Document:

Unassociated Document

     

    INVESTMENT
      MANAGEMENT TRUST AGREEMENT

     

    This
      Agreement is made as of _________, 2006 by and between Shine Media Acquisition
      Corp. (the “Company”) and Continental Stock Transfer & Trust Company
      (“Trustee”).

     

    WHEREAS,
      the Company’s Registration Statement on Form S-1, No. 333- 127093 (as amended
      from time to time) (“Registration Statement”), for its initial public offering
      of securities (“IPO”) has been declared effective as of the date hereof by the
      Securities and Exchange Commission (“Effective Date”); and 

     

    WHEREAS,
      Merriman Curhan Ford & Co. is acting as the representative (the
“Representative”) of the underwriters in the IPO; and

     

    WHEREAS,
      the Company has agreed to issue securities in a private placement that will
      occur immediately prior to the IPO (the “Placement”); and 

     

    WHEREAS,
      as described in the Company’s Registration Statement, and in accordance with the
      Company's Third Amended and Restated Certificate of Incorporation, $32,217,500
      of the proceeds of the IPO, net of all discounts and commissions including
      the
      Deferred Compensation (as defined below) (37,293,500 if the underwriters’
over-allotment option is exercised in full), will be delivered to the Trustee
      to
      be deposited and held in a trust account (the “Trust Account") for the benefit
      of the Company and the holder's of the Company's Common Stock, par value $.0001
      per share, issued in the IPO as hereinafter provided, and in the event the
      Units
      are registered in Colorado, pursuant to Section 11-51-302(6) of the Colorado
      revised statutes (the “CRS”). A copy of Section 11-51-302(6) of the CRS is
      attached hereto and made a part hereof; and

     

    WHEREAS,
      pursuant to the Placement Unit Purchase Agreement, dated as of _____, 2006,
      among the Company and certain purchasers, the entire proceeds of the private
      placement of the units with the Company's purchasers, equal to $800,000, will
      be
      delivered to the Trustee to be deposited in the Trust Account; and

     

    WHEREAS,
      pursuant to the Underwriting Agreement, an additional $900,000, (or the amount
      specified in the notice delivered pursuant to Section [__] hereof), representing
      a portion of the underwriters' discount (the “Deferred Compensation”) which the
      Representative, on behalf of the underwriters, has agreed to deposit into the
      Trust Account; and 

     

    WHEREAS,
      the amount to be delivered to the Trustee, including the proceeds of the IPO
      and
      the private placement and the Deferred Compensation, will be referred to herein
      as the “Property,” the stockholders for whose benefit the Trustee shall hold the
      Property will be referred to as the “Public Stockholders;” and the Public
      Stockholders, the Representative and the Company will be referred to together
      as
      the “Beneficiaries;” and the Company and the Trustee desire to enter into this
      Agreement to set forth the terms and conditions pursuant to which the Trustee
      shall hold the Property; and

     

    WHEREAS,
      the Company and the Trustee desire to enter into this Agreement to set forth
      the
      terms and conditions pursuant to which the Trustee shall hold the
      Property;

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    IT
      IS
      AGREED:

     

    1.    Agreements
      and Covenants of Trustee.
      The
      Trustee hereby agrees and covenants to:

     

    (a)    Hold
      the
      Property in trust for the Beneficiaries in accordance with the terms of this
      Agreement, including without limitation, the terms of Section 11-51-302(6)
      of
      the CRS, in segregated trust accounts established by the Trustee at JPMorgan
      Chase N.A. and at Morgan Stanley; 

     

    (b)    Manage,
      supervise and administer the Trust Account subject to the terms and conditions
      set forth herein;

     

    (c)    In
      a
      timely manner, upon the instruction of the Company, to invest and reinvest
      the
      Property in any “Government Security.” As used herein, Government Security means
      any Treasury Bill issued by the United States, having a maturity of 180 days
      or
      less or any open ended investment company selected by the Company and registered
      under the Investment Company Act of 1940 that holds itself out as a money market
      fund meeting the conditions of paragraphs (c)(2), (c)(3) and (c)(4) under Rule
      2a-7 promulgated under the Investment as determined by the Company;

     

    (d)    Collect
      and receive, when due, all principal and income arising from the Property,
      which
      shall become part of the “Property,” as such term is used herein;

     

