Document:

exv10w03

 

Exhibit 10.03

ALLIED WASTE INDUSTRIES, INC.

RESTRICTED STOCK UNITS AGREEMENT

(UNDER THE 2005 NON-EMPLOYEE DIRECTOR

EQUITY COMPENSATION PLAN)

     THIS RESTRICTED STOCK UNITS AGREEMENT (“Agreement”) is dated                                                     
         (“Date
of Grant”), between ALLIED WASTE INDUSTRIES, INC., a Delaware corporation (“Company”), and
                                                             (“Director”):

R E C I T A L S:

     The Company maintains the Allied Waste Industries, Inc. 2005 Non-Employee Director Equity
Compensation Plan (formerly known as the Allied Waste Industries, Inc. 1994 Amended and Restated
Non-Employee Director Stock Option Plan), as most recently amended and restated effective May 20,
2005 (“Plan”), all of the terms and provisions of which are incorporated herein by reference and
made a part of this Agreement. All capitalized terms used but not defined in this Agreement have
the meanings given to them in the Plan.

     The Plan permits the Plan Administrator to make initial and/or annual grants under the Plan in
the form of units of Restricted Stock, instead of shares of Restricted Stock. The Plan
Administrator has determined that it would be in the best interest of the Company and its
stockholders to grant the of Restricted Stock provided for herein (“RSUs”), instead of shares of
Restricted Stock, to Director pursuant to the Plan and the terms set forth herein as an inducement
to serve as a director of the Company.

     NOW, THEREFORE, in consideration of the mutual covenants hereinafter set forth, the parties
hereto agree as follows:

1. Grant of Restricted Stock Units. The Company hereby grants to Director
                     units of Restricted Stock (“RSUs”). Each RSU shall represent Director’s right
to receive one share of the Company’s common stock, par value $.01 per share (the “Common Stock”),
subject to the following terms and conditions and to the provisions of the Plan.

2. Vesting. Director shall become vested in the RSUs according to the following schedule:

     [Initial
grant — 0% vested until the last day of Director’s first one-year term ending
after the Date of Grant; 1/3 vested on the last day of Director’s first one-year term ending after
the Date of Grant; an additional 1/3 vested on the last day of Director’s second one-year term
ending after the Date of Grant; and an additional 1/3 vested on the last day of the Director’s
third one-year term ending after the Date of Grant.]

     [Annual grant —  0% vested until the last day of Director’s first one-year term ending
after the Date of Grant; and 100% vested on the last day of Director’s first one-year term ending
after the Date of Grant.]

Any RSUs that have not vested as of the date Director ceases to be a director of the Company, for
any reason, will be forfeited as of the beginning of business on that date.

3. Rights as Stockholder. Director shall not be entitled to any of the rights of a
stockholder with respect to the RSUs (including the right to vote such shares and to receive
dividends and other distributions) unless and until the certificate for shares of Common Stock
issuable upon vesting are issued. Notwithstanding the foregoing, if the Company pays a cash
dividend on its Common Stock while Director’s RSUs are still outstanding, Director will be credited
with additional units of Restricted Stock (“Additional RSUs”) in an amount equal to the total
number of outstanding whole RSUs multiplied by the dollar amount of the cash dividend paid per
share, divided by the Fair Market Value per share. Moreover, if the Company pays a stock dividend
on its Common Stock while Director’s RSUs are still outstanding, Director will be credited with
Additional RSUs in an amount equal to the total number of outstanding whole RSUs multiplied by the
share dividend paid per share. Any Additional RSUs that are credited will

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become part of the RSUs (and, as such, may be taken into account in determining the outstanding
whole number of RSUs for purposes of crediting any future dividends) and will be subject to the
same terms and conditions that apply to the RSUs.

4. Issuance of Shares. Reasonably promptly after all or a portion of the RSUs vest (but in
no event later than the March 15 next following the last day of the Director’s taxable year during
which the RSUs vest), the Company will provide Director with a certificate for the shares of Common
Stock issuable on vesting, issued in the Director’s name. The certificate will be issued for a
whole number of shares only. Any fractional share resulting from the payment of dividends will be
paid in cash based on the Fair Market Value of such fractional share. The certificate(s) will be
stamped or otherwise imprinted with a legend in such form as the Company or its counsel may require
with respect to any applicable restrictions on the sale or transfer of the Award Shares, and the
stock transfer records of the Company will reflect stop-transfer instructions with respect to such
shares.

