Document:

EXHIBIT
10.14

     

    SHINER
INTERNATIONAL, INC.

     

    REGISTRATION
RIGHTS AGREEMENT

     

    This
REGISTRATION RIGHTS AGREEMENT (the “Agreement”), dated as of December 28, 2010,
is made by and between SHINER INTERNATIONAL, INC., a Nevada corporation (the
“Company”), and the undersigned investor (the “Investor”).

     

    WHEREAS,
in connection with that certain Securities Purchase Agreement, dated the date
hereof, by and between the Company and the Investor (the “Securities Purchase
Agreement”), the Company desires to sell to the Investor, and the Investor
desires to purchase from the Company units of (a) shares of the Company’s common
stock, $0.001 par value per share (the “Common Stock”); and (b) Warrants to
purchase additional shares of Common Stock (the “Warrants”) equal to 20% of the
Common Stock initially purchased; and

     

    WHEREAS,
to induce the Investor to purchase the Common Stock and Warrants, the Company
has agreed to register the shares of Common Stock purchased and the Common Stock
underlying the Warrants pursuant to the terms of this Agreement.

     

    NOW,
THEREFORE, the Company and the Investor hereby covenant and agree as
follows:

     

    1.           Certain
Definitions.  As used in this Agreement, the following terms
shall have the following respective meanings:

     

    “Commission”
shall mean the Securities and Exchange Commission, or any other federal agency
at the time administering the Securities Act.

     

    “Effectiveness
Date” shall mean that date which is one hundred eighty (180) days following the
final closing of the Offering.

     

    “Exchange
Act” shall mean the Securities Exchange Act of 1934, as amended.

     

    “Filing
Date” shall mean that date which is sixty (60) days following the final closing
of the Offering.

     

    “Offering”
shall refer to the Company’s proposal to sell Units for $1.20 per unit, with
each Unit consisting of (i) one share of Common Stock of the Company and (ii) a
twenty-seven month Warrant to purchase 20% of one share of Common Stock of the
Company with an initial exercise price of $1.70.  The total amount of
Units being offered is 3,333,333 for a total maximum purchase price of
$4,000,000 USD.

     

    “Register,”
“registered” and “registration” each shall refer to a registration effected by
preparing and filing a Registration Statement or statements or similar documents
in compliance with the Securities Act and the declaration or ordering of
effectiveness of such Registration Statement or document by the
Commission.

    
      
         

      

      
        
        

        
          

        

      

      
         

      

    

    “Registrable
Securities” shall mean the shares of Common Stock issued pursuant to the
Securities Purchase Agreement or upon the exercise of the Warrants delivered as
part of the Offering; provided, however, that shares of Common Stock which are
Registrable Securities shall cease to be Registrable Securities (x) upon any
sale pursuant to a Registration Statement or Rule 144 under the Securities Act
or (y) at such time as they become eligible for sale pursuant to Rule 144 under
the Securities Act or another similar exemption under the Securities Act without
regard to volume limitations regarding an affiliate’s sale.

     

    “Securities
Act” shall mean the Securities Act of 1933, as amended.

     

    Capitalized
terms used but not defined herein shall have the meanings set forth in the
Securities Purchase Agreement or the Warrants.

     

    2.           Automatic
Registration.

     

    (a)          On
or prior to the Filing Date, the Company shall prepare and file with the
Commission the Registration Statement covering the resale of all of the
Registrable Securities for an offering to be made on a continuous basis pursuant
to Rule 415.  The Registration Statement required hereunder shall be
on Form S-1.  Subject to the terms of this Agreement, the Company
shall use its commercially reasonable efforts to cause the Registration
Statement to be declared effective under the Securities Act as promptly as
possible after the filing thereof, but in any event not later than the
Effectiveness Date, and shall use its commercially reasonable efforts to keep
the Registration Statement continuously effective under the Securities Act until
the date when all Registrable Securities covered by the Registration Statement
have been sold or may be sold pursuant to Rule 144 without regard to volume
limitations regarding an affiliate’s sale as determined by the counsel to the
Company pursuant to a written opinion letter to such effect, addressed and
acceptable to the Company’s transfer agent and the Investor (the “Effectiveness
Period”).

     

    (b)          If:  (i)
a Registration Statement is not filed on or prior to the Filing Date, or (ii)
the Company fails to file with the Commission a request for acceleration in
accordance with Rule 461 promulgated under the Securities Act, within 5 trading
days of the date that the Company is notified (orally or in writing, whichever
is earlier) by the Commission that a Registration Statement will not be
“reviewed,” or is not subject to further review, or (iii) a Registration
Statement filed or required to be filed hereunder is not declared effective by
the Commission on or before the Effectiveness Date as a result of the failure of
the Company to meet its obligations with respect to such filing as provided for
herein, or (iv) after a Registration Statement is first declared effective by
the Commission, it ceases for any reason to remain continuously effective as to
the Registrable Securities held by the Investor, or the Investor is not
permitted to utilize the Prospectus therein to resell such Registrable
Securities, for in any such case 15 consecutive trading days but no more than an
aggregate of 25 trading days during any 12-month period (which need not be
consecutive trading days) during which the Investor is not permitted to sell
such Registrable Securities under Rule 144 (any such failure or breach being
referred to as an “Event,” and for purposes of clause (i) or (iii) the date on
which such Event occurs, or for purposes of clause (ii) the date on which such 5
trading day period is exceeded, or for purposes of clause (iv) the date on which
such 15- or 25-day period, as applicable, is exceeded being referred to as
“Event Date”), then: (x) on the first Event Date to occur the Company shall pay
to such Investor an amount in cash, as liquidated damages and not as a penalty,
equal to 1.5% of the aggregate purchase price paid by such Investor pursuant to
the Securities Purchase Agreement for any Registrable Securities then held by
such Investor for which such Investor has not
received liquidated damages pursuant to Section 2(c) below (“1.5% Liquidated
Damage Fee”) on each Event Date and a 1.5% Liquidate Damage Fee for each 30
calendar day period thereafter until all Event(s) are cured.  The
aggregate of all 1.5% Liquidated Damage Fees to be paid by the Company shall be
capped at 10%.  If the Company fails to pay any liquidated
damages pursuant to this Section in full within seven days after the date
payable, the Company will pay interest thereon at a rate of 10% per annum (or
such lesser maximum amount that is permitted to be paid by applicable law) to
the Investor, accruing daily from the date such liquidated damages are due until
such amounts, plus all such interest thereon, are paid in full.  The
liquidated damages pursuant to the terms hereof shall apply on a daily pro-rata
basis for any portion of a 30 day period prior to the cure of an
Event.

