Document:

EX-10.1 AGREEMENT WITH IVORY CAPITAL ASIA LTD.

 

EXHIBIT 10.1

Agreement
with Ivory Capital Asia Pte Ltd. dated July 12, 2005

12 July 2005

Mr. Qian Xu

Director and CEO

Tramford International Limited

Room 2413, 24/F.,Shui On Center

8 Harbour Road, Hong Kong

Dear Sir,

This letter agreement (the “Agreement”) will confirm the understanding and agreement between
Tramford International Limited (the “Company”) and Ivory Capital Asia Pte Ltd (the “Advisor”) as
follows:

	1.	 	The Company hereby engages the Advisor on an exclusive basis to provide financial advisory
services to the Company concerning the strategic development of the Company’s business,
including assisting to develop a business strategy to maximize international investor interest
and to raise at least US$20 million in new capital for the Group
	 
	 	 	The Company will promptly inform the Advisor of any material development relating to the
Company or any of its subsidiary companies which occurs during the term of the Advisor’s
engagement hereunder.
	 
	2.	 	As compensation for the services rendered by the Advisor hereunder, the Company shall pay the
Advisor as follows:

	 	(a)	 	A Retainer Fee of US$40,000 per month until the earlier of either: (i) closing or
(ii) termination of 6 months from date of commencement of assignment. However, if the
Company shall revise its business strategy, then the period of the assignment and
retainers may be extended upon mutual agreement. The Retainer Fee shall be payable 50%
in cash, and 50% in the Company’s shares at average price of last 30 days prior to date
of the signing of the Agreement.
	 
	 	(b)	 	A Success Fee of 3.0% on the initial US$20 million of capital commitments
received from investors and 4.0% on the amount of capital commitments in excess of US$20
million received from investors. The Success Fee shall be payable in cash unless
otherwise agreed in writing by the Company and the Advisor.
	 
	 	(c)	 	If the Advisor provides any additional investment banking services to the
Company, then the Company shall pay to the Advisor additional fees to be mutually agreed
upon based on standard industry fees for the services rendered.

 

 

	3.	 	The Company shall reimburse the Advisor for its reasonable expenses (including professional
fees and disbursements) incurred during the period of its engagement hereunder with respect to
the services to be rendered by it up to a maximum cap of US$5,000 per month unless otherwise
approved on a prior basis by the Company. The Advisor shall submit invoices for such
reimbursable expenses and the Company shall pay such expenses within 15 days of receipt of
such invoices.
	 
	4.	 	The Company shall:

	 	(a)	 	indemnify the Advisor and hold it harmless against any and all losses, claims,
damages or liabilities to which the Advisor may become subject arising in any manner out
of or in connection with the rendering of services by the Advisor hereunder, unless it
is finally judicially determined that such losses, claims, damages or liabilities
resulted directly from the gross negligence or wilful misconduct of the Advisor; and
	 
	 	(b)	 	reimburse the Advisor immediately for any legal or other expenses reasonably
incurred by it in connection with investigating, preparing to defend or defending, or
providing evidence in or preparing to serve or serving as a witness with respect to, any
lawsuits, investigations, claims or other proceedings arising in any manner out of or in
connection with the rendering of services by the Advisor hereunder (including, without
limitation, in connection with the enforcement of this Agreement and the indemnification
obligations set forth herein); provided, however, that in the event a final judicial
determination is made to the effect specified in subparagraph 4(a) above, the Advisor
will remit to the Company any amounts reimbursed under this subparagraph 4(b).

	 	 	The Company agrees that the indemnification and reimbursement commitments set forth in this
paragraph 4 shall apply whether or not the Advisor is a formal party to any such lawsuits,
claims or other proceedings and that such commitments shall extend upon the terms set forth
in this paragraph to any controlling person, affiliate, director, officer, employee or agent
of the Advisor (each, with the Advisor, an “Indemnified Person”). The Company further agrees
that, without the Advisor’s prior written consent, which consent will not be unreasonably
withheld, it will not enter into any settlement of a lawsuit, claim or other proceeding
arising out of the transaction contemplated by this Agreement unless such settlement includes
an explicit and unconditional release from the party bringing such lawsuit, claim or other
proceeding of all Indemnified Persons.
	 
