Document:

China SHESAYS Medical Cosmetology Inc.: Exhibit 10.4 - Filed by
   newsfilecorp.com

Exhibit 10.4

Shareholders’ Voting Rights Proxy Agreement 

 

SHAREHOLDERS’ VOTING RIGHTS PROXY AGREEMENT 

AMONG 

Yixiang Zhang, Ning Liu, Xingwang Pu, Wenhui Shao, Bing Fang 

Chengdu BOAN Investment Management Co., Ltd 

And 

Sichuan SHESAYS Cosmetology Hospital Co., Ltd 

April 27, 2010 

 

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Shareholders’ Voting Rights Proxy Agreement 

SHAREHOLDERS’ VOTING RIGHTS PROXY AGREEMENT 

This SHAREHOLDERS’ VOTING RIGHTS PROXY AGREEMENT (this “AGREEMENT”) is entered into as of April 27, 2010 by and among the following Parties: 

(1) Yixiang Zhang, P.R.C;  

(2) Ning Liu, P.R.C;  

(3) Xingwang Pu, P.R.C;  

(4) Wenhui Shao, P.R.C;  

(5) Bing Fang, P.R.C;  

(6) Chengdu BOAN Investment Management Co., Ltd(“BOAN”), a company of limited liabilities incorporated under the laws of P. R. China, with its legal address at New No.83, Xinnan Road, Chengdu, Sichuan Province, P.R.C; 

(7) Sichuan SHESAYS Cosmetology Hospital Co., Ltd (“SHESAYS”), a company of limited liabilities incorporated under the laws of P. R. China, with its legal address at New No.83, Xinnan Road, Wuhou District, Chengdu, Sichuan Province, P.R.C;
and 

(8) Subsidiaries, if any,  from time to time of SHESAYS("SHESAYS SUBSIDIARIES”) 

(The above parties shall hereinafter be individually referred to as a “PARTY” and collectively, “PARTIES”. Yixiang Zhang, Ning Liu , Xingwang Pu, Wenhui Shao and Bing Fang shall hereinafter be individually referred to as a
“PERSONAL SHAREHOLDER” and collectively, “PERSONAL SHAREHOLDERS”, Personal
Shareholders and SHESAYS shall hereinafter be individually referred to as a “SHAREHOLDER” and collectively, “SHAREHOLDERS”.) 

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Shareholders’ Voting Rights Proxy Agreement  

WHEREAS:  

(1) As of the date of this Agreement, Yixiang Zhang, Ning Liu , Xingwang Pu, Wenhui Shao and Bing Fang are the registered shareholders of SHESAYS, legally holding all equity interests of SHESAYS, of which Yixiang Zhang holding 45% interest, Ning Liu
holding 15%, Xingwang Pu holding 15%, Wenhui Shao holding 15% and Bing Fang holding 10%.  

(2) As SHESAYS is preparing to establish the cosmetology hospitals in various locations in China, SHESAYS shall hold all or part of equity interests of   SHESAYS SUBSIDIARIES. 

(3) The Shareholders intend to severally entrust the individual designated by BOAN with the exercises of their voting rights in Target Company (as defined below) while BOAN is willing to designate such an individual. 

The Parties hereby have reached the following agreement upon friendly consultations: 

ARTICLE 1  VOTING RIGHTS ENTRUSTMENT 

1.1 Under this Agreement, “TARGET COMPANY” shall mean, to Yixiang Zhang, Ning Liu , Xingwang Pu, Wenhui Shao and Bing Fang, SHESAYS; and to SHESAYS, SHESAYS SUBSIDIARIES. 

1.2 The Shareholders hereby irrevocably undertake to respectively sign the Entrustment Letter after execution of the Agreement to respectively entrust the personnel (“TRUSTEES”) then designated by BOAN to exercise the following rights
enjoyed by them as shareholders of Target Company in accordance with the then effective articles of association of Target Company (collectively, the “ENTRUSTED RIGHTS”): 

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Shareholders’ Voting Rights Proxy Agreement 

(1) Proposing to convene and attending shareholders’ meetings of Target Company as proxy of the Shareholders according to the articles of association of Target Company; 

(2) Exercising voting rights as proxy of the Shareholders, on issues discussed and resolved by the shareholders’ meeting of Target Company, including but not limited to the appointment and election for the directors, general manager and other
senior management personnel of Target Company. 

The above authorization and entrustment is granted subject to the status of trustees as PRC citizens and the approval by BOAN. Upon and only upon written notice of dismissing and replacing Trustee(s) given by BOAN to the Shareholders, the
Shareholders shall promptly entrust another PRC citizen then designated by BOAN to exercise the above Entrusted Rights, and once new entrustment is made, the original entrustment shall be replaced; the Shareholders shall not cancel the authorization
and entrustment of the Trustee(s) otherwise. 

1.3 The Trustees shall perform the entrusted obligation within the scope of entrustment in due care and prudence and in compliance with laws; the Shareholders acknowledge and assume relevant liabilities for any legal consequences of the
Trustees’ exercise of the foregoing Entrusted Rights. 

1.4 The Shareholders hereby acknowledge that the Trustees are not required to seek advice from the Shareholders prior to their respective exercise of the foregoing Entrusted Rights. However, the Trustees shall inform the Shareholders in a timely
manner of any resolution or proposal on convening interim shareholders’ meeting after such resolution or proposal is made. 

ARTICLE 2  RIGHT TO INFORMATION 

2.1 For the purpose of exercising the Entrusted Rights under this Agreement, the Trustees are entitled to know the information with regard to Target Company’s operation, business, clients, finance, staff, etc., and shall have access to relevant
materials of Target Company. Target Company shall adequately cooperate with the
Trustees in this regard.

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Shareholders’ Voting Rights Proxy Agreement 

ARTICLE 3 EXERCISE OF ENTRUSTED RIGHTS 

3.1 The Shareholders will provide adequate assistance to the exercise of the Entrusted Rights by the Trustees, including execution of the resolutions of the shareholders’ meeting of Target Company or other pertinent legal documents made by the
Trustee when necessary (e.g., when it is necessary for examination and approval of or registration or filing with governmental departments). 

3.2 If at any time during the term of this Agreement, the entrustment or exercise of the Entrusted Rights under this Agreement is unenforceable for any reason except for default of any Shareholder or Target Company, the Parties shall immediately
seek a most similar substitute for the unenforceable provision and, if necessary, enter into supplementary agreement to amend or adjust the provisions herein, in order to ensure the realization of the purpose of this Agreement. 

ARTICLE 4 EXEMPTION AND COMPENSATION 

4.1 The Parties acknowledge that BOAN shall not be requested to be liable for or compensate (monetary or otherwise) other Parties or any third party due to exercise of Entrusted Rights by the Trustees designated by BOAN under this Agreement. 

4.2 Target Company and the Shareholders agree to compensate BOAN for and hold it harmless against all losses incurred or likely to be incurred by it due to exercise of the Entrusted Rights by the Trustees designated by BOAN, including without
limitation any loss resulting from any litigation, demand arbitration or claim initiated or raised by any third party against it or from administrative investigation or penalty of governmental authorities. 

However, the Shareholders and Target Company will not compensate for losses incurred due to willful misconduct or gross negligence of BOAN. 

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Shareholders’ Voting Rights Proxy Agreement 

ARTICLE 5  REPRESENTATIONS AND WARRANTIES 

5.1 Each of the Personal Shareholders hereby severally and jointly represents and warrants that: 

5.1.1 Each of the Personal Shareholders is a PRC citizen with full capacity and with full and independent legal status and legal capacity to execute, deliver and perform this Agreement, and may act independently as a subject of actions. 

