Document:

Form of  Warrant Purchase Agreement

 Exhibit 10.6 
  
                                       
                      , 2005 
  
 I-Bankers Securities Incorporated 
 1560 East Southlake Boulevard, Suite 232 
 Southlake, Texas 76092 
  
 Re: Shanghai Century Acquisition Corporation 
  
 Gentlemen: 
  
 This letter will confirm the agreement of Franklin D. Chu, Anthony Kai Yiu Lo, Ronald Joseph
Arculli, Humphrey P. Polanen, and Raymond Ch’ien (collectively, the “Initial Shareholders”), on the one hand, and I-Bankers Securities Incorporated and
                         (the “Representatives”), on the other hand, with respect to the purchase of certain
warrants to purchase ordinary shares (the “Warrants”) of Shanghai Century Acquisition Corporation (the “Company”) included in the units (“Units”) being sold in the Company’s initial public offering
(“IPO”) upon the terms and conditions set forth herein. Each Unit is comprised of one ordinary share, par value $0.0005 per share, of the Company (the “Ordinary Shares”) and one Warrant to purchase one Ordinary Share. The
Ordinary Shares and Warrants will not be separately tradable until 90 days after the effective date of the Company’s IPO unless the Representatives informs the Company of their decision to allow earlier separate trading. 
  
 1. Each of the Initial Shareholders, the Representatives and their respective affiliates and
designees will enter into an agreement or plan (a “10b5-1 Plan”) in accordance with the terms of this letter and with the guidelines specified in Rule 10b5-1 (“Rule 10b5-1”) promulgated under the Securities Exchange Act
of 1934, as amended (the “Exchange Act”), with a broker-dealer registered under Section 15 of the Exchange Act who shall be mutually acceptable to the Initial Shareholders and the Representatives (the “Broker”) and which
shall agree to effect all such purchases pursuant to the 10b5-1 Plans on a commission-free basis. 
  

	2.	The 10b5-1 Plans entered into pursuant hereto shall, among other things: 

  
 (a) provide for the purchase on a several basis pursuant to the 10b5-1 Plans of up to a maximum of 1,500,000 Warrants (the “Initial
Shareholders’ Maximum Warrant Purchase”) in the aggregate by the Initial Shareholders, their affiliates and their designees; 
  
 (b) provide for the purchase pursuant to the 10b5-1 Plans of up to a maximum of 1,000,000 Warrants (the “Representatives’ Maximum Warrant
Purchase”) in the aggregate by the Representatives, their affiliates and their designees; 

 (c) provide that all purchases of Warrants pursuant to the 10b5-1 Plans shall be made only in the public
market, at market prices not to exceed $1.00 per Warrant, and shall occur only during the 20-trading day period (the “Trading Window”) commencing on the later of (i) the date separate trading of the Warrants has commenced or
(ii) 60 calendar days after the end of the IPO “restricted period” as defined in Regulation M (“Regulation M”) promulgated under the Exchange Act; 
  
 (d) provide instructions to the Broker to make, keep, and produce promptly upon request a daily time-sequenced schedule of
all Warrant purchases made pursuant to the 10b5-1 Plans; 
  
 (e)
provide irrevocable instructions to the Broker to fill the order of each party to each such 10b5-1 Plan in such amounts and at such times as the Broker may determine, in its sole discretion, during the Trading Window; 
  
 (f) contain a representation and warranty by each party that such party is
not aware of any material nonpublic information concerning the Company or any securities of the Company and is entering into the Rule 10b5-1 Plan in good faith and not as part of a plan or scheme to evade the prohibitions of Rule 10b-5
promulgated under the Exchange Act; and 
  
 (g) provide that each
party, while the Rule 10b5-1 Plan is in effect, shall comply with the prohibition set forth in Rule 10b5-1(c)(1)(i)(C) against entering into or altering a corresponding or hedging transaction or position with respect to the Company’s
securities and that such party shall not, directly or indirectly, communicate any material nonpublic information relating to the Company or the Company’s securities to any officer, director or employee of the Representatives or the Broker.

  
 3. None of the Initial Shareholders, the Representative or their respective
affiliates and designees have, and shall not attempt to exercise, any influence over how, when or whether to effect purchases of Warrants by the Broker or any person. 
  
