Document:

ex10_2-f8k12062010.htm

 

Exhibit 10.2

AMENDMENT TO THE SHARE EXCHANGE AGREEMENT

This AMENDMENT TO THE SHARE EXCHANGE AGREEMENT (this “Amendment”) is made and entered into this 6th day of December, 2010, by and among China INSOnline Corp., a Delaware corporation (hereinafter referred to as “CIC”), Ding Neng Holdings Limited, a British Virgin Islands business company (“Ding Neng”) and the shareholders of Ding Neng signatory hereto (collectively, the “Ding Neng Shareholders”).

RECITALS

WHEREAS, CIC, Ding Neng and the Ding Neng Shareholders entered into that certain Share Exchange Agreement dated November 12, 2010 (the “SEA”), pursuant to which, among other things, CIC agreed to acquire 100% of the issued and outstanding equity securities of Ding Neng (the “Ding Neng Shares”) from the Ding Neng Shareholders in exchange (the “Exchange”) for the issuance by CIC to the Ding Neng Shareholders of a number of newly issued shares (the “Exchange Shares”) of CIC’s common stock, par value $0.001 per share (the “Common Stock”) representing an aggregate of 85% (subject to adjustment as set forth in the SEA) of the issued and outstanding shares of Common Stock immediately following the Closing, and the Ding Neng Shareholders agreed to exchange their respective Ding Neng Shares for the Exchange Shares on the terms described therein.

WHEREAS, each of CIC, Ding Neng and the Ding Neng Shareholders wish to amend certain terms and provisions of the SEA as set forth herein.

NOW THEREFORE, in consideration of the premises and mutual agreements and covenants set forth herein, and intending to be legally bound hereby, the parties hereto hereby agree as follows:

 

ARTICLE I

Defined Terms

Section 1.1     Capitalized terms used and not otherwise defined herein shall have the meanings given to such terms in the SEA.

 

ARTICLE II

Amendments to SEA

 

 

Section 2.1.     The fifth (5th) and sixth “Whereas” clauses on the first page of the SEA is hereby amended and restated in its entirety to read as follows:

 

“WHEREAS, CIC proposes to acquire 100% of the issued and outstanding equity securities of Ding Neng (the “Ding Neng Shares”) from the Ding Neng Shareholders in exchange (the “Exchange”) for the issuance by CIC to the Ding Neng Shareholders of a number of newly issued shares (the “Exchange Shares”) of CIC’s common stock, par value $0.001 per share (the “Common Stock”) representing an aggregate of 90% (subject to adjustment as set forth herein) of the issued and outstanding shares of Common Stock immediately following the Closing, and the Ding Neng Shareholders desire to exchange their respective Ding Neng Shares for the Exchange Shares on the terms described herein; and

 

WHEREAS, prior to the closing of the Exchange (the “Closing”), (1) the Company shall have undertaken a reverse split of the Common Stock on a 1:40 basis (the “Reverse Split”) and (2) CIC shall obtain all necessary approvals and consents (including, but not limited to, such required approvals from FINRA) required to change its name to China Bio-Energy Corp. effective as of the Closing (the “Name Change”); and”

 

Section 2.2.     Section 4.01(b) of the SEA is hereby amended and restated in its entirety to read as follows:

 

“In consideration of the transfer of the Ding Neng Shares to CIC by the Ding Neng Shareholders, CIC shall cause the Exchange Shares to be issued to the Ding Neng Shareholders in the amounts set forth on Schedule A hereto, representing in the aggregate 90% of the issued and outstanding shares of Common Stock immediately following the Closing, pursuant to an irrevocable letter executed by CIC, addressed to Corporate Stock Transfer, Inc., CIC’s transfer agent (the “Transfer Agent Letter”), attached hereto as Exhibit A, and dated as of the Closing Date.  Notwithstanding the foregoing, in the event Greenstone Holdings Group LLC, or any of subsidiaries, affiliates or related parties (collectively, “Greenstone”) owns any shares of Common Stock, directly or indirectly (including shares of Common Stock underlying warrants, options or other derivative securities convertible into shares of Common Stock), or has the right to receive or acquire shares of Common Stock, the Ding Neng Shareholders shall be entitled to receive an additional number of shares of Common Stock such that the Ding Neng Shareholders actually received an aggregate number of shares of Common Stock equal to 90% of the issued and outstanding shares of Common Stock immediately following the Closing.  The provisions of this Section 4.01(b) shall survive the Closing for a period of two (2) years.”

