Document:

Exhibit 10.5

 

TERMINATION AGREEMENT ONEQUITY PLEDGE
AGREEMENT

股权质押协议之终止协议

 

THIS TERMINATION AGREEMENT
ONEQUITY PLEDGE AGREEMENT (this “Termination Agreement”) is made and entered into as of the 1st day of July,
2011, by and among Yixing Dragon Path Environment Technology Limited (“Pledgee”), Jiangsu Zhenyu Environmental
Protection Technology Co. Ltd. (“Party B” or the “Company”), and each of the shareholders
of Party B listed on the signature pages hereto (each a “Pledgor” and collectively, the “Pledgors”).The
Pledge, Party B, and the Pledgorsare each referred to in this Termination Agreement as a “Party” and collectively as
the “Parties.”Capitalized terms used but not defined herein shall have the meanings set forth in that certain Equity
Pledge Agreement (defined in the Recitals below).

本《股权质押协议之终止协议》(“本终止协议”))由宜兴龙程环保科技有限公司(“质权人”),江苏振宇环保科技有限公司(“乙方”或“公司”)以及签字页所示乙方股东(各股东分别或统称为“出质人”)于2011年7月1日签订。本终止协议中的质权人、乙方和出质人分别称为“一方”,合称“各方”。本协议中使用但未定义的术语具有与相关股权质押协议(见以下陈述中的定义)中规定的含义。

 

RECITALS:

 

陈述

WHEREAS, reference
is made to that certain Equity Pledge Agreement dated as of January 27, 2010 (the “Equity Pledge Agreement”), by and
among Parties;

鉴于,各方在2010年1月27日签订了《股权质押协议》(“《股权质押协议》”);

 

WHEREAS, the
Parties desire to terminate theEquity Pledge Agreement;

鉴于,各方欲终止《股权质押协议》;

 

NOW, THEREFORE,
in consideration of the foregoing recitals and the mutual agreements herein contained, the parties hereto agree as follows:

为此,基于前述考虑和各方合意,各方同意如下:

 

A. TERMINATION.
Subject to the approval of the board of directors of the ultimate parent company of Pledgee, the Equity Pledge Agreement
shall be terminated in its entirety on July 1, 2011 and shall be of no further force or effect.

A. 终止。以得到质权人终极母公司董事会通过为条件,《股权质押协议》自2011年7月1日起终止,不再具有约束力和效力。

 

B. RELEASE.
Each Party agrees to release and further indemnify the other Party from all past, present and future obligations or claims related
to the Equity Pledge Agreement. Each Party hereby waives any other future right that it otherwise may have under the Equity Pledge
Agreement.

 

    	 

    	 

    

 

B. 免除。各方同意免除另一方与《股权质押协议》相关的所有以前、现在和未来的义务或主张,并使其免遭损害。各方在此放弃其根据《股权质押协议》将来可能拥有的任何其他权利。

 

C. FURTHER ASSURANCES.
Each Party shall cooperate with, and take such action as may be reasonably requested by, the other Party in order to carry
out the provisions and purposes of this Termination Agreement.

C.进一步保证。各方将和另一方展开协作并采取另一方合理要求的措施,以便实现本终止协议的规定和目的。

 

D.HEADINGS.
The headings in this Termination Agreement are for convenience of reference only and shall not constitute a part of this Termination
Agreement, nor shall they affect its meaning, construction or effect.

D.标题。本终止协议的标题仅为方便参考而设,不构成本终止协议的一部分,也不影响本终止协议的含义、解释或效力。

 

E.GOVERNING LAW.
This Termination Agreement shall be governed and construed under the laws of the People’s Republic of China, and shall be
binding on and shall inure to the benefit of the parties and their respective successors and permitted assigns.

E.管辖法律。本终止协议受中华人民共和国法律管辖并按其解释,且将约束各方及其各自的继承人和允许的受让人,并确保他们的利益。

 

F.COUNTERPARTS. This
Termination Agreement may be executed in any number of counterparts, each of which shall be an original, but all of which together
shall constitute one instrument. A facsimile or other electronic transmission of this signed Termination Agreement shall be legal
and binding on all parties hereto.

F.份数。本终止协议将签署多份,每份均是原件,但共同构成一个文件。经签署的本终止协议的传真件或其他电子传输版本应具有法律效力并对各方具有约束力。

 

[Following are signature pages.]