    
      
         

      

      
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    (c)          Notwithstanding
any other provision of this Section 2, if the
Commission  determines that the number of securities that the Company
may register on the Registration Statement pursuant to Rule 415 is limited such
that the shares so registered thereunder shall exclude any Registrable
Securities held by the Investor, then the Company shall promptly so advise the
Investor and the Company shall use commercially reasonable efforts to effect the
registration of any Registrable Securities not so included on the Registration
Statement as a result thereof as soon as is legally possible to do
so.  In such event, the Company shall pay to such Investor liquidated
damages as set forth in Section 2(b) hereof with respect to  any
Registrable Securities then held by the Investor that were not registered by the
Effectiveness Date.

     

    (d)          The
parties acknowledge and agree that (i) the maximum amount of damages that the
Company shall be obligated to pay the Investor for any and all breaches of this
Section 2 is the amount of liquidated damages set forth in Section 2(b) or 2(c),
and (ii) such liquidated damages shall be the sole remedy available to Investor
for any breach of this Agreement, provided that nothing in this Section 2(d)
shall preclude Investor from seeking injunctive relief, including specific
performance of its rights under this Section 2.

     

    3.           Registration
Procedures.  If and whenever the Company is required by the
provisions of Section 2 hereof to use its commercially reasonable efforts to
effect the registration of any Registrable Securities under the Securities Act,
the Company will, as expeditiously as possible:

     

    (a)          prepare
and file with the Commission the Registration Statement with respect to such
securities and use its reasonable best efforts to cause such Registration
Statement to become effective in an expeditious manner;

     

    (b)          prepare
and file with the Commission such amendments and supplements to such
Registration Statement and the prospectus used in connection therewith as may be
necessary to keep such Registration Statement continuously effective during the
Effectiveness Period and comply with the provisions of the Securities Act with
respect to the disposition of all Registrable Securities covered by such
Registration Statement in accordance with the intended method of disposition set
forth in such Registration Statement for such period;

    
      
         

      

      
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    (c)          furnish
to each seller of Registrable Securities and to each underwriter such number of
copies of the Registration Statement and the prospectus included therein
(including each preliminary prospectus) as such persons reasonably may request
in order to facilitate the intended disposition of the Registrable Securities
covered by such Registration Statement;

     

    (d)          use
its commercially reasonable efforts (i) to register or qualify the Registrable
Securities covered by such Registration Statement under the securities or “blue
sky” laws of such jurisdictions as the sellers of Registrable Securities or, in
the case of an underwritten public offering, the managing underwriter,
reasonably shall request, (ii) to prepare and file in those jurisdictions such
amendments (including post-effective amendments) and supplements, and take such
other actions, as may be necessary to maintain such registration and
qualification in effect at all times for the period of distribution contemplated
thereby and (iii) to take such further action as may be necessary or advisable
to enable the disposition of the Registrable Securities in such jurisdictions,
provided, that the Company shall not for any such purpose be required to qualify
generally to transact business as a foreign corporation in any jurisdiction
where it is not so qualified or to consent to general service of process in any
such jurisdiction;

     

    (e)          use
its commercially reasonable efforts to list the Registrable Securities covered
by such Registration Statement with any securities exchange on which the Common
Stock of the Company is then listed;

     

    (f)    
      immediately notify each seller of
Registrable Securities and each underwriter under such Registration Statement,
at any time when a prospectus relating thereto is required to be delivered under
the Securities Act, of the happening of any event of which the Company has
knowledge as a result of which the prospectus contained in such Registration
Statement, as then in effect, includes any untrue statement of a material fact
or omits to state a material fact required to be stated therein or necessary to
make the statements therein not misleading in light of the circumstances then
existing and promptly amend or supplement such Registration Statement to correct
any such untrue statement or omission;

     

    (g)          promptly
notify each seller of Registrable Securities of the issuance by the Commission
of any stop order suspending the effectiveness of the Registration Statement or
the initiation of any proceedings for that purpose and make every reasonable
effort to prevent the issuance of any stop order and, if any stop order is
issued, to obtain the lifting thereof at the earliest possible
time;

     

    (h)          if
the offering is an underwritten offering, enter into a written agreement with
the managing underwriter selected in the manner herein provided in such form and
containing such provisions as are usual and customary in the securities business
for such an arrangement between such underwriter and companies of the Company’s
size and investment stature, including, without limitation, customary
indemnification and contribution provisions;

    
      
         

      

      
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    (i)     
     if the offering is an underwritten offering, at
the request of any seller of Registrable Securities, use its commercially
reasonable efforts to furnish to such seller on the date that Registrable
Securities are delivered to the underwriters for sale pursuant to such
registration: (i) a copy of an opinion dated such date of counsel representing
the Company for the purposes of such registration, addressed to the
underwriters, stating that such Registration Statement has become effective
under the Securities Act and that (A) to the knowledge of such counsel, no stop
order suspending the effectiveness thereof has been issued and no proceedings
for that purpose have been instituted or are pending or contemplated under the
Securities Act, (B) the Registration Statement, the related prospectus and each
amendment or supplement thereof comply as to form in all material respects with
the requirements of the Securities Act (except that such counsel need not
express any opinion as to financial statements or other financial or statistical
information contained therein) and (C) to such other effects as reasonably may
be requested by counsel for the underwriters; and (ii) a copy of a letter dated
such date from the independent public accountants retained by the Company,
addressed to the underwriters, stating that they are independent public
accountants within the meaning of the Securities Act and that, in the opinion of
such accountants, the financial statements of the Company included in the
Registration Statement or the prospectus, or any amendment or supplement
thereof, comply as to form in all material respects with the applicable
accounting requirements of the Securities Act, and such letter shall
additionally cover such other financial matters (including information as to the
period ending no more than five business days prior to the date of such letter)
with respect to such registration as such underwriters reasonably may
request;

     

    (j)   
       take all actions reasonably necessary
to facilitate the timely preparation and delivery of certificates (not bearing
any legend restricting the sale or transfer of such securities) representing the
Registrable Securities to be sold pursuant to the Registration Statement and to
enable such certificates to be in such denominations and registered in such
names as the Investor or any underwriters may reasonably request;
and

     

    (k)          take
all other reasonable actions necessary to expedite and facilitate the
registration of the Registrable Securities pursuant to the Registration
Statement.

