Document:

Investment Management Trust Agreement dated 12/19/2006, as amended 01/09/2007

 Exhibit 10.2 
 INVESTMENT MANAGEMENT TRUST AGREEMENT 
 This Agreement is made as of December 19, 2006 by and
between Middle Kingdom Alliance Corp. (the “Company”) and Continental Stock Transfer & Trust Company (“Trustee”). 
 WHEREAS, the Company’s Registration Statements on Forms S-1, No. 333-133475 and 333-139325 (“Registration Statement”), for its initial public offering of securities (“IPO”) has been declared effective as of the
date hereof by the Securities and Exchange Commission (“Effective Date”); and 
 WHEREAS, I-Bankers Securities, Inc.
(“I-Bankers”), Newbridge Securities Corp. and Westminster Securities Corp. (collectively, the “Representatives”) are acting as the representatives of the underwriters in the IPO; and 
 WHEREAS, as described in the Company’s Registration Statement, and in accordance with the Company’s Amended and Restated Certificate of
Incorporation, $27,192,000 ($31,270,800 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 Class B common stock, par value $.001 per share (“Class B Stock”) (except as otherwise provided herein) and in the event the units to be issued in the IPO are registered in Colorado, pursuant to Section 11-51-302(6) of
the Colorado Revised Statutes (the amount to be delivered to the Trustee will be referred to herein as the “Property”; the stockholders for whose benefit the Trustee shall hold the Property will be referred to as the
“Stockholders,” and the Stockholders and the Company will be referred to together as the “Beneficiaries”); and 
 WHEREAS, pursuant to the Underwriting Agreement, dated as of December 13, 2006, between the Company and the Representatives, a portion of the Property equal to $1,017,600 ($1,170,240 if the underwriters’ over-allotment option is
exercised in full) is attributable to deferred underwriting compensation that will become payable by the Company to the underwriters upon the consummation of a Business Combination (as defined in the Registration Statement) (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 hereby agrees and covenants to: 
 (a) Hold the Property
in trust for the Beneficiaries in accordance with the terms of this Agreement, including the terms of Section 11-51-302(6) of the Colorado Statute, in a segregated trust account (“Trust Account”) established by the Trustee at a branch
of JPMorgan Chase NY Bank and utilizing the services of Wachovia Securities, LLC; 
 (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, invest and reinvest the
Property in any Government Security. As used herein, “Government Security” means any Treasury Bill issued by the United States, maturing in not more than one hundred and eighty days; 
 (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 Representatives 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 Company; 
 (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 to do so; 
 (h) Render to the Company and to the
Representatives, 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; and 
 (i) Commence liquidation of the Trust Account only 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, Chief Financial Officer or Secretary, 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 [18 months from
the Effective Date] (or the date that is the six month anniversary of such date, in the event that a letter of intent, agreement in principle or definitive agreement has been executed prior to such date in connection with a Business Combination (as
defined in the Termination Letter attached hereto as Exhibit A) that has not been consummated by [18 months from the Effective Date]), the Trust Account shall be liquidated in accordance with the procedures set forth in the Termination Letter
attached as Exhibit B to the stockholders of record on the record date as established by the Company. In all cases, the Trustee shall provide the Representatives 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 the same. 
 (j) The distribution, if any,
of the Deferred Discount to the underwriters upon the liquidation of the Trust Account in connection with a Business Combination as provided herein shall be made from the Trust Account through the Trustee (and not through the Company) in accordance
with a written instruction letter from the Company and countersigned by I-Bankers on behalf of the Representatives. 
 2. Limited Distributions of Income on
Property. 
 (a) If there is any federal, state or local income tax obligation relating to the income of the Company (including Property of
the Trust Account), then, at the written instruction of the Company, the Trustee shall disburse to the Company by wire transfer, out of the Property in the Trust Account, the amount indicated by the Company as required to pay income taxes; and

