Document:

Unassociated Document

     

    INVESTMENT
AGREEMENT

    According
to certain relocation policies and urban planning and restructuring carried out
by the government of Changxing County, the Investment Agreement is made and
entered in, by and between Party A and Party B on the basis of  open ,
just and amicable negotiation.

     

    1. Both
Parties:

     

    
      	
              Party
      A:

            	
              Administrative
      Committee of Changxing Economic Development Zone,

              Zhejiang

            

    

    
      	
              Address:

            	
              No.666
      Jingyi Road, Changxing Economic Development
Zone

            

    

     

    Tel:
86(572) - 6023743       Fax;86
(572) -6039109

    P.C.  313100

     

    Party B:
Changxing Chisen Electric Co., Ltd.

     

    Legal
Representative: Xu Kecheng

     

    
      Address:
No.667 Jingyi Road, Changxing Economic Development Zone

    

    Tel:
86(572) - 6267301 Fax;86
(572) -6236588

     

    2. Investment
Framework

     

    
      
        
          
            	 	
                    (1) 

                  	
                    Party
      B moves out of the original factory site and carries out corporate
      relocation acquisition compensation agreement. Party A will be responsible
      to provide land for the relocation project in Changxing Economic
      Development
Zone..

                  

          

        

      

    

    
      
        	 	
                (2) 

              	
                Party
      B’ construction projects shall comply with industry-orientation, land
      planning, construction planning and environmental protection requirements,
      establishing and improving environmental protection facilities to
      effectively achieve energy saving and pollution reduction.  The
      allocation of
      construction funds
      must be strictly ensured in accordance with
      the plan and then complete the total
investment.

              

      

    

    
      
         

      

      
        1

        
          

        

      

      
         

      

    

     

    
      
        
          
            	 	
                    (3)

                  	
                    Party
      B is likely to get a reward from Party A by strictly carrying out the
      agreement. Party A shall adjust the policy support in accordance with
      Party B’s
performance.

                  

          

        

      

    

    
      
        	 	
                (4)

              	
                Both
      sides confirmed, based on the signing of this agreement, Party B will
      participate in the “Land
      Tender, Auction and Listing” activities organized by Changxing
      County Land and Resources
Bureau

              

      

    

     

    
      3. Project
Description

    

    Relocation
Project Construction of Changxing Chisen Electric Co., Ltd. (the specific
construction project should be approved by Party A)

     

    Intended
land:

    The
project site is situated in the east of Jingsi Road and the north of Taihu Avenue
(with sketch) in Changxing Economic Development Zone.
The scope of planning area of
the parcel is about 136.35 mu, of which the area inside the red line about 118.74 mu; the area for public land use is about 17.61 mu. The area of the parcel will be
subjected to “Land Tender, Auction and Listing” area.  In case
the land planning and restructuring happens, or exists any other situations
which prevent the continuation of the project, both party should choose the
alternative parcel.

    The area
on the certificate is equal to the area inside the red
line.

     

    4. Investment
Scale and Economic benefits

    Total
investment:

    The total investment is RMB300 million
yuan

    Economic
benefits:

    The tax into the Treasury of relocation project in 2012
will reach over RMB12.08 million yuan; Party B’s project tax into the
Treasury in 2013 will reach reached 100 million
yuan.

    
      
         

      

      
        2

        
          

        

      

      
         

      

    

     

    5. Land
Description

    The land
should be delivered by the current status. Party A should provide the
surrounding public (main) roads, water supply, drainage (rain), sewage
discharge, electricity (electricity infrastructure) line in place.

     

    6. The
Acquisition of Land Use Right

    The land
will be deemed as a public transfer and Party B shall pay the land transfer
amount, contract tax and other fees at market price. The land prepayment
paid by Party B to Party A shall be converted into the equal land transfer
amount and the gap shall be paid by Party B. If the land prepayment paid is
higher than the land transfer land prepayment, which will be settled on land
prepayment.

     

    7. Land
Prepayments

    To
ensure a smooth land transfer and construction in accordance with planning
projects, Party B should pay the land prepayment in advance. Pricing: land area
within the red line by 200 thousand / mu; public land area within the scope of
planning  line at 100 thousand / mu, a total of RMB 25.509 million
yuan.  Prepayment will be calculated by the
actual area.

    Prepayment
Terms:

    Party B shall pay 20% of the prepayment within 7 days
starting from the date of signing as a performance bond, pay 85% of land
prepayment (including performance bonds) within 30 days.  The balance will
be paid off before “Land Tender,
Auction and Listing”.  The
funds paid by
Party B above can be partly offset by Party A’s buy-back
fund.

     

    Payment
Account:

    Please
wire the land prepayment to the account below:

    
    

    
      
        	 	
                Account
      name: 

              	
                Changxing
      Yongxin Construction & Development Company
  Limited

              

      

    

    
      
        	 	
                Bank
      name: 

              	
                Changxing
      Xianqian street branch, Industrial and Commercial Bank of
      China

              

      

    

    
      
         

      

      
        3

        
          

        

      

      
         

      

    

     

    
      Account
number: 1205270409200011663

    

     

    8.  Land
Development and Utilization

     

    Commencement
Date

    The
relocation project will begin within 5 months from the signing of the
agreement.

     

    Planned
Construction Period and Operation Starting Time:

    The
construction project shall be completed within two (2) years from the signing of
the agreement.

     

    Construction
Requirement:

    Volume
ratio is not less than 1.2; auxiliary building covers an area not more than
7%; the east part of the public land within the planning line will be for Party
B’s use, but it should be consistent with the planning of the Economic and
Development Zone.

    Party B
shall abide by laws and
government regulations and
strictly construct
in accordance with the land drawings and planning
proposal.