5. Term of Directorship. This Agreement does not grant to Director any right to continue
serving as a director of the Company.

6. Notices; Deliveries. Any notice of delivery required to be given under the terms of
this Agreement shall be addressed to the Company, in care of its Secretary, at its principal office
at 15880 N. Greenway-Hayden Loop, Suite 100, Scottsdale, Arizona 85260, and any notice or delivery
to be given to Director shall be addressed to him at the address given by him beneath his signature
hereto or such other address as either party hereto may hereafter designate in writing to the
other. Any such notice or delivery shall be deemed to have been duly given when addressed as
aforesaid, registered or certified mail, and deposited (postage or registration or certification
fee prepaid) in a post office or branch post office regularly maintained by the United States.

7. Disputes. As a condition of the granting of the RSUs, Director and his heirs and
successors agree that any dispute or disagreement which may arise hereunder shall be determined by
the Committee in its sole discretion and judgment, and that any such determination and any
interpretation by the Committee of the terms of the Plan and this Agreement shall be final and
shall be binding and conclusive, for all purposes, upon the Company, Director, his heirs and
personal representatives, and all permitted transferees.

8. RSUs Subject to Plan. The RSUs granted pursuant to this Agreement are subject to the
terms and provisions of the Plan. Unless otherwise explicitly stated herein, in the event of a
conflict between any term or provision contained herein and a term or provision of the Plan, the
applicable terms and provisions of the Plan will govern and prevail under all circumstances.

9. Miscellaneous.

     (a) All decisions of the Committee with respect to any questions arising under the Plan or
under this Agreement shall be conclusive.

     (b) Director agrees to make appropriate arrangements with the Company for satisfaction of any
applicable federal, state or local income tax, withholding requirements or like requirements,
attributable to the vesting of and/or issuance of shares for such RSUs.

     (c) Notwithstanding anything contained herein to the contrary, the Company’s obligation to
issue or deliver certificates evidencing the RSUs or shares of Common Stock shall be subject to all
applicable laws, rules, and regulations and to such approvals by any governmental agencies or
national securities exchanges as may be required.

     (d) This Agreement shall be binding upon and inure to the benefit of any successor or
successors of the Company.

     (e) The interpretation, performance and enforcement of this Agreement shall be governed by the
laws of the State of Arizona.

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     IN WITNESS WHEREOF, the Company has, as of the date first above written, caused this Agreement
to be executed on its behalf by its Chairman, President or any Vice President, and Director has
hereunder set his hand as of the date first above written, which date is the Date of Grant of the
RSUs.

ALLIED WASTE INDUSTRIES, INC.

By                                                            

DIRECTOR

                                                            

3Exhibit 10.1

The Agreement  ("Agreement")  is entered into December 31, 2005 by the following
parties:

     Party A: 4 persons including and represented by Jiang Guoqing

          Address:  Flat 11, S. Bldg,  Jinjiang Shidai Garden, No. 107, Jinli W.
          Rd., Chengdu, Suzhuan, China
          Tel: 86-28-86158586
          Fascimile: 86-28-86136592
          Representative: JIANG, Guoqing
          Nationality: Chinese

     Party B: China Biopharmaceuticals Corporation.

          Address:  Palm Grove House, P.O. Box 438, Road Town, Tortola,  British
          Virgin Islands
          Mailing  address:  1601-8 Shanxi Rd., Bldg A, Jinshan Tower,  Nanjing,
          Jiangsu, China
          Tel: 86-20-83205758
          Fascimile: 86-20-83205759
          Representative: MAO, Peng
          Nationality: Canada

     (1)  Party A (consisting of 4 persons) is all the shareholders (For details
          of shareholders,  please see attached List of Shareholders) of Chengdu
          Tianyin  Pharmaceutical  Limited  Company  (Referred  to as  "Tianyin"
          hereafter), a legally registered limited liability company established
          according  to the laws of the  People's  Republic  of China  ("China")
          laws, who authorizes its representative Jiang Guoqing to represent all
          the  shareholders to sign this agreement (For details,  please see the
          Trust Deed); Party B is a legally registered limited liability company
          according to Law of British Virgin Islands..