 

Section 2.3.     Section 7.02 of the SEA is hereby amended and restated in its entirety to read as follows:

 

“Section 7.02                                Maintenance of Listing.  CIC shall continuously be quoted on the Pink Sheets, the OTC Bulletin Board or the NASDAQ Capital Market from the date hereof through the Closing Date.

 

Section 2.4.     Section 7.11 of the SEA is hereby amended and restated in its entirety to read as follows:

 

“Section 7.11                                Existing Liabilities. As of the Closing Date, the existing liabilities of CIC do not exceed $250,000, including, without limitation, all of CIC’s accounts payable, taxes of any kind or nature (whether due or to become due) and any outstanding legal or other fees, costs and expenses, all as incurred prior to the Closing Date.”

 

 

 

 

 

  

  

  

Exhibit 10.2

ARTICLE III

Miscellaneous

Section 3.1.     References.  All references in the SEA to “Agreement,” “herein,” “hereof,” or terms of like import referring to the Agreement or any portion thereof are hereby amended to refer to the SEA as amended by this Amendment.

 

Section 3.2.     Effect of Amendment.  Except as and to the extent expressly modified by this Amendment, the SEA (including all schedules and exhibits thereto) shall remain in full force and effect in all respects, and the parties hereto hereby reaffirm and approve the SEA as amended by this Amendment.

 

[Signature Page Follows]

 

 

 

 

  

  

  

Exhibit 10.2

 

IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be signed and delivered by their respective duly authorized officers as of the date first above written.

 

 

	  	
CHINA INSONLINE CORP.

	  	  
	  	  
	  	
By:

	  
	  	
Name: Zhenyu Wang

	  	
Title:   Chief Executive Officer

	  	  
	  	  
	  	
DING NENG HOLDINGS LIMITED

	  	  
	  	  
	  	
By:

	  
	  	
Name:

	  	
Title:

	  	  
	  	  
	  	
DING NENG SHAREHOLDERS:

	  	  
	  	  
	  	
NIE XINGFENG CO., LTD.

	  	  
	  	  
	  	
By:

	  
	  	
Xinfeng Nie

	  	  
	  	  
	  	
SANFU HOLDING CO., LTD.

	  	  
	  	  
	  	
By:

	  
	  	
Gaomin Huang

 

 

 

  

  

  

Exhibit 10.2

[SIGNATURE PAGE TO AMENDMENT TO SHARE EXCHANGE AGREEMENT, CONTINUED]

 

 

 

	  	ZEWEN HOLDING CO., LTD.  
	  	  

	  	
By:

	  
	  	 	
Name: Zewen Lin

	  	 	
Title:   

	  	  
	  	WEALTH INDEX CAPITAL GROUP LLC  
	  	  
	  	  
	  	
By:

	  
	  	 	
Name: Shanchun Huang

	  	 	
Title:

	  	  
	  	  
	  	
H.X.Z BEYOND INVESTMENT CONSULTING CO., LTD.

	  	  
	  	  
	  	
By:

	  
	  	 	
Name: Xuzhong Han

	  	 	Title:   
	  	  
	 	 
	  	
ZHR CAPITAL LIMITED

	  	  
	  	  
	  	
By:

	  
	  	 	

Name: Fulun Su

	 	 	Title: 

 

 

  

  

  

Exhibit 10.2

[SIGNATURE PAGE TO AMENDMENT TO SHARE EXCHANGE AGREEMENT, CONTINUED]

 

 

	  	YUXUAN HOLDING CO., LTD.
	  	  

	  	
By:

	  
	  	 	
Name: Yuxuan Huang

	  	 	
Title:   

	  	  
	  	LINGPENG HOLDING CO., LTD. 
	  	  
	  	  
	  	
By:

	  
	  	 	
Name: Lingpeng Liu

	  	 	
Title:

	  	  
	  	  
	  	
M.Y. LIN HOLDING CO., LTD.

	  	  
	  	  
	  	
By:

	  
	  	 	
Name: Mingyuan Lin

	  	 	Title:   
	  	  
	 	 
	  	
LINGBIN HOLDING CO., LTD.

