Document:

Form on Investment Management Trust Agreement

 Exhibit 10.6 
 INVESTMENT MANAGEMENT TRUST AGREEMENT 
 This Agreement is made as of
                    , 2008 by and between North Asia Investment Corporation (the “Company”) and Continental Stock
Transfer & Trust Company (“Trustee”). 
 WHEREAS, the Company’s registration statement on Form F-1, File
No. 333-148378 (“Registration Statement”), for its initial public offering of securities (“IPO”) has been declared effective as of the date hereof (“Effective Date”) by the Securities and Exchange Commission
(capitalized terms used herein and not otherwise defined shall have the meanings set forth in the Registration Statement); and 
 WHEREAS,
Citigroup Global Markets Inc. (the “Representative”) is acting as the representative of the underwriters in the IPO pursuant to an underwriting agreement dated on or about the date hereof between the Company and the Representative (the
“Underwriting Agreement”); and 
 WHEREAS, as described in the Registration Statement, and in accordance with the Company’s
Memorandum and Articles of Association, $59,225,000 of the gross proceeds of the IPO and the issuance and sale of 2,125,000 warrants in a private placement to the Company’s sponsors, Thomas Chan-Soo Kang and Allister Morrison, (or $67,932,500
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 for the benefit of the Company and the holders of the Company’s ordinary shares, par value $.0001
per share, issued in the IPO as hereinafter provided (the amount to be delivered to the Trustee will be referred to herein as the “Property”, the shareholders for whose benefit the Trustee shall hold the Property will be referred to as the
“Public Shareholders,” and the Public Shareholders and the Company will be referred to together as the “Beneficiaries”); and 
 WHEREAS, pursuant to the Underwriting Agreement, a portion of the Property equal to $2,250,000 (or $2,587,500 if the underwriters’ over-allotment option is exercised in full, subject to proportional adjustment pursuant to the
Underwriting Agreement if the underwriters’ over-allotment option is exercised in part, but not in full, prior to its expiration as specified in a notice pursuant to Paragraph 1(i) hereof) is attributable to deferred underwriting commissions
that will become payable by the Company to the underwriters upon the consummation of an Initial Business Combination (the “Deferred Discount”); 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 is hereby appointed to serve as Trustee hereunder, and the Trustee hereby agrees to act as Trustee upon the terms and
conditions set forth herein. The Trustee hereby agrees and covenants to: 

 (a) Hold the Property in trust for the
Beneficiaries in accordance with the terms of this Agreement in a segregated trust account (“Trust Account”) established by the Trustee in London at HSBC; 

 (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 United States “government
securities,” defined as any Treasury Bill issued by the United States having a maturity of 180 days or less; 
 (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; 
 (i) Commence liquidation of the Trust Account only after and promptly 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 Chief Executive Officer or Chairman of the Board and Secretary or Assistant Secretary or other authorized officer of the Company, and complete the
liquidation of the Trust Account and distribute the Property in the Trust Account only as directed in the Termination Letter and the other documents referred to therein; provided, however, that in the event that a Termination Letter has not
been received by the Trustee by the Last Date (as defined in Section 3(h) below), the Trust Account shall be liquidated in accordance with the procedures set forth in the Termination Letter attached as Exhibit B hereto and distributed to the
shareholders of record on the Last Date. In all cases, the Trustee shall provide the Representative with a copy of any Termination Letters and/or any other correspondence that it receives with respect to any proposed withdrawal from the Trust
Account promptly after it receives same. The provisions of this Section 1(i) may not be modified, amended or deleted under any circumstances; 
 (j) Distribute the Deferred Discount to the Representative on behalf of the Underwriters upon receipt of written notice from the Company; and 
 (k) Distribute upon receipt of an Extension Notification Letter, to Public Shareholders who exercised their conversion rights in connection with an Extension an amount equal to the pro rata share of the Property
relating to the ordinary shares for which such Public Shareholders have exercised conversion rights in connection with a vote of shareholders for an Extension. 
  

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	2.	Limited Distributions of Income from Trust Account. 