 

[以下是签字页]

 

    	 

    	 

    

 

IN WITNESS WHEREOF, the parties hereto
have executed this Termination Agreement as of the date first set forth above.

 

兹证明,各方在本终止协议页首所载日期签署本终止协议。

 

PLEDGEE:Yixing Dragon Path Environment
Technology Limited

质权人:宜兴龙程环保科技有限公司

 

Legal/Authorized Representative: ______________________

法定代表人/授权代表

Name: LI Boping

姓名:李伯平

Title: Executive Director

职务:执行董事

 

 

PARTY B: Jiangsu Zhenyu Environmental
Protection Technology Co. Ltd.

乙方:江苏振宇环保科技有限公司

 

Legal/Authorized Representative: ______________________

法定代表人/授权代表

Name: LI Boping

姓名:李伯平

Title: Executive Director

职务:执行董事

 

    	 

    	 

    

 

PLEDGORS:

出质人:

 

____________________

LI Boping

李伯平

ID Card No.:320223196212216178

身份证号:
320223196212216178

Owns 71.15% of Jiangsu Zhenyu Environmental
Protection Technology Co. Ltd.

持有江苏振宇环保科技有限公司71.15%股权

 

___________________

DING Qinfen

丁勤芬

ID Card No.: 320223196301176163

身份证号:
320223196301176163

Owns 22.63% of Jiangsu Zhenyu Environmental
Protection Technology Co. Ltd.

持有江苏振宇环保科技有限公司22.63%股权

 

___________________

LI Panhong

李盘洪

ID Card No.: 320223193712276173

身份证号:
320223193712276173

Owns 6.22% of Jiangsu Zhenyu Environmental
Protection Technology Co. Ltd.

持有江苏振宇环保科技有限公司6.22%股权Exhibit 10.6

[Unofficial translation]

Equity Transfer Agreement

regarding

Jiangsu Jinyu Environmental Engineering
Co., Ltd

 

Transferor (“Party A”):

Name: Jiangsu Zhenyu Environmental Protection
Technology

Domicile: West Street, Gaocheng Town, Yixing
City

Legal Representative: LI Boping

Position: Executive Director

Nationality: China

 

Transferee (“Party B”):

Name: Yixing Dragon Path Environment Technology
Limited

Domicile: North Cheng Road, Gaocheng Town,
Yixing City

Legal Representative: LI Boping

Position: Executive Director

Nationality: China

 

Consenting Party (“Party C”):

Name: Dragon Path International Limited

Domicile: P.O. Box 957, Offshore Incorporations
Centre, Road Town, Tortola, British Virgin Islands

Legal Representative: Weihua Zhao

Position: Director

Nationality: New Zealand

 

As a result of friendly
negotiation, Party A, Party B and Party C have entered into the agreement with respect to transfer of certain equity in Jiangsu
Jinyu Environmental Engineering Co., Ltd (the “Company”) from Party A to Party B. It reads as follows:

 

    	 

    	 

    

 

Article 1: Target Equity, Consideration,
and Other Matters

 

1.1. Target

Jiangsu Zhenyu Environmental
Protection Technology (the “Transferor”), the Chinese investor of the Company, is willing to transfer 75% equity of
the Company (subscribed in the amount of USD 840,000.00, fully paid in) to Yixing Dragon Path Environment Technology Limited (the
“Transferee”) for the consideration of USD 840,000.00. Subsequent to the equity transfer herein, the transferee will
enjoy and assume shareholder’s rights and obligations with respect to target equity.

 

1.2. After the equity transfer herein,
the total investment amount of the Company will be USD 1,600,000.00, and the registered capital will be USD 1,120,000.00. In particular,
Yixing Dragon Path Environment Technology Limited contributes USD 840,000.00, which equals to 75% of registered capital; Dragon
Path International Limited contributes USD 280,000.00, which equals to 25% of registered capital.

 

1.3. Change of directors

The Transferee shall have right to appoint
directors to the Company. The new directors to be appointed by the Transferee will be those people who are existing directors of
the Company formerly appointed by the Transferor.

 

1.4. Change of Supervising-director

The Company will have one supervising-director
with its term of office of 3 years. Subsequent to the equity transfer herein, the shareholders of the Company will jointly appoint
the supervising-director.

