Document:

Form of Investment Management Trust Agreement between Continental Stock and Co.

 Exhibit 10.12 
  
 INVESTMENT MANAGEMENT TRUST AGREEMENT 
  
 This Agreement is made as of _________, 2005 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, ThinkEquity Partners LLC (“ThinkEquity”) is acting as the representative of the underwriters in the IPO; and 
  
 WHEREAS, as described in the Company’s Registration Statement, and in
accordance with the Company’s Amended and Restated Certificate of Incorporation, $52,500,000 of the net proceeds of the IPO ($60,960,000 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 Common Stock issued in the IPO and in the event the Units are registered in Colorado, pursuant to Section 11-51-302(6) of the Colorado
Revised Statutes (the “Colorado Statutes”). A copy of the Colorado Statute is attached hereto and made a part hereof. The amount to be delivered to the Trustee 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 and the Company will be referred to together as the “Beneficiaries”); 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 the terms in Section 11-51-302(6) of
the Colorado Statute, in a segregated trust account (“Trust Account”) established by the Trustee at a branch of JPMorgan Chase NY Bank selected by the Trustee; 
  
 (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 one hundred and eighty 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 ThinkEquity 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 ThinkEquity to do so; 
  
 (h) Render to the Company and to ThinkEquity, 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) Upon written instructions from the Company, deliver to the Company, on a quarterly basis, from the Property in the Trust
Account, an amount equal to the taxes payable by the Company, if any, relating to interest earned on the Property; 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 Chief Executive Officer, President, Chairman of the Board or Chief Financial Officer, 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. The Trustee understands and agrees that disbursements from the Trust Account
shall be made only pursuant to a duly executed Termination Letter, together with the other documents referenced herein. In all cases, the Trustee shall provide ThinkEquity 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. 
  
 2. 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 Chief Executive Officer, President, Chairman of the Board or Chief Financial Officer. In addition, except with respect to its duties under paragraph 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 Company may participate in such action with its own counsel; and 
  
 (c) Pay the Trustee an initial acceptance fee of $1,000 and an annual fee of
$3,000 (it being expressly understood that the Property shall not be used to pay such fee). The Company shall pay the Trustee the initial acceptance fee and first year’s fee at the consummation of the IPO and shall 

  

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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 may be provided in paragraph 2(b) hereof (it being expressly understood that the Property shall not be
used to make any payments to the Trustee under such paragraph). 
  
 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 paragraph 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 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; 
  
 (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; and 
  
 (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. 
  
 4. 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 

  

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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; 
  
 (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 2(b); or 
  
 (c) On such date after ________ __, 2007 when the Trustee deposits the Property with the United States District Court for
the Southern District of New York in the event that, prior to such date, the Trustee has not received a Termination Letter from the Company pursuant to paragraph 1(i). 
  
 5. 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 conflict of laws. 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 may be made without the prior written consent of ThinkEquity. 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 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: 
  

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 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, Chairman, Chief Executive Officer and President 
 Fax No.: 
  
 in either case with a copy to: 
  
 ThinkEquity Partners LLC 
 600 Montgomery Street, 8th Floor 
 San Francisco, CA 94111 
 Attn: Steven R. Foland 
 Fax No.: (415) 249-0975 
  
 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 
  
 (f) This Agreement may not be assigned by the Trustee without the prior written consent of the Company and ThinkEquity. 
  
 (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. 
  

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

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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: 
  

	 	Re:	Trust Account No. [            ] Termination Letter 

  
 Gentlemen: 
  
 Pursuant to paragraph 1(i) of the Investment Management Trust Agreement
between Shine Media Acquisition Corp. (“Company”) and [Continental Stock Transfer & Trust Company] (“Trustee”), dated as of __________, 2005 (“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 (a) the
Business Combination has been consummated and [(b) the provisions of Section 11-51-302(6) and Rule 51-3.4 of the Colorado Statute have been met,] and (ii) the Company shall deliver to you 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. 
  
 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, 
  
 SHINE MEDIA ACQUISITION CORP. 
  
