Document:

ex10_4.htm

     

    
      

       

      REGISTRATION RIGHTS
AGREEMENT

       

      THIS REGISTRATION RIGHTS
AGREEMENT (this “Agreement”), dated as
of January 4, 2010, by and among Man Shing Agricultural Holdings,
Inc., a Nevada corporation, with headquarters located at Unit 1005, 10/F,
Tower, Hunghom Commercial Centre, 37 Ma Tau Wai Road, Hunghom, Kowloon, Hong
Kong (the “Company”), and China Angel Assets Management
Limited (the “Investor”).

       

      WHEREAS:

       

      A.           In
connection with the Securities Purchase Agreement by and among the parties
hereto of even date herewith (the “Securities Purchase
Agreement”), the Company has agreed, upon the terms and subject to the
conditions of the Securities Purchase Agreement, to issue and sell to the
Investor secured units (the “Unit(s)”) where each unit
shall consist of (i) one three (3) year eight percent (8%) annual interest
$100,000 convertible redeemable debenture (the “Debenture”) to be convertible
into that number of shares of the Company’s common stock, par value US$0.001 per
share, (ii) 80,000 shares of the Company’s common stock, par value US $0.001
(collectively referred to as the “Common Stock”), and
(iii) one Right to acquire an additional Unit within three years, pursuant to
the terms of the Securities Purchase Agreement for an aggregate purchase price
of up to One Million U.S. Dollars ($1,000,000).  Capitalized
terms not defined herein shall have the meaning ascribed to them in the
Securities Purchase Agreement.

       

      B.           To
induce the Investor to execute and deliver the Securities Purchase Agreement,
the Company has agreed to provide certain registration rights under the
Securities Act of 1933, as amended, and the rules and regulations there under,
or any similar successor statute (collectively, the “1933 Act”), and
applicable state securities laws.

       

      NOW, THEREFORE, in
consideration of the premises and the mutual covenants contained herein and
other good and valuable consideration, the receipt and sufficiency of which are
hereby acknowledged, the Company and the Investor hereby agree as
follows:

       

      1. DEFINITIONS.

       

      As used
in this Agreement, the following terms shall have the following
meanings:

       

      (a) “Person” means a
corporation, a limited liability company, an association, a partnership, an
organization, a business, an individual, a governmental or political subdivision
thereof or a governmental agency.

       

      (b) “Register,” “registered,” and
“registration”
refer to a registration effected by preparing and filing one or more
Registration Statements (as defined below) in compliance with the 1933 Act and
pursuant to Rule 415 under the 1933 Act or any successor rule providing for
offering securities on a continuous or delayed basis (“Rule 415”), and the
declaration or ordering of effectiveness of such Registration Statement(s) by
the United States Securities and Exchange SEC (the “SEC”).

       

      (c) “Registrable
Securities” means the shares of Common Stock issuable to Investor upon
conversion of the Units issued pursuant to the Securities Purchase Agreement. As
to any particular Registrable Securities, such securities will cease to be
Registrable Securities when (a) they have been effectively registered under the
1933 Act and disposed of in accordance with the registration statement covering
them, (b) they have been sold, or may be sold without volume restrictions
pursuant to Rule 144(b)(1) promulgated by the SEC under the 1933 Act, or (c)
they have been otherwise transferred and new certificates for them not bearing a
restrictive legend have been issued by the Company and the Company shall not
have “stop transfer” instructions against them.

       

      (d) “Registration
Statement” means a registration statement under the 1933 Act which covers
the Registrable Securities.

       

      (e) “Rule 144” means Rule
144 promulgated under the 1933 Act or any similar rule or regulation of the SEC
that may at any time permit the Investor to sell securities of the Company to
the public without registration.

       

      2. REGISTRATION.

       

      (a) Subject
to the terms and conditions of this Agreement, the Company shall prepare and
file, no later than thirty (30) days from the date hereof (the “Scheduled Filing
Deadline”), with the SEC a registration statement on Form S-1 (or, if the
Company is then eligible, on Form S-3) under the 1933 Act (the “Initial Registration
Statement”) for the registration for the resale by the Investor at least
five (5) times the number of shares which are anticipated to be issued upon
conversion of the Units issued pursuant to the Securities Purchase Agreement and
shares of Common Stock issuable to the Investor upon exercise of the Warrants
issued pursuant to the Securities Purchase Agreement (subject to Rule 415
restrictions).  The Company shall cause the Registration Statement to
remain effective until all of the Registrable Securities have been sold by the
Investor.

       

      (b) Effectiveness of the Initial
Registration Statement.  The Company shall use its best efforts
(i) to have the Initial Registration Statement declared effective by the SEC no
later than one hundred twenty (120) days after the First Closing Date (the
“Scheduled Effective
Deadline”) and (ii) to insure that the Initial Registration Statement and
any subsequent Registration Statement remains in effect until all of the
Registrable Securities have been sold, subject to the terms and conditions of
this Agreement.

       

      (c) Failure to File or Obtain
Effectiveness of the Registration Statement.  In the event the
Registration Statement is not declared effective by the SEC on or before the
Scheduled Effective Date, or if after the Registration Statement has been
declared effective by the SEC, sales cannot be made pursuant to the Registration
Statement (whether because of a failure to keep the Registration Statement
effective, failure to disclose such information as is necessary for sales to be
made pursuant to the Registration Statement, failure to register sufficient
shares of Common Stock or otherwise then as partial relief for the damages to
any holder of Registrable Securities by reason of any such delay in or reduction
of its ability to sell the underlying shares of Common Stock (which remedy shall
not be exclusive of any other remedies at law or in equity), the Company will
pay as liquidated damages (the “Liquidated Damages”)
to the holder, at the holder’s option, either a cash amount or shares of the
Company’s Common Stock within three (3) business days, after demand therefore,
equal to two percent (2%) of the liquidated value of the Units outstanding as
Liquidated Damages for each thirty (30) day period (or any part thereof) after
the Scheduled Filing Deadline or the Scheduled Effective Date as the case may
be.  Notwithstanding anything herein to the contrary, to the extent
that the registration of any or all of the Registrable Securities by the Company
on a registration statement is prohibited (the “Non-Registered
Shares”) as a result of rules, regulations, positions or releases issued
or actions taken by the SEC pursuant to its authority with respect to Rule 415
under the 1933 Act and the Company has registered at such time the maximum
number of Registrable Securities permissible upon consultation with the SEC,
then the liquidated damages described herein shall not be applicable to such
Non-Registered Shares.

       

      (d) Liquidated
Damages.  The Company and the Investor hereto acknowledge and
agree that the sums payable under subsection 2(c) above shall constitute
liquidated damages and not penalties and are in addition to all other rights of
the Investor, including the right to call a default.  The parties
further acknowledge that (i) the amount of loss or damages likely to be incurred
is incapable or is difficult to precisely estimate, (ii) the amounts specified
in such subsections bear a reasonable relationship to, and are not plainly or
grossly disproportionate to, the probable loss likely to be incurred in
connection with any failure by the Company to obtain or maintain the
effectiveness of a Registration Statement, (iii) one of the reasons for the
Company and the Investor reaching an agreement as to such amounts was the
uncertainty and cost of litigation regarding the question of actual damages, and
(iv) the Company and the Investor are sophisticated business parties and have
been represented by sophisticated and able legal counsel and negotiated this
Agreement at arm’s length.

