Document:

EXHIBIT 10.1

 Exhibit 10.1 
 TIANLI AGRITECH, INC. 
 WARRANT AGREEMENT 

                          ,
         
 Anderson & Strudwick, Incorporated 
 707 East Main Street 
 20th Floor 
 Richmond, Virginia 23219 
 Ladies and Gentlemen:

 Tianli Agritech, Inc., a British Virgin Islands company (the “Company”), agrees to issue and sell to you a warrant
(the “Warrant”) to purchase the number of common shares of the Company set forth herein, subject to the terms and conditions contained herein. 
 1. Issuance of Warrant; Exercise Price. The Warrant, which shall be in the form attached hereto as Exhibit A, shall be issued to you concurrently with the execution hereof in
consideration of the payment by you to the Company of the sum of US $0.001 cash per common share subject to the Warrant, the receipt and sufficiency of which are hereby acknowledged. The Warrant shall provide that you and such other holder(s) of the
Warrant, as such may be assigned in accordance herewith, shall have the right to purchase an aggregate of up              to
             common shares for an exercise price equal to $             per share (the “Exercise Price”), as described
more fully herein. The number, character and Exercise Price of such shares are subject to adjustment as hereinafter provided, and the term “shares” shall mean, unless the context otherwise requires, the common shares and other securities
and property receivable upon exercise of the Warrant. The term “Exercise Price” shall mean, unless the context otherwise requires, the price per share purchasable under the Warrant as set forth in this Section 1, as adjusted from time
to time pursuant to Section 5. 
 2. Notices of Record Date. In the event of (i) any taking by the
Company of a record date with respect to the holder(s) of any class of securities of the Company for purposes of determining which of such holder(s) are entitled to dividends or other distributions, or any right to subscribe for, purchase or
otherwise acquire shares of any class or any other securities or property, or to receive any other right, (ii) any capital reorganization of the Company, or reclassification or recapitalization of common shares of the Company or any transfer in
one or more related transactions of all or a majority of the assets or revenue or income generating capacity of the Company to, or consolidation or merger of the Company with or into, any other entity or person, or (iii) any voluntary or
involuntary dissolution or winding up of the Company, then and in each such event the Company will mail or cause to be mailed to each holder of a Warrant at the time outstanding a notice specifying, as the case may be, (a) the date on which any
such record is to be taken for the purpose of such dividend, distribution or right, and stating the amount and character of such dividend, distribution or right; or (b) the date on which any such reorganization, reclassification,
recapitalization, transfer, consolidation, merger, conveyance, dissolution, liquidation or winding-up is to take place and the time, if any is to be fixed, as of which the holders of record of shares (or any other class of shares or securities of
the Company, or another issuer pursuant to Section 5, receivable upon the exercise of the Warrant) shall be entitled to exchange their shares (or such other shares or securities) for securities or other property deliverable upon such event. Any
such notice shall be deposited in the United States mail, postage prepaid, at least ten (10) days prior to the date therein specified, and the holder(s) of the Warrant(s) may exercise the Warrant(s) and participate in such event as a registered
holder of shares, upon exercise of the Warrant(s) so held, within the ten (10) day period from the date of mailing such notice. 
 3. No Impairment. The Company shall not, by amendment of its organizational documents or through any reorganization, transfer of assets, consolidation, merger, dissolution, issue or sale of securities, or any other
action, avoid or seek to avoid the observance or performance of any other action, avoid or seek to avoid the observance or performance of any of the terms of this Agreement or of the Warrant, but will at all times in good faith take any and all
action as may be necessary in order to protect the rights of the holder(s) of the Warrant against impairment. Without limiting the generality of the foregoing, the Company (a) will at all times reserve and keep available, solely for issuance
and delivery upon exercise of the Warrant, shares issuable from time to time upon exercise of the Warrant, (b) will not increase the par value of any common shares receivable upon exercise of the Warrant above

