Document:

Unassociated Document

    NEITHER
      THIS WARRANT NOR THE SHARES OF COMMON STOCK ISSUABLE UPON EXERCISE HAVE BEEN
      REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”), OR UNDER
      ANY STATE SECURITIES LAW. THE COMPANY WILL NOT TRANSFER THIS WARRANT, OR ANY
      SHARES OF COMMON SHARES ISSUABLE UPON EXERCISE, UNLESS (i) THERE IS AN EFFECTIVE
      REGISTRATION COVERING THIS WARRANT OR SHARES UNDER THE ACT AND APPLICABLE STATE
      SECURITIES LAWS, (ii) IT FIRST RECEIVES AN OPINION FROM COUNSEL TO THE COMPANY,
      STATING THAT THE PROPOSED TRANSFER IS EXEMPT FROM REGISTRATION UNDER THE ACT
      AND
      UNDER ALL APPLICABLE STATE SECURITIES LAWS, OR (iii) THE TRANSFER IS MADE
      PURSUANT TO RULE 144 PROMULGATED UNDER THE ACT.

    

      
        	
                Warrant
                  Holder: Apollo Asia Opportunity Master Fund, L.P.

              	
                Dated:
                  June 22, 2007

              
	 	 
	
                For
                  the Purchase of 187,500 Shares of Common
                  Stock

              	
                No.
                  ______

              

      

    

     

    WARRANT
      FOR THE PURCHASE OF

    SHARES
      OF COMMON STOCK OF

     

    AGFEED
      INDUSTRIES, INC.

     

    Expiring
      Three Years from the Date Hereof

     

    FOR
      VALUE
      RECEIVED, AgFeed Industries, Inc. (“Company”), hereby certifies that the Warrant
      Holder specified above, or his registered assigns (“Registered Holder”), is
      entitled, subject to the terms set forth below, to purchase from the Company
      on
      or before the third anniversary of the date hereof, that number of shares of
      Common Stock, $.001 par value, of the Company (“Common Stock”) set forth above,
      at a purchase price equal to $5.60 per share (as may be adjusted as provided
      below) upon the terms and conditions set forth herein. The number of shares
      of
      Common Stock purchasable upon exercise of this Warrant, and the purchase
      price(s) per share, each as adjusted from time to time pursuant to the
      provisions of this Warrant, are hereinafter referred to as the “Warrant Shares”
and the “Exercise Price(s),” respectively.

     

    1. Registration
      of Transfers and Exchanges.

     

    (i) The
      Company shall register the transfer of any portion of this Warrant in the
      Warrant Register, upon surrender of this Warrant, with the Form of Assignment
      attached hereto duly completed and signed, to the Transfer Agent or to the
      Company, provided, however, that the Holder shall not make any transfers to
      any
      transferee pursuant to this Section for the right to acquire less than 1,000
      Warrant Shares (or the balance of the Warrant Shares to which this Warrant
      relates). Upon any such registration or transfer, a new warrant to purchase
      Common Stock, in substantially the form of this Warrant (any such new warrant,
      a
“New Warrant”), evidencing the portion of this Warrant so transferred shall be
      issued to the transferee and a New Warrant evidencing the remaining portion
      of
      this Warrant not so transferred, if any, shall be issued to the transferring
      Holder. The acceptance of the New Warrant by the transferee thereof shall be
      deemed the acceptance of such transferee of all of the rights and obligations
      of
      a holder of a Warrant.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    (ii) This
      Warrant is exchangeable, upon the surrender hereof by the Holder to the office
      of the Company for one or more New Warrants, evidencing in the aggregate the
      right to purchase the number of Warrant Shares which may then be purchased
      hereunder. Any such New Warrant will be dated the date of such
      exchange.

     

    2. Exercise.

     

    (i) Procedure
      for Cash Exercise.
      Subject
      to the conditions and terms set forth herein, this Warrant may be exercised
      by
      the Registered Holder (“Conversion Right”), in whole or in part, by the
      surrender of this Warrant (with the Notice of Exercise Form attached hereto
      as
      Exhibit 1 duly executed by such Registered Holder) at the principal office
      of
      the Company, or at such other office or agency as the Company may designate,
      accompanied by payment in full, in lawful money of the United States, of an
      amount equal to the then applicable Exercise Price(s) multiplied by the number
      of Warrant Shares then being purchased upon such exercise.

     

    (ii) Procedure
      for Cashless Exercise.

     

    (a) Subject
      to the conditions and terms set forth herein, in lieu of the payment of the
      Exercise Price(s) in the manner set forth in Section 2(i), the Registered Holder
      shall have the right (but not the obligation) to convert this Warrant, in whole
      or part, into Common Stock (also “Conversion Right”) as follows: Upon exercise
      of the Conversion Right as provided below with delivery of notice, the Company
      shall deliver to the Registered Holder (without payment by the Registered Holder
      of any of the Exercise Price(s)) that number of shares of Common Stock equal
      to
      the quotient obtained by dividing (x) the “Value” (as defined below) of the
      portion of the Warrant being converted on the second trading day immediately
      preceding the date the Warrant is delivered to the Company pursuant to Section
      2(i) if the Conversion Right is exercised (“Valuation Date”) by (y) the “Market
      Price” (as defined below) on the Valuation Date.

     

    (b) The
      “Value” of the portion of the Warrant being converted shall equal the remainder
      derived from subtracting (a) the Exercise Price(s) multiplied by the number
      of
      shares of Common Stock underlying the portion of the Warrant being converted
      from (b) the Market Price of the Common Stock multiplied by the number of shares
      of Common Stock underlying the portion of the Warrant being converted. As used
      herein, the term “Market Price” at any date shall be deemed to be the average of
      the reported closing price of the Common Stock on the twenty (20) consecutive
      business days prior to the exercise date, as reported by the national securities
      exchange on which the Common Stock is listed or admitted to trading. If the
      Common Stock is not listed on a national securities exchange, but is traded
      in
      the residual over-the-counter market, the Market Price shall mean the last
      sale
      price for the Common Stock, as reported by the NASD OTC Bulletin Board if quoted
      on the NASD OTC Bulletin Board. If the Market Price cannot be determined
      pursuant to the above, the Market Price shall be such price as the Board of
      Directors of the Company shall determine in good faith.