     

    4.           Obligations of
Investor.  The Investor shall furnish to the Company such
information regarding such Investor, the number of Registrable Securities owned
and proposed to be sold by it, the intended method of disposition of such
securities and any other information as shall be required to effect the
registration of the Registrable Securities, and cooperate with the Company in
preparing the Registration Statement and in complying with the requirements of
the Securities Act.

     

    5.           Expenses.

     

    (a)          All
expenses incurred by the Company in complying with Sections 2 and 3 including,
without limitation, all registration and filing fees (including the fees of the
Securities and Exchange Commission and any other regulatory body with which the
Company is required to file), printing expenses, fees and disbursements of
counsel and independent public accountants for the Company, fees and expenses
(including counsel fees) incurred in connection with complying with state
securities or “blue sky” laws, and fees of transfer agents and registrars are
called “Registration Expenses.” All underwriting discounts and selling
commissions applicable to the sale of Registrable Securities are called “Selling
Expenses.”

    
      
         

      

      
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    (b)          The
Company will pay all Registration Expenses in connection with any Registration
Statement filed hereunder, and the Selling Expenses in connection with each such
Registration Statement shall be borne by the participating sellers in proportion
to the number of Registrable Securities sold by each or as they may otherwise
agree.

     

    6.           Indemnification and
Contribution.

     

    (a)          In
the event of a registration of any of the Registrable Securities under the
Securities Act pursuant to the terms of this Agreement, the Company will
indemnify and hold harmless and pay and reimburse, each seller of such
Registrable Securities thereunder, each underwriter of such Registrable
Securities thereunder and each other person, if any, who controls such seller or
underwriter within the meaning of the Securities Act, against any losses,
claims, damages or liabilities, joint or several, to which such seller,
underwriter or controlling person may become subject under the Securities Act or
otherwise, insofar as such losses, claims, damages or liabilities (or actions in
respect thereof) arise out of or are based upon any untrue statement or alleged
untrue statement of any material fact contained in any Registration Statement
under which such Registrable Securities were registered under the Securities Act
pursuant hereto or any preliminary prospectus or final prospectus contained
therein, or any amendment or supplement thereof, or arise out of or are based
upon the omission or alleged omission to state therein a material fact required
to be stated therein or necessary to make the statements therein not misleading,
or any violation or alleged violation of the Securities Act or any state
securities or blue sky laws and will reimburse each such seller, each such
underwriter and each such controlling person for any legal or other expenses
reasonably incurred by them in connection with investigating or defending any
such loss, claim, damage, liability or action; provided, that the Company will
not be liable in any such case if and to the extent that any such loss, claim,
damage or liability arises out of or is based upon the Company’s reliance on an
untrue statement or alleged untrue statement or omission or alleged omission so
made in conformity with information furnished by any such seller, any such
underwriter or any such controlling person in writing specifically for use in
such Registration Statement or prospectus.

    
      
         

      

      
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    (b)          In
the event of a registration of any of the Registrable Securities under the
Securities Act pursuant hereto each seller of such Registrable Securities
thereunder, severally and not jointly, will indemnify and hold harmless the
Company, each person, if any, who controls the Company within the meaning of the
Securities Act, each officer of the Company who signs the Registration
Statement, each director of the Company, each underwriter and each person who
controls any underwriter within the meaning of the Securities Act, against all
losses, claims, damages or liabilities, joint or several, to which the Company
or such officer, director, underwriter or controlling person may become subject
under the Securities Act or otherwise, insofar as such losses, claims, damages
or liabilities (or actions in respect thereof) arise out of or are based upon
reliance on any untrue statement or alleged untrue statement of any material
fact contained in the Registration Statement under which such Registrable
Securities were registered under the Securities Act pursuant hereto or, any
preliminary prospectus or final prospectus contained therein, or any amendment
or supplement thereof, or arise out of or are based upon the omission or alleged
omission to state therein a material fact required to be stated therein or
necessary to make the statements therein not misleading, and will reimburse the
Company and each such officer, director, underwriter, and controlling person for
any legal or other expenses reasonably incurred by them in connection with
investigating or defending any such loss, claim, damage, liability or action,
provided, that such seller will be liable hereunder in any such case if and only
to the extent that any such loss, claim, damage or liability arises out of or is
based upon an untrue statement or alleged untrue statement or omission or
alleged omission made in reliance upon and in conformity with information
pertaining to such seller, as such, furnished in writing to the Company by such
seller specifically for use in such Registration Statement or prospectus, and
provided that, the liability of each seller hereunder shall be limited to the
proceeds received by such seller from the sale of Registrable Securities covered
by such Registration Statement.  Notwithstanding the foregoing, the
indemnity provided in this Section 6(b) shall not apply to amounts paid in
settlement of any such loss, claim, damage, liability or expense if such
settlement is effected without the consent of such indemnified party and
provided further, that the Company shall not be liable in any such case to the
extent that any such loss, claim, damage or liability (or action in respect
thereof) arises out of or is based upon an untrue statement or alleged untrue
statement or omission or alleged omission in such Registration Statement, which
untrue statement or alleged untrue statement or omission or alleged omission is
completely corrected in an amendment or supplement to the Registration Statement
and the undersigned indemnitees thereafter fail to deliver or cause to be
delivered such Registration Statement as so amended or supplemented prior to or
concurrently with the sale of the Registrable Securities to the person asserting
such loss, claim, damage or liability (or actions in respect thereof) or expense
after the Company has furnished the undersigned with the same.

     

    (c)          Promptly
after receipt by an indemnified party hereunder of notice of the commencement of
any action, such indemnified party shall, if a claim in respect thereof is to be
made against the indemnifying party hereunder, notify the indemnifying party in
writing thereof, but the omission so to notify the indemnifying party shall not
relieve it from any liability which it may have to such indemnified party other
than under this Section 6 and shall only relieve it from any liability which it
may have to such indemnified party under this Section 6 if and to the extent the
indemnifying party is materially prejudiced by such omission.  In case
any such action shall be brought against any indemnified party and it shall
notify the indemnifying party of the commencement thereof, the indemnifying
party shall be entitled to participate in and, to the extent it shall wish, to
assume and undertake the defense thereof with counsel reasonably satisfactory to
such indemnified party, and, after notice from the indemnifying party to such
indemnified party of its election so to assume and undertake the defense
thereof, the indemnifying party shall not be liable to such indemnified party
under this Section 6 for any legal expenses subsequently incurred by such
indemnified party in connection with the defense thereof other than reasonable
costs of investigation and of liaison with counsel so selected, provided that if the
defendants in any such action include both the indemnified party and the
indemnifying party and the indemnified party shall have reasonably concluded
based upon written advise of its counsel that there may be reasonable defenses
available to it which are different from or additional to those available to the
indemnifying party or if the interests of the indemnified party reasonably may
be deemed to conflict with the interests of the indemnifying party, the
indemnified party shall have the right to select a separate counsel and to
assume such legal defenses and otherwise to participate in the defense of such
action, with the expenses and fees of such separate counsel and other expenses
related to such participation to be reimbursed by the indemnifying party as
incurred.

