Document:

Unassociated Document

    EXHIBIT
      10.9

    

     

    _______,
      2008

    China
      Fundamental Acquisition Corporation

    Room
      2301, World-Wide House

    19
      Des
      Voeux Road

    Central,
      Hong Kong

     

    Chardan
      Capital Markets, LLC

    17
      State
      Street, Suite 1600

    New
      York,
      New York 10019

     

    Re:
      Initial Public Offering

     

    Gentlemen:

     

    The
      undersigned, a shareholder, officer and director of China Fundamental
      Acquisition Corporation (the “Company”), in consideration of Chardan Capital
      Markets, LLC (“Chardan”) entering into a letter of intent, dated December 20,
      2007 (“Letter of Intent”), to underwrite an initial public offering (“IPO”) of
      the securities of the Company and embarking on, undertaking and continuing
      to
      participate in the IPO process, hereby agrees as follows (certain capitalized
      terms used herein are defined in paragraph XV hereof):

     

    I.            
      (1) In
      the
      event that the Company fails to consummate a Business Combination within 18,
      24
      or 36 months, as the case may be, from the effective date (the “Effective Date”)
      of the registration statement relating to the IPO, the undersigned shall, in
      accordance with all applicable requirements of the Cayman Islands laws, take
      all
      action reasonably within his power to dissolve the Company and distribute all
      funds held in the Trust Account to holders of the IPO Shares as soon as
      reasonably practicable including, without limitation, (i) causing the Company’s
      board of directors to convene and adopt a plan of dissolution and liquidation
      and (ii) voting, as a director (if applicable), in favor of adopting such plan
      of dissolution and liquidation.

     

    (2) Except
      with respect to any of the IPO Shares acquired by the undersigned in connection
      with or following the IPO, the undersigned hereby (a) waives any and all right,
      title, interest or claim of any kind (a “Claim”) in or to all funds in the Trust
      Account and any remaining net assets of the Company upon liquidation of the
      Trust Account and dissolution of the Company, (b) waives any Claim the
      undersigned may have in the future as a result of, or arising out of, any
      contracts or agreements with the Company, and (c) agrees that the undersigned
      will not seek recourse against the Trust Account for any reason
      whatsoever.

     

    (3) The
      undersigned agrees to indemnify and hold harmless the Company against any and
      all loss, liability, claims, damage and expense whatsoever (including, but
      not
      limited to, any and all legal or other expenses reasonably incurred in
      investigating, preparing or defending against any litigation, whether pending
      or
      threatened, or any claim whatsoever) to which the Company may become subject
      as
      a result of any claim by any vendor, prospective or actual target business,
      creditor or other entity that is owed money by the Company for services rendered
      or products sold to the Company or the claims of any prospective or actual
      target businesses, subject to the following limitations: (i) such
      indemnification will only be made insofar as the Company did not obtain a
      validly enforceable waiver from such party of such party’s rights or claims to
      the Trust Account, (ii) such indemnification will be made only to the extent
      necessary to ensure that such loss, liability, claim, damage or expense does
      not
      reduce the amount in the Trust Account below the amount necessary in order
      for
      each holder of IPO Shares to receive a liquidation amount of at least $8.00
      per
      IPO Share owned by such holder, and (iii) such indemnity shall be limited to
      the
      extent of the undersigned’s pro rata beneficial ownership of the Company
      immediately prior to the IPO. If the remaining assets outside the Trust Account
      are insufficient to pay the costs of liquidation, the undersigned agrees to
      advance to the Company the funds necessary to complete such liquidation and
      agree not to seek repayment for such expenses. The foregoing section is not
      for
      the benefit of any third party beneficiaries of the Company and does not create
      any contract right in favor of any person other than the Company.

     

    
      
        
        

      

      
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    II. 
      In
      order
      to minimize potential conflicts of interest which may arise from multiple
      affiliations, the undersigned agrees (A) unless otherwise agreed to by Chardan,
      not to become an officer or director of any blank check company which may
      acquire a business in the People’s Republic of China until ninety days following
      the announcement by the Company of a Business Combination and (B) to present
      to
      the Company for its consideration, prior to presentation to any other person
      or
      entity, any suitable opportunity to acquire an operating business, until the
      earlier of: (i) the announcement by the Company of a Business Combination,
      (ii)
      the dissolution of the Company or (iii) such time as the undersigned ceases
      to
      be a director of the Company, subject to any pre-existing fiduciary and
      contractual obligations the undersigned might have. Such pre-existing fiduciary
      or contractual obligations are described more fully in Exhibit A hereto. For
      the
      purposes hereof, a suitable opportunity shall mean any company or business
      having its primary operations in the People’s Republic of China whose fair
      market value is at least $26 million.