 
the amount payable in respect thereof upon such exercise, and (c) will take all such action as may be necessary or appropriate in order that the Company may validly and legally issue fully
paid and non-assessable shares upon the exercise of the Warrant, or any portion of it. 
 4. Exercise of
Warrant. 
 (a) Exercise for Cash. At any time and from time to time on and after one
hundred eighty (180) days after the date of effectiveness or commencement of sales of the Company’s initial public offering (the “IPO”) and expiring on
            ,         at 11:59 p.m., Richmond, Virginia time (the “Exercise Period”), the Warrant may be exercised as to all or any portion
of the whole number of shares covered by the Warrant by the holder thereof by surrender of the Warrant, accompanied by a subscription for shares to be purchased in the form attached hereto as Exhibit B and by a check payable to the
order of the Company in the amount required for purchase of the shares as to which the Warrant is being exercised, delivered to the Company at its principal office at Suite F, 23rd Floor, Building B, Jiangjing Mansion, 228 Yanjiang Ave., Jiangan
District, Wuhan City, Hubei Province, China 430010, Attention: Hanying Li, Chief Executive Officer. 
 (b) Cashless Exercise. In addition, during the Exercise Period and to the extent that the Company has failed to register the shares issuable hereunder in accordance with Section 7 hereof within 90 days of the
notification of the Company of the exercise of such demand registration right, the Warrant may be exercised as to all or any portion of the whole number of shares covered by the Warrant by the holder thereof by surrender of Warrant together with
irrevocable instructions to the Company to issue in exchange for the Warrant the number of shares equal to the product of (i) the number of shares as to which the Warrant is being exercised multiplied by (ii) a fraction the numerator of
which is the Current Value of any share less the Exercise Price therefor and the denominator of which is such Current Value. In the case of the purchase of less than all the shares purchasable under the Warrant, the Company shall cancel such Warrant
and shall execute and deliver a new Warrant of like tenor for the unexercised balance. For the purposes hereof, “Exercise Date” shall mean the date on which all deliveries required to be made to the Company upon exercise of the Warrant
pursuant to this Section 4 shall have been made. 
 (c) Issuance of Certificates. Upon
the exercise of a Warrant in whole or in part, the Company will within five (5) days thereafter, at its expense (including the payment by the Company of any applicable issue or transfer taxes), cause to be issued in the name of and delivered to
the Warrant holder a certificate or certificates for the number of fully paid and non-assessable shares to which such holder is entitled upon exercise of the Warrant. In the event such holder is entitled to a fractional share, in lieu thereof such
holder shall be paid a cash amount equal to such fraction, multiplied by the Current Value of one full share on the date of exercise. Certificates for shares issuable by reason of the exercise of the Warrant shall be dated and shall be effective as
of the date of the surrendering of the Warrant for exercise, notwithstanding any delays in the actual execution, issuance or delivery of the certificates for the shares so purchased. In the event the Warrant is exercised as to less than the
aggregate amount of all shares issuable upon exercise of the Warrant held by such person, the Company shall issue a new Warrant to the holder of the Warrant so exercised covering the aggregate number of shares as to which the Warrant remains
unexercised. In addition to the foregoing, should the Company fail to issue the share certificate or certificates within the time limits referenced in the first sentence of this Section 4(c), if and to the extent not already utilized as to the
Warrant or the shares underlying the Warrant, the holder may utilize the cashless exercise contained in Section 4(b) hereof. 
 (d) Current Value. For purposes of this section, “Current Value” is defined (i) in the case for which a public market exists for the shares at the time of such exercise,
at a price per share equal to (A) the average of the means between the closing bid and asked prices of the shares in the over-the-counter market for 20 consecutive business days commencing 30 business days before the date of such notice,
(B) if the shares are quoted on the NASDAQ Capital Market, at the average of the means of the daily closing bid and asked prices of the shares for 20 consecutive business days commencing 30 business days before the date of such notice, or
(C) if the shares are listed on any national securities exchange or The NASDAQ National Market, at the average of the daily closing prices of the shares for 20 consecutive business days commencing 30 business days before the date of such
notice, and (ii) in the case no public market exists at the time of such exercise, at the Appraised Value. For the purposes of this Agreement, “Appraised Value” is the value determined in accordance with the following procedures. For
a period of five (5) days after the

  

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date of an event (a “Valuation Event”) requiring determination of Current Value at a time when no public market exists for the shares (the “Negotiation Period”), each party to
this Agreement agrees to negotiate in good faith to reach agreement upon the Appraised Value of the securities or property at issue, as of the date of the Valuation Event, which will be the fair market value of such securities or property, without
premium for control or discount for minority interests, illiquidity or restrictions on transfer. In the event that the parties are unable to agree upon the Appraised Value of such securities or other property by the end of the Negotiation Period,
then the Appraised Value of such securities or property will be determined for purposes of this Agreement by a recognized appraisal or investment banking firm mutually agreeable to the holder(s) of the Warrant and the Company (the
“Appraiser”). If the holder(s) of the Warrant and the Company cannot agree on an Appraiser within two (2) business days after the end of the Negotiation Period, the Company, on the one hand, and the holder(s) of the Warrant, on the
other hand, will each select an Appraiser within ten (10) business days after the end of the Negotiation Period and those Appraisers will determine the fair market value of such securities or property, without premium for control or discount
for minority interests. Such independent Appraiser(s) will be directed to determine fair market value of such securities or property as soon as practicable, but in no event later than thirty (30) days after the date of its selection. The
determination by Appraiser(s) of the fair market value will be conclusive and binding on all parties to this Agreement. If there are two Appraisers, and they do not agree as to fair market value, then fair market value shall be determined to be the
average of the fair market values as determined by each Appraiser. Appraised Value of each share at a time when (i) the Company is not a reporting company under the Securities Exchange Act of 1934 and (ii) the shares are not traded in the
organized securities markets, will, in all cases, be calculated by determining the Appraised Value of the entire Company taken as a whole and dividing that value by the number of shares then outstanding, without premium for control or discount for
minority interests, illiquidity or restrictions on transfer. The costs of the Appraiser(s) will be borne by the Company. In no event will the Appraised Value of the shares be less than the per share consideration received or receivable with respect
to the shares or securities or property of the same class in connection with a pending transaction involving a sale, merger, recapitalization, reorganization, consolidation, or share exchange, dissolution of the Company, sale or transfer of all or a
majority of its assets or revenue or income generating capacity, or similar transaction. 
 5. Protection Against
Dilution. The Exercise Price for the shares and number of shares issuable upon exercise of the Warrant, in whole or in part, is subject to adjustment from time to time as described in this Section 5. Notwithstanding the foregoing,
nothing in this Warrant Agreement is intended or may be construed to violate any FINRA Conduct Rule. In particular, the anti-dilution provisions of this Warrant Agreement shall be interpreted in compliance with Rule 5110(f)(2)(H)(vi) and
(vii) of the FINRA Conduct Rules. 
 (a) Dividends, Subdivisions, Reclassifications, Etc.
In case at any time or from time to time after the date of execution of this Agreement, the Company shall (i) take a record of the holders of shares for the purpose of entitling them to receive a dividend or a distribution on shares payable in
shares or another class of securities, (ii) subdivide or reclassify its outstanding share of shares into a greater number shares, or (iii) combine or reclassify its outstanding shares into a smaller number of shares, then, and in each such
case, the Exercise Price in effect at the time of the record date for such dividend or distribution or the effective date of such subdivision, combination or reclassification shall be adjusted in such a manner that the Exercise Price for the shares
issuable upon exercise of the Warrant immediately after such event shall bear the same ratio to the Exercise Price in effect immediately prior to any such event as the total number of shares outstanding immediately prior to such event shall bear to
the total number of shares outstanding immediately after such event. 
 (b) Adjustment of Number of
Shares Purchasable. When any adjustment is required to be made in the Exercise Price under this Section 5, (i) the number of shares issuable upon exercise of the Warrant, in whole or in part, shall be changed (upward to the nearest
full share) to the number of shares determined by dividing (x) an amount equal to the number of shares issuable pursuant to the exercise of the Warrant immediately prior to the adjustment, multiplied by the Exercise Price in effect immediately
prior to the adjustment, by (y) the Exercise Price in effect immediately after such adjustment, and (ii) upon exercise of the Warrant, the holder will be entitled to receive the number of shares of other securities referred to in
Section 5(a) that such holder would have received had the Warrant been exercised prior to the events referred to in Section 5(a). 
  

