    (c) The
      limited distributions referred to in Sections 2(a) and 2(b) above shall be
      made
      only from income collected on the Property. Except as provided in Sections
      2(a)
      and 2(b) above, no other distributions from the Trust Account shall be permitted
      except in accordance with Sections 1(i), (j) and (k) hereof.

    

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

    

    (a) Give
      all
      instructions to the Trustee here-under in writing, signed by the Company’s
      Chairman of the Board or President, provided
      that any
      Termination Letter shall be given pursuant to the requirements of paragraph
      1(j)
      hereof.
      In
      addi-tion, 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 that
      it
      believes to be given in good faith by any one of the persons authorized by
      this
      paragraph 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, includ-ing reason-able counsel fees and disbursements, or loss
      suf-fered by the Trustee in connection with any action, suit or other
      pro-ceeding brought against the Trustee involving any claim, or in connection
      with any claim or demand that 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
      indemnifica-tion 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 coun-sel, 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; 

     

    
      
        
        

      

      
        3

        
          

        

      

      
        
        

      

    

     

    (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 mutual agreement of the parties
      from time to time. It is expressly understood that the Property shall not be
      used to pay such fees and further agreed that said transaction processing fees
      shall be deducted by the Trustee from accumulated income at the time that
      disbursements are made to the Company pursuant to Section 2. The Company shall
      pay the Trustee the initial acceptance fee and first annual fee at the
      consummation of the IPO and the annual fee 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
      Account. 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, except to
      the
      extent it is distributed to the Company pursuant to Section 2); and

    

    (d) 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 verifying the vote of the Company’s shareholders
      regarding such Business Combination or Extension.

    

    (e) Within
      five business days after the vote of the Company’s shareholders regarding an
      Extension (as described in paragraph (d) above), provide the Trustee with a
      letter (an “Extension
      Notification Letter”)
      providing that (i) the Last Date has been extended (an “Extension”)
      to a
      date that is not more than 24 months after the consummation of the IPO, and
      (ii) instructions for the distribution of funds to Public Shareholders who
      exercised their conversion rights in connection with such Extension.

    

    4. Limitations
      of Liability.
      The
      Trustee shall have no responsibility or liability to:

    

    (a) Imply
      obligations, perform
      duties, inquire or otherwise be subject to the provisions of any agreement
      or
      document other than this agreement and that which is expressly set forth
      herein;

    

    (b) Take
      any
      action with respect to the Property, other than as directed in Sections 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;

    

    (c) 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 Prop-erty unless and until it shall have received instructions from
      the
      Company given as provided here-in to do so and the Company shall have advanced
      or guaranteed to it funds sufficient to pay any expenses incident
      thereto;

    

    (d) Change
      the investment of any Property, other than in compliance with
      paragraph 1(c);

     

    
      
        
        

      

      
        4

        
          

        

      

      
        
        

      

    

     

    (e) Refund
      any depreciation in principal of any Property;

    

    (f) Assume
      that the authority of any person designated by the Company to give instructions
      here-under shall not be continuing unless provided otherwise in such
      designa-tion, or unless the Company shall have delivered a written revocation
      of
      such authority to the Trustee;

    

    (g) The
      other
      parties hereto or to anyone else for any action taken or omitted by it, or
      any
      action suffer-ed 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 con-clusively and shall be protected in acting upon any
      order, notice, demand, certificate, opinion or advice of counsel (including
      counsel chosen by the Trustee), statement, instru-ment, 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 con-tained) 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 rescis-sion 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 par-ties and, if the duties or rights of the Trustee are affected,
      unless it shall give its prior written consent thereto;

    

    (h) Verify
      the correctness of the information set forth in the Registra-tion 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;

    

    (i) 
      Prepare,
      execute and file tax reports, income or other tax returns and pay any taxes
      with
      respect to income and activities relating to the Trust Account, regardless
      of
      whether such tax is payable by the Trust Account or the Company (including
      but
      not limited to income tax obligations), it being expressly understood that
      as
      set forth in Section 1(i), if there is any income or other tax obligation
      relating to the Trust Account or the Property in the Trust Account, as
      determined from time to time by the Company and regardless of whether such
      tax
      is payable by the Company or the Trust, at the written instruction of the
      Company, the Trustee shall make funds available in cash from the Property in
      the
      Trust Account an amount specified by the Company as owing to the applicable
      taxing authority, which amount shall be paid directly to the Company by
      electronic funds transfer, account debit or other method of payment, and the
      Company shall forward such payment to the taxing authority; and

     

    (j) Verify
      calculations, qualify or otherwise approve the Company’s requests for
      distributions pursuant to Section 1(j) above.

