Document:

ex10-10.htm

    
      

    

    ESCROW
AGREEMENT

    (For
PRC Investors)

    

    

    THIS
ESCROW AGREEMENT (this “Escrow Agreement”) is
made as of December 21, 2009, by and among AllBright Law Offices, a law office
registered in the People’s Republic of China, with an address at Citigroup
Tower, 14th Floor No. 33, HuaYuan Shi Qiao Road, Pudong New Area, Shanghai,
China 200120 (the “Escrow Agent”),
SinoCoking Coal and Coke Chemical Industries, Inc. (prior to the
closing of the Share Exchange, “Ableauctions.com, Inc.”), a Florida corporation
(the “Company”), and
certain investors in the securities of the Company (“Purchasers”).   Purchasers,
the Escrow Agent and Company collectively referred to herein as the
“Parties.”  Capitalized terms used herein and not defined shall have
the same meanings as set forth in the Securities Purchase Agreement (defined
below).

    

    RECITALS

    

               WHEREAS,
Company is offering its units (“Units”) at a purchase
price of US $6.00, with each Unit consisting of one (1) share of post-Reverse
Stock Split common stock of the Company, and a warrant for the purchase of 0.5
shares of common stock with an exercise price of $12.00 per share (the “Purchased
Securities”), to the Purchasers pursuant to a Securities Purchase
Agreement for the purchase and sale of the Units, by and among the Company and
the Purchasers named therein (“Securities Purchase
Agreement”), entered into concurrently with this Escrow
Agreement;

    

    WHEREAS, the foregoing issuance of
Units (the “Financing”) is being
conducted immediately following the consummation of a reverse acquisition by
means of a share exchange (“Share Exchange”) by
the Company of Top Favour Limited, a British Virgin Islands company and holding
company for a coal and coke producing business in the Henan Province of China,
as described in the Securities Purchase Agreement;

    

    WHEREAS, in connection with the Share
Exchange and effective upon its closing, the Company shall have conducted a
1-for-20 reverse stock split of its common stock (“Reverse Stock
Split”), and after giving effect to the Reverse Stock Split and Share
Exchange, the Company will have approximately 13.5 million shares of common
stock, par value $0.001 per share, issued and outstanding;

    

    WHEREAS, the parties contemplate that
the initial closing of the aforementioned transaction will occur within the 30
day period following the date of this Escrow Agreement (the “Initial Closing
Date”) immediately following the completion of the Reverse Stock Split
and Share Exchange, and it is anticipated that the offering of Units under the
Securities Purchase Agreement will be conducted in one or more closings over a
period of up to 90 days (each, a “Closing”);

    

    WHEREAS, in order to facilitate the
orderly exchange of investment funds and securities between the Company and the
Purchasers, the Parties are entering into this Escrow Agreement with the Escrow
Agent.

    
      
         

      

      
        
        

        
          

        

      

      
         

      

    

    

    

    AGREEMENT

    

    NOW, THEREFORE, the Parties agree as
follows:

    

    1.           The Escrow.

    

    1.1           The
parties hereby agree to establish an escrow account with the Escrow Agent
whereby the Escrow Agent shall hold the funds for the purchase of the Purchased
Securities.

    

    1.2           The
Company will inform Escrow Agent of its intent to conduct a Closing for the
issuance of Purchased Securities.  Upon the Escrow Agent’s receipt of:
(i) the Purchase Price together with executed counterparts of this Escrow
Agreement and the Securities Purchase Agreement countersigned by the Company
(the “Transaction
Documents”); and (ii) executed counterparts of the Transaction Documents
along with all closing deliveries set forth in the Securities Purchase Agreement
(the “Closing
Deliverables”), it shall telephonically or by electronic mail advise both
the Purchasers and Company that it has received the Purchase Price and all
Closing Deliverables.  Upon receipt of written confirmation that all
closing conditions have been satisfied with respect to each Closing, and that
all Closing Deliverables have been received, the Escrow Agent shall deliver the
Purchased Securities to Purchasers and to transfer the Purchase Price (minus
applicable wire transfer fees) to Company.

    

    1.3           Wire
transfers to the Escrow Agent shall be made as follows:

    

                                        户名:河南省平顶山泓利煤焦有限公司

                                       帐号:66676160154700001026

                                       银行:上海浦东发展银行郑州高新开发区支行

    

    1.4           This
Agreement shall have a term of ninety (90) days, unless further extended by
mutual agreement of the Company and Escrow Agreement.

    

    2.           Limited Duties of Escrow
Agent.  It is understood and agreed that the duties of the
Escrow Agent are entirely ministerial in nature, being limited to receiving and
forwarding the items received pursuant to Section 1 hereof.