    
      
         

      

      
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    (d)          In
order to provide for just and equitable contribution to joint liability under
the Securities Act in any case in which either (i) any holder of Registrable
Securities exercising rights under this Agreement, or any controlling person of
any such holder, makes a claim for indemnification pursuant to this Section 6
but it is judicially determined (by the entry of a final judgment or decree by a
court of competent jurisdiction and the expiration of time to appeal or the
denial of the last right of appeal) that such indemnification may not be
enforced in such case notwithstanding the fact that this Section 6 provides for
indemnification in such case, or (ii) contribution under the Securities Act may
be required on the part of any such selling holder or any such controlling
person in circumstances for which indemnification is provided under this Section
7; then, and in each such case, the Company and such holder will contribute to
the aggregate losses, claims, damages or liabilities to which they may be
subject (after contribution from others) in such proportion so that such holder
is responsible for the portion represented by the percentage that the public
offering price of its Registrable Securities offered by the Registration
Statement bears to the public offering price of all securities offered by such
Registration Statement, and the Company is responsible for the remaining
portion; provided, that, in any such case, (A) no such holder will be required
to contribute any amount in excess of the public offering price of all such
Registrable Securities offered by it pursuant to such Registration Statement and
(B) no person or entity guilty of fraudulent misrepresentation (within the
meaning of Section 12 (f) of the Securities Act) will be entitled to
contribution from any person or entity who was not guilty of such fraudulent
misrepresentation.

     

    7.           Changes in Capital
Stock.  If, and as often as, there is any change in the capital
stock of the Company by way of a stock split, stock dividend, combination or
reclassification, or through a merger, consolidation, reorganization or
recapitalization, or by any other means, appropriate adjustment shall be made in
the provisions hereof so that the rights and privileges granted hereby shall
continue as so changed.

     

    8.           Representations and
Warranties of the Company.  The Company represents and warrants
to the Investor as follows:

     

    (a)          The
execution, delivery and performance of this Agreement by the Company have been
duly authorized by all requisite corporate action and will not violate any
provision of law, any order of any court or other agency of government, the
Articles of Incorporation or By-laws of the Company or any provision of any
indenture, agreement or other instrument to which it or any or its properties or
assets is bound, conflict with, result in a breach of or constitute (with due
notice or lapse of time or both) a default under any such indenture, agreement
or other instrument or result in the creation or imposition of any lien, charge
or encumbrance of any nature whatsoever upon any of the properties or assets of
the Company or its subsidiaries.

     

    (b)          This
Agreement has been duly executed and delivered by the Company and constitutes
the legal, valid and binding obligation of the Company, enforceable in
accordance with its terms, subject to any applicable bankruptcy, insolvency or
other laws affecting the rights of creditors generally and to general equitable
principles and the availability of specific performance.

    
      
         

      

      
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    9.           Rule 144
Requirements.  The Company agrees to:

     

    (a)          make
and keep current public information about the Company available, as those terms
are understood and defined in Rule 144;

     

    (b)          use
its commercially reasonable efforts to file with the Commission in a timely
manner all reports and other documents required of the Company under the
Securities Act and the Exchange Act; and

     

    (c)          furnish
to any holder of Registrable Securities upon request (i) a written statement by
the Company as to its compliance with the reporting requirements of Rule 144 and
of the Securities Act and the Exchange Act (at any time after it has become
subject to such reporting requirements), (ii) a copy of the most recent annual
or quarterly report of the Company, and (iii) such other reports and documents
of the Company as such holder may reasonably request to avail itself of any
similar rule or regulation of the Commission allowing it to sell any such
securities without registration.

     

    10.         Termination.  All
of the Company’s obligations to register Registrable Shares under Sections 2 and
3 hereof shall terminate upon the date on which the Investor holds no
Registrable Securities or all of the Registrable Securities are eligible for
resale under Rule 144 or another exemption without regard to volume restrictions
for affiliate sales.

     

    11.         Miscellaneous.

     

    (a)          All
covenants and agreements contained in this Agreement by or on behalf of any of
the parties hereto shall bind and inure to the benefit of the respective
successors and assigns of the parties hereto (including without limitation
transferees of any Registrable Securities), whether so expressed or
not.

     

    (b)          All
notices, requests, consents and other communications hereunder shall be in
writing and shall be delivered in person, mailed by certified or registered
mail, return receipt requested, or sent by telecopier, addressed (i) if to the
Company, at Shiner International, Inc., 19/F Didu Building Pearl River Plaza,
No. 2 North Longkun Road, Haikou, Hainan Province, China 570125, Attn: Mr.
Qingtao Xing, President and Chief Executive Officer, phone 86-898-68581104,
facsimile 86-898-68585861; and (ii) if to any holder of Registrable Securities,
to it at such address as may have been furnished to the Company in writing by
such holder; or, in any case, at such other address or addresses as shall have
been furnished, in writing to the Company (in the case of a holder of
Registrable Securities) or to the holders of Registrable Securities (in the case
of the Company) in accordance with the provisions of this
paragraph.

    
      
         

      

      
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    (c)          This
Agreement shall be governed by and construed under the laws of the State of New
York as applied to agreements among New York residents entered into and to be
performed entirely within New York.  The parties (1) agree that any
legal suit, action or proceeding arising out of or relating to this Agreement
shall be instituted exclusively in any state court located in New York, New
York, or in the United States District Court for the Southern District of New
York, (2) waive any objection which the parties may have now or hereafter to the
venue of any such suit, action or proceeding, and (3) irrevocably consent to the
jurisdiction of any state court located in New York, New York, and the United
States District Court for the Southern District of New York in any such suit,
action or proceeding.  The parties further agree to accept and
acknowledge service of any and all process which may be served in any such suit,
action or proceeding in any state court located in New York, New York, or in the
United States District Court for the Southern District of New York and agree
that service of process upon such party mailed by certified mail to the
respective party’s address shall be deemed in every respect effective service of
process upon the respective party, in any such suit, action or
proceeding.  THE PARTIES HERETO AGREE TO WAIVE THEIR RESPECTIVE RIGHTS
TO A JURY TRIAL OF ANY CLAIM OR CAUSE OF ACTION BASED UPON OR ARISING OUT OF
THIS AGREEMENT OR ANY DOCUMENT OR AGREEMENT CONTEMPLATED HEREBY.

