Document:

exv10w9

 

Exhibit 10.9

UNIT PURCHASE OPTION CLARIFICATION AGREEMENT

     This Unit Purchase Option Clarification Agreement (this “Agreement”), dated November 6, 2006
is to amend the Unit Purchase Option, dated as of March 23, 2004 (the “Option”), issued by Great
Wall Acquisition Corporation, a Delaware corporation, with offices at 660 Madison Avenue,
15th Floor, New York, New York 10021 (“Company”), to Broadband Capital Management LLC,
with offices at 712 Fifth Avenue, 49th Floor, New York, New York 10019 (“Option
Holder”).

     WHEREAS, as a result of certain questions that have arisen regarding the accounting treatment
applicable to the Option, the parties hereto deem it necessary and desirable to amend the Option to
clarify that the Option Holder does not have the right, and did not have the right at the time of
issuance of the Option, to receive a net cash settlement in the event the Company does not maintain
a current prospectus relating to the units, common stock and warrants issuable upon exercise of the
Option at the time such Option is exercisable.

     NOW, THEREFORE, in consideration of the mutual agreements contained herein and other good and
valuable consideration, the receipt and sufficiency of which are hereby acknowledged, and intending
to be legally bound hereby, the parties hereto agree to amend the Option as set forth herein.

     1.      Option. The undersigned hereby agree that the Option is hereby amended by adding
the following as Section 2.1.1 to the Option:

“2.4. No Exercise of Purchase Option if a Registration Statement is not Effective.
Notwithstanding anything herein to the contrary, the Company shall not be obligated to deliver any
securities pursuant to the exercise of this Purchase Option unless (i) a registration statement
under the Act with respect to the Units, Warrants and Common Stock issuable upon such exercise is
effective, or (ii) in the opinion of counsel to the Company or counsel to the Holder reasonably
satisfactory to the Company, the exercise of this Purchase Option is exempt from the registration
requirements of the Act and such securities are qualified for sale or exempt from qualification
under applicable securities laws of the states or other jurisdictions in which the registered
holders reside. This Purchase Option may not be exercised by, or securities issued to, any
registered holder in any state in which such exercise or issuance would be unlawful. The Holders
are not, and at the time of the initial issuance of this Purchase Option were not, entitled to
receive a net-cash settlement or other consideration in lieu of physical settlement in securities
if the securities underlying this Purchase Option are not covered by an effective registration
statement.

     2.     Section 5.3 of the Option is hereby deleted in its entirety.

 

 

     3.      Miscellaneous.

          a.     Governing Law; Jurisdiction. The validity, interpretation, and performance of this
Agreement shall be governed in all respects by the laws of the State of New York, without giving
effect to conflict of laws. 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 in care of the address set forth above or such other address as the
undersigned shall furnish in writing to the other. Such mailing shall be deemed personal service
and shall be legal and binding upon the Company in any action, proceeding or claim.

          b.     Binding Effect. This Agreement shall be binding upon and inure to the benefit of
the parties hereto and to their respective heirs, legal representatives, successors and assigns.

          c.     Entire Agreement. This Agreement sets forth the entire agreement and understanding
between the parties as to the subject matter thereof and merges and supersedes all prior
discussions, agreements and understandings of any and every nature among them. Except as set forth
in this Agreement, provisions of the original Option which are not inconsistent with this Agreement
shall remain in full force and effect. This Agreement may be executed in counterparts.

          d.     Severability. This Agreement shall be deemed severable, and the invalidity or
unenforceability of any term or provision hereof shall not affect the validity or enforceability of
this Agreement or of any other term or provision hereof. Furthermore, in lieu of any such invalid
or unenforceable term or provision, the parties hereto intend that there shall be added as a part
of this Agreement a provision as similar in terms to such invalid or unenforceable provision as may
be possible and be valid and enforceable

 

 

     IN WITNESS WHEREOF, the parties hereto have executed this Unit Purchase Option Clarification
Agreement as of the date first written above.

	 	 	 	 	 
	 	GREAT WALL ACQUISITION CORPORATION

 	 
	 	By:  	/s/ Kin Shing Li
 	 
	 	 	Name:  	Kin Shing Li 	 
	 	 	Title:  	CEO 	 
	 

	 	 	 	 	 
	 	BROADBAND CAPITAL MANAGEMENT LLC

 	 
	 	By:  	/s/ Michael Rapp
 	 
	 	 	Name:  	Michael Rapp 	 
	 	 	Title:  	Chairman 	 
	 

	 	 	 	 	 
	 	 	 
	 	By:  	                                           /s/ Michael Rapp
 	 
	 	 	Name:  	Michael Rapp 	 
	 	 	 	 
	 

	 	 	 	 	 
	 	 	 