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 (c) Adjustment for Reorganization, Consolidation, Merger,
Etc. In the case of any reorganization or consolidation of the Company with, or any merger of the Company with or into, another entity (other than a consolidation or merger in which the Company is the surviving corporation) or in case of any
sale or transfer to another entity of the majority of assets of the Company, the entity resulting from such reorganization or consolidation or surviving such merger or to which such sale or transfer shall be made, as the case may be, shall make
suitable provision (which shall be fair and equitable to each holder of a Warrant) and shall assume the obligations of the Company hereunder (by written instrument executed and mailed to each holder of a Warrant then outstanding) pursuant to which,
upon exercise of the Warrant, at any time after the consummation of such reorganization, consolidation, merger or conveyance, the holder shall be entitled to receive the common shares or other securities or property that such holder would have been
entitled to upon consummation if such holder had exercised the Warrant immediately prior thereto, all subject to further adjustment as provided in this Section 5. 
 (d) Certificate as to Adjustments. In the event of adjustment as herein provided in the paragraphs of this
Section 5, the Company shall promptly mail to each Warrant holder a certificate setting forth the Exercise Price and number of shares issuable upon exercise after such adjustment and setting forth a brief statement of facts requiring such
adjustment. Such certificate shall also set forth the kind and amount of shares or other securities or property into which the Warrant shall be exercisable after any adjustment of the Exercise Price as provided in this Agreement. 
 (e) Minimum Adjustment. Notwithstanding the foregoing, no certificate as to adjustment of the Exercise
Price hereunder shall be made if such adjustment results in a change in the Exercise Price then in effect of less than five cents ($0.05) and any adjustment of less than five cents ($0.05) of any Exercise Price shall be carried forward and shall be
made at the time of and together with any subsequent adjustment that, together with the adjustment or adjustments so carried forward, amounts to five cents ($0.05) or more; provided however, that upon the exercise of a Warrant, the Company shall
have made all necessary adjustments (to the nearest cent) not theretofore made to the Exercise Price up to and including the date upon which such Warrant is exercised. 
 7. Registration Rights. 
 (a) Demand
Registration Under the Securities Act of 1933. To the extent that sufficient shares have not been registered to permit exercise of the Warrant, then at any time commencing after the closing of the IPO, through and including
            ,         parties who collectively hold a majority of the shares issued or issuable upon the exercise of the Warrant shall have the
right, exercisable by written notice to the Company, to have the Company prepare and file with the Securities and Exchange Commission (the “Commission”), on one occasion, a registration statement and such other documents, including a
prospectus, as may be necessary in the opinion of both counsel for the Company and counsel for you and any other holder of a Warrant, in order to comply with the provisions of the Act, so as to permit a public offering and sale of their respective
Warrant, the shares underlying the Warrant or other securities held as a result of any adjustment made pursuant to Section 5 hereof (collectively, the “Registrable Securities”). The Company shall notify each holder of a Warrant and
the shares underlying the Warrant of any such demand registration request within ten (10) days of receipt of such request. The notified holder(s) may participate in such demand registration by notifying the Company within ten (10) days
after receiving the Company’s notification. 
 (b) Notice to Be Delivered. The Company
covenants and agrees to give written notice of any registration request under Section 7(a) by you or any holder(s) to you and to all other holder(s) of a Warrant or the shares underlying a Warrant within ten (10) days from the date of the
receipt of any such registration request. 
 (c) Covenants of the Company With Respect to
Registration. In connection with any registration under Section 7(a) hereof, the Company covenants and agrees as follows: 
 (i) The Company shall use its best efforts to file a registration statement within ninety (90) days of receipt of any demand therefore in accordance with Section 7(a), shall use its best efforts
to have any registration statement declared effective at the earliest practicable time, and shall furnish you and each holder desiring to sell the Registrable Securities held by you or the other holder(s) as a result of any adjustment made pursuant
to the provisions of Section 5 hereof, such number of prospectuses as shall reasonably be requested. 
  