    (e)    Notify
      the Company and the Representative of all communications received by it with
      respect to any Property requiring action by the Company;

     

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

     

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

     

    (h)    Render
      to
      the Company and to the Representative, and to such other person as the Company
      may instruct, monthly written statements of the activities of and amounts in
      the
      Trust Account reflecting all receipts and disbursements of the Trust Account;
      and

     

    (i)    
If
      there
      is any income or other tax obligation relating to the income from the Property
      in the Trust Account as determined by the Company, then, from time to time,
      at
      the written instruction of the Company, the Trustee shall promptly, to the
      extent there is not sufficient cash in the Trust Account to pay such tax
      obligation, liquidate such assets held in the Trust Account as shall be
      designated by the Company in writing, and
      disburse
      to the Company by wire transfer, out of the Property in the Trust Account,
      the
      amount indicated
      by the Company as owing in
      respect of such income tax obligation;
      and

     

    (j)    Commence
      liquidation of the Trust Account only after receipt of and only in accordance
      with the terms of a letter (“Termination
      Letter”),
      in a
      form substantially similar to that attached hereto as either Exhibit A or
      Exhibit B, signed on behalf of the Company by its (i) Chief Executive Officer
      or
      Chairman of the Board and (ii) Chief Financial Officer and complete the
      liquidation of the Trust Account and disburse the Property in the Trust Account
      (which disbursement shall include, in the event of a Business Combination,
      payment of the Deferred Discount to the Representative) only as directed in
      the
      Termination Letter and the other documents referred to therein. The Trustee
      understands and agrees that, except as provided in paragraphs 1(i), 1(k) and
      6(a) hereof, disbursements from the Trust Account shall be made only pursuant
      to
      a duly executed Termination Letter, together with the other documents referenced
      herein; and

     

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

    (k)    Upon
      one
      or more written requests from the Company, which may be given not more than
      once
      in any calendar month period, the Trustee shall distribute to the Company
      interest earned on the Trust Account, net of taxes payable, up to a maximum
      of
      $600,000. The distributions requested by the Company may be for any amount,
      provided that (i) in the aggregate, all distributions under this Section 1(l)
      may not exceed $600,000 and (ii) that such distributions may only be made if
      and
      to the extent that interest has been earned on the amount initially deposited
      into the Trust Account; and

     

    (l)    Permit
      or
      effect no distribution from the Trust Account except in accordance with Sections
      1(i), 1(j), 1(k) and 5(b).

     

    2.    Agreements
      and Covenants of the Company.
      The
      Company hereby agrees and covenants to:

     

    (a)    Provide
      all instructions to the Trustee hereunder in writing, signed by the Company’s
      Chief Executive Officer, President, Chairman of the Board or Chief Financial
      Officer. In addition, except with respect to its duties under Section 1(i)
      above, the Trustee shall be entitled to rely on, and shall be protected in
      relying on, any verbal or telephonic advice or instruction which it in good
      faith believes to be given by any one of the persons authorized above to give
      written instructions, provided that the Company shall promptly confirm such
      instructions in writing;

     

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

     

    (c)    Pay
      the
      Trustee an initial acceptance fee, an annual fee and
      a
      transaction processing fee for each disbursement made pursuant to
      Sections 1(i) and 1(k) as set forth on Schedule A hereto, which fees
      shall be subject to modification by the parties from time to time. It is
      expressly understood that the Property shall not be used to pay such fees and
      further agreed that said transaction processing fees shall be deducted by the
      Trustee from the disbursements made to the Company pursuant to
      Section 1(k). The Company shall pay the Trustee the initial
      acceptance fee and first year’s fee at the consummation of the IPO and shall
      thereafter pay the annual fee on the anniversary of the Effective Date. The
      Trustee shall refund to the Company the fee (on a pro rata basis) with respect
      to any period after the liquidation of the Trust Fund. The Company shall not
      be
      responsible for any other fees or charges of the Trustee except as set forth
      in
      this Section 2(c) and as may be provided in Section 2(b) hereof (it being
      expressly understood that the Property shall not be used to make any payments
      to
      the Trustee under such Section);

     

    (d)    Within
      five business days after the Representative’s over-allotment option (or any
      unexercised portion thereof) expires or is exercised in full, provide the
      Trustee notice in writing (with a copy to the Representative) of the total
      amount of the Deferred Compensation, which shall in no event be less than
      $900,000;

     

    
      