	 	 	The Company further agrees that the Indemnified Persons are entitled to retain separate
counsel of their choice in connection with any of the matters in respect of which
indemnification, reimbursement or contribution may be sought under this Agreement, provided
that, in connection with any one action or proceeding, the Company shall not be responsible
for the fees and expenses of more than one separate law firm in any one jurisdiction for all
Indemnified Persons.
	 
	5.	 	The Company and the Advisor agree that if any indemnification or reimbursement sought
pursuant to the preceding paragraph 4 is finally judicially determined to be unavailable for a
reason other than the gross negligence or wilful misconduct of the Advisor, then, whether or
not the Advisor is the Indemnified Person, the Company and the Advisor shall contribute to the
losses, claims, damages, liabilities and expenses for which such indemnification or
reimbursement is held unavailable (i) in such proportion as is appropriate to reflect the
relative benefits to the Company on the one hand, and the Advisor on the other hand, in
connection with the transactions to which such indemnification or reimbursement relates, or
(ii) if the allocation provided by clause (i) above is not permitted by applicable law, in
such proportion as is appropriate to reflect

 

 

	 	 	not only the relative benefits referred to in clause (i) but also the relative faults of the
Company on the one hand, and the Advisor on the other hand, as well as any other equitable
considerations; provided, however, that in no event shall the amount to be contributed by the
Advisor pursuant to this paragraph exceed the amount of the fees actually received by the
Advisor hereunder.

	6.	 	Except as stipulated by the terms hereof or as required by applicable law or pursuant to an
order entered or subpoena issued by a court of competent jurisdiction, the Advisor shall keep
confidential all material non-public information provided to it by the Company and shall not
disclose such information to any third party, other than such of its employees and advisors as
the Advisor determines to have a need to know.
	7.	 	Except as required by applicable law, any advice to be provided by the Advisor under this
Agreement shall not be disclosed publicly or made available to third parties without the prior
approval of the Advisor, and accordingly such advice shall not be relied upon by any person or
entity other than the Company.
	 
	8.	 	The term of the Advisor’s engagement hereunder shall extend from the date hereof until
terminated as set forth below. Subject to the provisions of paragraphs 2 through 7 and
paragraphs 9 through 12, which shall survive any termination or expiration of this Agreement
(including by operation of the preceding sentence), (a) the Company may terminate the
Advisor’s engagement hereunder at any time by giving the Advisor at least [60 days] prior
written notice and (b) the Advisor may resign from its engagement hereunder by giving the
Company at least 30 days’ prior written notice.
	 
	9.	 	Nothing in this Agreement, expressed or implied, is intended to confer or does confer on any
person or entity other than the parties hereto or their respective successors and assigns, and
to the extent expressly set forth herein, the Indemnified Persons, any rights or remedies
under or by reason of this Agreement or as a result of the services to be rendered by the
Advisor hereunder. The Company further agrees that neither the Advisor nor any of its
controlling persons, affiliates, directors, officers, employees or agents shall have any
liability to the Company or any person asserting claims on behalf of or in right of the
Company for any losses, claims, damages, liabilities or expenses arising out of or relating to
this Agreement or the services to be rendered by the Advisor hereunder, unless it is finally
judicially determined that such losses, claims, damages, liabilities or expenses resulted
directly from the gross negligence or wilful misconduct of the Advisor.
	 