     

    III. 
      The
      undersigned acknowledges and agrees that the Company will not consummate any
      Business Combination with a company affiliated with any of the Insiders or
      their
      respective affiliates or a company that is either a portfolio company of, or
      has
      otherwise received a financial investment from, our founders or their
      affiliates. In addition, the undersigned acknowledges and agrees that the
      Company will not enter into a business combination with any underwriters or
      selling group members or any of their affiliates, unless the Company obtains
      an
      opinion from an unaffiliated, independent investment banking firm which is
      a
      member of the Financial Industry Regulatory Authority (FINRA), that a business
      combination with such target business is fair to the Company’s shareholders from
      a financial point of view. The information relating to the undersigned contained
      in the “Conflicts of Interest” section of the Registration Statement is true and
      accurate in all respects, and does not omit any material information with
      respect to the undersigned’s fiduciary or contractual obligations. 

    

    The
      undersigned hereby agrees and acknowledges that (i) each of the Underwriters
      and
      the Company could be irreparably injured in the event of a breach by the
      undersigned of his obligations under this paragraph III, monetary damages may
      not be an adequate remedy for such breach and (ii) the non-breaching party
      shall
      be entitled to injunctive relief, in addition to any other remedy such party
      may
      have, in the event of such breach.

     

    
      
        
        

      

      
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    IV. 
      Except
      as
      indicated in the Company’s Registration Statement on Form F-1, neither the
      undersigned, any member of the Immediate Family of the undersigned, nor any
      affiliate of the undersigned (“Affiliate”) will be entitled to receive, and no
      such person will accept, any compensation for services rendered to the Company
      prior to, or in connection with, the consummation of a Business Combination;
      provided, however, that the undersigned shall be entitled to reimbursement
      from
      the Company for his out-of-pocket expenses incurred in connection with seeking
      and consummating a Business Combination.

     

    V. 
      Neither
      the undersigned, any member of the Immediate Family of the undersigned, nor
      any
      Affiliate of the undersigned will be entitled to receive or accept a finder’s
      fee or any other compensation in the event the undersigned, any member of the
      Immediate Family of the undersigned or any Affiliate originates a Business
      Combination.

    

    VI.  To
      the
      extent that the Underwriters do not exercise their over-allotment option to
      purchase an additional 562,500 Units
      of
      the Company, the undersigned agrees that he shall return to the Company for
      cancellation, at no cost, the number of Insider Shares held by his affiliate
      Company, Ralco Capital Limited, determined by multiplying 75,556 shares by
      a
      fraction, (i) the numerator of which is 562,500 minus the number of Ordinary
      Shares purchased by the Underwriters upon the exercise of their over-allotment
      option, and (ii) the denominator of which is 562,500.

     

    VII. (1) The
      undersigned agrees to be the Chief Executive Officer and a director of the
      Company until the earlier of the consummation of a Business Combination or
      the
      dissolution and liquidation of the Company. The undersigned agrees to not resign
      (or advise the board of directors that the undersigned declines to seek
      re-election to the board of directors) from his position as officer and director
      of the Company as set forth in the Registration Statement without the prior
      consent of Chardan until the earlier of the consummation by the Company of
      a
      Business Combination or dissolution of the Company and liquidation of the Trust
      Account. The undersigned acknowledges that the foregoing does not interfere
      with
      or limit in any way the right of the Company to terminate the undersigned’s
      positions at any time (subject to other contractual rights the undersigned
      may
      have) nor confer upon the undersigned any right to continue in his positions
      with the Company.

