Document:

Amendment No. 4 to WSA  (00143800.DOC;1)

AMENDMENT NO. 4 TO WARRANT SUBSCRIPTION AGREEMENT

This Amendment No. 4 (the “Amendment”) dated December 9, 2010 to that certain Warrant Subscription Agreement dated July 9, 2010, as amended by Amendment No. 1 to the Warrant Subscription Agreement dated October 8, 2010, Amendment No. 2 to the Warrant Subscription Agreement dated November 9, 2010 and Amendment No. 3 to the Warrant Subscription Agreement dated December 6, 2010 (the “Agreement”), each by and between FlatWorld Acquisition Corp., a British Virgin Islands business company (the “Company”), having its principal place of business at Palm Grove House, Palm Grove Park, Road Town, Tortola, VG1110, British Virgin Islands, and FWAC Holdings Limited, a British Virgin Islands company incorporated with limited liability (the “Sponsor”), having its principal place of business at PO Box 4649, Palm Grove House, Palm Grove Park, Road Town, Tortola, VG1110, British Virgin Islands.  All capitalized terms not defined herein shall have the same meaning ascribed to them in the Agreement.

Pursuant to Section 12.3 of the Agreement, the Company and the Sponsor hereby agree to amend the Agreement, effective on the date hereof, as follows:

1.  AMENDMENTS TO THE AGREEMENT.  

(a)

Recitals.  The first recital is hereby amended and restated in its entirety as follows: 

“WHEREAS, the Company desires to sell on a private placement basis (the “Offering”) an aggregate of 2,000,000 warrants (the “Warrants”) of the Company for a purchase price of $0.75 per Warrant.  Each Warrant is exercisable to purchase one ordinary share of the Company, no par value (the “Ordinary Shares”), at an exercise price of $11.00 per Ordinary Share during the period commencing on the later of: (i) one (1) year from the date of the prospectus relating to the Company’s IPO (as defined below) and (ii) thirty (30) days following the consummation of an acquisition, share exchange, share reconstruction and amalgamation or contractual control arrangement with, purchase of all or substantially all of the assets of, or any other similar business transaction with one or more operating businesses or assets (a “Business Transaction”) and expiring on the fifth anniversary of the consummation of such Business Transaction.”

(b)

Section 1.1.  Section 1.1 is hereby amended and restated in its entirety as follows: 

“Upon the terms and subject to the conditions of this Agreement, Sponsor hereby agrees to purchase from the Company, and the Company hereby agrees to sell to the Sponsor, on the Closing Date (as defined in Section 1.2), the Warrants for an aggregate purchase price of $1,500,000 (the “Purchase Price”).” 

2.  MUTUAL DRAFTING.  This Amendment is the joint product of the Company and the Sponsor and each provision hereof has been subject to the mutual consultation, negotiation and agreement of such parties and shall not be construed for or against any party hereto.

3.  NO OTHER AMENDMENTS; GOVERNING LAW; COUNTERPARTS.  Except as specifically set forth in this Amendment, there are no other amendments to the Agreement and the Agreement shall remain unmodified and in full force and effect.  This Amendment shall be governed by and construed in accordance with the internal laws of the British Virgin Islands.  This Amendment may be executed in one or more counterparts.  In the event that any signature is delivered by facsimile transmission or any other form of electronic delivery, such signature shall create a valid and binding obligation of the party executing (or on whose behalf such signature is executed) with the same force and effect as if such signature page were an original thereof.

.

IN WITNESS WHEREOF, the parties have executed this Amendment to the Agreement as of the date first set forth above.

FlatWorld Acquisition Corp. 

By: /s/ Raj K. Gupta___________

     Name:  Raj K. Gupta

     Title: Chief Executive Officer

FWAC Holdings Limited 

By: /s/ Jeffrey A. Valenty­­­_______

     

     Name: Jeffrey A. Valenty

     

     Title: Chief Financial OfficerAmendment No. 3 to SSA  (00138050.DOC;1)

AMENDMENT NO. 3 TO SECURITIES SUBSCRIPTION AGREEMENT

This Amendment No. 3 (the “Amendment”) dated December 9, 2010 to that certain Securities Subscription Agreement dated July 9, 2010 as amended by Amendment No. 1 to the Securities Subscription Agreement dated October 8, 2010 and Amendment No. 2 to the Securities Subscription Agreement dated November 9, 2010 (collectively, the “Agreement”), by and between FlatWorld Acquisition Corp., a British Virgin Islands business company (the “Company”), having its principal place of business at Palm Grove House, Palm Grove Park, Road Town, Tortola, VG1110, British Virgin Islands, and FWAC Holdings Limited, a British Virgin Islands company incorporated with limited liability (the “Sponsor”), having its principal place of business at PO Box 4649, Palm Grove House, Palm Grove Park, Road Town, Tortola, VG1110, British Virgin Islands.  All capitalized terms not defined herein shall have the same meaning ascribed to them in the Agreement.

