Document:

STOCK
PURCHASE AGREEMENT

     

    This
STOCK PURCHASE AGREEMENT (this “Agreement”) is made as of this ___ day of
January, 2010 by and between Asia Special Situation Acquisition Corp., a limited
life company organized under the laws of the Cayman Islands (“Buyer” or “Asia
Special Situation”) and the signatory on the execution page hereof and its
Affiliates (collectively, “Seller”).1

     

    WHEREAS,
Asia Special Situation was organized for the purpose of acquiring, through a
merger, capital stock exchange, asset acquisition or other similar business
combination, an operating business (“Business Combination”); and

     

    WHEREAS,
Asia Special Situation consummated an initial public offering in January, 2008
(“IPO”) in connection with which it raised gross proceeds of approximately
$115,000,000, a significant portion of which was placed in a trust fund
established by Asia Special Situation for the benefit of its public stockholders
(the “Trust Account”) pending the consummation of a Business Combination, or the
dissolution and liquidation of Asia Special Situation in the event it is unable
to consummate a Business Combination on or prior to January 23, 2010;
and

     

    WHEREAS,
Asia Special Situation has entered into a series of agreements and plan of
merger, asset purchase agreements and exchange agreements to acquire up to three
insurance and reinsurance companies and other assets (collectively, the
“Acquisitions”), all described in Asia Special Situation’s definitive proxy
statement dated January 5, 2010 and filed with the Securities and Exchange
Commission as an exhibit to a Form 6-K dated January 7, 2010 (the “Proxy
Statement”); and

     

    WHEREAS,
pursuant to certain provisions in Asia Special Situation’s Articles and
Memorandum of Association, as amended (the “Memorandum of Association”), a
holder of Asia Special Situation’s ordinary shares, par value $.0001 per share
(the “Ordinary Shares”), issued in Asia Special Situation’s IPO may, if it votes
against the Business Combination, demand that Asia Special Situation redeem such
Ordinary Shares into cash (“Redemption Rights”); and

     

    WHEREAS,
the Acquisitions will not be consummated if the holders of 35% or more of the
Ordinary Shares issued in the IPO vote against the Acquisitions and request
Redemption Rights; and

     

    WHEREAS,
Buyer has requested Seller sell, and Seller has agreed to sell, the number of
Ordinary Shares set forth on the signature page hereof (the
“Shares”).

     

      
        

      

    

    1
Affiliates” shall have the meaning ascribed to such term under Rule 501 of
Regulation D of the Securities Exchange Act of 1934, as
amended.

    
      
         

      

      
        1

        
          

        

      

      
         

      

    

     

    NOW,
THEREFORE, in consideration of the mutual covenants hereinafter set forth and
other good and valuable consideration, the sufficiency of which is hereby
acknowledged, the parties hereby agree as follows:

     

    ARTICLE
I

    Purchase
and Closing

    

    Section
1.01       Purchase.  Seller
hereby agrees to sell to Buyer and Buyer hereby agrees to purchase from Seller
at the Closing (as defined below) the Shares at $10.00 per share (the “Purchase
Price Per Share”) for the aggregate purchase price set forth on the signature
page hereto (the “Aggregate Purchase Price”).  Following the execution
of this Agreement, Buyer hereby agrees to provide irrevocable instructions to
its transfer agent in the form attached hereto as Exhibit A, to deliver
the Aggregate Purchase Price at the Closing.  Buyer’s obligation to
purchase the Shares from Seller shall be conditioned on the consummation of all
or substantially all of the Acquisitions in accordance with the Proxy
Statement.

     

    Section
1.02       Closing. The closing of the
purchase and sale of the Shares (“Closing”) will occur as soon as practicable,
but in no event more than three (3) business days after the consummation of the
Acquisitions.  At the Closing, Seller shall deliver the Shares to an
account specified by Buyer using the Depository Trust Company’s DWAC
(Deposit/Withdrawal at Custodian) System and, upon receipt of all (but not less
than all) of the Shares, the Aggregate Purchase Price shall be paid to Seller by
wire transfer of immediately available funds from Buyer’s Trust Account to an
account specified by Seller.  It shall be a condition to the
obligation of Buyer on the one hand and Seller on the other hand, to consummate
the transfer of the Shares and payment of the Aggregate Purchase Price
contemplated hereunder that the other party’s representations and warranties are
true and correct at the Closing with the same effect as though made on such
date, unless waived in writing by the party to whom such representations and
warranties are made.

     

    ARTICLE
II

    Voting
of the Shares; Proxy and Waiver of Redemption

    

    Section
2.01       Voting;
Redemption.  In further consideration of the Aggregate Purchase
Price, Seller hereby agrees that as soon as practicable, Seller will vote or
send electronic and written instructions to its prime broker holding the Shares
to vote the Shares in favor of the Acquisitions and each of the other proposals
(the “Proposals”) to be submitted at the special meeting, or adjournment
thereof, called for by Buyer for the purpose of voting upon (i) the Acquisitions
and (ii) any other proposal set forth in Buyer’s Proxy Statement describing the
Acquisitions and Proposals (the “Meeting”), each in the manner set forth in such
Proxy Statement.

    
      
         

      

      
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    Section
2.02       Prior Votes.  If
Seller has already voted in connection with the Meeting, Seller shall either
(i)(a) withdraw and revoke its vote against the Acquisitions and Proposals with
respect to the Shares or (b) send electronic and written instructions to its
prime broker holding the Shares to withdraw and revoke its vote against the
Acquisitions and Proposals with respect to the Shares and shall then send
electronic and written instructions to its prime broker to vote the Shares in
accordance with Section 2.01 or (ii) continue to vote the Shares in favor of the
Acquisitions and the Proposals; provided, further, that in all
applicable cases, Seller shall rescind its demand, or not demand, its Redemption
Rights with respect to the Shares.