     

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

     

    (iii) Exercise
      of Conversion Right.
      Subject
      to the terms and conditions set forth herein, the Conversion Right may be
      exercised by the Holder on any business day by delivering to the Company the
      Warrant with a duly executed Notice of Exercise Form attached hereto as Exhibit
      1 with the conversion section completed by specifying the total number of shares
      of Common Stock the Registered Holder will purchase pursuant to such
      conversion.

     

    (iv) Date
      of Exercise.
      Each
      exercise of this Warrant shall be deemed to have been effected immediately
      prior
      to the close of business on the day on which this Warrant shall have been
      surrendered to the Company. At such time, the person or persons in whose name
      or
      names any certificates for Warrant Shares shall be issuable upon such exercise
      shall be deemed to have become the holder or holders of record of the Warrant
      Shares represented by such certificates.

     

    (v) Issuance
      of Certificate.
      As soon
      as practicable after the exercise of the purchase right represented by this
      Warrant, the Company at its expense will cause to be issued in the name of,
      and
      delivered to, the Registered Holder, or, subject to the terms and conditions
      hereof, to such other individual or entity as such Holder (upon payment by
      such
      Holder of any applicable transfer taxes) may direct:

     

    (a) a
      certificate or certificates for the number of full shares of Warrant Shares
      to
      which such Registered Holder shall be entitled upon such exercise plus, in
      lieu
      of any fractional share to which such Registered Holder would otherwise be
      entitled, cash in an amount determined pursuant to Section 4 hereof,
      and

     

    (b) in
      case
      such exercise is in part only, a new warrant or warrants (dated the date hereof)
      of like tenor, stating on the face or faces thereof the number of shares
      currently stated on the face of this Warrant minus the number of such shares
      purchased by the Registered Holder upon such exercise as provided in subsections
      2(i) and 2(ii) above.

     

    (vi) Exercise
      of Warrant.
      The
      Warrant may be exercised in whole or from time to time in part on or prior
      to
      the third anniversary of the date hereof, as first set forth above.

     

    3. Adjustments.

     

    (i) Split,
      Subdivision or Combination of Shares.
      If the
      outstanding shares of the Company’s Common Stock at any time while this Warrant
      remains outstanding and unexpired shall be subdivided or split into a greater
      number of shares, or a dividend in Common Stock shall be paid in respect of
      Common Stock, the Exercise Price(s) in effect immediately prior to such
      subdivision or at the record date of such dividend shall, simultaneously with
      the effectiveness of such subdivision or split or immediately after the record
      date of such dividend (as the case may be), shall be proportionately decreased.
      If the outstanding shares of Common Stock shall be combined or reverse-split
      into a smaller number of shares, the Exercise Price (s) in effect immediately
      prior to such combination or reverse split shall, simultaneously with the
      effectiveness of such combination or reverse split, be proportionately
      increased. When any adjustment is required to be made in the Exercise Price
      (s),
      the number of shares of Warrant Shares purchasable upon the exercise of this
      Warrant shall be changed to the number determined by dividing (i) an amount
      equal to the number of shares issuable upon the exercise of this Warrant
      immediately prior to such adjustment, multiplied by the Exercise Price(s) in
      effect immediately prior to such adjustment, by (ii) the Exercise Price(s)
      in
      effect immediately after such adjustment.

     

    
      
        
        

      

      
        3

        
          

        

      

      
        
        

      

    

     

    (ii) Reclassification,
      Reorganization, Consolidation or Merger.
      In the
      case of any reclassification of the Common Stock (other than a change in par
      value or a subdivision or combination as provided for in subsection 3.1 above),
      or any reorganization, consolidation or merger of the Company with or into
      another corporation (other than a merger or reorganization with respect to
      which
      the Company is the continuing corporation and which does not result in any
      reclassification of the Common Stock), or a transfer of all or substantially
      all
      of the assets of the Company, or the payment of a liquidating distribution
      then,
      as part of any such reorganization, reclassification, consolidation, merger,
      sale or liquidating distribution, lawful provision shall be made so that the
      Registered Holder of this Warrant shall have the right thereafter to receive
      upon the exercise hereof, the kind and amount of shares of stock or other
      securities or property which such Registered Holder would have been entitled
      to
      receive if, immediately prior to any such reorganization, reclassification,
      consolidation, merger, sale or liquidating distribution, as the case may be,
      such Registered Holder had held the number of shares of Common Stock which
      were
      then purchasable upon the exercise of this Warrant. In any such case,
      appropriate adjustment (as reasonably determined by the Board of Directors
      of
      the Company) shall be made in the application of the provisions set forth herein
      with respect to the rights and interests thereafter of the Registered Holder
      of
      this Warrant such that the provisions set forth in this Section 3 (including
      provisions with respect to the Exercise Price(s)) shall thereafter be
      applicable, as nearly as is reasonably practicable, in relation to any shares
      of
      stock or other securities or property thereafter deliverable upon the exercise
      of this Warrant.

     

    (iii) Price
      Adjustment.
      No
      adjustment in the per share Exercise Price(s) shall be required unless such
      adjustment would require an increase or decrease in the Exercise Price(s) of
      at
      least $0.01; provided, however, that any adjustments which by reason of this
      paragraph are not required to be made shall be carried forward and taken into
      account in any subsequent adjustment. All calculations under this Section 3
      shall be made to the nearest cent or to the nearest 1/100th of a share, as
      the
      case may be.

     

    (iv) No
      Impairment.
      The
      Company will not, by amendment of its Articles of Incorporation or through
      any
      reorganization, transfer of assets, consolidation, merger, dissolution, issue
      or
      sale of securities or any other voluntary action, avoid or seek to avoid the
      observance or performance of any of the terms to be observed or performed
      hereunder by the Company but will at all times in good faith assist in the
      carrying out of all the provisions of this Section 3 and in the taking of all
      such actions as may be necessary or appropriate in order to protect against
      impairment of the rights of the Registered Holder of this Warrant to adjustments
      in the Exercise Price(s).