     

    (2) The
      undersigned’s biographical information furnished to the Company and Chardan and
      attached hereto as Exhibit B is true and accurate in all respects, does not
      omit
      any material information with respect to the undersigned’s background and
      contains all of the information required to be disclosed pursuant to Item 401
      of
      Regulation S-K, promulgated under the Securities Act of 1933, as amended. The
      undersigned’s Directors and Officers Questionnaire previously furnished to the
      Company and Chardan is true and accurate in all respects as of the date first
      written above.

     

    (3) The
      undersigned represents and warrants that:

     

    (a) No
      petition under the Federal bankruptcy laws or any state insolvency law has
      been
      filed by or against, or a receiver, fiscal agent or similar officer was
      appointed by a court for the business or property of the undersigned, or any
      partnership in which the undersigned was or is a general partner at or within
      two years prior to the date hereof, or any corporation or business association
      of which the undersigned was an executive officer at or within two years prior
      to the date hereof;

     

    
      
        
        

      

      
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    (b) The
      undersigned has not been convicted in any criminal proceeding nor is the
      undersigned currently a named subject of a pending criminal proceeding
      (excluding traffic violations and other minor offenses);

     

    (c) The
      undersigned has not been the subject of any order, judgment, or decree, not
      subsequently reversed, suspended or vacated, of any court of competent
      jurisdiction, permanently or temporarily enjoining the undersigned from, or
      otherwise limiting, the following activities:

     

    (i) Acting
      as
      a futures commission merchant, introducing broker, commodity trading advisor,
      commodity pool operator, floor broker, leverage transaction merchant, any other
      person regulated by the Commodity Futures Trading Commission, or an associated
      person of any of the foregoing, or as an investment adviser, underwriter, broker
      or dealer in securities, or as an affiliated person, director or employee of
      any
      investment company, bank, savings and loan association or insurance company,
      or
      engaging in or continuing any conduct or practice in connection with such
      activity; or

     

    (ii) Engaging
      in any activity in connection with the purchase or sale of any security or
      commodity or in connection with any violation of Federal or State securities
      laws or Federal commodities laws.

     

    VIII.  The
      undersigned has full right and power, without violating any agreement by which
      he is bound, to enter into this letter agreement and to serve as Chief Executive
      Officer and a director of the board of directors of the Company.

     

    IX.  The
      undersigned acknowledges and understands that Chardan and the Company will
      rely
      upon the agreements, representations and warranties set forth herein in
      proceeding with the IPO.

    

    X.  The
      undersigned agrees that he will not take retaining his position as an officer
      or
      director with the Company into consideration in determining which Business
      Combination to pursue.

    XI.  The
      undersigned authorizes any employer, financial institution, or consumer credit
      reporting agency to release to Chardan and the Company and their respective
      legal representatives or agents (including any investigative search firm
      retained by Chardan or the Company) any information they may have about the
      undersigned’s background and finances (the “Information”). Neither Chardan nor
      the Company nor their respective agents shall be violating the undersigned’s
      right of privacy in any manner in requesting and obtaining the Information
      and
      the undersigned hereby releases them from liability for any damage whatsoever
      in
      that connection.

     

    XII.  If
      the
      Company solicits approval of its shareholders of a Business Combination, and/or
      the Extended Period, the undersigned agrees that he will vote all Ordinary
      Shares owned by him prior to the IPO (the “Insider Shares”), if any, in
      accordance with the majority of the votes cast by the holders of the IPO Shares,
      and all Ordinary Shares acquired in or following the IPO in favor of any
      Business Combination and the Extended Period.

     

    
      
        
        

      

      
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    XIII.  The
      undersigned will escrow his Escrow Securities subject to the terms of a
      Securities Escrow Agreement which the Company will enter into with the
      undersigned and an escrow agent acceptable to the Company.

     

    XIV.  This
      letter agreement shall be governed by and construed and enforced in accordance
      with the laws of the State of New York, without giving effect to conflicts
      of
      law principles that would result in the application of the substantive laws
      of
      another jurisdiction. The undersigned hereby (i) agrees that any action,
      proceeding or claim against him arising out of or relating in any way to this
      letter agreement (a “Proceeding”) shall be brought and enforced in the federal
      courts of the United States of America for the Southern District of New York,
      and irrevocably submits to the jurisdiction of such courts, which jurisdiction
      shall be exclusive, (ii) waives any objection to the exclusive jurisdiction
      of
      such courts and any objection that such courts represent an inconvenient forum
      and (iii) irrevocably agrees to appoint CT Corporation System as agent for
      the
      service of process in the State of New York to receive, for the undersigned
      and
      on his behalf, service of process in any Proceeding. If for any reason such
      agent is unable to act as such, the undersigned will promptly notify the Company
      and Chardan and appoint a substitute agent acceptable to each of the Company
      and
      Chardan within 30 days and nothing in this letter will affect the right of
      either party to serve process in any other manner permitted by law.