 (a) Upon written request from the Company, which may be given from time to time in a form substantially similar to that attached hereto as Exhibit C, signed on behalf of the Company by a duly authorized executive officer of the
Company, the Trustee shall distribute to the Company the amount requested by the Company to cover any of the Company’s tax obligations; 
 (b) Upon written request from the Company, which may be given from time to time in a form substantially similar to that attached hereto as Exhibit D, signed on behalf of the Company by a duly authorized executive officer of the
Company, the Trustee shall distribute to the Company the amount requested by the Company to cover expenses related to administrative expenses, investigating and selecting a target business and other working capital requirements; provided, however,
that the aggregate amount of all such distributions pursuant to this subsection shall not exceed $1,500,000 and the Company will not be allowed to withdraw interest income earned on the trust account unless there is sufficient funds available to pay
the Company’s tax obligations that are or will be due on such interest income at an assumed rate of 40% or otherwise then due at that time; and 
 (c) The limited distributions referred to in Sections 2(a) and 2(b) above shall be made only from interest collected on the Property. Except as provided in Section 2(a) and 2(b) above, no other distributions from
the Trust Account shall be permitted except in accordance with Section 1(i), 1(j) and 1(k) hereof. 
  

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

 (a) Give all instructions to the Trustee hereunder in writing, signed by the Company’s Chairman of the Board or Chief Executive Officer or other
authorized officer. In addition, except with respect to its duties under paragraphs 1(i), 1(j), 1(k), 2(a) and 2(b) 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, which consent shall not be unreasonably withheld. The Company may participate in such action with
its own counsel; 
  

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 (c) Pay the Trustee an initial acceptance fee, an annual fee and a transaction processing fee for each
disbursement made pursuant to Section 2 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 unless and
until it is distributed to the Company pursuant to Section 2. The Company shall pay the Trustee the initial acceptance fee and first year’s fee at the consummation of the IPO and thereafter on the anniversary of the Effective Date. The
Trustee shall refund to the Company the annual 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 3(c) and as may be provided in Section 3(b) hereof (it being expressly understood that the Property shall not be used to make any payments to the Trustee under such Sections); 
 (d) Within five business days after the underwriters’ over-allotment option (or any unexercised portion thereof) expires or is exercised in full,
provide the Trustee with a notice in writing (with a copy to the Representative) of the total amount of the Deferred Discount, which shall in no event be less than $2,250,000; 
 (e) In connection with any vote of the Company’s shareholders regarding a Business Combination or an Extension, provide to the Trustee an affidavit
or certificate of a firm regularly engaged in the business of soliciting proxies and/or tabulating shareholder votes (which firm may be the Trustee) verifying the vote of the Company’s shareholders regarding such Business Combination or
Extension; 
 (f) Within five business days after the consummation of the initial IPO, provide the Trustee with a notice in writing (with a
copy to the Representative) indicating the date that is 18 months after the date of the Company’s final prospectus filed pursuant to Rule 424(b) of the Securities Act of 1933, as amended, in connection with the IPO (such date, the “Initial
Last Date”); 
 (g) Within five business days after the Company enters into a letter of intent, memorandum of understanding, agreement
in principle or definitive agreement with respect to a Business Combination, provide the Trustee with a notice in writing (with a copy to the Representative) indicating that the Company entered into a definitive agreement prior to the Initial Last
Date and that the Initial Last Date has been extended to the date that is 24 months after the date of the Company’s final prospectus filed pursuant to Rule 
 424(b) of the Securities Act of 1933, as amended, in connection with the IPO (such date, the “Second Last Date”); and 
 (h) Within five business days after the vote of the Company’s shareholders regarding an Extension (as described in paragraph (e) above) provide the Trustee with a letter (an “Extension Notification Letter”) (with a copy to
the Representative) providing that (i) the Initial last Date (or the Second Last Date) has been extended (an “Extension”) to a date that is not more than 36 months after the consummation of the IPO (such date, the “Extended Last
Date”; as used herein the term “Last Date” shall mean the later of (A) the Initial Last Date, (B) the Second Last Date if the Initial Last Date was extended as described in paragraph (g) above, and (C) the Extended Last Date, if there
is an Extension), and (ii) instructions for the distribution of funds to Public Shareholders who exercised their conversion option in connection with such Extension. 
 4.     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 paragraphs 1 and 2 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 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
paragraph 1(c); 
 (d) Refund any depreciation in principal of any Property; 
 (e) Assume that the authority of any person designated by the Company to give instructions hereunder shall not be continuing unless provided otherwise in
such designation, or unless the Company shall have delivered a written revocation of such authority to the Trustee; 
  

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 (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; and 
 (h) File information returns with the United States Internal Revenue Service and payee statements with the Company, documenting the taxes payable by the
Company, if any, relating to interest earned on the Property. 
 5. 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 any court in the State of New York or 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; or 
 (b) At such time that the Trustee has completed the liquidation of the Trust Account in accordance with the provisions of paragraph 1(i) hereof, and distributed the Property in accordance with the provisions of the Termination Letter, this
Agreement shall terminate except with respect to Paragraph 3(b). 
 6. Miscellaneous. 
 (a) The Company and the Trustee each acknowledge that the Trustee will follow the procedures set forth below with respect to funds transferred from the
Trust Account. Upon receipt of written instructions, the Trustee will confirm such instructions 

