Document:

Exhibit 10.22

PROMISSORY NOTE SECURED
BY DEED OF TRUST

(Mortgage
Loan)

	
  $27,927,045.00

  	
   

  	
  San Francisco,
  California

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  March 16, 2007

  

 

FOR VALUE RECEIVED, the
undersigned (“Borrower”)  promises to pay to CITIBANK N.A., a national
banking association (“Lender”), or order, during regular business hours
at 210 West Lexington Drive, Sixth Floor, Glendale, CA 91203, Attention:
Commercial Markets Group/Note Department, or at such other place as Lender may
from time to time designate by written notice to Borrower, with sufficient
information to identify the source and application of such payment, the sum of
up to Twenty-Seven Million Nine Hundred Twenty-Seven Thousand Forty-Five and
No/100 Dollars ($27,927,045.00) (the “Loan”)  together with interest on the balance of
outstanding principal from the disbursement dates thereof at the per annum rate
set forth below. All calculations of interest hereunder shall be computed on
the basis of the actual number of days elapsed over a 360-day year. The Loan is
made pursuant to the terms and conditions of that certain Loan Agreement dated
as of the date hereof, between Borrower and Lender (as it may be amended,
supplemented or otherwise modified from time to time, the “Loan Agreement).  Capitalized terms used but not defined herein shall have the
meanings given them in the Loan Agreement.

1.         Interest and Payments.

(a)       Borrower promises to pay
interest on the outstanding principal amount of the Loan from the date of any
advance of funds until such principal amount is irrevocably paid in full in
cash pursuant to and as required by the terms of the Loan Agreement.

(b)       Payments of interest,
principal and any other fees and costs under the Loan shall be made, when due,
in accordance with the terms and conditions of the Loan Agreement. Any payments
of principal or interest or other amounts on or payments under this Note not
paid automatically as provided in the Loan Agreement shall be paid to Lender
only by wire transfer on the date when due, without any deduction whatsoever,
including any deduction for any setoff or counterclaim, in U.S. Dollars in
immediately available funds as required in the Loan Agreement.

2.         Maturity. Unless earlier due and
payable or accelerated under the Loan Agreement, this Note shall mature, and
the outstanding principal balance hereunder, together with all other
outstanding amounts due hereunder and under the Loan Agreement, shall become
due and payable in full on the Maturity Date.

3.         Default Rate. Notwithstanding any other
provision of this Note the default rate set forth in the Loan Agreement shall
apply to this Note as and when provided therein.

4.         Loan Agreement. This Note is referred
to in, made pursuant to, and entitled to the benefits of, the Loan Agreement
and the other Loan Documents. The Loan Agreement and the other Loan Documents
among other things contain provisions for acceleration of the maturity hereof
upon the happening of certain stated events upon the terms and conditions
therein specified, and contain provisions defining an Event of Default and the
rights and remedies of Lender upon the occurrence of an Event of Default.

5.         Prepayments. This Note may be prepaid
in whole or in part upon notice to Lender and shall be prepaid in whole, in
each case as provided or required in the Loan Agreement and upon payment of all
fees and other obligations set forth therein or otherwise secured by the Deed
of Trust (the “Obligations”).  No payment or prepayment of any amount
shall entitle any Person to be subrogated to

the rights of Lender hereunder or under the Loan
Agreement unless and until the Obligations have been performed in full and paid
irrevocably in full in cash and the Loan Agreement has been terminated.

6.         Payments Due on a Day other than a Business Day.
If any payment to be made on or under this Note is stated to be due or becomes
due and payable on a day other than a Business Day, the due date thereof shall
be extended to, and such payment shall be made on, the next succeeding Business
Day, and such extension of time in such case shall be included in the
computation of payment of any interest (at the interest rate then in effect
during such extension) and/or fees, as the case may be.

7.         Application of Payments. Each payment
hereunder shall be applied when received first to the payment of any unpaid “Past
Due Charge” (as defined below in the Loan Agreement) and then to the payment of
accrued interest on the principal balance from time to time remaining unpaid
and then to reduce principal, except that if any amounts due under the terms of
Section 7 hereof or the Deed of Trust have not been repaid, then any
monies received, at the option of Lender, may first be applied to repay such
amounts and interest thereon and the balance, if any, be applied as herein
specified. No such application by Lender shall constitute a cure or waiver of
any default by Borrower under the “Deed of Trust” or under this Note. Borrower
hereby waives any rights and benefits, if any, that may arise under or by
virtue of California Civil Code Section 2822(a). Without limitation of the
foregoing, in the event of any partial payment hereunder, Lender shall have the
sole right and authority to determine which portion of the indebtedness
evidenced hereby any partial payment may be applied against, if any; provided
that, nothing in the foregoing shall impose upon Lender any duty or obligation
to accept or apply any partial payment received by Lender hereunder or under
the Deed of Trust except as expressly provided for herein or in the Deed of
Trust.

8.         Default; Acceleration. This Note is
secured by that certain Deed of Trust, Assignment of Rents and Leases, Security
Agreement and Fixture Filing, made by Borrower, as trustor, for the benefit of
Lender, as beneficiary, concurrently herewith (the “Deed of Trust”).  Upon
the occurrence of an Event of Default, then, or at any time thereafter, the
whole of the unpaid principal hereof, together with accrued and outstanding
interest and all other sums required to be paid under this Note or the Deed of
Trust or the Loan Agreement shall, at the election of Lender and without notice
of such election, become immediately due and payable. Lender’s election may be
exercised at any time after any such Event of Default, and the acceptance of
one or more payments hereon from any person thereafter shall not constitute a
waiver of Lender’s election, or of its option to make such election.

9.         Costs. Borrower promises to pay to
Lender, within five (5) Business Days after written notice from Lender, all
costs, expenses, disbursements, property taxes, escrow fees, title charges,
reasonable legal fees and expenses, actually incurred by Lender or its counsel
in the negotiation, funding, administration, enforcement or attempted
enforcement, by foreclosure or otherwise, of this Note or the Deed of Trust.
Without limitation on the foregoing, Borrower agrees to pay all costs of
collection, including reasonable attorneys’ fees and costs (whether or not for
salaried attorneys regularly employed by Lender) and all costs of any action or
proceeding (including any bankruptcy proceeding or any non-judicial foreclosure
or private sale), in the event any payment is not paid when due, or in case it
becomes necessary to enforce any other obligation of Borrower hereunder or to
protect the security for the indebtedness evidenced hereby, or for the
foreclosure by Lender of the Deed of Trust, or in the event Lender is made a
party to any litigation because of the existence of the indebtedness evidenced
by this Note, or because of the existence of the Deed of Trust. All such costs
are secured by the Deed of Trust.

10.       Waivers. Borrower hereby waives
diligence, presentment, protest and demand, and notice of protest, of demand,
of nonpayment, of dishonor and of maturity and agrees that time is of the
essence of every provision hereof. Any such renewal, extension or modification,
or the release or substitution of any person or security for the indebtedness
evidenced hereby, shall not affect the liability of any of such parties for the
indebtedness evidenced by this Note or the obligations under the Deed of Trust.
Any such renewals, extensions, modifications, releases or substitutions may be
made without notice to any of such parties. Any such renewals, extensions,
modifications, releases or substitutions may be made without notice to any of
such parties.

 2
 

11.       Remedies Cumulative. The rights and
remedies of Lender as provided in this Note and in the Deed of Trust and in the
Loan Agreement shall be cumulative and concurrent and may be pursued singly,
successively or together against Borrower, the Property, or any other persons
or entities who are, or may become liable for all or any part of this
indebtedness, and any other funds, property or security held by Lender for the
payment hereof, or otherwise, at the sole discretion of Lender. Failure to
exercise any such right or remedy shall in no event be construed as a waiver or
release of such rights or remedies, or the right to exercise them at any later
time. The right, if any, of Borrower, and all other persons or entities, who
are, or may become, liable for this indebtedness, to plead any and all statutes
of limitation as a defense is expressly waived by each and all of such parties
to the full extent permissible by law.