     

    (d)          In
the event of a breach by the Company or by the Investor, of any of their
obligations under this Agreement, the Investor or the Company, as the case may
be, in addition to being entitled to exercise all rights granted by law and
under this Agreement, including recovery of damages, will be entitled to
specific performance of its rights under this Agreement.  The Company
and the Investor agree that monetary damages would not provide adequate
compensation for any losses incurred by reason of a breach by it of any of the
provisions of this Agreement and hereby further agrees that, in the event of any
action for specific performance in respect of such breach, it shall waive the
defense that a remedy at law would be adequate.

     

    (e)          This
Agreement may not be amended or modified without the written consent of the
Company and the Investor.

     

    (f)          Failure
of any party to exercise any right or remedy under this Agreement or otherwise,
or delay by a party in exercising such right or remedy, shall not operate as a
waiver thereof.  No waiver shall be effective unless and until it is
in writing and signed by the party granting the waiver.

     

    (g)          This
Agreement may be executed in two or more counterparts, each of which shall be
deemed an original, but all of which together shall constitute one and the same
instrument.  This Agreement, once executed by a party, may be
delivered to the other party hereto by facsimile transmission of a copy of this
Agreement bearing the signature of the party so delivering this
Agreement.

     

    (h)          If
any provision of this Agreement shall be held to be illegal, invalid or
unenforceable, such illegality, invalidity or unenforceability shall attach only
to such provision and shall not in any manner affect or render illegal, invalid
or unenforceable any other provision of this Agreement, and this Agreement shall
be carried out as if any such illegal, invalid or unenforceable provision were
not contained herein.

     

    (i)          This
Agreement constitutes the entire contract among the Company and the Investor
relative to the subject matter hereof and supersedes in its entirety any and all
prior agreements, understandings and discussions with respect
thereto.

     

    (j)          The
headings of the sections of this Agreement are for convenience and shall not by
themselves determine the interpretation of this Agreement.

     

    [REMAINDER
OF PAGE INTENTIONALLY LEFT BLANK]

    
      
         

      

      
        10

        
          

        

      

      
         

      

    

     

    IN
WITNESS WHEREOF, the undersigned have executed this Agreement as of the date
first written above.

     

    
      
        
          	 
      	
                  COMPANY

                
	 
      	 
      
	 
      	
                  SHINER
      INTERNATIONAL, INC.

                
	 
      	 
      
	 
      	
                  By:

                	
                  /s/ Qingtao Xing

                
	 
      	
                  Name:

                	
                   
      Qingtao Xing

                
	 
      	
                  Title:

                	
                   
      President and Chief Executive
Officer

                

        

      

    

    

    
      
        	 
      	
                INVESTOR

              
	 
      	 
      
	 
      	
                _____________________________

              
	 
      	 
      
	 
      	
                By:

              	 
      
	 
      	 
      	
                Name:

              
	 
      	 
      	
                Title:STOCK
PURCHASE AGREEMENT AND REPRESENTATIONS

    

     
This stock purchase agreement ("Agreement"), along with the Signature Page and
Questionnaire attached hereto, and by this reference incorporated herein, is
made effective _________________________ by and between XsunX, a Colorado
corporation ("XsunX") and the purchaser(s) signatory hereto (“Private
Purchaser”).  XsunX has received an offer to purchase certain shares
of common voting stock ("Shares") of XsunX by Private Purchaser, and XsunX and
Private Purchaser agree as set forth herein and represent to each other with
regard thereto as follows:

    

    1.           XsunX
is a duly organized Colorado corporation.  The Articles of
Incorporation of XsunX were filed on February 25, 1997.  XsunX is
authorized by its Articles of Incorporation to issue up to 500,000,000 shares of
common voting stock, par value $.00 per share, of which approximately
___________ shares are outstanding as of the date hereof.

    

    2.           Neither
XsunX nor any of its officers, directors, employees, agents or representatives
have made any representation or statement of opinion regarding the value of
XsunX or the Shares, Private Purchaser is purchasing the Shares purely on a
speculative basis and confirms that Private Purchaser has been given no reason
to believe that Private Purchaser will receive any return on the purchase of
Shares.

    

    3.           Private
Purchaser has offered to purchase the number of Shares at a price per share set
forth on the Signature Page and Questionnaire which is attached hereto,
incorporated herein, and made a part hereof, for a total purchase price as set
forth on the Signature Page and Questionnaire.  The purchase price
shall be payable in cash or cash equivalent representing immediately available
funds to the satisfaction of XsunX.  Private Purchaser shall pay the
purchase price prior to the issuance of the Shares.  The Shares may be
sold from authorized but unissued shares of XsunX, or treasury shares held by
XsunX.

    

    4.           Private
Purchaser understands that Private Purchaser must bear the economic risk of the
investment for an indefinite period of time because the Shares will be
restricted and no public market will exist for the Shares.  Private
Purchaser understands the speculative nature of investment in XsunX and that
Private Purchaser could lose Private Purchaser's entire purchase price
payment.

    

    5.           Private
Purchaser represents that it has been called to Private Purchaser's attention
that Private Purchaser's proposed investment in XsunX involves a high degree of
risk which may result in the loss of the total amount of that
investment.

    

    6.           Private
Purchaser acknowledges that XsunX has made available to Private Purchaser or
Private Purchaser's personal advisors the opportunity to obtain any and all
information required to evaluate the merits and risks of purchase of the Shares,
and that XsunX has, prior to the sale of the Shares, accorded Private Purchaser
and Private Purchaser's representative, if any, the opportunity to ask questions
and receive answers concerning the terms and conditions of the proposed purchase
and to obtain any additional information necessary to evaluate the merits and
risks of the purchase of the Shares.

    

    7.           Private
Purchaser and (if applicable) Private Purchaser's personal advisors and
representatives have had an opportunity to ask questions of and receive
satisfactory answers from XsunX, or any person or persons acting on XsunX's
behalf, concerning the terms and conditions of Private Purchaser's proposed
investment in XsunX, and all such questions have been answered to the complete
satisfaction of Private Purchaser.