5.1.2 Each of the Personal Shareholders has full right and authorization to execute and deliver this Agreement and other documents that are related to the transaction referred to herein and to be executed by them. They have full right and
authorization with respect to consummate the transaction referred to herein. 

5.1.3 This Agreement shall be executed and delivered by the Personal Shareholders lawfully and properly. This Agreement, upon execution, constitutes the legal and binding obligations on them and is enforceable on them in accordance with its terms
and conditions hereof. 

5.1.4 The Personal Shareholders are registered and legal shareholders of Target Company as of the effective date of this Agreement, and except the rights created by this Agreement, the Call Option Agreement entered into by BOAN, Target Companies and
Personal Shareholders on April 27, 2010 (the “CALL OPTION AGREEMENT”), as well as the Equity Pledge Agreement entered into by BOAN, Target Company and Personal Shareholders on April 27, 2010, (the “EQUITY PLEDGE AGREEMENT”),
there exists no third party right on the Entrusted Rights. Pursuant to this Agreement, the Trustees may fully and sufficiently exercise the Entrusted Rights in accordance with the then effective articles of association of Target Company. 

5.1.5 Considering the fact that according to Equity Pledge Agreement, considering the fact that Personal Shareholders will set aside all the equity interest held thereby in relevant Target Company as security to secure the performance by them of
their obligations under the Call Option Agreement, Personal Shareholders undertake to
make full and due performance of the obligations under the Call Option Agreement
during the valid term of this Agreement, and they will not be in conflict with
any stipulation under the Call Option Agreement, which are likely to have impact
on the exercise of the Entrusted Rights by the Trustees under this Agreement. 

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Shareholders’ Voting Rights Proxy Agreement 

5.1.6 Considering the facts that the Target Company entered into the Exclusive Agreement (the “SERVICE AGREEMENT”) on April 27, 2010 with BOAN, the Call Option Agreement, and that the Shareholders of Target Company will set aside all
equity interests held thereby in the Target Company as security to secure the performance of the contractual obligations under the above two agreements by the Target Company, the Personal Shareholders undertake to, during the valid term of this
Agreement, procure the full and due performance of the Target Company of any and all its obligations under the Service Agreement and the Call Option Agreement, and warrant that no adverse impact on the exercise of the Entrusted Rights hereunder by
the Trustees will be incurred due to the breach of the Service Agreement, Call Option Agreement by the Target Company. 

5.2 BOAN (excluding the person designated by it) hereby represents and warrants that: 

5.2.1 it is a company with limited liability properly registered and legally existing under PRC laws, with an independent corporate legal person status, and with full and independent legal status and legal capacity to execute, deliver and perform
this Agreement and may act independently as a subject of actions; and 

5.2.2 it has the full corporate power and authority to execute and deliver this Agreement and all other documents to be entered into by it in relation to the transaction contemplated hereunder, and has the full power and authority to consummate such
transaction. 

5.3 Target Company other than SHESAYS hereby in respect of themselves respectively represents and warrants that: 

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Shareholders’ Voting Rights Proxy Agreement 

5.3.1 it is a company with limited liability properly registered and legally existing under PRC laws, with an independent legal person status, and with full and
independent legal status and legal capacity to execute, deliver and perform this Agreement and may act independently as a subject of actions; and 

5.3.2 it has the full corporate power and authority to execute and deliver this Agreement and all the other documents to be entered into by it in relation to the transaction contemplated hereunder, and has the full power and authority to consummate
such transaction. 

5.3.3 the Shareholders are registered shareholders as of the effective date of this Agreement or any Acknowledge Letter in the form as provided in Appendix III to this Agreement , legally holding the equity interest in it as registered from time to
time. Except rights created by this Agreement, the Equity Pledge Agreement and the Call Option Agreement, there exists no third party right on the Entrusted Rights. Pursuant to this Agreement, the Trustees may fully and sufficiently exercise the
Entrusted Rights in accordance with the then effective articles of association of Target Company. 

5.3.4 Considering the fact that the Shareholders of Target Company will set aside all the equity interests held thereby in the Target Company as security to secure the performance of the contractual obligations by the Target Company under the
Service Agreement and the Call Option Agreement, the Target Company undertakes to, during the valid term of this Agreement, make full and due performance of any and all obligations under the Service Agreement and the Call Option Agreement, and
warrant that no adverse impact on the exercise of the Entrusted Rights hereunder by the Trustees will be incurred due to the breach of the Service Agreement and the Call Option Agreement by Target Company. 

5.4 SHESAYS hereby in respect of itself represents and warrants that: 

5.4.1 it is a company with limited liability properly registered and legally existing under the PRC laws, with an independent legal person status, and with full and
independent legal status and legal capacity to execute, deliver and perform this
Agreement and may act independently as a subject of actions; and 

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Shareholders’ Voting Rights Proxy Agreement 

5.4.2 it has the full corporate power and authority to execute and deliver this Agreement and all other documents to be entered into by it in relation to the transaction contemplated hereunder, and has the full power and authority to consummate such
transaction. 

5.4.3 As of the effective date of this Agreement, Yixiang Zhang, Ning Liu , Xingwang Pu, Wenhui Shao and Bing Fang are the registered shareholders, legally holding the equity interests in SHESAYS. Except rights created by this Agreement, the Equity
Pledge Agreement and the Call Option Agreement, in respect of SHESAYS, there exists no third party right on the Entrusted Rights. Pursuant to this Agreement, the Trustees may fully and sufficiently exercise the Entrusted Rights according to the then
effective articles of association of SHESAYS. 

5.4.4 As of the effective date of this Agreement and in respect of the Target Company in which it holds equity interest, it is registered shareholder. Except rights created by this Agreement, the Call Option Agreement and the Equity Pledge
Agreement, there exists no third party right on the Entrusted Rights. Pursuant to this Agreement, the Trustees may fully and sufficiently exercise the Entrusted Rights according to the then effective articles of association of the Target Company.

5.4.5 Considering the fact that according to the Equity Pledge Agreement, it shall set aside all equity interest held thereby in relevant Target Company as security to secure the performance of its obligations under the Call Option Agreement,
SHESAYS undertakes to make full and due performance of the Call Option Agreement during the valid term of this Agreement and that it will not be in conflict with any term under the Call Option Agreement, which may have impact on the exercise of the
Entrusted Rights by the Trustees under this Agreement. 

5.4.6 Considering the fact that according to the Equity Pledge Agreement, that Shareholders of the Target Company will set aside all equity interests held thereby in the Target Company as security to secure the performance of the contractual obligations by the Target Company under the Service Agreement and the Call Option Agreement, SHESAYS undertakes to, during the valid term of this Agreement, procure the
full and due performance of any and all obligations under the Service Agreement and the Call Option Agreement by the Target Company in which it holds equity interest, and warrants that no adverse impact on the exercise of the Entrusted Rights
hereunder by the Trustees will be incurred due to breaching the Service Agreement or the Call Option Agreement by the Target Company. 

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Shareholders’ Voting Rights Proxy Agreement 

ARTICLE 6  TERM OF AGREEMENT 

6.1 This Agreement takes effect from the date of due execution of all the Parties hereto, with the valid term of twenty (20) years, unless terminated in advance by written agreement of all the Parties or according to Article 8.1 of this Agreement.
This Agreement shall automatically renew for another one (1) year when the term (whether original or extended, if applicable) of this Agreement is due, unless BOAN gives a thirty-day notice in writing to the other Parties of the cancellation of such
renewal. 