12.       Deed of Trust Provisions Regarding Transfers; Successors.
The Deed of Trust securing this Note contains provisions for the
acceleration of the indebtedness evidenced hereby upon a “Transfer” (as therein
defined). Subject to the limitations on Transfer specified in the Deed of
Trust, the provisions hereof shall be binding on the heirs, legal
representatives, successors and assigns of Borrower and shall inure to the
benefit of Lender and the successors and assigns of Lender.

13.       Miscellaneous.

13.1     Manner of Payment; No Offsets. All payments due hereunder
shall be made in lawful money of the United States of America. Such payments
shall be made by check or, upon maturity and otherwise at the option of Lender,
by transferring the payment in federal or immediately available funds by bank
wire or interbank transfer for the account of Lender without presentment or
surrender of this Note, provided; however, that any payment of principal or
interest received after 1:00 p.m. Pacific time shall be deemed to have been
received by Lender on the next Business Day and shall bear interest
accordingly. All sums due hereunder shall be payable without offset, demand,
abatement or counter-claim of any kind or nature whatsoever, all of which are
hereby waived by Borrower.

13.2     Fee for Statement. For any statement regarding the obligations
evidenced hereby requested to be furnished by Lender, Borrower shall pay the
fee then charged by Lender therefor, not to exceed, however, the maximum fee,
if any, allowed by law to be charged by Lender at the time such statement is
requested.

13.3     No Amendment or Waiver Except in Writing. This Note may be
amended or modified only by a writing duly executed by Borrower and Lender,
which expressly refers to this Note and the intent of the parties so to amend
this Note. No provision of this Note will be deemed waived by Lender, unless
waived in a writing executed by Lender, which expressly refers to this Note,
and no such waiver shall be implied from any act or conduct of Lender, or any
omission by Lender to take action with respect to any provision of this Note or
the Deed of Trust. No such express written waiver shall affect any other
provision of this Note, or cover any default or time period or event, other
than the matter as to which an express written waiver has been given. Without
limitation, acceptance of any partial payment shall not constitute a waiver of
any of Lender’s rights, including the right to insist on immediate payment of
all amounts due and payable.

13.4     No Intent of Usury. None of the terms and provisions
contained in this Note, or in the Deed of Trust, or in other documents or
instruments related hereto, shall ever be construed to create a contract for
the use, forbearance or detention of money requiring payment of interest at a
rate in excess of the maximum interest permitted to be charged by applicable
laws or regulation governing this Note (“Usury
Laws”).  Borrower shall
never be required to pay interest on this Note in excess of the maximum
interest that may be lawfully charged under such Usury Laws, as made applicable
by the final judgment of a court of competent jurisdiction, and the provisions
of this Section shall control over all other provisions hereof and of any other
instrument executed in connection herewith or executed to secure the
indebtedness evidenced hereby, which may be in apparent conflict with this
Section. If Lender collects monies which are deemed to constitute interest
which would otherwise increase the effective interest rate on this Note to a
rate in excess of that permitted to be charged by such Usury Laws, all such
sums

 3
 

deemed to constitute interest in excess of the maximum rate shall, at
the option of Lender, either be credited to the payment of principal or
returned to Borrower.

13.5     Governing Law. This Note shall be governed by and
construed and enforced in accordance with the laws of the State of California
(without regard to conflicts of laws), except where federal law is applicable
(including any applicable federal usury ceiling or other federal law preempting
state usury laws).

13.6     Certain Rules of Construction. The headings of each
Section of this Note are for convenience only and do not define or limit any
provision of this Note. The provisions of this Note shall be construed as a
whole according to their common meaning, not strictly for or against any party,
or any person or entity, who is or may become liable for the payment of this
Note, and to achieve the objectives of the parties unconditionally to impose on
Borrower the indebtedness evidenced by this Note. Whenever the words “including”,
“includes” or “include” are used in this Note (including any Exhibit hereto),
they shall be read non-exclusively as though the phrase, “without limitation,”
immediately followed the same.

13.7     Severability. If any term of this Note, or the application
thereof to any person or circumstances, shall be invalid or unenforceable, the
remainder of this Note, or the application of such term to persons or
circumstances other than those as to which it is invalid or unenforceable,
shall not be affected thereby, and each term of this Note shall be valid and
enforceable to the fullest extent permitted bylaw.

13.8     Notices. Any notice which a party is
required or may desire to give the other shall be given (and be deemed given)
pursuant to the terms of the Deed of Trust.

14.       Waiver of Jury Trial. TO THE MAXIMUM
EXTENT PERMITTED BY LAW, BORROWER AND LENDER HEREBY KNOWINGLY, VOLUNTARILY AND
INTENTIONALLY WAIVE THE RIGHT TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION
BASED HEREON, ARISING OUT OF, UNDER OR IN CONNECTION WITH THIS NOTE OR ANY
OTHER LOAN DOCUMENT, OR ANY COURSE OF CONDUCT, COURSE OF DEALING, STATEMENT
(WHETHER VERBAL OR WRITTEN) OR ACTION OF EITHER PARTY OR ANY EXERCISE BY ANY
PARTY OF THEIR RESPECTIVE RIGHTS UNDER THE LOAN DOCUMENTS OR IN ANY WAY
RELATING TO THE LOAN OR THE PROPERTY INCLUDING ANY ACTION TO RESCIND OR CANCEL
THIS NOTE, AND ANY CLAIM OR DEFENSE ASSERTING THAT THIS NOTE WAS FRAUDULENTLY
INDUCED OR IS OTHERWISE VOID OR VOIDABLE). THIS WAIVER IS A MATERIAL INDUCEMENT
FOR LENDER TO MAKE THE LOAN. NOTWITHSTANDING THE FOREGOING, ANY CONTROVERSY
HEREUNDER SHALL BE GOVERNED BY THE TERMS AND CONDITIONS OF THAT CERTAIN
ALTERNATIVE DISPUTE RESOLUTION AGREEMENT, DATED AS OF THE DATE HEREOF, BY AND
AMONG BORROWER AND LENDER.

[SIGNATURES ARE ON THE
FOLLOWING PAGE]

 4
 

IN WITNESS WHEREOF, this
Note was executed as of the date first written above.

 

 

	
  

  	
   

  	
  “BORROWER”

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  OMNIVISION TECHNOLOGIES, INC.,

  a Delaware corporation

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/ James He

  
	
   

  	
   

  	
  Name:

  	
  JAMES HE

  
	
   

  	
   

  	
  Title:

  	
  COO

  

 

 5Exhibit 10.23

 

 

CHINA WLCSP LIMITED

 

 

 

 

INVESTMENT AGREEMENT

 

April 6, 2007

 

TABLE
OF CONTENTS

	
  

  	
   

  	
   

  	
   

  	
  Page

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  SECTION 1 Purchase and Sale of Equity Interests

  	
   

  	
  2

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  1.1

  	
   

  	
  Purchase and Sale of Equity Interests

  	
   

  	
  2

  
	
   

  	
   

  	
  1.2

  	
   

  	
  Registration of the Equity Interests

  	
   

  	
  2

  
	
   

  	
   

  	
  1.3

  	
   

  	
  Closing

  	
   

  	
  2

  
	
   

  	
   

  	
  1.4

  	
   

  	
  Delivery

  	
   

  	
  3

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  SECTION 2 Representations, Warranties and
  Covenants of the Company

  	
   

  	
  3

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  2.1

  	
   

  	
  Organization, Good Standing and Qualification

  	
   

  	
  3

  
	
   

  	
   