    

    8.           Private
Purchaser represents that all of the information provided by Private Purchaser
or Private Purchaser's representatives to XsunX is true, correct, accurate and
current and that Private Purchaser is not subject to backup
withholding.  Private Purchaser specifically represents that all of
the information provided on the Signature Page and Questionnaire is true,
correct, accurate and current.

    
      
         

      

      
        Page 1 of
8

        
          

        

      

      
         

      

    

    

    9.           The
personal, business and financial information of Private Purchaser which may have
been provided to XsunX, if any, and in any form, is complete and accurate, and
presents a true statement of Private Purchaser's financial
condition.

    

    10.         Private
Purchaser has adequate means of providing for Private Purchaser's current needs
and possible personal contingencies, and Private Purchaser has no need in the
foreseeable future to sell the Shares for which Private Purchaser hereby
subscribes.  Private Purchaser is able to bear the economic risks of
Private Purchaser's purchase of Shares and, consequently, without limiting the
generality of the foregoing, Private Purchaser is able to hold Private
Purchaser's Shares for an indefinite period of time, and Private Purchaser has a
sufficient net worth to sustain a loss of Private Purchaser's entire investment
in XsunX in the event such loss should occur.

    

    11.         If
Private Purchaser is an individual, Private Purchaser is 18 years of age or
older.

    

    12.        Private
Purchaser understands that the Shares will not be transferable except under
limited circumstances.

     

    13.         Private
Purchaser is acquiring the Shares for Private Purchaser's own account for
investment with no present intention of dividing Private Purchaser's interest
with others or of reselling or otherwise disposing of all or any portion of the
same.  Private Purchaser shall not engage in a distribution of the
Shares.

    

    14.         Private
Purchaser has such knowledge and experience in financial and business matters
that Private Purchaser is capable of evaluating the merits and risks of an
investment in XsunX or (if applicable) Private Purchaser and Private Purchaser's
representative, together, have such knowledge and experience in financial and
business matters that Private Purchaser and Private Purchaser's representative
are capable of evaluating the merits and risks of the prospective investment in
XsunX.

    

    15.         The
Shares will be acquired for Private Purchaser's own account for investment in a
manner which would not require registration pursuant to the provisions of the
Act, as amended, and Private Purchaser does not now have any reason to
anticipate any change in Private Purchaser's circumstances or other particular
occasion or event which would cause Private Purchaser to sell or otherwise
dispose of the Shares.

    

    16.         Private
Purchaser understands that the Commissioner of Corporations for the State of
California or the State of Colorado, or any other state ("Commissioner") has not
or will not recommend or endorse a purchase of the Shares.

    

    17.         Private
Purchaser hereby represents and warrants that Private Purchaser's total purchase
of Shares shall not exceed 10% of Private Purchaser's net worth (exclusive of
principal residence, mortgage thereon, home furnishings and
automobiles).

    

    18.         Private
Purchaser: (i) has a pre-existing personal or business relationship with XsunX,
its officers, directors or its Affiliates or representatives, and (ii) meets those
certain standards involving Private Purchaser's minimum net worth and annual
income as established by the California Commissioner of Corporations relating to
Private Purchaser's income and net worth, or is an Accredited Investor as
defined in rule 501 (a) of Regulation D as promulgated by the Securities and
Exchange Commission.  The foregoing income and net worth is considered
to be indicative of Private Purchaser's ability to be sophisticated regarding
the proposed purchase of Shares.

    
      
         

      

      
        Page 2 of
8

        
          

        

      

      
         

      

    

    

    19.         Private
Purchaser is not a member of the NASD or other self-regulatory agency which
would require prior approval of a purchase of the Shares.

    

    20.         Private
Purchaser acknowledges that Private Purchaser understands the meaning and legal
consequences of the representations, warranties, and covenants set forth herein,
and that XsunX has relied on such representations, warranties and
covenants.

    

    21.         Private
Purchaser acknowledges and understands that the Shares will be subject to
transfer and sale restrictions imposed pursuant to SEC Rule 144 of the Rules
promulgated under the Securities Act of 1933 (“Act”) and the regulations
promulgated thereunder.  Private Purchaser shall comply with Rule 144
and with all policies and procedures established by XsunX with regard to Rule
144 matters.  Private Purchaser acknowledges that XsunX or its
attorneys or transfer agent may require a restrictive legend on the certificate
or certificates representing the Shares pursuant to the restrictions on transfer
of the Shares imposed by Rule 144.

    

    22.         Notwithstanding
anything in this Agreement to the contrary, the undersigned acknowledges that:
(i) the Shares are subject to restrictions on transfer or sale imposed pursuant
to Rule 144; (ii) the Shares are being purchased in a private transaction which
is not part of a distribution of the Shares; (iii) the undersigned intends to
hold the Shares for the account of the undersigned and does not intend to sell
the shares as a part of a distribution or otherwise; and (iv) neither the
undersigned nor the seller of the Shares is an underwriter for purposes of Rule
144.  A legend regarding Rule 144 restrictions may be placed upon the
certificate evidencing ownership of the Shares.

    

    23.         Private
Purchaser acknowledges that Private Purchaser is aware that there are
substantial restrictions on the transferability of the
Shares.  Because the Shares will not, and Private Purchaser has no
right to require that the Shares, be registered pursuant to the provisions of
the Act or otherwise, Private Purchaser agrees not to sell, transfer, assign,
pledge, hypothecate or otherwise dispose of any Shares unless such sale is
exempt from such registration pursuant to the provisions of the
Act.  Private Purchaser further acknowledges that unless as provided
for in this Agreement, XsunX has no obligation to assist Private Purchaser in
obtaining any exemption from any registration requirements imposed by applicable
law.  Private Purchaser also acknowledges that Private Purchaser shall
be responsible for compliance with all conditions on transfer imposed by the
Commissioner or by the Securities and Exchange Commission (“SEC”).