     

    Section
2.03       Appointment of
Proxy.  Seller hereby appoints each of Gary T. Hirst and
Marshall Manley as its true and lawful proxies and attorneys-in-fact, with full
power of substitution, to vote all of the Shares in accordance with the terms of
this Agreement.  The proxy and power of attorney granted herein shall
be deemed to be coupled with an interest, shall be irrevocable during the term
of this Agreement, and shall survive the death, disability, incompetency,
bankruptcy, insolvency or dissolution of Seller. Furthermore, Seller will, from
time to time as reasonably requested by Buyer, execute and deliver such further
instruments, ancillary agreements or other documents or take such other actions
as may be necessary or advisable to give effect to, confirm, evidence or
effectuate the purposes of the proxy granted by this Section
2.03.  Upon the termination of this Agreement in accordance with
Section 7.01, this Section 2.03 shall be of no further force and
effect.

     

    Section
2.04       Evidence of
Vote.  Seller shall provide further evidence of both (i) its
vote in favor of the Acquisitions and Proposals, and (ii) its non-demand or
withdrawal of Redemption Rights, within one (1) business day of any reasonable
request by Buyer for such evidence.

     

    Section
2.05       Waiver of Right of
Redemption.  By entering into this Agreement, Seller hereby
waives its rights to redeem the Shares.  The waiver granted by Seller
pursuant to this Section 2.05 is irrevocable unless and until this Agreement is
terminated in accordance with Section 7.01 and is granted in consideration of
Buyer entering into this Agreement and incurring certain related fees and
expenses.

     

    ARTICLE
III

    Representations
and Warranties of the Seller

    

    Seller
hereby represents and warrants to Buyer on the date hereof and on the Closing
Date that:

     

    Section
3.01       Organization.  Seller
is a [ENTITY], [duly incorporated/formed], validly existing and in good standing
in the jurisdiction of its [incorporation/formation]. Seller has the requisite
corporate power and authority to execute, deliver and carry out the terms of
this Agreement and to consummate the transactions contemplated hereby and
thereby.

     

    Section
3.02       Authority;
Non-Contravention.  This Agreement has been validly authorized,
executed and delivered by Seller and, assuming the due authorization, execution
and delivery thereof by Buyer, is a valid and binding agreement enforceable in
accordance with its terms, subject to the general principles of equity and to
bankruptcy or other laws affecting the enforcement of creditors’ rights
generally.  The execution, delivery and performance of this Agreement
by Seller does not and will not conflict with, violate or cause a breach of,
constitute a default under, or result in a violation of (i) any agreement,
contract or instrument to which Seller is a party which would prevent Seller
from performing its obligations hereunder or (ii) any law, statute, rule or
regulation to which Seller is subject.

    
      
         

      

      
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    Section
3.03       Sophisticated
Seller.  Seller is sophisticated in financial matters and is
able to evaluate the risks and benefits attendant to the sale of Shares to
Buyer.

     

    Section
3.04      Independent
Investigation.  Seller, in making the decision to sell the
Shares to Buyer, has not relied upon any oral or written representations or
assurances from Buyer or any of its officers, directors or employees or any
other representatives or agents of Buyer other than as set forth in this
Agreement.  Seller has had access to all of the filings made by Asia
Special Situation with the SEC, pursuant to the Securities Exchange Act of 1934,
as amended (the “Exchange Act”) and the Securities Act of 1933, as amended, in
each case to the extent available publicly via the SEC’s Electronic Data
Gathering, Analysis and Retrieval system.

     

    Section
3.05       No Legal Advice from
Buyer.   Seller acknowledges it has had the opportunity to
review this Agreement and the transactions contemplated by this Agreement with
Seller’s own legal counsel, investment and tax advisors.  Seller is
not relying on any statements or representations of Buyer or any of its
representatives or agents for legal, tax or investment advice with respect to
this Agreement or the transactions contemplated by the Agreement.

     

    Section
3.06       Ownership of
Shares.  Seller is the legal and beneficial owner of the Shares
and will transfer to Buyer at the Closing good and marketable title to the
Shares free and clear of any liens, claims, security interests, options, charges
or any other encumbrance whatsoever.  The Seller (i) beneficially
owned all of the Shares as of the close of the trading day on January 4, 2010
(the “Record Date”), and (ii) has the sole right to exercise Redemption Rights
and vote the Shares, whether at the Meeting or upon action by written consent,
with respect to all of the Shares, and (iii) none of the Shares were lent out by
Seller or Seller’s broker as of the Record Date.  Except as provided
by this Agreement, Seller has not, directly or indirectly, granted any proxies
or entered into any voting trust or other agreement or arrangement with respect
to the voting, regardless of whether such vote would occur at the Meeting or
upon action by written consent, of any of the Shares.

     

    Section
3.07       Number of
Shares.  The Shares being transferred pursuant to this
Agreement represent all of the Ordinary Shares beneficially owned by Seller as
of the date hereof, including any such Ordinary Shares which may result from the
exercise of any option, call or other derivative security interest; provided, however, the term
“derivative security interest” shall not include any of Asia Special Situation’s
warrants issued in connection with the IPO.

    
      
         

      

      
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    Section
3.08      Cash Account.  If
the Shares are not currently held in an account which prohibits rehypothecation
by the Seller’s prime broker, Seller will transfer the Shares into such an
account as soon as practicable following the execution of this Agreement; provided, however, in no event
shall such transfer occur more than two (2) business days from the execution of
this Agreement.

     

    Section
3.09       Seller
Taxes.  Seller understands that Seller (and not the Buyer)
shall be responsible for any and all tax liabilities of Seller that may arise as
a result of the transactions contemplated by this Agreement.

     

    Section
3.10      Aggregate Purchase Price
Negotiated.  Seller represents and understands that both the
number of Shares and the Aggregate Purchase Price were negotiated figures by the
parties and that the terms and conditions by the parties of this Agreement may
differ from arrangements entered into with other holders of Ordinary
Shares.

     

    Section
3.11       Finder’s Fees.  No
investment banker, broker, finder or other intermediary is entitled to a fee or
commission from Buyer in respect of this Agreement based upon any arrangement or
agreement made by or on behalf of Seller.

     

    ARTICLE
IV

    Representations
and Warranties of the Buyer

    

    Buyer
hereby represents and warrants to Seller on the date hereof and on the Closing
Date that:

     

    Section
4.01       Organization.  Buyer is a
corporation, duly incorporated, validly existing and in good standing in the
jurisdiction of its incorporation.  Buyer has the requisite corporate
power and authority to execute, deliver and carry out the terms of this
Agreement and to consummate the transactions contemplated hereby and
thereby.

