Document:

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                                                                    EXHIBIT 10.3

                      INVESTMENT MANAGEMENT TRUST AGREEMENT

            This Agreement is made as of _____________, 2006 by and between Asia
Automotive Acquisition Corporation (the "Company") and Continental Stock
Transfer & Trust Company ("Trustee").

            WHEREAS, the Company's registration statement on Form S-1, No.
333-12775 ("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, Rodman & Renshaw, LLC ("Rodman & Renshaw") is acting as the
representative of the underwriters in the IPO; and

            WHEREAS, as described in the Registration Statement, and in
accordance with the Company's Certificate of Incorporation, $32,378,000 of the
gross proceeds of the IPO ($37,418,000 if the underwriters over-allotment
option is exercised in full) will be delivered to the Trustee to be deposited
and held in a trust account for the benefit of the Company and the holders of
the Company's common stock, par value $.0001 per share, issued in the IPO as
hereinafter provided and in the event the Units are registered in Colorado,
pursuant to Section 11-51-302(6) of the Colorado Revised Statutes. A copy of the
Colorado Statute is attached hereto and made a part hereof (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 "Public Stockholders," and the Public Stockholders and the
Company will be referred to together as the "Beneficiaries"); 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, without limitation, 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 selected by the Trustee;

            (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

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reinvest the Property in any "Government Security." As used herein, Government
Security means any Treasury Bill issued by the United States, having a maturity
of one hundred and eighty days or less or in any open ended investment company
registered under the Investment Company Act of 1940 that holds itself out as a
money market fund meeting the conditions of paragraphs (c)(2), (c)(3) and
(c)(4) under Rule 2a-7 promulgated under the Investment Company Act of 1940;

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

            (f) Supply any necessary information or documents as may be
requested by the Company in connection with the Company's preparation of the tax
returns for the Trust Account;

            (g) Participate in any plan or proceeding for protecting or
enforcing any right or interest arising from the Property if, as and when
instructed by the Company and/or Rodman & Renshaw to do so;

            (h) Render to the Company and to Rodman & Renshaw, 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 President or Chairman of the
Board and Secretary or Assistant 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. The
Trustee understands and agrees that disbursements from the Trust Account shall
be made only pursuant to a duly executed Termination Letter, together with the
other documents referenced herein. In all cases, the Trustee shall provide
Rodman & Renshaw with a copy of any Termination Letters and/or any other
correspondence that it receives with respect to any proposed withdrawal from the
Trust Account promptly after it receives same.

2. 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 President or Chairman of the Board. 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

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and all expenses, including reasonable counsel fees and disbursements, or loss
suffered by the Trustee in connection with any action, suit or other proceeding
brought against the Trustee involving any claim, or in connection with any claim
or demand which in any way arises out of or relates to this Agreement, the
services of the Trustee hereunder, or the Property or any income earned from
investment of the Property, except for expenses and losses resulting from the
Trustee's gross negligence or willful misconduct. Promptly after the receipt by
the Trustee of notice of demand or claim or the commencement of any action, suit
or proceeding, pursuant to which the Trustee intends to seek indemnification
under this paragraph, it shall notify the Company in writing of such claim
(hereinafter referred to as the "Indemnified Claim"). The Trustee shall have the
right to conduct and manage the defense against such Indemnified Claim,
provided, that the Trustee shall obtain the consent of the Company with respect
to the selection of counsel, which consent shall not be unreasonably withheld.
The Trustee may not agree to settle any Indemnified Claim without the prior
written consent of the Company. 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). 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 Company shall not be responsible for any
other fees or charges of the Trustee except as may be provided in paragraph 2(b)
hereof (it being expressly understood that the Property shall not be used to
make any payments to the Trustee under such paragraph).

