Document:

Unassociated Document

    

      Execution
        Copy

       

      RIGHT
        OF
        FIRST REFUSAL AGREEMENT

       

      BY
        AND
        AMONG 

       

      ASIA
        LEADER INVESTMENTS LIMITED

       

      RAD
        INTERNATIONAL INVESTMENT FUND LTD.

       

      NEW
        CENTURY INTERNATIONAL LEASING CO., LTD.

       

      NEW
        CENTURY INTERNATIONAL LEASING COMPANY LIMITED

       

      AND

       

      KEVIN
        MA

       

      Dated:
        February 20, 2007

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      RIGHT
        OF FIRST REFUSAL

      AGREEMENT

       

      This
        Right of First Refusal Agreement (this “Agreement”) is made as of February 20,
        2008 by and among New Century International Leasing Co. Ltd., a wholly
        foreign-owned enterprise established under the laws of the Peoples’ Republic of
        China (“NCIL”), RAD International Investment Fund Limited., a company formed
        under the laws of the Commonwealth of the Bahamas (“RAD”), New Century
        International Leasing Company Limited, a company formed under the law of
        the
        Special Administrative Region of Hong Kong ((“NCIL (HK)”, and together with RAD,
        the “Shareholders”), Kevin Ma (“Kevin Ma”) and Asia Leader Investments Limited,
        a company formed under the laws of the Special Administrative Region of Hong
        Kong (the “Company”).

       

      RECITALS

       

      WHEREAS:
        Each of
        RAD and NCIL (HK) currently owns the equity interest in NCIL indicated beside
        such Shareholder’s name on Exhibit A hereto.

       

      WHEREAS:
        Kevin
        Ma indirectly owns sixty-four (64%) percent of RAD through two holding
        companies.

       

      WHEREAS:
        the
        Company, RAD and Kevin Ma are parties to a joint venture agreement dated
        as of
        the date hereof (the “Joint Venture Agreement”) relating to the establishment of
        New Goal International Limited and it is a condition under the Joint Venture
        Agreement that this Agreement be entered into contemporaneously with the
        Joint
        Venture Agreement and become effective as of the Contribution Date as defined
        in
        the Joint Venture Agreement.

       

      NOW,
        THEREFORE:
        in
        consideration of the mutual promises and covenants herein contained, and
        other
        consideration, the receipt and adequacy of which is hereby acknowledged,
        the
        parties hereto agree as follows:

       

      1.      
        Certain Definitions. 
        For
        purposes of this Agreement, the following terms
        have
        the following meanings:

       

      A.  “Convertible
        Securities” means all then outstanding options, warrants, rights, convertible
        notes, Preferred Stock or other securities of NCIL directly or indirectly
        convertible into or exercisable for shares of NCIL.

       

      B.  “days”
        means calendar days; provided that if any day falls on a weekend or a bank
        holiday, the term “day” shall mean the next business day.

       

      C.  “Rights
        of
        First Refusal” means the rights of first refusal provided to the Company in
        Section 3 of this Agreement.
        

       

      D.  “Seller”
        means any Shareholder proposing to Transfer Seller
        Shares.

       

      
        
          
          

        

        
          2

          
            

          

        

        
          
          

        

      

       

      E.  “Seller
        Shares” means all equity interest of NCIL owned as of the date hereof or
        hereafter acquired by a Shareholder (as adjusted for any stock splits, stock
        dividends, combinations, subdivisions, recapitalizations and the like.

       

      F. “Transfer,”
        “Transferring,” “Transferred,” or words of similar import, mean and include any
        sale, assignment, encumbrance, hypothecation, pledge, conveyance in trust,
        gift,
        transfer by bequest, devise or descent, or other transfer or disposition
        of any
        kind, including but not limited to transfers to receivers, levying creditors,
        trustees or receivers in bankruptcy proceedings or general assignees for
        the
        benefit of creditors, whether voluntary or by operation of law, directly
        or
        indirectly.

       

      2.  Restrictions
        on Transfer.

       

      A.  General.
        Before a
        Seller may Transfer any Seller Shares, Seller must comply with the provisions
        of
        Section 2(B), Section 3, and Section 4.