    

    2.1           Reliance by Escrow
Agent.  The Escrow Agent may conclusively rely on, and shall be
protected when it acts in good faith upon, any statement, certificate, notice,
request, consent, order, or other document which it believes to be genuine and
signed by the proper Party.  The Escrow Agent shall have no duty or
liability to verify any such statement, certificate, notice, request, consent,
order or other document and its sole responsibility shall be to act only as set
forth in this Escrow Agreement.  The Escrow Agent shall be under no
obligation to institute or defend any action, suit, or proceeding in connection
with this Escrow Agreement unless it is indemnified to its
satisfaction.  The Escrow Agent shall not be liable for any action
taken or omitted, in good faith upon advice of counsel.  In performing
any of its duties hereunder,
the Escrow Agent shall not incur any liability to anyone for damages, losses, or
expenses except for its willful misconduct.

    
      
         

      

      
        -2-

        
          

        

        Escrow
Agreement (PRC Account)

      

      
         

      

    

    

    2.2           Escrow Agent as Depository
Only. The Escrow Agent acts hereunder as a depository only, and it
is not responsible or liable in any manner whatsoever for the sufficiency,
correctness, genuineness or validity of any instrument deposited with it
hereunder, or with respect to the form or execution of the same, or the
identity, authority or rights of any person, executing the same.  The
Escrow Agent shall not be required to take or be bound by notice of any default
of any person, or to take any action with respect to such default involving any
expense or liability, unless notice in writing is given to an officer of the
Escrow Agent of such default by the undersigned or any of them, and unless it is
indemnified in a manner satisfactory to it against any expense or liability
arising therefrom.  The Escrow Agent shall not be liable for acting
upon any notice, request, waiver, consent, receipt or other papers or documents
not believed by the Escrow Agent to be genuine and to have been signed by the
proper Party or Parties.

    

    2.3           No Liability for Error of
Judgment.  The Escrow Agent shall not be liable for any error
of judgment or for any act done or step taken or omitted by it in good faith, or
for any mistake of fact or law, or for anything which it may do or refrain from
doing in connection herewith except its own willful misconduct.  The
Escrow Agent shall not be answerable for the default or misconduct of any agent,
attorney or employee appointed by it if such agent, attorney or employee shall
have been selected with reasonable care.   The Escrow Agent may
consult with legal counsel in the event of any dispute hereunder, and the Escrow
Agent shall incur no liability and shall be fully protected in acting in
accordance with the opinion and instructions of any such counsel.

    

    2.4           Further Rights of Escrow
Agent.  In the event of any disagreement between the
undersigned or any of them, or the person or persons named in the foregoing
instructions, or any other person, resulting in adverse claims or demands being
made in connection with or for any papers, money or property involved herein or
affected hereby, the Escrow Agent shall be entitled at its option to refuse to
comply with any such claim or demand, so long as such disagreement shall
continue, and in so refusing, the Escrow Agent shall not be or become liable to
the undersigned or any of them or to any person named in the foregoing
instructions for the failure or refusal to comply with such conflicting or
adverse demands, and the Escrow Agent shall be entitled to continue to do,
refrain or refuse to act until:

    

    (a)           the
rights of adverse claimants have been finally adjudicated in a court assuming
and having jurisdiction of the Parties and the money, papers and property
involved herein or affected hereby; or

    

    (b)           all
differences shall have been adjusted by agreement and the Escrow Agent shall
have been notified thereof in writing signed by all of the persons interested;
and

    

    (c)           Escrow
Agent shall have the right, at any time, to commence interpleader at the expense
of all other Parties to this Escrow Agreement.

    
      
         

      

      
        -3-

        
          

        

        Escrow
Agreement (PRC Account)

      

      
         

      

    

    

    3.           Fees to Escrow
Agent.  The Escrow Agent shall not receive a fee for the
discharge of its duties under this Escrow Agreement.  However, in the
event that the conditions of this Escrow Agreement are not fulfilled, or the
Escrow Agent renders any material service not contemplated by the Agreement, or
there is any assignment of interest in the subject matter of this Escrow
Agreement, or any material modification thereof, or if any material controversy
arises hereunder, or the Escrow Agent is made a party or justifiably intervenes
in any litigation pertaining to this Escrow Agreement, or the subject matter
hereof, the Escrow Agent shall be reasonably compensated for such extraordinary
expenses, including reasonable attorneys’ fees, occasioned by any delay,
controversy, litigation or event, and the same may be recoverable from jointly
and severally from all other parties.

    

    4.           Notices.  The notice
addresses of the Parties hereto are as follows:

    

    Company:                              SinoCoking
Coal and Coke Chemical Industries, Inc.