6.2 In case that a Shareholder transfers all of the equity interests held by it in the Target Company with prior consent of BOAN, such Shareholder shall no longer be a Party to this Agreement whilst the obligations and commitments of the other
Parties under this Agreement shall not be adversely affected thereby. 

ARTICLE 7  NOTICE 

7.1 Any notice, request, demand and other correspondences made as required by or in accordance with this Agreement shall be made in writing and delivered to the relevant Party. 

7.2 The abovementioned notice or other correspondences shall be deemed to have been delivered when (i) it is transmitted if transmitted by facsimile or telex, or (ii) it is delivered if delivered in person, or (iii) when five (5) days have elapsed
after posting the same if posted by mail. 

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Shareholders’ Voting Rights Proxy Agreement 

ARTICLE 8 DEFAULT LIABILITY 

8.1 The Parties agree and confirm that, if any of the Parties (the “DEFAULTING PARTY”) breaches substantially any of the provisions herein or fails substantially to perform any of the obligations hereunder, such a breach or failure shall
constitute a default under this Agreement (a “DEFAULT”).  In such event any of the other Parties without default (a “NON-DEFAULTING PARTY”) who incurs losses arising from such a Default shall have the right to require the
Defaulting Party to rectify such Default or take remedial measures within a reasonable period. If the Defaulting Party fails to rectify such Default or take remedial measures within such reasonable period or within ten (10) days upon a
Non-defaulting Party notifying the Defaulting Party in writing and requiring it to rectify the Default, then the relevant Non-defaulting Party shall be entitled to choose at its discretion to (1) terminate this Agreement and require the Defaulting
Party to indemnify all damages, or (2) require specific performance by the Defaulting Party of this Agreement and indemnification against all damages. 

8.2 Without limiting the generality of Article 8.1 above, any breach by any Shareholder of the Call Option Agreement or Equity Pledge Agreement shall be deemed as having constituted the breach by such Shareholder of this Agreement; any breach by the
Target Company of the Service Agreement or the Call Option Agreement shall be deemed as having constituted the breach by Target Company of this Agreement. 

8.3 The Parties agree and confirm, the Shareholders or Target Company shall not request the termination of this Agreement for whatsoever reason and under whatsoever circumstance, except otherwise stipulated by laws or this Agreement. 

8.4 Notwithstanding any other provisions herein, the validity of this Article shall not be affected by the suspension or termination of this Agreement. 

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Shareholders’ Voting Rights Proxy Agreement 

ARTICLE 9 MISCELLANEOUS 

9.1 This Agreement shall be prepared in Chinese language in seven (7) original
copies, with each involved Party holding one (1) hereof. 

9.2 The conclusion, validity, execution, amendment, interpretation and termination of this Agreement shall be governed by the laws of the PRC. 

9.3 Any disputes arising from and in connection with this Agreement shall be settled through consultations among the Parties involved, and if the Parties involved fail to reach an agreement regarding such a dispute within thirty (30) days of its
occurrence, such dispute shall be submitted to China International Economic and Trade Arbitration Commission for arbitration in accordance with the arbitration rules of such commission, and the arbitration award shall be final and binding on all the
Parties involved. 

9.4 Any rights, powers and remedies empowered to any Party by any provisions herein shall not preclude any other rights, powers and remedies enjoyed by such Party in accordance with laws and other provisions under this Agreement, and a Party’s
exercise of any of its rights, powers and remedies shall not preclude its exercise of other rights, powers and remedies of it. 

9.5 Any failure or delay by a Party in exercising any of its rights, powers and remedies hereunder or in accordance with the laws (the “PARTY’S RIGHTS”) shall not lead to a waiver of such rights, and the waiver of any single or
partial exercise of the Party’s Rights shall not preclude such Party from exercising such rights in any other way or exercising the remaining part of the Party’s Rights. 

9.6 The titles of the articles contained herein are for reference only, and in no circumstances shall such titles be used for or affect the interpretation of the provisions 

9.7 Each provision contained herein shall be severable and independent from each of other provisions. If at any time any one or more articles herein become invalid, illegal or unenforceable, the validity, legality or enforceability of the remaining
provisions herein shall not be affected thereby. 

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Shareholders’ Voting Rights Proxy Agreement 

9.8 Upon execution, this Agreement shall replace any other previous legal documents entered into by relevant Parties on the same subject matter.  

9.9 Any amendments or supplements to this Agreement shall be made in writing and shall take effect only when properly signed by the Parties to this Agreement. Notwithstanding the preceding sentence, considering that the rights and obligations of
each Target Company and its Shareholders are independent and severable from each other, in case that the amendment or supplement to this Agreement is intended to have impact upon one of the Target Companies and its Shareholders, such amendment or
supplement requires only the approval of BOAN, the Target Company and its Shareholder while no consent is necessary from other Target Companies and their Shareholders (to the extent that the amendment or supplement does not have impact upon such
other Shareholders). 

9.10 In respect of the Shareholder and the Target Company, they shall not assign any of their rights and/or transfer any of their obligations hereunder to any third parties without prior written consent from BOAN; BOAN shall have the right to assign
any of its rights and/or transfer any of its obligations hereunder to any third parties designated by it after giving notice to the Shareholders. 

9.11 This Agreement shall be binding on the legal successors of the Parties. 

9.12 The rights and obligations of the Target Companies are severable and independent, performance of this Agreement by any Shareholder and any Target Company shall not affect the performance by other Shareholders and other Target Companies. 

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Shareholders’ Voting Rights Proxy Agreement 

9.13 Notwithstanding any provision to the contrary in this Agreement, new companies other than the Target Companies and their shareholder(s) can be included as one party to this Agreement by signing the Acknowledgement Letter in the form of Appendix
I to this Agreement. The new companies shall enjoy the same rights and assume the same obligations as other Target Companies; the shareholder(s) of the new companies shall enjoy the same rights and assume obligations as the other Shareholders hereunder. Since the rights and obligations of the Target Company and its Shareholder(s) under the Agreement are severable and independent, the participation
of the new target companies and their shareholders will not affect the rights and obligations of the original Target Company and its Shareholders, the participation of the new target companies only requires confirmation of BOAN by signing the
Acknowledgement Letter. Each of the Target Companies hereby irrevocably and unconditionally agrees to the participation of the new companies and their shareholders, and further confirms that the shareholder(s) of any new target company can entrust
the Trustees to exercise the voting rights according to the terms of this Agreement not necessarily with consent of the original Target Companies or their relevant Shareholder(s). 

[The remainder of this page is left blank] 

 

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Shareholders’ Voting Rights Proxy Agreement 

IN WITNESS HEREOF, the following Parties have caused this Shareholders’ Voting
Rights Proxy Agreement to be executed as of the date and in the place first here
above mentioned. 