     

    Section
4.02       Authority;
Non-Contravention.  This Agreement has been validly authorized,
executed and delivered by Buyer and assuming the due authorization, execution
and delivery thereof by Seller, is a valid and binding agreement enforceable in
accordance with its terms, subject to the general principles of equity and to
bankruptcy or other laws affecting the enforcement of creditors’ rights
generally.  The execution, delivery and performance of this Agreement
by Buyer does not and will not conflict with, violate or cause a breach of,
constitute a default under, or result in a violation of (i) any agreement,
contract or instrument to which Buyer is a party which would prevent Buyer from
performing its obligations hereunder or (ii) any law, statute, rule or
regulation to which Buyer is subject.

     

    Section
4.03       Sophisticated
Buyer.  Buyer is sophisticated in financial matters and is able
to evaluate the risks and benefits attendant to the purchase of Shares from
Seller.

    Section
4.04      Independent
Investigation.  Buyer, in making the decision to purchase the
Shares from Seller, has not relied upon any oral or written representations or
assurances from Seller or any of its officers, directors, partners or employees
or any other representatives or agents of Seller other than as set forth in this
Agreement.

    
      
         

      

      
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    Section
4.05       No Legal Advice from
Seller.  Buyer acknowledges it has had the opportunity to
review this Agreement and the transactions contemplated by this Agreement with
Buyer’s own legal counsel, investment and tax advisors.  Buyer is
relying solely on such counsel and advisors and not on any statements or
representations of Seller or any of its representatives or agents for legal, tax
or investment advice with respect to this Agreement or the transactions
contemplated by this Agreement.

     

    Section
4.06       Buyer Taxes.  Buyer
understands that Buyer (and not the Seller) shall be responsible for any and all
tax liabilities of Buyer that may arise as a result of the transactions
contemplated by this Agreement.

     

    ARTICLE
V

    Negative
Covenants of the Seller

    

    Section
5.01       No Further Acquisitions of Asia
Special Situation Securities.  Seller hereby covenants and
agrees that following the execution of this Agreement and prior to Closing,
Seller shall not acquire any Ordinary Shares, other securities of Asia
Special Situation convertible into or exchangeable for Ordinary Shares in Asia
Special Situation or any options, calls or other rights to acquire Ordinary
Shares of Asia Special Situation or similar securities or rights that are
derivative of, or provide economic benefits based, directly or indirectly, on
the value or price of, any Ordinary Shares or other securities of Asia Special
Situation.

     

    Section
5.02       No Other Proxies or Voting
Agreements.  Seller hereby covenants and agrees that except
pursuant to the terms of this Agreement, Seller shall not, directly or
indirectly, (i) grant any proxies or enter into any voting trust or other
agreement or arrangement with respect to the voting of any of the Shares,
regardless of whether such vote would occur at the Meeting or upon action by
written consent or (ii) sell, assign, transfer, encumber or otherwise dispose
of, or enter into any contract, option or other arrangement or understanding
with respect to the direct or indirect assignment, transfer, encumbrance or
other disposition of, any of the Shares during the term of this
Agreement. Seller shall not seek or solicit any such assignment, transfer,
encumbrance or other disposition or any such contract, option or other
arrangement or understanding with respect to the Shares and agrees to notify
Buyer promptly, and to provide all details requested by Buyer, if Seller shall
be approached or solicited, directly or indirectly, by any person with respect
to the Shares.

     

    ARTICLE
VI

    Acknowledgement;
Waiver

    Section
6.01       Acknowledgement;
Waiver.  Seller (i) acknowledges that Buyer may possess or have
access to material non-public information which has not been communicated to
Seller; (ii) hereby waives any and all claims, whether at law, in equity or
otherwise, that he, she, or it may now have or may hereafter acquire, whether
presently known or unknown, against Buyer or any of its officers, directors,
employees, agents, affiliates, subsidiaries, successors or assigns relating to
any failure to disclose any non-public information in connection with the
transactions contemplated by this Agreement, including without limitation, any
such claims arising under the securities or other laws, rules and regulations,
and (iii) is aware that Buyer is relying on the foregoing acknowledgement and
waiver in clauses (i) and (ii) above, respectively, in connection with the
transactions contemplated by this Agreement.

    
      
         

      

      
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    ARTICLE
VII

    Miscellaneous

    

    Section
7.01      Termination.  Notwithstanding
any provision in this Agreement to the contrary, this Agreement shall become
null and void and of no further force and effect upon the earlier to occur: (i)
termination by the written agreement of the parties to this Agreement or (ii)
the day on which the Acquisitions is terminated.

     

    Section
7.02      Counterparts;
Facsimile.  This Agreement may be executed in any number of
counterparts, each of which when so executed shall be deemed to be an original
and all of which taken together shall constitute one and the same
instrument.  This Agreement or any counterpart may be executed via
facsimile transmission, and any such executed facsimile copy shall be treated as
an original.

     

    Section
7.03      Governing
Law.  This Agreement shall for all purposes be deemed to be
made under and shall be construed in accordance with the laws of New
York.  Each of the parties hereby agrees that any action, proceeding
or claim against it arising out of or relating in any way to this Agreement
shall, to the fullest extent applicable, be brought and enforced first in
the Southern District of New York, then to such other court in the State of New
York as appropriate and irrevocably submits to such jurisdiction, which
jurisdiction shall be exclusive.  Each of the parties hereby waives
any objection to such exclusive jurisdiction and that such courts represent an
inconvenient forum.

