Document:

fs12013ex10iii_anpulofood.htm

Exhibit 10.3

 

EXCLUSIVE OPTION AGREEMENT

BETWEEN

GUANGXIANG INVESTMENT CONSULTING (SHANGHAI) CO., LTD.

AND

MR. WENPING LUO, 

MS. JINFENG HU, 

LAIFENG ANPULO (GROUP) FOOD DEVELOPMENT CO., LTD.

SEPTEMBER 22, 2013

HUBEI, CHINA

 

  

  

  

 

EXCLUSIVE OPTION AGREEMENT

This Exclusive Option Agreement (the “Agreement”) was entered into on September 22, 2013 by and between the following Parties in Hubei, China.

 

Party A:

 

Guangxiang Investment Consulting (Shanghai) Co., Ltd.

Registered Address: Room AB1010, Building #1, 1755 Hongmei S. Road, Minhang District, Shanghai.

Representative:  Mr. Wenping Luo

Party B:

1.           Mr. Wenping Luo, a citizen of PRC with ID Card number 422827197003040039, owns 95% shares of Laifeng Anpulo (Group) Food Development Co., Ltd.;

2.           Ms. Jinfeng Hu, a citizen of PRC with ID Card number 422827197005200024, owns 5% shares of Laifeng Anpulo (Group) Food Development Co., Ltd.

Party C:  Laifeng Anpulo (Group) Food Development Co., Ltd.

Registered Address: HeBaLiang, HangKong Road, XiangFeng Town, LaiFeng County, HuBei Province

Legal Representative: Mr. Wenping Luo

In this Agreement, Party A, Party B and Party C are called collectively as the “Parties” and each of them is called as the “Party”.

WHEREAS:

1.           Party A is a Wholly Foreign Owned Enterprise (WFOE) incorporated under the laws of the People’s Republic of China (the “PRC”);

2.           Party C is a limited liability company incorporated in Laifeng and with business license issued by the Laifeng County Administration for Industry and Commerce;

3.           As of the date of this Agreement the members of Party B are shareholders of Laifeng Anpulo (Group) Food Development Co., Ltd. (hereinafter referred to as “Anpulo”) and collectively legally hold all of the equity interests of Anpulo.

 

  

1

  

 

NOW, THEREFORE, the Parties through mutual negotiations hereby enter into this Agreement according to the following terms and conditions:

 

	
1. 

	
THE GRANT AND EXERCISE OF PURCHASE OPTION

 

	 	
1.1

	
Grant: Party B hereby grants Party A an irrevocable exclusive purchase option to purchase all or part of the shares of Party C, currently owned by Party B; Party C hereby grants Party A an irrevocable exclusive purchase option to purchase all or part of the assets and business of Party C, in each case in accordance with Article 1.3 of this agreement (the “Option”). The aforesaid purchase options are irrevocable and shall be exercised only by Party A (or the qualified persons appointed by Party A). The term “person” used herein shall include any individual, entity, corporation, partnership, joint venture and non-corporate organizations.

	 	
1.2

	
Exercise Procedures:

	 	

1.2.1 Party A shall notify Party B or Party C in writing prior to exercising its option (the “Option Notice” hereinafter).

	 	

1.2.2 The next day upon receipt of the Option Notice, Parties B and C, together with party A (or the qualified person appointed by Party A), shall promptly compile a whole set of documents (the “Transfer Documents”) to be submitted to the government authorities for approving the shares or assets and business transfer in connection with the Option exercise so that the shares or assets and business transfer can be transferred, in whole or in part.

	 	

1.2.3 Upon the completion of the compilation of all the Transfer Documents and the Transfer Documents being confirmed by Party A, Parties B and C shall promptly and unconditionally obtain, together with Party A (or the qualified person appointed by Party A), all approvals, permissions, registrations, documents and other necessary approvals to effectuate the transfer of the shares or remaining assets and business of Party C in connection with the Option exercise.

	 	
1.3

	
Exercise Condition: Party A may immediately exercise the option of acquiring the equity interests in or the assets and business of Party C whenever Party A considers it necessary to acquire Party C and it is possible to do so in accordance with PRC laws and regulations.