 By: ______________________________________ 
 Name: David Y. Chen 
 Title: Chairman, Chief Executive Officer and President 
  

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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: 
  

	 	Re:	Trust Account No. [            ] Termination Letter 

  
 Gentlemen: 
  
 Pursuant to paragraph 1(i) of the Investment Management Trust Agreement
between Shine Media Acquisition Corp. (“Company”) and Continental Stock Transfer & Trust Company (“Trustee”), dated as of _____________, 2005 (“Trust Agreement”), this is to advise you that the Board of
Directors of the Company has voted to dissolve and liquidate the Company. Attached hereto is a copy of the minutes of the meeting of the Board of Directors of the Company relating thereto, certified by the Secretary 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. You will notify the Company and JPMorgan Chase NY Bank (“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 Company’s instructions. You shall have no obligation to oversee the Designated Paying Agent’s distribution of the funds. Upon the payment to the Designated Paying Agent of all the funds in the Trust
Account, the Trust Agreement shall be terminated. 
  
 Very truly yours, 
  
 SHINE MEDIA
ACQUISITION CORP. 
  
 By:
______________________________________ 
 Name: David Y. Chen 
 Title: Chairman, Chief Executive Officer and President 
  

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 EXHIBIT C 
  

			
	 AUTHORIZED INDIVIDUAL(S)
 FOR TELEPHONE CALL BACK
	  	 AUTHORIZED
 TELEPHONE
NUMBER(S)

		
	 Company:
	  	 
		
	 Shine Media Acquisition Corp.
 Attn: David Y. Chen, Chairman, Chief Executive
          Officer and President
	  	()
		
	 Trustee:
	  	 
		
	 Continental Stock Transfer & Trust Company
 17 Battery Place
 New York, New York 10004
 Attn:
	  	(212)

  

 9Form of Stock Escrow Agreement among Registrant, Continental, Company & Stock.

 Exhibit 10.13 
  
 STOCK ESCROW AGREEMENT 
  
 STOCK ESCROW AGREEMENT, dated as of ___________ ___, 2005 (“Agreement”) by and among Shine Media Acquisition Corp., a Delaware corporation
(“Company”), the undersigned parties listed as Initial Stockholders on the signature page hereto (collectively, the “Initial Stockholders”) and Continental Stock Transfer & Trust Company, a New York corporation
(“Escrow Agent”). 
  
 WHEREAS, the Company has entered
into an Underwriting Agreement, dated _______ __, 2005 (“Underwriting Agreement”) with ThinkEquity Partners LLC, as Representative (“ThinkEquity”) and the other underwriters named therein (collectively, the
“Underwriters”), pursuant to which, among other matters, the Underwriters have agreed to purchase 7,500,000 units (“Units”) of the Company. Each Unit consists of one share of the Company’s Common Stock, par value $.0001 per
share, and one Warrant, each Warrant to purchase one share of Common Stock, all as more fully described in the Company’s definitive Prospectus, dated ________ __, 2005 (“Prospectus”) comprising part of the Company’s Registration
Statement on Form S-1 (File No. 333-127093) under the Securities Act of 1933, as amended (“Registration Statement”), declared effective on ________ __, 2005 (“Effective Date”). 
  
 WHEREAS, the Initial Stockholders have agreed, as a condition of
ThinkEquity’s obligation to purchase the Units pursuant to the Underwriting Agreement and to offer them to the public, to deposit all of their shares of Common Stock of the Company, as set forth opposite their respective names in Exhibit
A attached hereto (collectively “Escrow Shares”), in escrow as hereinafter provided. 
  