       

      (e) Choice of law firm.
The Company shall use either JPF Securities Law, LLC or any other law firms
agreed by the Company and Investor to draft and file the Registration
Statement.

       

      3. RELATED
OBLIGATIONS.

       

      (a) The
Company shall keep the Registration Statement effective pursuant to
Rule 415 at all times until all Registrable Securities covered by such
Registration Statement have been sold  (the “Registration
Period”), which Registration Statement (including any amendments or
supplements thereto and prospectuses contained therein) shall not contain any
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, in light of the
circumstances in which they were made, not misleading.

       

      (b) The
Company shall prepare and file with the SEC such amendments (including
post-effective amendments) and supplements to a Registration Statement and the
prospectus used in connection with such Registration Statement, which prospectus
is to be filed pursuant to Rule 424 promulgated under the 1933 Act, as may be
necessary to keep such Registration Statement effective at all times during the
Registration Period, and, during such period, comply with the provisions of the
1933 Act with respect to the disposition of all Registrable Securities of the
Company covered by such Registration Statement until such time as all of such
Registrable Securities shall have been disposed of in accordance with the
intended methods of disposition by the seller or sellers thereof as set forth in
such Registration Statement.  In the case of amendments and
supplements to a Registration Statement which are required to be filed pursuant
to this Agreement (including pursuant to this Section 3(b)) by reason of the
Company’s filing a report on Form 10-K, Form 10-Q, or Form 8-K or any analogous
report under the Securities Exchange Act of 1934, as amended (the “1934 Act”), the
Company shall incorporate such report by reference into the Registration
Statement, if applicable, or shall file such amendments or supplements with the
SEC on the same day on which the 1934 Act report is filed which created the
requirement for the Company to amend or supplement the Registration
Statement.

       

      (c) The
Company shall furnish to the Investor, (i) such number of copies of the
Registration Statement as declared effective by the SEC and any amendment(s)
thereto, including financial statements and schedules, all documents
incorporated therein by reference, all exhibits and each preliminary prospectus
as Investor may reasonably request, (ii) such number of copies of the final
prospectus included in such Registration Statement and all amendments and
supplements thereto (or such other number of copies as such Investor may
reasonably request in writing) as Investor may reasonably request and (iii) such
other documents as such Investor may reasonably request in writing from time to
time in order to facilitate the disposition of the Registrable Securities owned
by such Investor.  Unless otherwise specified by the Investor, the
Company may furnish copies of all such documents to the Investor in electronic
form.  The Investor acknowledges that any obligation under section
5(b)(2) of the 1933 Act to have a prospectus that satisfies the requirements of
section 10(a) of the 1933 Act precede or accompany the carrying or delivery of a
security in a registered offering is satisfied if the conditions in Rule 172(c)
under the 1933 Act have been met.

       

      (d) The
Company shall use its best efforts to (i) register and qualify the Registrable
Securities covered by a Registration Statement under such other securities or
“blue sky” laws of such jurisdictions in the United States as any Investor
reasonably requests, (ii) prepare and file in those jurisdictions, such
amendments (including post-effective amendments) and supplements to such
registrations and qualifications as may be necessary to maintain the
effectiveness thereof during the Registration Period, (iii) take such other
actions as may be necessary to maintain such registrations and qualifications in
effect at all times during the Registration Period, and (iv) take all other
actions reasonably necessary or advisable to qualify the Registrable Securities
for sale in such jurisdictions; provided, however, that the Company shall not be
required in connection therewith or as a condition thereto to (w) make any
change to its certificate of incorporation or by-laws, (x) qualify to do
business in any jurisdiction where it would not otherwise be required to qualify
but for this Section 3(d), (y) subject itself to general taxation in any such
jurisdiction, or (z) file a general consent to service of process in any such
jurisdiction. The Company shall promptly notify the Investor of the receipt by
the Company of any notification with respect to the suspension of the
registration or qualification of any of the Registrable Securities for sale
under the securities or “blue sky” laws of any jurisdiction in the United States
or its receipt of actual notice of the initiation or threat of any proceeding
for such purpose.

       

      (e) As
promptly as practicable after becoming aware of such event or development, the
Company shall notify the Investor in writing of the happening of any event as a
result of which the prospectus included in a Registration Statement, as then in
effect, includes an untrue statement of a material fact or omission to state a
material fact required to be stated therein or necessary to make the statements
therein, in light of the circumstances under which they were made, not
misleading (provided that in no event shall such notice contain any material,
nonpublic information), and promptly prepare a supplement or amendment to such
Registration Statement to correct such untrue statement or omission, and deliver
ten (10) copies of such supplement or amendment to the Investor.  The
Company shall also promptly notify the Investor in writing (i) when a prospectus
or any prospectus supplement or post-effective amendment has been filed, and
when a Registration Statement or any post-effective amendment has become
effective (notification of such effectiveness shall be delivered to the Investor
by facsimile on the same day of such effectiveness), (ii) of any request by the
SEC for amendments or supplements to a Registration Statement or related
prospectus or related information, and (iii) of the Company’s reasonable
determination that a post-effective amendment to a Registration Statement would
be appropriate.

       

      (f) The
Company shall use its best efforts to prevent the issuance of any stop order or
other suspension of effectiveness of a Registration Statement, or the suspension
of the qualification of any of the Registrable Securities for sale in any
jurisdiction within the United States of America and, if such an order or
suspension is issued, to obtain the withdrawal of such order or suspension at
the earliest possible moment and to notify the Investor of such order and the
resolution thereof or its receipt of actual notice of the initiation or threat
of any proceeding for such purpose.

       

      (g) Upon
written request, the Company shall make available for inspection by (i) any
Investor and (ii) one (1) firm of accountants or other agents retained by
the Investor (collectively, the “Inspectors”) all
pertinent financial and other records, and pertinent corporate documents and
properties of the Company (collectively, the “Records”), as shall
be reasonably deemed necessary by each Inspector, and cause the Company’s
officers, directors and employees to supply all information which any Inspector
may reasonably request in writing; provided, however, that each Inspector shall
agree, and the Investor hereby agrees, to hold in strict confidence and shall
not make any disclosure (except to an Investor) or use  any Record or
other information which the Company determines in good faith to be confidential,
and of which determination the Inspectors are so notified, unless (a) the
disclosure of such Records is necessary to avoid or correct a misstatement or
omission in any Registration Statement or is otherwise required under the 1933
Act, (b) the release of such Records is ordered pursuant to a final,
non-appealable subpoena or order from a court or government body of competent
jurisdiction, or (c) the information in such Records has been made generally
available to the public other than by disclosure in violation of this or any
other agreement of which the Inspector and the Investor has
knowledge.  The Investor agrees that it shall, upon learning that
disclosure of such Records is sought in or by a court or governmental body of
competent jurisdiction or through other means, give prompt notice to the Company
and allow the Company, at its expense, to undertake appropriate action to
prevent disclosure of, or to obtain a protective order for, the Records deemed
confidential.