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 (ii) The Company shall pay all costs (excluding fees and expenses of
counsel for you and any other holder(s) and any underwriting or selling commissions), fees and expenses in connection with all registration statements filed pursuant to Section 7(a) hereof including, without limitation, the Company’s legal
and accounting fees, printing expenses, and blue sky fees and expenses. If the Company shall fail to comply with the provisions of Section 7(d), the Company shall, in addition to any other equitable or other relief available to you and any
other holder(s), be liable for any or all actual damages (which may include damages due to a loss of profit). 
 (iii) The Company will take all necessary action which may be required in qualifying or registering the Registrable Securities included in a registration statement for offering and sale under the securities or blue sky laws of such states
as are reasonably requested by you and any other holder(s), provided that the Company shall not be obligated to execute or file any general consent to service of process or to qualify as a foreign corporation to do business under the laws of any
such jurisdiction. 
 (iv) The Company shall indemnify you and any other holder(s) of the Registrable Securities
to be sold pursuant to any registration statement and each person, if any, who controls you or any other holder(s) within the meaning of Section 15 of the Act or Section 20(a) of the Securities Exchange Act of 1934, as amended (the
“1934 Act”), against all loss, claim, damage, expense or liability (including all expenses reasonably incurred in investigating, preparing or defending against any claim whatsoever) to which any of them may become subject under the Act,
the 1934 Act or otherwise, arising from such registration statement to the same extent and with the same effect as the provisions pursuant to which the Company has agreed to indemnify you in the Placement Agreement to be entered into by and between
you and the Company (the “Placement Agreement”) and to provide for just and equitable contribution as set forth in the Placement Agreement. 
 (v) You and any other holder(s) of the Registrable Securities to be sold pursuant to a registration statement, and their successors and assigns, shall severally, and not jointly, indemnify the Company,
its officers and directors and each person, if any, who controls the Company within the meaning of Section 15 of the Act or Section 20(a) of the 1934 Act, against all loss, claim, damage or expense or liability (including all expenses
reasonably incurred in investigating, preparing or defending against any claim whatsoever) to which they may become subject under the Act, the 1934 Act or otherwise, arising from information furnished by or on behalf of such holder(s), or their
successors or assigns, for specific inclusion in such registration statement to the same extent and with the same effect as the provisions contained in the Placement Agreement pursuant to which you have agreed to indemnify the Company and to provide
for just and equitable contribution as set forth in the Placement Agreement. 
 (vi) Nothing contained in this
Agreement shall be construed as requiring you or any other holder(s) to exercise any portion of their Warrant prior to the initial filing of any registration statement or the effectiveness thereof. 
 (vii) The Company shall deliver promptly to you and any other holder(s) of the Registrable Securities participating in the
offering copies of all correspondence between the Commission and the Company, its counsel or auditors and all memoranda relating to discussions with the Commission or its staff with respect to the registration statement and permit you and the other
holder(s) of the Registrable Securities to do such investigation, upon reasonable advance notice, with respect to information contained in or omitted from the registration statement as it deems reasonably necessary to comply with applicable
securities laws or rules of the Financial Industry Regulatory Authority (“FINRA”); provided that you and each such holder of the Registrable Securities agree not to disclose such information without the prior consent of the Company. Such
investigation shall include access to books, records and properties and opportunities to discuss the business of the Company with its officers and independent auditors, all to such reasonable extent and at such reasonable times and as often as you
and any other holder(s) of the Registrable Securities shall reasonably request. 
 (viii) If required by the
underwriters in connection with an underwritten offering which includes Registrable Securities pursuant to this Section 7, the Company shall enter into an underwriting agreement with one or more underwriters selected for such underwriting. Such

  

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underwriting agreement shall be satisfactory in form and substance to the Company, you and each other holder of the Registrable Securities, and shall contain such representations, warranties and
covenants by the Company and such other terms as are customarily contained in agreements of that type used by the underwriters. If required by the underwriters, you and the other holder(s) of the Registrable Securities shall be parties to any
underwriting agreement relating to an underwritten sale of their Registrable Securities and may, at their option, require that any or all representations and warranties of the Company to or for the benefit of such underwriters shall, to the extent
that they may be applicable, also be made to and for the benefit of you and the other holder(s) of the Registrable Securities. You and the other holder(s) of the Registrable Securities shall not be required to make any representations or warranties
to or agreements with the Company or the underwriters except as they may relate to you and the other holder(s) of the Registrable Securities and their intended methods of distribution. 
 (ix) In connection with any registration statement filed pursuant to Section 7 hereof, the Company shall furnish, or
cause to be furnished, to you and each holder participating in any underwritten offering and to each underwriter, a signed counterpart, addressed to you, such holder(s) or underwriter, of (i) an opinion of counsel to the Company, dated as of
the effective date of such registration statement (and, if such registration includes an underwritten public offering, an opinion dated the date of the closing under the underwriting agreement), and (ii) a “cold comfort” letter, dated
the effective date of such registration statement (and, if such registration includes an underwritten public offering, a letter dated the date of the closing under the underwriting agreement), signed by the independent public accountants who have
issued a report on the Company’s financial statements included in such registration statement, in each case covering substantially the same matters with respect to such registration statement (and the prospectus included therein) and, in the
case of such accountants’ letter, with respect to events subsequent to the date of such financial statements, as are customarily covered in opinions of issuer’s counsel and in accountants’ letters delivered to underwriters in
underwritten public offerings of securities. 
 (x) The Company shall promptly notify you and each holder of the
Registrable Securities covered by such registration statement, at any time when a prospectus relating thereto is required to be delivered under the Act, upon the Company’s discovery that, or upon the happening of any event as a result of which,
the prospectus included in such registration statement, as then in effect, includes an untrue statement of a material fact or omits to state any material fact required to be stated therein or necessary to make the statements therein not misleading
in the light of the circumstances under which they were made, and upon receipt of such notice you and each holder shall not effect any sale of securities and shall immediately cease utilizing or distributing such prospectus. At the request of you or
any such holder(s), the Company shall promptly prepare and furnish to you or such holder(s) and each underwriter, if any, a reasonable number of copies of a supplement to or an amendment of such prospectus as may be necessary so that, as thereafter
delivered to the purchasers of such securities, such prospectus shall not include an untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein not misleading in the
light of the circumstances under which they were made. 
 (xi) For purposes of this Agreement, the term
“majority” in reference to you and the other holder(s) of a Warrant or the shares underlying an unexercised Warrant, shall mean in excess of fifty percent (50%) of the shares underlying the then outstanding Warrant(s) that have not
been resold to the public pursuant to Rule 144 under the Act or a registration statement filed with the Commission under the Act. 
 8. Stock Exchange Listing. In the event the Company lists its shares on any national securities exchange or market, the Company will, at its expense, also list on such exchange, upon exercise of a Warrant, all shares
issuable pursuant to such Warrant. 
 9. Restrictive Legend. Executed copies of this Agreement shall be filed
in the principal office of the Company. Instruments evidencing all or part of the Warrant shall contain the legend shown on Exhibit A until one hundred eighty (180) days after the date of effectiveness or commencement of sales
of the Company’s IPO, after which time such legend may be removed at the request of the holder thereof. 
  