 4. Each of the parties hereto agrees that the Warrants acquired pursuant to this agreement and the Rule 10b5-1 Plans shall not be sold
or transferred until the earlier of the consummation by the Company of a stock exchange, asset acquisition or other similar business combination; provided, however, nothing contained herein shall preclude a sale or transfer (i) by gift to the
immediate family of a member of any Initial Shareholder or to a trust, the beneficiary of which is any Initial Shareholder or a person in the immediate family of such Initial Shareholder, (ii) by virtue of the laws of descent and distribution
upon death of any Initial Shareholder, (iii) pursuant to a qualified domestic relations order, or (iv) pursuant to a transfer of record ownership whereby there is no change in beneficial ownership; provided, further, 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 paragraph. Each party hereto acknowledges that the certificates for such Warrants shall contain a
legend indicating such restriction on 

  

 2 

 
transferability. It is further understood and acknowledged by each party hereto that all Warrants purchased pursuant to this letter and the Rule 10b5-1
Plans shall be non-callable by the Company for so long as such Warrants are held by the purchaser thereof or its permitted transferee. 
  
 5. Each of the parties hereto hereby covenants and agrees that such party and its respective affiliates and designees shall comply with, and shall take all actions
reasonably necessary to cause compliance by the Broker with, the following conditions: 
  
 (a) The Company and the Representative shall provide to the Division of Market Regulation of the Securities and Exchange Commission (the “Division”) promptly upon request, a daily time-sequenced schedule of
all Warrant purchases made pursuant to the 10b5-1 Plans, on a transaction-by-transaction basis, including: (i) size, broker, time of execution, price of purchase; and (ii) the exchange, quotation system, or other facility through which the
Warrant purchase occurred; 
  
 (b) Upon the request of the
Division, the Company and the Representative shall transmit the information as specified in paragraph 5(a) to the Division at its headquarters in Washington, D.C. within 30 days of its request; and 
  
 (c) Representatives of the Company, the Initial Shareholders, the
Representative and the respective designees of the Initial Shareholders and the Representative shall be made available (in person at the offices of the Division in Washington, D.C. or by telephone) to respond to inquiries by the Division regarding
their purchase(s). 
  
 6. 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 and shall be binding upon each of the
parties hereto and their respective heirs, successors and assigns. 
  
 Very truly yours, 
  
  
                                       
                                        
                                        
                          
 Franklin D. Chu 
  
  
                                       
                                        
                                        
                          
 Anthony Kai Yiu Lo 
  
  
                                       
                                        
                                        
                          
 Ronald Joseph Arculli 
  

 3 

  
  
                                       
                                        
                                        
                          
 Humphrey P. Polanen 
  
  
                                       
                                        
                                        
                          
 Raymond Ch’ien 
  
  
 AGREED: 
  
 I-Bankers Securities Incorporated 
  

			
		
	By:	 	 
		
	Name:	 	 
		
	Title	 	 

  

 4Revolving Note, dated October 21, 2005

 Exhibit 10.7 
  
 REVOLVING NOTE 
  

			
	 $125,000
	 	October 21, 2005

  
 Shanghai Century
Acquisition Corporation, a Cayman Islands company (the “Maker”) promises to pay to the order of Franklin D. Chu, Anthony Kai Yiu Lo, Ronald Arculli, Humphrey P. Polanen and Raymond Ch’ien (collectively, the “Payee”) the
principal sum of One Hundred Twenty-Five Thousand Dollars ($125,000) lawful money of the United States of America or such lesser amount as may have been advanced and be outstanding hereunder, on the terms and conditions described below. 

 

	1.	Principal. The principal balance of this Note shall be repayable on the earlier of (i) October 22, 2006 or (ii) the date on which Maker consummates an initial
public offering of its securities. 

  

	2.	Interest. No interest shall accrue on the unpaid principal balance of this Note. 

  

	3.	Advancement of Funding. Maker shall have the right to request from Payee advances under this Note and Payee shall make advances under this Note, up to an aggregate amount
funded at any time of One Hundred Twenty-Five Thousand and No/100 Dollars ($125,000.00). 

  

	4.	Application of Payments. All payments shall be applied first to payment in full of any costs incurred in the collection of any sum due under this Note, including (without
limitation) reasonable attorneys’ fees, then to the payment in full of any late charges and finally to the reduction of the unpaid principal balance of this Note. 

  

	5.	Events of Default. The following shall constitute Events of Default: 

  
 (a) Failure to Make Required Payments. Failure by Maker to pay the principal of or accrued interest on this Note within five (5) business days
following the date when due. 
  
 (b) Voluntary Bankruptcy,
Etc. The commencement by Maker of a voluntary case under the Federal Bankruptcy Code, as now constituted or hereafter amended, or any other applicable federal or state bankruptcy, insolvency, reorganization, rehabilitation or other similar law,
or the consent by it to the appointment of or taking possession by a receiver, liquidator, assignee, trustee, custodian, sequestrator (or other similar official) of Maker or for any substantial part of its property, or the making 

 
by it of any assignment for the benefit of creditors, or the failure of Maker generally to pay its debts as such debts become due, or the taking of corporate
action by Maker in furtherance of any of the foregoing. 
  