	
2. 

	
PRICE OF ACQUISITION

	 	
2.1

	
Party A shall enter into relevant agreements with Party B or Party C regarding the price of acquisition based on the circumstances of the exercise of option.

 

  

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2.2

	
Party A has the discretion to decide the time and arrangement of the acquisition, provided that the acquisition will not violate any PRC laws or regulations then in effect.

	
3. 

	
REPRESENTATIONS AND WARRANTIES

	 	
3.1

	
Each party hereto represents to the other Parties that: (1) it has all the necessary rights, powers and authorizations to enter into this Agreement and perform its duties and obligations hereunder; (2) Party B and Party C hereby warrant, represent and guarantee that this Agreement, the Restructuring Exercise or the Listing shall be in compliance with any and all applicable PRC laws and shall indemnify, defend and hold harmless Party A and Party C for all fines, penalties, damages or claims sustained by Party A or Party C arising out of Party B and Party C’s violation of this section; and (3) the execution or performance of this Agreement shall not violate any contract or agreement to which it is a party or by which it or its assets are bounded.

	 	
3.2

	
Party B and Party C hereto represent to Party A that: With respect to the equity interests held by Party B in Party C , (1) the members of Party B are legally registered shareholders of Party C and have paid Party C the full amount of their respective portions of Party C 's registered capital required under the PRC laws; (2) except Pledge of Equity Agreement, signed by and between Party B and Party A on September 22, 2013 in Hubei, Party B has not guaranteed, mortgaged, pledged or otherwise created any encumbrance on his shares of Party C; And (3) Party B has neither sold nor will sell to any third party its equity interests in Party C.

 

With respect to the assets of Anpulo which may be transferred to Party A at Party A’s option hereunder, (1) Anpulo owns all such assets and has not mortgaged or pledged or otherwise encumber such assets; and (2) Anpulo has not sold or will sell to any third party such assets.

 

	 	
3.3

	
Party C hereto represents to Party A that: (1) it is a limited liability company duly registered and validly existing under the PRC law; and (2) its business operations are in compliance with applicable laws of the PRC in all material respects.

 

  

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4. 

	
COVENANTS

The Parties further agree as follows:

	 	
4.1

	
Before Party A acquires all the equity/assets and business of Party C by exercising the purchase option provided hereunder, Party C shall not:

	 	

4.1.1 sell, assign, mortgage or otherwise dispose of, or create any encumbrance on, any of its assets, operations or any legal or beneficiary interests with respect to its revenues (unless such sale, assignment, mortgage, disposal or encumbrance is relating to its daily operation or has been disclosed to and agreed upon by Party A in writing);

	 	

4.1.2 enter into any transaction which may materially affect its assets, liabilities, business, net assets or other legal rights (unless such transaction is relating to its daily operation or has been disclosed to and agreed upon by Party A in writing); and

	 	

4.1.3 distribute any dividend to its shareholders in any manner.

	 	
4.2

	
Before Party A acquires all the equity/assets/business of Party C by exercising the purchase option provided hereunder, Party B shall not:

	 	

4.2.1 sell, assign, mortgage or otherwise dispose of, or create any encumbrance on, any of the equity held by them in Party C , except for the pledge of such shares made according to the Pledge of Equity Agreement, signed by and between Party B and Party A on September 22, 2013.

	 	
4.3

	
Before Party A acquires all the equity/assets/business of Party C by exercising the purchase option provided hereunder, Party B and/or Party C  shall not individually or collectively:

	 	

4.3.1 Supplement, alter or amend the articles of association of Party C in any manner to the extent that such supplement, alteration or amendment may have a material effect on Party C's assets, liabilities, business, net assets or other legal rights;

	 	

4.3.2 cause Party C to enter into any transaction to the extent such transaction may have a material effect on Party C's assets, liabilities, business, net assets or other legal rights (unless such transaction is relating to Party C 's daily operation or has been disclosed to and agreed upon by Party A in writing); and

	 	
4.4

	
Party B and Party C shall entrust Party A to manage Party C in accordance with Entrusted Management Agreement, signed by and among Party B, Party C and Party A on September 22, 2013 in Hubei.