    

    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 

     

    
      
        
        

      

      
        5

        
          

        

      

      
        
        

      

    

     

    (b) At
      such
      time that the Trustee has completed the liquidation of the Trust Account in
      accordance with the provi-sions of paragraph 1(j) hereof, and dis-tributed
      the
      Property in accordance with the provisions of the Termination Letter, this
      Agreement shall terminate except with respect to Section 3(b).

    

    6. Miscellaneous.

    

    (a) Notwithstanding
      any other provision of this Agreement, the Trustee confirms its understanding
      that the Company has established the Trust Account relating to the Units being
      sold in the IPO. The Trustee acknowledges that the Trust Account will exist
      for
      the benefit of the Company’s Public Shareholders and the monies from the Trust
      Account may only be disbursed upon the occurrence of certain events, as more
      fully described in the Prospectus, and the Trustee hereby waives any and all
      right, title, interest or claim of any kind in or to any distribution of any
      property held in the Trust Account that it or its affiliates may have now or
      in
      the future and hereby agrees not to seek recourse, reimbursement, payment or
      satisfaction for any claim of any kind against the Trust Account for any reason
      whatsoever, including in respect of the Company’s indemnification obligations
      set forth in this Agreement. The Trustee agrees that neither it nor any of
      its
      affiliates have or will have any right, title, interest or claim in or to the
      monies in the Trust Account.

    

    (b) The
      Company and the Trustee each acknowledge that the Trustee will follow the
      procedures set forth in this paragraph with respect to funds transferred from
      the Trust Account. In executing funds transfers, the Trustee will rely upon
      all
      information provided by the Company, including payee account name, account
      numbers or other identifying numbers of a beneficiary, beneficiary's bank or
      intermediary bank. The Trustee shall not be liable for any loss, liability
      or
      expense resulting from any error in an account number or other identifying
      information.

    

    (c) 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. 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, and
      irrevocably submits to such jurisdiction, which jurisdiction shall be exclusive.
      The parties
      hereto
      hereby
      waive any objection to such exclusive jurisdiction and that such courts
      represent an inconvenient
      forum. The
      Company hereby appoints, without power of revocation, Mintz, Levin, Cohn,
      Ferris, Glovsky & Popeo, P.C.,
      with
      an office at 666 Third Avenue, New York, New York, 10017, Attention of Kenneth
      R. Koch, Esq., as its agent to accept and acknowledge on its behalf service
      of
      any and all process which may be served in any action, proceeding or
      counterclaim in any way relating to or arising out of this letter
      agreement. 

    

    (d) This
      Agreement contains the entire agreement and understanding of the parties hereto
      with respect to the subject matter hereof. Except for Section 1(j) (which may
      not be amended under any circumstances), this Agreement or any provision here-of
      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.

    

    (e) 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.

     

    
      
        
        

      

      
        6

        
          

        

      

      
        
        

      

    

     

    (f) Any
      notice, consent or request to be given in con-nection with any of the terms
      or
      provisions of this Agree-ment 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
      G.
      Nelson and Frank DiPaolo

    Fax
      No.:
      (212) 509-5150

    

    if
      to the
      Company, to:

     

    Korea
      Milestone Acquisition Corporation

    SoftForum
      Building

    8th
      Floor

    545-7
      Dogokdong

    Gangnam,
      Seoul, Korea 135-170

    Attn:
      Sang-Chul Kim, Chairman and Chief Executive Officer

    Fax
      No.:
      (82) (2) 2177-9696

    

    in
      either
      case with copies to:

    

    Broadband
      Capital Management LLC

    712
      Fifth
      Avenue, 49th Floor

    New
      York,
      NY 10019

    Fax
      No.:
      (212) 702-9830

    Attention:
      Michael Rapp

    

    and

    

    Ellenoff
      Grossman & Schole LLP

    150
      East
      42nd Street, 11th floor

    New
      York,
      NY 10017

    Attn:
      Douglas S. Ellenoff, Esq.