 (b) Upon the written request from the Company, the Trustee shall distribute to the Company on a monthly basis an amount equal to one-half
of the income collected on the Property [prior to the payment of any amounts set forth in Section 2(a)] through the last day of the immediately preceding month; provided that the total amount of income that may be distributed pursuant to this
Section 2(b) is $1,200,000 and provided further that to the extent that the aggregate sum of the distributions exceeds $900,000, the Company shall provide the Trustee with an authorization letter from Wachovia Bank prior to the Trustee making
any further distribution to the Company. The first such distribution shall be for the period ending on December 31, 2006. 
 (c) Upon
receipt by the Trustee of a written request from the Company for distributions from the Trust Account in connection with a plan of dissolution and distribution, accompanied by an Officers Certificate signed by the Chief Executive Officer and Chief
Financial Officer of the Company certifying as true, accurate and complete (i) a statement of the amount of actual expenses incurred or, where known with reasonable certainty, imminently to be incurred by the Company in connection with its
dissolution and distribution, including any fees and expenses incurred or imminently to be incurred by the Company in connection with seeking stockholder approval of the Company’s plan of dissolution and distribution, and (ii) any amounts
due to pay creditors or required to reserve for payment to creditors, the Trustee shall distribute the requested amount to the Company. 
 (d) Except as provided in Sections 2(a), 2(b) and 2(c) above, no other distributions from the Trust Account shall be permitted except in accordance with Section 1(i) and (j) hereof. 
  

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 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 Chief Executive Officer, Chief Financial Officer or Secretary.
In addition, except with respect to its duties under paragraph 1(i) 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 Company may
participate in such action with its own counsel; and 
 (c) Pay the Trustee an initial acceptance fee of $1,000 and an annual fee of $3,000
(it being expressly understood that the Property shall not be used to pay such fee). In addition, the Company shall pay the Trustee a transaction processing fee of $250 for each disbursement made pursuant to section 2(a) and 2(b). It is agreed that
said fees shall be deducted from the disbursements made to the Company pursuant to section 2(b). 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 fee (on a pro rata basis) with respect to any period after the liquidation of the Trust Fund. The Trustee 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. 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 paragraph 3(b) hereof (it being expressly understood that the Property shall not be used to make any payments to the Trustee under
such paragraph). 
 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 paragraph 1 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; 
 (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 

  

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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) Except as set forth in Section 2(a), pay any taxes on behalf of the Trust Account. 
 (i) Verify calculations, qualify or
otherwise approve Company requests for distributions pursuant to paragraph 2(a) and 2(b). 
 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 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 security procedures set forth below with respect to funds transferred from the Trust Account. Upon receipt of written instructions, the
Trustee will confirm such instructions with an Authorized Individual at an Authorized Telephone Number listed on the attached Exhibit D. The Company and the Trustee will each restrict access to confidential information relating to such
security procedures to authorized persons. Each party must notify the other party immediately if it has reason to believe unauthorized persons may have obtained access to such information, or of any change in its authorized personnel. 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 conflict of laws. It may be executed in several 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. 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 I-Bankers acting on behalf of the Representatives. As to any claim, cross-claim or counterclaim in any way relating to this Agreement, each party waives the right to trial by jury. 
  

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 (d) The parties hereto consent to the jurisdiction and venue of any state or federal court located in the
City of New York 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, 8th Floor 
 New York, New York 
 Attn: Steven G. Nelson, Chairman 
 Fax No.: (212) 509-5150 
 if to the Company, to: 
 Attention: Fred A. Brasch 
 Chief Financial Officer 
 333 Sandy Springs Circle, Suite 223 
 Atlanta, GA 30328 
 Fax No.: (404) 257-9125 
 with a copy to: 
 Attention: David A. Rapaport, Esq. 
 Secretary & General Counsel 
 333 Sandy Springs Circle, Suite 223 
 Atlanta, GA 30328 
 Fax No.: (404) 257-9125 
 in either case with a copy to: 
 Cozen O’Connor 
 The Army & Navy Club Building 
 1627 I Street, NW, Suite 1100 
 Washington, DC 20006 
 Attn: Ralph V. De Martino 
 Fax:(866) 741-8182 
 (f) This
Agreement may not be assigned by the Trustee without the prior consent of the Company. 
 (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. 
 [Signature page to follow] 
  

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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:	 	 /s/ Steven G. Nelson

	Name:	 	Steven G. Nelson
	Title:	 	Chairman
	
	MIDDLE KINGDOM ALLIANCE CORP.
		