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 10. Successors and Assigns; Binding Effect. This Agreement shall be
binding upon and inure to the benefit of you and the Company and their respective successors and permitted assigns. 
 11. Notices. Any notice hereunder shall be given by registered or certified mail, if to the Company, at its principal office referred to in Section 5 and, if to a holder, to the holder’s address shown in the
Warrant ledger of the Company, provided that any holder may at any time on three (3) days’ written notice to the Company designate or substitute another address where notice is to be given. Notice shall be deemed given and received after a
certified or registered letter, properly addressed with postage prepaid, is deposited in the U.S. mail. 
 12. Severability. Every provision of this Agreement is intended to be severable. If any term or provision hereof is illegal or invalid for any reason whatsoever, such illegality or invalidity shall not affect the
remainder of this Agreement. 
 13. Assignment; Replacement of Warrant. The Warrant and the shares underlying
the Warrant may be sold, transferred, assigned, pledged or hypothecated by you prior to one hundred eighty (180) days after the date of effectiveness or commencement of sales of the Company’s IPO only to bona fide officers
of Anderson & Strudwick, Incorporated, who in turn shall be subject to the same restriction. Any assignment shall be effected in accordance with the Form of Assignment attached hereto as Exhibit C. If the Warrant is assigned, in
whole or in part, the Warrant shall be surrendered at the principal office of the Company, and thereupon, in the case of a partial assignment, a new Warrant shall be issued to the holder thereof covering the number of shares not assigned, and the
assignee shall be entitled to receive a new Warrant covering the number of shares so assigned. Upon receipt of evidence reasonably satisfactory to the Company of the loss, theft, destruction or mutilation of any Warrant and appropriate bond or
indemnification protection, the Company shall issue a new Warrant of like tenor. 
 14. Rights of
Shareholders. Until exercised, the Warrant shall not entitle the holder thereof to any of the rights of a shareholder of the Company. 
 15. Governing Law. This Agreement shall be governed and construed in accordance with the laws of the Commonwealth of Virginia without giving effect to the principles of choice of laws
thereof. 
 16. Definition. All references to the word “you” in this Agreement shall be deemed to
apply with equal effect to any persons or entities to whom a Warrant has been transferred in accordance with the terms hereof, and, where appropriate, to any persons or entities holding shares issuable upon exercise of a Warrant. 
 17. Headings. The headings herein are for purposes of reference only and shall not limit or otherwise affect the meaning
of any of the provisions hereof. 
 [Execution Page Follows – Tianli Agritech, Inc. – Warrant Agreement] 

  

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 [Execution Page – Tianli Agritech, Inc. – Warrant Agreement]

  

			
	Very truly yours,
	
	TIANLI AGRITECH, INC.
		
	By:	 	  

	Name:	 	Hanying Li
	Title:	 	Chief Executive Officer

 Accepted as of the
     day of             ,         . 
 ANDERSON & STRUDWICK, INCORPORATED 
  

			
	By:	 	  

	Name:	 	L. McCarthy Downs, III
	Title:	 	Senior Vice President

  

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 EXHIBIT A 
 No.      
              Common Shares 
 (as may be adjusted
pursuant to the 
 terms of the Warrant Agreement) 
 TIANLI AGRITECH, INC. 
 COMMON SHARES PURCHASE WARRANT 
 THIS IS TO CERTIFY that ANDERSON & STRUDWICK, INCORPORATED or its assigns as permitted in that certain Warrant Agreement (the
“Warrant Agreement”) dated             ,          between the Company (as hereafter defined) and Anderson & Strudwick,
Incorporated is entitled to purchase at any time or from time to time on or after the closing of the initial public offering of the Company’s common shares and before
                    ,         ,
                     common shares of Tianli Agritech, Inc., a British Virgin Islands company (the “Company”), for an exercise price of
$             per share. This Warrant is issued pursuant to the Agreement, and all rights of the holder of this Warrant are further governed by, and subject to the terms and provisions of
such Warrant Agreement, copies of which are available upon request to the Company. The holder of this Warrant and the shares issuable upon the exercise hereof shall be entitled to the benefits, rights and privileges and subject to the obligations,
duties and liabilities provided in the Warrant Agreement. 
 UNTIL ONE HUNDRED EIGHTY (180) DAYS AFTER THE DATE OF
EFFECTIVENESS OR COMMENCEMENT OF SALES OF THE INITIAL PUBLIC OFFERING OF TIANLI AGRITECH, INC., NEITHER ANDERSON & STRUDWICK, INCORPORATED NOR ANY ASSIGNEE OF ALL OR A PORTION OF THE RIGHTS PURSUANT TO THIS WARRANT MAY SELL, TRANSFER,
ASSIGN, PLEDGE OR HYPOTHECATE ANY OF ITS RIGHTS PURSUANT TO THIS WARRANT OTHER THAN TO BONA FIDE OFFICERS OF ANDERSON & STRUDWICK, INCORPORATED. 
 Subject to the provisions of the Securities Act of 1933, of the Warrant Agreement and of this Warrant, this Warrant and all rights hereunder are transferable, in whole or in part, only to the extent
expressly permitted in such documents and then only at the office of the Company at Tianli Agritech, Inc., Suite F, 23rd Floor, Building B, Jiangjing Mansion, 228 Yanjiang Ave., Jiangan District, Wuhan City, Hubei Province, China 430010, Attention:
Hanying Li, Chief Executive Officer, by the holder hereof or by a duly authorized attorney-in-fact, upon surrender of this Warrant duly endorsed, together with the Assignment hereof duly endorsed. Until transfer hereof on the books of the Company,
the Company may treat the registered holder hereof as the owner hereof for all purposes. 
 IN WITNESS WHEREOF, the Company has
caused this Warrant to be executed by its proper corporate officers thereunto duly authorized. 
  