     

    XV.  As
      used
      herein, (i) a “Business Combination” shall mean an acquisition by the Company,
      by merger, stock exchange, asset acquisition, reorganization or similar business
      combination, or control through contractual arrangements, of an operating
      business or businesses in the People’s Republic of China; (ii) “Ordinary Share”
shall mean the ordinary share, par value $0.001 per share, of the Company;
      (iii)
“Immediate Family” shall mean, with respect to any person, such person’s spouse,
      children, parents and siblings (including any such relative by adoption or
      marriage); (iv) “Insiders” shall mean all officers, directors and shareholders
      of the Company immediately prior to the IPO; (v) “Insider Shares” shall mean all
      of the Ordinary Shares owned by an Insider prior to the IPO; (vi) “IPO Shares”
shall mean the Ordinary Shares issued in the Company’s IPO; (vii) “Trust
      Account” shall mean the trust account in which most of the proceeds to the
      Company of the IPO will be deposited and held for the benefit of the holders
      of
      the IPO shares, as described in greater detail in the prospectus relating to
      the
      IPO; and (viii) “Extended Period” shall mean the extension, upon shareholder
      approval, of the period of time during which the Company may complete a Business
      Combination from 24 months to 36 months if the Company anticipates that it
      may
      not consummate a Business Combination within 24 months if a letter of intent
      or
      definitive agreement with respect to a business combination has been entered
      into within 18 months.

    

    XVI.  This
      letter agreement shall supersede any other letter agreement signed by the
      undersigned with respect to the subject matter hereof.

     

    
      	 	 
	
               

            	
              Chun
                Yi Hao

            

    

     

    
      
        
        

      

      
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    EXHIBIT
      A

     

    PRIOR
      FIDUCIARY/CONTRACTUAL OBLIGATIONS

    

    

    
      	
              1.

            	
              President
                of China Operations of Asia Automotive Acquisition Corporation, a
                blank
                check company.

            

    

     

     

     

     

     

     

     

     

     

     

    
 

    
      
        
        

      

      
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    EXHIBIT
      B

     

    BIOGRAPHICAL
      INFORMATION

    

    

    Chun
      Yi Hao
      has
      served as our Chief Executive Officer and director and Chairman of our board
      of
      directors since our inception in December 2007. He served as the Chairman of
      our
      board of directors from December 2007 to March 2008. Mr. Hao is also president
      of China operations of Asia Automotive Acquisition Corporation, a blank check
      company (AAAC), which
      is
      merged with Hunan Tongxin Enterprise Co. Ltd., the largest independent
      supplier
      of
      engineered vehicle body structures in China, on April 23, 2008.
In
      January 2004 Mr. Hao co-founded Asia Development Capital LLC. From 2003 Mr.
      Hao
      was a founding member of Pentad, Ltd, a Hong Kong Electronics outsourcing firm.
      From 1999 to 2002, he served as director of Coastal Power, a power generating
      and investment facility firm where he was responsible for management of its
      investment portfolio in China. From January 1994 through 1998, at Delphi Asia,
      a
      United States based company, he served as country divisional financial manager
      and controller, responsible for overseeing various financial aspects of its
      China investment strategy including due diligence, auditing and post venture
      internal controls. Mr. Hao received a Bachelors of Arts Degree from the Beijing
      Languages Institute, a Master of Arts Degree from the University of Notre Dame
      and an M.B.A. from Pace University.