       

      (h) The
Company shall hold in confidence and not make any disclosure of information
concerning an Investor provided to the Company unless (i) disclosure of such
information is necessary to comply with federal or state securities laws, (ii)
the disclosure of such information is necessary to avoid or correct a
misstatement or omission in any Registration Statement, (iii) the release of
such information is ordered pursuant to a subpoena or other final,
non-appealable order from a court or governmental body of competent
jurisdiction, or (iv) such information has been made generally available to the
public other than by disclosure in violation of this Agreement or any other
agreement.  The Company agrees that it shall, upon learning that
disclosure of such information concerning an Investor is sought in or by a court
or governmental body of competent jurisdiction or through other means, give
prompt written notice to such Investor and allow such Investor, at the
Investor’s expense, to undertake appropriate action to prevent disclosure of, or
to obtain a protective order for, such information.

       

      (i) The
Company shall use its best efforts either to cause all the Registrable
Securities covered by a Registration Statement (i) to be listed on each
securities exchange on which securities of the same class or series issued by
the Company are then listed, if any, if the listing of such Registrable
Securities is then permitted under the rules of such exchange or (ii) the
inclusion for quotation on the OTC Bulletin Board for such Registrable
Securities. The Company shall pay all fees and expenses in connection with
satisfying its obligation under this Section 3(j).

       

      (j) The
Company shall cooperate with the Investor, to the extent applicable, to
facilitate the timely preparation and delivery of certificates (not bearing any
restrictive legend) representing the Registrable Securities to be offered
pursuant to a Registration Statement and enable such certificates to be in such
denominations or amounts, as the case may be, as the Investor may reasonably
request in writing and registered in such names as the Investor may
request.

       

      (k) The
Company shall use its best efforts to cause the Registrable Securities covered
by the applicable Registration Statement to be registered with or approved by
such other governmental agencies or authorities as may be necessary to
consummate the disposition of such Registrable Securities.

       

      (l) The
Company shall make generally available to its security holders as soon as
practical, but not later than ninety (90) days after the close of the period
covered thereby, an earnings statement (in form complying with the provisions of
Rule 158 under the 1933 Act) covering a twelve (12) month period beginning not
later than the first day of the Company’s fiscal quarter next following the
effective date of the Registration Statement.

       

      (m) The
Company shall otherwise use its best efforts to comply with all applicable rules
and regulations of the SEC in connection with any registration
hereunder.

       

      (n) Within
two (2) business days after a Registration Statement which covers Registrable
Securities is declared effective by the SEC, the Company shall deliver, and
shall cause legal counsel for the Company to deliver, to the transfer agent for
such Registrable Securities (with copies to the Investor) confirmation that such
Registration Statement has been declared effective by the SEC in the form
attached hereto as Exhibit
A.

       

      (o) The
Company shall take all other reasonable actions necessary to expedite and
facilitate the lawful disposition by the Investor of Registrable Securities
pursuant to a Registration Statement.

       

      4. OBLIGATIONS OF THE
INVESTOR.

       

      The
Investor agrees that, upon receipt of any notice from the Company of the
happening of any event of the kind described in Section 3(f) or the first
sentence of 3(e), such Investor will immediately discontinue disposition of
Registrable Securities pursuant to any Registration Statement(s) covering such
Registrable Securities until such Investor’s receipt of the copies of the
supplemented or amended prospectus contemplated by Section 3(e) or receipt of
notice that no supplement or amendment is required. Notwithstanding anything to
the contrary, the Company shall cause its transfer agent to deliver unlegended
certificates for shares of Common Stock to a transferee of an Investor in
accordance with the terms of the Securities Purchase Agreement in connection
with any sale of Registrable Securities with respect to which an Investor has
entered into a contract for sale prior to the Investor’s receipt of a notice
from the Company of the happening of any event of the kind described in Section
3(f) or the first sentence of 3(e) and for which the Investor has not yet
settled.

       

      5. EXPENSES OF
REGISTRATION.

       

      All
expenses incurred in connection with registrations, filings or qualifications
pursuant to Sections 2 and 3, including, without limitation, all registration,
listing and qualifications fees, printers, legal and accounting fees shall be
paid by the Company.

       

      6. INDEMNIFICATION.

       

      With
respect to Registrable Securities which are included in a Registration Statement
under this Agreement:

       

      (a) To the
fullest extent permitted by law, the Company will, and hereby does, indemnify,
hold harmless and defend the Investor, Investor’s directors, officers, partners,
employees, agents, representatives of, and each Person, if any, who controls the
Investor within the meaning of the 1933 Act or the 1934 Act (each, an “Indemnified Person”),
against any losses, claims, damages, liabilities, judgments, fines, penalties,
charges, costs, reasonable attorneys’ fees, amounts paid in settlement or
expenses, joint or several (collectively, “Claims”) incurred in
investigating, preparing or defending any action, claim, suit, inquiry,
proceeding, investigation or appeal taken from the foregoing by or before any
court or governmental, administrative or other regulatory agency, body or the
SEC, whether pending or threatened, whether or not an indemnified party is or
may be a party thereto (“Indemnified
Damages”), to which any of them may become subject insofar as such Claims
(or actions or proceedings, whether commenced or threatened, in respect thereof)
arise out of or are based upon: (i) any untrue statement or alleged untrue
statement of a material fact in a Registration Statement or any post-effective
amendment thereto or in any filing made in connection with the qualification of
the offering under the securities or other “blue sky” laws of any jurisdiction
in which Registrable Securities are offered (“Blue Sky Filing”), or
the omission or alleged omission to state a material fact required to be stated
therein or necessary to make the statements therein not misleading; (ii) any
untrue statement or alleged untrue statement of a material fact contained in any
final prospectus (as amended or supplemented, if the Company files any amendment
thereof or supplement thereto with the SEC) or the omission or alleged omission
to state therein any material fact necessary to make the statements made
therein, in light of the circumstances under which the statements therein were
made, not misleading; or (iii) any violation or alleged violation by the Company
of the 1933 Act, the 1934 Act, any other law, including, without limitation, any
state securities law, or any rule or regulation there under relating to the
offer or sale of the Registrable Securities pursuant to a Registration Statement
(the matters in the foregoing clauses (i) through (iii) being, collectively,
“Violations”).  The
Company shall reimburse the Investor and each such controlling person promptly
as such expenses are incurred and are due and payable, for any legal fees or
disbursements or other reasonable expenses incurred by them in connection with
investigating or defending any such Claim.  Notwithstanding anything
to the contrary contained herein, the indemnification agreement contained in
this Section 6(a): (x) shall not apply to a Claim by an Indemnified Person
arising out of or based upon a Violation which occurs in reliance upon and in
conformity with information furnished in writing to the Company by such
Indemnified Person expressly for use in connection with the preparation of the
Registration Statement or any such amendment thereof or supplement thereto; (y)
shall not be available to the extent such Claim is based on a failure of the
Investor to deliver or to cause to be delivered the prospectus made available by
the Company, if such prospectus was timely made available by the Company
pursuant to Section 3(c); and (z) shall not apply to amounts paid in
settlement of any Claim if such settlement is effected without the prior written
consent of the Company, which consent shall not be unreasonably withheld. Such
indemnity shall remain in full force and effect regardless of any investigation
made by or on behalf of the Indemnified Person and shall survive the transfer of
the Registrable Securities by the Investor pursuant to Section 9
hereof.