        
        

      

      
        3

        
          

        

      

      
        
        

      

    

    (e)    Provide
      to the Trustee any letter of intent, agreement in principle or definitive
      agreement that is executed in connection with a Business Combination, together
      with a certified copy of a unanimous resolution of the Board of Directors of
      the
      Company affirming that such letter of intent, agreement in principle or
      definitive agreement is in effect; and 

     

    (f)    In
      connection with any vote of the Company’s stockholders regarding a Business
      Combination, provide to the Trustee an affidavit or certificate of a firm
      regularly engaged in the business of soliciting proxies and tabulating
      stockholder votes verifying the vote of the Company’s stockholders regarding
      such Business Combination.

     

    3.    Limitations
      of Liability.
      The
      Trustee shall have no responsibility or liability to:

     

    (a)    Take
      any
      action with respect to the Property, other than as directed in Section 1 hereof
      and the Trustee shall have no liability to any party except for liability
      arising out of its own gross negligence or willful misconduct;

     

    (b)    Institute
      any proceeding for the collection of any principal and income arising from,
      or
      institute, appear in or defend any proceeding of any kind with respect to,
      any
      of the Property unless and until it shall have received written instructions
      from the Company given as provided herein to do so and the Company shall have
      advanced or guaranteed to it funds sufficient to pay any expenses incident
      thereto;

     

    (c)    Change
      the investment of any Property, other than in compliance with Section
      1(c);

     

    (d)    Refund
      any depreciation in principal of any Property;

     

    (e)    Assume
      that the authority of any person designated by the Company or the Representative
      to give instructions hereunder shall not be continuing unless provided otherwise
      in such designation, or unless the Company or the Representative shall have
      delivered a written revocation of such authority to the Trustee;

     

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

     

    (g)    Verify
      the correctness of the information set forth in the Registration Statement
      or to
      confirm or assure that any acquisition made by the Company or any other action
      taken by it is as contemplated by the Registration Statement, unless an officer
      of the Trustee has actual knowledge thereof, written notice of such event is
      sent to the Trustee or as otherwise required under Section 1(j) hereof;
      and

     

    
      
        
        

      

      
        4

        
          

        

      

      
        
        

      

    

    (h)    Pay
      any
      taxes on behalf of the Trust Account (it being expressly understood that, as
      set
      forth in Section 1(i), if there is any income tax obligation relating to the
      income of the Property in the Trust Account, then, at the written instruction
      of
      the Company, the Trustee shall disburse
      to the Company the amount indicated by the Company as owing is respect of such
      income tax obligation. 

     

    
      (i) 
Verify
        calculations, qualify or otherwise approve Company requests for distributions
        pursuant to Section 1(i) or 1(k).

    

     

    4.    Certain
      Rights Of
      Trustee.
      

     

    (a)    Before
      the Trustee acts or refrains from acting, it may require an Officer’s
      Certificate or opinion of counsel or both. The Trustee shall not be liable
      for
      any action it takes or omits to take in good faith in reliance on such Officer’s
      Certificate or opinion of counsel. The Trustee may consult with counsel and
      the
      advice of such counsel or any opinion of counsel shall be full and complete
      authorization and protection from liability in respect of any action taken,
      suffered or omitted by it hereunder in good faith and in reliance thereon.
      

     

    (b)    The
      Trustee may act through its attorneys and agents and shall not be responsible
      for the misconduct or negligence of any agent appointed with due care.

     

    (c)    The
      Trustee shall not be liable for any action it takes or omits to take in good
      faith that it believes to be authorized or within the rights or powers conferred
      upon it by this Agreement. 

     

    (d)    The
      Trustee shall not be responsible for and makes no representation as to the
      validity or adequacy of this Agreement; it shall not be accountable for the
      Company’s use of the proceeds from the Trust Account. Notwithstanding the
      effective date of this Agreement or anything to the contrary contained in this
      Agreement, the Trustee shall have no liability or responsibility for any act
      or
      event relating to this Agreement or the transactions related thereto which
      occurs prior to the date of this Agreement, and shall have no contractual
      obligations to the Beneficiaries until the date of this Agreement.

     

    5.    No
      Right of Set-Off.
      The
      Trustee waives any right of set-off or any right, title, interest or claim
      of
      any kind that the Trustee may have against the Property held in the Trust
      Account. In the event that the Trustee has a claim against the Company under
      this Agreement, including, without limitation, under Section 3(b), the Trustee
      will pursue such claim solely against the Company and not against the Property
      held in the Trust Account.