     

    Section
7.04       Remedies
Cumulative.  Each of the parties hereto acknowledges and agrees
that, in the event of any breach of any covenant or agreement contained in this
Agreement by the other party, money damages may be inadequate with respect to
any such breach and the non-breaching party may have no adequate remedy at
law.  It is accordingly agreed that each of the parties hereto shall
be entitled, in addition to any other remedy to which they may be entitled at
law or in equity, to seek injunctive relief and/or to compel specific
performance to prevent breaches by the other party hereto of any covenant or
agreement of such other party contained in this Agreement. Accordingly,
Seller hereby agrees Buyer is entitled to an injunction prohibiting any conduct
by the Seller in violation of this Agreement and Seller shall not seek the
posting of any bond in connection with such request for an
injunction.  Furthermore, in any action by Buyer to enforce this
Agreement, Seller waives its right to assert any counterclaims and its right to
assert set-off as a defense.  The prevailing party agrees to pay all
costs and expenses, including reasonable attorneys' and experts' fees that such
prevailing party may incur in connection with the enforcement of this
Agreement.

     

    Section
7.05      Severability.  If
any term, provision or covenant of this Agreement is held by a court of
competent jurisdiction or other authority to be invalid, void or unenforceable,
the remainder of the terms, provisions and covenants of this Agreement shall
remain in full force and effect and shall in no way be affected, impaired or
invalidated

    
      
         

      

      
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    Section
7.06      Binding Effect;
Assignment.  This Agreement shall be binding upon and inure to
the benefit of the parties hereto and their respective legal representatives,
successors and permitted assigns.  This Agreement shall not be
assigned by Seller without the prior written consent of Buyer.  Buyer
may assign this Agreement to a third party without the prior consent of Seller
as long as such assignee shall immediately purchase the Shares from
Seller.

     

    Section
7.07       Headings.  The
descriptive headings of the Sections hereof are inserted for convenience only
and do not constitute a part of this Agreement.

     

    Section
7.08      Entire Agreement; Changes in
Writing.  This Agreement constitutes the entire agreement among
the parties hereto and supersedes and cancels any prior agreements,
representations and warranties, whether oral or written, among the parties
hereto relating to the transaction contemplated hereby.  Neither this
Agreement nor any provision hereof may be changed or amended orally, but only by
an agreement in writing signed by the other party hereto.

     

    Section
7.09      Further
Assurances.    If at any time any of the parties hereto
shall consider or be advised that any further documents or actions are necessary
or desirable to vest, perfect or confirm of record or otherwise the rights,
title or interest in or to the Shares or under or otherwise pursuant to this
Agreement, the parties hereto shall execute and deliver such further documents
or take such actions and provide all assurances and to take and do all such
other actions and things as may be necessary or desirable to vest, perfect or
confirm any and all right, title and interest in or to the Shares or under or
otherwise pursuant to this Agreement, including, without limitation, any
documentation or actions which may be required in connection with the assignment
from Buyer as permitted under Section 7.06 hereof.

     

    Section
7.10      Trust Waiver.  The
Trust Account is invested in U.S. government securities in a trust account at
Morgan Stanley and held in trust by Continental Stock Transfer & Trust
Company (the “Trustee”) pursuant to the Investment Management Trust Account
Agreement, dated as of January 16, 2008, between Asia Special Situation and
Trustee.  Other than with respect to the Aggregate Purchase Price to
be paid to Seller in connection with this Agreement, Seller agrees that it does
not now have, and shall not at any time have, any claim to, or make any claim
against, the Trust Account or any asset contained therein, regardless of whether
such claim arises as a result of, in connection with or relating in any way to,
the business relationship between Seller, on the one hand, and Asia Special
Situation, on the other hand, this Agreement, or any other agreement or any
other matter, and regardless of whether such claim arises based on contract,
tort, equity or any other theory of legal liability. Other than with respect to
the Aggregate Purchase Price to be paid to Seller in connection with this
Agreement, Seller hereby irrevocably waives any and all claims it may have, now
or in the future (in each case, however, prior to the consummation of a business
combination), and will not seek recourse against, the Trust Account for any
other reason whatsoever in respect thereof. Other than with respect to an action
for the recovery of the Aggregate Purchase Price to be paid to Seller in
connection with this Agreement, in the event Seller commences any other action
or proceeding based upon, in connection with, relating to or arising out of any
matter relating to Asia Special Situation, which proceeding seeks, in whole or
in part, relief against the Trust Account or the public stockholders of Asia
Special Situation, whether in the form of money damages or injunctive relief,
Asia Special Situation shall be entitled to recover from Seller the associated
legal fees and costs in connection with any such action.

    
      
         

      

      
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    Section
7.11       Seller W-9.  Seller agrees to provide to Buyer an
Internal Revenue Service Request for Taxpayer Identification Number and
Certification Form W-9 or W-8, as applicable.

    
      
         

      

      
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    IN
WITNESS WHEREOF, the undersigned have executed this Agreement as of the date set
forth on the first page of this Agreement.

     

    
      
        	
                ASIA
      SPECIAL SITUATION

                ACQUISITION
      CORP.

              
	 
      
	
                By:

              	
                  

              
	
                Name:

              
	
                Title:

              
	 
      
	
                [SELLER]

              
	 
      
	
                By:

              	
                  

              
	
                Name:

              
	
                Title:

              

      

    

    

    Purchase
Price Per Share:

    Number of
Shares:

    Aggregate
Purchase Price:

     

    Signature Page to Stock Purchase
Agreement 

      
        
           

        

        
          
          

          
            

          

        

        
           

        

      

    

     

    Exhibit
A

     

    ASIA
SPECIAL SITUATION ACQUISITION CORP.

    C/O
M&C CORPORATE SERVICES LIMITED

    P.O.
BOX 309 GT, UGLAND HOUSE, SOUTH CHURCH STREET

    GEORGE
TOWN, GRAND CAYMAN, CAYMAN ISLANDS

    

    January
__, 2010

    

    Continental
Stock Transfer & Trust Company

    17
Battery Place

    New York,
NY 10004

    Attn:
Frank Di Paolo

    

    Re:           Trust
Account No.

    

    Gentlemen:

    

    Asia Special Situation Acquisitions
Corp. (the “Company”) is providing these irrevocable instructions to you in
connection with the above described Trust Account established in connection with
and pursuant to an Investment Management Trust Agreement dated as of January 16,
2008 between Continental Stock Transfer & Trust Company as Trustee (the
“Trust Agreement”).  Upper case terms used herein shall have the
meanings ascribed to such terms in the Trust Agreement.