Yixiang Zhang (Signature): 

Ning Liu (Signature): 

Xingwang Pu (Signature): 

Wenhui Shao (Signature): 

Bing Fang (Signature): 

 

Chengdu BOAN Investment Management Co., Ltd (Company Chop) 

Signed by: 

Name: 

Position: Authorized Representative 

 

Sichuan SHESAYS Cosmetology Hospital Co., Ltd (Company Chop) 

Signed by: 

Name: 

Position: Authorized Representative 

   15

Shareholders’ Voting Rights Proxy Agreement 

APPENDIX I                            

ACKNOWLEDGEMENT LETTER

      [•] (identity card number: ________[•]____________)/[•] limited liability company (registered address: _____[•]_______________) ("PARTICIPATING SHAREHOLDER") and [-] limited liability company
(registered address: _________[•]___________) ("PARTICIPATING TARGET COMPANY") hereby agree to participate each as an independent contract party in the Shareholders' Voting Rights Proxy Agreement dated April 27, 2010 among
Chengdu BOAN Investment Management Co., Ltd (“BOAN”) and other relevant parties ("PROXY AGREEMENT"). Participating Shareholder and Participating Target Company agree to entrust the Trustees designated by BOAN to exercise the voting rights
in the Participating Target Company in respect of [•]% of the equity interest in the registered capital of the Participating Target Company held by the Participating Shareholder as of the date of the Acknowledgement Letter, on behalf of the
Participating Shareholder. 

     Once this Acknowledgement Letter is executed by the Participating Shareholder and the Participating Target Company, Participating Shareholder and the Participating Target Company shall be deemed to have made the same undertakings and warranties
with those of the Shareholders and the Target Companies under the Proxy Agreement, agreed to respectively perform the obligations of the Shareholders and the Target Companies stipulated in the Proxy Agreement, and acknowledged the rights and
obligations of the Parties under the Proxy Agreement. 

[EXECUTION PAGE] 

[NAME OF PARTICIPATING SHAREHOLDERS]   

(Company chop) 

Signature by : _____[•]________
 

   16

Shareholders’ Voting Rights Proxy Agreement 

Name: [•] 

Position: Authorized Representative] 

[NAME OF PARTICIPATING TARGET COMPANY] 

(Company chop) 

Signature by : _____[•]________
 Name: [•] 

Position: Authorized Representative 

Chengdu BOAN Investment Management Co., Ltd (Company Chop) 

Signed by: 

Name:  

Position: Authorized Representative 

   17China SHESAYS Medical Cosmetology Inc.: Exhibit 10.5 - Filed by
   newsfilecorp.com

Exhibit 10.5

EQUITY PLEDGE AGREEMENT 

EQUITY PLEDGE AGREEMENT  

AMONG 

Yixiang Zhang, Ning Liu, Xingwang Pu, Wenhui Shao, Bing Fang

Chengdu BOAN Investment Management Co., Ltd 

And 

Sichuan SHESAYS Cosmetology Hospital Co., Ltd 

April 27, 2010 

EQUITY PLEDGE AGREEMENT 

EQUITY PLEDGE AGREEMENT 

This EQUITY PLEDGE AGREEMENT (hereinafter, this "AGREEMENT") is
entered into in the People's Republic of China (hereinafter, "PRC") as of April
27, 2010 by and among the following Parties: 

(1) Yixiang Zhang, P.R.C; 

(2) Ning Liu, P.R.C; 

(3) Xingwang Pu, P.R.C; 

(4) Wenhui Shao, P.R.C; 

(5) Bing Fang, P.R.C; 

(6) Chengdu BOAN Investment Management Co., Ltd (“BOAN”), a
company of limited liabilities incorporated under the laws of P. R. China, with
its legal address at New No.83, Xinnan Road, Chengdu, Sichuan Province, P.R.C;

(7) Sichuan SHESAYS Cosmetology Hospital Co., Ltd (“SHESAYS”),
a company of limited liabilities incorporated under the laws of P. R. China,
with its legal address at New No.83, Xinnan Road, Wuhou District, Chengdu,
Sichuan Province, P.R.C; and 

(8) Subsidiaries, if any, from time to time, of
SHESAYS("SHESAYS SUBSIDIARIES) 

(The above Parties hereinafter each referred to as a "PARTY"
individually, and collectively, the "PARTIES". Among them, Yixiang Zhang, Ning
Liu , Xingwang Pu, Wenhui Shao and Bing Fang hereinafter referred to as an
"INDIVIDUAL PLEDGOR" individually, and collectively, the "INDIVIDUAL PLEDGORS";
the Individual Pledgor and SHESAYS hereinafter referred to as a "PLEDGOR" individually, and collectively, the "PLEDGORS"; BOAN hereinafter referred to as a "PLEDGEE".) 

EQUITY PLEDGE AGREEMENT 

WHEREAS:  

(1) As of the date of this Agreement,Yixiang Zhang, Ning Liu , Xingwang Pu, Wenhui Shao and Bing Fang are the registered shareholders of SHESAYS, legally holding all equity interests of SHESAYS, of which Yixiang Zhang holding 45% interest, Ning Liu
holding 15%, Xingwang Pu holding 15%, Wenhui Shao holding 15% and Bing Fang holding 10%.  

(2) As SHESAYS is preparing to establish the cosmetology hospitals in various locations in China, SHESAYS shall hold all or part of the equity interests of   SHESAYS SUBSIDIARIES. 

(3) Pursuant to the Call Option Agreement dated as of April 27, 2010 among BOAN, the Pledgors and the Target Companies (as defined below) (hereinafter, the "CALL OPTION AGREEMENT"), the Pledgors shall transfer part or all of the equity interests of
the Target Companies to BOAN and/or any other entity or individual designated by BOAN at the request of the BOAN. 

(4) Pursuant to the Shareholders' Voting Right Proxy Agreement dated as of April 27, 2010 among BOAN, the Target Company and the Pledgors (hereinafter, the "PROXY AGREEMENT"), Pledgors have already irrevocably entrusted the personnel designated by
BOAN then with full power to exercise on their behalf all of their shareholders' voting rights in respect of the relevant Target Companies. 

(5) Pursuant to the Exclusive Service Agreement dated as of April 27, 2010 among BOAN, the Target Companies and the shareholders of SHESAYS (hereinafter, the "SERVICE AGREEMENT"), the Target Companies have already engaged BOAN exclusively to provide
them with relevant management and consultation and other services, for which the Target Companies will respectively pay BOAN services accordingly. 

EQUITY PLEDGE AGREEMENT 

(6) As security for performance by the Pledgors of the Contract
Obligations (as defined below) and repayment of the Guaranteed Liabilities (as
defined below), the Pledgors agree to pledge all of their equity interests in
the Target Company to the Pledgee and grant the Pledgee the right to request for
repayment in first priority and the Target Companies agree such equity pledge
arrangement. 

THEREFORE, the Parties hereby have reached the following
agreement upon mutual consultations: 

ARTICLE 1 DEFINITION 

1.1 Except as otherwise construed in the context, the following
terms in this Agreement shall be interpreted to have the following meanings:

"CONTRACT OBLIGATIONS" shall mean all contractual obligations
of a Pledgor under the Call Option Agreement and Proxy Agreement; all
contractual obligations of a Target Company under the Service Agreement, the
Call Option Agreement, the Proxy Agreement and all contractual obligations of a
Pledgor under this Agreement. 

"TARGET COMPANY" shall mean , to Yixiang Zhang, Ning Liu ,
Xingwang Pu, Wenhui Shao and Bing Fang, SHESAYS; and to SHESAYS, SHESAYS
SUBSIDIARIES. 

"GUARANTEED LIABILITIES" shall mean all direct, indirect and
consequential losses and losses of foreseeable profits suffered by Pledgee due
to any Breaching Event (as defined below) a Pledgor and/or a Target Company, and
all fees incurred by Pledgee for the enforcement of the Contractual Obligations
of a Pledgor and/or a Target Company. 