     (2)  In Accordance with The Company Law of China, The Contract Law of China
          as well as other prevailing laws and regulations,  Party A and Party B
          hereby  agree to allow Party B assume  operation  control over Tianyin
          effective the date of this Agreement and to make investment in Tianyin

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<PAGE>

          so that Tianyin will become a  foreign-invested  company  according to
          Chinese laws (Referred to as the "Joint Venture" hereafter).

     (3)  The Joint Venture will maintain its original business scope of Tianyin

     (4)  If the remaining issues regarding the operation and development of the
          Joint Venture  related to this  cooperation are not fully provided for
          in detail in this agreement,  the both parties will make supplementary
          provisions and conduct negotiations to resolve the issues according to
          the relevant  regulations and specified  principles  stipulated within
          this agreement.

     1    Representations and Warranties

     1.1  The  representations  and warranties  jointly made by the both parties
     are listed as follows:

     (1)  The both parties  have all the  relevant  legal right and capacity and
          are qualified for signing and implementation of this Agreement, and at
          the same time, the sign and  implementation of this Agreement will not
          violate  any or all the legal  documents  such as  regulations  on the
          Company  Regulation,  Contract and  Agreement  which  imposes  certain
          restrictions on it.

     (2)  The both parties have already carried out all the required  actions or
          will do so, to obtain the consent, approval,  authorization and permit
          required by signing and implementation of this Agreement.

     (3)  In keeping with the principles of reliability  and  creditability  and
          responsibility, both parties will make utmost efforts to work in close
          cooperation to promote the smooth  implementation  of this  Agreement.
          The  parties  will  follow  the   principles  set  forth  within  this
          Agreement, and will not impede the implementation of this Agreement.

     The representations and warranties of Party A

     1.2  The  representations  and warranties that Party A makes to Party B are
     listed as follows:

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<PAGE>

     (1)  All  the  materials  having  been  or to be  provided  by  Party A are
          authentic, complete, accurate with no misleading information.

     (2)  The registered capital of Tianyin has been fully contributed;  Tianyin
          owns the legal ownership and use rights of the total assets.

     (3)  Tianyin has obtained  necessary  rights and  permits,  authorizations,
          approvals and consent required for  pharmaceutical  content production
          and  business  operation.  The  business  scope of Tianyin does not go
          beyond  the  operational  scope  approved  as well as the rules of its
          articles.

     (4)  Its financials statements as audited by its auditing firm according to
          the US GAAP are true and correct and fairly  represent  the  operation
          results of Tianyin..

     (5)  Party A shall disclose all the mortgage of assets, sponsor and related
          lawsuits and arbitration as well as administrative  penalties to which
          Party A is subject.

     (6)  Additional Representations and Warranties:

          i.   There will be no material  change in the  contributed  assets and
               debt of Tianyin  and Party A will  maintain  normal cash flow for
               the operational activities;

     1.3  The  representations  and warranties that Party B makes to Party A are
     listed as follows:

     (1)  All  the  materials  having  been  or to be  provided  to  party A are
          authentic, timely and complete.

     (2)  Party  B  recognizes  all  the  contracts  entered  into  before  this
          Agreement,  and will  cause  the Joint  Venture  to duly  fulfill  the
          implementation of this Agreement.

     2    Operation Control and Investment

     2.1  The  scope of the  capital  assets of this  cooperation  refers to the
     total assets appearing on the financials of Tianyin.

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<PAGE>

     2.2. As of the  date  of this  Agrement,  Party B  shall  assume  the  full
     operation control of Party A, including  wothout  limitation all aspects of
     Tianyin's business operation, production, distribution and sale of products
     and shall have the  complete  power to appoint  and  change  Tianyin's  top
     management  staff and executives.  Party B shall also nominate  majority of
     Party A's board members including its chairman.