  

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with an Authorized Individual at an Authorized Telephone Number listed on the attached Exhibit E. 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
original or facsimile 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. Except for Section 1(i) (which may not be amended under any circumstances), 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 may be made without the prior written consent of the Representative. As to any claim,
cross-claim or counterclaim in any way relating to this Agreement, each party waives the right to trial by jury. 
 (d) 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. 
 (e) 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: 
 if to the Trustee, to: 
 Continental Stock Transfer 
 & Trust Company 
 17 Battery Place 
 New York, New York 10004 
 Attn: Steven
Nelson 
 Fax No.: (            )
            -             
 if to the Company, to: 
 North Asia Investment Corporation 
 Jongro Tower 18F 
 6 Jongro 2-ga, Jongro-gu

 Seoul, Republic of Korea 
 Attn: Alex J.Kim, Chief Financial Officer 
 Fax No.: (822) 2198-3339 
  

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 in either case with a copy to: 
 Citigroup Global Markets Inc. 
 388
Greenwich Street 
 New York, New York 10013 
 Attn: David Spivak 
 Fax No.:
(            )             -            

 and 
 Graubard Miller

 405 Lexington Avenue 
 New
York, New York 10174 
 Attn: David Alan Miller, Esq. 
 Fax No.: (212) 818-8638 
 and 
 Bingham McCutchen LLP 
 399 Park Avenue

 New York, New York 10022 
 Attn: Ann F. Chamberlain, Esq. 
 Fax No.: (212) 752-5378 
 (f) This Agreement may not be assigned by the Trustee without the prior consent of the Company and the Representative. 
 (g) 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. 
 (h) Each of the Company and the Trustee hereby acknowledge that the Representative is a third
party beneficiary of this Agreement. 
  

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 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:	 	
	
	NORTH ASIA INVESTMENT CORPORATION
		
	By:	 	  

	Name:	 	
	Title:	 	

  

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 SCHEDULE A 
  

						
	 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 Section 2	 	Deduction by Trustee from accumulated income following disbursement made to Company under Section 2	 	$	250

  

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 EXHIBIT A 
  

									
		  		  	[Letterhead of Company]	  		  	
					
		  		  	[Insert date]	  		  	

 Continental Stock Transfer & Trust Company 
 17 Battery Place 
 New York, New York 10004 
 Attn: Steven Nelson 
  

	 	Re:	Trust Account No.                     Termination Letter

 Gentlemen: 
 Pursuant to
paragraph 1(i) of the Investment Management Trust Agreement between North Asia Investment Corporation (“Company”) and Continental Stock Transfer & Trust Company (“Trustee”), dated as of
                    , 2008 (“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”). 
 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 the Business Combination has been consummated
(“Counsel’s Letter”) and (ii) the Company shall deliver to you (a) [an affidavit] [a certificate] of
                    , which verifies the vote of the Company’s shareholders in connection with the Business Combination and
(b) written instructions with respect to the transfer of the funds held in the Trust Account (“Instruction Letter”). You are hereby directed and authorized to transfer the funds held in the Trust Account immediately upon your receipt
of the Counsel’s Letter and the Instruction Letter, in accordance with the terms of the Instruction Letter. 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 shall direct 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 and the Trust Account closed. 
 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. 
  

			
	Very truly yours,
	
	NORTH ASIA INVESTMENT CORPORATION
		
	By:	 	  

		 	Allister Morrison, Chairman of the Board
		
	By:	 	  

		 	Alex Kim, Secretary

 cc: Citigroup Global Markets Inc. 
  

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 EXHIBIT B 
  

									
		  		  	[Letterhead of Company]	  		  	
					
		  		  	[Insert date]	  		  	

 Continental Stock Transfer & Trust Company 
 17 Battery Place 
 New York, New York 10004 
 Attn: Steven Nelson 
  

	 	Re:	Trust Account No.                     Termination Letter

 Gentlemen: 
 Pursuant to
paragraph 1(i) of the Investment Management Trust Agreement between North Asia Investment Corporation (“Company”) and Continental Stock Transfer & Trust Company (“Trustee”), dated as of
                    , 2008 (“Trust Agreement”), this is to advise you that the Company has been unable to effect a Business
Combination with a Target Company within the time frame specified in the Company’s Memorandum and Articles of Association, as described in the Company’s prospectus relating to its IPO. 
 In accordance with the terms of the Trust Agreement, we hereby authorize you, to commence liquidation of the Trust Account as promptly as practicable to
shareholders of record on the Last Date (as defined in the Trust Agreement). You will notify the Company in writing as to when all of the funds in the Trust Account will be available for immediate transfer (“Transfer Date”) in accordance
with the terms of the Trust Agreement and the Memorandum and Articles of Association of the Company. You shall commence distribution of such funds in accordance with the terms of the Trust Agreement and the Memorandum and Articles of Association of
the Company and you shall oversee the distribution of the funds. Upon the distribution of all the funds in the Trust Account, your obligations under the Trust Agreement shall be terminated. 
  