  	
  2.2

  	
   

  	
  Capitalization

  	
   

  	
  5

  
	
   

  	
   

  	
  2.3

  	
   

  	
  Authorization

  	
   

  	
  5

  
	
   

  	
   

  	
  2.4

  	
   

  	
  Governmental Consents

  	
   

  	
  5

  
	
   

  	
   

  	
  2.5

  	
   

  	
  Financial Statements

  	
   

  	
  5

  
	
   

  	
   

  	
  2.6

  	
   

  	
  Contracts

  	
   

  	
  6

  
	
   

  	
   

  	
  2.7

  	
   

  	
  Related-Party Transactions

  	
   

  	
  6

  
	
   

  	
   

  	
  2.8

  	
   

  	
  Changes

  	
   

  	
  7

  
	
   

  	
   

  	
  2.9

  	
   

  	
  Title to Properties and Assets

  	
   

  	
  8

  
	
   

  	
   

  	
  2.10

  	
   

  	
  Intellectual Property; Status of Proprietary Rights

  	
   

  	
  8

  
	
   

  	
   

  	
  2.11

  	
   

  	
  Litigation

  	
   

  	
  9

  
	
   

  	
   

  	
  2.12

  	
   

  	
  Tax Returns

  	
   

  	
  9

  
	
   

  	
   

  	
  2.13

  	
   

  	
  Employees

  	
   

  	
  9

  
	
   

  	
   

  	
  2.14

  	
   

  	
  Compliance with Other Instruments

  	
   

  	
  10

  
	
   

  	
   

  	
  2.15

  	
   

  	
  Environmental and Safety Laws

  	
   

  	
  11

  
	
   

  	
   

  	
  2.16

  	
   

  	
  Obligations of Management

  	
   

  	
  11

  
	
   

  	
   

  	
  2.17

  	
   

  	
  Use of Proceeds

  	
   

  	
  11

  
	
   

  	
   

  	
  2.18

  	
   

  	
  Minute Books

  	
   

  	
  11

  
	
   

  	
   

  	
  2.19

  	
   

  	
  Disclosure

  	
   

  	
  11

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  SECTION 3 Representations and Warranties of the
  Investor

  	
   

  	
  11

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  3.1

  	
   

  	
  Authorization

  	
   

  	
  12

  
	
   

  	
   

  	
  3.2

  	
   

  	
  Investment Purpose

  	
   

  	
  12

  
	
   

  	
   

  	
  3.3

  	
   

  	
  No Public Market

  	
   

  	
  12

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  SECTION 4 Conditions to Investor’s Obligations
  to Close

  	
   

  	
  12

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  4.1

  	
   

  	
  Representations and Warranties

  	
   

  	
  12

  
								

 

 i
 

TABLE
OF CONTENTS

(continued)

 

	
  

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  Page

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  4.2

  	
   

  	
  Covenants

  	
   

  	
  12

  
	
   

  	
   

  	
  4.3

  	
   

  	
  No Material Adverse Effect

  	
   

  	
  12

  
	
   

  	
   

  	
  4.4

  	
   

  	
  Transaction Documents

  	
   

  	
  12

  
	
   

  	
   

  	
  4.5

  	
   

  	
  Regulatory Approval

  	
   

  	
  13

  
	
   

  	
   

  	
  4.6

  	
   

  	
  Officer’s Certificate

  	
   

  	
  13

  
	
   

  	
   

  	
  4.7

  	
   

  	
  Corporate Documents

  	
   

  	
  13

  
	
   

  	
   

  	
  4.8

  	
   

  	
  Board of Directors

  	
   

  	
  13

  
	
   

  	
   

  	
  4.9

  	
   

  	
  Indemnification Agreements

  	
   

  	
  13

  
	
   

  	
   

  	
  4.10

  	
   

  	
  Employment Arrangements

  	
   

  	
  13

  
	
   

  	
   

  	
  4.11

  	
   

  	
  Proprietary Information and Invention Assignment
  Agreement

  	
   

  	
  13

  
	
   

  	
   

  	
  4.12

  	
   

  	
  Service Agreement

  	
   

  	
  13

  
	
   

  	
   

  	
  4.13

  	
   

  	
  Legal Opinion

  	
   

  	
  14

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  SECTION 5 Conditions to Company’s Obligation to
  Close

  	
   

  	
  14

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  5.1

  	
   

  	
  Representations and Warranties

  	
   

  	
  14

  
	
   

  	
   

  	
  5.2

  	
   

  	
  Transaction Documents

  	
   

  	
  14

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  SECTION 6 Miscellaneous

  	
   

  	
  14

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  6.1

  	
   

  	
  Governing Law

  	
   

  	
  14

  
	
   

  	
   

  	
  6.2

  	
   

  	
  Arbitration

  	
   

  	
  14

  
	
   

  	
   

  	
  6.3

  	
   

  	
  Attorney Fees

  	
   

  	
  15

  
	
   

  	
   

  	
  6.4

  	
   

  	
  Survival

  	
   

  	
  15

  
	
   

  	
   

  	
  6.5

  	
   

  	
  Indemnification of Investor

  	
   

  	
  15

  
	
   

  	
   

  	
  6.6

  	
   

  	
  Entire Agreement

  	
   

  	
  15

  
	
   

  	
   

  	
  6.7

  	
   

  	
  Amendment

  	
   

  	
  16

  
	
   

  	
   

  	
  6.8

  	
   

  	
  Notices

  	
   

  	
  16

  
	
   

  	
   

  	
  6.9

  	
   

  	
  Severability

  	
   

  	
  17

  
	
   

  	
   

  	
  6.10

  	
   

  	
  Expenses

  	
   

  	
  17

  
	
   

  	
   

  	
  6.11

  	
   

  	
  Counterparts

  	
   

  	
  17

  
	
   

  	
   

  	
  6.12

  	
   

  	
  Telecopy Execution and Delivery

  	
   

  	
  18

  
	
   

  	
   

  	
  6.13

  	
   

  	
  Successors and Assigns

  	
   

  	
  18

  
	
   

  	
   

  	
  6.14

  	
   

  	
  Delays or Omissions

  	
   

  	
  18

  
	
   

  	
   

  	
  6.15

  	
   

  	
  Further Assurances

  	
   

  	
  18

  
	
   

  	
   

  	
  6.16

  	
   

  	
  Obligation of Company

  	
   

  	
  18

  
	
   

  	
   

  	
  6.17

  	
   

  	
  No Agency

  	
   

  	
  19

  
	
   

  	
   

  	
  6.18

  	
   

  	
  Confidentiality

  	
   

  	
  19

  

 

 ii
 

EXHIBITS

A.            Amended and Restated Articles of Associations

B.            Amended and Restated Equity Joint Venture Agreement

C.            Disclosure Schedules

D.            Officer’s Certificate

 

 iii

CHINA
WLCSP LIMITED

INVESTMENT AGREEMENT

This Investment
Agreement (the “Agreement”) is made as of April 6,
2007, by and between the following entities:

A.            CHINA WLCSP LIMITED, a Sino-foreign
equity joint venture company established under the laws of the People’s
Republic of China (the “PRC”) whose
registered address is [Suite 11C, Suchun Industrial Square, No. 428, Xinlong
Road, Suzhou Industrial Park, Suzhou, Jiangsu, China  (the “Company”); and

B.            OMNIVISION TRADING (HONG KONG)
COMPANY LIMITED, a Hong Kong corporation (the “Investor”
or “OmniVision”).

Each of these
entities may be referred to hereafter as a “Party”
and collectively as “Parties”.  All dollars and dollar sign denominations
referred to hereinafter shall mean US Dollars.

RECITALS

A.            WHEREAS, the Company is in the
business of designing, manufacturing, packaging and selling certain wafer level
CSP products and providing relevant services (the “Business”).