	  	  
	  	  
	  	
By:

	  
	  	 	

Name: Lingbin Xie

	 	 	Title: 

 

 

  

  

  

Exhibit 10.2

[SIGNATURE PAGE TO AMENDMENT TO SHARE EXCHANGE AGREEMENT, CONTINUED]

 

 

 

	  	YANGHONG HOLDING CO., LTD.
	  	  

	  	
By:

	  
	  	 	
Name: Yanghong Pan

	  	 	
Title:   

	  	  
	  	KINGFISHER EQUITY HOLDING CO., LTD. 
	  	  
	  	  
	  	
By:

	  
	  	 	
Name: Yue Sun

	  	 	
Title:

	  	  
	  	  
	  	
MAXIM PARTNERS LLC

	  	  
	  	  
	  	
By:

	  
	  	 	
Name: Michael Rabinowitz

	  	 	Title:   Chairman
	  	  
	 	 
	  	
DAYSPRING CAPITAL, LLC

	  	  
	  	  
	  	
By:

	  
	  	 	

Name: Karl Brenza

	 	 	Title:ex_4-1.htm

EXHIBIT 4.1

Form of Restricted Stock Agreement

Restricted Stock Agreement

This RESTRICTED STOCK AGREEMENT (the “Agreement”) is made this ______ day of ______________, 20__, by and between MID-AMERICA APARTMENT COMMUNITIES, INC., a Tennessee corporation (the “Company”), and __________________________, a resident of ___________________________, _______  (the “Recipient”).

W I T N E S S E T H:

WHEREAS the Company has adopted the Mid-America Apartment Communities, Inc. 2004 Stock Plan, as amended (the “Plan”), which authorizes the Company to award restricted shares (“Restricted Shares”) of its common stock, $0.01 par value per share (the “Common Stock”), to key employees of the Company and/or its affiliates (individually, a “Restricted Stock Award”); and

WHEREAS, the Compensation Committee of the Board of Directors of the Company has adopted the 2011 Long Term Incentive Plan (the “2011 Plan”); and

WHEREAS, the Company and Recipient wish to confirm the terms and conditions of a Restricted Stock Award through the 2011 Plan to Recipient on ___________________, 20___ (the “Date of Award”).

NOW, THEREFORE, in consideration of the mutual covenants and agreements contained herein, and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, it is agreed between the parties hereto as follows:

1.           Definitions.  Except as provided in this Agreement, or unless the context otherwise requires, the terms used herein shall have the same meaning as in the Plan.

2.           Award of Shares.  Upon and subject to the terms, restrictions, limitations and conditions stated herein, the Company hereby awards to Recipient ____________ Restricted Shares of the Company’s Common Stock (the “Shares”).

3.           Rights; Vesting; Forfeiture.  Except as otherwise provided herein, Recipient shall have full right, title and interest in the Shares to the extent such Shares have vested in accordance with subparagraph (iii) below.

i.           During the Vesting Period (as defined below) and prior to the vesting of the Shares, the Shares may not be sold, assigned, transferred, pledged or otherwise encumbered by Recipient.  Certificates issued with respect to the Shares shall be registered in the name of Recipient and deposited by Recipient with the Company, and any such certificates shall bear an appropriate legend disclosing the restrictions imposed on the Shares hereunder and by the Plan.  Upon the lapse of the restrictions applicable to the Shares, the Company shall deliver such certificates to Recipient or Recipient’s legal representative, as the case may be.

ii.           During the Vesting Period the Recipient shall have all rights of a shareholder of the Company (except as otherwise provided herein), including without limitation the right to vote and receive dividends on the Shares.  If as a result of a stock dividend, stock split, recapitalization or other adjustment in the capital stock or stated capital of the Company, or as the result of a merger, consolidation, or other reorganization, the Common Stock is increased, reduced or otherwise changed and by virtue thereof, Recipient shall be entitled to new or additional or different shares, with such new or additional shares being subject to the same terms, conditions and restrictions as applicable to the Shares, as determined by the 2011 Plan.

iii.           The Shares shall vest at such time and on such date as the performance criteria indicated on Schedule A has been satisfied (the “Vesting Date(s)”), provided that Recipient is employed by the Company or an Affiliate (the “Employer”) at all times following the Date of Award and prior to and on the Vesting Date(s) (the “Vesting Period”).  If, at any time during the Vesting Period, Recipient’s employment with Employer is terminated for any reason other than as a result of termination for good reason, termination without cause, death, Disability, retirement or change of control, all of the Shares held by such Recipient shall immediately and automatically be forfeited without monetary consideration to the Company and shall be automatically canceled and retired.  If Recipient’s employment with Employer is terminated for termination for good reason, termination without cause, death, Disability, retirement or change of control, all as defined in the 2011 Plan, then in any such case all Shares shall become immediately vested and nonforfeitable.