	10.	 	The Advisor has a referral arrangement with Morgan Stanley Dean Witter Asia (Singapore) Pte
(“Morgan Stanley”) under which Morgan Stanley will share in the fees paid by the Company.
However, the Advisor is not an affiliate of, or otherwise connected with, Morgan Stanley and
is acting entirely independently from Morgan Stanley. Accordingly, the Company acknowledges
that it is engaging the Advisor as a principal and agrees that neither Morgan Stanley nor any
of its affiliates shall have any liability (whether direct or indirect, in contract or tort or
otherwise) to the Company for or in connection with the proposed Transaction or the referral
of the Advisor to the Company if relevant). Morgan Stanley shall have the right under the
Contracts (Rights of Third Parties) Act, Chapter 53B of Singapore to enforce this provision.
	 
	11.	 	The invalidity or unenforceability of any provision of this Agreement shall not affect the
validity or enforceability of any other provisions of this Agreement, which shall remain in
full force and effect.
	 
	12.	 	This Agreement may not be amended or modified except in writing signed by each of the parties
and shall be governed by and construed and enforced in accordance with the laws of Singapore.

 

 

If the foregoing correctly sets forth the understanding and agreement between the Advisor and the
Company, please so indicate in the space provided for that purpose below, whereupon this letter
shall constitute a binding agreement as of the date hereof.

Sincerely yours

/s/ signed

Christopher Tan

Managing Director

AGREED by:

Tramford International Limited

By: /s/ signed

Name: Mr. Qian Xu

Title: Director and CEOEX-10.2 AGREEMENT WITH BEIJING HOLDINGS LTD.

 

EXHIBIT 10.2

Agreement
with Beijing Holdings Limited to acquire 51% interest of CNT dated
September 13, 2005

Dated the 13th day of September 2005

BEIJING HOLDINGS LIMITED

and

TRAMFORD INTERNATIONAL LIMITED

 

SALE & PURCHASE AGREEMENT

Relating to the Sale and Purchase of 51% interest

in the capital of

Future Solutions Development Inc.

 

 

 

THIS AGREEMENT is made on the 13th day of September  , 2005

BETWEEN

	(1)	 	BEIJING HOLDINGS LIMITED, a company incorporated in Hong Kong whose registered office and
principal place of business is at Room 4301, 43/F., Central Plaza, 18 Harbour Road, Wanchai,
Hong Kong (the “Vendor”); and

	(2)	 	TRAMFORD INTERNATIONAL LIMIED, a company incorporated in The British Virgin Islands and
having its principal executive offices at Room 2413-18, Shui On Centre, 8 Harbour Road,
Wanchai, Hong Kong (the “Purchaser”)

WHEREAS:

	(A)	 	The Purchaser is a company incorporated in the British Virgin Islands and is listed on the
NASDAQ Stock Exchange.

	(B)	 	The Vendor is the beneficial owner of Sale Shares as at the date hereof.

	(C)	 	The Vendor has agreed to offer for sale and the Purchaser has agreed to purchase the Sale
Shares on the terms and conditions set out in this Agreement.

THE PARTIES AGREE THAT:

Definitions and Interpretation

	(A)	 	Definitions
	 
	 	 	In this Agreement (including the Recitals above), the following expressions shall, unless
the context requires otherwise, have the following meanings:

	 	 	 
	“Agreement”

	 	means this agreement as amended or varied from
time to time by an agreement in writing duly
executed by the Parties;
	 
	 	 
	“Business Day”

	 	means any day (excluding a Saturday) on which
banks generally are open for business in Hong
Kong;
	 
	 	 
	“Consideration Shares”

	 	means the common stock of 2,233,800 ordinary
shares of US$0.01 each to be issued by the
Purchaser as the consideration in acquiring the
51% interest of FSD from the Vendor;

 

 

	 	 	 
	“FSD”

	 	means Future Solutions Development Inc., a limited
company incorporated in the British Virgin Islands
which owns 71.43% equity interest in Zhejiang
University (Hangzhou) Innoessen Bio-Technology
Limited, a company incorporated in the PRC and is
engaged in the research and development,
production and sale of chemical extracts from
bamboo;
	 
	 	 
	“HK$”

	 	means Hong Kong dollars;
	 