			
	Very truly yours,
	
	NORTH ASIA INVESTMENT CORPORATION
		
	By:	 	  

		 	Allister Morrison, Chairman of the Board
		
	By:	 	  

		 	Alex Kim, Secretary

 cc: Citigroup Global Markets Inc. 
  

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 EXHIBIT C 
  

									
		  		  	[Letterhead of Company]	  		  	
					
		  		  	[Insert date]	  		  	

 Continental Stock Transfer & Trust Company 
 17 Battery Place 
 New York, New York 10004 
 Attn: Steven Nelson 
  

	 	Re:	Trust Account No.                      

 Gentlemen: 
 Pursuant to paragraph 2(a) of the Investment
Management Trust Agreement between North Asia Investment Corporation (“Company”) and Continental Stock Transfer & Trust Company (“Trustee”), dated as of
                    , 2008 (“Trust Agreement”), this is to advise you that the Company hereby requests that you deliver to the
Company $             of the income earned on the Property as of the date hereof. The Company needs such funds to pay for the tax obligations as set forth on the attached tax return
or tax statement. In accordance with the terms of the Trust Agreement, you are hereby directed and authorized to transfer (via wire transfer) such funds promptly upon your receipt of this letter to the Company’s operating account at:

 [WIRE INSTRUCTION INFORMATION] 
  

			
	Very truly yours,
	
	NORTH ASIA INVESTMENT CORPORATION
		
	By:	 	  

		 	Allister Morrison, Chairman of the Board
		
	By:	 	  

		 	Alex Kim, Secretary

 cc: Citigroup Global Markets Inc. 
  

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 EXHIBIT D 
  

									
		  		  	[Letterhead of Company]	  		  	
					
		  		  	[Insert date]	  		  	

 Continental Stock Transfer & Trust Company 
 17 Battery Place 
 New York, New York 10004 
 Attn: Steven Nelson 
  

	 	Re:	Trust Account No.                      

 Gentlemen: 
 Pursuant to paragraph 2(b) of the Investment
Management Trust Agreement between North Asia Investment Corporation (“Company”) and Continental Stock Transfer & Trust Company (“Trustee”), dated as of
                    , 2008 (“Trust Agreement”), this is to advise you that the Company hereby requests that you deliver to the
Company $             of the income earned on the Property as of the date hereof, which does not exceed, in the aggregate with all such prior disbursements pursuant to paragraph
2(b), if any, the maximum amount set forth in paragraph 2(b). The Company needs such funds to cover its expenses relating to administrative expenses, investigating and selecting a target business and other working capital requirements. In accordance
with the terms of the Trust Agreement, you are hereby directed and authorized to transfer (via wire transfer) such funds promptly upon your receipt of this letter to the Company’s operating account at: 
 [WIRE INSTRUCTION INFORMATION] 
  

			
	Very truly yours,
	
	NORTH ASIA INVESTMENT CORPORATION
		
	By:	 	  

		 	Allister Morrison, Chairman of the Board
		
	By:	 	  

		 	Alex Kim, Secretary

 cc: Citigroup Global Markets Inc. 
  

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 EXHIBIT E 
  

			
	 AUTHORIZED INDIVIDUAL(S)
 FOR TELEPHONE CALL BACK

	  	 AUTHORIZED
 TELEPHONE
NUMBER(S)

		
	Company:	  	
		
	North Asia Investment Corporation	  	
	Jongro Tower 18F	  	
	6 Jongro 2-ga, Jongro-gu	  	
	Seoul, Korea	  	
	Attn:    Thomas Chan-Soo Kang	  	(822) 2198-3330
		
	Trustee:	  	
		
	Continental Stock Transfer & Trust Company	  	
	17 Battery Place	  	
	New York, New York 10004	  	
	Attn:    Steven Nelson	  	(212) 845-3200

  