    Fax
      No.:
      (212) 370-7889

     

    (g) This
      Agreement may not be assigned by the Trustee without the prior consent of the
      Company.

    

    (h) 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.

     

    
      
        
        

      

      
        7

        
          

        

      

      
        
        

      

    

     

    (i) Each
      of
      the Company and the Trustee hereby acknowledge that the
      Representative, on behalf of itself and the other underwriters of the IPO,
      shall
      be deemed to be intended third party beneficiaries of this Agreement.

    

    (j) It
      is the
      intention of the parties hereto that, for all relevant U.S. tax purposes, the
      Trust Account shall be treated as a mere security device, and the Company shall
      be treated as the beneficial owner of the Property and, accordingly, the Company
      agrees it will include all income from the Property in its income for all
      relevant U.S. tax purposes and each party hereto agrees to take no position
      inconsistent with such tax treatments.

    

    

    (Remainder
      of page intentionally left blank. Signature page to follow.)

    

    
      
        
        

      

      
        8

        
          

        

      

      
        
        

      

    

     

    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:
      Steven G. Nelson

    Title:
      President and Chairman of the Board

    

    

    

    KOREA
      MILESTONE ACQUISITION CORPORATION

    

    

    By:
      ____________________________________

    Name:
      Sang-Chul Kim

    Title:
       Chairman
      and Chief Executive Officer

    

    

    
      
        
          [Signature
            Page to Investment Management Trust Agreement]

        

        
        

      

      
        
        

        
          

        

      

      
        
        

        
          

        

      

    

    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 the Company under Section
                2

            	
              Deduction
                by Trustee from accumulated income following disbursement made to
                the
                Company under Section 2

            	
              $250

            

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    EXHIBIT
      A

    

    Korea
      Milestone Acquisition Corporation

    SoftForum
      Building

    8th
      Floor

    545-7
      Dogokdong

    Gangnam,
      Seoul, Korea 135-170

    

    [Insert
      date]

    

    Continental
      Stock Transfer 

    &
      Trust Company

    17
      Battery Place

    New
      York,
      New York 10004

    Attn:
      Steven G. Nelson, Chairman

    

    Re: Trust
      Account No. [●] 

    

    Gentlemen:

    

    Pursuant
      to paragraph 1(j) of the Investment Management Trust Agreement between Korea
      Milestone Acquisition Corporation (the “Company”)
      and
      Continental Stock Transfer & Trust Company (the “Trustee”),
      dated
      as of [●],
      2008
      (the “Trust
      Agreement”),
      this
      is to advise you that the Company has entered into an agreement (the
“Business
      Agreement”)
      with
[●]
      (the
“Target
      Business”)
      to
      consummate a business combination with Target Business (the “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 (the “Consummation
      Date”).
      Capitalized terms used herein without definitions shall have the respective
      meanings assigned to such terms in the Trust Agreement.

    

    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 the 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, (a) the Company shall deliver to you written notification
      that the Business Combination has been consummated, and (b) the Company shall
      deliver to you a certificate which verifies the vote of the Company’s
      shareholders in connection with the Business Combination and (c) the Company
      and
      the Representative shall deliver to you joint written instructions with respect
      to the trans-fer of the funds, including the Deferred Discount, held in the
      Trust Account (the “Instruction
      Letter”).
      You
      are hereby directed and authorized to transfer the funds held in the Trust
      Account immediately upon your receipt of the certificate referenced above and
      the Instruction Letter, (1) to the Representative in an amount equal to the
      Deferred Discount as so directed by them and (2) the remainder 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 promptly notify the Company of the same and the Company shall
      direct you as to whether such funds should remain in the Trust Account and
      be
      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.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    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, upon receipt by
      the
      Trustee of written instructions from the Company, 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,

    

    KOREA
      MILESTONE ACQUISITION CORPORATION

    

    

    By:
      ________________________________

    Sang-Chul
      Kim

    Chairman
      and Chief Executive Officer

    

    

     

    

    

    

    

    

    cc:
      Broadband Capital Management LLC

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    EXHIBIT
      B

    