      

      B.  Notice
        of Proposed Transfer.
        Prior
        to Seller Transferring any of its Seller Shares, Seller shall simultaneously
        deliver to the Company a written notice (the “Transfer Notice”) in the form
        attached hereto as Exhibit B, stating: (i) Seller’s bona fide intention to sell
        or otherwise Transfer such Seller Shares; (ii) the identity of each proposed
        purchaser or other transferee (the “Proposed Transferee”); (iii) the aggregate
        number of Seller Shares proposed to be Transferred to each Proposed Transferee
        (the “Offered Shares”); (iv) the bona fide cash price or, in reasonable detail,
        other consideration for which Seller proposes to Transfer the Offered Shares
        (the “Offered Price”); and (v) the Company’s right to exercise its Right of
        First Refusal with respect to the Offered Shares.

       

      3.  Right
        of First Refusal. 

       

      A. Term
        of this Agreement.
        The
        term of Agreement shall commence on the Contribution Date (as defined in
        the
        Joint Venture Agreement) and expire on the date five (5) years after the
        Contribution Date.

       

      B. Exercise
        by the Company.
        For
        a
        period of thirty (30) days (the “Initial Exercise Period”) after the last date
        on which the Transfer Notice is, pursuant to Section 6(A) hereof, deemed
        to have
        been delivered to the Company, the Company shall have the right to exercise
        its
        right to purchase all or any part of the Offered Shares on the terms and
        conditions set forth in this Section 3. In order to exercise its right
        hereunder, the Company must deliver written notice to Seller within the Initial
        Exercise Period (a “ROFR Confirmation Notice”).

       

      C. Closing;
        Payment.
        The
        Company shall effect the purchase of all or any portion of the Offered Shares,
        including the payment of the Offered Price which may be in cash or in
        securities, within thirty (30) days after the delivery of the ROFR Confirmation
        Notice (the “Right of First Refusal Closing”). At such Right of First Refusal
        Closing, Seller shall deliver to the Company one or more certificates, properly
        endorsed for transfer, representing such Offered Shares so
        purchased.

       

      D. Permitted
        Sales.
        In the
        event the ROFR Confirmation Notice is not given by the Company within the
        Initial Exercise Period, the Seller shall have thirty (30) days from the
        expiration of the Initial Exercise Period to close the sale of all or any
        part
        of the Offered Shares at the Offered Price to the Proposed Transferee in
        all
        respect upon terms and conditions which are no more favorable to the Proposed
        Transferee or less favorable to the Company than those set forth in the Transfer
        Notice.

       

      
        
          
          

        

        
          3

          
            

          

        

        
          
          

        

      

       

      E. Further
        Sale.
        In each
        case, any Offered Shares not purchased by the Company or the Proposed Transferee
        in accordance with Section 3(D) may not be sold or otherwise disposed of
        until
        they are again offered to the Company under the procedures set forth in Sections
        3(A), 3(B) and 3(C).

       

      4.  Conditions
        to Valid Transfer.

       

      A.  Generally.
        Any
        attempt by any Seller to Transfer any Seller Shares in violation of any
        provision of this Agreement will be void. No securities shall be transferred
        by
        Seller unless (i) such Transfer is made in compliance with all of the terms
        of
        this Agreement and all applicable securities laws and (ii) prior to such
        Transfer, the transferee or transferees sign a counterpart to this Agreement
        pursuant to which it or they agree to be bound by the terms of this Agreement.
        NCIL may not (a) transfer on its books any shares that have been sold, gifted
        or
        otherwise Transferred in violation of any provisions of this Agreement or
        (b) to
        treat as owner of such shares, or accord the right to vote or pay dividends
        to
        any purchaser, donee or other transferee to whom such shares may have been
        so
        Transferred. 