			
	TIANLI AGRITECH, INC.
		
	By:	 	  

	Name:	 	  

	Title:	 	  

  

			
	ATTEST:
		
	By:	 	  

	Name:	 	  

	Title:	 	  

 EXHIBIT B 
 FORM OF SUBSCRIPTION 
 To Tianli Agritech, Inc.: 
 The undersigned, the holder of Warrant Number             , hereby irrevocably
elects to exercise the purchase right represented by such Warrant, and to purchase thereunder              * common shares of Tianli Agritech, Inc. 
 As payment therefor, the undersigned (mark one): 
                  herewith makes a payment in cash or by check of
U.S. $            , or 
                  requests to utilize the cashless exercise provision in Section 4(b) of the Warrant Agreement. 
 Further, the undersigned requests that the certificate or certificates for such shares be issued in the name of and delivered to the
undersigned. The undersigned acknowledges and agrees that shares to be received by the undersigned are subject to the restrictions on transfer set forth in the Warrant. 
  

							
		 		 		 	  

		 		 		 	(Signature)
				
		 		 		 	  

				
		 		 		 	  

		 		 		 	(Address)
				
	Dated:	 	  
	 		 	

  

	*	Insert here the number of common shares set forth on the face of the Warrant (or, in the case of a partial exercise, the portion thereof as to which the Warrant is
being exercised), in either case without making any adjustment (which adjustment will be made in the issuance of such shares, other stock, securities, property, or cash) for additional common shares or any other stock or other securities or property
or cash that, pursuant to the adjustment provisions of the Warrant, is deliverable upon exercise. 

 EXHIBIT C 
 FORM OF ASSIGNMENT 
 (To be signed only upon transfer of Warrant)

 For value received, Anderson & Strudwick, Incorporated, the registered holder of the Warrant issued by Tianli
Agritech, Inc. to purchase                      shares of common stock represented by Warrant
            , hereby sells, assigns and transfers of such Warrants to officers of Anderson & Strudwick, Incorporated as set forth below, with the remaining
balance (            ) to be reissued to Anderson & Strudwick, Incorporated: 
  

					
	Assignee/Transferee	  		  	Amount Assigned/Transferred
			
	  
	  		  	  

 Anderson & Strudwick, Incorporated does hereby irrevocably constitute and appoint the undersigned’s attorney to make such transfer on the books of the Warrant Agent maintained for that
purpose, with full power of substitution in the premises. 
 The undersigned represents and warrants that the transfer of the
attached Warrant is permitted by the terms of the Warrant Agreement pursuant to which the attached Warrant has been issued, and the transferees hereof, by acceptance of this Agreement, agrees to be bound by the terms of the Warrant Agreement with
the same force and effect as if a signatory thereto. 
  

									
		 		 		 	ANDERSON & STRUDWICK, INCORPORATED
					
		 		 		 	By:	 	  

		 		 		 	Name:	 	  

		 		 		 	Title:	 	  

					
	Date:	 	  
	 		 		 	

 Signature Guaranteed by: 
 THE SIGNATURE SHOULD BE GUARANTEED BY AN ELIGIBLE GUARANTOR INSTITUTION (BANKS, STOCKBROKERS, SAVINGS AND LOAN ASSOCIATIONS AND CREDIT UNIONS WITH MEMBERSHIP IN AN APPROVED SIGNATURE GUARANTEE MEDALLION
PROGRAM) PURSUANT TO S.E.C RULE 17 Ad-15.EXHIBIT 10.2

 Exhibit 10.2 
 Entrusted Management Agreement 
 Between

 ZHANG Xin 
 WANG Kaiying 
 LI Hanying 
 Wuhan Fengze Agricultural and Technology Development Co., Ltd. 
 And 
 Wuhan Fengxin Agricultural and Technology
Development Co., Ltd. 
 Dec 1st, 2009 
 Wuhan, China 

 Entrusted Management Agreement 
 This Entrusted Management Agreement (the “Agreement”) is entered into on the Dec 1st, 2009 in Wuhan, China by: 
 Party A: 
 1. ZHANG Xin, a citizen of PRC
with ID Card number             , owns 87.93% shares of Wuhan Fengze Agricultural and Technology Development Co., Ltd; 
 2. WANG Kaiying, a citizen of PRC with ID Card number             , owns 2.07% shares of Wuhan Fengze Agricultural and Technology Development
Co., Ltd; 
 3. LI Hanying, a citizen of PRC with ID Card number             , owns
10% shares of Wuhan Fengze Agricultural and Technology Development Co., Ltd; 
 4. Wuhan Fengze Agricultural and Technology Development Co., Ltd
is an enterprise incorporated and existing within the territory of China in accordance with the law of the People’s Republic of China, the registration number of its legal and valid Business License is
            and the legal registered address is Wuhan Huangpi District, Luohan Street, Qigang Village. 
 and 
 Party B: Wuhan Fengxin Agricultural and Technology Development Co., Ltd is a Wholly
Foreign Owned Enterprise registered in Wuhan, PRC. 
 Whereas: 
 1. Party A constitutes Wuhan Fengze Agricultural and Technology Development Co., Ltd (hereinafter referred to as “Wuhan Fengze”) and all of its shareholders holding all issued and outstanding
shares of Wuhan Fengze. Under this Agreement, Wuhan Fengze, ZHANG Xin, WANG Kaiying and LI Hanying have acted collectively as one party to this Agreement; 
 2. Wuhan Fengxin Agricultural and Technology Development Co., Ltd (hereinafter referred to as “Party B”) is a Wholly Foreign Owned Enterprise incorporated and existing within the territory of
China in accordance with the law of the People’s Republic of China, and the legal registered address is Room 1518, Xinhongji Garden, 6 Qiuchang Street Jiangan District, Wuhan, Hubei. 
 3. Party A desires to entrust Party B to manage and operate Wuhan Fengze; 
 4. Party B agrees to accept such entrustment and to manage Wuhan Fengze on behalf of Party A. 
 Therefore, in accordance with laws and regulations of the People’s Republic of China, the Parties agree as follows after friendly consultation based on the principle of equality and mutual benefit. 
  