    Korea
      Milestone Acquisition Corporation

    SoftForum
      Building

    8th
      Floor

    545-7
      Dogokdong

    Gangnam,
      Seoul, Korea 135-170

    

    [Insert
      date]

    Continental
      Stock Transfer 

    &
      Trust Company

    17
      Battery Place

    New
      York,
      New York 10004

    Attn:
      Steven G. Nelson, Chairman

    

    Re: Trust
      Account No. [●] 

    

    Gentlemen:

    

    Pursuant
      to paragraph 1(j) of the Investment Management Trust Agreement between Korea
      Milestone Acquisition Corporation (the “Company”)
      and
      Continental Stock Transfer & Trust Company (“Trustee”),
      dated
      as of [●], 2008 (the “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. Capitalized terms used herein without definitions shall
      have the respective meanings assigned to such terms in the Trust
      Agreement.

    

    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,

    

    KOREA
      MILESTONE ACQUISITION CORPORATION

    

    

    By:
      ________________________________

    Sang-Chul
      Kim

    Chairman
      and Chief Executive Officer

    

    cc:
      Broadband Capital Management LLC 

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    EXHIBIT
      C

    

    Korea
      Milestone Acquisition Corporation

    SoftForum
      Building

    8th
      Floor

    545-7
      Dogokdong

    Gangnam,
      Seoul, Korea 135-170

    

    [Insert
      date]

    

    Continental
      Stock Transfer 

    &
      Trust Company

    17
      Battery Place

    New
      York,
      New York 10004

    Attn:
      Frank Di Paolo and Cynthia Jordan

    

    Re: Trust
      Account No. [●] 

    

    Gentlemen:

    

    Pursuant
      to paragraph 2(a) of the Investment Management Trust Agreement between Korea
      Milestone Acquisition Corporation (the “Company”)
      and
      Continental Stock Transfer & Trust Company (the “Trustee”),
      dated
      as of [●], 2008 (the “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 defined in the Trust Agreement) as of the
      date
      hereof. The Company needs such funds to pay for the income tax obligations
      as
      set forth on the attached tax return or tax statement. The amount of such funds
      does not, in the aggregate, exceed the aggregate income earned on the Property
      to date. 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,

    

    KOREA
      MILESTONE ACQUISITION CORPORATION

    

    

    By:
      ________________________________

    Sang-Chul
      Kim

    Chairman
      and Chief Executive Officer

    

    

    

    

    cc:
      Broadband Capital Management LLC 

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    EXHIBIT
      D

    

    

    Korea
      Milestone Acquisition Corporation

    SoftForum
      Building

    8th
      Floor

    545-7
      Dogokdong

    Gangnam,
      Seoul, Korea 135-170

    

    [Insert
      date]

    

    Continental
      Stock Transfer 

    &
      Trust Company

    17
      Battery Place

    New
      York,
      New York 10004

    Attn:
      Frank Di Paolo and Cynthia Jordan

    

    Re: Trust
      Account No. [●] 

    

    Gentlemen:

    

    Pursuant
      to Section 2(b) of the Investment Management Trust Agreement between Korea
      Milestone Acquisition Corporation (the “Company”)
      and
      Continental Stock Transfer & Trust Company (the “Trustee”),
      dated
      as of [●], 2008 (the “Trust
      Agreement”),
      the
      Company hereby requests that you deliver to the Company $[●]
      of
      the
      income earned as of the date hereof, which does not exceed, in the aggregate,
      with all such prior disbursements pursuant to Section 2(b), if any, the maximum
      amount set forth in Section 2(b). The Company needs such funds to pay its
      expenses relating to 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,

    

    KOREA
      MILESTONE ACQUISITION CORPORATION

    

    

    By:
      ________________________________

    Sang-Chul
      Kim

    Chairman
      and Chief Executive Officer

    

    

    

    cc:
      Broadband Capital Management LLC.