       

      B.  Consent
        to Transfers.
        Each
        Shareholder irrevocably agrees with the Company that it shall not offer,
        sell,
        contract to sell, gift, exchange, assign, pledge or otherwise encumber or
        dispose of any Seller Shares (or enter into any transaction which is designed
        to, or might reasonably be expect to, result in the Transfer, (whether by
        actual
        disposition or effective economic disposition due to cash settlement or
        otherwise) by such Shareholder or any affiliate of such Shareholder, directly
        or
        indirectly, including the establishment or increase in a put equivalent position
        or liquidation or decrease in a call equivalent position (within the meaning
        of
        Section 16 of the Exchange Act and the rules and regulations of the SEC
        promulgated thereunder) with respect to the Seller without the prior written
        consent of the Company. 
        Furthermore, Kevin irrevocably agrees with the Company that he will not directly
        or indirectly, and will not permit the shareholders of RAD to directly or
        indirectly, offer, sell, contract to sell, gift, exchange, assign, pledge
        or
        otherwise encumber or dispose of any shares of RAD or agree or effect any
        change
        of control of RAD (or enter into any transaction which is designed to, or
        might
        reasonably be expect to, result in such transfer of shares of RAD or such
        control of RAD (whether by actual disposition or effective economic disposition
        due to cash settlement or otherwise) without the prior written consent of
        the
        Company, provided that this sentence shall not be construed to prohibit Kevin
        Ma
        from himself purchasing shares of RAD from the existing shareholders of RAD.
        Provided, however, the period required for the written consents of the Company
        set forth in this Section 4(B) shall expire the earlier of: (i) the date
        five
        (5) years from the date hereof; and (ii) the date six (6) months after the
        date
        of the issuance of the financial leasing business license granted to the
        WFOE
        (as set forth in Section 2.6 of the Joint Venture Agreement).  

       

      5.  Restrictive
        Legend and Stop Transfer Orders. 

       

      A.  Legend.
        Each
        Shareholder understands and agrees that NCIL will cause the legend set forth
        below, or a legend substantially equivalent thereto, to be placed upon any
        certificate(s) or other documents or instruments evidencing ownership of
        Seller
        Shares by such Shareholder:

       

      
        
          
          

        

        
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      THE
        SHARES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO AND MAY ONLY BE SOLD,
        DISPOSED OF OR OTHERWISE TRANSFERRED IN COMPLIANCE WITH CERTAIN RIGHTS OF
        FIRST
        REFUSAL AS SET FORTH IN A RIGHT OF FIRST REFUSAL AGREEMENT ENTERED INTO BY
        THE
        HOLDER OF THESE SHARES, THE COMPANY AND CERTAIN STOCKHOLDERS OF THE COMPANY.
        A
        COPY OF SUCH AGREEMENT IS ON FILE AT THE PRINCIPAL OFFICE OF THE COMPANY.
        

       

      B.  Stop
        Transfer Instructions.
        In
        order to ensure compliance with the restrictions referred to herein, each
        Seller
        agrees that NCIL may issue appropriate “stop transfer” certificates or
        instructions in the event of a Transfer in violation of any provision of
        this
        Agreement and that it may make appropriate notations to the same effect in
        its
        records.

       

      C.  No
        Indirect Transfers.
        Kevin
        Ma shall not Transfer , directly or indirectly, any of the shares held by
        him in
        RAD or in NCIL (HK) and shall ensure that he controls at all times subsequent
        to
        the date hereof at least 64% of the outstanding voting shares of RAD, including
        by preventing any dilution of such ownership percentage by voting against
        any
        new issuance of shares by RAD or otherwise. Kevin Ma shall take no action
        inconsistent with the rights granted hereunder or the Company’s exercise of such
        rights.

       

      D.  Maintenance
        of the Business of NCIL in the Ordinary Course.
        During
        the period from the date of this Agreement and continuing until the earlier
        of:
        (i) the date five (5) years from the date hereof; and (ii) the date six (6)
        months after the date of the issuance of the financial leasing business license
        granted to the WFOE (as set forth in Section 2.6 of the Joint Venture
        Agreement), Kevin Ma and RAD jointly and severally covenant that they shall
        not
        allow, cause or permit any NCIL to do, cause or permit any of the following,
        without the prior written consent of the Company:

       