 

  

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4.5

	
Non Competition:

	
 

	
WhenParty A exercises the Option, each of Party B and Party C  irrevocably and unconditionally agree and undertake to Party A that it will not without the prior written consent of Party A:

	 	

a. be directly or indirectly engaged or concerned (whether as an employee, agent, independent contractor, consultant, advisor or otherwise) in the conduct of any business competing with Party A’s Business (the “Business”);

 

	 	

b. carry on for his/its own account either alone or in partnership or be concerned as a director or shareholder in any company engaged in any business competing with the Business;

	 	

c. assist any person, firm or company with technical advice or assistance in relation to any business competing with the Business;

	 	

d. solicit or entice away or attempt to solicit or entice away the custom of any person, firm, company or organization who shall at any time have been a customer, client, distributor or agent of Party A or in the habit of dealing with Party A;

	 	

e. solicit or entice away or attempt to solicit or entice away from Party A any person who is an officer, manager or employee of Party A whether or not such person would commit a breach of his contract of employment by reason of leaving Party A;

	 	

f. in relation to any trade, business or company, use any name in such a way as to be capable of or likely to be confused with the name of Party A and shall use all reasonable endeavors to procure that no such name shall be used by any other person, firm or company;

	 	

g. otherwise be interested, directly or indirectly, in any business competing with the Business.

	
5. 

	
ASSIGNMENT OF AGREEMENT

	 	
5.1

	
Party B and Party C shall not transfer their rights and obligations under this Agreement to any third party without the prior written consent of Party A.

	 	
5.2

	
Each of Party B and Party C hereby agrees that Party A shall have the right to transfer all of its rights and obligation under this Agreement to any third party whenever it desires. Any such transfer shall only be subject to a written notice sent to Party B and Party C by Party A, and no any further consent from Party Band Party C will be required.

 

  

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6. 

	
CONFIDENTIALITY

The Parties acknowledge and confirm that any oral or written materials exchanged by the Parties in connection with this Agreement are confidential. The Parties shall maintain the secrecy and confidentiality of all such materials. Without the written approval by the other Parties, any Party shall not disclose to any third party any relevant materials, but the following circumstances shall be excluded:

	 	
6.1

	
The materials are known or will be known by the public (except for any materials disclosed to the public by the Party who receives such materials);

	 	
6.2

	
The materials are required to be disclosed under the applicable laws or the rules or provisions of stock exchange; or

	 	
6.3

	
The materials disclosed by each Party to its legal or financial consultant relate to the transaction contemplated under this Agreement, and such legal or financial consultant shall comply with the confidentiality set forth in this Section. The disclosure of the confidential materials by an employee of any Party shall be deemed disclosure of such materials by such Party, and such Party shall be liable for breaching the contract. This Article 6 shall survive this Agreement even if this Agreement is invalid, amended, revoked, terminated or unenforceable by any reason.

	
7. 

	
BREACH OF CONTRACT

Any violation of any provision hereof, any incomplete or mistaken performance of any obligation provided hereunder, any misrepresentation made hereunder, any material nondisclosure or omission of any material fact, or any failure to perform any covenants provided hereunder by any Party shall constitute a breach of this Agreement. The breaching Party shall be liable for any such breach pursuant to the applicable laws.

	
8. 

	
APPLICABLE LAW AND DISPUTE RESOLUTION

	 	
8.1

	
Applicable Law

The execution, validity, interpretation and performance of this Agreement and the disputes resolution under this Agreement shall be governed by the laws of PRC.

 

  

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8.2

	
Dispute Resolution

The Parties shall strive to settle any dispute arising from the interpretation or performance of this Agreement through friendly consultation. In case no settlement can be reached through consultation within thirty (30) days after such dispute is raised, each party shall submit such dispute to China International Economic and Trade Arbitration Commission South China Sub-Commission in Shenzhen in accordance with its rules. The arbitration shall take place in Shenzhen. The arbitration award shall be final, conclusive and binding upon both Parties.