3. 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;

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            (f) The other parties hereto or to anyone else for any action taken
or omitted by it, or any action suffered by it to be taken or omitted, in good
faith and in the exercise of its own best judgment, except for its gross
negligence or willful misconduct. The Trustee may rely conclusively and shall be
protected in acting upon any order, notice, demand, certificate, opinion or
advice of counsel (including counsel chosen by the Trustee), statement,
instrument, report or other paper or document (not only as to its due execution
and the validity and effectiveness of its provisions, but also as to the truth
and acceptability of any information therein contained) which is believed by the
Trustee, in good faith, to be genuine and to be signed or presented by the
proper person or persons. The Trustee shall not be bound by any notice or
demand, or any waiver, modification, termination or rescission of this agreement
or any of the terms hereof, unless evidenced by a written instrument delivered
to the Trustee signed by the proper party or parties and, if the duties or
rights of the Trustee are affected, unless it shall give its prior written
consent thereto;

            (g) Verify the correctness of the information set forth in the
Registration Statement or to confirm or assure that any acquisition made by the
Company or any other action taken by it is as contemplated by the Registration
Statement; and

            (h) Pay any taxes on behalf of the Trust Account (it being expressly
understood that the Property shall not be used to pay any such taxes and that
such taxes, if any, shall be paid by the Company from funds not held in the
Trust Account).

4. 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 that arises
due to any actions or omissions to act by any party after such deposit;

            (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 2(b); or

            (c) On such date after _____________, 2007 when the Trustee deposits
the Property with the United States District Court for the Southern District of
New York in the event that, prior to such date, the Trustee has not received a
Termination Letter from the Company pursuant to paragraph 1(i).

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5. 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 C. 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
conflicts of law principles that would result in the application of the
substantive laws of another jurisdiction. 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
Rodman & Renshaw. As to any claim, cross-claim or counterclaim in any way
relating to this Agreement, each party waives the right to trial by jury.

            (d) The parties hereto consent to the jurisdiction and venue of any
state or federal court located in the City of New York, Borough of Manhattan,
for purposes of resolving any disputes hereunder.

            (e) Any notice, consent or request to be given in connection with
any of the terms or provisions of this Agreement shall be in writing and shall
be sent by express mail or similar private courier service, by certified mail
(return receipt requested), by hand delivery or by facsimile transmission:

            if to the Trustee, to:

                           Continental Stock Transfer
                           & Trust Company
                           17 Battery Place
                           New York, New York 10004
                           Attn: _____________
                           Fax No.: (212) 509-5150

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            if to the Company, to:

                           Asia Automotive Acquisition Corporation
                           401 South Old Woodward, Suite 450
                           Birmingham, Michigan 48009
                           Attn: William R. Herren, Chairman
                           Fax No.: (____) ____-______

            in either case with a copy to:

                           Rodman & Renshaw, LLC
                           1270 Avenue of the Americas 16th Floor
                           New York, NY 10020
                           Attn: Jimmie L. Sundstrom
                           Fax No.: (212) 356-0532

            (f) This Agreement may not be assigned by the Trustee without the
prior consent of the Company and Rodman & Renshaw.

            (g) Each of the Trustee and the Company hereby represents that it
has the full right and power and has been duly authorized to enter into this
Agreement and to perform its respective obligations as contemplated hereunder.
The Trustee acknowledges and agrees that it shall not make any claims or proceed
against the Trust Account, including by way of set-off, and shall not be
entitled to any funds in the Trust Account under any circumstance.

            (h) Each of the Company and the Trustee hereby acknowledge that
Rodman & Renshaw is a third party beneficiary of this Agreement.

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

                                    CONTINENTAL STOCK TRANSFER & TRUST COMPANY,
                                    as Trustee

                                    By: ____________________________
                                        Name:
                                        Title:

                                    ASIA AUTOMOTIVE ACQUISITION CORPORATION

                                    By: ____________________________
                                        Name: William R. Herren
                                        Title: Chairman

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                                                                       EXHIBIT A

                             [LETTERHEAD OF COMPANY]

                                       [INSERT DATE]

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

                    Re: Trust Account No. __________ Termination Letter

Gentlemen:

            Pursuant to paragraph 1(i) of the Investment Management Trust
Agreement between Asia Automotive Acquisition Corporation ("Company") and
Continental Stock Transfer & Trust Company ("Trustee"), dated as of __________,
2005 ("Trust Agreement"), this is to advise you that the Company has entered
into an agreement ("Business Agreement") with __________________ ("Target
Business") to consummate a business combination with Target Business ("Business
Combination") on or about [INSERT DATE]. The Company shall notify you at least
48 hours in advance of the actual date of the consummation of the Business
Combination ("Consummation Date").

            In accordance with the terms of the Trust Agreement, we hereby
authorize you to commence liquidation of the Trust Account to the effect that,
on the Consummation Date, all of funds held in the Trust Account will be
immediately available for transfer to the account or accounts that the Company
shall direct on the Consummation Date.