       

      (b) In
connection with a Registration Statement, the Investor agrees to indemnify, hold
harmless and defend, to the same extent and in the same manner as is set forth
in Section 6(a), the Company, each of its directors, each of its officers,
employees, representatives, or agents and each Person, if any, who controls the
Company within the meaning of the 1933 Act or the 1934 Act (each an “Indemnified Party”),
against any Claim or Indemnified Damages to which any of them may become
subject, under the 1933 Act, the 1934 Act or otherwise, insofar as such Claim or
Indemnified Damages arise out of or is based upon any Violation, in each case to
the extent, and only to the extent, that such Violation occurs in reliance upon
and in conformity with written information furnished to the Company by such
Investor expressly for use in connection with such Registration Statement; and,
subject to Section 6(d), such Investor will reimburse any legal or other
expenses reasonably incurred by them in connection with investigating or
defending any such Claim; provided, however, that the indemnity agreement
contained in this Section 6(b) and the agreement with respect to contribution
contained in Section 7 shall not apply to amounts paid in settlement of any
Claim if such settlement is effected without the prior written consent of such
Investor, which consent shall not be unreasonably withheld; provided, further,
however, that the Investor shall be liable under this Section 6(b) for only that
amount of a Claim or Indemnified Damages as does not exceed the net proceeds to
such Investor as a result of the sale of Registrable Securities pursuant to such
Registration Statement.  Such indemnity shall remain in full force and
effect regardless of any investigation made by or on behalf of such Indemnified
Party and shall survive the transfer of the Registrable Securities by the
Investor pursuant to Section 9.  Notwithstanding anything to the
contrary contained herein, the indemnification agreement contained in this
Section 6(b) with respect to any prospectus shall not inure to the benefit of
any Indemnified Party if the untrue statement or omission of material fact
contained in the prospectus was corrected and such new prospectus was delivered
to the Investor prior to the Investor’s use of the prospectus to which the Claim
relates.

       

      (c) Promptly
after receipt by an Indemnified Person or Indemnified Party under this Section 6
of notice of the commencement of any action or proceeding (including any
governmental action or proceeding) involving a Claim, such Indemnified Person or
Indemnified Party shall, if a Claim in respect thereof is to be made against any
indemnifying party under this Section 6, deliver to the indemnifying party a
written notice of the commencement thereof, and the indemnifying party shall
have the right to participate in, and, to the extent the indemnifying party so
desires, jointly with any other indemnifying party similarly noticed, to assume
control of the defense thereof with counsel mutually satisfactory to the
indemnifying party and the Indemnified Person or the Indemnified Party, as the
case may be; provided, however, that an Indemnified Person or Indemnified Party
shall have the right to retain its own counsel with the fees and expenses of not
more than one (1) counsel for such Indemnified Person or Indemnified Party to be
paid by the indemnifying party, if, in the reasonable opinion of counsel
retained by the indemnifying party, the representation by such counsel of the
Indemnified Person or Indemnified Party and the indemnifying party would be
inappropriate due to actual or potential differing  interests between
such Indemnified Person or Indemnified Party and any other party represented by
such counsel in such proceeding.  The Indemnified Party or Indemnified
Person shall cooperate fully with the indemnifying party in connection with any
negotiation or defense of any such action or claim by the indemnifying party and
shall furnish to the indemnifying party all information reasonably available to
the Indemnified Party or Indemnified Person which relates to such action or
claim.  The indemnifying party shall keep the Indemnified Party or
Indemnified Person fully apprised at all times as to the status of the defense
or any settlement negotiations with respect thereto.  No indemnifying
party shall be liable for any settlement of any action, claim or proceeding
effected without its prior written consent; provided, however, that the
indemnifying party shall not unreasonably withhold, delay or condition its
consent.  No indemnifying party shall, without the prior written
consent of the Indemnified Party or Indemnified Person, consent to entry of any
judgment or enter into any settlement or other compromise which does not include
as an unconditional term thereof the giving by the claimant or plaintiff to such
Indemnified Party or Indemnified Person of a release from all liability in
respect to such claim or litigation.  Following indemnification as
provided for hereunder, the indemnifying party shall be subrogated to all rights
of the Indemnified Party or Indemnified Person with respect to all third
parties, firms or corporations relating to the matter for which indemnification
has been made.  The failure to deliver written notice to the
indemnifying party within a reasonable time of the commencement of any such
action shall not relieve such indemnifying party of any liability to the
Indemnified Person or Indemnified Party under this Section 6, except to the
extent that the indemnifying party is prejudiced in its ability to defend such
action.

       

      (d) The
indemnification required by this Section 6 shall be made by periodic payments of
the amount thereof during the course of the investigation or defense, as and
when bills are received or Indemnified Damages are incurred.

       

      (e) The
indemnity agreements contained herein shall be in addition to (i) any cause
of action or similar right of the Indemnified Party or Indemnified Person
against the indemnifying party or others, and (ii) any liabilities the
indemnifying party may be subject to pursuant to the law.

       

      7. CONTRIBUTION.

       

      To the
extent any indemnification by an indemnifying party is prohibited or limited by
law, the indemnifying party agrees to make the maximum contribution with respect
to any amounts for which it would otherwise be liable under Section 6 to the
fullest extent permitted by law; provided, however, that:  (i) no
seller of Registrable Securities guilty of fraudulent misrepresentation (within
the meaning of Section 11(f) of the 1933 Act) shall be entitled to contribution
from any seller of Registrable Securities who was not guilty of fraudulent
misrepresentation; and (ii) contribution by any seller of Registrable Securities
shall be limited in amount to the net amount of proceeds received by such seller
from the sale of such Registrable Securities.

       

      8. REPORTS UNDER THE 1934
ACT.

       

      With a
view to making available to the Investor the benefits of Rule 144 the Company
agrees to:

       

      (a) make and
keep public information available, as those terms are understood and defined in
Rule 144;

       

      (b) file with
the SEC in a timely manner all reports and other documents required of the
Company under the 1933 Act and the 1934 Act so long as the Company remains
subject to such requirements (it being understood that nothing herein shall
limit the Company’s obligations under Section 4(c) of the Securities Purchase
Agreement) and the filing of such reports and other documents as are required by
the applicable provisions of Rule 144; and

       

      (c) furnish
to the Investor so long as the Investor owns Registrable Securities, promptly
upon written request, (i) a written statement by the Company that it has
complied with the public information requirements of Rule 144, the 1933 Act and
the 1934 Act, (ii) a copy of the most recent annual or quarterly report of the
Company and such other reports and documents so filed by the Company, and (iii)
such other information as may be reasonably requested to permit the Investor to
sell such securities pursuant to Rule 144(b)(1) without
registration.

       

      9. AMENDMENT OF REGISTRATION
RIGHTS.

       

      Provisions
of this Agreement may be amended and the observance thereof may be waived
(either generally or in a particular instance and either retroactively or
prospectively), only with the written consent of the Company and
Investor.  Any amendment or waiver effected in accordance with this
Section 9 shall be binding upon the Investor and the Company.  No
such amendment shall be effective to the extent that it applies to fewer than
all of the holders of the Registrable Securities.  No consideration
shall be offered or paid to any Person to amend or consent to a waiver or
modification of any provision of any of this Agreement unless the same
consideration also is offered to all of the parties to this
Agreement.

       

      10. MISCELLANEOUS.

       

      (a) A Person
is deemed to be a holder of Registrable Securities whenever such Person owns or
is deemed to own of record such Registrable Securities.  If the
Company receives conflicting instructions, notices or elections from two (2) or
more Persons with respect to the same Registrable Securities, the Company shall
act upon the basis of instructions, notice or election received from the
registered owner of such Registrable Securities.