4.           Share Award and Shares Subject to Plan.  The Restricted Stock Award represented by this Agreement and the Shares shall be subject to, and the Company and Recipient agree to be bound by, all of the terms and conditions of the Plan, as the same shall be amended from time to time in accordance with the terms thereof.

5.           Covenants and Representations of Recipient.  Recipient represents, warrants, covenants and agrees with the Company as follows:

i.           The Shares cannot be offered for sale, sold or transferred by Recipient other than pursuant to: (A) an effective registration under applicable state securities laws or in a transaction which is otherwise in compliance with such laws; (B) an effective registration under the Securities Act of 1933, as amended (the “1933 Act”), or in a transaction otherwise in compliance with the 1933 Act; and (C) evidence satisfactory to the Company of compliance with the securities laws of all applicable jurisdictions.  The Company shall be entitled to rely upon an opinion of counsel satisfactory to it with respect to compliance with the foregoing laws;

ii.           The Company will be under no obligation to register (or maintain the registration of) the Shares or to comply with any exemption available for sale of the Shares without registration.  The Company is under no obligation to act in any manner so as to make Rule 144 promulgated under the 1933 Act available with respect to sales of the Shares; and

iii.           If applicable, a legend indicating that the Shares have not been registered under the applicable state securities laws and referring to any applicable restrictions on transferability and sale of the Shares may be placed on the certificate or certificates delivered to Recipient and any transfer agent of the Company may be instructed to require compliance therewith.

6.           Governing Law.  This Agreement shall be construed, administered and enforced according to the laws of the State of Tennessee, without regard to the conflicts of laws provisions thereof.

7.           Successors.  This Agreement shall be binding upon and inure to the benefits of the heirs, legal representatives, successors and permitted assigns of the parties.

8.           Notice.  Except as otherwise specified herein, all notices and other communications under this Agreement shall be in writing and shall be deemed to have been given if personally delivered or if sent by registered or certified United States mail, return receipt requested, postage prepaid, addressed to the proposed recipient at the last known address of such recipient.  Any party may designate any other address to which notices shall be sent by giving notice of such address to the other parties in the same manner provided herein.

9.           Severability.  In the event that any one or more of the provisions or portion thereof contained in this Agreement shall for any reason be held to be invalid, illegal or unenforceable in any respect, the same shall not invalidate or otherwise affect any other provisions of this Agreement and this Agreement shall be construed as if such invalid, illegal or unenforceable provision or portion thereof had never been contained herein.

10.           Entire Agreement.  Subject to the terms and conditions of the Plan, this Agreement expresses the entire understanding and agreement of the parties hereto with respect to such terms, restrictions and limitations.  This Agreement may be executed in two or more counterparts, each of which shall be deemed and original but all of which shall constitute one and the same instrument.

11.           Violation.  Any transfer, pledge, sale, assignment or hypothecation of the Shares except in accordance with this Agreement shall be a violation of the terms hereof and shall be void and without effect.

12.           Headings.  Section headings used herein are for convenience of reference only and shall not be considered in interpreting this Agreement.

13.           Specific Performance.  In the event of any actual or threatened default in, or breach of, any of the terms, conditions and provisions of this Agreement, the party or parties who are thereby aggrieved shall have the right to specific performance and injunction in addition to any and all other rights and remedies at law or in equity, and all such rights and remedies shall be cumulative.

14.           Counterparts.  This Agreement may be executed by the signatures of each of the parties hereto, or to a counterpart of this Agreement, and all such counterparts shall collectively constitute one Agreement.  Facsimile signatures shall constitute original signatures for purposes of this Agreement.

IN WITNESS WHEREOF, the parties have executed and sealed this Agreement on the day and year first set forth above.

MID-AMERICA APARTMENT COMMUNITIES, INC.

By:

Name:

Title:

RECIPIENT:

Signature:

Name (printed):

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