            On the Consummation Date (i) counsel for the Company shall deliver
to you written notification that (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, to the extent applicable and (ii) the
Company shall deliver to you written instructions with respect to the transfer
of the funds held in the Trust Account ("Instruction Letter"). You are hereby
directed and authorized to transfer the funds held in the Trust Account
immediately upon your receipt of the counsel's letter and the Instruction
Letter, in accordance with the terms of the Instruction Letter. In the event
that certain deposits held in the Trust Account may not be liquidated by the
Consummation Date without penalty, you will notify the Company of the same and
the Company shall direct you as to whether such funds should remain in the Trust
Account and distributed after the Consummation Date to the Company. Upon the
distribution of all the funds in the Trust Account pursuant to the terms hereof,
the Trust Agreement shall be terminated.

            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.

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                                     Very truly yours,

                                     ASIA AUTOMOTIVE ACQUISITION CORPORATION

                                     By:________________________________
                                          William R. Herren, Chairman

                                     By:________________________________
                                        __________________, Secretary

cc: Rodman & Renshaw, LLC

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                                                                       EXHIBIT B

                             [LETTERHEAD OF COMPANY]

                                       [INSERT DATE]

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

            Re: Trust Account No. __________ Termination Letter

Gentlemen:

            Pursuant to paragraph 1(i) of the Investment Management Trust
Agreement between Asia Automotive Acquisition Corporation ("Company") and
Continental Stock Transfer & Trust Company ("Trustee"), dated as of ___________,
2005 ("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 prospectus relating to its IPO.

            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, to the extent applicable, 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,

                                    ASIA AUTOMOTIVE ACQUISITION CORPORATION

                                    By:________________________________
                                         William R. Herren, Chairman

                                    By:________________________________
                                       _________________, Secretary

cc: Rodman & Renshaw, LLC

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                                    EXHIBIT C

AUTHORIZED INDIVIDUAL(S)                             AUTHORIZED
FOR TELEPHONE CALL BACK                              TELEPHONE NUMBER(S)

COMPANY:

Asia Automotive Acquisition Corporation
401 South Old Woodward, Suite 450
Birmingham, Michigan 48009
Attn: William R. Herren, Chairman                    (____) _____-______

TRUSTEE:

____________________________

____________________________

____________________________

____________________________

Attn:  _____________________                         (_____) _____-______

                                       11<PAGE>

                                                                    EXHIBIT 10.4

                             STOCK ESCROW AGREEMENT

            STOCK ESCROW AGREEMENT, dated as of _________, 2006 ("Agreement"),
by and among ASIA AUTOMOTIVE ACQUISITION CORPORATION, a Delaware corporation
("Company"), WILLIAM R. HERREN, RUDY WILSON, VINIT BANSAL, CHUN HAO, ASIA
DEVELOPMENT CAPITAL LLC, GLOBIS CAPITAL PARTNERS, L.P., GLOBIS OVERSEAS FUND,
LTD., GLOBIS ASIA LLC, MITCHELL METZMAN, CRAIG SAMUELS (collectively "Initial
Stockholders") and Continental Stock Transfer & Trust Company, a New York
corporation ("Escrow Agent").

            WHEREAS, the Company has entered into an Underwriting Agreement,
dated _____________, 2006 ("Underwriting Agreement"), with Rodman & Renshaw, LLC
("Rodman & Renshaw") acting as representative of the several underwriters
(collectively, the "Underwriters"), pursuant to which, among other matters, the
Underwriters have agreed to purchase 4,375,000 units ("Units") of the Company.
Each Unit consists of one share of the Company's common stock, par value $.0001
per share ("Common Stock"), and one Warrant to purchase one share of Common
Stock, all as more fully described in the Company's final Prospectus, dated
_____________, 2006 ("Prospectus") comprising part of the Company's Registration
Statement on Form S-1 (File No. 333-127755) under the Securities Act of 1933,
as amended ("Registration Statement"), declared effective on _____________, 2006
("Effective Date").

            WHEREAS, the Initial Stockholders have agreed as a condition of the
sale of the Units to deposit their shares of Common Stock of the Company, as set
forth opposite their respective names in Exhibit A attached hereto (collectively
"Escrow Shares"), in escrow as hereinafter provided.