 - 1 - 

 Article 1 Entrusted Management 
 1.1 Party A agrees to entrust the management of Wuhan Fengze to Party B pursuant to the terms and conditions of this Agreement. Party B agrees to manage Wuhan Fengze in accordance with the terms and
conditions of this Agreement. 
 1.2 The term of this Entrusted Management Agreement (the “Entrusted Period”) shall be from the
effective date of this Agreement to the earlier of the following: 
  

	 	(1)	the winding up of Wuhan Fengze, or 

  

	 	(2)	the termination date of this Entrusted Management Agreement to be determined by the Parties hereto, or 

  

	 	(3)	the date on which Party B completes the acquisition of Wuhan Fengze. 

 1.3 During the Entrusted Period, Party B shall be fully and exclusively responsible for the management of Wuhan Fengze. The management service includes without limitation the following: 
  

	(1)	Party B shall be fully and exclusively responsible for the operation of Wuhan Fengze, which includes the right to appoint and terminate Wuhan Fengze, members of Board
of Directors and the right to hire managerial and administrative personnel etc. Party A or its voting proxy shall make a shareholder’s resolution and a Board of Directors’ resolution based on the decision of Party B.

  

	(2)	Party B has the full and exclusive right to manage and control all cash flow and assets of Party A. Wuhan Fengze shall open an entrusted account or designate an
existing account as an entrusted account. Party B has the full and exclusive right to decide the use of the funds in the entrusted account. The authorized signature of the account shall be appointed or confirmed by Party B. All of the funds of Wuhan
Fengze shall be kept in this account, including but not limited to its existing working capital and purchase price received from selling its production equipment, inventory, raw materials and accounts receivable to Party B (if any), all payments of
funds shall be disbursed through this entrusted account, including but not limited to the payment of all existing accounts payable and operating expenses, payment of employees salaries and purchase of assets, and all revenues from its operation
shall be kept in this account. 

  

	(3)	Party B shall have the full and exclusive right to control and administrate the financial affairs and daily operation of Wuhan Fengze, such as entering into and
performance of contracts, and payment of taxes etc. 

 1.4 As consideration for the services provided by Party B hereunder, Party
A shall pay an entrusted management fee to Party B which shall be equal to the earnings before tax (if any) of Wuhan Fengze. The entrusted management fee shall be as follows: during the term of this agreement, the entrusted management fee shall
equal to Wuhan Fengze’s estimated earnings before tax, being the monthly revenues after deduction of operating costs, expenses and taxes. If the earnings before tax is zero, Wuhan Fengze is not required to pay the entrusted management fee; if
Wuhan Fengze sustains losses, all such losses will be carried over to next month and deducted from next month’s entrusted management fee. Both Parties shall calculate, and Party A shall pay, the monthly entrusted management fee within 20 days
of the following

  

 - 2 - 

 
month. The above monthly payment shall be adjusted after the end of each quarter but before the filing of tax return for such quarter (the “Quarterly Adjustment”), so as to make the
after-tax profit of that quarter is zero. In addition, the above he above monthly payment shall be adjusted after the end of each fiscal year but before the filing for the yearly tax return (the “Annual Adjustment”), so as to make the
after-tax profit of that fiscal year is zero. 
 1.5 Party B shall assume all operation risks out of the entrusted management of Wuhan Fengze
and bear all losses of Wuhan Fengze. If Wuhan Fengze has no sufficient funds to repay its debts, Party B is responsible for paying off these debts on behalf of Wuhan Fengze; if Wuhan Fengze’s net assets are lower than its registered capital,
Party B is responsible for funding the deficit. 
 Article 2 Rights and Obligations of the Parties 
 2.1 During the term of this Agreement, Party A’s rights and obligations include: 
  

	(1)	to hand over Wuhan Fengze to Party B for entrusted management as of the effectiveness date of this Agreement and to hand over all of business materials together with
Business License and corporate seal of Wuhan Fengze to Party B; 

  

	(2)	Party A has no right to make any decision regarding Wuhan Fengze’s operations without the prior written consent of Party B; 

  

	(3)	to have the right to know the business conditions of Wuhan Fengze at any time and provide proposals; 

  

	(4)	to assist Party B in carrying out the entrusted management according to Party B’s requirement; 

  

	(5)	to perform its obligations pursuant to the Shareholders’ Voting Rights Proxy Agreement, signed by and between ZHANG Xin, WANG Kaiying, LI Hanying and Party B on
Dec 1st, 2009 in Wuhan, and not to violate the said agreement; 

  

	(6)	not to intervene Party B’s management over Wuhan Fengze in any form by making use of shareholder’s power; 

  

	(7)	not to entrust or grant their shareholders’ rights in Wuhan Fengze to a third party other than Party B without Party B’s consent; 

  

	(8)	not to otherwise entrust other third party other than Party B to manage Wuhan Fengze in any form without Party B’s prior written consent; 

 

	(9)	not to terminate this Agreement unilaterally with for any reason whatsoever; or 

  

	(10)	to enjoy other rights and perform other obligations under the Agreement. 