	
9. 

	
EFFECTIVENESS AND TERMINATION

	 	
9.1

	
This Agreement shall be effective upon the execution hereof by all Parties hereto and shall remain effective thereafter.

	 	
9.2

	
This Agreement may not be terminated without the unanimous consent of all the Parties except that Party A may, by giving a thirty (30) days prior notice to the other Parties hereto, terminate this Agreement.

	
10. 

	
MISCELLANEOUS

	 	
10.1

	
Amendment, Modification and Supplement

Any amendment and supplement to this Agreement shall be made by the Parties in writing. The amendment and supplement duly executed by each Party shall be deemed an integral part of this Agreement and shall have the same legal effect as this Agreement.

	 	
10.2

	
Entire Agreement

The Parties acknowledge that this Agreement constitutes the entire agreement of the Parties with respect to the subject matters therein and supersedes and replaces all prior or contemporaneous agreements and understandings in oral or written form.

	 	
10.3

	
Severability

If any provision of this Agreement is adjudicated to be invalid or non-enforceable according to relevant PRC laws of the PRC, such a provision shall be deemed invalid only to the extent the PRC laws are applicable in China, and the validity, legality and enforceability of the other provisions hereof shall not be affected or impaired in any way. The Parties shall, through consultation based on the principal of fairness, replace such invalid, illegal or non-enforceable provision with valid provision so that any substituted provision may bring the similar economic effects as those intended by the invalid, illegal or non-enforceable provision.

 

  

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10.4

	
Headings

The headings contained in this Agreement are for the convenience of reference only and shall not in any other way affect the interpretation, explanation or the meaning of the provisions of this Agreement.

	 	
10.5

	
Language and Copies

This Agreement is written in Chinese. This Agreement is executed in four (4) copies for each version; Each of Party A and Party C holds one original copy and Party B holds two original copies. Each original copy has the same legal effect.

	 	
10.6

	
Successor

This Agreement shall bind and benefit the successor or the transferee of each Party.

 

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IN WITNESS THEREFORE, the Parties hereto have caused this Agreement to be executed by their legal representatives or duly authorized representatives as of the date first written above.

PARTY A:

 

Guangxiang Investment Consulting (Shanghai) Co., Ltd.

 (Seal) /s/ Guangxiang Investment Consulting (Shanghai) Co., Ltd.

Legal Representative/Authorized Representative (Signature): Wenping Luo

/s/ Wenping Luo

PARTY B:

Mr. Wenping Luo

(Signature): /s/ Wenping Luo

Ms. Jinfeng Hu

(Signature): /s/ Jinfeng Hu

PARTY C:

 

Laifeng Anpulo (Group) Food Development Co., Ltd.

(Seal) /s/ Laifeng Anpulo (Group) Food Development Co., Ltd.

Legal Representative/Authorized Representative (Signature): Wenping Luo

/s/ Wenping Luo

 

 

9fs12013ex10iv_anpulofood.htm

Exhibit 10.4

 

Entrusted Management Agreement

 

Between

 

Wenping Luo

 

Jinfeng Hu

 

Laifeng Anpulo (Group) Food Development Co., Ltd.

 

And

 

Guangxiang Investment Consulting (Shanghai) Co., Ltd.

 

September 22, 2013,

 

Hubei, China

 

  

  

  

 

Entrusted Management Agreement

 

This Entrusted Management Agreement (the “Agreement”) was entered into on September 22, 2013, in Hubei, China by and between the following parties:

 

Party A:

 

1.          Mr. Wenping Luo, a citizen of PRC with ID Card number 422827197003040039, owns 95% shares of Laifeng Anpulo (Group) Food Development Co., Ltd.;

 

2.          Ms. Jinfeng Hu, a citizen of PRC with ID Card number 422827197005200024, owns 5% shares of Laifeng Anpulo (Group) Food Development Co., Ltd.;

 

3.          Laifeng Anpulo (Group) Food Development Co., Ltd. (“Anpulo”), is an enterprise incorporated and existing within the territory of China in accordance with the law of the People’s Republic of China, the registration number of its legal and valid Business License is 422827000001641 and the legal registered address is HeBaLiang, HangKong Road, XiangFeng Town, LaiFeng County, HuBei Province, China.