	 	 
	“Hong Kong”

	 	means the Hong Kong Special Administrative Region
of the People’s Republic of China;
	 
	 	 
	“Parties”

	 	means the named parties to this Agreement and
their respective successors and permitted assigns;
	 
	 	 
	“Sale”

	 	means the offer by way of private sale of the Sale
Shares by the Vendor on the terms and conditions
set out in this Agreement;
	 
	 	 
	“Sale Completion”

	 	means completion of the Sale in accordance with
Clause 3.1(A);
	 
	 	 
	“Sale Completion Date ”

	 	means the date on which the Sale Completion shall
take place, being 3 business days following the
approval of the shareholders of the Company being
obtained on the Sale pursuant to the terms and
conditions herein (or such other date as may be
agreed in writing between the Parties);
	 
	 	 
	“Sale Shares”

	 	means 82,418 shares of US$0.01 each in FSD being
51% of the entire existing issued shares of FSD
owned by the Vendor to be sold to the Purchaser
(and/or such other persons as the Purchaser may
direct) in accordance with Clause 3.2(A);
	 
	 	 
	“PRC”

	 	means the People’s Republic of China excluding
Taiwan, Hong Kong and the Macao Special
Administrative Region for the purpose of this
Agreement;
	 
	 	 
	“US”

	 	means the United States of America; and

 

 

	 	 	 
	 “US$”

	 	means the US dollars.

	(B)	 	Construction and Certain References

          (i) References in this Agreement to persons include references to bodies corporate and
references to the singular include references to the plural and vice versa.

          (ii) References to Recitals and Clauses are to the recitals and clauses of this Agreement, a
reference to a sub-clause is to the relative numbered sub-clause in the Clause in which the
reference appears and a reference to a paragraph is to the relative numbered paragraph of the
sub-clause in which the reference appears.

          (iii) In this Agreement, (save as otherwise expressly stated herein) references to any statute
or statutory provision includes a reference to that statute or statutory provision as from time to
time amended, extended or re-enacted.

          (iv) All references in this Agreement in relation to any time, date or period shall mean Hong
Kong time.

	(C)	 	Headings
	 
	 	 	Headings are for convenience only and shall not affect the interpretation of this
Agreement.

The Sale of Shares

     Subject to the terms of the Agreement and in consideration of the Consideration Shares,
the Vendor shall sell as beneficial owner (and/or the Vendor shall cause its nominee to
transfer the legal ownership of the Sale Shares held by it as a nominee on trust in favor of
the Vendor) and the Purchaser in reliance on the Terms and Conditions and Warranties herein
contained shall purchase the Sale Shares free from all liens, charges and

 

 

encumbrances and together with all rights now or hereafter attaching thereto including all
dividends and distributions declared, made or paid on or after the date of this Agreement.

Terms and Conditions

Completion of Sale

	(A)	 	Subject to the relevant Special Resolution being passed at the 2005 Meeting of Shareholders
of the Purchaser approving the sale and purchase of the 51% interest in FSD, completion shall
take place on the Sale Completion Date before 5:00 p.m. at such time as the Parties may agree.

	(B)	 	To the extent physical delivery or document exchange is required, Sale Completion under
sub-clause (A) above shall take place at the office of the Purchaser at Room 2413, 24th Floor,
Shui On Centre, 8 Harbour Road, Central, Wancahi, Hong Kong or such other venue as the Parties
may agree.

Obligations of the Parties

	(A)	 	Purchaser’s Obligations
	 
	 	 	Subject to the performance by the Vendor of its obligations under sub-clause (B) below,
within 10 days after Sale Completion, the Purchaser shall deliver to, or procure the
delivery to, the Vendor or as it may direct, the relevant share certificates for the
Consideration Shares.