      (1)  Issuance
        of Securities.
        Issue,
        deliver or sell or authorize or propose the issuance, delivery or sale of,
        or
        purchase or propose the purchase of, any shares of its capital stock or
        securities convertible into, or subscriptions, rights, warrants or options
        to
        acquire, or other agreements or commitments of any character obligating it
        to
        issue any such shares or other convertible securities;

       

      (2)  Intellectual
        Property.
        Transfer or license to any person or entity any rights to any intellectual
        property other than the license of non-exclusive rights to intellectual property
        in the ordinary course of business consistent with past practice;

       

      (3)  Dispositions.
        Sell,
        lease, license or otherwise dispose of or encumber any of its properties
        or
        assets which are material, individually or in the aggregate, to its business,
        taken as a whole, except in the ordinary course of business consistent with
        past
        practice and except in respect of real estate and securities currently-owned
        by
        NCIL which shall be disposed as soon as commercially practicable and the
        proceeds retained in NCIL;

       

      
        
          
          

        

        
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      (4)  Acquisitions.
        Acquire
        by merging or consolidating with, or by purchasing a substantial portion
        of the
        assets of, or by any other manner, any business or any corporation (except
        for
        special purpose vehicles without material assets and liabilities in connection
        with the ordinary course of NCIL’s business), partnership, association or other
        business organization or division thereof, or otherwise acquire any assets
        which
        are material, individually or in the aggregate, to its business, taken as
        a
        whole, or acquire any equity securities of any corporation (except for special
        purpose vehicles without material assets and liabilities in connection with
        the
        ordinary course of NCIL’s business), partnership, association or business
        organization;

       

      (5)  Accounting
        Policies and Procedures.
        Make
        any material change to NCIL’s financial accounting methods, principles,
        policies, procedures or practices, except as may be required by International
        Financial Reporting Standards or Generally Accepted Accounting Principles
        in the
        United States;

       

      6.      
        Miscellaneous Provisions.

       

      A.  Notices.
        All
        notices and other communications required or permitted hereunder shall be
        in
        writing and shall be mailed by registered or certified mail, postage prepaid,
        sent by facsimile or electronic mail or otherwise delivered by hand or by
        messenger addressed:

       

      (1)  if
        to an
        Shareholder, at the Shareholder’s address, facsimile number or electronic mail
        address as shown in NCIL’s records, as may be updated in accordance with the
        provisions hereof;

       

      (2)  if
        to
        NCIL, one copy should be sent to 2106 China World Tower A, No. 1 Jianguomenwai
        Ave., Beijing, 100004, China, Attn: Chief Executive Officer, or to such other
        address as NCIL shall have furnished to the Shareholders; or

       

      (3)  if
        to the
        Company, one copy should be sent to Room 1101, 11/Fl, China Insurance Group
        Building, 141 Des Voeux Road, Central, Hong Kong. Attn: Director, or to such
        other address as the Company shall have furnished to the Shareholders;
        or

       

      (4)  if
        to
        Kevin Ma, one copy should be sent to Mr. Ma.

       

      Each
        such
        notice or other communication shall for all purposes of this Agreement be
        treated as effective or having been given when delivered if delivered
        personally, or, if sent by mail, at the earlier of its receipt or 72 hours
        after
        the same has been deposited in a regularly maintained receptacle for the
        deposit
        of the mail, addressed and mailed as aforesaid or, if sent by facsimile,
        upon
        confirmation of facsimile transfer or, if sent by electronic mail, upon
        confirmation of delivery when directed to the electronic mail address set
        forth
        on Exhibit A and Exhibit B hereto.

       

      
        
          
          

        

        
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      B.  Successors
        and Assigns.
        This
        Agreement, and any and all rights, duties and obligations hereunder, shall
        not
        be assigned, transferred, delegated or sublicensed by any Shareholder without
        the prior written consent of the Company. Any attempt by an Shareholder without
        such permission to assign, transfer, delegate or sublicense any rights, duties
        or obligations that arise under this Agreement shall be void. Subject to
        the
        foregoing and except as otherwise provided herein, the provisions of this
        Agreement shall inure to the benefit of, and be binding upon, the successors,
        assigns, heirs, executors and administrators of the parties hereto.