    

    In the event the Company notifies you
that it has consummated a Business Combination, or, in connection with this and
other required transfers of Trust Account funds will consummate a Business
Combination, and assuming you are the Trustee on such date, then, in
consideration for the electronic transfer of [NUMBER] ordinary shares of the
Company to an account specified by the Company (the “Company Account”) upon the
receipt of the shares in the Company Account, you are irrevocably instructed to
deliver the sum of [AMOUNT] to [SELLER] in accordance with the bank wire
instructions provided to you below:

    

    [INSERT
INSTRUCTIONS]

    
      
         

      

      
        1

        
          

        

      

      
         

      

    

     

    Exhibit A

     

    The address for [SELLER] is
[ADDRESS].  The contact person for [SELLER] is [PERSON].  He
can be reached at [NUMBER].

    

    Kindly acknowledge where indicated
below, your receipt and understanding of these instructions and return a copy to
Ellenoff Grossman & Schole LLP, attn: David E. Kutcher, Esq. facsimile
number [NUMBER].

    

    A facsimile signed and electronically
delivered copy of this letter shall be deemed an original.

    

    
      
        
          	
                  Very
      truly yours,

                
	 
      
	
                  ASIA
      SPECIAL SITUATION ACQUISITION CORP.

                
	 
      
	
                  By:

                	 
      
	
                  Name:

                
	
                  Title:

                

        

      

    

    

    Acknowledged
and Agreed:

    

    CONTINENTAL
STOCK TRANSFER

    &
TRUST COMPANY

    

    
      
        
          	
                  By:

                	 
      
	
                  Name:

                
	
                  Title:

                

        

      

    

    
      
         

      

      
        2Unassociated Document

    CONO
ITALIANO, INC.

    

    EMPLOYMENT
AGREEMENT

    

    

    EMPLOYMENT
AGREEMENT, dated this 30th day of
December, 2009 (the “Agreement”), by and
between Cono Italiano, Inc., a Nevada corporation (the “Company”), and
Mitchell Brown (the
“Executive”).

    

    WHEREAS,
the Company desires to engage the Executive to serve the Company as the Chief
Executive Officer and the Executive desires to serve as the Chief Executive
Officer of the Company;

    

    NOW
THEREFORE, in consideration of the premises and the mutual agreements made
herein, the Company and the Executive agree as follows:

    

    1.           Employment;
Duties.  The Company shall engage the Executive to serve as
Chief Executive Officer of the Company.  The Executive shall serve the
Company in such capacity for the “Employment Period” as
defined in Section 2.  The Executive agrees that during the term of
his employment hereunder, he shall devote approximately Seventy-Five Percent
(75%) of his professional working time, attention, knowledge and experience and
give his best effort, skill and abilities to promote the business and interests
of the Company as directed by the Board of Directors of the Company or a
committee of the Board of Directors to which the Board of Directors has duly
delegated authority thereof (collectively, the “Board”).  The
Company acknowledges and agrees that the services rendered to the Company shall
not be exclusive to the Company and the Executive may pursue other business
activities so long as such other business activities are not in conflict with
the Company.  The Executive agrees to faithfully and diligently
perform such reasonable duties commensurate with the position of Chief Executive
Officer as may from time to time be assigned to the Executive by the
Board.  For purposes of clarity, except with respect to subsidiaries
of the Company, to the extent the Executive renders services to any other
organizations, all such services must be rendered in a separate capacity and
shall not be deemed to constitute services of the Executive as an agent of any
such other organization to the Company or by or on behalf of the Company to such
other organizations unless expressly delegated in writing to such
effect.

    

    2.           Employment
Period.  This Agreement shall have an initial term of two
year(s) to be effective commencing as of January 1, 2010 and ending on December
31, 2011 (the “Initial
Employment Period”), unless sooner terminated in accordance with the
provisions of Section 7 or Section 8.  This Agreement shall
automatically renew and continue to remain in effect after the Initial
Employment Period for successive one year periods (each, a “Renewal Employment
Period”), until terminated as provided herein, unless either party
provides the other party with written notice of non-renewal not later than 30
days prior to the expiration of the Initial Period or the anniversary of such
date in any subsequent Renewal Employment Period.  The Initial
Employment Period and each Renewal Employment Period of this Agreement is
referred to herein as the “Employment
Period.”

    

    
      
         

      

      
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    3.           Compensation.

    

    (a)           Base
Compensation.  The Executive shall be paid a base salary of One
Hundred and Twenty-Five Thousand Dollars ($125,000) payable incrementally on
a monthly basis and pro-rated for any partial year of employment, less any
applicable statutory and regulatory deductions (the “Base
Salary”).  The Executive hereby agrees to defer the receipt of
Base Salary and any and all other amounts due hereunder, all of which shall
accrue and not become due and payable by the Company to the Executive
until the first business day of January 2012 (the “Deferral
Period”).

    

    (b)           Form of
Compensation.  At the end of the Deferral Period, the Company
shall have the choice of paying the Executive the deferred Base Salary within
thirty (30) calendar days in either (i) a lump sump cash payment, or (ii) in
restricted shares of the Company’s common stock (such stock compensation, the
“Stock
Payment”).  The Stock Payment shall be equal in value to the
outstanding Base Salary, with such value to be calculated on the basis of the
average of the closing price of shares of the Company’s common stock on the
thirty (30) calendar days prior to and including December 31,
2011.  Such closing prices shall be determined by reference to the
closing price of common stock of the Company, as listed on the primary exchange
for the trading of the Company’s common stock, or in the absence of such an
exchange, as listed on the NASDAQ’s Over the Counter Bulletin Board or any
successor thereto.

    

    (c)           Options. The
Executive shall be eligible to participate in the Company equity incentive plan
and options as granted at the discretion of the Board of Directors.

    

    (d)           Expense
Reimbursement.  The Executive shall be entitled to
reimbursement of reasonable out-of-pocket expenses incurred in connection with
travel and matters related to the Company's business and affairs if made in
accordance with written Company policy as in effect from time to time as
determined by the Board.