"TRANSACTION AGREEMENTS" shall mean the Exclusive Service
Agreement, Call Option Agreement and the Proxy Agreement in respect of a
Pledgor; the Exclusive Service Agreement, and Proxy Agreement in respect of a
Target Company. 

EQUITY PLEDGE AGREEMENT 

"BREACHING EVENT" shall mean any breach by either Pledgor of
its Contract Obligations under the Exclusive Service Agreement, the Proxy
Agreement, Call Option Agreement or this Agreement; any breach by a Target
Company of its Contract Obligations under the Exclusive Service Agreement, Call
Option Agreement and/or Proxy Agreement. 

"PLEDGED PROPERTY" shall mean (1) in respect of Yixiang Zhang,
Ning Liu , Xingwang Pu, Wenhui Shao and Bing Fang, all of the equity interests
in SHESAYS which are legally owned by them as of the effective date hereof and
is to be pledges by them to the Pledgee according to provisions hereof as the
security for the performance by them and SHESAYS of their Contractual
Obligations, and the increased capital contribution and equity interest
described in Articles 2.6 and 2.7 hereof; (2) in respect of SHESAYS, all of the
equity interest in the SHESAYS SUBSIDIARIES, from time to time, which is legally
owned by it as of the effective date hereof and any effective date of the
Acknowledgement Letter in the form provided in Appendix II to this Agreement and
is to be pledged to the Pledgee by it according to provisions hereof as the
security for the performance of the Contractual Obligations by it and SHESAYS
SUBSIDIARIES, from time to time,, and the increased capital contribution and
equity interest described in Articles 2.6 and 2.7 hereof. 

"PRC LAW" shall mean the then valid laws, administrative
regulations, administrative rules, local regulations, judicial interpretations
and other binding regulatory documents of the People's Republic of China. 

1.2 The references to any PRC Law herein shall be deemed: 

(1) to include the references to the amendments, changes,
supplements and reenactments of such law, irrespective of whether they take
effect before or after the formation of this Agreement; and 

(2) to include the references to other decisions, notices or
regulations enacted in accordance therewith or effective as a result thereof.

EQUITY PLEDGE AGREEMENT 

1.3 Except as otherwise stated in the context herein, all
references to an article, clause, item or paragraph shall refer to the relevant
part of this Agreement. 

ARTICLE 2 EQUITY PLEDGE 

2.1 Each Pledgor hereby agrees to pledge the Pledged Property,
which it legally owns and has the right to dispose of, to the Pledgee according
to the provisions hereof as the security for the performance of the Contract
Obligations and the repayment of the Guaranteed Liabilities. Each Target Company
hereby agrees that the Pledgors legally holding equity interest in it to pledge
the Pledged Property to the Pledgee according to the provisions hereof. 

2.2 Each Pledgor hereby undertakes that it will be responsible
for, recording the arrangement of the equity pledge hereunder (hereinafter, the
"EQUITY PLEDGE") on the shareholder register of each Target Company on the date
hereof, and will do its best endeavor to make registration with registration
authorities of industry and commerce of each Target Company. Each Target Company
respectively undertakes that it will do its best to cooperate with the Pledgors
to complete the registration with authorities of industry and commerce under
this Article. 

2.3 During the valid term of this Agreement, except for the
willful misconduct or gross negligence of the Pledgee which has direct cause and
effect relationship to the reduction in value of the Pledged Property, Pledgee
shall not be liable in any way to, nor shall Pledgors have any right to claim in
any way or propose any demands on the Pledgee, in respect of the said reduction
in value of the Pledged Property. 

2.4 To the extent not violating provision of Article 2.3 above,
in case of any possibility of obvious reduction in value of the Pledged Property
which is sufficient to jeopardize Pledgee's rights, Pledgee may at any time
auction or sell off the Pledged Property on behalf of Pledgors, and discuss with
the Pledgors to use the proceeds from such auction or sale-off as pre-repayment
of the Guaranteed Liabilities, or may submit such proceeds to the local notary
institution where the Pledgee are domiciled (any fees incurred in relation
thereto shall be borne by Pledgors). 

EQUITY PLEDGE AGREEMENT 

2.5 BOAN as a Pledgee shall be deemed to have created the
encumbrance of first order in priority on the Pledged Property, and in case of
any Breaching Event, Pledgee shall have the right to dispose the Pledged
Property in the way set out in Article 4 hereof. 

2.6 Only upon prior consent by the Pledgee shall the Pledgors
be able to increase their capital contribution to any or all of the Target
Companies. Further capital contribution made by Pledgor (s) in the Target
Company shall also be part of the Pledged Property. 

2.7 Only upon prior written consent by the Pledgee shall the
Pledgors be able to receive dividends or share profits from the Pledged
Property. The dividends or the profits received by the Pledgors from the Pledged
Property shall be deposited into the Pledgee's bank account designated by the
Pledgee respectively, to be under the supervision of the Pledgee and used as the
Pledged Property to repay in priority the Guaranteed Liabilities. 

2.8 Yixiang Zhang, Ning Liu , Xingwang Pu, Wenhui Shao and Bing
Fang agree to bear joint liabilities respectively to the Pledgee upon occurrence
of any Breaching Event on the part of SHESAYS and the Pledgee shall have the
right, upon occurrence of the Breaching Event, to dispose any Pledged Property
of any Pledgors in accordance with the provisions hereof. 

ARTICLE 3 RELEASE OF PLEDGE 

In respect of equity interest of any Target Company, upon full
and complete performance by relevant Pledgors of all of their Contractual
Obligations, the Pledgee shall, at the request of relevant Pledgors, release the
pledge created on such Target Company under this Agreement, and shall cooperate
with relevant Pledgors to go through the formalities to cancel the record of the
Equity Pledge in the shareholder register of the relevant Target Company, with
the reasonable fees incurred in connection with such release to be borne by the
Pledgee with the same proportion. 

EQUITY PLEDGE AGREEMENT 

ARTICLE 4 DISPOSAL OF THE PLEDGED PROPERTY 

4.1 The Pledgors, the Target Companies and the Pledgee hereby
agree that, in case of any Breaching Event, the Pledgee shall have the right to
exercise, upon giving written notice to the Pledgors, all of the remedial rights
and powers enjoyable by them under the PRC Law, including but not limited to
being repayment in priority with proceeds from auctions or sale-offs of the
Pledged Property. The Pledgee shall not be liable for any loss as the result of
their reasonable exercise of such rights and powers. 

4.2 Pledgee shall have the right to designate in writing its
legal counsel or other agents to exercise on their respective behalf any and all
rights and powers set out above, and neither Pledgors nor Target Companies shall
oppose thereto. 

4.3 The reasonable costs incurred by Pledgee in connection with
their exercise of any and all rights and powers set out above shall be borne by
Pledgors, and Pledgee shall have the right to deduct the costs actually incurred
from the proceeds that they acquire from the exercise of the rights and powers.

4.4 The proceeds that Pledgee acquires from the exercise of
their respective rights and powers shall be used in the priority order as
follows: 

First, to pay any cost incurred in connection with the disposal
of the Pledged Property and the exercise by Pledgee of their respective rights
and powers (including remuneration paid to their respective legal counsels and
agents); 

Second, to pay any taxes and levies payable for the disposal of
the Pledged Property; and 

Third, to repay Pledgee for the Guaranteed Liabilities. 