       

      C.  Severability.
        If any
        provision of this Agreement becomes or is declared by a court of competent
        jurisdiction to be illegal, unenforceable or void, portions of such provision,
        or such provision in its entirety, to the extent necessary, shall be severed
        from this Agreement, and such court will replace such illegal, void or
        unenforceable provision of this Agreement with a valid and enforceable provision
        that will achieve, to the extent possible, the same economic, business and
        other
        purposes of the illegal, void or unenforceable provision. The balance of
        this
        Agreement shall be enforceable in accordance with its terms.

       

      D.  Amendment.
        Except
        as expressly provided herein, neither this Agreement nor any term hereof
        may be
        amended, waived, discharged or terminated other than by a written instrument
        referencing this Agreement and signed by the Company; provided, however,
        that
        any amendment that materially and adversely affects the Shareholders or Kevin
        Ma
        shall also require the consent of such Shareholders or Kevin Ma, as the case
        may
        be. Any such amendment, waiver, discharge or termination effected in accordance
        with this paragraph shall be binding upon each Seller and Kevin Ma.

       

      E.  Continuity
        of Other Restrictions.
        Any
        Seller Shares not purchased by the Company pursuant to its Right of First
        Refusal hereunder will continue to be subject to all other restrictions imposed
        upon such Seller Shares hereunder and by law, including any restrictions
        imposed
        under NCIL’s organizational documents, or by agreement.

       

      
        
          
          

        

        
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      F.  Governing
        Law.
        This
        Agreement shall be governed in all respects by the internal laws of the State
        of
        New York as applied to agreements entered into among New York residents to
        be
        performed entirely within New York, without regard to principles of conflicts
        of
        law that would result in the application of the law of any other
        jurisdiction.

       

      G.  Obligation
        of NCIL.
        NCIL
        agrees to use its commercially reasonable efforts to enforce the terms of
        this
        Agreement, to inform the Company of any breach hereof (to the extent the
        Company
        has knowledge hereof) and to assist the Company in the exercise of its rights
        hereunder to the extent permitted by law.

       

      H.  Counterparts.
        This
        Agreement may be executed in any number of counterparts, each of which shall
        be
        enforceable against the parties that execute such counterparts, and all of
        which
        together shall constitute one instrument.

       

      I.  Further
        Assurances.
        Each
        party hereto agrees to execute and deliver, by the proper exercise of its
        corporate, limited liability company, partnership or other powers, all such
        other and additional instruments and documents and do all such other acts
        and
        things as may be necessary to more fully effectuate this
        Agreement.

       

      J.  Conflict
        In the
        event of any conflict between the terms of this Agreement and any other
        agreement to which a Shareholder or Ma is a party or by which such Shareholder
        or Ma is bound, the terms of this Agreement will control.

       

      K.  Attorney’s
        Fees.
        In the
        event that any suit or action is instituted to enforce any provision in this
        Agreement, the prevailing party in such dispute shall be entitled to recover
        from the losing party all fees, costs and expenses of enforcing any right
        of
        such prevailing party under or with respect to this Agreement, including
        without
        limitation, such reasonable fees and expenses of attorneys and accountants,
        which shall include, without limitation, all fees, costs and expenses of
        appeals.

       

      
        
          
          

        

        
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      L.  Jurisdiction
        of Disputes.
        Any
        disputes arising out of or in connection with this Agreement shall be finally
        settled by arbitration under the Rules of the Hong Kong International
        Arbitration Centre (the “Arbitration Centre”) by three (3) arbitrators appointed
        as follows: one (1) arbitrator shall be appointed by Kevin Ma, one (1)
        arbitrator shall be appointed by the Company, and the third arbitrator shall
        be
        appointed jointly by the two arbitrators appointed by Kevin Ma and the Company.
        If such two arbitrators fail to appoint such third arbitrator within a period
        of
        thirty (30) days, then such third arbitrator shall be appointed by the chairman
        of the Arbitration Centre. The place of arbitration shall be in Hong Kong.
        The
        arbitration shall be conducted in English. The arbitration awards shall be
        final
        and binding upon the parties.
        The
        costs of the arbitration proceeding and any proceeding in court to confirm
        or to
        vacate any arbitration award, as applicable (including each party’s attorneys’
fees and costs), shall be borne by the unsuccessful party or, at the discretion
        of the arbitrator, may be prorated between the parties in such proportion
        as the
        arbitrators determine to be equitable and shall be awarded as part of the
        arbitrators’ award.