    

    (e)           Place of Employment.
The parties agree that the principal place of services to be rendered to the
Company by Executive shall be in New Jersey and all compensation shall be paid
to Executive in such jurisdiction.

    

    4.           Trade
Secrets.  The Executive agrees that it is in the Company's
legitimate business interest to restrict his disclosure or use of Trade Secrets
and Confidential Information relating to the Company or its affiliates as
provided herein, and agrees not to disclose or use the Trade Secrets and/or
Confidential Information relating to the Company or its affiliates for any
purpose other than in connection with his performance of his duties to the
Company.  For purposes of this Agreement, “Trade Secrets” shall
mean all confidential and proprietary information belonging to the Company
(including prospective client lists, ideas, formulas, compositions, inventions
(whether patentable or unpatentable and whether or not reduced to practice),
know-how, manufacturing and production processes and techniques, research and
development information, drawings, specifications, designs, plans, proposals,
technical data, copyrightable works, financial and marketing plans and customer
and supplier lists and information). For purposes of this
Agreement, “Confidential
Information” shall mean all information other than Trade Secrets
belonging to, used by, or which is in the possession of the Company and relating
to the Company’s business or assets specifically including, but not limited to,
information relating to the Company’s products, services, strategies, pricing,
customers, representatives, suppliers, distributors, technology, finances,
employee compensation, computer software and hardware, inventions, developments,
in each case to the extent that such information is not required to be disclosed
by applicable law or compelled to be disclosed by any governmental
authority.  Notwithstanding the foregoing, the terms “Trade Secrets” and
“Confidential
Information” do not include information that (i) is or becomes generally
available to or known by the public (other than as a result of a disclosure by
the Executive), provided, that the source of
such information is not known by the Executive to be bound by a confidentiality
agreement with the Company; or (ii) is independently developed by the Executive
without violating this Agreement.

     

    
      
         

      

      
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    5.           Return of Documents and
Property.  Upon the expiration or termination of the
Executive's employment with the Company, or at any time upon the request of the
Company, the Executive (or his heirs or personal representatives) shall deliver
to the Company (a) all documents and materials (including, without limitation,
computer files) containing Trade Secrets and Confidential Information relating
to the business and affairs of the Company or its affiliates, and (b) all
documents, materials, equipment and other property (including, without
limitation, computer files, computer programs, computer operating systems,
computers, printers, scanners, pagers, telephones, credit cards and ID cards)
belonging to the Company or its affiliates, which in either case are in the
possession or under the control of the Executive (or his heirs or personal
representatives).

    

    6.           Discoveries and
Works.  All Discoveries and Works made or conceived by the
Executive during his employment by the Company, solely, jointly or with others,
that relate to the Company's present or anticipated activities, or are used or
useable by the Company shall be owned by the Company.  For the
purposes of this Section 6, (including the definition of “Discoveries and
Works”) the term “Company” shall
include the Company and its affiliates.  The term “Discoveries and
Works” includes, by way of example but without limitation, Trade Secrets
and other Confidential Information, patents and patent applications, service
marks, and service mark registrations and applications, trade names, copyrights
and copyright registrations and applications.  The Executive shall (a)
promptly notify, make full disclosure to, and execute and deliver any documents
requested by the Company, as the case may be, to evidence or better assure title
to Discoveries and Works in the Company, as so requested, (b) renounce any and
all claims, including but not limited to claims of ownership and royalty, with
respect to all Discoveries and Works and all other property owned or licensed by
the Company, (c) assist the Company in obtaining or maintaining for itself at
its own expense United States and foreign patents, copyrights, trade secret
protection or other protection of any and all Discoveries and Works, and (d)
promptly execute, whether during his employment with the Company or thereafter,
all applications or other endorsements necessary or appropriate to maintain
patents and other rights for the Company and to protect the title of the Company
thereto, including but not limited to assignments of such patents and other
rights.  Any Discoveries and Works which, within one year after the
expiration or termination of the Executive's employment with the Company, are
made, disclosed, reduced to tangible or written form or description, or are
reduced to practice by the Executive and which pertain to the business carried
on or products or services being sold or delivered by the Company at the time of
such termination shall, as between the Executive and, the Company, be presumed
to have been made during the Executive's employment by the
Company.  The Executive acknowledges that all Discoveries and Works
shall be deemed “works
made for hire” under the U.S. Copyright Act of 1976, as amended 17 U.S.C.
Sect. 101.

    

    
      
         

      

      
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    7.           Termination.

    

    (a)           Termination by the
Company.  The Company may terminate this Agreement with or
without cause at any time during the Employment Period effective immediately
upon giving written notice of termination to the Executive.  In the
event that the Executive is terminated without cause, all options granted to
date to the Executive shall immediately vest.  In the event that the
Executive is terminated with cause, all unvested options shall
expire.  For purposes of this Agreement, “cause” shall mean,
with respect to the Executive, (i) any act of fraud or dishonesty, willful
misconduct or negligence in connection with the Executive's performance of his
duties, (ii) repeated failure of the Executive to follow reasonable instructions
of the Board, (iii) dishonesty of the Executive which causes a material
detriment to the Company or its affiliates, (iv) a breach by the Executive of
any provision hereof or of any contractual or legal fiduciary duty to the
Company (including, but not limited to, the unauthorized disclosure of Trade
Secrets or other Confidential Information, non-compliance with the policies,
guidelines and procedures of the Company or engaging during his employment in
any other employment or business without the express written approval of the
Company’s Board of Directors), (v) the arrest of the Executive for the
commission of a felony, whether or not such alleged felony was committed in
connection with the Company's business or (vi) the commencement of any
bankruptcy proceedings (whether voluntary or involuntary), the appointment of a
trustee or receiver for the Executive or the general assignment of the
Executive's assets to his creditors.

    

    (b)           Termination by Executive
. The Executive may terminate this Agreement with or without cause at any
time during the Employment Period upon thirty (30) days prior written notice of
termination to the Company.