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    EXHIBIT
      E

    

    
      	AUTHORIZED
              INDIVIDUAL(S)	AUTHORIZED 
TELEPHONE
              NUMBER(S)	 	 
	 	 	 	 
	
              Company:

              

              Korea
                Milestone Acquisition Corporation

              SoftForum
                Building

              8th
                Floor

              545-7
                Dogokdong

              Gangnam,
                Seoul, Korea 135-170

              Attn:
                Sang-Chul Kim 

            	
               

               

               

              (82) (2) 575-0466

            	 	 
	 	 	 	 
	
              Trustee:

              

              Continental
                Stock Transfer 

              &
                Trust Company

              17
                Battery Place

              New
                York, New York 10004

              Attn:
                Frank Di Paolo, CFO   

            	
               

               

              (212) 845-3270ESCROW
      AGREEMENT

     

     

    ESCROW
      AGREEMENT,
      dated
      as of November __, 2008 (“Agreement”),
      by
      and among KOREA MILESTONE ACQUISITION CORPORATION, a Cayman Islands company
      (the
“Company”),
      SANG-CHUL KIM (“Sang-Chul
      Kim”),
      MOON
      YOUL BAN, JHONG WON KIM, SOO HYUNG LEE, and YONG HYUN KANG (collectively, the
      “Existing
      Shareholders”),
      and
      CONTINENTAL STOCK TRANSFER & TRUST COMPANY, a New York corporation (the
“Escrow
      Agent”).

     

    WHEREAS,
      the Company has entered into an Underwriting Agreement, dated November __,
      2008 (“Underwriting Agreement”), with Broadband
      Capital Management (“Broadband”) acting as
      representative of the several underwriters (collectively, the
“Underwriters”), pursuant to which, the Underwriters
      have agreed to purchase 5,000,000 units (“Units”) of
      the Company. Each Unit consists of two ordinary shares of the Company, par
      value
      $0.0001 per share (the “Ordinary Shares”), and one
      warrant to purchase one Ordinary Share, all as more fully described in the
      Company’s final Prospectus, dated November __, 2008
      (“Prospectus”) comprising part of the Company’s
      Registration Statement on Form F-1 (File No. 333-153155) under the
      Securities Act of 1933, as amended (“Registration
      Statement”), declared effective on November __, 2008
      (“Effective Date”). 

     

    WHEREAS,
      the Underwriters have required as a condition to purchase of the Units that
      the
      Existing Shareholders deposit the number of Ordinary Shares (the
“Escrow Shares”), and that Sang-Chul Kim deposit the
      Private Warrants (as defined in the Warrant Agreement dated November __,
      2008 between the Company and Continental Stock Transfer & Trust
      Company, as Warrant Agent (the “Warrant Agreement”),
      in each case, as set forth opposite their respective names in
Exhibit A attached hereto (the Escrow Shares and
      Private Warrants are collectively referred to herein as the “Escrow
      Securities”) in escrow as hereinafter provided. 

     

    WHEREAS,
      the
      Company and the Existing Shareholders desire that the Escrow Agent accept the
      Escrow Securities, in escrow, to be held and disbursed as hereinafter provided.
      

     

    IT
      IS
      AGREED: 

     

    1.    Appointment
      of Escrow Agent.  The
      Company and the Existing Shareholders 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.  On
      or before the Effective Date, each of the Existing Shareholders shall have
      delivered or caused to be delivered to the Escrow Agent certificates
      representing his, her, or its respective Escrow Securities, to be held and
      disbursed subject to the terms and conditions of this Agreement. Each Existing
      Shareholder acknowledges that the certificates representing his, her or its
      Escrow Securities is legended to reflect the deposit of such Escrow Securities
      under this Agreement. 

     