 

and

 

Party B: Guangxiang Investment Consulting (Shanghai) Co., Ltd. is a Wholly Foreign Owned Enterprise (WFOE) registered in Shanghai, and the legal registered address is Room AB1010, Building #1, 1755 Hongmei S. Road, Minhang District, Shanghai.

 

Whereas:

 

1.          Mr. Wenping Luo and Ms. Jinfeng Hu are shareholders of Anpulo and collectively legally hold all of the equity interests of Anpulo.

 

Under this Agreement, Anpulo, Mr. Wenping Luo and Ms. Jinfeng Hu have acted in concert as one party to this Agreement and are collectively called Party A;

 

2.          Party B is a Wholly Foreign Owned Enterprise (WFOE) incorporated and existing within the territory of China in accordance with the law of the People’s Republic of China and the legal registered address is Room AB1010, Building #1, 1755 Hongmei S. Road, Minhang District, Shanghai.

 

3.          Party A desires to entrust Party B to manage and operate Anpulo;

 

4.          Party B agrees to accept such entrustment and to manage Anpulo on behalf of Party A.

 

  

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Therefore, in accordance with laws and regulations of the People’s Republic of China, the Parties agree as follows after friendly consultation based on the principle of equality and mutual benefit.

 

Article 1          Entrusted Management

 

1.1          Party A agrees to entrust the management of Anpulo to Party B pursuant to the terms and conditions of this Agreement. Party B agrees to manage Anpulo in accordance with the terms and conditions of this Agreement.

 

1.2          The term of this Entrusted Management Agreement (the “Entrusted Period”)shall be from the effective date of this Agreement to the earlier of the following:

 

	
(1)  

	
the winding up of Anpulo, or

	
(2)  

	
the termination date of this Entrusted Management Agreement to be determined by the Parties hereto, or

	
(3)  

	
the date on which Party B completes the acquisition of Anpulo.

 

1.3          During the Entrusted Period, Party B shall be fully and exclusively responsible for the management of Anpulo. The management service includes without limitation the following:

 

	
(1)  

	
Party B shall be fully and exclusively responsible for the operation of Anpulo, which includes the right to appoint and terminate Anpulo’s members of Board of Directors and the right to hire managerial and administrative personnel etc. Party A or its voting proxy shall make a shareholder’s resolution and a Board of Directors’ resolution based on the decision of Party B.

 

	
(2)  

	
Party B has the full and exclusive right to manage and control all cash flow and assets of Anpulo. Anpulo shall open an entrusted account or designate an existing account as an entrusted account. Party B has the full and exclusive right to decide the use of the funds in the entrusted account. The authorized signature of the account shall be appointed or confirmed by Party B. All of the funds of Anpulo shall be kept in this account, including but not limited to its existing working capital and purchase price received from selling to Party B its production equipment, inventory, raw materials and accounts receivable (if any), all payments of funds shall be disbursed through this entrusted account, including but not limited to the payment of all existing accounts payable and operating expenses, payment of employees salaries and purchase of assets, and all revenues from its operation shall be kept in this account.

 

	
(3)  

	
Party B shall have the full and exclusive right to control and administrate the financial affairs and daily operation of Anpulo, such as entering into and performance of contracts, and payment of taxes etc.

 

  

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1.4          As consideration for the services provided by Party B hereunder, Party A shall pay an entrusted management fee to Party B. The entrusted management fee shall be as follows: during the term of this agreement, the entrusted management fee shall equal to Anpulo’s earnings before corporate income tax, being the monthly revenues after deduction of operating costs, expenses and other legal taxes. If such earnings after deduction of operating costs, expenses and other legal taxes are zero, Anpulo is not required to pay the entrusted management fee; if Anpulo sustains losses, all such losses will be carried over to the following month(s) and deducted from the following month(s)’ entrusted management fee. Both Parties shall calculate, and Party A shall pay, the monthly entrusted management fee within 20 days of the next month.