	By:	 	 /s/ Bernard J. Tanenbaum III

	Name:	 	Bernard J. Tanenbaum III
	Title:	 	Chief Executive Officer

 EXHIBIT A 
 [LETTERHEAD OF COMPANY] 
 [INSERT DATE] 
                                       
      
                                       
      
                                       
      
 Attn:
                                        
  
 Re: Trust Account No. [            ] 
 Termination Letter 
 Gentlemen: 
 Pursuant to the Investment Management Trust Agreement between Middle Kingdom Alliance Corporation (“Company”) and Continental Stock
Transfer & Trust Company (“Trustee”), dated as of December 19, 2006 (“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 24 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 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 (i) counsel
for the Company shall deliver to you written notification that (a) the Business Combination has been consummated and (b) the provisions of Section 11-51-302(6) and Rule 51-3.4 of the Colorado Statute have been met and (ii) the
Company shall deliver to you written instructions with respect to the transfer of the funds held in the Trust Account that has been countersigned by I-Bankers acting on behalf of the Representatives (“Instruction Letter”). You are hereby
directed and authorized to transfer the funds held in the Trust Account, including, but not limited to (a) funds to be delivered to any Stockholder that has properly exercised their conversion rights (as described in the Registration
Statement), and (b) pursuant to the terms of the Underwriting Agreement, dated as of December 13, 2006, between the Company and the Representatives, the portion of the Property attributable to the Deferred Discount (as defined in the Trust
Agreement), 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 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 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,

	
	 Middle Kingdom Alliance Corp.

		
	 By:
	 	                                      
                                        
                 ,
		 	Chief Executive Officer

 EXHIBIT B 
 [LETTERHEAD OF COMPANY] 
 [INSERT DATE] 
                                       
      
                                       
      
                                       
      
 Attn:
                                        
                
 Re: Trust Account No.
[        ] Termination Letter 
 Gentlemen: 
 Pursuant to paragraph 1(i) of the Investment Management Trust Agreement between Middle Kingdom Alliance Corporation (“Company”) and Continental
Stock Transfer & Trust Company (“Trustee”), dated as of December 19, 2006 (“Trust Agreement”), this is to advise you that the Board of Directors of the Company and the stockholders of the Company have voted to
dissolve and liquidate the Company. Attached hereto is a copy of the minutes of the meeting of the Board of Directors and the stockholders of the Company relating thereto, certified by the Secretary of the Company as true and correct and in full
force and effect. 
 In accordance with the terms of the Trust Agreement, we hereby (a) certify to you that the provisions of
Section 11-51-302(6) and Rule 51-3.4 of the Colorado Statute have been met and (b) authorize you, to commence liquidation of the Trust Account. You will notify the Company and JPMorgan Chase NY Bank (“Designated Paying Agent”) in
writing as to when all of the funds in the Trust Account will be available for immediate transfer (“Transfer Date”). The Designated Paying Agent shall thereafter notify you as to the account or accounts of the Designated Paying Agent that
the funds in the Trust Account should be transferred to on the Transfer Date so that the Designated Paying Agent may commence distribution of such funds in accordance with the Company’s instructions. You shall have no obligation to oversee the
Designated Paying Agent’s distribution of the funds. Upon the payment to the Designated Paying Agent of all the funds in the Trust Account, the Trust Agreement shall be terminated. 
  

			
	Very truly yours,
	
	Middle Kingdom Alliance Corporation
		
	By:	 	                                      
                                       
                 ,
		 	Chief Executive Officer

 EXHIBIT C 
 [LETTERHEAD OF COMPANY] 
 [Insert Date] 
 Continental Stock Transfer & Trust Company 
 17 Battery Place