 14Form of Stock Escrow Agreement

 Exhibit 10.7 
 ESCROW AGREEMENT 
 ESCROW AGREEMENT, dated as of
                    , 2008 (“Agreement”), by and among NORTH ASIA INVESTMENT CORPORATION, a Cayman Islands company
(“Company”), THOMAS CHAN-SOO KANG, DONG-SOO CHOE, BONG-HOON HAN, MYUNGJU CHOI, JONGSHIK WOO, ILL-SEOB HAN and KANG & COMPANY, LTD. (each a “Founder” and, collectively, the “Founders”) and CONTINENTAL STOCK
TRANSFER & TRUST COMPANY, a New York corporation (“Escrow Agent”). 
 WHEREAS, the Company has entered into an
Underwriting Agreement, dated                     , 2008 (“Underwriting Agreement”), with Citigroup Global Markets Inc. acting as
representative of the several underwriters (collectively, the “Underwriters”), pursuant to which, among other matters, the Underwriters have agreed to purchase 6,000,000 units (“Units”) of the Company. Each Unit consists of one
ordinary share of the Company, par value $.0001 per share (“Ordinary Share”), and one warrant (“Warrant”), each warrant to purchase one Ordinary Share, all as more fully described in the Company’s final Prospectus, dated
                    , 2008 (“Prospectus”) comprising part of the Company’s Registration Statement on Form F-1 (File
No. 333-148378) under the Securities Act of 1933, as amended (“Registration Statement”), declared effective on
                    , 2008 (“Effective Date”). 
 WHEREAS, in connection with the founding of the Company, the Founders have purchased from the Company an aggregate of 2,875,000 Ordinary Shares (the “Founders’ Ordinary Shares”). 
 WHEREAS, on May 8, 2008, 1,150,000 Founders’ Ordinary Shares were contributed to the Company at no cost by the Founders, leaving, 1,725,000
Founders’ Ordinary Shares outstanding. 
 WHEREAS, the Founders have agreed as a condition of the sale of the Founders’ Ordinary
Shares to deposit their Founders’ Ordinary Shares (“Escrow Shares”) of the Company, as set forth opposite their respective names in Exhibit A attached hereto, in escrow as hereinafter provided. 
 WHEREAS, the Company and the Founders desire that the Escrow Agent accept the Escrow Shares, in escrow, to be held and disbursed as hereinafter provided.

 IT IS AGREED: 
 1.
Appointment of Escrow Agent. The Company and the Founders hereby appoint the Escrow Agent to act in accordance with and subject to the terms of this Agreement and the Escrow Agent hereby accepts such appointment and agrees to act in
accordance with and subject to such terms. 
 2. Deposit of Escrow Shares. On or before the Effective Date, each of the Founders shall
deliver to the Escrow Agent certificates representing his, her or its respective Escrow Shares, to be held and disbursed subject to the terms and conditions of this Agreement. Each Founder acknowledges that the certificates representing his, her or
its Escrow Shares are legended to reflect the deposit of such Escrow Shares under this Agreement. 
 3. Disbursement of the Escrow
Shares. The Escrow Agent shall hold the Escrow Shares until the date that is 180 days after the 

 
consummation of an Initial Business Combination (as defined in the Registration Statement) (the “Escrow Period”), on which date it shall, upon
written instructions from each Founder, disburse each of the Founder’s Escrow Shares (and any applicable stock power), as applicable, to such Founder; provided, however, that if the Escrow Agent is notified by the Company or counsel to the
Company pursuant to Section 6.7 hereof that the Company is being liquidated at any time during the Escrow Period, then the Escrow Agent shall promptly destroy the certificates representing the Escrow Shares; provided, however, that if the
Underwriters do not exercise their over-allotment option to the full extent to purchase an additional 900,000 Units of the Company (as described in the Prospectus), the Founders agree that the Escrow Agent shall return to the Company for
cancellation, at no cost, the number of Escrow Shares held by each Founder determined using the following formula by multiplying (a) the product of (i) 225,000, multiplied by (ii) a fraction, (x) the numerator of which is the
number of Escrow Shares held by each Founder, and (y) the denominator of which is the total number of Escrow Shares, by (b) a fraction, (i) the numerator of which is 900,000 minus the number of Ordinary Shares purchased by the
Underwriters upon the exercise of their over-allotment option, and (ii) the denominator of which is 900,000; provided further, however, that if, after the Company consummates an Initial Business Combination (as such term is defined in the
Registration Statement), it (or the surviving entity) subsequently consummates a liquidation, merger, stock exchange or other similar transaction which results in all of the shareholders of such entity having the right to exchange their Ordinary
Shares for cash, securities or other property, then the Escrow Agent will, upon receipt of a certificate, executed by the Chairman of the Board, Chief Financial Officer or other authorized officer of the Company, in form reasonably acceptable to the
Escrow Agent, that such transaction is then being consummated or such conditions have been achieved, as applicable, release the Escrow Shares to the Founders. The Escrow Agent shall have no further duties hereunder after the disbursement or
destruction of the Escrow Shares in accordance with this Section 3. 
  