B.            WHEREAS, China-Singapore Suzhou
Industrial Park Ventures Co., Ltd (“CSVC”),
Infinity-CSVC Venture Capital Enterprise (“Infinity-CSVC”)
and Shellcase Ltd. (“Shellcase”) are
currently the sole shareholders of the Company. Further, immediately prior to
the closing of this Agreement, Shellcase has converted its five-million-dollar
($5,000,000) convertible loan into equity interests of the Company at a
predetermined conversion price pursuant to that certain Convertible Loan
Agreement, and CSVC contemplates to exercise that certain warrant to invest
three-million-dollar ($3,000,000) in the Company.

C.            WHEREAS, the Company and OmniVision
have or will have entered into a service agreement (the “Service
Agreement”), pursuant to which the Company would provide certain
services to OmniVision.

D.            WHEREAS, OmniVision wishes to
acquire certain equity interests of the Company from Infinity-CSVC pursuant to
that certain Equity Interests Transfer Agreement to be executed immediately
prior to or simultaneously with this Agreement by and between OmniVision and
Infinity-CSVC (the “Transfer Agreement”).

E.             WHEREAS, OmniVision wishes to
acquire certain equity interests of the Company from the Company pursuant to
the terms and conditions set forth in this Agreement.

AGREEMENT

NOW, THEREFORE, in
consideration of the mutual promises, covenants and conditions hereinafter set
forth, the Parties hereto agree as follows:

SECTION 1

Purchase and Sale of Equity Interests

1.1           Purchase and Sale of Equity
Interests.  Subject to the terms and
conditions of this Agreement, the Investor agrees to purchase, and the Company
agrees to sell to the Investor, an aggregate 2,500,000 units (equal to
approximately 11.36% on a fully diluted basis, assuming all transactions
contemplated herein are consummated) of the equity interests of the Company as
of the Closing (the “Equity Interests”)
at a purchase price of $2.00 per unit. The Investor shall pay the Company in
cash or cash equivalent a total of five million dollars ($5,000,000) as
consideration for the Equity Interests.

1.2           Registration of the Equity
Interests.  Immediately after the
execution hereof, the Company shall promptly take, all such lawful and
necessary actions in handling the formalities for examination and approval of
the Equity Interests hereunder (including without limitation any necessary
filings with the competent registration authority), including without
limitation, signing all necessary legal documents pertinent to the said
formalities as required by the competent government agencies.  Without limiting the generality of the
foregoing, the Company shall cause effective as soon as practicable the Amended
and Restated Articles of Association in substantially the form attached hereto
as Exhibit A (the “Restated Articles”),
and the Amended and Restated Equity Joint Venture Agreement in substantially
the form attached hereto as Exhibit B (the “Restated JV
Agreement,” and together with this Agreement and the Restated
Articles, the “Transaction Documents”).

1.3           Closing.  The closing of the purchase and sale shall
take place at such place as the Parties shall agree or at the offices of
Morgan, Lewis & Bockius LLP, 2 Palo Alto Square, 3000 El Camino Real, Suite
700, Palo Alto, California 94306, as soon as practicable following the
satisfaction (or waiver) of each of the conditions set forth in Sections 4 and
5 (the “Closing”).

 2
 

1.4           Delivery.  At the Closing, the Investor will pay the
Company five million dollars ($5,000,000) by  wire transfer in accordance with the Company’s
instructions;  the Company will deliver to
the Investor one or more certificates registered in the Investor’s name representing
the amount of equity interests that the Investor is purchasing, and such other
documents in form and substance reasonably acceptable to the Investor
evidencing that the Equity Interests has been duly registered with the
competent registration authority of the Company and that all approvals relating
to the Company registration have been obtained.

SECTION 2

Representations, Warranties and Covenants of the Company

The Company
represents and warrants to the Investor that the statements in this Section 2,
except as set forth in the Disclosure Schedules (the “Disclosure
Schedules”) attached to this Agreement as Exhibit C (the
contents of which shall also be deemed to be representations and warranties
hereunder), are all true, correct and complete as of the date hereof and as of
the Closing.  For purposes of this
Section 2, any reference to a party’s “knowledge”
means such party’s best knowledge after due and diligent inquiries of officers,
directors, and managerial personnel of such party.

2.1         Organization, Good Standing and
Qualification

Except as
disclosed in Disclosure Schedule 2.1:

(a)           The Company is a
Sino-foreign equity joint venture company duly organized and existing under the
laws of the PRC, where failure to be so would have a material adverse effect on
its financial condition, business, prospects, properties, assets, liabilities
or operations as now conducted or proposed to be conducted (a “Material Adverse Effect”). The registered capital of the Company is fully
paid as required in accordance with applicable PRC rules and regulations.  Except as provided in Disclosure Schedule
2.1(a) hereof, there are no outstanding rights or commitments made by the
Company or any of its investors or joint venture partners and owners, to issue,
purchase or sell any equity interest in the Company.

(b)           Except as provided in Disclosure Schedule
2.1(b), neither is the Company nor any of its shareholders is a
state-owned enterprise as defined in applicable law of the PRC.

(c)           The Company has paid all such
governmental fees, taxes and stamp duty required to be paid by it under
applicable PRC and other laws prior to or upon Closing.

 3
 

(d)           The Company does not
maintain any office or branch except for its offices at Suite 11C, Suchun
Industrial Square, No. 428, Xinlong Road, Suzhou Industrial Park, Suzhou,
Jiangsu, China.

(e)           The constitutional
documents of the Company are valid and have been duly approved or issued (as
applicable) by the appropriate PRC authorities and are in full force.

(f)            All consents,
approvals, orders, authorizations or registrations, qualifications,
designations, declarations or filings with any governmental authority (the “Governmental Authorizations”), permits or
licenses required under PRC laws for the due and proper establishment and
operation of the Company as currently operated, or presently contemplated to be
operated, have been duly obtained from the appropriate PRC authorities and are
in full force and effect.

(g)           All filings and
registrations with the PRC authorities required in respect of the Company and
its operations, including the registrations with the Ministry of Commerce, the
State Administration of Industry and Commerce, the State Administration for
Foreign Exchange, Ministry of Information Industry, the tax bureau, the customs
authorities, the product registration authorities, the health regulatory
authorities and the local counterpart of each of the aforementioned
governmental authorities, as applicable, have been duly completed in accordance
with the relevant rules and regulations.

(h)           The Company has not
received any letter or notice from any relevant authority notifying it of the
revocation of any Governmental Authorization, permit or license issued to it for
noncompliance or the need for compliance or remedial actions in respect of the
activities carried out directly or indirectly by the Company.

(i)            The Company has
been conducting its business activities within the permitted scope of business
or is otherwise operating its business in full compliance with all relevant
legal requirements, including producing, processing and/or distributing
products with all requisite licenses, permits and approvals granted by
competent PRC authorities.

(j)            There is no valid
reason to believe that any Governmental Authorization, license or permit requisite
for the conduct of any part of the Company’s business which is subject to
periodic renewal will not be granted or renewed by the relevant PRC
authorities.

(k)           All applicable laws
and regulations with respect to the opening and operation of foreign exchange
accounts and foreign exchange activities of the Company have been complied
with, and all requisite approvals from the State Administration of Foreign
Exchange in relation thereto have been duly obtained.

 4
 

2.2           Capitalization.  The total registered capital of the Company
as of the Closing is twenty-two million five hundred twenty five thousand
dollars ($22,525,000), with each dollar representative of one unit of equity
interest of the Company, all of which have been paid in full as certified by
qualified public accountants or will be paid in accordance with the
contribution schedule set forth in the Restated Articles. Listed in Disclosure
Schedule 2.2 are the names and ownership interests of each shareholder of
the Company immediately after the Closing and consummation of all other
transactions contemplated herein.