     

    (v) Notice
      of Adjustment.
      Upon
      any adjustment of the Exercise Price(s) or extension of the Warrant exercise
      period, the Company shall forthwith give written notice thereto to the
      Registered Holder of this Warrant describing the event requiring the adjustment,
      stating the adjusted Exercise Price(s) and the adjusted number of shares
      purchasable upon the exercise hereof resulting from such event, and setting
      forth in reasonable detail the method of calculation and the facts upon which
      such calculation is based.

     

    
      
        
        

      

      
        4

        
          

        

      

      
        
        

      

    

     

    4. Fractional
      Shares.
      The
      Company shall not be required to issue fractions of shares of Common Stock
      upon
      exercise. If any fractions of a share would, but for this Section 4, be issuable
      upon any exercise, in lieu of such fractional share the Company shall round
      up
      or down to the nearest whole number.

     

    5. Limitation
      on Sales.
      Each
      holder of this Warrant acknowledges that this Warrant and the Warrant Shares,
      as
      of the date of original issuance of this Warrant, have not been registered
      under
      the Securities Act of 1933, as amended (“Act”), and agrees not to sell, pledge,
      distribute, offer for sale, transfer or otherwise dispose of this Warrant or
      any
      Warrant Shares issued upon its exercise in the absence of (i) an effective
      registration statement under the Act as to this Warrant or such Warrant Shares
      or (ii) an opinion of counsel, reasonably acceptable to the Company and its
      counsel, that such registration and qualification are not required. The Warrant
      Shares issued upon exercise thereof shall be imprinted with a legend in
      substantially the following form:

     

    "THE
      SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE
      SECURITIES ACT OF 1933, AS AMENDED (THE "SECURITIES
      ACT"),
      OR
      APPLICABLE STATE SECURITIES LAWS, AND ACCORDINGLY MAY NOT BE OFFERED FOR SALE,
      SOLD OR OTHERWISE TRANSFERRED IN THE ABSENCE OF AN EFFECTIVE REGISTRATION
      STATEMENT FOR THE SECURITIES UNDER THE SECURITIES ACT OR IN A TRANSACTION NOT
      SUBJECT TO THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT, IN EACH CASE
      IN
      ACCORDANCE WITH APPLICABLE STATE SECURITIES LAWS AND IN THE CASE OF A
      TRANSACTION EXEMPT FROM REGISTRATION, THE COMPANY HAS RECEIVED AN OPINION OF
      COUNSEL, IN SUBSTANCE REASONABLY ACCEPTABLE TO THE COMPANY, THAT REGISTRATION
      IS
      NOT REQUIRED UNDER THE SECURITIES ACT OR UNLESS SOLD PURSUANT TO RULE 144 UNDER
      THE SECURITIES ACT."

    

    6. Certain
      Dividends.
      If the
      Company pays a dividend or makes a distribution on the Common Stock
      (“Dividend”), other than (i) a stock dividend payable in shares of Common Stock,
      or (ii) a cash dividend paid from Retained Earnings, then the Company will
      pay
      or distribute to the Registered Holder of this Warrant, upon the exercise
      hereof, in addition to the Warrant Shares purchased upon such exercise, the
      Dividend which would have been paid to such Registered Holder if it had been
      the
      owner of record of such Warrant Shares immediately prior to the date on which
      a
      record is taken for such Dividend or, if no record is taken, the date as of
      which the records holders of Common Stock entitled to such Dividend are
      determined.

     

    7. Notices
      of Record Date.
      In
      case: (i) the Company shall take a record of the holders of its Common Stock
      (or
      other stock or securities at the time deliverable upon the exercise of this
      Warrant) for the purpose of entitling or enabling them to receive any dividend
      or other distribution, or to receive any right to subscribe for or purchase
      any
      shares of any class or any other securities, or to receive any other right,
      or
      (ii) of any capital reorganization of the Company, any reclassification of
      the
      capital stock of the Company, any consolidation or merger of the Company with
      or
      into another corporation (other than a consolidation or merger in which the
      Company is the surviving entity), or any transfer of all or substantially all
      of
      the assets of the Company, or (iii) of the voluntary or involuntary dissolution,
      liquidation or winding-up of the Company, then, and in each such case, the
      Company will mail or cause to be mailed to the Registered Holder of this Warrant
      a notice specifying, as the case may be, (i) the date on which a record is
      to be
      taken for the purpose of such dividend, distribution or right, and stating
      the
      amount and character of such dividend, distribution or right, or (ii) the
      effective date on which such reorganization, reclassification, consolidation,
      merger, transfer, dissolution, liquidation or winding-up is to take place,
      and
      the time, if any is to be fixed, as of which the holders of record of Common
      Stock (or such other stock or securities at the time deliverable upon the
      exercise of this Warrant) shall be entitled to exchange their shares of Common
      Stock (or such other stock or securities) for securities or other property
      deliverable upon such reorganization, reclassification, consolidation, merger,
      transfer, dissolution, liquidation or winding-up. Such notice shall be mailed
      at
      least ten (10) days prior to the record date or effective date for the event
      specified in such notice, provided that the failure to mail such notice shall
      not affect the legality or validity of any such action.

     

    
      
        
        

      

      
        5

        
          

        

      

      
        
        

      

    

     

    8. Reservation
      of Stock.
      The
      Company will at all times reserve and keep available, solely for issuance and
      delivery upon the exercise of this Warrant, such shares of Common Stock and
      other stock, securities and property, as from time to time shall be issuable
      upon the exercise of this Warrant. So long as this Warrant remains outstanding,
      the Company shall maintain the listing of the shares of Common Stock to be
      issued upon exercise on each national securities exchange on which Common Stock
      is listed (on the Nasdaq Stock Market if the Common Stock is then quoted on
      the
      Nasdaq Stock Market or on the Nasdaq Over-The-Counter service if the Common
      Stock is then quoted on such service/bulletin board).