     

    6.    Termination.
      This
      Agreement shall terminate as follows:

     

    (a)    If
      the
      Trustee gives written notice to the Company that it desires to resign under
      this
      Agreement, the Company shall use its reasonable efforts to locate a successor
      trustee. At such time that the Company notifies the Trustee that a successor
      trustee has been appointed by the Company and has agreed to become subject
      to
      the terms of this Agreement, the Trustee shall transfer the management of the
      Trust Account to the successor trustee, including but not limited to the
      transfer of copies of the reports and statements relating to the Trust Account,
      whereupon this Agreement shall terminate; provided, however, that, in the event
      that the Company does not locate a successor trustee within ninety days of
      receipt of the resignation notice from the Trustee, the Trustee may submit
      an
      application to have the Property deposited with the United States District
      Court
      for the Southern District of New York and upon such deposit, the Trustee shall
      be immune from any liability whatsoever that arises due to any actions or
      omissions to act by any party after such deposit; or

     

    (b)    At
      such
      time that the Trustee has completed the liquidation of the Trust Account in
      accordance with the provisions of Section 1(j) hereof, and distributed the
      Property in accordance with the provisions of the Termination Letter, this
      Agreement shall terminate except with respect to Section 2(b).

     

    
      
        
        

      

      
        5

        
          

        

      

      
        
        

      

    

    7.    Miscellaneous.

     

    (a)    The
      Company and the Trustee each acknowledge that the Trustee will follow the
      security procedures set forth below with respect to funds transferred from
      the
      Trust Account. Upon receipt of written instructions, the Trustee will confirm
      such instructions with an Authorized Individual at an Authorized Telephone
      Number listed on the attached Exhibit
      C.
      The
      Company and the Trustee will each restrict access to confidential information
      relating to such security procedures to authorized persons. Each party must
      notify the other party immediately if it has reason to believe unauthorized
      persons may have obtained access to such information, or of any change in its
      authorized personnel. In executing funds transfers, the Trustee will rely upon
      account numbers or other identifying numbers of a beneficiary, beneficiary’s
      bank or intermediary bank, rather than names. The Trustee shall not be liable
      for any loss, liability or expense resulting from any error in an account number
      or other identifying number, provided it has accurately transmitted the numbers
      provided.

     

    (b)    This
      Agreement shall be governed by and construed and enforced in accordance with
      the
      laws of the State of New York, without giving effect to conflicts of law
      principles that would result in the application of the substantive laws of
      another jurisdiction. It may be executed in several counterparts, each one
      of
      which shall constitute an original, and together shall constitute but one
      instrument.

     

    (c)    This
      Agreement contains the entire agreement and understanding of the parties hereto
      with respect to the subject matter hereof. This Agreement or any provision
      hereof may only be changed, amended or modified by a writing signed by each
      of
      the parties hereto; provided,
      however,
      that no
      such change, amendment or modification (other than to correct a typographical
      or
      similar technical error) may be made to Sections 1(i), 1(j), 1(k) and 1(l)
      hereof without the consent of 95% of the Public Stockholders, it being the
      specific intention of the parties hereto that each Public Stockholder is and
      shall be a third-party beneficiary of this Section 7(c) with the same right
      and
      power to enforce this Section 7(c) as either of the parties hereto. For purposes
      of this Section 7(c), the “consent of 95% of the Public Stockholders” shall mean
      receipt by the Trustee of a certificate from an entity certifying that (i)
      such
      entity regularly engages in the business of serving as inspector of elections
      for companies whose securities are publicly traded, and (ii) either (a) 95%
      of
      the Public Stockholders of record as of a record date established in accordance
      with Section 213(a) of the Delaware General Corporation Law, as amended (the
      “DGCL”), have voted in favor of such amendment or modification or (b) 95% of the
      Public Stockholders of record as of a record date established in accordance
      with
      Section 213(b) of the DGCL has delivered to such entity a signed writing
      approving such amendment or modification. 

     

    (d)    As
      to any
      claim, cross-claim or counterclaim in any way relating to this Agreement, each
      party waives the right to trial by jury.