In case of any balance after payment of the above amounts,
Pledgee shall return the same to Pledgors or other persons entitled thereto
according to the relevant laws and rules or submit the same to the local notary
institution where Pledgee are domiciled (any fees incurred in relation thereto
shall be borne by Pledgors). 

EQUITY PLEDGE AGREEMENT 

4.5 The Pledgee shall have the option to exercise,
simultaneously or in certain sequence, any of the remedies at breaching that it
is entitled to in respect of the equity interest of any Target Company held by
any Pledgor; the Pledgee shall not be obliged to exercise other remedies at
breaching before their exercise of the right to the auctions or sale-offs of the
Pledged Property hereunder. The Pledgors or Target Companies shall not oppose to
whether the Pledgee exercises any part of the right to the pledge or the
sequence of exercising the pledged interest. 

ARTICLE 5 FEES AND COSTS 

All costs actually incurred in connection with the
establishment of the Equity Pledge hereunder, including but not limited to stamp
duties, any other taxes, all legal fees, etc shall be borne by Pledgee with the
same proportion. 

ARTICLE 6 CONTINUITY AND NO WAIVE 

The Equity Pledge hereunder is a continuous guarantee, with its
validity to continue until the full performance of the Contractual Obligations
or the full repayment of the Guaranteed Liabilities. Neither exemption or grace
period granted by Pledgee to Pledgors in respect of their breach, nor delay by
Pledgee in exercising any of its rights under this Agreement shall affect the
rights of Pledgee under this Agreement, relevant PRC Law, the rights of Pledgee
to demand at anytime thereafter the strict performance of this Agreement by
Pledgors or the rights Pledgee may be entitled to due to subsequent breach by
Pledgors of the obligations under this Agreement. 

ARTICLE 7 REPRESENTATIONS AND WARRANTIES BY PLEDGORS 

Each of Pledgors hereby, in respect of itself and Target
Company in which it holds equity interest, represents and warrants to Pledgee as
follows: 

7.1 Each Individual Pledgor is a PRC citizen with full capacity
of disposition and has obtained due authorization to execute, deliver and
perform this Agreement and can independently be a subject of actions; SHESAYS is
a limited liability corporation duly incorporated and validly existing under the PRC Law, has
full right and authorization to execute and deliver this Agreement and other
documents relating to the transaction as stipulated in this Agreement and to be
executed by them. It also has full right and authorization to complete the
transaction stipulated in this Agreement. 

EQUITY PLEDGE AGREEMENT 

7.2 Each Target Company is a limited liability corporation duly
incorporated and validly existing under the PRC Law, it has independent status
as a legal person; it has full and independent legal status and capacity to
execute, deliver and perform this Agreement and can independently be a subject
of actions. It has full right and authorization to execute and deliver this
Agreement and other documents relating to the transaction as stipulated in this
Agreement and to be executed by them. It also has full right and authorization
to complete the transaction stipulated in this Agreement. 

7.3 All reports, documents and information concerning Pledgors
and all matters as required by this Agreement which are provided by Pledgors to
Pledgee before this Agreement comes into effect are true, correct and effective
in all material aspects as of the execution hereof. 

7.4 At the time of the effectiveness of this Agreement,
Pledgors are the sole legal owner of the Pledged Property, with no existing
dispute whatever concerning the ownership of the Pledged Property. Pledgors have
the right to dispose of the Pledged Property or any part thereof. 

7.5 Except for the encumbrance set on the Pledged Property
hereunder and the rights set under the Transaction Agreements, there is no other
encumbrance or third party interest set on the Pledged Property. 

7.6 The Pledged Property is capable of being pledged or
transferred according to the laws, and Pledgors have the full right and power to
pledge the Pledged Property to Pledgee according to this Agreement. 

7.7 This Agreement constitutes the legal, valid and binding
obligations on Pledgors when it is duly executed by Pledgors. 

EQUITY PLEDGE AGREEMENT 

7.8 Any consent, permission, waive or authorization by any
third person, or any approval, permission or exemption by any government
authority, or any registration or filing formalities (if required by laws) with
any government authority to be handled or obtained in respect of the execution
and performance hereof and the Equity Pledge hereunder have already been handled
or obtained, and will be fully effective during the valid term of this
Agreement. 

7.9 The execution and performance by Pledgors of this Agreement
are not in violation of or conflict with any laws applicable to them, or any
agreement to which they are a party or which has binding effect on their assets,
any court judgment, any arbitration award, or any administration authority
decision. 

7.10 The pledge hereunder constitutes the encumbrance of first
order in priority on the Pledged Property. 

7.11 All taxes and fees payable in connection with acquisition
of the Pledged Property have already been paid in full amount by Pledgors. 

7.12 There is no pending or, to the knowledge of Pledgors,
threatened litigation, legal process or demand by any court or any arbitral
tribunal against Pledgors, or their property, or the Pledged Property, nor is
there any pending or, to the knowledge of Pledgors, threatened litigation, legal
process or demand by any government authority or any administration authority
against Pledgors, or their property, or the Pledged Property, which is of
material or detrimental effect on the economic status of Pledgors or their
capability to perform the obligations hereunder and the Guaranteed Liabilities.

7.13 Pledgors hereby warrant to Pledgee that the above
representations and warranties will remain true, correct and effective at any
time and under any circumstance before the Contractual Obligations are fully
performed or the Guaranteed Liabilities are fully repaid, and will be fully
complied with. 

EQUITY PLEDGE AGREEMENT 

ARTICLE 8 REPRESENTATIONS AND WARRANTIES BY TARGET COMPANY

Each Target Company hereby individually represents and warrants
to Pledgee as follows: 

8.1 Each Target Company is a limited liability corporation duly
incorporated and validly existing under the PRC Law, with full capacity of
disposition and has obtained due authorization to execute, deliver and perform
this Agreement and can independently be a subject of actions. 

8.2 All reports, documents and information concerning Pledged
Property and all matters as required by this Agreement which are provided by
Target Company to Pledgee before this Agreement comes into effect are true,
correct and effective in all material aspects as of the execution hereof. 

8.3 All reports, documents and information concerning Pledged
Property and all matters as required by this Agreement which are provided by
Target Company to Pledgee after this Agreement comes into effect are true,
correct and effective in all material aspects upon provision. 

8.4 This Agreement constitutes the legal, valid and binding
obligations on Target Company when it is duly executed by Target Company. 

8.5 It has full right and authorization to execute and deliver
this Agreement and other documents relating to the transaction as stipulated in
this Agreement and to be executed by them. It also has full right and
authorization to complete the transaction stipulated in this Agreement. 

8.6 There is no pending or, to the knowledge of Target Company,
threatened litigation, legal process or demand by any court or any arbitral
tribunal against Target Company, or their property (including but are not
limited to the Pledged Property), nor is there any pending or, to the knowledge
of Target Company, threatened litigation, legal process or demand by any
government authority or any administration authority against Target Company, or
their property (including but are not limited to the Pledged Property), which is
of material or detrimental effect on the economic status of Target Company or their capability to perform the obligations
hereunder and the Guaranteed Liabilities. 

EQUITY PLEDGE AGREEMENT 

8.7 Each Target Company hereby agree to bear joint
responsibilities to Pledgee in respect of the representations and Warranties
made by its relevant Pledgor according to Article 7.5, Article 7.6, Article 7.7,
Article 7.9 and Article 7.11 hereof. 