    

    

    

    

    
      
        
        

      

      
        7Unassociated Document

    EXHIBIT
      10.10

    

     

    _______,
      2008

    China
      Fundamental Acquisition Corporation

    Room
      2301, World-Wide House

    19
      Des
      Voeux Road

    Central,
      Hong Kong

     

    Chardan
      Capital Markets, LLC

    17
      State
      Street, Suite 1600

    New
      York,
      New York 10019

     

    Re:
      Initial Public Offering

     

    Gentlemen:

     

    The
      undersigned, a shareholder, officer and director of China Fundamental
      Acquisition Corporation (the “Company”), in consideration of Chardan Capital
      Markets, LLC (“Chardan”) entering into a letter of intent, dated December 20,
      2007 (“Letter of Intent”), to underwrite an initial public offering (“IPO”) of
      the securities of the Company and embarking on, undertaking and continuing
      to
      participate in the IPO process, hereby agrees as follows (certain capitalized
      terms used herein are defined in paragraph XV hereof):

     

    I.            (1) In
      the
      event that the Company fails to consummate a Business Combination within 18,
      24
      or 36 months, as the case may be, from the effective date (the “Effective Date”)
      of the registration statement relating to the IPO, the undersigned shall, in
      accordance with all applicable requirements of the Cayman Islands laws, take
      all
      action reasonably within her power to dissolve the Company and distribute all
      funds held in the Trust Account to holders of the IPO Shares as soon as
      reasonably practicable including, without limitation, (i) causing the Company’s
      board of directors to convene and adopt a plan of dissolution and liquidation
      and (ii) voting, as a director (if applicable), in favor of adopting such plan
      of dissolution and liquidation.

     

    (2) Except
      with respect to any of the IPO Shares acquired by the undersigned in connection
      with or following the IPO, the undersigned hereby (a) waives any and all right,
      title, interest or claim of any kind (a “Claim”) in or to all funds in the Trust
      Account and any remaining net assets of the Company upon liquidation of the
      Trust Account and dissolution of the Company, (b) waives any Claim the
      undersigned may have in the future as a result of, or arising out of, any
      contracts or agreements with the Company, and (c) agrees that the undersigned
      will not seek recourse against the Trust Account for any reason
      whatsoever.

     

    (3) The
      undersigned agrees to indemnify and hold harmless the Company against any and
      all loss, liability, claims, damage and expense whatsoever (including, but
      not
      limited to, any and all legal or other expenses reasonably incurred in
      investigating, preparing or defending against any litigation, whether pending
      or
      threatened, or any claim whatsoever) to which the Company may become subject
      as
      a result of any claim by any vendor, prospective or actual target business,
      creditor or other entity that is owed money by the Company for services rendered
      or products sold to the Company or the claims of any prospective or actual
      target businesses, subject to the following limitations: (i) such
      indemnification will only be made insofar as the Company did not obtain a
      validly enforceable waiver from such party of such party’s rights or claims to
      the Trust Account, (ii) such indemnification will be made only to the extent
      necessary to ensure that such loss, liability, claim, damage or expense does
      not
      reduce the amount in the Trust Account below the amount necessary in order
      for
      each holder of IPO Shares to receive a liquidation amount of at least $8.00
      per
      IPO Share owned by such holder, and (iii) such indemnity shall be limited to
      the
      extent of the undersigned’s pro rata beneficial ownership of the Company
      immediately prior to the IPO. If the remaining assets outside the Trust Account
      are insufficient to pay the costs of liquidation, the undersigned agrees to
      advance to the Company the funds necessary to complete such liquidation and
      agree not to seek repayment for such expenses. The foregoing section is not
      for
      the benefit of any third party beneficiaries of the Company and does not create
      any contract right in favor of any person other than the Company.

     

    
      
         

      

      
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    II. 
      In
      order
      to minimize potential conflicts of interest which may arise from multiple
      affiliations, the undersigned agrees (A) unless otherwise agreed to by Chardan,
      not to become an officer or director of any blank check company which may
      acquire a business in the People’s Republic of China until ninety days following
      the announcement by the Company of a Business Combination and (B) to present
      to
      the Company for its consideration, prior to presentation to any other person
      or
      entity, any suitable opportunity to acquire an operating business, until the
      earlier of: (i) the announcement by the Company of a Business Combination,
      (ii)
      the dissolution of the Company or (iii) such time as the undersigned ceases
      to
      be a director of the Company, subject to any pre-existing fiduciary and
      contractual obligations the undersigned might have. Such pre-existing fiduciary
      or contractual obligations are described more fully in Exhibit A hereto. For
      the
      purposes hereof, a suitable opportunity shall mean any company or business
      having its primary operations in the People’s Republic of China whose fair
      market value is at least $26 million.