 (c)
Involuntary Bankruptcy, Etc. The entry of a decree or order for relief by a court having jurisdiction in the premises in respect of maker in an involuntary case under the Federal Bankruptcy Code, as now or hereafter constituted, or any other
applicable federal or state bankruptcy, insolvency or other similar law, or appointing a receiver, liquidator, assignee, custodian, trustee, sequestrator (or similar official) of Maker or for any substantial part of its property, or ordering the
winding-up or liquidation of its affairs, and the continuance of any such decree or order unstayed and in effect for a period of 60 consecutive days. 
  

	6.	Remedies. 

  
 (a) Upon the occurrence of an Event of Default specified in Section 4(a), Payee may, by written notice to Maker, declare this Note to be due and
payable, whereupon the principal amount of this Note, and all other amounts payable thereunder, shall become immediately due and payable without presentment, demand, protest or other notice of any kind, all of which are hereby expressly waived,
anything contained herein or in the documents evidencing the same to the contrary notwithstanding. 
  
 (b) Upon the occurrence of an Event of Default specified in Sections 4(b) and 4(c), the unpaid principal balance of, and all other sums payable with
regard to, this Note shall automatically and immediately become due and payable, in all cases without any action on the part of Payee. 
  

	7.	Waivers. Maker and all endorsers and guarantors of, and sureties for, this Note waive presentment for payment, demand, notice of dishonor, protest, and notice of protest with
regard to the Note, all errors, defects and imperfections in any proceedings instituted by Payee under the terms of this Note, and all benefits that might accrue to Maker by virtue of any present or future laws exempting any property, real or
personal, or any part of the proceeds arising from any sale of any such property, from attachment, levy or sale under execution, or providing for any stay of execution, exemption from civil process, or extension of time for payment; and Maker agrees
that any real estate that may be levied upon pursuant to a judgment obtained by virtue hereof, on any writ of execution issued hereon, may be sold upon any such writ in whole or in part in any order desired by Payee. 

  

	8.	 Unconditional Liability. Maker hereby waives all notices in connection with the delivery, acceptance, performance, default, or enforcement of the payment of
this Note, and agrees that its liability shall be unconditional, without regard to the liability of any other party, and shall not be affected in any manner by any indulgence, extension of time, renewal, waiver or modification granted or 

	 	 
consented to by Payee, and consents to any and all extensions of time, renewals, waivers, or modifications that may be granted by Payee with respect to the
payment or other provisions of this Note, and agree that additional makers, endorsers, guarantors, or sureties may become parties hereto without notice to them or affecting their liability hereunder. 

  

	9.	Notices. Any notice called for hereunder shall be deemed properly given if (i) sent by certified mail, return receipt requested, (ii) personally delivered,
(iii) dispatched by any form of private or governmental express mail or delivery service providing receipted delivery, (iv) sent by telefacsimile or (v) sent by e-mail, to the following addresses or to such other address as either
party may designate by notice in accordance with this Section: 

  

			
		
	If to Maker:	  	 Shanghai Century Acquisition Corporation
 Suite 1002,
10th Floor
 43 Lyndhurst
Terrace
 Central, Hong Kong SAR
 China
 Attn: Mr. Franklin D. Chu

		
	If to Payee:	  	 Franklin D. Chu, Anthony Kai Yiu Lo, Ronald Arculli,
 Humphrey D. Polanen, and Raymond Ch’ien
 c/o Shanghai Century Acquisition Corporation
 Suite 1002, 10th Floor
 43 Lyndhurst Terrace
 Central, Hong Kong SAR
 China
 Attn: Mr. Franklin D. Chu

  
 Notice shall be deemed given on the
earlier of (i) actual receipt by the receiving party, (ii) the date shown on a telefacsimile transmission confirmation, (iii) the date on which an e-mail transmission was received by the receiving party’s on-line access provider
(iv) the date reflected on a signed delivery receipt, or (vi) two (2) Business Days following tender of delivery or dispatch by express mail or delivery service. 
  

	10.	Construction. This Note shall be construed and enforced in accordance with the laws of the State of New York. 

  

	11.	Severability. Any provision contained in this Note which is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of
such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction.

 IN WITNESS WHEREOF, Maker, intending to be legally bound hereby, has caused this Note to be duly executed by its Co-Chief
Executive Officer the day and year first above written. 
  

			
	SHANGHAI CENTURY ACQUISITION CORPORATION
		
	By:	 	 /s/ Franklin D. Chu

	 	 	Franklin D. Chu,
	 	 	Co-Chief Executive Officer

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