    3.    Disbursement
      of the Escrow Securities.  The
      Escrow Agent shall hold the Escrow Shares until the date that is one year after
      the date of consummation of an Initial Business Combination (as defined in
      the
      Warrant Agreement) and the Private Warrants until the consummation of an Initial
      Business Combination (in each case, the “Escrow
      Period”),
      on
      which respective dates it shall, upon written instructions from the Company’s
      Chief Executive Officer or Chief Financial Officer, disburse the Escrow Shares
      (and any applicable stock power) or Private Warrants, as the case may be, to
      the
      Existing Shareholders or Sang-Chul Kim (as applicable); provided,
      however,
      that at
      the end of the 45-day period in which the Underwriters may exercise their
      over-allotment option to purchase an additional 375,000 Units of the
      Company (as described in the Registration Statement), or, if earlier, the date
      the Underwriters exercise their over-allotment option in full or terminate
      their over-allotment option, the Company shall give the Escrow Agent notice
      with
      respect to the amount, if any, of the over-allotment that was exercised by
      the
      Underwriters and, upon such notice, the Existing Shareholders agree that the
      Escrow Agent shall deliver to the Company for repurchase, at a price per share
      of $0.0001 in cash, the number of Escrow Shares held by Sang-Chul Kim determined
      by multiplying (a) the product of (i) 187,500, multiplied by
      (ii) a fraction, (x) the numerator of which is the number Escrow
      Shares held by Sang-Chul Kim, and (y) the denominator of which is the total
      number of Escrow Shares, by (b) a fraction, (i) the numerator of which
      is 375,000
      minus
      the number of Ordinary Shares purchased by the Underwriters upon the exercise
      of
      their over-allotment option, and (ii) the denominator of which is 375,000;
provided
      further,
      however,
      that if
      the Escrow Agent is notified by the Company pursuant to Section 6.7 hereof
      that the Company has been liquidated, then the Escrow Agent shall promptly
      destroy the certificates representing the Escrow Securities held pursuant to
      this Agreement; provided
      further,
      however,
      that
      if, after the Company consummates an Initial Business Combination, it (or
      the surviving entity) subsequently consummates a liquidation, merger, stock
      exchange or other similar transaction which results in all of the shareholders
      of such entity having the right to exchange their Ordinary Shares for cash,
      securities or other property, then the Escrow Agent will, upon receipt of a
      certificate, executed by the Chief Executive Officer, Chief Financial Officer
      or
      other authorized officer of the Company, in a form reasonably acceptable to
      the
      Escrow Agent, that such transaction is then being consummated or such conditions
      have been achieved, as applicable, release the Escrow Shares to the Existing
      Shareholders. The Escrow Agent shall have no further duties hereunder after
      the
      disbursement or destruction of the Escrow Securities in accordance with this
      Section 3. 

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    4.    Rights
      of Existing Shareholders in Escrow Securities.    

     

    4.1.    Voting
      Rights as a Stockholder.  Subject
      to the terms of the Insider Letter described in Section 4.3 hereof and except
      as
      herein provided, the Existing Shareholders shall retain all of their rights
      as
      shareholders of the Company during the Escrow Period, including, without
      limitation, the right to vote the Escrow Shares. 

     

    4.2.    Dividends
      and Other Distributions in Respect of the Escrow Shares. 
      During the Escrow Period, all dividends payable in cash with respect to the
      Escrow Shares shall be paid to the Existing Shareholders, but all dividends
      payable in securities or other non-cash property (“Non-Cash
      Dividends”)
      shall
      be delivered to the Escrow Agent to hold in accordance with the terms hereof.
      As
      used herein, the term “Escrow
      Shares”
shall
      be deemed to include the Non-Cash Dividends distributed thereon, if any.

     

              4.3.    Restrictions
      on Transfer.    During
      the Escrow Period, no sale, transfer or other disposition may be made of any
      or
      all of the Escrow Securities except (i) by gift to a member of Existing
      Shareholder’s immediate family or to a trust, the beneficiary of which is an
      Existing Shareholder or a member of an Existing Shareholder’s immediate family,
      (ii) by virtue of the laws of descent and distribution upon death of any
      Existing Shareholder, (iii) pursuant to a qualified domestic relations order
      or
      (iv) to a then-current officer or director of the Company, as determined in
      the
      discretion of the Chairman of the Board of Directors (such transfers,
“Permitted
      Transfers”
      and such
      transferees, individually, “Permitted
      Transferees”);
      provided,
      however,
      that
      such Permitted Transfers may be implemented only upon the respective Permitted
      Transferee’s written agreement to be bound by the terms and conditions of this
      Agreement and, as applicable, the Insider Letter signed by the Existing
      Shareholder transferring the Escrow Securities (as applicable) and/or the
      Warrant Agreement. Even if transferred in accordance with this Section 4.3,
      the Escrow Securities will remain subject to this Agreement and may only be
      released from escrow in accordance with Section 3 hereof. As used herein,
      the term “Insider
      Letter”
refers
      to that letter entered into by each of the Existing Shareholders, with Broadband
      and the Company, dated as indicated on Exhibit A
      hereto,
      and which is filed as an exhibit to the Registration Statement, respecting
      the
      rights and obligations of such Existing Shareholder in certain events, including
      but not limited to the liquidation of the Company and certain voting and
      transfer restrictions which will apply during the Escrow Period. 