WHEREAS, on July 9, 2010 the Sponsor subscribed for 1,078,125 Ordinary Shares, up to 140,625 of which were subject to complete or partial forfeiture; and

WHEREAS, on October 8, 2010 the Company declared a 0.933333 for 1 share combination, the result of which left the Sponsor (and sole shareholder of the Company) with 1,006,250 Ordinary Shares; and

WHEREAS, on November 9, 2010 the Company declared a 0.5714286 for 1 share combination, the result of which left the Sponsor (and sole shareholder of the Company) with 575,000 Ordinary Shares; and

WHEREAS, on December 9, 2010 the Company declared a 1.100 for 1 share split (the “Share Split”), the result of which left the Sponsor (and sole shareholder of the Company) with 632,500 Ordinary Shares; and

WHEREAS, the Company and the Sponsor now wish to amend certain provisions of the Agreement as a result of the Share
Split.

Pursuant to Section 6.4 of the Agreement, the Company and the Sponsor hereby agree to amend the Agreement, effective on the date hereof, as follows:

1.  AMENDMENTS TO THE AGREEMENT.  Section 3.1 is hereby amended and restated in its entirety as follows: 

“In the event the Over-allotment Option granted to the representative of the underwriters of the Company’s IPO is not exercised in full, the Subscriber acknowledges and agrees that it shall forfeit any and all rights to such number of Shares (up to an aggregate of 82,500 Shares and pro rata based upon the percentage of the Over-allotment Option not exercised) such that immediately following such forfeiture, the Subscriber (and all other initial shareholders prior to the IPO, if any) will own an aggregate number of Shares (not including Ordinary Shares issuable upon exercise of any warrants or any Ordinary Shares purchased by Subscriber in the Company’s IPO or in the aftermarket) equal to 20% of the issued and outstanding Ordinary Shares immediately following the IPO.”

2.  MUTUAL DRAFTING.  This Amendment is the joint product of the Company and the Sponsor and each provision hereof has been subject to the mutual consultation, negotiation and agreement of such parties and shall not be construed for or against any party hereto.

3.  NO OTHER AMENDMENTS; GOVERNING LAW; COUNTERPARTS.  Except as specifically set forth in this Amendment, there are no other amendments to the Agreement and the Agreement shall remain unmodified and in full force and effect.  This Amendment shall be governed by and construed in accordance with the internal laws of the British Virgin Islands.  This Amendment may be executed in one or more counterparts.  In the event that any signature is delivered by facsimile transmission or any other form of electronic delivery, such signature shall create a valid and binding obligation of the party executing (or on whose behalf such signature is executed) with the same force and effect as if such signature page were an original thereof.

.

IN WITNESS WHEREOF, the parties have executed this Amendment to the Agreement as of the date first set forth above.

FlatWorld Acquisition Corp. 

By: /s/ Raj K. Gupta___________

     Name:  Raj K. Gupta

     Title: Chief Executive Officer

FWAC Holdings Limited 

By: /s/ Jeffrey A. Valenty_______

     

     Name: Jeffrey A. Valenty

     

     Title: Chief Financial OfficerEXECUTION - Administrative Services Agreement  (00134162.DOC;6)

Execution Version

December 9, 2010

FWC Management Services Ltd

Palm Grove House, Palm Grove Park

Road Town, Tortola, VG1110, British Virgin Islands

RE:

FLATWORLD ACQUISITION CORP.

Gentlemen:

This letter will confirm our agreement, effective on the date (the “Effective Date”) of the initial public offering (“IPO”) of the securities of FlatWorld Acquisition Corp. (the “Company”) and continuing until the earlier to occur of: (i) the consummation of a Business Transaction (as described in the Registration Statement), (ii) 21 months from the Effective Date, and (iii) the date on which the Company ceases its corporate existence in accordance with its Amended and Restated Memorandum and Articles of Association, FWC Management Services Ltd shall make available to the Company office space and, if necessary, access to facilities located in other jurisdictions, as well as for certain general and administrative services, including but not limited to receptionist, secretarial and general office services.  In exchange therefore, the Company shall pay FWC Management Services Ltd the sum of $7,500 per month on the Effective Date and continuing monthly thereafter.

FWC Management Services Ltd hereby irrevocably waives any and all right, title, interest, causes of action and claims of any kind (each, a “Claim”) in or to, and any and all right to seek payment of any amounts due to it out of, the trust account established for the benefit of the public shareholders of the Company and into which substantially all of the proceeds of the Company’s IPO will be deposited (the “Trust Account”), and hereby irrevocably waives any Claim it may have in the future as a result of, or arising out of, this agreement, which Claim would reduce, encumber or otherwise adversely affect the Trust Account or any monies or other assets in the Trust Account, and further agrees not to seek recourse, reimbursement, payment or satisfaction of any Claim against the Trust Account or any monies or other assets in the Trust Account for any reason whatsoever.

This agreement shall be governed by and construed in accordance with the laws of the British Virgin Islands, without regard to conflicts of laws principles.

Very truly yours, 

		
	 
	FLATWORLD ACQUISITION CORP.

By:  /s/  Jeffrey A. Valenty

Name:  Jeffrey A. Valenty

Title:   President

	Accepted and agreed:

FWC Management Services Ltd

By:  /s/ Raj K. Gupta

Name:  Raj K. Gupta

Title: President

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