     

    9. Replacement
      of Warrants.
      Upon
      receipt of evidence reasonably satisfactory to the Company of the loss, theft,
      destruction or mutilation of this Warrant and (in the case of loss, theft or
      destruction) upon delivery of an indemnity agreement (with surety if reasonably
      required) in an amount reasonably satisfactory to the Company, or (in the case
      of mutilation) upon surrender and cancellation of this Warrant, the Company
      will
      issue, in lieu thereof, a new Warrant of like tenor.

     

    10. Transfers,
      etc.

     

    (i) Warrant
      Register.
      The
      Company will maintain a register containing the names and addresses of the
      Registered Holders of this Warrant. Any Registered Holder may change its, his
      or
      her address as shown on the warrant register by written notice to the Company
      requesting such change.

     

    (ii) Registered
      Holder.
      Until
      any transfer of this Warrant is made in the warrant register, the Company may
      treat the Registered Holder of this Warrant as the absolute owner hereof for
      all
      purposes; provided, however, that if and when this Warrant is properly assigned
      in blank, the Company may (but shall not be obligated to) treat the bearer
      hereof as the absolute owner hereof for all purposes, notwithstanding any notice
      to the contrary.

     

    
      
        
        

      

      
        6

        
          

        

      

      
        
        

      

    

     

    11. No
      Rights as Stockholder.
      Except
      as set forth in Section 6, until the exercise of this Warrant, the Registered
      Holder of this Warrant shall not have or exercise any rights by virtue hereof
      as
      a stockholder of the Company.

     

    12. Successors.
      The
      rights and obligations of the parties to this Warrant will inure to the benefit
      of and be binding upon the Company and any transferees of Warrant
      Holder.

     

    13. Change
      or Waiver.
      Any
      term of this Warrant may be changed or waived only by an instrument in writing
      signed by the party against which enforcement of the change or waiver is
      sought.

     

    14. Headings.
      The
      headings in this Warrant are for purposes of reference only and shall not limit
      or otherwise affect the meaning of any provision of this Warrant.

     

    15. Governing
      Law.
      This
      Warrant shall be governed by and construed in accordance with the laws of the
      State of New York as such laws are applied to contracts made and to be fully
      performed entirely within that state between residents of that
      state.

     

    16. Jurisdiction
      and Venue.
      The
      Company (i) agrees that any legal suit, action or proceeding arising out of
      or
      relating to this Warrant shall be instituted exclusively in New York State
      Supreme Court, County of New York or in the United States District Court for
      the
      Southern District of New York, (ii) waives any objection to the venue of any
      such suit, action or proceeding and the right to assert that such forum is
      not a
      convenient forum for such suit, action or proceeding, and (iii) irrevocably
      consents to the jurisdiction of the New York State Supreme Court, County of
      New
      York, and the United States District Court for the Southern District of New
      York
      in any such suit, action or proceeding, and the Company further agrees to accept
      and acknowledge service or any and all process which may be served in any such
      suit, action or proceeding in New York State Supreme Court, County of New York
      or in the United States District Court for the Southern District of New York
      and
      agrees that service of process upon it mailed by certified mail to its address
      shall be deemed in every respect effective service of process upon it in any
      suit, action or proceeding.

     

    17. Mailing
      of Notices, etc.
      All
      notices and other communications under this Warrant (except payment) shall
      be in
      writing and shall be sufficiently given if sent to the Registered Holder or
      the
      Company, as the case may be, by hand delivery, private overnight courier, with
      acknowledgment of receipt, or by registered or certified mail, return receipt
      requested, as follows:

     

    Registered
      Holder: To Registered Holder’s address as provided on the Subscription Agreement
      or otherwise in the Company’s Records.

     

    The
      Company: To the Company’s Principal Executive Offices Attention:
      President

     

    
      
        
        

      

      
        7

        
          

        

      

      
        
        

      

    

     

    or
      to
      such other address as any of them, by notice to the others may designate from
      time to time. Time shall be counted to, c from, as the case may be, the date
      of
      delivery in person or by overnight courier or five (5) business days after
      mailing.

    
      	 	 	 
	 	
              AGFEED
                INDUSTRIES, INC.

            
	 
 	 
 	 
 
	
            	By:  	/s/ Li Songyan
	 	
              

              Name:
                Li Songyan

            
	 	
              Title:
                Chairman

            

    

     

    
      
        
        

      

      
        8

        
          

        

      

      
        
        

      

    

     

    EXHIBIT
      1

    

    NOTICE
      OF EXERCISE

     

    Date:
      ____________________

    

      
        	
                TO:

              	
                AgFeed
                  Industries, Inc.

              
	 	
                1095
                  Qing Lan Avenue

              
	 	
                Economic
                  and Technical Development Zone

              
	 	
                Nan
                  Chang City, Jiangxi Province

              
	 	
                China
                  330013

              
	 	
                Attn:
                  Attn: Mr. Junhong Xiong, CEO

              

      

    

     

    1. The
      undersigned hereby elects to purchase ______ shares of the Common Stock of
      AgFeed Industries, Inc., pursuant to terms of the attached Warrant, and tenders
      herewith payment of $______ (at the rate of $______ per share of Common Stock)
      in payment of the Exercise Price(s) pursuant thereto, together with all
      applicable transfer taxes, if any.

     

    The
      undersigned hereby elects to purchase  shares
      of
      Common Stock of AgFeed Industries, Inc. by surrender of the unexercised portion
      of the attached Warrant (with a “Value” of $______ based on a “Market Price” of
      $______).

     

    2. Please
      issue a certificate or certificates representing said shares of the Common
      Stock
      in the name of the undersigned or in such other name as is specified
      below.

    
      	 	 	 
	
            	 	 
	 	
              

              Signature
                of Registered Holder

            

    

    
      	 	 	 
	
            	 	 
	 	
              

              
                Print
                  Name:

              

            

    

     

    Notice:
      The signature to this form must correspond with the name as written upon the
      face of the within Warrant in every particular without alteration or enlargement
      or any change whatsoever.