     

    III. 
      The
      undersigned acknowledges and agrees that the Company will not consummate any
      Business Combination with a company affiliated with any of the Insiders or
      their
      respective affiliates or a company that is either a portfolio company of, or
      has
      otherwise received a financial investment from, our founders or their
      affiliates. In addition, the undersigned acknowledges and agrees that the
      Company will not enter into a business combination with any underwriters or
      selling group members or any of their affiliates, unless the Company obtains
      an
      opinion from an unaffiliated, independent investment banking firm which is
      a
      member of the Financial Industry Regulatory Authority (FINRA), that a business
      combination with such target business is fair to the Company’s shareholders from
      a financial point of view. The information relating to the undersigned contained
      in the “Conflicts of Interest” section of the Registration Statement is true and
      accurate in all respects, and does not omit any material information with
      respect to the undersigned’s fiduciary or contractual obligations. 

    

    The
      undersigned hereby agrees and acknowledges that (i) each of the Underwriters
      and
      the Company could be irreparably injured in the event of a breach by the
      undersigned of his obligations under this paragraph III, monetary damages may
      not be an adequate remedy for such breach and (ii) the non-breaching party
      shall
      be entitled to injunctive relief, in addition to any other remedy such party
      may
      have, in the event of such breach.

     

    
      
         

      

      
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    IV. as
      indicated in the Company’s Registration Statement on Form F-1, neither the
      undersigned, any member of the Immediate Family of the undersigned, nor any
      affiliate of the undersigned (“Affiliate”) will be entitled to receive, and no
      such person will accept, any compensation for services rendered to the Company
      prior to, or in connection with, the consummation of a Business Combination;
      provided, however, that the undersigned shall be entitled to reimbursement
      from
      the Company for his out-of-pocket expenses incurred in connection with seeking
      and consummating a Business Combination.

     

    V. 
      Neither
      the undersigned, any member of the Immediate Family of the undersigned, nor
      any
      Affiliate of the undersigned will be entitled to receive or accept a finder’s
      fee or any other compensation in the event the undersigned, any member of the
      Immediate Family of the undersigned or any Affiliate originates a Business
      Combination.

    

    VI.  To
      the
      extent that the Underwriters do not exercise their over-allotment option to
      purchase an additional 562,500 Units of the Company, the undersigned agrees
      that
      she shall return to the Company for cancellation, at no cost, the number of
      Insider Shares held by her affiliate Company, Rising Year Group Limited,
      determined by multiplying 75,271 shares by a fraction, (i) the numerator of
      which is 562,500 minus the number of Ordinary Shares purchased by the
      Underwriters upon the exercise of their over-allotment option, and (ii) the
      denominator of which is 562,500.

     

    VII. (1) The
      undersigned agrees to be a director of the Company until the earlier of the
      consummation of a Business Combination or the dissolution and liquidation of
      the
      Company. The undersigned agrees to not resign (or advise the board of directors
      that the undersigned declines to seek re-election to the board of directors)
      from her position as director of the Company as set forth in the Registration
      Statement without the prior consent of Chardan until the earlier of the
      consummation by the Company of a Business Combination or dissolution of the
      Company and liquidation of the Trust Account. The undersigned acknowledges
      that
      the foregoing does not interfere with or limit in any way the right of the
      Company to terminate the undersigned’s positions at any time (subject to other
      contractual rights the undersigned may have) nor confer upon the undersigned
      any
      right to continue in her positions with the Company.

     

    (2) The
      undersigned’s biographical information furnished to the Company and Chardan and
      attached hereto as Exhibit B is true and accurate in all respects, does not
      omit
      any material information with respect to the undersigned’s background and
      contains all of the information required to be disclosed pursuant to Item 401
      of
      Regulation S-K, promulgated under the Securities Act of 1933, as amended. The
      undersigned’s Directors and Officers Questionnaire previously furnished to the
      Company and Chardan is true and accurate in all respects as of the date first
      written above.