	 	4.	Rights of Founders in Escrow Shares. 

 4.1
Voting Rights as a Shareholder. Subject to the terms of the Insider Letter described in Section 4.4 hereof and except as herein provided, the Founders shall retain all of their rights as shareholders with respect to his Escrow Shares
during the Escrow Period, including, without limitation, the right to vote such shares. 
 4.2 Dividends and Other Distributions in
Respect of the Ordinary Shares. During the Escrow Period, all dividends payable in cash with respect to the Escrow Shares shall be paid to the Founders, but all dividends payable in stock or other non-cash property (“Non-Cash
Dividends”) shall be delivered to the Escrow Agent to hold in accordance with the terms hereof. As used herein, the term “Escrow Shares” shall be deemed to include the Non-Cash Dividends distributed thereon, if any. 
 4.3 Restrictions on Transfer. In order to induce the Underwriters to enter into the Underwriting Agreement, the Founders will not, without the
prior written consent of Citigroup, (i) offer, sell, contract to sell, pledge, hypothecate, grant any option to purchase or otherwise dispose of (or enter into any transaction which is designed to, or might reasonably be expected to, result in
the disposition (whether by actual disposition or effective economic disposition due to cash settlement or otherwise) by the Founders or 

  

 2 

 
any affiliate of the Founders or any person in privity with the Founders or any affiliate thereof), directly or indirectly, including the filing (or
participation in the filing) of a registration statement (other than as provided for in that certain Registration Rights Agreement between the Company and the Founders executed on the date hereof) with the Securities and Exchange Commission (the
“Commission”) in respect of, any Escrow Shares, (ii) establish or increase a put equivalent position or liquidate or decrease a call equivalent position within the meaning of Section 16 of the Securities Exchange Act of 1934, as
amended (the “Exchange Act”), and the rules and regulations of the Commission promulgated thereunder with respect to, any Escrow Shares, (iii) enter into any swap or other arrangement that transfers to another, in whole or in part,
any of the economic consequences of ownership of the Founders Ordinary Shares or any securities convertible into or exercisable or exchangeable for Ordinary Shares or Warrants or other rights to purchase Ordinary Shares or any such securities,
whether any such transaction is to be settled by delivery of Ordinary Shares or such other securities, in cash or otherwise or (iv) publicly announce an intention to effect any such transaction, during the period in which such Escrow Shares are
held in escrow hereunder, except (i) with respect to Kang & Company, Ltd., to its beneficiaries upon its liquidation, (ii) for estate planning purposes by bona fide gift to a member of a Founder’s immediate family or to a
trust, the beneficiary of which is a Founder or a member of a Founder’s immediate family, (iii) by virtue of the laws of descent and distribution upon death of any Founder, (iv) pursuant to a qualified domestic relations order,
(v) to the Company’s officers, directors and employees and persons affiliated with the Founders or (vi) by private sales with respect to up to 33% of the Escrow Shares made at or prior to the consummation of a Business Combination at
prices no greater than the price at which the securities were originally purchased; provided, however, that such transfers may be implemented only upon the respective transferee’s written agreement to be bound by the terms and conditions of
this Agreement, the Insider Letter signed by the Founder transferring the Escrow Shares and any other agreement affecting the transferability of the Founders Ordinary Shares to which the Founder is then bound. 
 4.4 Insider Letters. Each of the Founders has executed a letter agreement with Citigroup Global Markets Inc. and the Company, dated as indicated
on Exhibit A hereto, and which is filed as an exhibit to the Registration Statement (“Insider Letter”), respecting the rights and obligations of such Founder in certain events, including but not limited to the liquidation of the Company.

  

	 	5.	Concerning the Escrow Agent. 

 5.1 Good Faith
Reliance. The Escrow Agent shall not be liable for any action taken or omitted by it in good faith and in the exercise of its own best judgment, and 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 Escrow Agent), 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 Escrow Agent to be genuine and to be signed or presented by the proper person or persons. The Escrow Agent shall not be bound by any notice or demand, or any
waiver, modification, termination or rescission of this Agreement unless evidenced by a writing delivered to the Escrow Agent signed by the proper party or parties and, if the duties or rights of the Escrow Agent are affected, unless it shall have
given its prior written consent thereto. 
  