            WHEREAS, the Company and the Initial Stockholders desire that the
Escrow Agent accept the Escrow Shares, in escrow, to be held and disbursed as
hereinafter provided.

            IT IS AGREED:

      1. Appointment of Escrow Agent. The Company and the Initial Stockholders
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
Initial Stockholders shall deliver to the Escrow Agent certificates representing
his respective Escrow Shares, to be held and disbursed subject to the terms and
conditions of this Agreement. Each Initial Stockholder acknowledges that the
certificate representing his Escrow Shares is legended to reflect the deposit of
such Escrow Shares under this Agreement.

      3. Disbursement of the Escrow Shares. The Escrow Agent shall hold the
Escrow Shares until the second anniversary of the Effective Date ("Escrow
Period"), on which date it shall, upon written instructions from each Initial
Stockholder, disburse each of the Initial Stockholder's Escrow Shares (and any
applicable stock power) to such Initial Stockholder; provided, however, that if
the Escrow Agent is notified by the Company pursuant to Section 7.7 hereof
that the Company is being liquidated at any time during the Escrow Period, then
the Escrow Agent shall promptly destroy the certificates representing the Escrow
Shares; provided further, however, that if, after the Company consummates a
Business Combination (as such term is defined in the Registration Statement), it
(or the surviving entity) subsequently consummates a liquidation, merger, stock
exchange or other similar transaction which results in all of the stockholders
of such entity having the right to exchange their shares of Common Stock for
cash, securities or other property, then the Escrow Agent will, upon receipt of
a certificate, executed by the Chief Executive Officer or Chief Financial
Officer of the Company, in form reasonably acceptable to the Escrow Agent, that
such transaction is then being consummated, release the Escrow Shares to the
Initial Stockholders upon consummation of the transaction so that they can
similarly participate. The Escrow Agent shall have no further duties hereunder
after the disbursement or destruction of the Escrow Shares in accordance with
this Section 3.

       4. Consummation of a Business Combination. Within thirty (30) days after
the consummation by the Company of a Business Combination, the Company shall
deliver to the

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Escrow Agent a certificate executed by the Chief Executive Officer or the Chief
Financial Officer, in form reasonably acceptable to the Escrow Agent, stating
that a Business Combination has been consummated, the date of the Business
Combination shall have been consummated and the date that is one hundred eighty
days after the date of consummation of a Business Combination.

      5. Rights of Initial Stockholders in Escrow Shares.

            5.1 Voting Rights as a Stockholder. Subject to the terms of the
Insider Letter described in Section 4.4 hereof and except as herein provided,
the Initial Stockholders shall retain all of their rights as stockholders of the
Company during the Escrow Period, including, without limitation, the right to
vote such shares.

            5.2 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 Initial Stockholders, but all dividends
payable in stock 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.

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

            5.4 Insider Letters. Each of the Initial Stockholders has executed a
letter agreement with Rodman & Renshaw and the Company, dated as indicated on
Exhibit A hereto, and which is filed as an exhibit to the Registration Statement
("Insider Letter"), respecting the rights and obligations of such Initial
Stockholder in certain events, including but not limited to the liquidation of
the Company.

      6. Concerning the Escrow Agent.

            6.1 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.

            6.2 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 Shares held by it hereunder, other than
expenses or losses arising from the gross negligence or willful misconduct of
the Escrow Agent. The Escrow Agent hereby waives any right, interest or claim of
any kind that it may have in or to any monies held in the trust account for the
benefit of the holders of Public Securities (as defined in the Underwriting
Agreement) and agrees not to seek any payment of any indemnity of the Company
under this Section

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6.2 from any monies held in the trust account for the benefit of the holders of
the Public Securities. Promptly after the receipt by the Escrow Agent of notice
of any demand or claim or the commencement of any action, suit or proceeding,
the Escrow Agent shall notify the other parties hereto in writing. In the event
of the receipt of such notice, the Escrow Agent, in its sole discretion, may
commence an action in the nature of interpleader in an appropriate court to
determine ownership or disposition of the Escrow Shares or it may deposit the
Escrow Shares with the clerk of any appropriate court or it may retain the
Escrow Shares pending receipt of a final, non-appealable order of a court having
jurisdiction over all of the parties hereto directing to whom and under what
circumstances the Escrow Shares are to be disbursed and delivered. The
provisions of this Section 5.2 shall survive in the event the Escrow Agent
resigns or is discharged pursuant to Sections 5.5 or 5.6 below.

