Document:

pyds_ex1016.htm

    Exhibit
10.16

     

    Second Amendment to
Employment Agreement

    

    This Second Amendment (“Second
Amendment”), to the Employment Agreement (the "Agreement") dated February 27,
2007 between Payment Data Systems, Inc. ("PDS") and Michael R. Long
(“Executive") is entered into this 12th day of April, 2010 and is made part of the Agreement which is
hereby amended as follows:

    

    1.           Definitions.  All
capitalized terms used herein and not expressly defined herein shall have the
respective meanings given to such terms in the Agreement.

    

    2.           Entire
Agreement.  Except as expressly modified by this Second
Amendment, the Agreement shall be and remain in full force and effect in
accordance with its terms and shall constitute the legal, valid, binding and
enforceable obligations of PDS and Executive.

    

    3.           Successors and
Assigns.  This Second Amendment shall be binding upon and inure
to the benefit of the successors and permitted assigns of the parties
hereto.

    

    4.           Section
References.  Section titles and references used in this Second
Amendment shall be without substantive meaning or content of any kind whatsoever
and are not a part of the agreements among the parties hereto evidenced
hereby.

    

    5.           Now,
therefore, in consideration of the mutual covenants set forth herein and for
other good and valuable consideration, the adequacy, receipt and sufficiency of
which are hereby acknowledged:

     

    
      	
              a.  

            	
              The
      Base Salary as set forth in Schedule 4(a)(i) of Schedule 1 to the
      Agreement is hereby amended to be $24,000 per annum in year
      2010.

            

    

     

    
      	
              b.  

            	
              Schedule
      4(b) of Schedule 1 of the Agreement is replaced in its entirety with,
      “BONUS: Not to exceed 100% of the highest salary received in any year of
      the Agreement as described in Schedule 4(a)(i) of Schedule
    1.”

            

    

    

    This
Second Amendment amends the Agreement as set forth herein. All previously
existing obligations under the Agreement are hereby reaffirmed in all
respects.

    

    In
witness thereof, the parties
hereto have caused this Second Amendment to the Agreement to be executed on the day and
year first above written.

     

    
      	Payment
      Data Systems, Inc.  	 	Executive	 
	 	 	 	 	 	 
	 By:	/s/ Louis A.
      Hoch        	 	By: 	/s/ Michael R.
      Long	 
	Name: Louis A.
      Hoch 	 	Name: Michael R.
      Long	 
	Title:   President &
      COOpyds_ex1017.htm

    Exhibit
10.17

     

    Second Amendment to
Employment Agreement

    

    This Second Amendment (“Second
Amendment”), to the Employment Agreement (the "Agreement") dated February 27,
2007 between Payment Data Systems, Inc. ("PDS") and Louis A. Hoch (“Executive")
is entered into this 12th day of April, 2010 and is made part of the Agreement which is
hereby amended as follows:

    

    1.           Definitions.  All
capitalized terms used herein and not expressly defined herein shall have the
respective meanings given to such terms in the Agreement.

    

    2.           Entire
Agreement.  Except as expressly modified by this Second
Amendment, the Agreement shall be and remain in full force and effect in
accordance with its terms and shall constitute the legal, valid, binding and
enforceable obligations of PDS and Executive.

    

    3.           Successors and
Assigns.  This Second Amendment shall be binding upon and inure
to the benefit of the successors and permitted assigns of the parties
hereto.

    

    4.           Section
References.  Section titles and references used in this Second
Amendment shall be without substantive meaning or content of any kind whatsoever
and are not a part of the agreements among the parties hereto evidenced
hereby.

    

    5.           Now,
therefore, in consideration of the mutual covenants set forth herein and for
other good and valuable consideration, the adequacy, receipt and sufficiency of
which are hereby acknowledged:

    

    
      	
              a.  

            	
              The
      Base Salary as set forth in Schedule 4(a)(i) of Schedule 1 to the
      Agreement is hereby amended to be $24,000 per annum in year
      2010.