     

    (3) The
      undersigned represents and warrants that:

     

    (a) No
      petition under the Federal bankruptcy laws or any state insolvency law has
      been
      filed by or against, or a receiver, fiscal agent or similar officer was
      appointed by a court for the business or property of the undersigned, or any
      partnership in which the undersigned was or is a general partner at or within
      two years prior to the date hereof, or any corporation or business association
      of which the undersigned was an executive officer at or within two years prior
      to the date hereof;

     

    
      
         

      

      
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    (b) The
      undersigned has not been convicted in any criminal proceeding nor is the
      undersigned currently a named subject of a pending criminal proceeding
      (excluding traffic violations and other minor offenses);

     

    (c) The
      undersigned has not been the subject of any order, judgment, or decree, not
      subsequently reversed, suspended or vacated, of any court of competent
      jurisdiction, permanently or temporarily enjoining the undersigned from, or
      otherwise limiting, the following activities:

     

    (i) Acting
      as
      a futures commission merchant, introducing broker, commodity trading advisor,
      commodity pool operator, floor broker, leverage transaction merchant, any other
      person regulated by the Commodity Futures Trading Commission, or an associated
      person of any of the foregoing, or as an investment adviser, underwriter, broker
      or dealer in securities, or as an affiliated person, director or employee of
      any
      investment company, bank, savings and loan association or insurance company,
      or
      engaging in or continuing any conduct or practice in connection with such
      activity; or

     

    (ii) Engaging
      in any activity in connection with the purchase or sale of any security or
      commodity or in connection with any violation of Federal or State securities
      laws or Federal commodities laws.

     

    VIII.  The
      undersigned has full right and power, without violating any agreement by which
      she is bound, to enter into this letter agreement and to serve as a director
      of
      the board of directors of the Company.

     

    IX.  The
      undersigned acknowledges and understands that Chardan and the Company will
      rely
      upon the agreements, representations and warranties set forth herein in
      proceeding with the IPO.

    

    X.  The
      undersigned agrees that she will not take retaining her position as an officer
      or director with the Company into consideration in determining which Business
      Combination to pursue.

    

    XI.  The
      undersigned authorizes any employer, financial institution, or consumer credit
      reporting agency to release to Chardan and the Company and their respective
      legal representatives or agents (including any investigative search firm
      retained by Chardan or the Company) any information they may have about the
      undersigned’s background and finances (the “Information”). Neither Chardan nor
      the Company nor their respective agents shall be violating the undersigned’s
      right of privacy in any manner in requesting and obtaining the Information
      and
      the undersigned hereby releases them from liability for any damage whatsoever
      in
      that connection.

     

    XII.  If
      the
      Company solicits approval of its shareholders of a Business Combination, and/or
      the Extended Period, the undersigned agrees that she will vote all Ordinary
      Shares owned by her prior to the IPO (the “Insider Shares”), if any, in
      accordance with the majority of the votes cast by the holders of the IPO Shares,
      and all Ordinary Shares acquired in or following the IPO in favor of any
      Business Combination and the Extended Period.

     

    
      
         

      

      
        4

        
          

        

      

      
         

      

    

     

    XIII.  The
      undersigned will escrow her Escrow Securities subject to the terms of a
      Securities Escrow Agreement which the Company will enter into with the
      undersigned and an escrow agent acceptable to the Company.

     

    XIV.  This
      letter agreement shall be governed by and construed and enforced in accordance
      with the laws of the State of New York, without giving effect to conflicts
      of
      law principles that would result in the application of the substantive laws
      of
      another jurisdiction. The undersigned hereby (i) agrees that any action,
      proceeding or claim against him arising out of or relating in any way to this
      letter agreement (a “Proceeding”) shall be brought and enforced in the federal
      courts of the United States of America for the Southern District of New York,
      and irrevocably submits to the jurisdiction of such courts, which jurisdiction
      shall be exclusive, (ii) waives any objection to the exclusive jurisdiction
      of
      such courts and any objection that such courts represent an inconvenient forum
      and (iii) irrevocably agrees to appoint CT Corporation System as agent for
      the
      service of process in the State of New York to receive, for the undersigned
      and
      on her behalf, service of process in any Proceeding. If for any reason such
      agent is unable to act as such, the undersigned will promptly notify the Company
      and Chardan and appoint a substitute agent acceptable to each of the Company
      and
      Chardan within 30 days and nothing in this letter will affect the right of
      either party to serve process in any other manner permitted by law.