       

      (b) Any
notices, consents, waivers or other communications required or permitted to be
given under the terms of this Agreement must be in writing and will be deemed to
have been delivered:  (i) upon receipt, when delivered personally;
(ii) upon receipt, when sent by facsimile (provided confirmation of transmission
is mechanically or electronically generated and kept on file by the sending
party); or (iii) one (1) business day after deposit with a nationally recognized
overnight delivery service, in each case properly addressed to the party to
receive the same.  The addresses and facsimile numbers for such
communications shall be:

       

      If to the
Company,
to:                           Man
Shing Agricultural Holdings, Inc.

          Unit 1005, 10/F,
Tower

      Hunghom
Commercial Centre

      37 Ma Tau
Wai Road, Hunghom

      Kowloon,
Hong Kong

      Attention:  Mr.
Eddie Cheung, CEO

                                                                     
Telephone  (86) 536-4644888

                                                                     
Facsimile:  (86) 536-4643777

      

      

      With a
copy
to:                                      Jared
P. Febbroriello, Esq. LL.M. 

      JPF
Securities Law, LLC

      19720
Jetton Road

      3rd
Floor

      Cornelius,
NC 28031

      Telephone:
(704) 897-8334

         
Facsimile:  (704) 897-8349

      

      Mr.
Patrick Mak

      Tai, Mak
and Partners

      Room 905
- 907, 9/F.

      Nan Fung
Tower

      173 Des
Voeux Road Central

      Hong
Kong

          Telephone:
(852) 2850 6336

          Facsimile: (852)
2850 6086

      

       

      If to the
Investor,
to:                             China
Angel Assets Management Limited

      P.O. Box
957

      Offshore
Incorporations Centre

      Road
Town

      Tortola

      British
Virgin Islands

      

       If
to Escrow Agent,
to:                     Greentree
Financial Group, Inc.

      7951 S.W. 6th
Street, Suite 216

      Plantation, FL 33324

      Attention: R. Chris
Cottone

      Telephone: (954) 424-2345

      Facsimile: (954) 424-4420

      

       

      

       

      or to
such other address and/or facsimile number and/or to the attention of such other
person as the recipient party has specified by written notice given to each
other party five (5) days prior to the effectiveness of such
change.  Written confirmation of receipt (A) given by the recipient of
such notice, consent, waiver or other communication, (B) mechanically or
electronically generated by the sender’s facsimile machine containing the time,
date, recipient facsimile number and an image of the first page of such
transmission or (C) provided by a courier or overnight courier service shall be
rebuttable evidence of personal service, receipt by facsimile or receipt from a
nationally recognized overnight delivery service in accordance with clause (i),
(ii) or (iii) above, respectively.

       

      (c) Failure
of any party to exercise any right or remedy under this Agreement or otherwise,
or delay by a party in exercising such right or remedy, shall not operate as a
waiver thereof.

       

      (d) The laws
of the State of Nevada shall govern all issues concerning the relative rights of
the Company and the Investor as its stockholders.  All other questions
concerning the construction, validity, enforcement and interpretation of this
Agreement shall be governed by the internal laws of the State of Nevada without
giving effect to any choice of law or conflict of law provision or rule (whether
of the State of Nevada or any other jurisdiction) that would cause the
application of the laws of any jurisdiction other than the State of
Nevada.  Each party hereby irrevocably submits to the non-exclusive
jurisdiction of the State Courts of the State of Nevada sitting in Clark County,
Nevada and federal courts for the District of Nevada for the adjudication of any
dispute hereunder or in connection herewith or with any transaction contemplated
hereby or discussed herein, and hereby irrevocably waives, and agrees not to
assert in any suit, action or proceeding, any claim that it is not personally
subject to the jurisdiction of any such court, that such suit, action or
proceeding is brought in an inconvenient forum or that the venue of such suit,
action or proceeding is improper.  Each party hereby irrevocably
waives personal service of process and consents to process being served in any
such suit, action or proceeding by mailing a copy thereof to such party at the
address for such notices to it under this Agreement and agrees that such service
shall constitute good and sufficient service of process and notice
thereof.  Nothing contained herein shall be deemed to limit in any way
any right to serve process in any manner permitted by law.  If any
provision of this Agreement shall be invalid or unenforceable in any
jurisdiction, such invalidity or unenforceability shall not affect the validity
or enforceability of the remainder of this Agreement in that jurisdiction or the
validity or enforceability of any provision of this Agreement in any other
jurisdiction.  EACH PARTY HEREBY IRREVOCABLY WAIVES ANY RIGHT IT MAY
HAVE, AND AGREES NOT TO REQUEST, A JURY TRIAL FOR THE ADJUDICATION OF ANY
DISPUTE HEREUNDER OR IN CONNECTION HEREWITH OR ARISING OUT OF THIS AGREEMENT OR
ANY TRANSACTION CONTEMPLATED HEREBY.

       

      (e) This
Agreement, the Irrevocable Transfer Agent Instructions, the Securities Purchase
Agreement and related documents including the Convertible Debenture, the Pledge
Agreement, the Investor Rights Agreement, the Escrow Agreement dated the date
hereof by and among the Company, the Investor, and Greentree Financial Group,
Inc. (the “Escrow
Agreement”) and the Security Agreement dated the date hereof (the “Security Agreement”)
constitute the entire agreement among the parties hereto with respect to the
subject matter hereof and thereof.  There are no restrictions,
promises, warranties or undertakings, other than those set forth or referred to
herein and therein. This Agreement, the Irrevocable Transfer Agent Instructions,
the Securities Purchase Agreement and related documents including the
Convertible Debenture, the Pledge Agreement, the Investor Rights Agreement, the
Escrow Agreement and the Security Agreement supersede all prior agreements and
understandings among the parties hereto with respect to the subject matter
hereof and thereof.

       

      (f) This
Agreement shall inure to the benefit of and be binding upon the permitted
successors and assigns of each of the parties hereto.

       

      (g) The
headings in this Agreement are for convenience of reference only and shall not
limit or otherwise affect the meaning hereof.

       

      (h) This
Agreement may be executed in identical counterparts, each of which shall be
deemed an original but all of which shall constitute one and the same
agreement.  This Agreement, once executed by a party, may be delivered
to the other party hereto by facsimile transmission of a copy of this Agreement
bearing the signature of the party so delivering this Agreement.

       

      (i) Each
party shall do and perform, or cause to be done and performed, all such further
acts and things, and shall execute and deliver all such other agreements,
certificates, instruments and documents, as the other party may reasonably
request in order to carry out the intent and accomplish the purposes of this
Agreement and the consummation of the transactions contemplated
hereby.

       

      The
language used in this Agreement will be deemed to be the language chosen by the
parties to express their mutual intent and no rules of strict construction will
be applied against any party.

       

      (j) This
Agreement is intended for the benefit of the parties hereto and their respective
permitted successors and assigns, and is not for the benefit of, nor may any
provision hereof be enforced by, any other Person.

       

      

      [REMAINDER
OF PAGE INTENTIONALLY LEFT BLANK]

      

      

      IN WITNESS WHEREOF, the
parties have caused this Registration Rights Agreement to be duly executed as of
day and year first above written.

       

      

      
        	 
      	
                COMPANY:

              
	 
      	
                MAN
      SHING AGRICULTURAL HOLDINGS, INC.