            

    

     

    
      	
              b.  

            	
              Schedule
      4(b) of Schedule 1 of the Agreement is replaced in its entirety with,
      “BONUS: Not to exceed 100% of the highest salary received in any year of
      the Agreement as described in Schedule 4(a)(i) of Schedule
    1.”

            

    

    

    This
Second Amendment amends the Agreement as set forth herein. All previously
existing obligations under the Agreement are hereby reaffirmed in all
respects.

    

    In
witness thereof, the parties
hereto have caused this Second Amendment to the Agreement to be executed on the day and
year first above written.

    

    
      
        	Payment
      Data Systems, Inc.  	 	Executive	 
	 	 	 	 	 	 
	 By:	/s/ Michael R.
      Long 	 	By: 	/s/ Louis A.
      Hoch	 
	Name: Michael R.
      Long 	 	Name: Louis A.
      Hoch	 
	Title:   CEO &
      CFOakrk_ex101.htm

    EXHIBIT
10.1

    Loan
Agreement

    Borrower
(Party A): Shaanxi Shuta Wood Products Company Ltd.

    Legal
Representative: Zhang Yi

    Address:
Room 021906, Unit 2, Building 1, Wangzuo Time Plaza, Tangyan Road, High Tech
Zone, Xi'an, Shaanxi

    Loaner
(Party B): Xi'an Hanxin Science & Technology Co. Ltd.

    Legal
Representative: Chen Peng Cheng

    Address:
3rd
floor, A Tower, Chuangxin Info Building, No.72 Keji Road, High Tech Zone, Xi'an,
Shaanxi

    

    Party A
and party B have come to the following agreements through
negotiations:

    

    1. Amount
of the loan shall be RMB10million;

    2. The
loan period shall be from Oct. 27th,
2009 to Oct. 27th,
2011;

    3. The
interest of the loan shall not be calculated here;

    4. This
agreement shall come into effect after signing and sealing of both parties, and
shall expire naturally when party B receives all principal and
interests;

    5. This
agreement has two duplicates with equal legal effects; either party shall hold
one duplicate;

    6.
Disputes shall be settled through negotiation, or either party may bring up a
lawsuit again the other at the local people's court.

    

    Borrower
(seal/signature): Zhang Yi

    Date:
Oct. 28th,
2009

    

    

    Loaner  (seal/signature):
Chen Peng Cheng

    Date:
Oct. 28th,
2009chinapharmexh10_16.htm

Exhibit 10.16

                                                          Contract No.:2009 0003

 

 

 

Current Fund Loan Agreement

 

 

 

           Borrower (Party A): Xi’an Qinba Pharmaceuticals Co., Ltd.

Address: B0601 Chuang Ye Square, 48 Keji Road, Hi-Tech Zone, Xi’an

 

Legal Representative: Guozhu Wang

 

Lender (Party B): Industrial and Commercial Bank of China Co., Ltd. Hanzhong Subbranch

 

Address: Renmin Road, Hantai District, Hanzhong City

 

Legal Representative: Qi Jin

 

 

 

 

 

 

 

 

  

1

  

 

 

Table of Contents

	
Article 1.

	
Type of Loan

	
Article 2.

	
Purpose of Loan

	
Article 3.

	
Sum and Period of Loan

	
Article 4.

	
Interest Rate of Loan

	
Article 5.

	
Resource and Method of Repayment

	
Article 6.

	
Loan Guarantee

	
Article 7.

	
Rights and Responsibilities of The Parties

	
Article 8.

	
Liability for Breach Of Contract

	
Article 9.

	
Validity, modification, rescission, termination of the Contract

	
Article 10.

	
Settlement of Disputes

	
Article 11.

	
Other Issues

	
Article 12.

	
Note

 

 

 

 

 

 

 

 

 

 

 

 

  

2

  

 

Party A borrows fund from Party B due to requirement listed in Article 2 .1 of this contract. Party B agrees lend fund to Party A. In order to clarify the rights, obligations of both parties, in accordance with <Contract Law>, <General Rules on Loans> and other relative laws, regulations, the two parties negotiate to engage this contract.