 

1.5. Party B and Party C will amend and
restate the Joint Venture Contract and the Articles of Association of the Company instead of existing ones.

 

Article 2: Time and Manner of the Equity
Transfer

2.1. Party B is willing to accept 75% equity
of the Company formerly held by Party A. The equity transfer price for such 75% equity is USD 840,000.00, or equivalent RENMINBI.
If the equity transfer price is paid in USD or other foreign currency, the foreign exchange rates of the payment date shall apply.
The transfer of target equity and the payment of consideration shall be completed within 90 days after the examining and approving
authority approves the equity transfer herein. Party B will pay the equity transfer price to Party A in cash or by other means,
but not through bank transfer.

 

2.2. The equity transfer price shall be
paid within three months after the examining and approving authority approves this agreement.

 

    	 

    	 

    

 

2.3. Both parties’ application for
modification of registration items of the Company shall be submitted to competent administration for industry and commerce within
15 days after the examining and approving authority approves herein.

 

2.4. Party A is obliged to use its best
effort to assist Party B in updating registration items arising from equity transfer herein, including but not limited to registration
items in the administration for industry and commerce, authority of foreign exchange, etc.

 

Article 3.Rights and Obligations of
the Transferee under this Agreement and the Articles of Association

3.1. Immediately after the completion of
equity transfer herein, Party A will not enjoy rights or assume obligations as a shareholder of the said equity; Party B will enjoy
the rights and assume obligations as a shareholder of the said equity.

 

3.2. Notwithstanding any stipulation of
Article 3.1 to the contrary, undistributed profit of the Company prior to the execution date of this agreement belongs to Party
A; after that date, it belongs to Party B.

 

Article 4. Board of Directors

After the equity transfer
hereunder, the directors formerly appointed by Party A shall no longer be directors. Party B has right to appoint directors of
the Company according to its Articles of Association. Outgoing directors shall handover their duties to incoming directors as soon
as possible after the execution of this agreement.

 

Article 5. Succession of creditor’s
right and debt 

The creditor’s right and debts of
the Company will be continuously enjoyed and assumed by the Company after the equity transfer hereunder.

 

Article 6. Arrangement of Employees

The Company will continue existing employment
relations with the employees after the equity transfer hereunder.

 

Article 7. Liabilities for Breach of
Contract

If Party B does not timely pay the equity
transfer price pursuit to Article 2 hereof, Party B shall pay liquidated damages to Party A, equaling to 0.1% of unpaid equity
transfer price once a month since unpaid price is overdue. If equity transfer price is overdue for more than three months, Party
A shall have right to terminate this agreement and require Party B to compensate for its losses, in addition to the liquidated
damages.

 

    	 

    	 

    

 

Article 8. Governing Law and Settlement
of Dispute

Any dispute arising from or in connection
with this agreement shall be settled by Party A and Party B through friendly negotiation. If any dispute could not be settled through
negotiation, such dispute shall be submitted to China International Economic and Trade Arbitration Commission (CIETAC) for arbitration.
The arbitration shall be conducted in Shanghai under the arbitration rules of CIETAC. The award of the arbitration shall be final
and binding upon both parties.

 

Article 9. Effectiveness of this Agreement

This agreement shall become effective on
the date of updated certificate of approval, which will be issued by the examining and approving authority.

 

Article 10. Execution of this Agreement

This agreement is executed on July 1, 2011
in Jiangsu Jinyu Environmental Engineering Co., Ltd.

 

Article 11. This Agreement shall be
executed in eight counterparts. Each party holds two counterparts. The remaining are for governmental authorities.

 

[Signature page follows]

 

    	 

    	 

    

 

[Signature page]

 

Transferor (“Party A”): Jiangsu
Zhenyu Environmental Protection Technology (seal)

Legal Representative: LI Boping(signature)

Name: LI Boping

Position: Executive Director

 

Transferee (“Party B”): Yixing
Dragon Path Environment Technology Limited (seal)

Legal Representative: LI Boping(signature)

Name: LI Boping

Position: Executive Director

 

Consenting Party (“Party C”):
Dragon Path International Limited (seal)

Legal Representative: Weihua Zhao (signature)

Name: Weihua Zhao

Position: Director

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