     

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

    4.4.    Private
      Warrants.  Sang-Chul
      Kim acknowledges that the Private Warrants are subject to restrictions on
      exercise and transfer during the Escrow Period as specified in the Warrant
      Agreement. 

     

    5.    Concerning
      the Escrow Agent.    

     

    5.1.    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 writing 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. 

     

    5.2.    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 Securities 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 Securities or it may deposit the Escrow Securities with the clerk
      of
      any appropriate court or it may retain the Escrow Securities 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
      Securities are to be disbursed and delivered. The provisions of this
      Section 5.2 shall survive in the event the Escrow Agent resigns or is
      discharged pursuant to Sections 5.5 or 5.6 below. 

     

    5.3.    Compensation.  The
      Escrow Agent shall be entitled to reasonable compensation from the Company
      for
      all services rendered by it hereunder. 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. 

     

    5.4.    Further
      Assurances.  From
      time to time on and after the date hereof, the Company and the Existing
      Shareholders 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. 

     

    5.5.    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, the Escrow Securities 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 Securities with any court it reasonably deems appropriate.

     

    
      
        
        

      

      
        3

        
          

        

      

      
        
        

      

    

    5.6.    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 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 5.5. 

     

    5.7.    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.
      

     

    5.8.    Trust
      Account Waiver.  The Escrow Agent hereby waives all right, title,
      interest, or claim of any kind (“Claim”) in or to any
      monies in the trust account of the Company (the “Trust
      Account”) created pursuant to the Investment Management Trust
      Agreement, dated as of November __, 2008, by and
      between the Company and Continental Stock Transfer & Trust Company, as
      Trustee, that it may have now or in the future, and hereby agrees not to seek
      recourse, reimbursement, payment or satisfaction for any Claim against the
      Trust
      Account for any reason whatsoever. 

     

    6.    Miscellaneous.    

     

    6.1.    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, without giving
      effect to conflicts of law principles that would result in the application
      of
      the substantive laws of another jurisdiction (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). The Company 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. The Company hereby waives any objection to such exclusive
      jurisdiction or that such courts represent an inconvenient forum. Any such
      process or summons to be served upon the Company may be served by transmitting
      a
      copy thereof by registered or certified mail, return receipt requested, postage
      prepaid, addressed to it at the address set forth in Section 6.6 hereof.
      Such mailing shall be deemed personal service and shall be legal and binding
      upon the Company in any action, proceeding or claim. 

     

    6.2.    Third
      Party Beneficiaries.    Each
      of the Existing Shareholders hereby acknowledges that the Underwriters are
      third
      party beneficiaries of this Agreement and this Agreement may not be modified
      or
      changed without the prior written consent of Broadband. 

     

    6.3.    Entire
      Agreement.    This
      Agreement contains the entire agreement of the parties hereto with respect
      to
      the subject matter hereof and, except as expressly provided herein, may not
      be
      changed or modified except by an instrument in writing signed by each party
      hereto. 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. 

     

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

     

    6.5.    Binding
      Effect.    This
      Agreement shall be binding upon and inure to the benefit of the respective
      parties hereto and their legal representatives, successors and assigns.

     

    6.6.    Notices.    Any
      notice or other communication required or which may be given hereunder shall
      be
      in writing and either be delivered personally or be mailed, certified or
      registered mail, or by private national courier service, return receipt
      requested, postage prepaid, and shall be deemed given when so delivered
      personally or, if mailed, two days after the date of mailing, as follows:

     

    
      
        
        

      

      
        4

        
          

        

      

      
        
        

      

    

     

    If
      to the
      Company, to: 

     

    Korea
      Milestone Acquisition Corporation

    SoftForum
      Building, 8th Floor

    545-7,
      Dogokdong

    Gangnam,
      Seoul, Korea 135-170

    Attn:
      Moon-Youl Bahn

    Fax
      No.:
      (82) (2) 2177-9696

    

    If
      to an
      Existing Shareholder, to his, her or its address set forth in Exhibit A.
      