              
	 
      	 
      
	 
      	
                By:/s/ Eddie Cheung

              
	 
      	
                Name:                      Eddie
      Cheung

              
	 
      	
                Title:                      Chief
      Executive Officer

              
	 
      	 
      

      

      

      
        	 
      	
                BUYER:

              
	 
      	
                CHINA
      ANGEL ASSETS MANAGEMENT LIMITED

              
	 
      	 
      
	 
      	
                By:
      /s/ Jiang Qi Hang

              
	 
      	
                Name:                      
      Jiang Qi Hang

              
	 
      	
                Title:                      Chief
      Executive Officer

              

      

      

      

      

      

      

      

      EXHIBIT
A

       

      FORM
OF NOTICE OF EFFECTIVENESS

       

       

      OF REGISTRATION
STATEMENT

       

      

      Attention:

      

      
        	
                 
      

              	
                Re:

              	
                Man
      Shing Agricultural Holdings,
Inc.

              

      

      

      Ladies
and Gentlemen:

      

      We are
counsel to Man Shing Agricultural Holdings, Inc., a Nevada corporation (the “Company”), and have
represented the Company in connection with that certain Securities Purchase
Agreement (the “Securities Purchase
Agreement”) entered into by and among the Company and China Angel Assets
Management Limited (the “Investor”) pursuant
to which the Company issued to the Investor shares of its Common Stock, par
value US$.001 per share (the “Common
Stock”).  Pursuant to the Purchase Agreement, the Company also
has entered into a Registration Rights Agreement with the Investor (the “Registration Rights
Agreement”) pursuant to which the Company agreed, among other things, to
register the Registrable Securities (as defined in the Registration Rights
Agreement) under the Securities Act of 1933, as amended (the “1933
Act”).  In connection with the Company’s obligations under the
Registration Rights Agreement, on January __, 2010 the Company filed a
Registration Statement on Form S-1 (File No. 333-_____________) (the “Registration
Statement”) with the Securities and Exchange SEC (the “SEC”) relating to the
Registrable Securities which names each of the Investor as a selling stockholder
there under.

       

      In
connection with the foregoing, we advise you that a member of the SEC’s staff
has advised us by telephone that the SEC has entered an order declaring the
Registration Statement effective under the 1933 Act at [ENTER TIME OF EFFECTIVENESS]
on [ENTER DATE OF
EFFECTIVENESS] and we have no knowledge, after telephonic inquiry of a
member of the SEC’s staff, that any stop order suspending its effectiveness has
been issued or that any proceedings for that purpose are pending before, or
threatened by, the SEC and the Registrable Securities are available for resale
under the 1933 Act pursuant to the Registration Statement.

       

      Very
truly yours,

      

      JPF
SECURITIES LAW, LLC

      

      

      By:
Jared Febbroriello, Esq. LL.M.

                                                                                                    
 Jared Febbroriello, Esq. LL.M.

                                                                                                     
Principal

      

      cc:ex10_5.htm

     

    
      INVESTOR
RIGHTS AGREEMENT

      

      THIS
INVESTOR RIGHTS AGREEMENT (the “Agreement”) made this 4th day
of January 2010 by and among Man Shing Agricultural Holdings, Inc., a Nevada
corporation with headquarters located at Unit 1005, 10/F, Tower B, Hunghom
Commercial Centre, 37 Ma Tau Wai Road, Hunghom, Kowloon, Hong Kong (the “Company ”) and China Angel
Assets Management Limited, a British Virgin Isles company (the “Investor”).

      

      BACKGROUND:

      

      A.       
   In connection with the Securities Purchase Agreement by and
among the parties hereto of even date herewith (the “Securities Purchase
Agreement”), the Company has agreed, upon the terms and subject to the
conditions of the Securities Purchase Agreement, to issue and sell to the
Investor secured units (the “Unit(s)”) where each unit
shall consist of (i) one three (3) year eight percent (8%) annual interest
$100,000 convertible redeemable debenture to be convertible into that number of
shares of the Company’s common stock, par value US$0.001 per share, (ii) 80,000
shares of the Company’s common stock, par value US $0.001 (collectively referred
to as the “Common
Stock”), and (iii) one Right to acquire an additional Unit within three
years, pursuant to the terms of the Securities Purchase Agreement for an
aggregate purchase price of up to One Million U.S.
Dollars ($1,000,000)..

      

      B.        
  The parties hereto desire to set forth certain rights and
restrictions of the Investor as shareholders of the Company, as further set
forth herein.

      

      

      NOW,
THEREFORE, in consideration of the representations, warranties, covenants and
agreements contained in this Agreement, the parties agree as
follows:

      

      AGREEMENT:

      

      1.           Investor
Rights Provisions.  As long as the Investor, together with their
Affiliates, own at least fifteen percent (15%) of the Company’s outstanding
Common Stock (the “Investor
Shares”), the Company shall not, without first obtaining the written
consent of a majority of the Investor Shares:

      

             
    amend, alter or repeal any provision of the Articles of
Incorporation of the Company if such action would adversely alter the rights,
preferences, privileges or powers of, or restrictions provided for the benefit
of the Company’s Common Stock;

      

               
  amend, alter or repeal any provision of the Articles of
Incorporation or Bylaws of the Company if such action would increase the
authorized maximum number of directors on the Board of Directors;

      

              
   authorize or create any new class or series of shares having
rights, preferences or privileges with respect to dividends, redemption or
payments upon liquidation senior to or on a parity with the Company’s Common
Stock or having greater or equivalent voting rights than or to those granted to
the Company’s Common Stock generally;

      

        
          reclassify any new class
or series of shares having rights, preferences or privileges with respect to
dividends, redemption or payments upon liquidation senior to or on a parity with
the Company’s common stock or having greater or equivalent voting rights than or
to those granted to the Company’s Common Stock generally;

      

          
        enter into any Reorganization
Transaction;

      

             
     redeem or repurchase any shares of the Company,
other than (i) repurchases of Common Stock issued to or held by employees,
officers, directors or consultants of the Company or its subsidiaries upon
termination of their employment or services pursuant to agreements providing for
the right of said repurchase, (ii) repurchases of Common Stock issued to or held
by employees, officers, directors or consultants of the Company or its
subsidiaries pursuant to rights of first refusal contained in agreements
providing for such right, or (iii) repurchase of capital stock of the Company in
connection with the settlement of disputes with any shareholder.

      

            
      voluntarily liquidate or dissolve;

      

             
     appoint or terminate executive officers of the Company,
except as required of the Board of Directors in the exercise of their fiduciary
duties to the Company;

      

              
    approve any Related Party Transaction; or

      

      2.           Board
Composition.

      

      (a)           All
Shareholders shall vote at regular or special meetings of shareholders, and to
give written consent with respect to, the shares of Common Stock that they own
(or as to which they have voting power) to ensure that the size of the Board of
Directors shall be set and remain at five (5) directors.