Except the Company’s
shareholders’ first refusal rights with regard to the transaction contemplated
in this Agreement, there are no options, warrants, conversion rights,
preemptive rights, rights of first refusal or other rights or agreements (other
than as provided under the law and the Restated Articles), orally or in
writing, to purchase or otherwise acquire any of the Company’s equity interests
or any securities convertible into or exchangeable for its equity
interests.  The Company has obtained the
waivers of the first refusal rights from its shareholders with regard to the
transaction contemplated in this Agreement.

2.3           Authorization.  All corporate action on the part of the
Company and their respective officers, directors and shareholders necessary for
the authorization, execution and delivery of each Transaction Document, the
performance of their respective obligations under each Transaction Document and
all other agreements, instruments and documents executed and delivered in
connection with the transactions contemplated hereby, has been taken or will be
taken prior to the Closing. The Transaction Documents are valid and binding
obligations of the Company, enforceable in accordance with their respective
terms.

2.4           Governmental Consents.  All
Governmental Authorizations on the part of the Company required in connection
with the consummation of the transactions contemplated herein have been
obtained and are currently effective or will be obtained prior to the Closing.

2.5           Financial Statements.          Disclosure Schedule 2.5
attaches (i) the consolidated audited balance sheets of the Company as of
December 31, 2006, and the consolidated audited cash flow statements and income
statements of the Company for the twelve (12) month period then ended and (ii)
the consolidated unaudited financial statements of the Company (the balance
sheets and income statements) as, at and for [the three (3) month]
period ended March 31, 2007 (all such financial statements being collectively
referred to herein as the “Financial Statements”).  The Financial Statements (a) accord with the
books and records of the Company, (b) are true, correct and complete and
present fairly the financial condition and state of affairs of the Company at
the date or dates therein indicated and the results of operations for the
period or periods therein specified, and (c) have been prepared in accordance
with IAS, PRC GAAP or U.S. GAAP applied on a consistent basis, except, as to
the unaudited financial statements, for the omission of notes thereto and
normal year-end audit adjustments.

 5
 

Specifically, but
not by way of limitation, the respective balance sheets included in the
Financial Statements disclose all of the Company’s debts, liabilities and
obligations of any nature, whether due or to become due, as of their respective
dates (including absolute, accrued, and contingent liabilities) to the extent
such debts, liabilities and obligations are required to be disclosed in
accordance with the IAS, PRC GAAP or U.S. GAAP, and the Company has good and
marketable unencumbered title to all assets set forth on the balance sheets
included in the respective Financial Statements, except for such assets as have
been spent, sold or transferred in the ordinary course of business since their
respective dates.

2.6         Contracts.

(a)           Material Contracts and Obligations.  All
agreements, contracts, leases, licenses, instruments, commitments (oral
or written), indebtedness, liabilities and other obligations to which the
Company is a party or by which it is bound that (i) would have a Material
Adverse Effect on the conduct and operations of its business and properties;
(ii) involve any of the officers, consultants, directors, employees or
shareholders of the Company; (iii) obligate the Company to share, license
or develop any product or technology; or (iv) would grant rights to
manufacture, produce, assemble, license, market or sell the Company’s products
or affect the Company’s exclusive right to develop, manufacture, assemble,
distribute, market or sell its products (collectively, the “Material Contracts”) are listed in Disclosure
Schedule 2.6(a) and the copies of which have been provided to the Investor.

(b)           Validity and
Status.  All of the Material
Contracts are legally valid and binding, in full force and effect, and
enforceable in accordance with their respective terms against the parties
thereto.  There is no existing default or
breach by any party thereto to the knowledge of Company and the Company has
received no notice or claim or allegation of default or breach thereof from any
party thereto.  The Company does not have
any present intention to terminate any of the Material Contracts.

(c)           Letter of Intent.  The Company has not entered into any letter
of intent, memorandum of understanding or other similar document since its
inception (i) with any representative of any corporation or corporations
regarding the merger of the Company with or into any such corporation or
corporations; (ii) with any representative of any corporation,
partnership, association or other business entity or any individual regarding
the sale, conveyance or disposition of all or substantially all of the assets
of the Company or a transaction or series of related transactions in which more
than fifty percent (50%) of the equity interest of the Company would be
transfered; or (iii) regarding any other form of liquidation, dissolution
or winding up of the Company.

2.7           Related-Party Transactions. 
No employee, officer, or director or shareholder of the Company (a “Related Party”) or member of such Related Party’s immediate
family, or any

 6
 

corporation, partnership or other entity in which such
Related Party is an officer, director or partner, or in which such Related
Party has significant ownership interests or otherwise controls, is indebted to
the Company, nor is the Company indebted (or committed to make loans or extend
or guarantee credit) to any of them. 
None of such persons has any direct or indirect ownership interest in
any firm or corporation with which the Company is affiliated or with which the
Company has a business relationship, or any firm or corporation that competes
with the Company, except that employees, officers, or directors of the Company
and members of such Related Party’s immediate family may own stock in publicly
traded companies that may compete with the Company.  No Related Party or member of his or her
immediate family is directly or indirectly interested in any material contract
with the Company.

2.8         Changes.  Since January 1, 2007 there has not been:

(a)           Any event that has
had or could reasonably be expected to have a Material Adverse Effect on the
Company;

(b)           Any resignation or
termination of any executive officer, key employee or group of employees of the
Company;

(c)           Any damage,
destruction or loss, whether or not covered by insurance, with respect to the
properties and assets of the Company;

(d)           Any waiver or
compromise by the Company of a valuable right or of a material debt owed to it;

(e)           Any loans made by
the Company to any stockholder, employee, executive officer or director of the
Company, other than advances made in the ordinary course of business;

(f)            Any material change
in any compensation arrangement or agreement with any employee, executive
officer, director or stockholder;

(g)           Any declaration or
payment of any dividend or other distribution of the assets of the Company;

(h)           Any debt incurred,
assumed or guaranteed by the Company, except those for immaterial amounts and
for current liabilities incurred in the ordinary course of business;

(i)            Any sale, mortgage,
pledge, transfer, lease or other assignment of any Intellectual Property (as
defined below) owned by the Company;

(j)            Any material change
in any Material Contract;

 

 7

(k)           Any sale, mortgage,
pledge, transfer, lease or other assignment of any of its tangible assets
outside of the ordinary course of business;

(l)            Any capital
expenditure in excess of $100,000; or

(m)          Any arrangement or
commitment by the Company to do any of the acts described in subsection 2.8(a)
through 2.8 (k) above.

2.9           Title
to Properties and Assets.  The
Company has good and marketable title to all respective properties and assets
reflected on its account books, in each case subject to no mortgage, pledge,
lien, encumbrance, security interest or charge of any kind.  With respect to the property and assets it
leases, the Company and the lessor are in compliance with such leases and the
Company holds valid leasehold interests in such assets free of any liens,
encumbrances, security interests or claims of any party other than the lessors
of such property and assets.