     

    and
      if to
      the Escrow Agent, to: 

     

    Continental
      Stock Transfer & Trust Company

    17
      Battery Place

    New
      York,
      New York 10004

    Attn:
      Chairman

    Fax
      No.:
      (212) 509-5150 

     

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

     

    Mintz,
      Levin, Cohn, Ferris, Glovsky and Popeo, P.C.

    666
      Third
      Avenue

    New
      York,
      New York 10017

    Attn:
      Kenneth R. Koch, Esq.

    Fax
      No.:
      (212) 983-3115 

     

    and:
      

     

    Broadband
      Capital Management

    712
      Fifth
      Avenue, 49th Floor

    New
      York,
      New York 10022

    Attn:
      Michael Rapp, Chairman

    Fax
      No.:
      (212) 759-2943

     

    and:
      

     

    Ellenoff
      Grossman & Schole LLP

    150
      East
      42nd
      Street,
      11th
      Floor

    New
      York,
      New York 10017

    Attn:
      Douglas S. Ellenoff Esq.

    Fax
      No.:
      (212) 370-7889

     

    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. 

     

    6.7.    Liquidation
      of the Company.    The
      Company shall give the Escrow Agent written notification of the liquidation
      and
      dissolution of the Company in the event that the Company fails to consummate
      an
      Initial Business Combination within the time period(s) specified in the
      Prospectus. 

     

     

    [Remainder
      of page intentionally left blank]

      
        
          
          

        

        
          5

          
            

          

        

        
          
          

        

      

    

    WITNESS
      the
      execution of this Agreement as of the date first above written.

     

    
      	 	“COMPANY”
	 	
              KOREA
                MILESTONE ACQUISITION CORPORATION

            
	 	 
	 	
              By: 

            	 
	 	
              Name:

            
	 	
              Title:

            
	 	
              
 

              “EXISTING
                SHAREHOLDERS”

            
	 	 
	 	
              Sang-Chul
                Kim

            
	 	 
	 	
              Moon
                Youl Ban

            
	 	 
	 	
              Jhong
                Won Kim

            
	 	 
	 	
              Soo
                Hyung Lee

            
	 	 
	 	
              Yong
                Hyun Kang

            

    

    

     

    
      	 	“ESCROW
              AGENT”
	 	
              CONTINENTAL
                STOCK TRANSFER & TRUST COMPANY

            
	 	 
	 	
              By:

            	 
	 	
              Name:

            
	 	
              Title:

            

    

    

    

    

    [Signature
      Page – Escrow Agreement]

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    Exhibit
      A

    

    
      	
              Name
                and Address

              of
                Existing Shareholder(1)

            	 	 	
              Number
                of

              Escrow

              Shares
                

            	
               

            	 	
              Stock

              Certificate

              Number
                

            	 	 	
              Date
                of

              Insider

              Letter
                

            	 	 	
              Number
                of

              Private

              Warrants
                

            	 	 	
              Warrant

              Certificate

              Number

            	 
	
               

              Sang-Chul
                Kim

            	 	 	
              2,312,500

            	 	 	 	 	 	 	 	 	
              
              

              3,846,154

            	 	 	
              
              

              N/A

            	 
	
               

              Moon
                Youl Ban

            	 	 	
              375,000

            	 	 	 	 	 	 	 	 	
              
              

              0

            	 	 	
              
              

              N/A

            	 
	
               

              Jhong
                Won Kim

            	 	 	
              62,500

            	 	 	 	 	 	 	 	 	
              
              

              0

            	 	 	
              
              

              N/A

            	 
	
               

              Soo
                Hyung Lee

            	 	 	
              62,500

            	 	 	 	 	 	 	 	 	
              
              

              0

            	 	 	
              
              

              N/A

            	 
	
               

              Yong
                Hyun Kang

            	 	 	
              62,500

            	 	 	 	 	 	 	 	 	
              
              

              0

            	 	 	
              
              

              N/A

            	 

    

    

    (1)
      All
      correspondence c/o Korea Milestone Acquisition Corporation, SoftForum Building
      8th
      Floor, 545-7 Dogokdong, Gangnam, Seoul, Korea 135-170

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00149-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00149-of-00352.parquet"}]]