    Kuanggong Road and Tiyu
Road

    10th
Floor, Chengshi Xin Yong She, Tiyu Road

    Xinhua
District, Pingdingshan,

    Henan
Province, China

    Fax:
+86-375-2920030

    

    Purchasers:                           To
the address and fax number for each

    Purchaser
as indicated on the Signature

    Page of the Securities Purchase
Agreement

    

    Escrow
Agent:       Steve Zhu

                                    Attorney
at Law/Senior Partner

                                    AllBright
Law Offices

                                    Citigroup
Tower

                                    14th
Floor

                                    No.
33, HuaYuan Shi Qiao Road,

                                    Pudong
New Area

                                    Shanghai,
China 200120

                                    Telephone: 
(86-21)-61059116

                                    Facsimile: 
(86-21)-61059119

     
 

    

    5.           Miscellaneous.  The
provisions of Section 2 shall survive any termination of this Escrow Agreement,
whether by full release of the Closing Deliverables, resignation or termination
of the Escrow Agent, or otherwise.  In the event that any signature is
delivered by facsimile transmission, such signature shall create a valid and
binding obligation of the party executing (or on whose behalf such signature is
executed) with the same force and effect as if such facsimile signature page
were an original thereof.

    
      
         

      

      
        -4-

        
          

        

        Escrow
Agreement (PRC Account)

      

      
         

      

    

    6.           Acknowledgement.   Escrow Agent
hereby acknowledges receipt of this Escrow Agreement and agrees to act in
accordance with said Escrow Agreement and upon the terms and conditions set
forth herein.

    

    

    

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

    

    

    ESCROW
AGENT:

    

    AllBright
Law Offices

    

    By: /s/ Steve
Zhu

    Name:
Steve Zhu

    Title:  Attorney
at Law/Senior Partner

    

    

    COMPANY:

    

    SINOCOKING
COAL AND COKE CHEMICAL INDUSTRIES, INC.

    

    

    By:  /s/ Jianhua Lv

    Name:   Jianhua
Lv

    Title:     Chief
Executive Officer

    

    

    

    PURCHASERS:

    

    

    Name:
_______________________________

    

    

    Signature:
____________________________

    

    

    Authorized

    Representative:
________________________

    

    

    Title:
________________________________

    
 

     

    -5-

     

    
      Escrow
Agreement (PRC Account)ex10-11.htm

    
      

    

    SinoCoking
Coal and Coke Chemical Industries, Inc.

    Kuanggong
Road and Tiyu Road

    10th
Floor, Chengshi Xin Yong She, Tiyu Road

    Xinhua
District, Pingdingshan, Henan Province, China

    

    

    

    February
5, 2010

    

    

    

    To:   [_______]

    

    

    
      	
              Re:

            	
              SinoCoking Board of
      Directors – Acceptance
Letter

            

    

    

    Dear
[____]:

    

    SinoCoking
Coal and Coke Chemical Industries, Inc., a Florida corporation (the “Company”)
following the closing of a reverse acquisition of Top Favour Limited under a
Share Exchange Agreement dated July 17, 2009 as amended, is pleased to offer you
a director position on its Board of Directors (the “Board”).  The
Board’s purpose is to manage or direct the property, affairs and business of the
Company.  The Board will meet approximately once a month.

    

    Should
you chose to accept this position as a member of the Board, this letter shall
constitute an agreement between you and the Company and contains all the terms
and conditions relating to the services you are to provide.

    

    1.           Term.  This agreement
shall be for the ensuing year, commencing on the date of this letter, and your
term as director shall continue until your successor is duly elected and
qualified.  The position shall be up for re-election each year at the
annual shareholder’s meeting and upon re-election, the terms and provisions of
this agreement shall remain in full force and effect.

    

    2.           Services
and Compensation.  You shall render
services in the area of managing or directing the Company’s property, affairs
and business (hereinafter your “Duties”).  You shall consult with
other members of the Board at meetings held monthly in locations designated by
the Chairman of the Board of the Company.  You may be appointed by the
Board or Chairman to serve on one or more board committees (Compensation, Audit
and/or Nominating), and you agree to serve on those committees.  In
consideration for your service as a member of the Board, the Company agrees to
pay you USD 10,000 (the “Annual Compensation”) for 2010.  The Annual
Compensation shall be paid upon the completion of your term as
director.  In addition, the Annual Compensation will be pro-rated
daily (based on a 360 day year) for any portion of the year should you serve for
less than a full term.  Your compensation as a director in any future
periods is subject to the determination of the Board of Directors, and may
differ in future periods should you continue to serve on the Board.