    

    24.         Private
Purchaser understands and agrees that the following restrictions and limitations
are applicable to Private Purchaser's purchase and any sale, transfer,
assignment, pledge, hypothecation or other disposition of Shares pursuant to
Section 4(2) of the Act and Regulation D promulgated pursuant
thereto:

    

    24.1.           Private
Purchaser agrees that notwithstanding any other restrictions placed on the sale
or transfer of the Shares pursuant to this Agreement, Rule 144, or otherwise,
the Shares shall not be sold, pledged, hypothecated or otherwise disposed of
unless the Shares are registered pursuant to the Act and applicable state
securities laws or are exempt there from; and

    

    24.2.           A
legend in substantially the following form may be placed on any certificate(s)
or other documents evidencing the Shares:

    

    THE
SECURITIES REPRESENTED BY THIS INSTRUMENT OR DOCUMENT HAVE BEEN ACQUIRED FOR
INVESTMENT ONLY AND HAVE NOT BEEN REGISTERED PURSUANT TO THE PROVISIONS OF THE
SECURITIES ACT OF 1933 AS AMENDED ("ACT”), AND HAVE BEEN OFFERED AND SOLD IN
RELIANCE UPON THE EXEMPTION SET FORTH IN SECTIONS 4(1) OR 4(2) OF THE ACT AND
UPON RULE 504 OF REGULATION D PROMULGATED PURSUANT THERETO.  WITHOUT
SUCH REGISTRATION, SUCH SECURITIES MAY NOT BE SOLD, TRANSFERRED, ASSIGNED,
PLEDGED, HYPOTHECATED OR OTHERWISE DISPOSED OF, EXCEPT UPON DELIVERY TO XSUNX OF
AN OPINION OF COUNSEL SATISFACTORY TO XSUNX.

    
      
         

      

      
        Page 3 of
8

        
          

        

      

      
         

      

    

    

    25.         Private
Purchaser may not cancel, terminate, or revoke this Agreement, or any agreement
of Private Purchaser made hereunder, and this Agreement shall survive the death,
dissolution, or disability of Private Purchaser and shall be binding upon the
heirs, executors, administrators, successors and assigns of Private
Purchaser.

    

    26.      
  This Agreement constitutes the entire agreement among the parties
hereto with respect to the subject matter hereof and may be amended only by a
writing executed by all parties hereto.

    

    27.         This
Agreement shall be enforced, governed and construed in all respects in
accordance with the laws of the State of California without giving effect to the
conflicts of laws provisions.  Private Purchaser hereby agrees that
any suit, action or proceeding with respect to this Agreement, any amendments or
any replacements hereof, and any transactions relating hereto shall be brought
in the state courts of, or the federal courts in, the State of California, and
Private Purchaser hereby irrevocably consents and submits to the jurisdiction of
such courts for the purpose of any such suit, action or proceeding, and Private
Purchaser agrees that service of process on Private Purchaser in such suit,
action or proceeding may be made In accordance with the notice provisions of
this Agreement, In any such action, venue shall lie exclusively in Orange
County, California.  Private Purchaser hereby waives, and agrees not
to assert against XsunX, or any successor assignee thereof, by way of motion, as
a defense or otherwise, in any such suit, action or proceeding, (i) any claim
that Private Purchaser is not personally subject to the jurisdiction of the
above-named courts or that property is exempt or immune from set-off, execution
or attachment either prior to judgment or in execution thereof, and (ii) to the
extent permitted by applicable law, any claim that such suit, action or
proceeding is brought in an inconvenient forum or that the venue of suit, action
or proceeding is improper or that this Agreement or any amendments or any
replacements hereof may not be enforced in, or by such courts.

    

    THE SHARES OFFERED HAVE NOT BEEN
REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE "ACT"), OR THE
SECURITIES LAWS OF CERTAIN STATES, AND ARE BEING OFFERED AND SOLD IN RELIANCE ON
AN EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE ACT AND SUCH
LAWS.  THE SHARES HAVE NOT BEEN APPROVED OR DISAPPROVED BY THE
SECURITIES AND EXCHANGE COMMISSION, ANY STATE SECURITIES COMMISSION OR OTHER
REGULATORY AUTHORITY.

    

    PRIVATE PURCHASER MAY BE REQUIRED TO
HOLD THE SHARES INDEFINITELY UNLESS SUCH SHARES ARE SUBSEQUENTLY REGISTERED
UNDER THE SECURITIES ACTOF 1933 ("ACT") OR AN EXEMPTION FROM SUCH REGISTRATION
IS AVAILABLE.  NO SHARES MAY BE SOLD, ASSIGNED OR OTHERWISE
TRANSFERRED UNLESS XSUNX AND ITS LEGAL COUNSEL HAVE RECEIVED EVIDENCE
SATISFACTORY TO BOTH THAT SUCH TRANSFER DOES NOT INVOLVE A TRANSACTION REQUIRING
QUALIFICATION OR REGISTRATION UNDER STATE OR FEDERAL SECURITIES LAWS AND IS IN
COMPLIANCE WITH SUCH LAWS.

    

    (SIGNATURES
APPEAR ON FOLLOWING PAGES)

    
      
         

      

      
        Page 4 of
8

        
          

        

      

      
         

      

    

    SIGNATURE
PAGE AND QUESTIONAIRE TO STOCK PURCHASE AGREEMENT AMONG 

    XSUNX,
INC. AND THE PRIVATE PURCHASER(S) NAMED BELOW

    

      As
applicable, the undersigned further represents and warrants as indicated below
by the undersigned's initials:

    

    I.           ACCREDITED
INVESTOR STATUS

    

    
      
        	  	
                 
      A.

              	
                Individual
      investors:  (Initial one or more of the following three
      statements)

              

      

    

    

    
      	
               
      

            	
              1.

            	
              ____  I
      certify that I am an accredited investor because I have had individual
      income (exclusive of any income earned by my spouse) of more than
      US$200,000 in each of the most recent two years and I reasonably expect to
      have an individual income in excess of US$200,000 for the current
      year.

            

    

    

    
      	
               
      

            	
              2.

            	
              ____  I
      certify that I am an accredited investor because I have had joint income
      with my spouse in excess of US$300,000 in each of the two most recent
      years and I reasonably expect to have joint income with my spouse in
      excess of $300,000 for the current
year.

            

    

    

    
      	
               
      

            	
              3.

            	
              ____  I
      certify that I am an accredited investor because I have an individual net
      worth, or my spouse and I have a joint net worth, in excess of
      US$1,000,000.

            

    

    

    
      	  	
              B.

            	
              Partnerships,
      corporations, trusts or other
    entities:

            

    

    (Initial
one of the following statements)

    

    
      	
               
      

            	
              1.

            	
              The
      undersigned hereby certifies that it is an accredited investor because it
      is:

            

    

    

    
      	
              ________

            	
              a.