     

    Operation
Time:

    The
construction project will be launched into operation in 2012.

     

    
      
        
        

      

      
        4

        
          

        

      

      
        
        

      

    

     

    9. Special
Clauses

     

    Party
B:

     

    (1)           Party
B promises the relocation project tax into the Treasury in 2012 will reach over
RMB12.08 million; the project tax into the Treasury in the Economic and Development Zone
in 2013 will reach RMB 100 million.

    (2)           Due
to the policy support reasons, which result in the project not being approved;
Party A can terminate the agreement.

    (3)           Party B has fully understood and
accepted the content and regulations listed in this agreement and Changxing Economic
Development Zone Industrial Project Access Management
Regulations

     

    
      Party
A:

    

    
      Party A hereby declares the
following:

    

    (1)           Party
A shall assist Party B acquire all necessary certificates and approval
process.

    
      (2)           Party A shall
coordinate, deal with
project construction and the problems arising from the
rural area and related department during the normal operation course in
a timely fashion.  Party A shall try to maintain the normal operation
and legitimate rights and
interests and
create a favorable
external environment.

    

     

    10. Breach
Liabilities:

    (1)           Due
to Party B’s failure to pay the advance of land, Party A reserves the right
to request Party B to continue paying or may cancel the agreement and can
receives 3 ‰ penalty per day according to the expired date.

    (2)           Party A may terminate the agreement, if
the commencement date of
the relocation project
exceeds the agreed start
date, or due to Party B’s failure to perform other agreed clauses, and such failure continues after Party B
has been notified twice,
Party A may terminate the agreement.
If Party B
breaches the agreement,
Party A can adjust supporting
policy.

    (3)           As
prescribed in document with Certificate number: CZBF [2008] 62, both  sides
agreed to perform in accordance with regulations.

    
      
         

      

      
        5

        
          

        

      

      
         

      

    

     

    11.  Jurisdiction

     

    Where a
labor dispute between the parties takes place during the performance of this Contract, the
parties concerned may seek for a settlement through consultation; or either
party may apply to the local people's court.

     

    12.
Miscellaneous

     

    
      The
following appendices are mainly comprised of:

    

     

    
      	
               
      

            	
              Appendix
      1: Project application report and related approved
    documents.

            

    

    
      	
               
      

            	
              Appendix
      2:  Project funded and project building
  plan

            

    

    
      	
               
      

            	
              Appendix
      3:  Construction layout
proposal

            

    

     

    This
agreement is an investment agreement; which can not be deemed as a basis for
getting the land. Party B shall acquire the land use right for construction
through market.

     

    This
agreement will become effective after Party B pays the performance bond within 7
days after the agreement signed and sealed by both parties.

     

    This
Agreement shall be in sextuplicate copies with equal legal force.

    Each
Party holds three copies.

     

    
      	
              Party
      A:

            	
              Administrative
      Committee of Changxing Economic Development Zone,

              Zhejiang

            

    

    Legal
Representative:

     

    Party B:
Changxing Chisen Electric Co., Ltd.

    Legal
Representative: Xu Kecheng

     

    This
Agreement is made and entered into as of August 20, 2010 in Changxing County,
Zhejiang Province.

    
      
         

      

      
        6Supplemental
Agreement for the Relocation and 

    Construction
Project with Chisen Electric Company Limited

    

    Party A:
Administrative Committee of Changxing Economic Development Zone,
Zhejiang

    

    Party B:
Changxing Chisen Electric Co., Ltd

    

    
      	
              I.

            	
              This
      supplemental agreement is made pursuant to the requirements of the
      Investment Agreement on the relocation project of Changxing Chisen
      Electric Co., Ltd signed between party A and party B, whereby Party A
      agrees to compensate Party B when the conditions of payment and tax scale
      are satisfied.

            

    

    

    
      	
               
      

            	
              1.

            	
              After
      all costs of land transfer (prepayment of land) are settled by Party B,
      and the construction of main building has started in accordance with the
      pre-agree schedule, Party A compensates RMB 30,000 per hectare to Party B
      within the boundary map.

            

    

    

    
      	
               
      

            	
              2.

            	
              After
      all costs of land transfer (prepayment of land) are settled by Party B,
      and the construction of main building has completed in accordance with the
      pre-agree schedule, Party A compensates RMB 30,000 per hectare to Party B
      within the boundary map.

            

    

    

    
      	
               
      

            	
              3.

            	
              After
      Party B starts production, Party A compensates RMB20,000 per hectare to
      Party B within the boundary map.

            

    

    

    
      	
               
      

            	
              4.

            	
              Party
      A will prepay the above compensations to the Party B. When the levied
      taxes on relocation project are less than RMB12.08 millions in 2012, Party
      B should refund RMB40,000 per hectare within the boundary map to Party A.
      When the levied taxes on Party B’s project in Economic Development Zone
      are less than RMB100 millions in 2013, Party B should refund RMB40,000 per
      hectare within the boundary map to Party
A.

            

    

    

    
      	
              II.

            	
              This
      agreement is a supplement of Investment Agreement No. 01017-1 with the
      same legal effect. In the event of conflict between both agreements, the
      provisions of this Supplemental Agreement shall
  prevail.

            

    

    

    
      	
              III.

            	
              This
      Supplemental Agreement has six duplicates and signed at the same time of
      Investment Agreement No. 01017-1.  This Supplemental Agreement
      is effective after it is signed and sealed by both
  parties.

            

    

    

    Party A:
Administrative Committee of Changxing Economic Development Zone,
Zhejiang.

    Signed
and sealed by the legal representative:

    

    Party B:
Changxing Chisen Electric Co., Ltd

    Signed
and sealed by the legal representative: Xu Kecheng

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