 WHEREAS, the Company and the Initial Stockholders 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 Initial
Stockholders 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 Initial Stockholders shall deliver to the Escrow Agent certificates representing his or her respective Escrow Shares, to be held and disbursed subject to the terms and conditions of this Agreement. Each Initial Stockholder acknowledges that the
certificate representing his or her Escrow Shares is 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 three years from the date of the Prospectus (“Escrow
Period”), on which date it shall, upon written instructions from each Initial Stockholder, disburse each of the Initial Stockholder’s Escrow Shares to such Initial Stockholder; provided, however, that if the Escrow Agent is
notified by the Company pursuant to Section 6.6 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
further, that if, after the Company consummates a Business Combination, it (or the surviving entity) subsequently consummates a liquidation, merger, stock exchange or other similar transaction which results in all of its stockholders of such
entity having the right to exchange their shares of Common Stock for cash, securities or other property, then the Escrow Agent will, upon receipt of a certificate, executed by the Chief Executive Officer or Chief Financial Officer of the Company, in
form reasonably acceptable to the Escrow Agent, that such transaction is then being consummated, release the Escrow Shares to the Initial Stockholders upon consummation of such transaction so that they can similarly participate. 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 Initial Stockholders in Escrow Shares. 
  
 4.1. Voting Rights as a Stockholder. Subject to the terms of the Insider Letter described in Section 4.4 hereof and except as herein provided,
the Initial Stockholders shall retain all of their rights as stockholders of the Company during the Escrow Period, including, without limitation, the right to vote such shares. 
  
 4.2. Dividends and Other Distributions in Respect of the Escrow Shares. During the Escrow Period, all dividends
payable in cash with respect to the Escrow Shares shall be paid to the Initial Stockholders, 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. During the Escrow Period, no sale, transfer or other disposition may be made of any or all of the Escrow Shares
except (i) by gift to a member of Initial Stockholder’s immediate family or to a trust or other entity, the beneficiary of which is an Initial Stockholder or a member of an Initial Stockholder’s immediate family, (ii) by virtue
of the laws of descent and distribution upon death of any Initial Stockholder, (iii) pursuant to a qualified domestic relations order, or (iv) should AFG Trust Assets Ltd., or its affiliates (“AFG”), fail to satisfy its
obligation to place bids, and if such bids are accepted, purchase in the open market within the first 30 days after separate trading of the warrants has commenced as many warrants as can be purchased at less than $1.20 per warrant, not to exceed
300,000 warrants, then the Escrow Shares held by AFG may be transferred to David Y. Chen; provided, however, that such permissive transfers may be implemented only upon the respective transferee’s written agreement to be bound by
the terms and conditions of this Agreement and of the Insider Letter signed by the Initial Stockholder transferring the Escrow Shares. During the Escrow Period, the Initial Stockholders shall not pledge or grant a security interest in the Escrow
Shares or grant a security interest in their rights under this Agreement. 
  
 4.4. Insider Letters. Each of the Initial Stockholders has executed a letter agreement with ThinkEquity 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 Initial Stockholder in certain events, including but not limited to the liquidation of the Company. 
  

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 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. 
  
 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 Initial Stockholders 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 written notice and 

  

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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 and approved by ThinkEquity, 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 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 Company and a majority of the Initial Stockholders, 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. 
  
 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. Each of the parties hereby agrees that any action, proceeding or claim against it
arising out of or relating in any way to this Agreement shall 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 (each, a “New York Court”), and
irrevocably submits to such jurisdiction, which jurisdiction shall be exclusive. Each of the parties hereby waives any objection to such exclusive jurisdiction and that such courts represent an inconvenient forum. Each of David Y. Chen, Richard L.
Chen, Jean Chalopin, Robert B. Hersov, Thomas Doctoroff, Steven Chang and AFG Trust Assets Ltd. (together, the “Non-U.S. Initial Stockholders”) has appointed
                     as its authorized agent (the “Authorized Agent”) upon whom process may be served in any such action arising out
of or based on this Agreement or the transactions contemplated hereby which may be instituted in any New York Court. Such appointment shall be irrevocable. The Company and the Non-U.S. Initial Stockholders represent and warrant that the Authorized
Agent has agreed to act as such agent for service of process and agrees to take any and all action, including the filing of any and all documents and instruments that may be necessary to continue such appointment in full force and effect as
aforesaid. Service of process upon the Authorized Agent and written notice of such service to the Company shall be deemed, in every respect, effective service of process upon the respective Non-U.S. Initial Stockholder. 
  