    

    (c)           Effect of
Termination.  Except as otherwise provided herein, in the event
this Agreement is terminated pursuant to this Section 7, the Executive's rights
and the Company's obligations hereunder shall cease as of the effective date of
the termination, including, without limitation, the right to receive Base Salary
not yet accrued, options not yet granted and all other compensation or benefits
provided for in this Agreement.  The Executive shall not be entitled
to any further compensation, options, or severance compensation of any kind,
other than the payment of Base Salary accrued through the termination date, to
be paid after the end of the Deferral Period, as described in Section 3 of this
Agreement.  The Executive shall have no further right or claim to any
compensation, options, benefits or severance compensation under this Agreement
or otherwise against the Company or its affiliates, from and after the date of
such termination, except as required by applicable law.  Any
termination under this Section 7 is subject to the provisions of Sections 18 and
20 hereof.

    

    (d)           Relinquishment of
Authority.  Notwithstanding anything to the contrary set forth
herein, upon written notice to the Executive, the Company may immediately
relieve the Executive of all his duties and responsibilities hereunder and may
relieve the Executive of authority to act on behalf of, or legally bind, the
Company.

    
      
         

      

      
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    (e)           Transition
Services and
Certifications. Following any termination for any reason, the
Executive shall render any and all services reasonably necessary for the Company
to facilitate proper transition of the Company’s books and records and the
Executive shall certify to the Company that any and all books and records
maintained during the period of Executive’s services to the Company were true
and complete and did not contain any material misstatements or omissions or any
misleading information of any nature or kind, and that all controls and
procedures of the Company under the management authority of Executive during the
period of employment were properly observed during the period of service of the
Executive.

    

    8.           Disability:
Death.

    

    (a)           If,
prior to the expiration of any applicable Employment Period, the Executive shall
be unable to perform his duties hereunder by reason of physical or mental
disability for at least ninety (90) calendar days, the Company shall have the
right to terminate this Agreement and the remainder of the Employment Period by
giving written notice to the Executive to that effect.  Immediately
upon the giving of such notice, the Employment Period shall
terminate.

    

    (b)           Upon
termination of this Agreement pursuant to Section 8(a), the Executive shall
(i) be paid his Base Salary through the effective date of such termination,
at the end of the Deferral Period and in accordance with the terms of Section 3,
above, and (ii) all options previously granted shall remain in full force and
effect.  All other compensation and benefits provided for in
Section 3 of this Agreement shall cease upon termination pursuant to
Section 8(a), except as otherwise required by applicable law.

    

    

    (c)           In
the event of a dispute as to whether the Executive is disabled within the
meaning of Section 8(a), either party may from time to time request a medical
examination of the Executive by a doctor appointed by the chief of staff of a
hospital selected by mutual agreement of the parties, or as the parties may
otherwise agree, and the written medical opinion of such doctor shall be
conclusive and binding upon the parties as to whether the Executive has become
disabled and the date when such disability arose.  The cost of any
such medical examination shall be borne by the requesting party.

    

    (d)           If,
prior to the expiration of the Employment Period or the termination of this
Agreement, the Executive shall die, the Executive's estate shall be paid any
compensation due through such date of death.  Except as otherwise
provided in this Section 8(d), upon the death of the Executive, the Employment
Period shall terminate without further notice and the Company shall have no
further obligations hereunder, including, without limitation, obligations with
respect to compensation, options and benefits provided for in Section 3 of
this Agreement, other than as set forth in the immediately preceding sentence or
as otherwise required by law.  Any termination under this Section 8 is
subject to the provisions of Section 18 hereof.

     

    
      
         

      

      
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    9.           No
Conflicts.  The Executive has represented and hereby represents
to the Company and its affiliates that the execution, delivery and performance
by the Executive of this Agreement do not conflict with or result in a violation
or breach of, or constitute (with or without notice or lapse of time or both) a
default under any contract, agreement or understanding, whether oral or written,
to which the Executive is a party or of which the Executive is or should be
aware and that there are no restrictions, covenants, agreements or limitations
on his right or ability to enter into and perform the terms of this Agreement,
and agrees to indemnify and save the Company and its affiliates harmless from
any liability, cost or expense, including attorney’s fees, based upon or arising
out of any such restrictions, covenants, agreements, or limitations that may be
found to exist.  For purposes of this Agreement, “affiliate” shall
include any subsidiary in the case of the Company, and any person or entity
directly or indirectly controlled by or controlling the Company.

    

    10.           Non-competition.   Except
as authorized by the Board of Directors, during the Executive’s employment by
the Company and for a period of one year thereafter, Executive will not (except
as an officer, director, stockholder, employee, agent or consultant of the
Company or any subsidiary or affiliate thereof) either directly or indirectly,
whether or not for consideration, (i) in any way, directly or indirectly,
solicit, divert, or take away the business of any person who is or was a
customer of the Company, or in any manner influence such person to cease doing
business in part or in whole with Company; (ii) engage in a Competing Business;
(iii) except for investments or ownership in public entities, mutual funds
and similar investments, none of which constitute more than 5% of the ownership
or control of such entities, own, operate, control, finance, manage, advise, be
employed by or engaged by, perform any services for, invest or otherwise become
associated in any capacity with any person engaged in a Competing Business in
the United States; or (iv) engage in any practice the purpose or effect of which
is to intentionally evade the provisions of this covenant. For purposes of this
section, “Competing
Business” means any company or business which is engaged directly or
indirectly in any business carried on or planned to be carried on by the Company
or any of its subsidiaries or affiliates.

    

    11.           Non-Solicitation.  During
the Executive’s employment by the Company and for a period of one year
thereafter (the “Restricted Period”),
the Executive, directly or indirectly, whether for his account or for the
account of any other individual or entity, shall not solicit or canvas the
trade, business or patronage of, or sell to, any individuals or entities that
were either customers of the Company during the time the Executive was employed
by the Company, or prospective customers with respect to whom a sales effort,
presentation or proposal was made by the Company or its affiliates, during the
one year period prior to the termination of the Executive’s
employment.  The Executive further agrees that during the Restricted
Period, he shall not, directly or indirectly, (i) solicit, induce, enter into
any agreement with, or attempt to influence any individual who was an employee
or consultant of the Company at any time during the time the Executive was
employed by the Company, to terminate his or her employment relationship with
the Company or to become employed by the Executive or any individual or entity
by which the Executive is employed or (ii) interfere in any other way with the
employment, or other relationship, of any employee or consultant of the Company
or its affiliates.