       

      3.           Registration
Rights.  See Registration Rights Agreement.

      

      4.           Definitions.  For
purposes of this Agreement, the following definitions shall apply:

      

      (a)           “Additional
Shares of the Company’s Common Stock” means all shares of Common Stock issued or
deemed to be issued after the date of this Agreement, other than the following:
(i) shares of Common Stock issued or issuable to officers, directors and
employees of, or consultants to, the Company pursuant to stock grants, option
plans, purchase plans or other employee stock incentive programs or arrangements
approved by the Board of Directors, or upon exercise of options or warrants
granted to such parties pursuant to any such plan or arrangement; (ii) shares of
Common Stock issued upon the exercise or conversion of options or convertible
securities outstanding as of the date of this Agreement; (iii) shares of Common
Stock issued or issuable pursuant to the acquisition of another business entity
by the Company by merger, purchase of substantially all of the assets or other
reorganization or to a joint venture agreement, provided, that such issuances
are approved by the Board of Directors; (iv) shares of Common Stock issued or
issuable to banks, equipment lessors or other financial institutions pursuant to
a debt financing or commercial leasing transaction approved by the Board of
Directors; (v) shares of Common Stock issued or issuable in connection with any
settlement of any action, suit, proceeding or litigation approved by the Board
of Directors; (vi) shares of Common Stock issued or issuable in connection with
sponsored research, collaboration, technology license, development, marketing or
other similar agreements or strategic partnerships approved by the Board of
Directors; (vii) shares of Common Stock issued or issuable to suppliers or third
party service providers in connection with the provision of goods or services
pursuant to transactions approved by the Board of Directors; and (viii) shares
of Common Stock to be issued to new investors issued after the date of this
Agreement.

      

      (b)           “Affiliate”
of any particular person or entity means any other person or entity controlling,
controlled by or under common control with such particular person or entity
(including, without limitation, with respect to China Angel Assets Management
Limited and each of their Affiliates, each of their constituent partners,
retired partners, members or investment or venture capital fund Affiliates),
where “control” means the possession, directly or indirectly, of the power to
direct the management and policies of a person or entity whether through the
ownership of voting securities, contract or otherwise.

        

      (c)           “Board
of Directors” means the Board of Directors of the Company.

      

      (d)           “Related
Party Transaction” means any transaction between the Company and an Affiliate of
the Company in excess of $100,000 individually or in excess of $500,000 in the
aggregate during any fiscal year, except for the following when approved by a
majority of disinterested members of the Board of Directors: (i) the
compensation of officers, directors and employees of, or consultants to the
Company or (ii) transactions where the terms and conditions of the transaction,
on an overall basis, are fair and reasonable to the Company and are at least as
favorable to the Company as those generally available between parties operating
at arm’s length.

      

      (e)           “Reorganization
Transaction” means (i) the acquisition of the Company by another entity by means
of any transaction or series of related transactions to which the Company is
party (including, without limitation, any stock acquisition, reorganization,
merger or consolidation but excluding any sale of stock for capital raising
purposes) other than a transaction or series of transactions in which the
holders of the voting securities of the Company outstanding immediately prior to
such transaction continue to retain (either by such voting securities remaining
outstanding or by such voting securities being converted into voting securities
of the surviving entity), as a result of shares in the Company held by such
holders prior to such transaction, at least fifty percent (50%) of the total
voting power represented by the voting securities of the Company or such
surviving entity outstanding immediately after such transaction or series of
transactions; or (ii) a sale, lease or other conveyance of all or substantially
all of the assets of the Company.

      

      (f)           “Shareholders”
means China Angel Assets Management Limited.

      

      1. 5.           Notices.  
All notices and other communications hereunder shall be in writing and shall be
deemed to have been validly served, given or delivered five (5) days after
deposit in the United States mails, by certified mail with return receipt
requested and postage prepaid, when delivered personally, one (1) day delivered
to any overnight courier, or when transmitted by facsimile transmission and upon
confirmation of receipt and addressed to the party to be notified as
follows:

       

      If to
Investor,
to:                                   China
Angel Assets Management Limited

      P.O. Box
957

      Offshore
Incorporations Centre

      Road
Town

      Tortola

      British
Virgin Islands

      

      If to the
Company,
to:                           Man
Shing Agricultural Holdings, Inc.

          Unit 1005, 10/F,
Tower

      Hunghom
Commercial Centre

      37 Ma Tau
Wai Road, Hunghom

      Kowloon,
Hong Kong

      Attention:  Mr.
Eddie Cheung, CEO

                                                                     
Telephone  (86)
536-4644888

                                                                      Facsimile:  (86)
536-4643777

      

      With a
copy
to:                                      Jared
P. Febbroriello, Esq. LL.M. 

      JPF
Securities Law, LLC

      19720
Jetton Road

      3rd
Floor

      Cornelius,
NC 28031

      Telephone:
(704) 897-8334

          Facsimile:  (704)
897-8349

      

      Mr.
Patrick Mak

      Tai, Mak
and Partners

      Room 905
- 907, 9/F.

      Nan Fung
Tower

      173 Des
Voeux Road Central

      Hong
Kong

          Telephone: (852)
2850 6336

          Facsimile: (852)
2850 6086

      

      Or to
such other address as each party may designate for itself by like
notice.

       

      

      

      6.           Interpretation.  The
headings contained in this Agreement are for reference purposes only and shall
not affect in any way the meaning or interpretation of this
Agreement.  Whenever the words “include”, “includes” or “including”
are used in this Agreement, they shall be deemed to be followed by the words
“without limitation”. 

      

      7.           Entire
Agreement; No Third-Party Beneficiaries.  This Agreement and the other
agreements referred to herein constitute the entire agreement, and supersede all
prior agreements and understandings, both written and oral, among the parties
with respect to the subject matter of this Agreement.  This Agreement
is not intended to confer upon any person other than the parties any rights or
remedies.

      

      8.           Governing
Law.  This Agreement shall be governed by, and construed in accordance
with, the laws of the State of Nevada, regardless of the laws that might
otherwise govern under applicable principles of conflicts of laws
thereof.

      

      9.           Assignment.

      

      (a)           Neither
this Agreement nor any of the rights, interests or obligations under this
Agreement shall be assigned, in whole or in part, by operation of law or
otherwise by any of the parties without the prior written consent of the other
parties, except that the rights of the Investors and their Affiliates under
Sections 1, 2, and 3 are fully assignable in connection with a transfer of
securities of the Company by any Investor or its Affiliates; provided, however,
that no party may be assigned any of the foregoing rights unless the Company is
given written notice at least seven (7) business days prior to any
assignment by such Investor or its Affiliates stating the name and address
of the assignee and identifying the securities of the Company as to which the
rights in question are being assigned; and provided further, that any such
assignee shall receive such assigned rights subject to all the terms and
conditions of this Agreement.

      

      (b)           Any
attempt by a Shareholder to sell or transfer any Company’s securities shall be
void and the Company hereby agrees that it will not effect such a transfer nor
will it treat any alleged transferee as the holder of such securities unless (i)
the transferee in such transfer agrees in writing to be subject to the terms
hereof by executing and delivering a Deed of Adherence substantially in the form
attached hereto as Exhibit A (a “Deed of Adherence”), (ii) such transfer
complies in all respects with the applicable provisions of the Bylaws and other
agreements among the Shareholders, and (iii) the transferee in such transfer
complies in all respects with the applicable securities laws.  Upon
the execution and delivery of a Deed of Adherence by such transferee, it shall
be deemed to be a party hereto as a Shareholder as if such transferee’s
signature appeared on the signature page of this Agreement.

      

      (c)           Subject
to the preceding subsections (a) and (b), this Agreement will be binding upon,
inure to the benefit of, and be enforceable by, the parties and their respective
successors and assigns.