8.8 Target Company hereby warrant to Pledgee that the above
representations and warranties will remain true, correct and effective at any
time and under any circumstance before the Contractual Obligations are fully
performed or the Guaranteed Liabilities are fully repaid, and will be fully
complied with. 

ARTICLE 9 UNDERTAKINGS BY PLEDGORS 

Each of the Pledgors hereby individually undertakes to Pledgee
in respect of it and its Target Company of which it holds equity as follows:

9.1 Without the prior written consent by Pledgee, Pledgors
shall not establish or permit to establish any new pledge or any other
encumbrance on the Pledged Property. 

9.2 Without first giving written notice to Pledgee and having
Pledgee's prior written consent, Pledgors shall not transfer the Pledged
Property, and any attempt by Pledgors to transfer the Pledged Property shall be
null and void. The proceeds from transfer of the Pledged Property by Pledgors
shall be used to repay to Pledgee in advance the Guaranteed Liabilities or
submit the same to the third party agreed with Pledgee. 

9.3 In case of any litigation, arbitration or other demand
which may affect detrimentally the interest of Pledgors or Pledgee under the
Transaction Agreements and hereunder or the Pledged Property, Pledgors undertake
to notify Pledgee thereof in writing as soon as possible and promptly and shall
take, at the reasonable request of Pledgee, all necessary measures to ensure the
pledge interest of Pledgee in the Pledged Property. 

EQUITY PLEDGE AGREEMENT 

9.4 Pledgors shall not carry on or permit any act or action
which may affect detrimentally the interest of Pledgee under the Transaction
Agreements and hereunder or the Pledged Property. 

9.5 Pledgors guarantee that they shall, at the reasonable
request of Pledgee, take all necessary measures and execute all necessary
documents (including but not limited to supplementary agreement hereof) in
respect of ensuring the pledge interest of Pledgee in the Pledged Property and
the exercise and realization of the rights thereof. 

9.6 In case of assignment of any Pledged Property as the result
of the exercise of the right to the pledge hereunder, Pledgors guarantee that
they will take all necessary measures to realize such assignment. 

9.7 Yixiang Zhang, Ning Liu , Xingwang Pu, Wenhui Shao and Bing
Fang undertake individually to bear joint responsibilities with the other party
if the performance of the Article 9 thereof of the other Party refers to
SHESAYS; and SHESAYS undertake individually to bear joint responsibilities with
the other party if the performance of Article 9 thereof of the other party
refers to any Target Company which is one of SHESAYS SUBSIDIARIES. 

ARTICLE 10 UNDERTAKINGS BY TARGET COMPANY 

10.1 Any consent, permission, waive or authorization by any
third person, or any approval, permission or exemption by any government
authority, or any registration or filing formalities (if required by laws) with
any government authority to be handled or obtained in respect of the execution
and performance hereof and the Equity Pledge hereunder will be cooperated to
handle or obtain by Target Company to their best efforts and will be ensured to
remain full effective during the valid term of this Agreement. 

10.2 Without the prior written consent of Pledgee, Target
Company shall not cooperate to establish or permit to establish any new pledge
or any other encumbrance on the Pledged Property. 

EQUITY PLEDGE AGREEMENT 

10.3 Without having Pledgee's prior written consent, Target
Company shall not cooperate to transfer or permit to transfer the Pledged
Property. 

10.4 In case of any litigation, arbitration or other demand
which may affect detrimentally the interest of Target Company or Pledgee under
the Transaction Agreements and hereunder or the equity of Target Company as the
Pledged Property, Target Company undertake to notify Pledgee thereof in writing
promptly and shall take, at the reasonable request of Pledgee, all necessary
measures to ensure the pledge interest of Pledgee in the Pledged Property. 

10.5 Target Company shall not carry on or permit any act or
action which may affect detrimentally the interest of Pledgee under the
Transaction Agreements and hereunder or the Pledged Property. 

10.6 Target Company shall provide Pledgee with the financial
statement of the last calendar season within the first month of each calendar
season, including but not limited to the balance sheet, the income statement and
the statement of cash flow. 

10.7 Target Company guarantee that they shall, at the
reasonable request of Pledgee, take all necessary measures and execute all
necessary documents (including but not limited to supplementary agreement
hereof) in respect of ensuring the pledge interest of Pledgee in the Pledged
Property and the exercise and realization of the rights thereof. 

10.8 In case of assignment of any Pledged Property as the
result of the exercise of the right to the pledge hereunder, Target Company
guarantee that they will take all necessary measures to realize such assignment.

ARTICLE 11 ENCUMBRANCE OF FIRST ORDER IN PRIORITY 

11.1 BOAN has the encumbrance of first order in priority on any
and all Pledged Property. Pursuant to the stipulations of the Transaction
Agreement, any Breaching Event under any Transaction Agreement shall result in
the occurrence of Breaching Event under other Transaction Agreement, BOAN shall
claim the pledged interest hereunder to Pledgor relevant to the Breaching Event, and be
repaid in priority in the proportion of their respective security amount from
the proceeds obtained according to the disposal of Pledged Property stipulated
in Article 4 hereof. 

EQUITY PLEDGE AGREEMENT 

ARTICLE 12 CHANGE OF CIRCUMSTANCES 

As supplement and subject to compliance with other terms of
the Transaction Agreements and this Agreement, in case that at any time the
promulgation or change of any PRC Law, regulations or rules, or change in
interpretation or application of such laws, regulations and rules, or the change
of the relevant registration procedures enables Pledgee to believe that it will
be illegal or in conflict with such laws, regulations or rules to further
maintain the effectiveness of this Agreement and/or dispose of the Pledged
Property in the way provided herein, Pledgors and Target Company shall, at the
written direction of Pledgee and in accordance with the reasonable request of
Pledgee, promptly take actions and/or execute any agreement or other document,
in order to: 

(1) keep this Agreement remain in effect; 

(2) facilitate the disposal of the Pledged Property in the way
provided herein; and/or 

(3) maintain or realize the intention or the guarantee
established hereunder. 

ARTICLE 13 EFFECTIVENESS AND TERM OF THIS AGREEMENT 

13.1 This Agreement shall become effective upon the
satisfaction of all of the following conditions in respect of any Target Company
and any Pledgor who holds the equity of the Target Company: 

(1) this Agreement is duly executed by Pledgors, the Target
Company and the Pledgors who pledge the equity of the Target Company; and 

(2) the Equity Pledge hereunder has been legally recorded in
the shareholders' register of the Target Company. 

EQUITY PLEDGE AGREEMENT 

Pledgors shall provide the registration certification of the
Equity Pledge being recorded in the shareholders' register as mentioned above to
Pledgee in a way satisfactory to Pledgee. 

13.2 This Agreement shall have its valid term until the full
performance of the Contractual Obligations or the full repayment of the
Guaranteed Liabilities. 

ARTICLE 14 NOTICE 

14.1 Any notice, request, demand and other correspondences made
as required by or in accordance with this Agreement shall be made in writing and
delivered to the relevant Party. 

14.2 The abovementioned notice or other correspondences shall
be deemed to have been delivered when it is transmitted if transmitted by
facsimile or telex; it shall be deemed to have been delivered when it is
delivered if delivered in person; it shall be deemed to have been delivered five
(5) days after posting the same if posted by mail. 

ARTICLE 15 MISCELLANEOUS 

15.1 Pledgee may, upon notice to Pledgors but not necessarily
with Pledgors' consent, assign Pledgee's rights and/or obligations hereunder to
any third party; provided that Pledgors may not, without Pledgee's prior written
consent, assign Pledgors' rights, obligations and/or liabilities hereunder to
any third party. Successors or permitted assignees (if any) of Pledgors shall
continue to perform the obligations of Pledgors under this Agreement. 