	(B)	 	The Vendor’s Obligations
	 
	(i)	 	Against compliance by the Purchaser with its obligations pursuant to Clause
3.2(A), on the Sale Completion Date, the Vendor shall deliver the relevant
instrument of transfer duly executed by the authorized person of the Vendor or the
nominee of the Sale Shares, to the Purchaser and procure the issuing of the new
share certificate in respect of the Sale Shares to the Purchaser or to the
Purchaser’s nominated receiving agent, and the Purchaser agrees that the delivery
of the relevant instrument of transfer thereof shall constitute a complete
discharge of the Vendor’s payment obligations in respect of the Consideration
Shares; and

 

 

	 	(ii)	 	(if applicable) the Vendor shall as soon as reasonably practicable after the
Sale Completion, arrange for payment of any stamp duty and prescribed fees for the
transfer of the Sale Shares.

Further Undertakings

	(A)	 	Purchaser’s Undertakings
	 
	 	 	In consideration of the Vendor entering into this Agreement and agreeing to perform its
obligations hereunder, the Purchaser hereby undertakes to the Vendor to provide the Vendor,
at its request, with all such information known to it or which on reasonable enquiry ought
to be known to it and relating to the Purchaser and/or the Group as may be reasonably
required by the Vendor in connection with the transactions contemplated or arising under
this Agreement for the purposes of, without limitation, complying with all requirements of
applicable law (including any due diligence defences) or of the rules and regulations of
the NASDAQ stock exchange or any applicable regulatory bodies; and
	 
	(B)	 	Vendor’s Undertakings

	 	(i)	 	The Vendor hereby undertakes to the Purchaser to submit to the applicable
regulatory authorities as and when it is required to do so, such information which it
may have regarding the Vendor as the applicable regulatory authorities may require.
	 
	 	(ii)	 	The Vendor hereby further undertakes to the Purchaser that the Board of
Directors of FSD shall remain unchanged prior to the Sale Completion and will not
nominate any director to the board of director of the Purchaser after the Sale
Completion.

Warranties and Indemnity

	(A)	 	Warranties, Representations and Undertakings
	 
	 	 	The Vendor hereby warrants, represents and undertakes to the Purchaser (and the Purchaser
acknowledges that the Vendor has not been induced to enter into this Agreement) as follows:

	 	(i)	 	the Sale Shares are duly allotted and fully paid up, and the Vendor is the
beneficial owner of the Sale Shares, and it has the authority, power and capacity to
enter into this Agreement and to sell the Sale Shares pursuant to this Agreement;

 

 

	 	(ii)	 	this Agreement constitutes and the other documents to be executed by the
Vendor which are to be delivered at Sale Completion will, when executed, constitute
valid, legal, binding and enforceable obligations of the Vendor in accordance with
their respective terms;
	 
	 	(iii)	 	the execution and delivery of, and the performance by the Vendor of its
obligations under, this Agreement do not and will not:

	 	(a)	 	result in a breach of any provision of its memorandum of
association and bye-laws or articles of association (as the case may be) of
the Vendor;
	 
	 	(b)	 	result in a breach of, or constitute a default under, any
agreement or instrument to which the Vendor is a party or by which it is
bound; or
	 
	 	(c)	 	result in a breach of any order, judgment or decree of any
court or governmental agency to which the Vendor is a party or by which it is
bound;

	 	(iv)	 	the particulars relating to the Vendor and FSD as set out in the recitals are
true and correct;
	 
	 	(v)	 	the Sale Shares are being sold hereunder free from all liens, charges,
encumbrances and third-party rights of whatever nature and shall rank pari passu in
all respects with all the other Shares in issue as at Sale Completion and in
particular shall rank in full for all dividends and other distributions declared, made
or paid thereafter;
	 
	 	(vi)	 	all published information regarding FSD (including its financial results) are
true, accurate and not misleading;
	 
	 	(vii)	 	all public information and facts given to the Purchaser in relation to the
Sale are true, accurate and not misleading and the Vendor has not withheld any other
information or facts the omission of which will make the information or facts given to
the Purchaser incorrect or misleading and the Vendor shall notify the Purchaser
forthwith in writing should such omission or inaccuracy first come to the attention of
the Vendor; and