 

1.5          Party B shall assume all operation risks out of the entrusted management of Anpulo and bear all losses of Anpulo. If Anpulo has no sufficient funds to repay its debts, Party B is responsible for paying off these debts on behalf of Anpulo; if Anpulo’s net assets are lower than its registered capital, Party B is responsible for funding the deficit.

 

Article 2          Rights and Obligations of the Parties

 

2.1          During the Entrusted Period, Party A’s rights and obligations include:

 

	
(1)  

	
to hand over Anpulo to Party B for entrusted management as of the effectiveness date of this Agreement and to hand over all of business materials together with Business License and corporate seals of Anpulo to Party B;

 

	
(2)  

	
Party A has no right to make any decision regarding Anpulo’s operations without the prior written consent of Party B;

 

	
(3)  

	
to have the right to know the business conditions of Anpulo at any time and provide proposals;

 

	
(4)  

	
to assist Party B in carrying out the entrusted management according to Party B’s requirements;

 

	
(5)  

	
to perform its obligations pursuant to the Shareholders’ Voting Rights Proxy Agreement, signed by and between Mr. Wenping Luo, Ms. Jinfeng Hu and Party B on September 22, 2013, in Hubei, and not to violate the said agreement;

 

	
(6)  

	
not to intervene Party B’s management over Anpulo in any form by making use of shareholder’s power;

 

	
(7)  

	
not to entrust or grant their shareholders’ rights in Anpulo to a third party other than Party B without Party B’s consent;

 

	
(8)  

	
not to otherwise entrust other third party other than Party B to manage Anpulo in any form without Party B’s prior written consent;

 

  

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(9)  

	
not to terminate this Agreement unilaterally for any reason whatsoever; or

 

	
(10)  

	
to enjoy other rights and perform other obligations under this Agreement.

 

2.2          During the Entrusted Period, Party B’s rights and obligations include:

 

	
(1)  

	
to enjoy the full and exclusive right to manage Anpulo independently;

 

	
(2)  

	
to enjoy the full and exclusive right to dispose of all assets of Anpulo;

 

	
(3)  

	
to enjoy all profits and bear losses arising from Anpulo’s operations during the Entrusted Period;

 

	
(4)  

	
to appoint all directors of Anpulo;

 

	
(5)  

	
to appoint the legal representative, general manager, deputy general manager, financial manager and other senior managerial personnel of Anpulo;

 

	
(6)  

	
to convene shareholders’ meetings of Anpulo in accordance with the Shareholders’ Voting Rights Proxy Agreement and sign resolutions of shareholders’ meetings; and

 

	
(7)  

	
to enjoy other rights and perform other obligations under this Agreement. 

 

Article 3          Representations and Warranties

 

The Parties hereto hereby make the following representations and warranties to each other as of the date of this Agreement that:

 

	
(1)  

	
each party has the right to enter into this Agreement and the ability to perform it;

 

	
(2)  

	
the execution and performance of this Agreement by each party have been duly authorized by all necessary corporate action;

 

	
(3)  

	
the execution of this Agreement by the authorized representative of each party has been duly authorized;

 

	
(4)  

	
each party has no other reasons that will prevent this Agreement from becoming a binding and effective agreement between both parties after execution;

 

  

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(5)  

	
the execution and performance of the obligations under this Agreement will not:

 

	
(a)

	
violate any provision of the business license, articles of association or other similar documents of its own;

	
(b)

	
violate any provision of the laws and regulations of PRC or other governmental or regulatory authority or approval;

	
(c)

	
violate or result in a breach of any contract or agreement to which the party is a party or by which it is bound.

 

Article 4          Effectiveness

 

This Agreement shall take effect after it is duly executed by the authorized representatives of the parties hereto with seals being affixed.

 

Article 5          Liability for Breach of Agreement

 

During the term of this Agreement, any violation of any provisions herein by either party constitutes a breach of contract and the breaching party shall compensate the non-breaching party for the loss incurred as a result of this breach.