       

      
        
          
          

        

        
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      M.  Titles
        and Subtitles.
        The
        titles and subtitles used in this Agreement are used for convenience only
        and
        are not to be considered in construing or interpreting this Agreement. All
        references in this Agreement to sections, paragraphs, exhibits and schedules
        shall, unless otherwise provided, refer to sections and paragraphs hereof
        and
        exhibits and schedules attached hereto.

       

      N.  Entire
        Agreement.
        This
        Agreement and the exhibits hereto constitute the full and entire understanding
        and agreement between the parties with regard to the subjects hereof and
        supersedes and replaces any and all prior agreements and understandings,
        whether
        written or oral, between the parties concerning the subject matter of this
        Agreement. No party hereto shall be liable or bound to any other party in
        any
        manner with regard to the subjects hereof or thereof by any warranties,
        representations or covenants except as specifically set forth
        herein.

       

      O.  Delays
        or Omissions.
        Except
        as expressly provided herein, no delay or omission to exercise any right,
        power
        or remedy accruing to any party to this Agreement upon any breach or default
        of
        any other party under this Agreement shall impair any such right, power or
        remedy of such non-defaulting party, nor shall it be construed to be a waiver
        of
        any such breach or default, or an acquiescence therein, or of or in any similar
        breach or default thereafter occurring, nor shall any waiver of any single
        breach or default be deemed a waiver of any other breach or default theretofore
        or thereafter occurring. Any waiver, permit, consent or approval of any kind
        or
        character on the part of any party of any breach or default under this
        Agreement, or any waiver on the part of any party of any provisions or
        conditions of this Agreement, must be in writing and shall be effective only
        to
        the extent specifically set forth in such writing. All remedies, either under
        this Agreement or by law or otherwise afforded to any party to this Agreement,
        shall be cumulative and not alternative.

       

      P.  Telecopy
        Execution and Delivery.
        A
        facsimile, telecopy or other reproduction of this Agreement may be executed
        by
        one or more parties hereto and delivered by such party by facsimile or any
        similar electronic transmission device pursuant to which the signature of
        or on
        behalf of such party can be seen. Such execution and delivery shall be
        considered valid, binding and effective for all purposes. At the request
        of any
        party hereto, all parties hereto agree to execute and deliver an original
        of
        this Agreement as well as any facsimile, telecopy or other reproduction
        hereof.

       

      
        
          
          

        

        
          
          

          
            

          

        

         

      

       

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

       

      ASIA
        LEADER INVESTMENTS LIMITED

       

       

      By: 
        /s/
        Richard Li

      
        

      

      Name:
        Richard Li

      Title:
        Director 

       

      NEW
        CENTURY INTERNATIONAL LEASING CO. LTD. (the PRC company)

       

       

      
        By: 
          /s/
          Kevin Ma

        
          

        

        Name:
          Kevin Ma

        Title:
          Director 

         

      

      RAD
        INTERNATIONAL INVESTMENT FUND LTD.

       

       

      
        By: 
          /s/
          Kevin Ma

        
          

        

        Name:
          Kevin Ma

        Title:
          Director

      

       

      NEW
        CENTURY INTERNATIONAL LEASING CO., LTD. (the Hong Kong company)

       

       

      
        
          By: 
            /s/
            Kevin
            Ma

          
            

          

          Name:
            Kevin Ma

          Title:
            Director 

        

      

       

      /s/
        Kevin
        Ma

      
        

      

      Kevin
        Ma

       

      By
        execution hereof, each Shareholder represents and warrants that he is the
        sole
        legal and beneficial owner of Seller Shares and that no other person has
        any
        interest in such shares.