     2.3. The total  consideration  for the  operation  control  and  the 51% of
     Tianyin  shall be  3,000,000  shares of common  stock of Party B's  parent,
     China Biopharmaceuticals Holdings, Inc. valued at US$1.00 per share payable
     immediately  to Party A and an  additional  investment  into Tianyin to the
     amount of US$2,000,000  as additional  capital  contribution  into Tianyin.
     Such  additional  capital  contribution  shall  be  treated  as  additional
     registered  capital.  After the  completion  of  investment  from  Party B,
     Tianyin will become a foreign-invested  company with Party A holding 49% of
     the  total  shares  and  Party  B holds  51 % of the  total  shares  of the
     foreign-invested Company.

     3    Arrangement of the transaction

     3.1  Party B shall pay  US$2,000,000 in cash to the Joint Venture.  Party B
     hereby  agrees with Party A that within 30 working  days after the auditing
     result  is  completed  Party B will  remit  US$  1,000,  000 in cash to the
     Foreign  Currency  Bank  Account of the Joint  Venture,  and will remit the
     remaining  US$1,  000, 000 in cash to the Foreign  Currency Bank Account of
     the Joint  Venture  within 60 working  days after  obtaining  the  business
     license of the Joint Venture.

     3.3  Within 30 working days after this  agreement is signed,  Party B shall
     distribute  3,000,000  shares of common  stock of China  Biopharmaceuticals
     Holdings Inc. to Party A or its designated parties.

     3.4  Arrangement of rewards

     (1)  Under  the  precondition  that  the  Joint  Venture  accomplishes  the
          performance  requirements by generating audited after tax profit of no
          less than  US$3,000,000  at the year ended December 31, 2006.  Party B

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<PAGE>

          shall distribute  300,000 shares of its common stock to Party A or its
          assigned natural person or legal  representative after filing the year
          2006's annual report.

     4    Repayment of Shareholders' loan

     The Joint Venture undertakes USD$ 2,000,000  liability owes to Party A, and
Joint Venture will  distribute  USD$1,000,000  to Party A within 45 working days
after  obtaining  the business  license of the Joint  Venture to  eliminate  the
liability.  The remaining  USD$1,000,000 will distribute to Party A from the net
profit after income tax of Joint  Venture  within 3 year period after  obtaining
the business license of the Joint Venture to eliminate the liability.

     5    The board of directors of the Joint Venture

     5.1  The board of directors of the Joint Venture  consists of five or seven
     persons, two or three of whom are appointed by Party A and three or four of
     whom  are  appointed  by  Party B. The  chief  financial  officer  shall be
     appointed by party B.

     5.2  The  important events of the Joint Venture shall be voted and approved
     by 75% of the total directors of the board,  and the important events shall
     mainly include but not limited to the followings:

     (1)  Modification of article of the Joint Venture.

     (2)  Disposal of all the key assets of the Joint Venture.

     (3)  Change of structure of managerial level.

     (4)  External sponsorship, mortgages, hypothecation and loans.

     (5)  Determine  the  operational  plan  and  investment  plan of the  Joint
          Venture.

     (6)  Others related to the key  development  plans and  orientations of the
          Joint Venture.

     (7)  The insider  transactions  among the company,  shareholders  and other
          relevant parties.

     6    Others

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<PAGE>

     6.1  This  agreement  is not allowed to be  terminated  by one side without
     breach, and shall be governed by Chinese laws.

     6.2  If any of the parties breaches the agreement,  the non-breaching party
     has rights to ask the breaching  party for  compensations  due to breach of
     agreement.

     6.3  If the  proposal,  contracts and articles  having been signed  between
     Party A and Party B and having been delivered to the relevant  governmental
     organizations  for  inspection  and approval and this  agreement  signed is
     found to have different interpretation, this agreement shall take effect.

     6.4  If any dispute arises  between the two parties,  the  dispute shall be
     negotiated  and settled within 30 working days. If the  negotiation  fails,
     the two  parties  can go to the Chinese  International  Economic  and Trade
     Arbitration Committee to have arbitration.

     6.5  For  issues fails to be mentioned in this  agreement,  the two parties
     may sign  supplementary  agreement  or  attachment,  which forms  effective
     components of this agreement with the same legal effect.

     6.6  This  agreement  is in  quadruplicate,  with two  copies  held by each
     party.

     Party A: 4 persons including and represented by Jiang Guoqing
     Authorized representative:

     Party B: China Biopharmaceuticals Holdings Inc.
     Authorized representative:

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