2.10         Intellectual
Property; Status of Proprietary Rights.

(a)           The Company owns or
possesses sufficient legal rights to all patents, trademarks, service marks,
trade names, copyrights, trade secrets, licenses (software or otherwise),
information, processes and similar proprietary rights (“Intellectual Property”) necessary to the
business of the Company as presently conducted, the lack of which could
reasonably be expected to have a Material Adverse Effect, without any conflict
with or infringement of the rights of others. 
Disclosure Schedule 2.10 contains a complete list of the Company’s
patents, trademarks, copyrights and domain names and pending patent, trademark
and copyright applications.  Except for
agreements with its own employees or consultants, standard end-user
license agreements, support/maintenance agreements and agreements entered in
the ordinary course of the Company’s business, there are no outstanding
options, licenses or agreements relating to the Intellectual Property, and the
Company is not bound by or a party to any options, licenses or agreements with
respect to the Intellectual Property of any other person or entity.  The Company has not received any written
communication alleging that the Company has violated or, by conducting its
business as currently conducted, would violate any of the Intellectual Property
of any other person or entity, nor is the Company aware of any basis therefor.  The Company is not obligated to make any
payments by way of royalties, fees or otherwise to any owner or licensor of or
claimant to any Intellectual Property with respect to the use thereof in
connection with the conduct of its business as presently conducted.  There
are no agreements, understandings, instruments, contracts, judgments, orders or
decrees to which the Company is a party or by which it is bound which involve
indemnification by the Company with respect to infringements of Intellectual
Property.  The Company has obtained
executed employment and consulting agreements containing intellectual property
rights assignment, noncompetition and confidentiality provisions in the form
provided to the Investor and its

 8
 

counsel and subject to final approval by the Investor
in its sole discretion, from all current and former employees, consultants and
contactors of the Company.

(b)           No Breach by
Employees.  The Company is not aware
that any of its employees is obligated under any contract or other agreement,
or subject to any judgment, decree or order of any court or administrative
agency, that would materially interfere with the use of his or her efforts to
promote the interests of the Company or that would conflict with the Company’s
business as presently conducted.  Neither
the execution nor the delivery of this Agreement, nor the carrying on of the
Company’s business by the employees of the Company, nor the conduct of the
Company’s business as presently conducted, will, to the Company’s knowledge, conflict
with or result in a breach of the terms, conditions or provisions of, or
constitute a default under, any contract, covenant or instrument under which
any of such employees is now obligated. 
The Company does not believe it is or will be necessary to use any
inventions of any of their employees made prior to their employment by the
Company.

2.11         Litigation.  There
is no action, suit, proceeding, claim, arbitration or investigation (“Action”) pending or, to the Company’s
knowledge, currently threatened against the Company, the Company’s activities,
properties or assets, or any officer, director or employee of the Company in
connection with such officer’s, director’s or employee’s relationship with, or
actions taken on behalf of, the Company. 
There is no factual or legal basis for any such Action that might
result, individually or in the aggregate, in any Material Adverse Effect on the
Company.  The Company is not a party to
or subject to the provisions of any order, writ, injunction, judgment or decree
of any court or governmental agency or instrumentality and there is no Action
by the Company currently pending or which it intends to initiate.

2.12         Tax
Returns.  The Company has timely filed all tax
returns and reports required to be filed by it with appropriate national and
local governmental agencies.  These
returns and reports are true and correct in all material respects.  All taxes shown to be due and payable on such
returns and reports, any assessments imposed, and, to the Company’s knowledge,
all other taxes due and payable by the Company on or before the Closing have
been paid or will be paid prior to the time they become delinquent.  The Company has not been advised in writing
(i) that any of its returns and reports have been or are being audited as
of the date hereof, or (ii) of any deficiency in assessment or proposed
judgment with respect to its taxes.

2.13       Employees

(a)           The Company does not maintain
or contribute to any welfare funds, social benefits, medical benefits,
insurance, retirement benefits, pensions or any similar plan or agreement (an “Employee Benefit Plan”) other than the
Employee Benefit Plans identified in Disclosure Schedules 2.13 (a). To
the Company’s knowledge, there are no unfunded obligations of the Company under
any welfare funds, social benefits, medical benefits, insurance, retirement

 9
 

benefits, pensions or similar program, and any
employee contributions withheld from payroll have been timely and fully
contributed to the appropriate Employee benefit Plan as required under applicable
law.

(b)           Disclosure Schedule 2.13
(b) sets forth a list of each contract, commitment, arrangement, or
understanding, whether oral or written, relating to the employment of, or the
performance of services by, any employee, consultant, or independent
contractor. The Company is not delinquent in payments to any of its employees
for any services performed for it to the date hereof or amounts required to be
reimbursed to such employees.  To the Company’s
knowledge, the Company has complied with all applicable PRC employment and
labor laws and regulations, including laws and regulations pertaining to terms
and conditions of employment, and wages and hours.

(c)           No employee of the
Company, nor any consultant with whom the Company has contracted, is in violation
of any term of any employment contract, proprietary information agreement or
any other agreement relating to the right of any such individual to be employed
by, or to contract with, the Company because of the nature of the business
conducted by the Company; and to the Company’s knowledge, the continued
employment by the Company of its present employees, and the performance of the
Company’s contracts with its independent contractors, will not result in any
such violation. The Company has not received notice alleging that any such
violation has occurred. No employee of the Company has been granted the right
to continued employment by the Company or to any material compensation
following termination of employment with the Company. To the Company’s knowledge,
none of the officers or key employees, or any group of key employees, intends
to terminate his, her or their employment with the Company, nor does the
Company have a present intention to terminate the employment of any of the
foregoing individuals.

2.14         Compliance
with Other Instruments.  The Company is not in,
nor will the conduct of business of the Company as proposed to be conducted
result in, any violation, breach or default of any constitutional document of
the Company, or in any material respect of any term or provision of any
mortgage, indenture, contract, agreement
or instrument to which the Company is a party or by which it may be bound, or
of any provision of any judgment, decree, order, statute,
rule or regulation applicable to or binding upon the Company.  The execution, delivery and performance of
and compliance with the Transaction Documents and the consummation of the
transactions contemplated hereby will not result in any such violation, breach
or default, or be in conflict with or constitute, with or without the passage
of time or the giving of notice or both, either a default under any such
constitutional documents, any such contract, agreement or instrument or a
violation of any statutes, laws, regulations or orders, or an event which results
in the creation of any lien, charge or encumbrance upon any asset of the
Company. Especially, the Company shall guarantee that the sale of the Equity
Interests pursuant to this Agreement will not

 10
 

affect any of the Company’s Intellectual Property rights
or licenses with respect to CSP technology.

2.15         Environmental
and Safety Laws.  To the Company’s knowledge, the
Company is not in violation of any applicable statute, law, or regulation
relating to the environment or occupational health and safety, and to its
knowledge, no material expenditures are or will be required in order to comply
with any such existing statute, law, or regulation.

2.16         Obligations
of Management.  Each employee and consultant of the
Company is currently devoting one hundred percent (100%) of his or her working
time to the conduct of the business of the Company.  The Company is not aware that any such
employee is planning to work less than fulltime at the Company in the future.  To the knowledge of the Company, no such
employee is currently working for a competitive enterprise, whether or not such
person is or will be compensated by such enterprise.

2.17         Use
of Proceeds.  The Company will use
the proceeds of the sale of the Equity Interests for increase of its production
capability and working capital. No proceeds will be used to pay off the Company’s
debts and liabilities outstanding prior to the Closing.

2.18         Minute
Books.  The minute books of the Company made
available to the Investor contain a complete summary of all meetings and
actions taken by directors and shareholders or owners of the Company since its
time of formation, and reflect all transactions referred to in such meetings
and actions accurately in all material respects.

2.19         Disclosure.  No
representation or warranty by the Company in this Agreement or in any written
statement or certificate furnished or to be furnished to the Investor pursuant
to any Transaction Document contains or will contain any untrue statement of
fact or omits or will omit to state any fact required to be stated therein or
necessary in order to make the statements therein, in light of the
circumstances in which they are made, not misleading in any way.  The Company has fully provided the Investor
with all the information that the Investor has requested for the purpose of
deciding whether to purchase the equity interests and all information that
could reasonably be expected to enable the Investor to make such decision.

SECTION 3

Representations and Warranties of the Investor

The Investor hereby represents
and warrants to the Company as follows:

 11
 

3.1           Authorization.  The Investor has all requisite power and
authority to execute and deliver the Transaction Documents, to purchase the
Equity Interests hereunder and to carry out and perform its obligations under
the terms of the Transaction Documents. 
All action on the part of the Investor necessary for the authorization,
execution, delivery and performance of the Transaction Documents, and the
performance of all of the Investor’s obligations under the Transaction
Documents, has been taken or will be taken prior to the Closing.