 New York, New York 10004 
 Attn: Steven G. Nelson, Chairman

 Re: Trust Account No. [        ] — Distribution of Income on Property 
 Gentlemen: 
 Pursuant to paragraph 2(b) of the Investment Management Trust
Agreement between Middle Kingdom Alliance Corporation (“Company”) and Continental Stock Transfer & Trust Company (“Trustee”), dated as of December 19, 2006 (“Trust Agreement”), we are requesting for our
working capital purposes that you deliver to us $        , representing fifty percent (50%) of the income earned on the Property from
                     to
                     prior to any deductions made pursuant to Section 2(a) of the Trust Agreement. In accordance with the terms of the
Trust Agreement, you are hereby directed and authorized to transfer said amount immediately upon your receipt of this letter to the Company’s operating account at: 
  

			
	Bank:	 	[                    ]
	ABA #:	 	[                    ]
	Account Name:	 	
	Account Number:	 	[                    ]
	Reference:	 	Distribution of Income Earned on Trust Property

 Very truly yours, 
  

			
	By:	 	  

	By:	 	  

 EXHIBIT D 
 AUTHORIZED INDIVIDUAL(S) 
 AUTHORIZED FOR TELEPHONE CALL BACK 
  

			
	COMPANY:	  	Middle Kingdom Alliance Corporation
		  	Attention: Bernard. J Tanenbaum III
		  	Chief Executive Officer
		  	 333 Sandy Springs Circle, Suite 223
 Atlanta, GA
30328

		  	Tel No.: (404) 257-9150
		
		  	or
		
		  	Attention: Fred A. Brasch
		  	Chief Financial Officer
		  	 333 Sandy Springs Circle, Suite 223
 Atlanta, GA
30328

		  	Tel No.: (404) 257-9150
		
	TRUSTEE:	  	Continental Stock Transfer & Trust Company
		  	 17 Battery Place, 8th Floor
 New York, New York 10004

		  	Attn: Steven G. Nelson, Chairman
		  	Telephone: (212) 845-3202
		  	Fax: (212) 509-5150

 Middle Kingdom Alliance Corp. 
 333 SANDY SPRINGS CIRCLE, SUITE 223 
 ATLANTA, GA 30328-3734 
 TEL (404) 843-8585 FAX (404) 257-9125 
 Wednesday,
January 10, 2007 
 Mr. Frank A. DiPaolo 
 Continental Stock Transfer and Trust Company 
 17 Battery Place 
 8th Floor 
 New York, NY 10004 
 Re:
Investment Management and Trust Agreement Dated December 19, 2006 between Middle Kingdom Alliance Corp and, Continental Stock Transfer and Trust Company (“Trust Agreement”) 
 Dear Mr. DiPaolo: 
 This letter confirms that
Section 1(c) of the above-referenced Trust Agreement is modified to read as follows: 
 “(c) In a timely manner, upon the
instruction of the Company, invest and reinvest the Property in any Government Security. As used herein, “Government Security” means any security issued or guaranteed as to principal or interest by the United States, or by a person
controlled or supervised by and acting as an instrumentality of the Government of the United States pursuant to authority granted by the Congress of the United States; or any certificate of deposit for any of the foregoing;” 
  

			
	Middle Kingdom Alliance Corp.
		
	By:	 	/s/ Fred A. Brasch
		 	Fred A. Brasch, CFO
	
	Accepted and agreed:
	
	Continental Stock Transfer and Trust Company
		
	By:	 	/s/ Frank Di Paolo
	Name: 	 	Frank Di Paolo
	Title:	 	Chief Financial Officer
	Date:	 	January 10, 2007

 [I-Bankers Letterhead] 
 January 9, 2007 
 Mr. Frank A. DePaolo 
 Continental Stock Transfer and Trust Company 
 17 Battery Place 
 8th Floor 
 New York, NY 10004 
 Re:
Investment Management and Trust Agreement Dated January 19, 2006 between Middle Kingdom Alliance Corp and, Continental Stock Transfer and Trust Company (“Trust Agreement”) 
 Dear Mr. Paolo: 
 I-Bankers Securities, Inc. is the Representative of the Underwriters for the Initial
Public Offering of certain securities of Middle Kingdom Alliance Corp. pursuant to a registration statement which became effective on December 13, 2006 (“Registration Statement”). 
 It has been brought to our attention that the Trust Agreement entered into as described in the Registration Statement inadvertently contained a
definition of “Government Security” that is inconsistent with the Registration Statement. The section of the Trust Agreement in question is Section 1(c), which should read as follows: 
 “(c) In a timely manner, upon the instruction of the Company, invest and reinvest the Property in any Government Security. As used herein,
“Government Security” means any security issued or guaranteed as to principal or interest by the United States, or by a person controlled or supervised by and acting as an instrumentality of the Government of the United States pursuant to
authority granted by the Congress of the United States; or any certificate of deposit for any of the foregoing;” 
 Accordingly, I-Bankers Securities,
Inc., as Representative of the Underwriters, hereby consents to the amendment of Section 1(c) of the Trust Agreement to read as set forth above. 
  