     

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

     

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

     

    
      
        
        

      

      
        6

        
          

        

      

      
        
        

      

    

    if
      to the
      Trustee, to:

     

    Continental
      Stock Transfer & Trust Company

    17
      Battery Place

    New
      York,
      New York 10004

    Attn: _________________

    Fax
      No.:
      (212) ___________]

     

    if
      to the
      Company, to:

     

    Shine
      Media Acquisition Corp.

    Rockefeller
      Center

    1230
      Avenue of the Americas

    New
      York,
      NY 10020

    Attn: David
      Y.
      Chen, Chief Executive Officer and
      President

    Fax
      No.:

     

    in
      either
      case with a copy to:

     

    Merriman
      Curhan Ford & Co.

    600
      California Street, 9th
      Floor

    San
      Francisco, CA 94108 

    Attn: Steven
      R.
      Foland

    Fax
      No.:
      (415) 248-5692

     

    and

     

    Bingham
      McCutchen LLP

    399
      Park
      Avenue

    New
      York,
      New York 10022

    Attn: Floyd
      I.
      Wittlin, Esq.

    Fax
      No.:
      (212) 752-5370

     

    and

     

    Loeb
      & Loeb LLP

    345
      Park
      Avenue

    New
      York,
      New York 10154

    Attn: Mitchell
      S. Nussbaum, Esq.

     

    Fax
      No.:
      (212) 407-4990

     

    (g)    This
      Agreement may not be assigned by the Trustee without the prior written consent
      of the Company.

     

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

    
      
        
        

      

      
        7

        
          

        

      

      
        
        

      

    

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

     

    
      	 	 	 
	 	CONTINENTAL
              STOCK
              TRANSFER & TRUST COMPANY, as Trustee
	 
 	 
 	 
 
	 	By:  	 
	 	
              

              Name: 

            
	 	Title: 

    

     

    
      	 	 	 
	 	SHINE
              MEDIA
              ACQUISITION CORP.
	 
 	 
 	 
 
	 	By:  	 
	 	
              
Name: David
              Y. Chen
	 	Title:
              Chief Executive Officer and  President

    

    

    
       

      
        
          
          

        

        
          8

          
            

          

        

        
          
          

        

      

      SCHEDULE
        A

    

    
      
        

        Schedule
          of fees pursuant to Section 2(c) of Investment Management Trust
          Agreement

        between Shine
          Media Acquisition Corp.and Continental Stock Transfer & Trust
          Company

        

        

        
          	
                  Fee
                    Item

                	
                  Time
                    and method of payment 

                	
                  Amount

                
	
                  Initial
                    acceptance fee

                	
                  Initial
                    closing of IPO by wire transfer 

                	
                  $1,000

                
	
                  Annual
                    fee

                	
                  First
                    year, initial closing of IPO by wire transfer; thereafter on
                    the
                    anniversary of the effective date of the IPO by wire transfer
                    or
                    check

                	
                  $3,000

                
	
                  Transaction
                    processing fee for disbursements to Company under Sections 1(i)
                    and 1(k)

                	
                  Deduction
                    by Trustee from disbursement made to Company under
                    Section 1(k)

                	
                  $250

                

        

         

        

          

          Agreed:

           

          Dated:
             ___, 2006

           

          SHINE
            MEDIA ACQUISITION CORP. 

          

          

          By:______________________________

          Name:

          Title:

           

          
 

          CONTINENTAL
            STOCK TRANSFER & TRUST CO.

           

           

          
            By:______________________________
Name:
            

          Title:
            Authorized Officer

          

        

         

        
          
            
            

          

          
            9

            
              

            

          

          
            
            

          

        

        EXHIBIT
          A

      

    

    [Letterhead
      of Company]

     

    [Insert
      date]

     

    Continental
      Stock Transfer 

     
      & Trust Company

    17
      Battery Place

    New
      York,
      New York 10004

    Attn:
      

     

    Re: Trust
      Account No.
      [              
] Termination Letter

     

    Gentlemen:

     

    Pursuant
      to Section 1(i) of the Investment Management Trust Agreement between Shine
      Media
      Acquisition Corp. (“Company”) and [Continental Stock Transfer & Trust
      Company] (“Trustee”), dated as of __________, 2006 (“Trust Agreement”), this is
      to advise you that the Company has entered into an agreement (“Business
      Agreement”) with __________________ (“Target Business”) to consummate a business
      combination with Target Business (“Business Combination”) on or about [insert
      date]. The Company shall notify you at least 48 hours in advance of the actual
      date of the consummation of the Business Combination (“Consummation Date”) and
      shall provide you with a certificate or affidavit in accordance with Section
      2(f) of the Trust Agreement. Capitalized terms used herein and not otherwise
      defined shall have the meanings ascribed to them in the Trust
      Agreement.