 3 

 5.2 Indemnification. The Escrow Agent shall be indemnified and held harmless by the Company from
and against any expenses, including counsel fees and disbursements, or loss suffered by the Escrow Agent in connection with any action, suit or other proceeding involving any claim which in any way, directly or indirectly, arises out of or relates
to this Agreement, the services of the Escrow Agent hereunder, or the Escrow Shares held by it hereunder, other than expenses or losses arising from the gross negligence or willful misconduct of the Escrow Agent. Promptly after the receipt by the
Escrow Agent of notice of any demand or claim or the commencement of any action, suit or proceeding, the Escrow Agent shall notify the other parties hereto in writing. In the event of the receipt of such notice, the Escrow Agent, in its sole
discretion, may commence an action in the nature of interpleader in an appropriate court to determine ownership or disposition of the Escrow Shares or it may deposit the Escrow Shares with the clerk of any appropriate court or it may retain the
Escrow Shares pending receipt of a final, non-appealable order of a court having jurisdiction over all of the parties hereto directing to whom and under what circumstances the Escrow Shares are to be disbursed and delivered. The provisions of this
Section 5.2 shall survive in the event the Escrow Agent resigns or is discharged pursuant to Sections 5.5 or 5.6 below. 
 5.3
Compensation. The Escrow Agent shall be entitled to reasonable compensation from the Company for all services rendered by it hereunder. The Escrow Agent shall also be entitled to reimbursement from the Company for all expenses paid or
incurred by it in the administration of its duties hereunder including, but not limited to, all counsel, advisors’ and agents’ fees and disbursements and all taxes or other governmental charges. 
 5.4 Further Assurances. From time to time on and after the date hereof, the Company and the Founders shall deliver or cause to be delivered to the
Escrow Agent such further documents and instruments and shall do or cause to be done such further acts as the Escrow Agent shall reasonably request to carry out more effectively the provisions and purposes of this Agreement, to evidence compliance
herewith or to assure itself that it is protected in acting hereunder. 
 5.5 Resignation. The Escrow Agent may resign at any time and
be discharged from its duties as escrow agent hereunder by its giving the other parties hereto 60 days’ prior written notice and such resignation shall become effective as hereinafter provided. Such resignation shall become effective at such
time that the Escrow Agent shall turn over to a successor escrow agent appointed by the Company, the Escrow Shares held hereunder. If no new escrow agent is so appointed within the 60 day period following the giving of such notice of resignation,
the Escrow Agent may deposit the Escrow Shares with any court it reasonably deems appropriate. 
 5.6 Discharge of Escrow Agent. The
Escrow Agent shall resign and be discharged from its duties as escrow agent hereunder if so requested in writing at any time by the other parties hereto, jointly, provided, however, that such resignation shall become effective only upon acceptance
of appointment by a successor escrow agent as provided in Section 5.5. 
  

 4 

 5.7 Liability. Notwithstanding anything herein to the contrary, the Escrow Agent shall not be
relieved from liability hereunder for its own gross negligence or its own willful misconduct. 
  

	 	6.	Miscellaneous. 

 6.1 Governing Law. This
Agreement shall for all purposes be deemed to be made under and shall be construed 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 (whether of the State of New York or any other jurisdiction that would cause the application of the laws of any jurisdiction other than the State of New York). The Company hereby agrees that any action, proceeding or
claim against it arising out of or relating in any way to this Agreement shall be brought and enforced in the courts of the State of New York or the United States District Court for the Southern District of New York, and irrevocably submits to such
jurisdiction, which jurisdiction shall be exclusive. The Company hereby waives any objection to such exclusive jurisdiction and that such courts represent an inconvenient forum. Any such process or summons to be served upon the Company may be served
by transmitting a copy thereof by registered or certified mail, return receipt requested, postage prepaid, addressed to it at the address set forth in Section 6.6 hereof. Such mailing shall be deemed personal service and shall be legal and
binding upon the Company in any action, proceeding or claim. 
 6.2 Third Party Beneficiaries. Each of the Founders hereby
acknowledges that the Underwriters are third party beneficiaries of this Agreement and this Agreement may not be modified or changed without the prior written consent of Citigroup Global Markets Inc 
 6.3 Entire Agreement. This Agreement contains the entire agreement of the parties hereto with respect to the subject matter hereof and, except as
expressly provided herein, may not be changed or modified except by an instrument in writing signed by the party to the charged. It may be executed in several original or facsimile counterparts, each one of which shall constitute an original, and
together shall constitute but one instrument. 
 6.4 Headings. The headings contained in this Agreement are for reference purposes
only and shall not affect in any way the meaning or interpretation thereof. 
 6.5 Binding Effect. This Agreement shall be binding
upon and inure to the benefit of the respective parties hereto and their legal representatives, successors and assigns. 
 6.6
Notices. Any notice or other communication required or which may be given hereunder shall be in writing and either be delivered personally or be mailed, certified or registered mail, or by private national courier service, return receipt
requested, postage prepaid, and shall be deemed given when so delivered personally or, if mailed, two days after the date of mailing, as follows: 
  