	
	Very truly yours,
	
	/s/ Shelley Gluck
	Shelley Gluck, PresidentSecurities Escrow Agreement dated 12/19/06

 Exhibit 10.3 
 SECURITIES ESCROW AGREEMENT 
 SECURITIES ESCROW AGREEMENT, dated as of December 19, 2006
(“Agreement”), by and among MIDDLE KINGDOM ALLIANCE CORPORATION, a corporation organized under the laws of Delaware (“Company”), HIGH CAPITAL FUNDING LLC, DAVID A. RAPAPORT, FRED A. BRASCH, BERNARD JEROME TANENBAUM III FAMILY
TRUST, GEDEON INTERNATIONAL LIMITED, MTP HOLDINGS LTD., SUPREME OCEAN DEVELOPMENT LIMITED, ALLAN LAM, and ANTHONY NG (collectively “Initial Shareholders”) and Continental Stock Transfer & Trust Company (“Escrow Agent”).

 WHEREAS, the Company has entered into an Underwriting Agreement, dated December 13, 2006 (“Underwriting Agreement”), with
I-Bankers Securities, Inc. (“I-Bankers”), Newbridge Securities Corp. and Westminster Securities Corp. (the “Representatives”) acting as representative of the several underwriters (collectively, the “Underwriters”),
pursuant to which, among other matters, the Underwriters have agreed to purchase 198,000 Series A Units and 3,300,000 Series B Units (the “Units”) of the Company. Each Series A Unit consists of one share of common stock, $0.001 par value
(“Common Stock”), and five Class A warrants (the “Class A Warrants”), each to purchase one share of Common Stock. Each Series B Unit consists of one share of Class B common stock, $0.001 par value (“Class B Common
Stock”), and one Class B warrant (the “Class B Warrants”), each to purchase one share of Common Stock, all as more fully described in the Company’s final Prospectus, dated December 13, 2006 (“Prospectus”)
comprising part of the Company’s Registration Statements on Forms S-1 (File Nos. 333-133475 and 333-139325) under the Securities Act of 1933, (together, the “Registration Statement”), which was declared effective on December 13,
2006 (“Effective Date”). 
 WHEREAS, the Initial Shareholders have agreed as a condition of the sale of the Units to deposit their
securities of the Company, consisting of Class A Units (which includes Common Stock and Class A Warrants) and certain additional shares of Common Stock (such shares of Common Stock, excluding the Common Stock included in the Class A
Units, the “Initial Common Stock”), as set forth opposite their respective names in Exhibit A attached hereto (collectively “Escrow Securities”), in escrow as hereinafter provided. 
 WHEREAS, the Company and the Initial 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 Initial 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 Securities. On or before the Effective Date, each of the Initial
Shareholders shall deliver to the Escrow Agent certificates representing his respective Escrow Securities, to be held and disbursed subject to the terms and conditions of this Agreement; provided however, that I-Bankers, on behalf of the
Representatives, may release any Initial Shareholder from this escrow obligation if I-Bankers, on behalf of the Representatives, determines, in its sole discretion, that the circumstances reasonably warrant such release. Each Initial Shareholder
acknowledges that the certificate representing his 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: (i) hold the Initial Common Stock until the third anniversary of the Effective Date, and (ii) hold the Class A Units (including the Common Stock and
Class A Warrants underlying the Class A Units) until the earlier of (a) the completion of a Business Combination (as defined in the Prospectus) or (b) liquidation of the Trust Account (as defined in the Investment Management Trust Agreement between
the Escrow Agent and the Company) (“Escrow Period”), on which date it shall, upon written instructions from each Initial Shareholder, disburse each of the Initial Shareholder’s Escrow Securities to such Initial Shareholder; provided,
however, that if, after the Company consummates a Business Combination, it (or the surviving entity) subsequently consummates a liquidation, stock exchange or other similar transaction which results in all of the stockholders of such entity having
the right to exchange their securities for cash, securities or other property, then the Escrow Agent will, upon receipt of a certificate, executed by the Chief Executive Officer or 