     

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

     

    On
      the
      Consummation Date (i) counsel for the Company shall deliver to you written
      notification that (a) the Business Combination has been consummated and [(b)
      the
      provisions of Section 11-51-302(6) and Rule 51-3.4 of the CRS have been met,]
      and (ii) the Company and Merriman Curhan Ford & Co., as representative of
      the underwriters of the Company’s IPO (the “Representative”) shall deliver to
      you joint written instructions with respect to the transfer of the funds held
      in
      the Trust Account, including the Deferred Compensation (“Instructions”). You are
      hereby directed and authorized to transfer the funds, including the Deferred
      Compensation, held in the Trust Account immediately upon your receipt of the
      counsel’s letter, evidence of delivery of the Stock Certificates, the Officer’s
      Certificate and the Instructions, in accordance with the terms of the
      Instructions. Notwithstanding the foregoing, upon verification of receipt by
      you
      of the Instruction Letter, we hereby agree and acknowledge that the Property
      in
      the Trust Account shall be distributed as follows: (1) first, to the
      Representative by wire transfer (or as otherwise directed by the Representative)
      in immediately available funds, the aggregate amount of $__________ plus any
      interest accrued thereon; and (2) thereafter, to any other Beneficiary in
      accordance with the terms of the Instructions. In the event that certain
      deposits held in the Trust Account may not be liquidated by the Consummation
      Date without penalty, you will notify the Company of the same and the Company,
      if the amount set forth in clause (1) shall not have been paid in full, the
      Company and the Representative shall issue joint written instructions directing
      you as to whether such funds should remain in the Trust Account and distributed
      after the Consummation Date to the Company. Upon the distribution of all the
      funds in the Trust Account pursuant to the terms hereof, the Trust Agreement
      shall be terminated.

     

    In
      the
      event that the Business Combination is not consummated on the Consummation
      Date
      described in the notice thereof and we have not notified you on or before the
      original Consummation Date of a new Consummation Date, then the funds held
      in
      the Trust Account shall be reinvested as provided in the Trust Agreement on
      the
      business day immediately following the Consummation Date as set forth in the
      notice.

     

    
      
        
        

      

      
        10

        
          

        

      

      
        
        

      

    

     

    
      	 	Very truly yours,
	 	 	 
	 	SHINE
              MEDIA
              ACQUISITION CORP.
	 
 	 
 	 
 
	 	By:  	 
	 	
              
Name: 
	 	Title: 

    

    
       

      
        	 	 	 
	 
 	 
 	 
 
	 	CONTINENTAL
                STOCK
                TRANSFER & TRUST CO.
	 
 	 
 	 
 
	 	By:  	 
	 	
                
Name: 
	 	Title:  

      

       

    

     

    
      
        
        

      

      
        11

        
          

        

      

      
        
        

      

    

    EXHIBIT
      B

     

    [Letterhead
      of Company]

     

    [Insert
      date]

     

    Continental
      Stock Transfer & Trust Company

     
      & Trust Company

    17
      Battery Place

    New
      York,
      New York 10004

    Attn:
      

     

    Re: Trust
      Account No. [ ] Termination Letter

     

    Gentlemen:

     

    Pursuant
      to Section 1(j) of the Investment Management Trust Agreement between Shine
      Media
      Acquisition Corp. (“Company”) and Continental Stock Transfer & Trust Company
      (“Trustee”), dated as of _____________, 2006 (“Trust Agreement”), this is to
      advise you that the Board of Directors of the Company has voted to dissolve
      the
      Company and liquidate the Trust Account (as defined in the Trust Agreement).
      Attached hereto is a copy of the minutes of the meeting of the Board of
      Directors of the Company relating thereto, certified by an executive officer
      of
      the Company as true and correct and in full force and effect.