            6.3 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.

            6.4 Further Assurances. From time to time on and after the date
hereof, the Company and the Initial Stockholders 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.

            6.5 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 Shares held hereunder. If no new escrow agent is so
appointed within the 60 day period following the giving of such notice of
resignation, the Escrow Agent may deposit the Escrow Shares with any court it
reasonably deems appropriate.

            6.6 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.

            6.7 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.

      7. Miscellaneous.

            7.1 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.

            7.2 Third Party Beneficiaries. Each of the Initial Stockholders
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 Rodman & Renshaw.

            7.3 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.

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

            7.5 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.

                                       3
<PAGE>

            7.6 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:

                           ASIA AUTOMOTIVE ACQUISITION CORPORATION
                           401 South Old Woodward, Suite 450
                           Birmingham, Michigan 48009
                           Attn: Chairman

            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
                           New York, New York 10004
                           Attn: Chairman

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

                           Kramer Levin Naftalis & Frankel LLP
                           1177 Avenue of the Americas
                           New York, New York 10036
                           Attn: Christopher S. Auguste, Esq.

            and:

                           Rodman & Renshaw, LLC
                           1270 Avenue of the Americas 16th Floor
                           New York, NY 10020
                           Attn: Jimmie L. Sundstrom

            and:

                           __________________________________

                           __________________________________

                           __________________________________

                           Attn: ____________________________

            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.

            7.7 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 a Business Combination within the
time period(s) specified in the Prospectus.

                                       4

<PAGE>

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

                                  ASIA AUTOMOTIVE ACQUISITION CORPORATION

                                  By: ______________________________
                                      Name: William R. Herren
                                      Title: Chairman

                                  INITIAL STOCKHOLDERS:

                                  __________________________________
                                  William R. Herren

                                  __________________________________
                                  Rudy Wilson

                                  __________________________________
                                  Vinit Bansal

                                  __________________________________
                                  Chun Hao

                                  __________________________________
                                  Craig Samuels

                                  __________________________________
                                  Mitchell Metzman

                                  ASIA DEVELOPMENT CAPITAL LLC

                                  By: ______________________________
                                      Name:
                                      Title:

                                  GLOBIS CAPITAL PARTNERS, L.P.

                                  By: ______________________________
                                      Name:
                                      Title:

                                  GLOBIS OVERSEAS FUND, LTD.

                                  By: ______________________________
                                      Name:
                                      Title:

                                  GLOBIS ASIA LLC

                                  By: ______________________________
                                      Name:
                                      Title:

                                  CONTINENTAL STOCK TRANSFER
                                  & TRUST COMPANY

                                  By: ______________________________
                                      Name:
                                      Title:

                                       5

<PAGE>

                                    EXHIBIT A

<TABLE>
<CAPTION>
Name and Address of                      Number           Stock                    Date of
Initial Stockholder                    of Shares     Certificate Number          Insider Letter
-------------------                    ---------     ------------------          --------------
<S>                                    <C>           <C>                         <C>
William R. Herren                        229,800                                 October 20,  2005
4583 Dartmouth
Saginaw, Michigan, 48603

Rudy Wilson                              229,800                                 October 20,  2005
366 W. Brown Street
Birmingham, Michigan, 48009

Vinit Bansal                             229,800                                 October 20,  2005
24101 Devonshire
Novi, Michigan, 48374

Chun Hao                                 229,800                                 October 20,  2005
1211 Peninsula Tower
Castle Peak Road, Kowloon, Hong Kong

Asia Development Capital LLC             229,800                                 October 20,  2005
410 South Old Woodward Suite 450
Birmingham, Michigan 48009

Globis Capital Partners, L.P.             60,000                                 February 14,  2006
60 Broad St.
New York, NY 10004

Globis Overseas Fund, Ltd.                20,000                                 February 14,  2006
60 Broad St.
New York, NY 10004

Globis Asia LLC                           20,000                                 February 14,  2006
1239 Veeder Dr.
Hewlett, NY 11557

Mitchell Metzman                          50,000                                 February 14,  2006
4808 Mooreland Lane, Suite 109
Bethesda, MD 20814

Craig Samuels                             50,000                                 February 14,  2006
4808 Mooreland Lane, Suite 109
Bethesda, MD 20814

</TABLE>

                                       6

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