 

Article 1. Type of Loan

 

	
1.1  

	
The period of borrowing current fund under this contract is (mid-term or short-term).

 

Article 2. Purpose of Loan

 

	
2.1

	
The purpose of borrowing current fund under this contract is: purchase raw materials.

	
2.2

	
Party A could not change the purpose of the loan without permission of Party B.

 

Article 3. Sum and Period of Loan

 

	
3.1

	
The amount of loan under this contract is RMB(full form) ONE million yuan(lower case) 1 million yuan(take the upper case as final when disagreement happens between upper case and lower case, same as below).

	
3.2

	
The period of loan under this contract is 11 months, from 2009 year 4 month 28 day to 2010year 3 month 18 day.

	
3.3

	
Party A should extract the whole amount of loan in once time in accordance with article 3.2, in event of special reasons, could postpone the extracting date for    days under the permission of Party B. Actual date of release and repayment is written on the due bill. The due bill and certificate of extraction can not be separated, disagreement with this contract of other written notices, except date, shall subject to this contract as final.

 

  

3

  

 

 

Article 4. Interest Rate of Loan

	
4.1

	
This Loan shall bear interest at a rate of _5.31____‰ per month (mid-term current bank loan rate is fixed annually). Interest will be calculated daily since the actual withdrawal date, and paid monthly. Date of interest payment is 20th day of each month (the 20th day of each month/ the 20th day of last month of each quarter), interests will be paid off with loan due to expiry date.

	
4.2

	
If the People’s Bank of China adjusts the benchmark interest rate, and the adjustment fit this contract, the interest rate of the loan is calculated based on the new interest rate and method above without additional notice to the borrower.

 

Article 5. Resource and Method of Repayment

 

	
5.1

	
The resource and method of payment of Party include but not restricted with the following:

	
5.1.1

	
sales income;

	
5.1.2

	
income from morgtage turned into money .

	
5.2

	
Regardless of limitation from any other contracts that restricts the resource and method of Party A, those limitation must not influence the execute of obligation of Party A under this contract. Party A could not invoke 5.1 to refuse execute its obligation under this contract in any circumstances.

	
5.3

	
Party A shall payback the loan by term, and payback interest in accordance with this contract.

	
5.4

	
Party A shall prepare the repayment at the expiry date of interest or capital before the expiry date of repayment by means of prepay through the account opened by Party B, and grant Party B with the authority to remit account.

 

Article 6. Loan Guarantee

 

	
6.1

	
The guarantee method of this contract is: mortgage of real estate.

	
6.2

	
Party A have obligation to assist Party B and let Party B hold the content of this contract signing the guarantee contract NO. NO2008(002).

	
6.3

	
In event of any disadvantages happens to Party B, Party A should provide Party B with satisfactory guarantee after noticed.

 

 

  

4

  

 

 

Article 7. Rights and Responsibilities of the Parties

 

	
7.1

	
Rights and responsibilities:

	
7.1.1

	
The resource and method of payment of Party include but not restricted with the following:

	
7.1.2

	
Prepayment would not be allowed ahead of time;

	
7.1.3

	
Responsible for the reality, accuracy, completeness of provided materials through investigation procedure;

	
7.1.4 

	
Automatically accept the investigation, inspection and supervision for loan under this contract;

	
7.1.5

	
Actively coordinates Party B the inspection and supervision with its production, operation and financial status, and have obligation of providing Party B with relative income statement and balance sheet of the company by terms.

	
7.1.6

	
Payoff the debt and interests under this contract in accordance with the engagement;

	
7.1.7

	
Assume the relative expenses under this contract, including, without limitation, expenses of appraisal, evaluation, registration and so on;

	
7.1.8

	
Send back receipt within 3 days after received the collection letter through mail or by other methods from Party B;

	
7.1.9

	
In event of contract lease, shareholding reform, joint operation, merger, acquisition, joint venture, stock rights changing, asset deal, and other behaviors that could influence the realization of rights and benefits of Party B, Party A should inform Party B no later than 30 days prior to those behaviors, and permit by Party B, or Party A should not act the above behaviors before paying off the debt.