     

    INSTRUCTIONS
      FOR REGISTRATION OF SECURITIES

    

      
        	
                Name:

              	 
	 	
                (Print
                  in Block Letters

              

      

       

      
        	
                Address:

              	 

      

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    EXHIBIT
      2

    

    [To
      be
      completed and signed only upon transfer of Warrant]

     

    FOR
      VALUE
      RECEIVED, the undersigned hereby sells, assigns and transfers unto
      __________________________ the right represented by the within Warrant to
      purchase  ______
      shares of Common Stock of AgFeed Industries, Inc. to which the within Warrant
      relates and appoints _____________________________ attorney to transfer said
      right on the books of AgFeed Industries, Inc. with full power of substitution
      in
      the premises.

     

    Dated:

     

    ______________,
      ____

     

    
      	 	 	 
	
            	
            	
            
	 	
              

              (Signature
                must conform in all respects to name of holder as 

              specified
                on the face of the Warrant)

            

      	 	 	 
	 	
              

              Address
                of Transfree

            

    

    
      	 	 	 
	 	
              

            

    

    
      	 	 	 
	 	
              

            

    

    In
      the
      presence of:

     

    ____________________Unassociated Document

    AGFEED
      INDUSTRIES, INC.

     

    REGISTRATION
      RIGHTS AGREEMENT

     

    This
      REGISTRATION RIGHTS AGREEMENT (the “Agreement”), dated as of June 22, 2007, is
      made by and between AGFEED INDUSTRIES, INC., a Nevada corporation (the
“Company”), and Apollo Asia Opportunity Master Fund, L.P., a Cayman Islands
      exempted limited partnership (the “Investor”). 

     

    WHEREAS,
      in connection with that certain Subscription Agreement by and among the Company
      and the Investor (the “Subscription Agreement”), the Company desires to sell to
      the Investor, and the Investor desires to purchase from the Company units of
      (a)
      shares of the Company’s common stock, $0.001 par value per share (the “Common
      Stock”); and (b) Warrants to purchase additional shares of Common Stock (the
“Warrants”) equal to 25% of the Common Stock initially purchased;

     

    WHEREAS,
      the Company is a party to that certain Registration Rights Agreement, dated
      as
      of February 28, 2007, by and among the individuals and entities set forth on
      the
      signature pages thereto (the “February
      Registration Rights Agreement”)
      pursuant to which the Company has agreed to register certain shares of Common
      Stock and the Common Stock underlying certain warrants, no later than June
      28,
      2007; and

     

    WHEREAS,
      to induce the Investor to purchase the Common Stock and Warrants, the Company
      has agreed to register the shares of Common Stock purchased and the Common
      Stock
      underlying the Warrants pursuant to the terms of this Agreement.

     

    NOW,
      THEREFORE, the Company and the Investor hereby covenant and agree as
      follows:

     

    1. Certain
      Definitions.
      As used
      in this Agreement, the following terms shall have the following respective
      meanings:

     

    “Commission”
      shall mean the Securities and Exchange Commission, or any other federal agency
      at the time administering the Securities Act.

     

    “Effectiveness
      Date” shall mean that date which is one hundred eighty (180) days following the
      closing of the Offering.

     

    “Exchange
      Act” shall mean the Securities Exchange Act of 1934, as amended.

     

    “February
      Offering” shall refer to the Company’s sale of units each representing the
      purchase of (i) one share of Common Stock of the Company and (ii) a three (3)
      year Warrant to purchase Common Stock of the Company with an initial exercise
      price of $5.00 (8% coverage). The total amount of units sold was 2,276,753
      units
      at an offering price of $3.00 per unit, for aggregate proceeds of $6,830,259
      and
      the final closing occurred on April 29, 2007.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    “Filing
      Date” shall mean that date which is sixty (60) days following the closing of the
      Offering.

     

    “Offering”
      shall refer to the Company’s proposal to sell Units for $4.00 per unit,
      representing the purchase of (i) one share of Common Stock of the Company and
      (ii) a three (3) year Warrant to purchase Common Stock of the Company with
      an
      initial exercise price of $5.60 (25% coverage). The total amount of Units being
      offered is 750,000 for a total maximum purchase price of $3,000,000 USD.

     

    “Register,”
      “registered” and “registration” each shall refer to a registration effected by
      preparing and filing a Registration Statement or statements or similar documents
      in compliance with the Securities Act and the declaration or ordering of
      effectiveness of such Registration Statement or document by the
      Commission.

     

    “Registrable
      Securities” shall mean the shares of Common Stock issued pursuant to (i) the
      February Offering and (ii) the Subscription Agreement, as part of the initial
      purchase or upon the exercise of the Warrants delivered as part of the February
      Offering and the Offering; provided, however, that shares of Common Stock which
      are Registrable Securities shall cease to be Registrable Securities (x) upon
      any
      sale pursuant to a Registration Statement or Rule 144 under the Securities
      Act
      or (y) at such time as they become eligible for sale pursuant to Rule 144(k)
      under the Securities Act or another similar exemption under the Securities
      Act.

     

    “Securities
      Act” shall mean the Securities Act of 1933, as amended.

     

    Capitalized
      terms used but not defined herein shall have the meanings set forth in the
      Subscription Agreement or the Warrants.

     

    2. Automatic
      Registration.

     

    (a) On
      or
      prior to the Filing Date, the Company shall prepare and file with the Commission
      the Registration Statement covering the resale of all of the Registrable
      Securities for an offering to be made on a continuous basis pursuant to Rule
      415; provided, however, that the Company shall use its commercially reasonable
      efforts to include all Registrable Securities purchased pursuant to the Offering
      on the Registration Statement to be filed on or before June 28, 2007 in
      connection with the February Offering. The Registration Statement required
      hereunder shall be on Form SB-2. Subject to the terms of this Agreement, the
      Company shall use its commercially reasonable efforts to cause the Registration
      Statement to be declared effective under the Securities Act as promptly as
      possible after the filing thereof, but in any event not later than the
      Effectiveness Date, and shall use its commercially reasonable efforts to keep
      the Registration Statement continuously effective under the Securities Act
      until
      the date when all Registrable Securities covered by the Registration Statement
      have been sold or may be sold without volume restrictions pursuant to Rule
      144(k) as determined by the counsel to the Company pursuant to a written opinion
      letter to such effect, addressed and acceptable to the Company’s transfer agent
      and the Investor (the “Effectiveness Period”).

