WARRANT PURCHASE AGREEMENT
WARRANT
PURCHASE AGREEMENT (this “Agreement”) made as of this ___________day of _______,
2011 among China VantagePoint Acquisition Company, a Cayman Islands corporation
(the “Company”) and the undersigned (the “Purchasers”).
WHEREAS,
the Company has filed with the Securities and Exchange Commission (the “SEC”) a
registration statement on Form S-1, as amended (File No. 333-170006) (the
“Registration Statement”), in connection with the Company’s initial public
offering (the “IPO”) of 2,500,000 units (the “Units”), each unit consisting of
one subunit of the Company’s ordinary shares and one-half of a warrant, with
each subunit consisting of one ordinary share of the Company, $0.001 par value
(the “Ordinary Shares”), and one-half of a warrant (the “Warrants”), each whole
warrant to purchase one Ordinary Share; and
WHEREAS,
immediately prior to the consummation of the IPO, the Company desires to sell in
a private placement to the Purchasers (the “Placement”) an aggregate of
2,642,857 warrants (the “Placement Warrants”) substantially identical to the
Warrants being issued in the IPO pursuant to the terms and conditions hereof and
as set forth in the Registration Statement, except that the Placement Warrants
to be issued in the Placement shall not be registered under the Securities Act
of 1933, as amended (the “Securities Act”); and
WHEREAS,
each Purchaser desires to acquire the number of Placement Warrants set forth
opposite its name on Schedule A hereto;
and
WHEREAS,
except as provided herein, the Placement Warrants shall be governed by the
Warrant Agreement filed as an exhibit to the Registration Statement;
and
WHEREAS,
the Purchasers are entitled to registration rights with respect to the Placement
Warrants and the Ordinary Shares underlying the Placement Warrants (the
“Underlying Shares”) on the terms set forth in this Agreement;
NOW,
THEREFORE, for and in consideration of the premises and the mutual covenants
hereinafter set forth, the parties hereto do hereby agree as
follows:
1. Purchase of Placement
Warrants. The Purchasers hereby agree, directly or through their
nominees, to purchase an aggregate of 2,642,857 Placement Warrants at a purchase
price of $0.35 per Placement Warrant, or an aggregate of $925,000 (the “Purchase
Price”). Such purchases shall be in the names and amounts set forth on Schedule A
hereto.
2. Closing. The closing
of the purchase and sale of the Placement Warrants (the “Closing”) will take
place at such time and place as the parties may agree (the “Closing Date”), but
in no event later than one business day prior to the closing date (the “IPO
Closing Date”) of the IPO. On or prior to the IPO effective date, the Purchasers
shall pay the Purchase Price by wire transfer of funds to Continental Stock
Transfer & Trust Company.
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3. Representations and
Warranties of the Purchasers. Each Purchaser hereby represents and
warrants to the Company that:
3.1 The
execution and delivery by the Purchasers of this Agreement and the fulfillment
of and compliance with the respective terms hereof by the Purchasers do not and
shall not as of the Closing conflict with or result in a
breach of the terms, conditions or provisions of any other agreement,
instrument, order, judgment or decree to which Purchasers are subject
to.
3.2 The
Purchaser is an “accredited investor” as that term is defined in Rule 501 of
Regulation D promulgated under the Securities Act.
3.3 The
Placement Warrants are being acquired for the Purchaser’s own account, only for
investment purposes and not with a view to, or for resale in connection with,
any distribution or public offering thereof within the meaning of the Securities
Act.
3.4 The
Purchaser has the full right, power and authority to enter into this Agreement
and this Agreement is a valid and legally binding obligation of the Purchaser
enforceable against the Purchaser in accordance with its terms.
3.5 The
Purchaser understands that no United States federal or state agency or any other
government or governmental agency has passed on or made any recommendation or
endorsement of the securities or the fairness or suitability of the investment
in the securities nor have such authorities passed upon or endorsed the merits
of the offering of the securities.
4. Registration Rights.
The Purchasers shall have registration rights pursuant to the Registration
Rights Agreement, dated the Closing Date, by and among the Company and the
Investors listed on the signature page thereto.
5. Waiver of Claims Against
Trust Account. Each Purchaser hereby waives any and all right, title,
interest or claim of any kind in or to any distributions from the trust account
maintained by the Company’s transfer agent, acting as trustee (the “Trust
Account”) with respect to any Ordinary Shares acquired by the Purchaser in
connection with the exercise of the Placement Warrants purchased pursuant to
this Agreement ("Claim") and hereby waives any Claim the undersigned may have in
the future as a result of, or arising out of, any contracts or agreements with
the Company and will not seek recourse against the Trust Account for any reason
whatsoever.
6. Legends;
Denominations
6.1 Legend. The Company
will issue the Placement Warrants, and when issued the Underlying Shares,
purchased by Purchaser in the name of Purchaser and in such denominations to be
specified by Purchaser. The Placement Warrants and Underlying Shares
will bear the following legend and appropriate "stop transfer"
instructions:
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THE
SECURITIES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT
OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR ANY STATE SECURITIES LAWS AND
NEITHER THE SECURITIES NOR ANY INTEREST THEREIN MAY BE OFFERED, SOLD,
TRANSFERRED, PLEDGED OR OTHERWISE DISPOSED OF EXCEPT PURSUANT TO AN EFFECTIVE
REGISTRATION STATEMENT UNDER THE SECURITIES ACT OR SUCH LAWS OR AN EXEMPTION
FROM REGISTRATION UNDER THE SECURITIES ACT AND SUCH LAWS WHICH, IN THE OPINION
OF COUNSEL FOR THIS CORPORATION, IS AVAILABLE.
THE
SECURITIES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO THE TERMS AND
CONDITIONS CONTAINED IN A SECURITIES ESCROW AGREEMENT (THE “AGREEMENT”) AND MAY
NOT BE OFFERED, SOLD, TRANSFERRED, PLEDGED OR OTHERWISE DISPOSED DURING THE TERM
OF THE ESCROW PERIOD (AS DEFINED IN THE AGREEMENT).
7. Waiver and
Indemnification. Each Purchaser hereby waives any and all rights to
assert any present or future claims, including any right of rescission, against
the Company or the underwriters in the IPO with respect to their purchase of the
Placement Warrants, and each Purchaser agrees jointly and severally to indemnify
and hold the Company and the underwriters in the IPO harmless from all losses,
damages or expenses that relate to claims or proceedings brought against the
Company or such underwriters by Purchasers of the Placement
Warrants.
8. Counterparts;
Facsimile. This Agreement may be executed in any number of counterparts,
each of which when so executed shall be deemed to be an original and all of
which taken together shall constitute one and the same instrument. This
Agreement or any counterpart may be executed via facsimile transmission, and any
such executed facsimile copy shall be treated as an original.
9. 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, 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.
IN
WITNESS WHEREOF, the undersigned have executed this Agreement as of the ____day
of ______________, 2011.
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By:
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Name:
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Title:
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PURCHASERS:
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EARLYBIRDCAPITAL,
INC.
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By:
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Name:
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Title:
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Xxx
Xx
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Ye
(Sophie) Tao
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Xxxxxx
Xxx
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Xxxxxxx
Xxxxxx
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SCHEDULE
A
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Purchaser
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Placement Warrants
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Purchase Price
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EarlyBirdCapital,
Inc.
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1,142,857 | $ | 400,000.00 | |||||
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Xxx
Xx
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Ye
(Sophie) Tao
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Xxxxxx
Xxx
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Xxxxxxx
Xxxxxx
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Total:
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2,642,857 | $ | 925,000.00 | |||||
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