	
7.1.10

	
Party A may change its residence, mailing address, and scope of business, legal representative and other registration affairs for noticing Party B within 7 days by written notice.

	
7.1.11

	
In event of important affairs that may threaten or bring negative influence to Party A’s regular operation, including, without limitation, involving economic dispute, bankruptcy, financial status deterioration and so on, Party A should inform Party B by written form immediately.

	
7.1.12

	
Party B shall be informed with 5 days after occurrence of the following incidents: discontinuation of business, dissolution, recession, license revocation and cancellation, and guarantee that the principal with interest shall be repaid.

	
7.2

	
Party A’s rights and obligations:

	
7.2.1

	
Request Party A supply all materials related with this borrowing;

	
7.2.2

	
Principal, interest, compound interest, default interest, and all other accrued expenses which shall be paid by Party A from its account pay according to provisions of this Contract and laws;

	
7.2.3

	
Party B has right to exercise credit sanction, notify related departments and units, and urge debt through news media, if Party A avoids Party B’s supervision, and default principal and interest other behaviors breaching this Contract;

	
7.2.4

	
Party B shall offer full loan to Party B according to contract (excluding delay caused by Party A);

 

 

  

5

  

 

 

	
7.2.5

	
Maintain secrecy of Party A’s liabilities, finance, production, operation, and etc; except as otherwise specified in this Contract, laws and regulations.

 

Article 8 Responsibility for breach of contract

 

	
8.1

	
Both parties shall perform the obligations agreed in this Contract from the date of effectiveness. Any party fails to perform or partly perform the obligations, shall bear the breaching responsibilities.

	
8.2

	
Where Party A fails to handle and withdraw loan in accordance with Article 3.3 in this Contract, Party B has right to collect delayed liquidated damages by the rate in this Contract by day.

	
8.3

	
Where Party B fails to provide loan in accordance with Article 3.3 in this Contract, then it shall pay delayed liquidated damages by the rate in this Contract by day.

	
8.4

	
Where Party A returns the loan under this Contract without Party B’s written approval, Party B has right to collect interest according to loan term and rate in this Contract.

	
8.5 

	
Where Party A fails to pay due loan principal and interest under this Contract, Party B has right to settle deadline for Party A to pay off, exercise offset right for funds of Party A’ accounts opened in Party B, collect 50% default interest on the basis of interest rate in contract by day for overdue loan, and collect compound interest for unpaid interest.

	
8.6

	
Where Party A fails to use loan in accordance with defined usage in this Contract, Party B has right to withdraw part or even all the loan, or terminate contract, collect ‰ interest according to contract-breaching date by day for Party A’s loan which is breaching contract in usage., and collect compound interest for unpaid interest.

	
8.7

	
Where Party A uses the loan in the situations of Article 8.5 and Article 8.6 at the same time, Party B shall perform more severe punishment instead of both punishments.

	
8.8

	
If Party A performs one of the following behaviors, then within 7 days from receiving Party B’s notice, Party A shall correct and adopt appropriate remedial measures to Party B’satisfaction, otherwise, Party B has right to withdraw part or even all the loan; for the loan which cannot be withdrawn, Party B has right to collect liquidated damages by the rate of overdue loan in this Contract by day;

	
8.8.1

	
Supply Party B with balance sheet, income statement, and other financial data which are false or concealing important facts;

	
8.8.2

	
Fail to cooperate or refuse to receive Party B’s supervision of its loan-using conditions, related production and operation, financial activities;

	
8.8.3

	
Transfer, dispose, or threatened transfer or dispose important parts of its assets without Party B’s approval;

 

 

  

6

  