 
Chairman of the Board of the Company and countersigned by I-Bankers, acting on behalf of the Representatives, in form reasonably acceptable to the Escrow
Agent, that such transaction is then being consummated, release the Escrow Securities to the Initial Shareholders upon consummation of the transaction so that they can similarly participate; provided further that the time period set forth above may
be waived by I-Bankers, acting on behalf of the Representatives. 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 Initial Shareholders in Escrow Securities. 
 4.1 Voting Rights as a Shareholder. Subject to the terms of the Insider Letter described in Section 4.4 hereof and except as herein provided, the Initial Shareholders shall retain all of their rights as
stockholders of the Company during the Escrow Period, including, without limitation, the right to vote such shares. 
 4.2 Dividends and
Other Distributions in Respect of the Escrow Securities. During the Escrow Period, all dividends payable in cash with respect to the Escrow Securities shall be paid to the Initial 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 Securities” 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 Initial Shareholder’s immediate family or to a trust, the beneficiary of which is an Initial Shareholder or a member of an Initial Shareholder’s immediate
family, (ii) by virtue of the laws of descent and distribution upon death of any Initial Shareholder, (iii) pursuant to a qualified domestic relations order, or (iv) pursuant to a transfer of record ownership whereby there is no
change in beneficial ownership; provided, however, that such permissive transfers may be implemented only upon the respective transferee’s written agreement to be bound by the terms and conditions of this Agreement and of the Insider Letter
signed by the Initial Shareholder transferring the Escrow Securities. During the Escrow Period, the Initial Shareholders shall not pledge or grant a security interest in the Escrow Securities or grant a security interest in their rights under this
Agreement. 
 4.4 Insider Letters. Each of the Initial Shareholders has executed a letter agreement with the Representatives and the
Company, which is filed as an exhibit to the Registration Statement (“Insider Letter”), respecting the rights and obligations of such Initial Shareholder in certain events, including but not limited to the liquidation of the Company.

 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 

  

 2 

 
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 Initial 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. 
 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. 
 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. 
 6.2 Third Party Beneficiaries. Each of the Initial Shareholders hereby acknowledges that the Underwriters are third party beneficiaries of this
Agreement. 
 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 the party to the charged. 
 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: 
 If to the Company, to: 
 Middle Kingdom Alliance Corporation 
 333 Sandy Springs Circle 
 Suite 223 
 Atlanta, GA 30328 
 Attn: David A. Rapaport, Esq. 
 Tel: (404) 257-9150 
 Fax: (404) 257-9125
  

 3 

 with a copy to: 
 Cozen O’Connor 
 The Army & Navy Club Building 
 1627 I Street, NW, Suite 1100 
 Washington, DC 20006 
 Attn: Ralph V. De Martino 
 Tel: (202) 912-4800 
 Fax:(866) 741-8182 
 If to a Stockholder, to
his address set forth in Exhibit A. 
 and if to the Escrow Agent, to: 
 Continental Stock Transfer & Trust Company 
 17 Battery Place, 8th Floor 
 New York, New York 10004

 Attn: Steven G. Nelson, Chairman 
 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 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 a Business Combination within the time period(s) specified in the Prospectus. 
 6.8
Amendment. This Agreement contains the entire agreement and understanding of the parties hereto with respect to the subject matter hereof. 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 I-Bankers acting on behalf of the Representatives. As to any claim, cross-claim or counterclaim in any way
relating to this Agreement, each party waives the right to trial by jury. 
 6.9 Assignment. This Agreement may not be assigned by the
Escrow Agent without the prior consent of the Company. 
  