 6.2. Third-Party Beneficiaries. Each of the Initial Shareholders
hereby acknowledges that ThinkEquity is a third-party beneficiary of this Agreement and this Agreement may not be modified or changed without the prior written consent of ThinkEquity. 
  
 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. 
  
 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
by private national courier service, or be mailed, certified or registered mail, return receipt requested, postage prepaid, and shall be deemed given when so delivered personally or, if sent by private national 

  

 4 

 
courier service, on the next business day after delivery to the courier, or, if mailed, two business days after the date of mailing, as follows: 

 
 If to the Company, to: 
  
 Shine Media Acquisition Corp. 
 Rockefeller Center 
 1230 Avenue of the Americas, 7th Floor 
 New York, New York 10020 
 Attn: David Y. Chen, Chief Executive Officer 
  
 If to a Stockholder, 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: ___________ 
  
 A copy of
any notice sent hereunder shall be sent to: 
  
 Loeb & Loeb LLP 
 345 Park Avenue 
 New York, New York 10154 
 Attn: Mitchell S. Nussbaum, Esq. 
  
 and: 
  
 ThinkEquity Partners LLC

 600 Montgomery Street 8th Floor 
 San Francisco, California 94111 
 Attn: Steven R. Foland 
  
 and: 
  
 Bingham McCutchen LLP 
 399 Park Avenue 
 New York, New York 10022 
 Attn: Floyd I. Wittlin, 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. 
  

 5 

 6.7. Liquidation of Company. The Company shall give the Escrow Agent written notification of the
liquidation and dissolution of the Company in the event that the Company fails to consummate a Business Combination within the time period(s) specified in the Prospectus. 
  
 - Signature page of the Company immediately follows - 
  

 6 

 WITNESS the execution of this Agreement as of the date first above written. 
  
 SHINE MEDIA ACQUISITION CORP. 
  
 By:
                                        
                                        
                
 David Y. Chen, Chief
Executive Officer 
  
 - Signature page of Initial Stockholders
immediately follows— 
  

 7 

 WITNESS the execution of this Agreement as of the date first above written. 
  
 INITIAL STOCKHOLDERS: 
  
 ___________________________ 
 David Y. Chen 
  
 ___________________________ 
 Richard L. Chen 
  
 ___________________________ 
 Jean Chalopin 
  
 ___________________________ 
 Richard L. Chang 
  
 ___________________________ 
 Robert B. Hersov 
  
 ___________________________ 
 Carl Meyer 
  
 ___________________________ 
 Thomas Doctoroff 
  
 ___________________________ 
 Steven Chang 
  
 ___________________________ 
 Lisa Tseng 
  
 AFG Trust Assets Ltd. 
  
 By:________________________________ 
 Name: 
 Title: 
  
 - Signature page of Trustee immediately
follows - 
  

 8 

 WITNESS the execution of this Agreement as of the date first above written. 
  
 CONTINENTAL STOCK TRANSFER
 & TRUST COMPANY 
  
 By:________________________________ 
 Name: 
 Title: 
  

 9 

 EXHIBIT A 
  

							
	 Name and Address of
 Initial Stockholder

	  	Number
of Shares

	  	Stock
Certificate Number

	  	Date of 
Insider Letter

				
	 David Y. Chen
	  	622,500	  	 	  	 
				
	 Richard L. Chen
	  	346,875	  	 	  	 
				
	 AFG Trust Assets Ltd.
	  	281,250	  	 	  	 
				
	 Jean Chalopin
	  	185,625	  	 	  	 
				
	 Richard L. Chang
	  	178,125	  	 	  	 
				
	 Robert B. Hersov
	  	185,625	  	 	  	 
				
	 Carl Meyer
	  	9,375	  	 	  	 
				
	 Thomas Doctoroff
	  	9,375	  	 	  	 
				
	 Steven Chang
	  	9,375	  	 	  	 
				
	 Lisa Tseng
	  	46,875	  	 	  	 

  

 10

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