     

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

     

    (b) If:
      (i) a
      Registration Statement is not filed on or prior to the Filing Date, or (ii)
      the
      Company fails to file with the Commission a request for acceleration in
      accordance with Rule 461 promulgated under the Securities Act, within 5 trading
      days of the date that the Company is notified (orally or in writing, whichever
      is earlier) by the Commission that a Registration Statement will not be
“reviewed,” or is not subject to further review, or (iii) prior to the date when
      such Registration Statement is first declared effective by the Commission,
      the
      Company fails to file a pre-effective amendment and otherwise respond in writing
      to comments made by the Commission in respect of such Registration Statement
      within 15 trading days after the receipt of comments by or notice from the
      Commission that such amendment is required in order for a Registration Statement
      to be declared effective, or (iv) a Registration Statement filed or required
      to
      be filed hereunder is not declared effective by the Commission on or before
      the
      Effectiveness Date as a result of the failure of the Company to meet its
      obligations with respect to such filing as provided for herein, or (v) after
      a
      Registration Statement is first declared effective by the Commission, it ceases
      for any reason to remain continuously effective as to the Registrable Securities
      held by the Investor, or the Investor is not permitted to utilize the Prospectus
      therein to resell such Registrable Securities, for in any such case 15
      consecutive trading days but no more than an aggregate of 25 trading days during
      any 12-month period (which need not be consecutive trading days) (any such
      failure or breach being referred to as an “Event,” and for purposes of clause
      (i) or (iv) the date on which such Event occurs, or for purposes of clause
      (ii)
      the date on which such 5 trading day period is exceeded, or for purposes of
      clause (iii) the date which such 15 trading day period is exceeded, or for
      purposes of clause (v) the date on which such 15- or 25-day period, as
      applicable, is exceeded being referred to as “Event Date”), then: (x) on the
      first Event Date to occur the Company shall pay to such Investor an amount
      in
      cash, as liquidated damages and not as a penalty, equal to 2.0% of the aggregate
      purchase price paid by such Investor pursuant to the Subscription Agreement
      for
      any Registrable Securities then held by such Investor
      for
      which
      such Investor has not received liquidated damages pursuant to Section 2(c)
      below;
      and (y)
      on each anniversary of such Event Date (if the applicable Event, or any
      subsequent Event, shall not have been cured by such date) until all Event(s)
      are
      cured, the Company shall pay to such Investor an amount in cash, as liquidated
      damages and not as a penalty, equal to 2.0% of the aggregate purchase price
      paid
      by such Investor pursuant to the Subscription Agreement for any Registrable
      Securities then held by such Investor for
      which
      such Investor has not received liquidated damages pursuant to Section 2(c)
      below.
      If the
      Company fails to pay any liquidated damages pursuant to this Section in full
      within seven days after the date payable, the Company will pay interest thereon
      at a rate of 15% per annum (or such lesser maximum amount that is permitted
      to
      be paid by applicable law) to the Investor, accruing daily from the date such
      liquidated damages are due until such amounts, plus all such interest thereon,
      are paid in full. The liquidated damages pursuant to the terms hereof shall
      apply on a daily pro-rata basis for any portion of a year prior to the cure
      of
      an Event.

     

    (c) Notwithstanding
      any other provision of this Section 2, if the Commission determines that
      the number of securities that the Company may register on the Registration
      Statement pursuant to Rule 415 is limited such that the shares so registered
      thereunder shall exclude any Registrable Securities held by the Investor, then
      the Company shall promptly so advise the Investor and the Company shall use
      commercially reasonable efforts to effect the registration of any Registrable
      Securities not so included on the Registration Statement as a result thereof
      as
      soon as is legally possible to do so. In such event, the Company shall pay
      to
      such Investor liquidated damages as set forth in Section 2(b) hereof with
      respect to  any Registrable Securities then held by the Investor that were
      not registered by the Effectiveness Date.

     

    
      
        
        

      

      
        3

        
          

        

      

      
        
        

      

    

     

    (d) The
      parties acknowledge and agree that (i) the maximum amount of damages that the
      Company shall be obligated to pay the Investor for any and all breaches of
      this
      Section 2 is the amount of liquidated damages set forth in Section 2(b) or
      2(c),
      and (ii) such liquidated damages shall be the sole remedy available to Investor
      for any breach of this Agreement, provided that nothing in this Section 2(d)
      shall preclude Investor from seeking injunctive relief, including specific
      performance of its rights under this Section 2.

     

    3. Registration
      Procedures.
      If and
      whenever the Company is required by the provisions of Section 2 hereof to use
      its commercially reasonable efforts to effect the registration of any
      Registrable Securities under the Securities Act, the Company will, as
      expeditiously as possible:

     

    (a) prepare
      and file with the Commission the Registration Statement with respect to such
      securities and use its reasonable best efforts to cause such Registration
      Statement to become effective in an expeditious manner;

     

    (b) prepare
      and file with the Commission such amendments and supplements to such
      Registration Statement and the prospectus used in connection therewith as may
      be
      necessary to keep such Registration Statement continuously effective during
      the
      Effectiveness Period and comply with the provisions of the Securities Act with
      respect to the disposition of all Registrable Securities covered by such
      Registration Statement in accordance with the intended method of disposition
      set
      forth in such Registration Statement for such period;

     

    (c) furnish
      to each seller of Registrable Securities and to each underwriter such number
      of
      copies of the Registration Statement and the prospectus included therein
      (including each preliminary prospectus) as such persons reasonably may request
      in order to facilitate the intended disposition of the Registrable Securities
      covered by such Registration Statement;