 5 

 If to the Company, to: 
 North Asia Investment Corporation 
 Jongro Tower 18F 
 6 Jongro 2-ga, Jongro-gu 
 Seoul, Republic
of Korea 
 Attn: Alex J. Kim 
 If to a Shareholder, to his address set forth in Exhibit A. 
 and if to the Escrow Agent, to: 
 Continental Stock Transfer & Trust Company 
 17 Battery Place 
 New York, New York 10004 
 Attn: Chairman 
 A copy of any notice sent
hereunder shall be sent to: 
 Graubard Miller 
 The Chrysler Building 
 405 Lexington Avenue 
 New York, New York 10174 
 Attn: David Alan
Miller, Esq. 
 and: 
 Citigroup Global Markets Inc. 
 388 Greenwich Street 
 New York, New York 10013 
 Attn: David Spivak 
 and: 
 Bingham McCutchen LLP 
 399 Park Avenue 
 New York, New York 10022

 Attn: Ann F. Chamberlain, Esq. 
 The parties
may change the persons and addresses to which the notices or other communications are to be sent by giving written notice to any such change in the manner provided herein for giving notice. 
 6.7 Liquidation of the Company. The Company shall give the Escrow Agent written notification of the liquidation of the Company in the event that
the Company fails to consummate a business combination (as defined in the Registration Statement) within the time period specified in the Prospectus. 
  

 6 

	 	6.8	Counterparts. This Agreement may be signed in counterparts which, taken together, shall constitute one Agreement. 

  

 7 

 WITNESS the execution of this Agreement as of the date first above written. 
  

			
	NORTH ASIA INVESTMENT CORPORATION
		
	By:	 	  

	Name:	 	
	Title:	 	
	
	FOUNDERS:
	
	KANG & COMPANY, LTD.
		
	By:	 	  

	Name:	 	
	Title:	 	
	
	  

	THOMAS CHAN-SOO KANG
	
	  

	DONG-SOO CHOE
	
	  

	BONG-HOON HAN
	
	  

	MYUNGJU CHOI
	
	  

	JONGSHIK WOO
	
	  

	ILL-SEOB HAN
	
	
	
	CONTINENTAL STOCK TRANSFER & TRUST COMPANY
		
	By:	 	  

	Name:	 	
	Title:	 	

  

 8 

 EXHIBIT A 
  

							
	 Name and Address of
 Initial Shareholder
	  	Number
of Shares	  	Certificate Numbers	  	Date of
Insider Letter
	 Thomas Chan-Soo Kang
 Jongro Tower 18F
 6 Jongro 2-ga, Jongro-gu
 Seoul, Republic of Korea
	  	460,000	  	013	  	__, 2008
				
	 Kang & Company, Ltd.
 Jongro Tower 18F
 6 Jongro 2-ga, Jongro-gu
 Seoul, Republic of Korea
	  	1,185,000	  	014	  	__, 2008
				
	 Jongshik Woo
 Jongro Tower 18F
 6 Jongro 2-ga, Jongro-gu
 Seoul, Republic of Korea
	  	10,000	  	010	  	__, 2008
				
	 Ill-Seob Han
 Jongro Tower 18F
 6 Jongro 2-ga, Jongro-gu
 Seoul, Republic of Korea
	  	10,000	  	009	  	__, 2008
				
	 Dong-Soo Choe
 Daewoo Securities Building 7th Floor
 34-3 Yoido-dong
 Youngdeungpo-gu
 Seoul, Republic of Korea
	  	20,000	  	003	  	__, 2008
				
	 Bong-Hoon Han
 504 Baekhyun-dong
 Bundang-gu
 Sungnam-si
 Kyunggi-do
 Republic of Korea
	  	20,000	  	004	  	__, 2008
				
	 Myungju Choi
 CCMM Building
 9th Floor
 12 Yoido-dong
 Youngdeungpo-gu
 Seoul, Republic of Korea
	  	20,000	  	005	  	__, 2008

  

 9

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