 2.2 During the term of this Agreement, Party B’s rights and obligations include: 
  

	(1)	to enjoy the full and exclusive right to manage Wuhan Fengze independently; 

  

 - 3 - 

	(2)	to enjoy the full and exclusive right to dispose of all assets of Wuhan Fengze; 

  

	(3)	to enjoy all profits and bear losses arising from Wuhan Fengze’s operations during the Entrusted Period; 

  

	(4)	to appoint all directors of Wuhan Fengze; 

  

	(5)	to appoint the legal representative, general manager, deputy general manager, financial manager and other senior managerial personnel of Wuhan Fengze;

  

	(6)	to convene shareholders’ meetings of Wuhan Fengze in accordance with the Shareholders’ Voting Rights Proxy Agreement and sign resolutions of
shareholders’ meetings; and 

  

	(7)	to enjoy other rights and perform other obligations under the Agreement. 

 Article 3 Representations and Warranties 
 The Parties hereto hereby make the following
representations and warranties to each other as of the date of this Agreement that: 
  

	(1)	has the right to enter into the Agreement and the ability to perform the same; 

  

	(2)	the execution and delivery of this Agreement by each party have been duly authorized by all necessary corporate action; 

  

	(3)	the execution of this Agreement by the officer or representative of each party has been duly authorized; 

  

	(4)	each party has no other reasons that will prevent this Agreement from becoming a binding and effective agreement between both parties after execution;

  

	(5)	the execution and performance of the obligations under this Agreement will not: 

  

	 	(a)	violate any provision of the business license, articles of association or other similar documents of its own; 

  

	 	(b)	violate any provision of the laws and regulations of PRC or other governmental or regulatory authority or approval; 

  

	 	(c)	violate or result in a breach of any contract or agreement to which the party is a party or by which it is bound. 

  

 - 4 - 

 Article 4 Effectiveness 
 This Agreement shall take effect after it is duly executed by the authorized representatives of the parties hereto with seals affixed. 
 Article 5 Liability for Breach of Agreement 
 During the term of this Agreement, any
violation of any provisions herein by either party constitutes breach of contract and the breaching party shall compensate the non-breaching party for the loss incurred as a result of this breach. 
 Article 6 Force Majeure 
 The failure of
either party to perform all or part of the obligations under the Agreement due to force majeure shall not be deemed as breach of contract. The affected party shall present promptly valid evidence of such force majeure, and the failure of performance
shall be settled through consultations between the parties hereto. 
 Article 7 Governing Law 
 The conclusion, validity, interpretation, and performance of this Agreement and the settlement of any disputes arising out of this Agreement shall be
governed by the laws and regulations of the People’s Republic of China. 
 Article 8 Settlement of Dispute 
 Any disputes under the Agreement shall be settled at first through friendly consultation between the parties hereto. In case no settlement can be reached
through consultation, each party shall have the right to submit such disputes to China International Economic and Trade Arbitration Commission in Beijing. The Place of arbitration is Beijing. The arbitration award shall be final and binding on both
parties. 
 Article 9 Confidentiality 
 9.1 The parties hereto agree to cause its employees or representatives who has access to and knowledge of the terms and conditions of this Agreement to keep strict confidentiality and not to disclose any of these terms and conditions to any
third party without the expressive requirements under law or request from judicial authorities or governmental departments or the consent of the other party, otherwise such party or personnel shall assume corresponding legal liabilities. 

9.2 The obligations of confidentiality under Section 1 of this Article shall survive after the termination of this Agreement. 
 Article 10 Severability 
 10.1 Any provision
of this Agreement that is invalid or unenforceable due to the laws and regulations shall be ineffective without affecting in any way the remaining provisions hereof. 
  

 - 5 - 

 10.2 In the event of the foregoing paragraph, the parties hereto shall prepare supplemental agreement as
soon as possible to replace the invalid provision through friendly consultation. 
 Article 11 Non-waiver of Rights 
 11.1 Any failure or delay by any party in exercising its rights under this Agreement shall not constitute a waiver of such right. 
 11.2 Any failure of any party to demand the other party to perform its obligations under this Agreement shall not be deemed as a waiver of its right to
demand the other party to perform such obligations later. 
 11.3 If a party excuses the non-performance by other party of certain provisions
under this Agreement, such excuse shall not be deemed to excuse any future non-performance by the other party of the same provision. 
 Article 12 Non-transferability 
 Unless otherwise specified under this Agreement, no party can assign or delegate any of the
rights or obligations under this Agreement to any third party nor can it provide any guarantee to such third party or carry out other similar activities without the prior written from the other party. 
 Article 13 Miscellaneous 
 13.1 Any and all
taxes arising from execution and performance of this Agreement and during the course of the entrusted management and operation shall be borne by the Parties respectively pursuant to the provisions of laws and regulations. 
 13.2 Any amendment entered into by the parties hereto after the effectiveness of this Agreement shall be an integral part of this Agreement and have the
same legal effect as part of this Agreement. In case of any discrepancy between the amendment and this Agreement, the amendment shall prevail. In case of several amendments, the amendment with the latest date shall prevail. 
 13.3 This Agreement is executed by Chinese and English in duplicate and both the English version and Chinese version shall have the same effect. Each of the
original Chinese and English versions of this Agreement shall be executed in 6 copies. Each party shall hold two original of each version. 
 13.4 In witness hereof, the Agreement is duly executed by the parties hereto on the date first written above. 
 (REMAINDER OF PAGE INTENTIONALLY LEFT BLANK) 
  
  

 - 6 - 

 (Page of signature only) 
 Party A: 
 ZHANG Xin (signature): 
 WANG Kaiying (signature): 
 LI
Hanying (signature): 
 Wuhan Fengze Agricultural and Technology Development Co., Ltd 
 (official seal) 
 Authorized representative:

 (signature) 
 Party B:

 Wuhan Fengxin Agricultural and Technology Development Co., Ltd 
 (official seal) 
 Authorized representative: 
 (signature) 
  

 - 7 -

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