     

    (d) use
      its
      commercially reasonable efforts (i) to register or qualify the Registrable
      Securities covered by such Registration Statement under the securities or “blue
      sky” laws of such jurisdictions as the sellers of Registrable Securities or, in
      the case of an underwritten public offering, the managing underwriter,
      reasonably shall request, (ii) to prepare and file in those jurisdictions such
      amendments (including post-effective amendments) and supplements, and take
      such
      other actions, as may be necessary to maintain such registration and
      qualification in effect at all times for the period of distribution contemplated
      thereby and (iii) to take such further action as may be necessary or advisable
      to enable the disposition of the Registrable Securities in such jurisdictions,
      provided, that the Company shall not for any such purpose be required to qualify
      generally to transact business as a foreign corporation in any jurisdiction
      where it is not so qualified or to consent to general service of process in
      any
      such jurisdiction;

     

    (e) use
      its
      commercially reasonable efforts to list the Registrable Securities covered
      by
      such Registration Statement with any securities exchange on which the Common
      Stock of the Company is then listed;

     

    
      
        
        

      

      
        4

        
          

        

      

      
        
        

      

    

     

    (f) immediately
      notify each seller of Registrable Securities and each underwriter under such
      Registration Statement, at any time when a prospectus relating thereto is
      required to be delivered under the Securities Act, of the happening of any
      event
      of which the Company has knowledge as a result of which the prospectus contained
      in such Registration Statement, as then in effect, includes any untrue statement
      of a material fact or omits to state a material fact required to be stated
      therein or necessary to make the statements therein not misleading in light
      of
      the circumstances then existing and promptly amend or supplement such
      Registration Statement to correct any such untrue statement or
      omission;

     

    (g) promptly
      notify each seller of Registrable Securities of the issuance by the Commission
      of any stop order suspending the effectiveness of the Registration Statement
      or
      the initiation of any proceedings for that purpose and make every reasonable
      effort to prevent the issuance of any stop order and, if any stop order is
      issued, to obtain the lifting thereof at the earliest possible
      time;

     

    (h) if
      the
      offering is an underwritten offering, enter into a written agreement with the
      managing underwriter selected in the, manner herein provided in such form and
      containing such provisions as are usual and customary in the securities business
      for such an arrangement between such underwriter and companies of the Company’s
      size and investment stature, including, without limitation, customary
      indemnification and contribution provisions;

     

    (i) if
      the
      offering is an underwritten offering, at the request of any seller of
      Registrable Securities, use its commercially reasonable efforts to furnish
      to
      such seller on the date that Registrable Securities are delivered to the
      underwriters for sale pursuant to such registration: (i) a copy of an opinion
      dated such date of counsel representing the Company for the purposes of such
      registration, addressed to the underwriters, stating that such Registration
      Statement has become effective under the Securities Act and that (A) to the
      knowledge of such counsel, no stop order suspending the effectiveness thereof
      has been issued and no proceedings for that purpose have been instituted or
      are
      pending or contemplated under the Securities Act, (B) the Registration
      Statement, the related prospectus and each amendment or supplement thereof
      comply as to form in all material respects with the requirements of the
      Securities Act (except that such counsel need not express any opinion as to
      financial statements or other financial or statistical information contained
      therein) and (C) to such other effects as reasonably may be requested by counsel
      for the underwriters; and (ii) a copy of a letter dated such date from the
      independent public accountants retained by the Company, addressed to the
      underwriters, stating that they are independent public accountants within the
      meaning of the Securities Act and that, in the opinion of such accountants,
      the
      financial statements of the Company included in the Registration Statement
      or
      the prospectus, or any amendment or supplement thereof, comply as to form in
      all
      material respects with the applicable accounting requirements of the Securities
      Act, and such letter shall additionally cover such other financial matters
      (including information as to the period ending no more than five business days
      prior to the date of such letter) with respect to such registration as such
      underwriters reasonably may request;

     

    (j) take
      all
      actions reasonably necessary to facilitate the timely preparation and delivery
      of certificates (not bearing any legend restricting the sale or transfer of
      such
      securities) representing the Registrable Securities to be sold pursuant to
      the
      Registration Statement and to enable such certificates to be in such
      denominations and registered in such names as the Investor or any underwriters
      may reasonably request; and

     

    
      
        
        

      

      
        5

        
          

        

      

      
        
        

      

    

     

    (k) take
      all
      other reasonable actions necessary to expedite and facilitate the registration
      of the Registrable Securities pursuant to the Registration
      Statement.

     

    4. Obligations
      of Investor.
      The
      Investor shall furnish to the Company such information regarding such Investor,
      the number of Registrable Securities owned and proposed to be sold by it, the
      intended method of disposition of such securities and any other information
      as
      shall be required to effect the registration of the Registrable Securities,
      and
      cooperate with the Company in preparing the Registration Statement and in
      complying with the requirements of the Securities Act.

     

    5. Expenses.

     

    (a) All
      expenses incurred by the Company in complying with Sections 2 and 3 including,
      without limitation, all registration and filing fees (including the fees of
      the
      Securities and Exchange Commission and any other regulatory body with which
      the
      Company is required to file), printing expenses, fees and disbursements of
      counsel and independent public accountants for the Company, fees and expenses
      (including counsel fees) incurred in connection with complying with state
      securities or “blue sky” laws, fees of transfer agents and registrars and fees
      and disbursements of one counsel for the holders of Registrable Securities,
      not
      to exceed $5,000, but excluding any Selling Expenses, are called “Registration
      Expenses.” All underwriting discounts and selling commissions applicable to the
      sale of Registrable Securities are called “Selling Expenses.”

     

    (b) The
      Company will pay all Registration Expenses in connection with any Registration
      Statement filed hereunder, and the Selling Expenses in connection with each
      such
      Registration Statement shall be borne by the participating sellers in proportion
      to the number of Registrable Securities sold by each or as they may otherwise
      agree.