     

    
      
         

      

      
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    12.           Enforcement.  The
Executive agrees that any breach of the provisions of this Agreement would cause
substantial and irreparable harm, not readily ascertainable or compensable in
terms of money, to the Company for which remedies at law would be inadequate and
that, in addition to any other remedy to which the Company may be entitled at
law or in equity, the Company shall be entitled to temporary, preliminary and
other injunctive relief in the event the Executive violates or threatens to
violate the provisions of this Agreement, as well as damages, including, without
limitation consequential damages, and an equitable accounting of all earnings,
profits and benefits arising from such violation, in each case without the need
to post any security or bond.  Nothing herein contained shall be
construed as prohibiting the Company from pursuing, in addition, any other
remedies available to the Company for such breach or threatened
breach.  A waiver by the Company of any breach of any provision hereof
shall not operate or be construed as a waiver of a breach of any other provision
of this Agreement or of any subsequent breach by the Executive.

    

    13.           Determinations by the
Company.  All determinations and calculations with respect to
this Agreement shall be made by the Board or any committee thereof to which the
Board has delegated such authority, in good faith in accordance with applicable
law, the certificate of incorporation and by-laws of the Company, in its sole
discretion, and shall be final, conclusive and binding on all persons, including
the Executive and the personal representative of his estate.

    

    14.           Successors and
Assigns.  This Agreement shall inure to the benefit of and
shall be binding upon (i) the Company, its successors and assigns, and any
company with which the Company may merge or consolidate or to which the Company
may sell substantially all of its assets, and (ii) Executive and his executors,
administrators, heirs and legal representatives.  Since the
Executive’s services are personal and unique in nature, the Executive may not
transfer, sell or otherwise assign his rights, obligations or benefits under
this Agreement.

    

    15.           Notices.  Any
notice required or permitted under this Agreement shall be deemed to have been
effectively made or given if in writing and personally delivered, or sent
properly addressed in a sealed envelope postage prepaid by certified or
registered mail, or delivered by a reputable overnight delivery
service.  Unless otherwise changed by notice, notice shall be properly
addressed to the Executive if addressed to the address of record on file with
the Company; and properly addressed to the Company if addressed to:

    

    Cono Italiano, Inc.

    10 Main Street

    Keyport,
NJ  07735

    Telephone:  877-330-2666

    Attention:  Joseph
Masselli

    

    With a
copy to:

    

    Wuersch & Gering LLP

    100 Wall Street, 21st
Floor

    New York, New York 10005

    Telephone:  212-509-5050

    Telecopier:  212-509-9559

    Attention:  Travis
L. Gering, Esq.

    

    
      
         

      

      
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    16.           Severability.  It
is expressly understood and agreed that although the Company and the Executive
consider the restrictions contained in this Agreement to be reasonable and
necessary for the purpose of preserving the goodwill, proprietary rights and
going concern value of the Company, if a final determination is made by
arbitration or any court having jurisdiction that any provision contained in
this Agreement is invalid, the provisions of this Agreement shall not be
rendered void but shall be deemed amended to apply as to such maximum time and
territory and to such other extent as such arbitral body or court may determine
or indicate to be reasonable.  Alternatively, if the arbitrable body
or court finds that any provision or restriction contained in this Agreement or
any remedy provided herein is unenforceable, and such restriction or remedy
cannot be amended so as to make it enforceable, such finding shall not affect
the enforceability of any of the other restrictions contained therein or the
availability of any other remedy.  The provisions of this Agreement
shall in no respect limit or otherwise affect the Executive's obligations under
any other agreements with the Company.

    

    17.           Counterparts.  This
Agreement may be executed in several counterparts, each of which shall be deemed
to be an original but all of which together will constitute one and the same
instrument.  Signatures hereto may be facsimiles or electronically
scanned copies which shall have the same full force and effect as a manually
signed original thereof.

    

    18.           Effects of
Termination.  Notwithstanding anything to the contrary
contained herein, if this Agreement is terminated pursuant to Section 7 or
Section 8 or expires by its terms, the provisions of Sections 4-6 and 10-20 of
this Agreement shall survive and continue in full force and effect.

    

    19.           Governing Law and
Arbitration.  This
Agreement shall be governed by the laws of the State of New York.  All
disputes and controversies arising out of or relating to this Agreement shall be
finally settled and binding under the Rules of International Commercial Dispute
Resolution of the American Arbitration Association.  The place of
arbitration shall be New York.  The Arbitration shall be conducted a
single arbitrator appointed in accordance with the ICDR rules.  Any
award, verdict or settlement issued under such arbitration may be entered by any
party for order of enforcement by any court of competent
jurisdiction.  The arbitrator shall have no power to take interim
measures he or she deems necessary, including injunctive relief and measures for
the protection or conservation of property.

    

    
      
         

      

      
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    20.           Miscellaneous.  This
Agreement constitutes the entire agreement, and supersedes all prior agreements,
of the parties hereto relating to the subject matter hereof, and there are no
written or oral terms or representations made by either party other than those
contained herein.  This Agreement cannot be modified, altered or
amended except by a writing signed by both parties.  No waiver by
either party of any provision or condition of this Agreement at any time shall
be deemed a waiver of such provision or condition at any prior or subsequent
time or of any other provision or condition at the same or any prior or
subsequent time.

    

    [signature
page follows]

    

    
      
         

      

      
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    IN
WITNESS WHEREOF, the parties have executed this Agreement as of the day and year
first above written.

     

    
      
        
          
            
              	 	EXECUTIVE	 
	 	 	 	 
	
                       

                    	/s/ Mitchell
      Brown	 
	 	Name:
      Mitchell Brown	 
	 	 	 	 
	 	 	 	 

            

          

        

      

      
        	 	THE
      COMPANY: CONO ITALIANO, INC.	 
	 	 	 	 
	
                 

              	
                By:
      

              	/s/ Joseph
      Masselli	 
	 	 	Name:
      Joseph Masselli	 
	 	 	Title:
      President and Chief Operating Officer	 
	 	 	 	 

      

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