	(B)	 	Period
	 
	 	 	The representations and warranties set out in Clause 4 are given as at the date hereof and
shall be deemed to be repeated by the Vendor on each day up to and including the date of
Sale Completion as if given or made on such date, with reference in each case to the facts
and circumstances then subsisting. The Vendor undertakes up to and until completion of

 

 

	 	 	this Agreement or its earlier termination to notify the Purchaser of any matter or event
coming to its attention prior to Sale Completion which would or would reasonably be
considered to render or have rendered any of the representations and warranties made by it
set out in Clause 4 untrue, inaccurate or misleading in any material respect.

	(C)	 	Indemnity
	 
	 	 	The Vendor undertakes with the Purchaser that it shall on demand hold the Purchaser fully
and effectively indemnified against all losses, claims, damages, liabilities, costs or
expenses of whatever nature (except those arising out of or as a result of any fraud,
willful default or gross negligence on the part of Purchaser or any material breach by the
Purchaser of its obligations under this Agreement) which it may suffer or incur or which
may be brought against or incurred by it arising out of or as a result of the performance
by it of its obligations under this Agreement and any breach by the Vendor of any of the
warranties or any other obligations of the Vendor under this Agreement.
	 
	(D)	 	Full Force and Effect
	 
	 	 	The representations and warranties contained in sub-clauses (A) and (B) and the indemnity
contained in sub-clause (C) shall remain in full force and effect notwithstanding
Completion and the purchase of the Sale Shares by the Purchaser, as the case may be.

Force Majeure and Termination

	(A)	 	If, at any time prior to 5:00 p.m. on the Sale Completion Date:

	 	(i)	 	there shall develop, occur, exist or come into effect:

	 	(a)	 	any change in, or any event or series of events resulting
or likely to result in any change in Hong Kong, the PRC or the US national or
international financial, currency, political, military, industrial, economic
or market conditions (and for the purpose of construing the foregoing any
normal market fluctuations shall not be construed as events or series of
events affecting market conditions referred to above); or
	 
	 	(b)	 	any material and adverse change in the conditions of Hong
Kong, the PRC, the US or international equity securities or other financial
markets; or
	 
	 	(c)	 	the imposition of any moratorium, suspension or material
restriction on trading in securities generally on the US stock exchanges due
to exceptional financial circumstances or otherwise; or

 

 

	 	(d)	 	any change or development occurs involving a prospective
change in taxation or exchange control (or the implementation of any exchange
control) in Hong Kong, Bermuda or the PRC or the US or elsewhere;

	 	 	 	which, in the opinion of the Purchaser makes it inadvisable or inexpedient to
proceed with the Placing; or
	 
	 	(ii)	 	it comes to the notice of the Purchaser any matter or event rendering any of
the Vendor’s representations and warranties in any material respect to be untrue,
inaccurate or misleading or as having been breached (“Breached Warranty”) and if the
Purchaser considers that the Breached Warranty to have a materially prejudicial effect
on the Placing,

	 	 	then the Purchaser may give written notice to the Vendor to terminate this Agreement with
immediate effect.
	 
	(B)	 	Upon the termination of this Agreement pursuant to the provisions of sub-clause (A) above,
each of the Parties shall cease to have any rights or obligations under this Agreement, save
in respect of the provisions of this Clause and Clauses, 5(A), 8 and 10, and any antecedent
breaches of this Agreement or any rights or obligations which may have accrued under this
Agreement prior to such termination.

Announcements

	 	 	Prohibition
	 
	 	 	None of the Parties hereto shall, directly or indirectly, make any public announcement or
communication in relation to the Placing without the prior approval of the other Parties
and except where such announcement or communication is required by laws and regulations
applicable to the Vendor and the Company.

Time of Essence

	 	 	Any date or period mentioned in any Clause may be extended by mutual agreement between the
Vendor and the Purchaser, but, as regards any date or period originally fixed or any date
or period so extended as aforesaid, time shall be of the essence.