     

    In
      accordance with the terms of the Trust Agreement, we hereby (a) certify to
      you
      that, if applicable, the provisions of Section 11-51-302(6) and Rule 51-3.4
      of
      the Colorado Statute have been met and (b) authorize you, to commence
      liquidation of the Trust Account as
      part
      of the Company’s plan of dissolution and distribution. In connection with this
      liquidation, you are hereby authorized to establish a record date for the
      purposes of determining the stockholders of record entitled to receive their
      per
      share portion of the Trust Account. The record date shall be within ten (10)
      days of the liquidation date, or as soon as thereafter as is practicable.
You
      will
      notify the Company and ______________ (“Designated Paying Agent”) in writing as
      to when all of the funds in the Trust Account will be available for immediate
      transfer (“Transfer Date”). The Designated Paying Agent shall thereafter notify
      you as to the account or accounts of the Designated Paying Agent that the funds
      in the Trust Account should be transferred to on the Transfer Date so that
      the
      Designated Paying Agent may commence distribution of such funds in accordance
      with the terms of the Trust Agreement and the Company’s Third Amended and
      Restated Certificate of Incorporation. Upon the payment of all the funds in
      the
      Trust Account, the Trust Agreement shall be terminated and the Trust Account
      closed.

     

    
      
        	 	Very truly yours,
	 	 	 
	 	SHINE
                MEDIA
                ACQUISITION CORP.
	 
 	 
 	 
 
	 	By:  	 
	 	
                
Name: 
	 	Title: 

      

      
         

        
          	 	 	 
	 	
                  CONTINENTAL
                    STOCK TRANSFER & TRUST COMPANY

                
	 
 	 
 	 
 
	 	By:  	 
	 	
                  
Name: 
	 	Title: Chief
                  Financial Officer

        

         

         

        
          
            
            

          

          
            12

            
              

            

          

          
            
            

          

        

      

    

    
      Agreed:

       

      Dated:
         ___, 2006

       

      SHINE
        MEDIA ACQUISITION CORP. 

      

      

      By:_______________________________

      Name:

      Title:

       

       

      CONTINENTAL
        STOCK TRANSFER & TRUST CO.

      

       

      By:_______________________________

      Name:
        

      Title:
        Authorized Officer

    

     

    
      
        
        

      

      
        13

        
          

        

      

      
        
        

      

    

    EXHIBIT
      C

     

    
      	
              AUTHORIZED
                INDIVIDUAL(S)

              FOR
                TELEPHONE CALL BACK

            	
              AUTHORIZED

              TELEPHONE
                NUMBER(S)

            
	 	 
	 	 
	
              Company:

            	 
	 	 
	
              Shine
                Media Acquisition Corp.

              Attn: Richard
                L. Chang, Chairman

            	
               

               

              ()
                

            
	 	 
	
              Trustee:

            	 
	 	 
	
              Continental
                Stock Transfer & Trust Company

              17
                Battery Place

              New
                York, New York 10004

              Attn:
                

            	
              (212)
                

            

    

     

    
       

      
        
          
          

        

        
          14Unassociated Document

     

    SHINE
      MEDIA ACQUISITION CORP.

     

    _______________,
      2006

     

    Shine
      Media Group Limited

    Rockefeller
      Center

    1230
      Avenue of the Americas, 7th
      Floor

    New
      York,
      NY 10020

     

    Gentlemen:

     

    This
      letter will confirm our agreement, that commencing on the effective date
      (“Effective Date”) of the registration statement of the initial public offering
      (“IPO”) of the securities of Shine Media Acquisition Corp. (“Company”) and
      continuing until the consummation by the Company of a “Business Combination” (as
      described in the prospectus), Shine Media Group Limited (“Firm”) shall make
      available to the Company certain technology and administrative and secretarial
      services, as well as the use of certain limited office space, including a
      conference room, in New York City, as may be required by the Company from time
      to time, situated at in Rockefeller Center,1230 Avenue of the Americas,
      7th
      Floor
      (or any successor location). In exchange therefor, the Company shall pay to
      Firm
      the sum of $10,000 per month (the “Fee”) on the Effective Date and continuing
      monthly thereafter. 

     

    Very
      truly yours,

     

    SHINE
      MEDIA ACQUISITION CORP.

     

     

    By:
      _______________________________

    Name:
      David Y. Chen

    Title:
      Chief Executive

    Officer
      and President

     

    

     

    Agreed
      to
      and Accepted by:

     

    SHINE
      MEDIA GROUP LIMITED

     

    By:
      _____________________________

        Name:
      

        Title:

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