     

    XV.  As
      used
      herein, (i) a “Business Combination” shall mean an acquisition by the Company,
      by merger, stock exchange, asset acquisition, reorganization or similar business
      combination, or control through contractual arrangements, of an operating
      business or businesses in the People’s Republic of China; (ii) “Ordinary Share”
shall mean the ordinary share, par value $0.001 per share, of the Company;
      (iii)
“Immediate Family” shall mean, with respect to any person, such person’s spouse,
      children, parents and siblings (including any such relative by adoption or
      marriage); (iv) “Insiders” shall mean all officers, directors and shareholders
      of the Company immediately prior to the IPO; (v) “Insider Shares” shall mean all
      of the Ordinary Shares owned by an Insider prior to the IPO; (vi) “IPO Shares”
shall mean the Ordinary Shares issued in the Company’s IPO; (vii) “Trust
      Account” shall mean the trust account in which most of the proceeds to the
      Company of the IPO will be deposited and held for the benefit of the holders
      of
      the IPO shares, as described in greater detail in the prospectus relating to
      the
      IPO; and (viii) “Extended Period” shall mean the extension, upon shareholder
      approval, of the period of time during which the Company may complete a Business
      Combination from 24 months to 36 months if the Company anticipates that it
      may
      not consummate a Business Combination within 24 months if a letter of intent
      or
      definitive agreement with respect to a business combination has been entered
      into within 18 months.

    

    XVI.  This
      letter agreement shall supersede any other letter agreement signed by the
      undersigned with respect to the subject matter hereof.

     

    
      	 	 
	
               

            	
              Hope
                Ni

            

    

     

    
      
         

      

      
        5

        
          

        

      

      
         

      

    

    EXHIBIT
      A

     

    PRIOR
      FIDUCIARY/CONTRACTUAL OBLIGATIONS

    

    

    
      	
              1.

            	
              Comtech
                Group, Inc., Vice Chairman of the Board of
                Directors

            

    

    

    
      	
              2.

            	
              KongZhong
                Corporation, Member of the Board of
                Directors

            

    

    

    
      	
              3.

            	
              ATA
                Inc., Member of the Board of
                Directors

            

    

    

    
      	
              4.

            	
              Asia
                Global Capital 1 Ltd., Partner

            

    

     

     

     

    
      
         

      

      
        6

        
          

        

      

      
         

      

    

    
 

    EXHIBIT
      B

     

    BIOGRAPHICAL
      INFORMATION

    

    

    Hope
      Ni
      has
      served as a member of our board of directors since our inception in December
      2007 and
      has
      served as Chairman of our board of directors since March 2008. She served as
      our
      President from December 2007 to March 2008.
      Until
      January 1, 2008, Ms. Ni served as chief financial officer and secretary for
      Comtech Group Inc., a Nasdaq Select Global Market-listed company (COGO), and
      a
      leading provider of customized module and subsystem design solutions in China,
      which she joined in August 2004. Ms. Ni has been a director of Comtech since
      January 2005, and was appointed vice chairman of the board of directors of
      Comtech on January 1, 2008. Prior to joining Comtech, Ms. Ni spent six years
      as
      a practicing attorney at Skadden, Arps, Slate, Meagher & Flom LLP in New
      York and Hong Kong, specializing in corporate finance, including active
      involvement in major global initial public offerings and New York Stock
      Exchange/Nasdaq listings of a number of major global China-based companies.
      Prior to that, Ms. Ni worked at Merrill Lynch, investment banking division
      in
      New York. Ms. Ni also serves on the board of Qianjia Consulting Company, which
      she founded in 2002 and on the boards of KongZhong Corporation and ATA Inc.,
      both Cayman Islands corporations traded on the Nasdaq Global Market. Ms. Ni
      recently joined Asia Global Capital 1, Ltd., a new equity manager seeking
      private investments in China, as a partner. Ms. Ni received her J.D. degree
      from
      University of Pennsylvania Law School and her B.S. degree in Applied Economics
      and Business Management from Cornell University.

    

    

    

    
      
         

      

      
        7

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