 4 

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

			
	MIDDLE KINGDOM ALLIANCE CORP.
		
	By:	 	 /s/ Bernard J. Tanenbaum III

		 	Bernard J. Tanenbaum III, CEO
	
	INITIAL SHAREHOLDERS
		
		 	 /s/ David A. Rapaport

		 	High Capital Funding LLC
	By:	 	David A. Rapaport
		
		 	 /s/ David A. Rapaport

		 	David A. Rapaport
		
		 	 /s/ Fred A. Brasch

		 	Fred A. Brasch
		
		 	 /s/ Bernard Jerome Tanenbaum III

		 	Bernard Jerome Tanenbaum III Family Trust
	By:	 	Bernard J. Tanenbaum III
		
		 	 /s/ [Illegible]

		 	Gedeon International Limited
		 	By:
		
		 	 /s/ Allan Shu Cheuk Lam

		 	Supreme Ocean Development Limited
		 	By: Allan Shu Cheuk Lam
		
		 	 /s/ Alex Chun Yao

		 	MTP Holdings Ltd.
	By:	 	
		
		 	 /s/ Allan Shu Cheuk Lam

		 	Allan Shu Cheuk Lam
		
		 	 /s/ Anthony Ng

		 	Anthony Ng
	
	 CONTINENTAL STOCK TRANSFER
 &
TRUST COMPANY

		
	By:	 	 /s/ Steven Nelson

		 	Steven Nelson, Chairman

  

 5 

 EXHIBIT A 
  

									
	 Name and Address of Initial Shareholders
	  	 Initial Common
 Stock
(Stock Certificate
 Number)
	 	Class A Units	  	 Common Stock
 underlying Units
(Stock Certificate
 Number)
	 	Class A
Warrants
(Warrant
Numbers)
	 High Capital Funding LLC
 333 Sandy Springs Circle Ste 230
 Atlanta, GA 30328
	  	290,625
(#            )	 	51,652	  	51,652
(#            )	 	258,260
(#            )
					
	 David A. Rapaport
 333 Sandy Springs Circle Ste 230
 Atlanta, GA 30328
	  	18,750
(#            )	 	2,015	  	2,015
(#            )	 	10,075
(#            )
					
	 Fred A. Brasch
 333 Sandy Springs Circle Ste 230
 Atlanta, GA 30328
	  	9,375
(#            )	 	783	  	783
(#            )	 	3,915
(#            )
					
	 Bernard Jerome Tanenbaum III Family Trust
 333 Sandy Springs Circle Ste 223
 Atlanta, GA 30328
	  	121,875
(#            )	 	10,174	  	10,174
(#            )	 	50,870
(#            )
					
	 Gedeon International Limited
 c/o Stonehage SA
 Puits Godet 12
 P.O. Box 126
 2005 Neuchatel Switzerland
 Attention: Michael Marks
	  	121,875
(#            )	 	10,174	  	10,174
(#            )	 	50,870
(#            )
					
	 Supreme Ocean Development Limited
 c/o ATC Trustees (BVI) Limited
 2nd Floor, Abbott Building
 P.O. Box 933
 Road Town
 Tortola British Virgin Islands
 Attention: Allan Shu Cheuk Lam
	  	37,500
(#            )	 	3,130	  	3,130
(#            )	 	15,650
(#            )
					
	 MTP Holdings Ltd.
 Room 804, Hong Kong Plaza 283 Huaihai Zhong Road
 Shanghai 200021, P.R. China
	  	75,000
(#            )	 	6,261	  	6,261
(#            )	 	31,305
(#            )
					
	 Allan Shu Cheuk Lam
 82-9133 Bayview Avenue
 Richmond Hill
 Ontario L4B 4V6 Canada
	  	37,500
(#            )	 	3,131	  	3,131
(#            )	 	15,655
(#            )
					
	 Anthony Ng
 Cathay Forest Products Corp.
 5650 Yonge St., Ste. 1500
 Toronto, Ontario
 Canada M2M 4G3
	  	37,500
(#            )	 	3,130	  	3,130
(#            )	 	15,650
(#            )

  

 6

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