    

    
      
        
          

          

           

        

         

      

      
        
        

        
          

        

         

      

      
         

      

    

     

    3.           Services
for Others.  You shall be free
to represent or perform services for other persons
during the term of this agreement.  However, you agree that you do not
presently perform and do not intend to perform, during the term of this
agreement, similar Duties, consulting or other services for companies whose
businesses are or would be, in any way, competitive with the Company (except for
companies previously disclosed by you to the Company in
writing).  Should you propose to perform similar Duties, consulting or
other services for any such company, you agree to notify the Company in writing
in advance (specifying the name of the organization for whom you propose to
perform such services) and to provide information to the Company sufficient to
allow it to determine if the performance of such services would conflict with
areas of interest to the Company.

    

    4.           No
Assignment.  Because of the
personal nature of the services to be rendered by you, this agreement may not be
assigned by you without the prior written consent of the Company.

    

    5.           Confidential
Information; Non-Disclosure.  In consideration
of your access to the premises of the Company and/or you access to certain
Confidential Information of the Company, in connection with your business
relationship with the Company, you hereby represent and agree as
follows:

    

    a.           Definition.  For purposes of
this agreement the term “Confidential Information” means:

    

    i.           Any
information which the Company possesses that has been created, discovered or
developed by or for the Company, and which has or could have commercial value or
utility in the business in which the Company is engaged; or

    

    ii.           Any
information which is related to the business of the Company and is generally not
known by non-Company personnel.

    

    iii.           By
way of illustration, but not limitation, Confidential Information includes trade
secrets and any information concerning products, processes, formulas, designs,
inventions (whether or not patentable or registrable under copyright or similar
laws, and whether or not reduced to practice), discoveries, concepts, ideas,
improvements, techniques, methods, research, development and test results,
specifications, data, know-how, software, formats, marketing plans, and
analyses, business plans and analyses, strategies, forecasts, customer and
supplier identities, characteristics and agreements.

    

    b.           Exclusions.  Notwithstanding
the foregoing, the term Confidential Information shall not include:

    

    i.           Any
information which becomes generally available to the public other than as a
result of a breach of the confidentiality portions of this agreement, or any
other agreement requiring confidentiality between the Company and
you;

    

    ii.           Information
received from a third party in rightful possession of such information who is
not restricted from disclosing such information; and

    
      
        
           

           

          

        

         

      

      
        -2-

        
          

        
Board of Directors Offer Letter

      
         

      

    

    iii.           Information
known by you prior to receipt of such information from the Company, which prior
knowledge can be documented.

    

    c.           Documents. You agree that, without the
express written consent of the Company, you will not remove from the Company's
premises, any notes, formulas, programs, data, records, machines or any other
documents or items which in any manner contain or constitute Confidential
Information, nor will you make reproductions or copies of same. In the event you
receive any such documents or items by personal delivery from any duly
designated or authorized personnel of the Company, you shall be deemed to have
received the express written consent of the Company.  In the event
that you receive any such documents or items, other than through personal
delivery as described in the preceding sentence, you agree to inform the Company
promptly of your possession of such documents or items.  You shall
promptly return any such documents or items, along with any reproductions or
copies to the Company upon the Company's demand or upon termination of this
agreement.

    

    d.           No
Disclosure.  You agree that
you will hold in trust and confidence all Confidential Information and will not
disclose to others, directly or indirectly, any Confidential Information or
anything relating to such information without the prior written consent of the
Company, except as maybe necessary in the course of his business relationship
with the Company.  You further agree that you will not use any
Confidential Information without the prior written consent of the Company,
except as may be necessary in the course of your business relationship with the
Company, and that the provisions of this paragraph (d) shall survive termination
of this agreement.

    

    6.           Entire
Agreement; Amendment; Waiver.  This agreement
expresses the entire understanding with respect to the subject matter hereof and
supersedes and terminates any prior oral or written agreements with respect to
the subject matter hereof. Any term of this agreement may be amended and
observance of any term of this agreement may be waived only with the written
consent of the parties hereto.  Waiver of any term or condition of
this agreement by any party shall not be construed as a waiver of any subsequent
breach or failure of the same term or condition or waiver of any other term or
condition of this agreement.  The failure of any party at any time to
require performance by any other party of any provision of this agreement shall
not affect the right of any such party to require future performance of such
provision or any other provision of agreement.

    

    [Remainder of Page Left Blank
Intentionally]

    
      
        
           

           

          

        

         

      

      
        -3-

        
          

        
Board of Directors Offer Letter

      
         

      

    

    The
Agreement has been executed and delivered by the undersigned and is made
effective as of the date set first set forth above.

    

    

    Sincerely,

    

    

    SINOCOKING
COAL AND COKE

    CHEMICAL
INDUSTRIES, INC.

    

    

    By:
_____________________________

    Jianhua
Lv

    Chief
Executive Officer

    

    

    

    AGREED
AND ACCEPTED:

    

    

    

    __________________________

    [_____]

    

     

     

    
 

    -4-

    Board of Directors Offer Letter

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