            	
              an
      employee benefit plan whose total assets exceed
    US$5,000,000;

            

    

    

    
      	
              ________

            	
              b.

            	
              an
      employee benefit plan whose investment decisions are made by a plan
      fiduciary which is either a bank, savings and loan association or an
      insurance company (as defined in Section 3(a) of the Securities Act) or an
      investment adviser registered as such under the Investment Advisers Acts
      of 1940;

            

    

    

    
      	
              ________

            	
              c.

            	
              a
      self-directed employee benefit plan, including an Individual Retirement
      Account, with investment decisions made solely by persons that are
      accredited investors;

            

    

    

    
      	
              ________

            	
              d.

            	
              an
      organization described in Section 501(c)(3) of the Internal Revenue Code
      of 1986, as amended (the "IRC"), not formed for the specific purpose of
      acquiring the Shares with total assets in excess of
      US$5,000,000;

            

    

    

    
      	
              ________

            	
              e.

            	
              any
      corporation, partnership or Massachusetts or similar business trust, not
      formed for the specific purpose of acquiring the Shares, with total assets
      in excess of US$5,000,000; or

            

    

     

    
      
         

      

      
        Page 5 of
8

        
          

        

      

      
         

      

    

    
      	
              ________

            	
              f.

            	
              a
      trust with total assets in excess of US$5,000,000, not formed for the
      specific purpose of acquiring the Shares, whose purchase is directed by a
      person who has such knowledge and experience in financial and business
      matters that he is capable of evaluating the merits and risks of an
      investment in the Shares.

            

    

    

    
      	
              ________

            	
              2.

            	
              The
      undersigned hereby certifies that it is an accredited investor because it
      is an entity in which each of the equity owners qualifies as an accredited
      investor under items A(1), (2) or (3) or item B(1)
  above.

            

    

    

    II.           Indemnification.  The
undersigned agrees, to the fullest extent permitted pursuant by law, to
indemnify, defend, and hold harmless XsunX, Inc. and its agents, representatives
and employees from and against all liability, damage, loss, cost and expense
(including reasonable attorneys' fees) which they may incur by reason of the
failure of the undersigned to fulfill any of the terms or conditions of
the  Agreement or this Signatory Page and Questionnaire, or by reason
of any inaccuracy or omission in the information furnished by the undersigned
herein or any breach of the representations and warranties made by the
undersigned herein, or in any document provided by the undersigned, directly or
indirectly, to XsunX, Inc.

    

    III.         Limitation on Short Sales
and Hedging Transactions.  Private Purchaser agrees that
beginning on the effective date of this Agreement, the Private Purchaser and its
agents, representatives and affiliates shall not in any manner whatsoever enter
into or effect, directly or indirectly, any (i) "short sale" (as such term is
defined in Section 242.200 of Regulation SHO of the 1934 Act) of the Common
Stock or (ii) hedging transaction, which establishes a net short position with
respect to the Common Stock.

    

    IV.         Offer and Purchase
Price. Private Purchaser hereby offers to purchase
_________________________________________________ (________________) Shares of
XsunX common stock for a total purchase price of
_________________________________________ Dollars ($__________________ USD), the
“Purchase Price”. Upon payment to the account of XsunX as set forth herein, such
_________________________ Shares shall be, validly issued and be fully paid and
nonassessable.  The Shares shall be issued
in certificated form and shall bear the restrictive legend set forth in Section
24.2 above.

     

    THE
FOLLOWING SECTION MUST BE COMPLETED BY PRIVATE PURCHASER

    

    Private
Purchaser:

    

    Name
(please
print)                     
 ________________________________

    

    Social
Security # (or Tax ID #)    
________________________________

    

    Address:                                   
  
  _____________________________________________________

    (Including
Zip Code) 

    

    Phone Number                    
     
    _____________________________________________________

    

    Fax Number                                   _____________________________________________________

    
 

    Name in
which shares should be issued:     
_______________________________

    

    Private
Purchaser will hold title as follows:

    
      
         

      

      
        Page 6 of
8

        
          

        

      

      
         

      

    

    

    {  }  Community
Property

    {  }  Joint
Tenants with Right Survivorship

    {  }  Tenants
in Common

    {  }  Individually

    {  }  Other:  (Corporation,
Trust, Etc., please indicate)*

    

    *If
Private Purchaser is an entity, the attached Certificate of Signatory must also
be completed.

    

    Private
Purchaser shall pay the purchase price by wire transfer of immediately available
funds to:

    

    Beneficiary Name: XsunX,
Inc.

    Routing Transit Num:

    Acct Number:

    Bank Name:

    Address:

    Tel:

    

    IN WITNESS WHEREOF, subject to
acceptance by the Company, Private Purchaser has provided the foregoing
warranties and undertaken the foregoing obligations and the parties have
executed this Agreement effective as of the date first set forth
above.

    

    
      
        
          
            	
                    Private
      Purchaser:

                  	
                      
      

                  

          

        

      

    

    

    
      
        
          
            	
                    By:

                  	
                     
      

                  

          

        

      

    

    

    
      
        
          
            
              
                
                  
                    	
                            Print Name:

                          	
                               
      

                          	
                             Its: 

                          	
                             
         

                          

                  

                

              

            

          

        

      

    

    

    THIS
PURCHASE OFFER IS ACCEPTED THIS _____ DAY OF _____________, 20__.

    

    
      
        
          
            	
                    XsunX,
      Inc., a Colorado corporation

                  	 
      
	 
      	 
      	 
      
	
                    By:

                  	
                     
      

                  	 
      
	 
      	
                    Tom
      M. Djokovich

                  	 
      

          

        

      

    

    

    Its:
CEO

     

    
      
         

      

      
        Page 7 of
8

        
          

        

      

      
         

      

    

     

    CERTIFICATE
OF SIGNATORY

    

    (To be
completed if Shares are being subscribed for by an entity)

    

    I,
____________________________, am the ____________________________
of

    

    ________________________________________________________
(the “Entity”).

    

    I certify
that I am empowered and duly authorized by the Entity to execute and carry out
the terms of the Purchase Agreement and to purchase and hold the Common Stock,
and certify further that the Purchase Agreement has been duly and validly
executed on behalf of the Entity and constitutes a legal and binding obligation
of the Entity.

    

    IN
WITNESS WHEREOF, I have set my hand this ________ day of _________________,
20__.

    

    
      
        
          	
                   
      

                	 
      
	
                  (Signature)

                	 
      

        

      

    

     

    
      
         

      

      
        Page 8 of
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