15.2 This Agreement shall be prepared in the Chinese language
in seven (7) original copies, with each involved Party holding one (1). 

15.3 The formation, validity, execution, amendment,
interpretation and termination of this Agreement shall be subject to the PRC
Law. 

EQUITY PLEDGE AGREEMENT

15.4 Any disputes arising hereunder and in connection herewith
shall be settled through consultations among the Parties, and if the Parties
cannot reach an agreement regarding such disputes within thirty (30) days of
their occurrence, such disputes shall be submitted to China International
Economic and Trade Arbitration Commission for arbitration in accordance with the
arbitration rules of such Commission, and the arbitration award shall be final
and binding on all Parties. 

15.5 Any rights, powers and remedies empowered to any Party by
any provisions herein shall not preclude any other rights, powers and remedies
enjoyed by such Party in accordance with laws and other provisions under this
Agreement, and the exercise of its rights, powers and remedies by a Party shall
not preclude its exercise of its other rights, powers and remedies by such
Party. 

15.6 Any failure or delay by a Party in exercising any of its
rights, powers and remedies hereunder or in accordance with laws (hereinafter,
the "PARTY'S RIGHTS") shall not lead to a waiver of such rights, and the waiver
of any single or partial exercise of the Party's Rights shall not preclude such
Party from exercising such rights in any other way and exercising the remaining
part of the Party's Rights. 

15.7 The titles of the Articles contained herein shall be for
reference only, and in no circumstances shall such titles be used in or affect
the interpretation of the provisions hereof. 

15.8 Each provision contained herein shall be severable and
independent from each of other provisions, and if at any time any one or more
articles herein become invalid, illegal or unenforceable, the validity, legality
or enforceability of the remaining provisions herein shall not be affected as a
result thereof. 

15.9 This Agreement shall substitute any other documents on the
same subject executed by relevant Parties hereof once duly executed. 

15.10 Any amendments or supplements to this Agreement shall be
made in writing. Except for assignment by Pledgee of its rights hereunder
according to Article 15.1 of this Agreement, the amendments or supplements to
this Agreement shall take effect only when properly signed by the Parties to this Agreement.
Notwithstanding the preceding sentence, considering the rights and obligations
of Target Company and Pledgors are severable and independent, in case the
amendment or supplement is intended to have impact upon one Party of the Target
Company and part of the Pledgors who hold the equity interest, the amendment or
supplement requires the consent by the Target Company and the part of the
Pledgors only and it is not required to obtain the consent of other Target
Company and other Pledgors (to the extent the amendment or supplement does not
have impact upon such Pledgor). 

EQUITY PLEDGE AGREEMENT 

15.11 This Agreement shall be binding on the legal successors
of the Parties. 

15.12 At the time of execution hereof, each of Pledgors shall
sign respectively a power of attorney (as set out in Appendix I hereto,
hereinafter, the "POWER OF ATTORNEY") to authorize any person designated by BOAN
to sign on its behalf according to this Agreement any and all legal documents
necessary for the exercise by Pledgee of BOAN's rights hereunder. Such Power of
Attorney shall be delivered to BOAN to keep in custody and, when necessary, BOAN
may at any time submit the Power of Attorney to the relevant government
authority. 

15.13 Notwithstanding any provision to the contrary in this
Agreement, new companies except the Target Company and its shareholders can be
included as one party of this Agreement by executing the Acknowledgement Letter
in the form of Appendix II to this Agreement. The new companies shall enjoy the
same rights and obligations as other Target Companies; the shareholders of the
new companies shall enjoy the same rights and obligations as other Pledgors
hereunder. Considering that the rights and obligations of the Target Company and
relevant Pledgors under the Agreement are severable and independent, the
participation of the new target companies and their shareholders will not affect
the rights and obligations of the original Target Company and relevant Pledgors,
the participation of the new target companies only requires confirmation of BOAN
by signature. Each of the Target Company hereby irrevocably and unconditionally
agree the participation of the new companies and their shareholders and further
confirm that shareholders of any new target companies can pledge their equity of
the new target companies to BOAN according to the stipulation of this Agreement not necessarily
with consent of the original Target Company or their relevant Pledgors. 

EQUITY PLEDGE AGREEMENT 

[The remainder of this page is left blank] 

 

(EXECUTION PAGE) 

IN WITNESS HEREOF, the following Parties have caused this
Equity Pledge Agreement to be executed as of the date and in the place first
here abovementioned. 

Yixiang Zhang (Signature): 

Ning Liu (Signature): 

Xingwang Pu (Signature): 

Wenhui Shao (Signature): 

Bing Fang (Signature): 

 

Chengdu BOAN Investment Management Co., Ltd (Company Chop) 

Signed by: 

Name: 

Position: Authorized Representative 

 

Sichuan SHESAYS Cosmetology Hospital Co., Ltd (Company Chop)

Signed by: 

Name: 

Position: Authorized Representative

EQUITY PLEDGE AGREEMENT 

APPENDIX I 

FORMAT OF THE POWER OF ATTORNEY 

I/The company, ____[•]________, hereby entrusts
____[•]________, [with his/her identity card number _______[•]_____,] to be
my/the company's authorized trustee to sign on my/the company's behalf all legal
documents necessary or desirous for Chengdu BOAN Investment Management Co., Ltd
(the “BOAN”) to exercise their rights under the Equity Pledge Agreement between
them dated as of April 27, 2010, myself/our company and local cosmetology
hospital. 

Signature: [•] 

Date: [•] 

EQUITY PLEDGE AGREEMENT 

APPENDIX II 

ACKNOWLEDGEMENT LETTER 

[•] (identity card number: ______[•]______________)/[•] limited
liability company (registered address: _________[•]___________)(hereinafter,
"PARTICIPATED PLEDGOR") and [•] limited liability company (registered address:
_________[•]___________) (hereinafter, "PARTICIPATED TARGET COMPANY") hereby
agree to participate in Equity Pledge Agreement dated on April 27, 2010 between
Chengdu BOAN Investment Management Co., Ltd (hereinafter "BOAN"), and other
relevant parties (hereinafter, "EQUITY PLEDGE AGREEMENT") as an independent
contract party. Participated Pledgors and Participated Target Companies pledge
the equity of the Participated Target Companies which constitute [•]% of the
registered capital of the Participated Target Companies to BOAN as the date of
the Acknowledgement Letter to secure the following contractual obligations: 

This Acknowledgement Letter once executed by the Participated
Pledgors and Participated Target Company, Participated Pledgors and Participated
Target Companies shall make the same undertakings and warranties with those of
Pledgors and Target Companies under the Equity Pledge Agreement, agree to
perform the obligations of Pledgors and Target Company stipulated in the Equity
Pledge Agreement, and admit the rights and obligations of Parties under the
Equity Pledge Agreement. 

[Name of Participated Pledgors] 
(Company Chop) 

Signature by: [•] 

Name: [•] 

Position: Authorized Representative] 

EQUITY PLEDGE AGREEMENT 

[Name of Participated Target Company] 

(Company Chop) 

Signature by: [•] 

Name: [•] 

Position: Authorized Representative] 

Chengdu BOAN Investment Management Co., Ltd (Company Chop) 

Signature by: [•] 

Name: [•] 

Position: Authorized Representative]

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