 

Article 6          Force Majeure

 

The failure of either party to perform all or part of the obligations under this Agreement due to force majeure shall not be deemed as a breach of contract. The affected party shall present promptly valid evidence of such force majeure, and the failure of performance shall be settled through consultations between the parties hereto.

 

Article 7          Governing Law

 

The conclusion, validity, interpretation, and performance of this Agreement and the settlement of any disputes arising out of this Agreement shall be governed by the laws and regulations of the People’s Republic of China.

 

Article 8          Settlement of Dispute

 

Any disputes under the Agreement shall be settled at first through friendly consultation between the parties hereto. In case no settlement can be reached through consultation, each party shall have the right to submit such disputes to China International Economic and Trade Arbitration Commission South China Sub-Commission. The Place of arbitration is Shenzhen. The arbitration award shall be final and binding on both parties.

 

  

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Article 9          Confidentiality

 

9.1          The parties hereto agree to cause its employees or representatives who has access to and knowledge of the terms and conditions of this Agreement to keep strict confidentiality and not to disclose any of these terms and conditions to any third party without the expressive requirements under law or request from judicial authorities or governmental departments or the consent of the other party, otherwise such party or personnel shall assume corresponding legal liabilities.

 

9.2          The obligations of confidentiality under Section 1 of this Article shall survive after the termination of this Agreement.

 

Article 10         Severability

 

10.1         Any provision of this Agreement that is invalid or unenforceable due to the laws and regulations shall be ineffective without affecting in any way the remaining provisions hereof.

 

10.2         In the event of the foregoing paragraph, the parties hereto shall prepare supplemental agreement as soon as possible to replace the invalid provision through friendly consultation.

 

Article 11 Non-waiver of Rights

 

11.1         Any failure or delay by any party in exercising its rights under this Agreement shall not constitute a waiver of such right.

 

11.2         Any failure of any party to demand the other party to perform its obligations under this Agreement shall not be deemed as a waiver of its right to demand the other party to perform such obligations later.

 

11.3         If a party excuses the non-performance by other party of certain provisions under this Agreement, such excuse shall not be deemed to excuse any future non-performance by the other party of the same provision.

 

Article 12         Non-transferability

 

Unless otherwise specified under this Agreement, no party can assign or delegate any of the rights or obligations under this Agreement to any third party, nor can it provide any guarantee to such third party or carry out other similar activities without the prior written consent from the other party.

 

Article 13         Miscellaneous

 

13.1         Any and all taxes arising from execution and performance of this Agreement and during the course of the entrusted management and operation shall be borne by the Parties respectively pursuant to the provisions of laws and regulations.

 

  

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13.2         Any amendment entered into by the parties hereto after the effectiveness of this Agreement shall be an integral part of this Agreement and have the same legal effect as this Agreement. In case of any discrepancy between the amendment and this Agreement, the amendment shall prevail. In case of several amendments, the amendment with the latest date shall prevail.

 

13.3         This Agreement is executed in Chinese. The original Chinese version of this Agreement shall be executed in four copies. Party A holds three original copies and Party B holds one original copy.

 

13.4         In witness hereof, the Agreement is duly executed by the parties hereto on the date first written above.

 

	
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(Page of signatures only) 

 

Party A:

 

Mr. Wenping Luo

 

(Signature): /s/ Wenping Luo

 

Ms. Jinfeng Hu

 

(Signature): /s/ Jinfeng Hu

 

Laifeng Anpulo (Group) Food Development Co., Ltd.

 

(Official seal) /s/ Laifeng Anpulo (Group) Food Development Co., Ltd.

 

Legal representative/Authorized representative: Wenping Luo (Signature) /s/ Wenping Luo

 

Party B:

 

Guangxiang Investment Consulting (Shanghai) Co., Ltd

 

(Official seal) /s/ Guangxiang Investment Consulting (Shanghai) Co., Ltd

 

Legal representative/Authorized representative: Wenping Luo (Signature) /s/ Wenping Luo

 

 

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