OPTION AGREEMENT May 3, 2006
May
3,
2006
0000
Xxxxxx xx xxx Xxxxxxxx, 0xx
Xxxxx
New
York,
New York 10020
Gentlemen:
Shine
Media Acquisition Corp. (the “Company”) hereby grants to the persons and
entities identified on Schedule
A
attached
hereto (the “Insiders”) options to purchase up to an aggregate of 225,000 (the
“Insider Options”) shares of common stock, par value $.0001 per share, of the
Company at an exercise price of $.017 per share (the “Exercise Price”), to be
distributed on a pro rata basis, in the event, and to the extent, the
underwriters exercise their option to purchase up to an additional 900,000
Units
(the “Over-allotment Option”) in connection with the Company’s initial public
offering.
The
Insider Options shall become exercisable only upon the exercise of the
Over-allotment Option and shall expire at 5:00 p.m. New York time on the third
day thereafter. The number of Insider Options that shall be distributed to
the
Insiders upon exercise of the Over-allotment Option shall be the product of
(i)
the number of Units exercised under the Over-allotment Option multiplied by
.25
and (ii) the percentage set forth on Schedule A (the “Available Options”).
Exercise of the Available Options may then be made on behalf of all the Insiders
by the payment of the Exercise Price to the Company by any one or more Insiders.
Very
truly yours,
By:
_______________________________________
Xxxxxxx
X
Xxxxx, Chairman
Accepted
and Agreed:
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Xxxxxxx
X. Xxxxx
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Xxxxx
X.
Xxxx
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Xxxx
Xxxx
Xxx
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Xxxxxxx
Xxx
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Xxxx
Xxxxxxxx
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Xxxxxx
X.
Xxxxxx
______________________________
Xxx
Xxxxx
Xxx
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Xxxxxx
Xxxxx
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Xxxxxx
Xxxxxxxxx
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Xxxx
Xxxxx
______________________________
Xxxx
X.
Xxxxx
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Xxxxxxx
X. Xxxx
2
Schedule A