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      EXHIBIT A

       

      SHAREHOLDERS
        OF NCIL

      

        
          	
                  Name
                    

                	 	
                  Percentage
                    of Equity Interest in NCIL

                
	
                  RAD
                    

                	 	
                  80%

                
	 	 	 
	 	 	 
	
                  NCIL
                    (HK) 

                	 	
                  20%

                

        

      

      

      
        
          
          

        

        
          2

          
            

          

        

        
          
          

        

      

       

      EXHIBIT B

       

      NOTICE
        OF SHARE TRANSFER

       

      We,
        ____________, wish to transfer ____________ shares (the “Seller
        Shares”)
        of New
        Century International Leasing Co. Ltd. (the “Company”)
        pursuant to a (please check one): sale (  ) other (  )
        (please describe)  .

       

      We
        propose to transfer Seller Shares to the following entities and
        individuals:

       

      
        	
                1.   
                   Proposed
                  Transferee #1

                - [Address]

                [Phone
                  Number]

              	 	
                [amount,
                  type and price of shares]

              
	 	 	 
	
                2.   
                   Proposed
                  Transferee #2

                [Address]

                [Phone
                  Number]

              	 	
                [amount,
                  type and price of shares]

              
	 	 	 
	
                3.   
                   Proposed
                  Transferee #3

                [Address]

                [Phone
                  Number]

              	 	
                [amount,
                  type and price of shares]

              

      

       

      The
        cash
        consideration for Seller Shares totals $________. The fair market value of
        the
        non-cash consideration for Seller Shares, if any, as of the date of this
        Notice
        totals $________. 

       

      The
        non-cash consideration consists of (please describe in reasonable detail):
        

       

      Pursuant
        to the Right of First Refusal Agreement, dated as of February __, 2008 we
        write
        to inform you of your Right of First Refusal with respect to Seller Shares.
        If
        you choose to do so, you may exercise these rights with respect to Seller
        Shares
        by returning this Notice to us, at the address below, with a copy to the
        Company. If you decline your right to do so, you need not return
        anything.

       

      We
        exercise my Right of First Refusal     o

       

      We
        wish
        to buy ________ shares .

       

      WE
        MUST RECEIVE YOUR NOTICE BY the
        date 30 days after date Notice deemed to have been received by
        you.
        There is no extension of this deadline.

       

      [Seller’s
        Address and Name] 

       

      
        
          
          

        

        
          3Unassociated Document

    

      Exhibit
        10.32

      

      Magnitude
        Information Systems, Inc.

      1250
        Route 28

      Suite
        309

      Branchburg,
        New Jersey 08876

      

      February
        11, 2008

      

      VIA
        HAND DELIVERY

      Kiwibox
        Media, Inc.

      330
        West
        38th
        Street

      New
        York,
        New York 10018

      

      Attention:
        Messrs. Lin Dai, Michael Howard and Ivan Tumanov

      

      Gentlemen:

      

      This
        shall serve as a "standstill agreement" between the parties with respect
        to a
        certain Agreement and Plan of Reorganization, dated February 19, 2007, and
        as
        amended by Amendments Nos.l through 5, (collectively, the "Agreement"). The
        parties agree to extend any and all rights, deadlines, obligations,
        requirements, payments and the like, as well as not to exercise any of their
        respective rights, under the terms and provisions of the Agreement during
        the
        period from today through 5:00 pm, Eastern Time on February 25,
        2008.

       

      
        	 	 	 
	 	Magnitude
                Information Systems, Inc.
	 
 	 
 	 
 
	 	By:  	/s/ Edward
                L.
                Marney
	 	
                
Edward
                L. Marney, President
	 	 

      

      

      Agreed
        to
        and Accepted:

      

      Kiwibox
        Media, Inc.

       

      
        	By:  
                	/s/ Lin
                Dai
	 	
                
Lin
                Dai, President

      

       

       

      
        	/s/ Ivan
                Tumanov	 	 	/s/ Michael
                Howard	 	 	/s/ Lin Dai
	
                
Ivan
                Tumanov	 	 	
                
Michael
                Howard	 	 	
                
Lin
                Dai
	Kiwibox
                Shareholder	 	 	Kiwibox
                Shareholder	 	 	Kiwibox
                Shareholder

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