	 	By:  	                                           /s/ Philip Wagenheim
 	 
	 	 	Name:  	Philip Wagenheim 	 
	 	 	 	 
	 

	 	 	 	 	 
	 	 	 
	 	By:  	
/s/ Jeffrey Meshel
 	 
	 	 	Name:  	Jeffrey Meshel 	 
	 	 	 	 
	 

	 	 	 	 	 
	 	 	 
	 	By:  	                                           /s/ Elliot Smith
 	 
	 	 	Name:  	Elliot Smithexv10w10

 

Exhibit 10.10

AMENDED AND RESTATED

WARRANT CLARIFICATION AGREEMENT

     This Warrant Clarification Agreement (this “Agreement”), dated November 10, 2006, is to the
Warrant Agreement, dated as of March 23, 2004 (the “Warrant Agreement”), by and between Great Wall
Acquisition Corporation, a Delaware corporation, with offices at 660 Madison Avenue,
15th Floor, New York, New York 10021 (“Company”), and Continental Stock Transfer & Trust
Company, a New York corporation, with offices at 17 Battery Place, New York, New York 10004
(“Warrant Agent”).

     WHEREAS, Section 9.8 of the Warrant Agreement provides that the parties to the Warrant
Agreement may amend the Warrant Agreement without the consent of any registered holder for the
purpose of curing any ambiguity, or of curing, correcting or supplementing any defective provision
contained therein or adding or changing any other provisions with respect to matters or questions
arising under the Warrant Agreement as the parties may deem necessary or desirable and that the
parties deem shall not adversely affect the interest of the registered holders;

     WHEREAS, as a result of certain questions that have arisen regarding the accounting treatment
applicable to the Warrants, the parties hereto deem it necessary and desirable to amend the Warrant
Agreement to clarify that the registered holders do not have the right to receive a net cash
settlement in the event the Company does not maintain a current prospectus relating to the common
stock issuable upon exercise of the warrants at the time such warrants are exercisable.

     NOW, THEREFORE, in consideration of the mutual agreements contained herein and other good and
valuable consideration, the receipt and sufficiency of which are hereby acknowledged, and intending
to be legally bound hereby, the parties hereto agree to amend the Warrant Agreement as set forth
herein.

     1.     Warrant Agreements. The undersigned hereby agree that the Warrant Agreement is
hereby amended by adding the following last sentence to Section 3.3.2:

     “In no event will the registered holder of a Warrant be entitled to receive a net-cash settlement
or other consideration in lieu of physical settlement in shares of Common Stock if the Common Stock
underlying the Warrants is not covered by an effective registration statement. In the absence of
such an effective registration statement the Warrant may expire unexercised.”

     2.     Miscellaneous.

          a.     Governing Law; Jurisdiction. The validity, interpretation, and performance of this
Agreement shall be governed in all respects by the laws of the State

 

 

of New York, without giving effect to conflict of laws. 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 inconvenience 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 in care of the address set forth
above or such other address as the undersigned shall furnish in writing to the other. Such mailing
shall be deemed personal service and shall be legal and binding upon the Company in any action,
proceeding or claim.

          b.      Binding Effect. This Agreement shall be binding upon and inure to the benefit of
the parties hereto and to their respective heirs, legal representatives, successors and assigns.

          c.     Entire Agreement. This Agreement sets forth the entire agreement and understanding
between the parties as to the subject matter thereof and merges and supersedes all prior
discussions, agreements and understandings of any and every nature among them. Except as set forth
in this Agreement, provisions of the original Warrant Agreement which are not inconsistent with
this Agreement shall remain in full force and effect. This Agreement may be executed in
counterparts.

          d.     Severability. This Agreement shall be deemed severable, and the invalidity or
unenforceability of any term or provision hereof shall not affect the validity or enforceability of
this Agreement or of any other term or provision hereof. Furthermore, in lieu of any such invalid
or unenforceable term or provision, the parties hereto intend that there shall be added as a part
of this Agreement a provision as similar in terms to such invalid or unenforceable provision as may
be possible and be valid and enforceable.

2

 

     IN WITNESS WHEREOF, the parties hereto have executed this Warrant Clarification Agreement as
of the date first written above.

	 	 	 	 	 
	 	GREAT WALL ACQUISITION CORPORATION

 	 
	 	By:  	/s/ Kin Shing Li
 	 
	 	 	Name:  	Kin Shing Li 	 
	 	 	Title:  	Chairman and CEO 	 
	 

	 	 	 	 	 
	 	CONTINENTAL STOCK TRANSFER & TRUST

 	 
	 	By:  	/s/ Felix Orihuela
 	 
	 	 	Name:  	Felix Orihuela 	 
	 	 	Title:  	Vice President 	 
	 

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