3.2           Investment
Purpose.  The Investor represents
that the Equity Interests to be received by it will be acquired for investment
for its own account, not as a nominee or agent, and not with a view to the sale
or distribution of any part thereof, and that it has no present intention of
selling, granting any participation in or otherwise distributing the same.

3.3           No
Public Market.  The Investor
understands that no public market now exists for any of the Equity Interests
issued by the Company and that the Company has made no assurances that a public
market will ever exist for the Company’s securities.

SECTION 4

Conditions to Investor’s Obligations to Close

The Investor’s obligation
to purchase the equity interests at the Closing is subject to the fulfillment
on or before the Closing of each of the following conditions unless waived in
writing by the Investor:

4.1           Representations
and Warranties.  The representations
and warranties made by the Company in Section 2 (as modified by the
disclosures on Disclosure Schedules) shall be true and correct as of the date
of such Closing.

4.2           Covenants.  All covenants, agreements and conditions
contained in this Agreement to be performed by the Company on or prior to the
Closing shall have been performed or complied with.

4.3           No
Material Adverse Effect.  No event or
events shall have occurred, or could reasonably be expected to occur, which,
individually or in the aggregate, have, or could reasonably be expected to
have, a Material Adverse Effect on the Company.

4.4           Transaction
Documents.  The Company and the
Investor shall have executed and delivered each of the Transaction Documents, provided that each such agreement shall be
in a final form that is acceptable to the Investor in the Investor’s sole
discretion.

 12
 

4.5           Regulatory Approval.  All authorization, approvals and permits of
any governmental authority or regulatory body that are required to be obtained
in connection with the sale of Equity Interests pursuant to this Agreement,
including but not limited to, the Certificate of Approval for Establishment of
Enterprises with Foreign Investment in the People’s Republic of China and the
Business License that approve and evidence the increased registered capital,
shall have been duly obtained and shall be effective as of the Closing.

4.6           Officer’s
Certificate  The Company shall have
delivered to the Investor an Officer’s Certificate, executed by the President
of the Company, dated the Closing Date, in substantially the form attached
hereto as Exhibit D, certifying the satisfaction of the conditions to
closing listed in this Section 4 and the true and correctness of (i) the
Restated Articles as in effect at the time of the Closing, (ii) the Restated JV
Agreement as in effect at the time of the Closing, (iii) resolutions approved
by the Board of Directors authorizing the transactions contemplated hereby; and
(iv) resolutions approved by the shareholders of the Company authorizing the
transactions contemplated hereby and waiving certain rights.

4.7           Corporate
Documents  The Company shall have
delivered to the Investor or its counsel copies of all corporate documents of
the Company as the Investor shall reasonably request.

4.8           Board
of Directors; Supervisors.  Effective
upon the Closing, the Investor’s appointee,                 ,
shall have been elected as the director to the Board of Directors of the
Company. As of the Closing, the Board shall consist of              ,
             ,
             ,
             ,
             
and              .  In addition, Investor shall be entitled to
appoint one of the two Supervisors, with the right of re-appointment.

4.9           Indemnification
Agreements.  The director elected by
the Investor shall have entered into an Indemnification Agreement with the
Company upon the Closing in a form that is satisfactory to the Investor.

4.10         Employment
Arrangements.  The employment
arrangements for each of the executives of the Company shall be satisfactory to
the Investor.

4.11         Proprietary
Information and Invention Assignment Agreement.  Each of the management personnel of the
Company shall have entered into the Proprietary Information and Invention
Assignment Agreement in such form that is satisfactory to the Investor.

4.12         Service
Agreement  The Company shall have
entered into a Service Agreement with the Investor, with principle terms that
the Company shall give to Investor loading priority in preference to all other
customers, at the most favorable price.

 13
 

4.13         Legal Opinion.  The
Investor shall have received opinions, dated as of the Closing, from Fangda
Partners, the Company’s PRC counsel, in such forms as are acceptable to the
Investor in its sole discretion.

SECTION 5

Conditions to Company’s Obligation to Close

The Company’s obligation
to sell its equity interests at the Closing is subject to the fulfillment on or
before such Closing of the following conditions unless waived by the Company:

5.1           Representations
and Warranties.  The representations
and warranties made by the Investor at such Closing pursuant to Section 3
shall be true and correct when made and shall be true and correct as of the
date of such Closing.

5.2           Transaction
Documents.  The Restated Articles and the Restated
JV Agreement shall have been duly authorized and shall be in full force and
effect as of the Closing.

SECTION 6

Miscellaneous

6.1           Governing
Law.  This Agreement shall be
governed by the laws of State of New York, U.S.A., without regard to principles
of conflict of laws.

6.2           Arbitration.
 If the Parties should have a material
dispute arising out of or relating to this Agreement, or the Parties’
respective rights and duties hereunder or as to the Investor of the Company
(including any claims or assertions regarding breach of the fiduciary duties of
the Company’s directors), then the Parties will refer the issue (to the
exclusion of a court of law) to final and binding arbitration in Hong Kong
under the UNCITRAL Arbitration Rules in accordance with the Hong Kong
International Arbitration Centre Procedures for the Administration of
International Arbitration in force at the date of this Agreement, and judgment
upon the award rendered by the arbitrators may be entered in any court having
jurisdiction thereof.  In any arbitration
pursuant to this Agreement, the award or decision shall be rendered by a
majority of the members of a Board of Arbitration (the “Board of Arbitration”) consisting of three
(3) members, one (1) of whom shall be appointed by each party and the third of
whom shall be the chairman of the panel and be appointed by mutual agreement of
said two (2) party-appointed arbitrators. 
In the event of failure of said two (2) arbitrators to agree within
thirty (30) days after the commencement of the arbitration proceeding upon the
appointment of the third

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arbitrator to the Board of Arbitration, the third
arbitrator shall be appointed by the Hong Long International Arbitration
Centre. Nothing set forth above shall be interpreted to prevent the Parties
from agreeing in writing to submit any dispute to a single arbitrator in lieu
of a three (3) member Board of Arbitration. 
Upon the completion of the selection of the Board of Arbitration (or if
the Parties agree otherwise in writing, a single arbitrator), an award or
decision shall be rendered within no more than forty-five (45) days.  Notwithstanding the foregoing, the request by
the Parties for preliminary or permanent injunctive relief, whether prohibitive
or mandatory, shall not be subject to arbitration and may be adjudicated only
by the courts of proper jurisdiction.

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

6.4           Survival.  The warranties, representations and covenants
of the Company and the Investor contained in this Agreement shall survive the
execution and delivery of this Agreement and the Closing, and shall in no way
be affected by any investigation of the subject matter thereof made by or on
behalf of the Investor or the Company.

6.5           Indemnification
of Investor.

(a)           The Company hereby
agrees to hold harmless and indemnify the Investor, the Investor’ direct and
indirect subsidiaries, affiliated entities and corporations (collectively,
referred to as the “Investor Indemnitees”)
against any and all direct damages, liabilities, losses, reasonable costs and
expenses (including attorneys’ fees and expenses), whether or not arising out
of third-party claims, attributable to (i) any material inaccuracy in, or any material
breach by the Company of, anyrepresentation or warranty or other statement expressly
contained in this Agreement including the Disclosure Schedules, or (ii) any material
breach of any covenant or agreement expressly contained in this Agreement
including the Disclosure Schedules (collectively, the “Indemnifiable Claims”).