Assignment

	 	 	None of the Parties may assign or transfer any of their rights or obligations under this
Agreement, save that the Purchaser may assign the benefit of the undertaking and warranties
given by the Vendor in Clauses 3.2(B), 3.3(B) and 4(A) respectively to the

 

 

	 	 	Purchaser.

Notices

	(A)	 	Addresses
	 
	 	 	All notices delivered hereunder shall be in writing in the English language and shall be
communicated to the following addresses and/or facsimile numbers:

If to the Vendor, to:

Room 4301, Central Plaza

18 Harbour Road

Wanchai

Hong Kong

Facsimile: (852) 2858 1544

Attention: Mr. Changshan Zhao

If to the Purchaser, to:

Room 2413, Shui On Center

24/F., 8 Harbour Road

Wanchai

Hong Kong

Facsimile: (852) 3112 8461

Attention: Mr. Michael Siu

	(B)	 	Service
	 
	 	 	Any such notice shall be served either by hand or by facsimile. Any notice shall be deemed
to have been served, if served by hand, when delivered, and if sent by facsimile on receipt
of confirmation of transmission. Any notice received on a day which is not a Business Day
shall be deemed to be received on the next Business Day.

General

	(A)	 	Entire agreement
	 
	 	 	This Agreement sets out the entire agreement and understanding between the Parties and
supersedes and replaces any prior agreements or understandings entered into between the
Parties with respect to the matters provided for herein, and none of the Parties has
entered into this Agreement in reliance upon any representation, warranty or undertaking of
the other Parties which is not set out or referred to in this Agreement.

 

 

	(B)	 	Amendment
	 
	 	 	This Agreement may be amended or supplemented, and any provision hereof may be waived, only
in writing by all the Parties or, in the case of a waiver, by the Party waiving compliance.

	(C)	 	Remedies and waivers
	 
	 	 	No delay on the part of any Party in exercising any right, power or privilege hereunder
shall operate as a waiver thereof, nor shall any waiver on the part of any Party of such
right, power or privilege, or any single or partial exercise thereof, preclude any further
exercise thereof or the exercise of such or of any other right, power or privilege. The
rights and remedies herein provided are cumulative and are not exclusive of any rights or
remedies that any Party may otherwise have.
	 
	(D)	 	Severability
	 
	 	 	If any term or provision of this Agreement shall become or be declared illegal, invalid or
unenforceable for any reason whatsoever such term or provision shall be severed from this
Agreement and shall be deemed to be deleted from this Agreement provided always that if
such deletion materially affects or alters the basis of this Agreement, the Parties shall
negotiate in good faith to amend and modify the provisions and terms of this Agreement as
may be necessary or desirable in the circumstances.

Governing Law, Jurisdiction and Miscellaneous

	(A)	 	Governing Law
	 
	 	 	This Agreement shall be governed by and construed in accordance with the laws of Hong Kong,
for the time being in force and the Parties hereby irrevocably submit to the non-exclusive
jurisdiction of the courts in Hong Kong.
	 
	(B)	 	Counterparts
	 
	 	 	This Agreement may be executed by the Parties in counterparts, each of which shall be
binding on the Party or Parties who shall have executed it but which shall together
constitute one agreement.

 

 

Signature page

     AS WITNESS the hands of the duly authorized representative of the Parties on the day and year
first before written.

	 	 	 	 	 
	SIGNED by
	 	)	 	 
	ZHAO Chang Shan
	 	)	 	 
	for and on behalf of
	 	)
	 	/s/ Changshan Zhao
	Beijing Holdings Limited
	 	)	 	 
	in the presence of: Michael Siu
	 	)	 	 

	 	 	 	 	 
	SIGNED by
	 	)	 	 
	 
	 	)	 	 
	for and on behalf of
	 	)
	 	/s/ Xu Qian
	Tramford International Limited
	 	)	 	 
	in the presence of: William Kwok
	 	)

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