      

      10.           Enforcement.  The
parties agree that irreparable damage would occur in the event that any of the
provisions of this Agreement were not performed in accordance with their
specific terms or were otherwise breached.  It is accordingly agreed
that the parties shall be entitled to an injunction or injunctions to prevent
breaches of this Agreement and to enforce specifically the terms and provisions
of this Agreement in any court of the United States located in the State of
Nevada, this being in addition to any other remedy to which they are entitled at
law or in equity.  In addition, each of the parties hereto (a) agrees
that it will not attempt to deny or defeat such personal jurisdiction or venue
by motion or other request for leave from any such court, and (b) agrees that it
will not bring any action relating to this Agreement or any of the transactions
contemplated by this Agreement in any state court other than such
court.

      

      11.           Severability.  Whenever
possible, each provision or portion of any provision of this Agreement will be
interpreted in such manner as to be effective and valid under applicable law but
if any provision or portion of any provision of this Agreement is held to be
invalid, illegal or unenforceable in any respect under any applicable law or
rule in any jurisdiction, such invalidity, illegality or unenforceability will
not affect any other provision or portion of any provision in such jurisdiction,
and this Agreement will be reformed, construed and enforced in such jurisdiction
as if such invalid, illegal or unenforceable provision or portion of any
provision had never been contained herein.

      

      12.           Counterparts.  This
Agreement may be executed simultaneously in two or more counterparts, any one of
which need not contain the signatures of more than one party, but all such
counterparts taken together will constitute one and the same
Agreement.  This Agreement, to the extent delivered by means of a
facsimile machine or electronic mail (any such delivery, an "Electronic
Delivery"), shall be treated in all manner and respects as an original agreement
or instrument and shall be considered to have the same binding legal effect as
if it were the original signed version thereof delivered in
person.  At the request of any party hereto, each other party hereto
shall re-execute original forms hereof and deliver them in person to all other
parties.  No party hereto shall raise the use of Electronic Delivery
to deliver a signature or the fact that any signature or agreement or instrument
was transmitted or communicated through the use of Electronic Delivery as a
defense to the formation of a contract, and each such party forever waives any
such defense, except to the extent such defense related to lack of
authenticity.

      

      13.           Covenants
of the Company.  Subject to compliance with applicable laws, the
Company agrees to use its best efforts to ensure that the rights granted
hereunder are effective and that the parties hereto enjoy the benefits
thereof.  Such actions may include, without limitation, the use of the
Company’s best efforts to cause the nomination and election of the directors as
provided above, by causing a meeting of shareholders to be held or by causing a
written consent of shareholders to be circulated.  The Company will
not, by any voluntary action, avoid or seek to avoid the observance or
performance of any of the terms to be performed hereunder by the Company, but
will at all times in good faith assist in the carrying out of all of the
provisions of this Agreement and in the taking of all such actions as may be
necessary, appropriate or reasonably requested by the holders of a majority of
the outstanding voting securities held by the parties hereto assuming conversion
of all outstanding securities in order to protect the rights of the parties
hereunder against impairment.

      

      [Signature
Page Follows]

      

       

       

      

      IN
WITNESS WHEREOF, the undersigned have caused their duly authorized officers to
execute this Agreement as of the date first above written.

      

      MAN SHING
AGRICULTURAL HOLDINGS, INC.

       
 

      By: /s/ Eddie
Cheung

      Name:
Eddie Cheung

      Title:
Chief Executive Officer

       
 

      CHINA
ANGEL ASSETS MANAGEMENT LIMITED

       
 

      By: /s/ Jiang Qi
Hang

      Name:
Jiang Qi Hang

      Title:
Chief Executive Officer

       

       

       

      

      EXHIBIT
A

       

      FORM OF
DEED OF ADHERENCE

       

      THIS DEED
OF ADHERENCE is made this __________ day of ____________by and between Man Shing
Agricultural Holdings, Inc., a Nevada corporation (“Company”),
and________________________________  (the “New Shareholder”).

       

      The
Company and the New Shareholder shall be referred to collectively as the
Parties.

       

      WHEREAS:

       

      (A)           As
of [____], 2009, certain shareholders of the Company and the Company entered
into an Investor Rights Agreement (the "Investor Rights Agreement"), a copy of
which is attached hereto as Exhibit 1.

       
 

      (B)           The
New Shareholder wishes to acquire an aggregate of _____________ _______________
[INSERT NUMBER and TYPE/CLASS OF SECURITIES] in the capital of the Company from
China Angel Assets Management Limited (the “Transferor”) and in accordance with
the Investor Rights Agreement has agreed to enter into this Deed of Adherence
(the "Deed").

       
 

      (C)           The
Company is entering into this Deed on behalf of itself and as agent for all the
existing Shareholders of the Company.

       

      NOW,
THEREFORE, the Parties hereby agree as follows:

       

      1.           Interpretation.
In this Deed, except as the context may otherwise require, all words and
expressions defined in the Investor Rights Agreement shall have the same
meanings when used herein.

       
 

      2.           Covenant.  The
New Shareholder hereby covenants to the Company as trustee for all other persons
who are at present or who may hereafter become bound by the Investor Rights
Agreement, and to the Company itself, to adhere to and be bound by all the
duties, burdens and obligations of the Transferor imposed pursuant to the
provisions of the Investor Rights Agreement and all documents expressed in
writing to be supplemental or ancillary thereto as if the New Shareholder had
been an original party to the Investor Rights Agreement since the date
thereof.

       
 

      3.           Enforceability.  Each
existing Shareholder and the Company shall be entitled to enforce the Investor
Rights Agreement against the New Shareholder, and the New Shareholder shall be
entitled to all rights and benefits of the Transferor under the Investor Rights
Agreement in each case as if such New Shareholder had been an original party to
the Investor Rights Agreement since the date hereof.

       
 

      4.           Governing
Law.  This Deed shall be governed by, and construed in accordance
with, the laws of the State of Nevada, regardless of the laws that might
otherwise govern under applicable principles of conflicts of laws
thereof.

       
 

      5.           Counterparts.  This
Deed may be signed in any number of counterparts which together shall form one
and the same agreement.

       
 

      6.           Further
Assurance.  Each party agrees to take all such further action as may
be reasonably necessary to give full effect to this Deed on its terms and
conditions. 

       

      7.           Headings.  The
headings used in this Deed are used for convenience only and are not to be
considered in construing or interpreting this Agreement.

       

       

      [REMINDER
OF THIS PAGE INTENTIONALLY LEFT BLANK]

      

      

      

      

      
 

      

      

      

      

      IN
WITNESS whereof the parties have executed and delivered this Deed as a deed on
the day and year first hereinbefore mentioned.

      

      COMPANY:

       
 

      Signed as
a deed on behalf of

      

      MAN SHING
AGRICULTURAL HOLDINGS, INC.

       
 

      By:    Eddie
Cheung                                       

      Name: Eddie
Cheung

      Title:   Chief
Executive Officer

       
 

      NEW
SHAREHOLDER:

       
 

      signed as
a deed on behalf of

      

      

      By:                                           

      Name:

      Title:

      

      [SIGNATURE
PAGE TO DEED OF ADHERENCE]

       

       

      

      

       

      

      EXHIBIT 1
TO DEED OF ADHERENCE

      

      COPY OF
INVESTOR RIGHTS AGREEMENT

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