(b)           The rights to
indemnification set forth in this Section 6.5 are in addition to, and not in
limitation of, all rights and remedies to which the Investor may be entitled.
All remedies, either under this Agreement, the Restated Articles, the Restated
Joint Venture Agreement, by Law, or otherwise afforded to any party, shall be
cumulative and not alternative.

6.6           Entire
Agreement.  This Agreement, including the exhibits
attached hereto, constitute the full and entire understanding and agreement
between the Parties with regard to the

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subjects hereof and thereof.  Neither Party shall be liable or bound to the
other Party in any manner with regard to the subjects hereof or thereof by any
warranties, representations or covenants except as specifically set forth
herein or therein.

6.7           Amendment.  Except as expressly provided herein, neither
this Agreement nor any term hereof may be amended, waived, discharged or
terminated other than by a written instrument referencing this Agreement and
signed by the Company and the Investor.

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

	
  

  	
  (a)

  	
   

  	
  if to the Investor, one copy shall be sent to

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  OmniVision Trading (Hong Kong) Co. Ltd.

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  Attn:

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  Facsimile:

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  With a copy to:

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  OmniVision Technologies, Inc.

  1341 Orleans Drive

  Sunnyvale, CA 94089

  Attn: General Counsel

  Facsimile: (408) 542-3006

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  With a copy to:

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  Morgan, Lewis & Bockius, LLP

  3000 El Camino Real, Suite 700

  Palo Alto, California 94306

  Attn: Lucas Chang

  Facsimile: (650) 843-4001

  
	
   

  	
   

  	
   

  	
   

  
	
  

  	
  (b)

  	
   

  	
  if to the Company, one copy should be sent to

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  China WLCSP Limited

  Suite 11C, Suchuan Industrial Square

  
										

 

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  No. 428, Xinlong Road

  Suzhou Industrial Park

  Suzhou, Jiangsu, China 215126

  
	
   

  	
   

  	
   

  	
  Attn:

  	
   

  	
  Chief Executive Officer

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  Facsimile:

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  With a copy to:

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
                                                      

  	
  .

  	
   

  
	
   

  	
   

  	
   

  	
                                                      

  	
  .

  	
   

  
											

 

Each such notice
or other communication shall for all purposes of this Agreement be treated as
effective or having been given when delivered if delivered personally, or, if
sent by mail, at the earlier of its receipt or 72 hours after the same has been
deposited in a regularly maintained receptacle for the deposit of the United
States mail or the China mail or internationally recognized next-day delivery
services courier, addressed and mailed as aforesaid or, if sent by facsimile,
upon confirmation of facsimile transfer or, if sent by electronic mail, upon
confirmation of delivery when directed to the electronic mail address of the
recipient.

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

6.10         Expenses.  The Company and the Investor shall each pay
their own expenses, including but not limited to tax liabilities, auditing fees
and governmental charges in connection with the transactions contemplated by
this Agreement.

6.11         Counterparts.  This
Agreement may be executed in any number of counterparts, each of which shall be
enforceable against the Parties actually executing such counterparts, and all
of which together shall constitute one instrument.

 17
 

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

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

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

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

6.16         Obligation
of Company.  The Company agrees to
use its reasonable efforts to enforce the terms of this Agreement, to inform
the Investor of any breach hereof (to the extent the Company has knowledge
thereof) and to assist the Investor in the exercise of its rights and the performance
of its obligations hereunder.

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6.17         No Agency.  This Agreement shall not constitute an
appointment of any Party as the legal representative or agent of any other
party, nor shall any party have any right or authority to assume, create or
incur in any manner any obligation or other liability of any kind, express or
implied, against, in the name or on behalf of, any other party.  Nothing herein or in the transactions
contemplated by this Agreement shall be construed as, or deemed to be, the
formation of a partnership by or among the parties.

6.18         Confidentiality.  The Parties agree that they shall not
disclosure, divulge or communicate to any other party, the existence and
contents of this Agreement, the Transaction Documents or the Service Agreement,
or any correspondence, material, know-how, and other information acquired in
connection with the transaction contemplated herein, and shall take and
maintain such information under strict security precautions to prevent any
disclosure.  Neither party shall issue
any public statement or press release concerning any such information, without
the other party’s prior written approval of the substance and form of any such
statement or release, unless required by the applicable laws, regulations or
stock exchange rules.  Notwithstanding
the above, the Parties shall be entitled to disclose such information (a) to
their interest-owners, shareholders, directors and officers and their
respective professional advisers; (b) in connection with a merger, acquisition
or proposed merger or acquisition, and (c) as required by applicable law,
including without limitation applicable securities laws and regulations of the
United States and the PRC.

[The remainder of this page is left intentionally blank.]

 

 19

IN WITNESS
WHEREOF, the parties hereto have executed this Agreement as of the date set
forth in the first paragraph hereof.

	
  

  	
   

  	
  “COMPANY”

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  China WLCSP Limited

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  	
  /s/ Wei Wang

  
	
   

  	
   

  	
  Name:

  	
   

  	
  Wei Wang

  
	
   

  	
   

  	
  Title:

  	
   

  	
  Chief Executive Officer

  and President

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  “INVESTOR”

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  OmniVision Trading (Hong Kong)

  Company Limited

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  	
  /s/ Shaw Hong

  
	
   

  	
   

  	
  Name:

  	
   

  	
  Shaw Hong

  
	
   

  	
   

  	
  Title:

  	
   

  	
  Chief Executive Officer,

  President and Director

  (Principal Executive Officer)

  
							

 

(Signature Page to
China WLCSP Limited Investment Agreement)

EXHIBIT A

AMENDED
AND RESTATED ARTICLES OF ASSOCIATION

 

EXHIBIT B

AMENDED
AND RESTATED EQUITY JOINT VENTURE AGREEMENT

 

EXHIBIT C

DISCLOSURE
SCHEDULES

 

EXHIBIT D

CHINA
WLCSP LIMITED

OFFICER’S CERTIFICATE

Pursuant to
Section 4.6 of the Agreement, dated [             ],
2007, by and between China WLCSP Limited, a Sino-foreign equity joint venture
company established under the laws of the PRC, and OmniVision Trading (Hong
Kong) Company Limited, a Hong Kong company (the  “Agreement”), the undersigned certifies on behalf of the
Company as follows:

1.             He is the President of the Company;

2.             The Company has performed or complied with all
covenants, agreements and conditions contained in the Agreement to be performed
by the Company on or prior to the Closing; and except as set forth in or
modified by the Disclosure Schedules, the representations and warranties of the
Company set forth in Section 2 of the Agreement are true and correct as of
the date hereof.

3.             Attached hereto as Appendix I is a true and
correct copy of the Restated Articles
in effect as of the date hereof, and no action has been taken by the Company to
effect or authorize any amendment or other modification to such Articles.

4.             Attached hereto as  Appendix II is a true and correct copy of
the Restated JV Agreement in
effect as of the date hereof, and no action has been taken by the Company to
effect or authorize any amendment or other modification to such Agreement.

5.             Attached hereto as Appendix III is a true
and correct copy of certain resolutions duly adopted by the Board of Directors
of the Company on [             ],
2007 authorizing the transactions contemplated by the Agreement.  Such resolutions have not been amended,
modified or rescinded since their adoption and remain in full force and effect
as of the date hereof.

6.             Attached hereto as Appendix IV is a true and
correct copy of certain resolutions duly adopted by the shareholders of the
Company on [             ],
2007 authorizing the transactions contemplated by the Agreement and waiving
certain rights.  Such resolutions have
not been amended, modified or rescinded since their adoption and remain in full
force and effect as of the date hereof.

Capitalized terms used
but not defined herein have the meanings ascribed to them in the Agreement.

IN WITNESS WHEREOF, the
undersigned has executed this certificate as of [             ],
2007.

	
  

  	
   

  	
  China
  WLCSP Limited

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  /s/ Wei Wang

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  President

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