	
8.8.4

	
Important parts of its assets or all assets are occupied by other creditors, or taken over by designated entrusting party, recipient, or similar persons, or its properties are detained, frozen, which will bring severe damages to Party B;

	
8.8.5

	
Perform activities of contract project, leasing, shareholding reform, pool operation, merger, consolidation, joint venture, separation, capital reduction, equity adjustment, equity transfer, and other activities, which will influence Party B’ rights realization and consequently threaten to creditor’s rights safety of Party B;

	
8.8.6

	
Industry and commerce registration changes of residence, correspondence address, operation scope, legal representative, or occurrence of important outward investment, which bring severe influences and threat to  Party B’ realization of rights;

	
8.8.7

	
Involved with severe economical disputes or financial position deteriorates, which brings severe influences and threat to Party B’ realization of rights;

	
8.8.8

	
Other situations which may bring threat or severe loss to Party B’ realization of creditor rights under this Contract;

 

Article 9 Effectiveness, alteration, rescission, and termination of Contract

 

	
9.1

	
This Contract will take effect after Party A’s and Party B’s signature and seal; where there is guarantee, this Contract will become effective after Guarantee Contract takes effect. And this contract will terminate until the date when borrowing principal, interest, compound interest, default interest, liquidated damages or other accrued expenses are paid off.

	
9.2

	
Party B has power to dissolve Contract, request Party A to pay loan principal and interest in advance, and pay losses in any of the following circumstances:

	
9.2.1

	
Party A is in shut down of business, dissolution, recession, suspension or revocation of the business licenses;

	
9.2.2

	
The guarantee under this Contract changes which are adverse to Party B’ realization of creditor rights, and Party A fails to supply guarantee separately required as Party B;

	
9.2.3

	
Other activities breaching Contract severely.

	
9.3

	
Where Party A requires loan extension, it shall apply to Party B in written form within 30 days before expiration of Contract, and supply written comments of guarantor’ agreement of continuing guarantee; after Party B’s inspection and approval, and signing of extension agreement, then loan under this Contract will be extended; this Contract will continue to be implemented before signing of extension agreement by both parties.

	
9.4

	
Any party shall not alter or dissolve this Contract without authorization after this Contract enters into effect, unless otherwise stipulated in this Contract. Where it is really necessary to alter or dissolve this contract, a consensus and a written agreement shall be reached through consultation by both parties. Before the reaching of written agreement, this Contract shall continue to be implemented.

 

 

  

7

  

 

 

Article 10 Resolution of disputes

 

	
10.1

	
Disputes occurred in the implementation of this Contract by both parties, shall be resolved by both parties’ consultation; where consultation fails, it shall be settled according to method of _10.1.2_______:

	
10.1.1

	
Arbitration by                   ;

	
10.1.2

	
Litigation under the jurisdiction of people’s court where Party B’s domicile is located.

 

Article 11 Other issues agreed by both parties

 

	
11.1

	
If Party A fails to repay the principal and interest, Party has the right to apply for court enforcement.

	
11.2

	
See Appendix.

	
11.3

	
_____________________________________________________________

 

Article 12 Supplementary articles

 

	
12.1

	
The appendix of this Contract is an impartible component of this Contract, and with equal legal effect with body part.

	
12.2

	
In the implementation of this Contract, where withdrawal or repayment is on non-workdays of banking, then it may be postponed to next banking workday.

 

	
Party A (OFFICIAL SEAL):

Xi’an Qinba Pharmaceuticals Co., Ltd

	
Party B (OFFICIAL SEAL):

Fan Zhang

Industrial and Commercial Bank Co.,Ltd.  

Hanzhong Branch 

(loan contract special seal)

	
Legal Representative

or authorized agent:

Guozhu Wang 

(SEAL&SIGNATURE)

 

	
Legal Representative

or responsible or authorized agent:

Fan Zhang 

(SEAL&SIGNATURE)

	
Signing date: April 28th, 2009

	
Signing date:   April 28th, 2009

 

 

 

 

 

 

 

 

 

 

 

 

 

  

8

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