     

    6. Indemnification
      and Contribution.

     

    (a) In
      the
      event of a registration of any of the Registrable Securities under the
      Securities Act pursuant to the terms
      of
      this Agreement, the Company will indemnify and hold harmless and pay and
      reimburse, each seller of such Registrable
      Securities thereunder, each underwriter of such Registrable Securities
      thereunder and each other person, if any, who
      controls such seller or underwriter within the meaning of the Securities Act,
      against any losses, claims, damages or liabilities,
      joint or several, to which such seller, underwriter or controlling person may
      become subject under the Securities Act
      or
      otherwise, insofar as such losses, claims, damages or liabilities (or actions
      in
      respect thereof) arise out of or are based upon
      any
      untrue statement or alleged untrue statement of any material fact contained
      in
      any Registration Statement under which
      such Registrable Securities were registered under the Securities Act pursuant
      hereto or any preliminary prospectus or final prospectus contained therein,
      or
      any amendment or supplement thereof, or arise out of or are based upon the
      omission or alleged omission to state therein a material fact required to be
      stated therein or necessary to make the statements therein not misleading,
      or any violation or alleged violation of the Securities Act or any state
      securities or blue sky laws and will reimburse
      each such seller, each such underwriter and each such controlling person for
      any
      legal or other expenses reasonably
      incurred by them in connection with investigating or defending any such loss,
      claim, damage, liability or action; provided,
      that the Company will not be liable in any such case if and to the extent that
      any such loss, claim, damage or liability
      arises out of or is based upon the Company’s reliance on an untrue statement or
      alleged untrue statement or omission or alleged omission so made in conformity
      with information furnished by any such seller, any such underwriter or any
      such
      controlling person in writing specifically for use in such Registration
      Statement or prospectus.

     

    
      
        
        

      

      
        6

        
          

        

      

      
        
        

      

    

     

    (b) In
      the
      event of a registration of any of the Registrable Securities under the
      Securities Act pursuant hereto each seller of such Registrable Securities
      thereunder, severally and not jointly, will indemnify and hold harmless the
      Company, each person, if any, who controls the Company within the meaning of
      the
      Securities Act, each officer of the Company who signs the Registration
      Statement, each director of the Company, each underwriter and each person who
      controls any underwriter within the meaning of the Securities Act, against
      all
      losses, claims, damages or liabilities, joint or several, to which the Company
      or such officer, director, underwriter or controlling person may become subject
      under the Securities Act or otherwise, insofar as such losses, claims, damages
      or liabilities (or actions in respect thereof) arise out of or are based upon
      reliance on any untrue statement or alleged untrue statement of any material
      fact contained in the Registration Statement
      under which such Registrable Securities were registered under the Securities
      Act
      pursuant hereto or,
      any
preliminary
      prospectus or final prospectus contained therein, or any amendment or supplement
      thereof, or arise out of or are based upon the omission or alleged omission
      to
      state therein a material fact required to be stated therein or necessary to
      make
      the statements therein not misleading, and will reimburse the Company and each
      such officer, director, underwriter,
      and
      controlling person for any legal or other expenses reasonably incurred by them
      in connection with investigating or defending any
      such
      loss, claim, damage, liability or action, provided, that such seller will be
      liable hereunder in any such case if and only
      to
      the extent that any such loss, claim, damage or liability arises out of or
      is
      based upon an untrue statement or alleged untrue
      statement or omission or alleged omission made in reliance upon and in
      conformity with information pertaining to such
      seller, as such, furnished in writing to the Company by such seller specifically
      for use in such Registration Statement or prospectus,
      and provided, that the liability of each seller hereunder shall be limited
      to
      the proceeds received by such seller from
      the
      sale of Registrable Securities covered by such Registration Statement.
      Notwithstanding the foregoing, the indemnity provided in this Section 6(b)
      shall
      not apply to amounts paid in settlement of any such loss, claim, damage,
      liability or expense if such settlement is effected without the consent of
      such
      indemnified party and provided further, that the Company shall
      not
      be liable in any such case to the extent that any such loss, claim, damage
      or
      liability (or action in respect thereof) arises
      out of or is based upon an untrue statement or alleged untrue statement or
      omission or alleged omission in such Registration
      Statement, which untrue statement or alleged untrue statement or omission or
      alleged omission is completely corrected in an amendment or supplement to the
      Registration Statement and the undersigned indemnitees thereafter fail to
      deliver or cause to be delivered such Registration Statement as so amended
      or
      supplemented prior to or concurrently with the sale of the Registrable
      Securities to the person asserting such loss, claim, damage or liability (or
      actions in respect thereof) or expense after the Company has furnished the
      undersigned with the same.

     

    
      
        
        

      

      
        7

        
          

        

      

      
        
        

      

    

     

    (c) Promptly
      after receipt by an indemnified party hereunder of notice of the commencement
      of
      any action, such indemnified party shall, if a claim in respect thereof is
      to be
      made against the indemnifying party hereunder, notify the indemnifying party
      in
      writing thereof, but the omission so to notify the indemnifying party shall
      not
      relieve it from any liability which it may have to such indemnified party other
      than under this Section 6 and shall only relieve it from any liability which
      it
      may have to such indemnified party under this Section 6 if and to the extent
      the
      indemnifying party is materially prejudiced by such omission. In case any such
      action shall be brought against any indemnified party and it shall notify the
      indemnifying party of the commencement thereof, the indemnifying party shall
      be
      entitled to participate in and, to the extent it shall wish, to assume and
      undertake the defense thereof with counsel reasonably satisfactory to such
      indemnified party, and, after notice from the indemnifying party to such
      indemnified party of its election so to assume and undertake the defense
      thereof, the indemnifying party shall not be liable to such indemnified party
      under this Section 6 for any legal expenses subsequently incurred by such
      indemnified party in connection with the defense thereof other than reasonable
      costs of investigation and of Liaison with counsel so selected, provided
      that if
      the defendants in any such action include both the indemnified party and the
      indemnifying party and the indemnified party shall have reasonably concluded
      based upon written advise of its counsel that there may be reasonable defenses
      available to it which are different from or additional to those available to
      the
      indemnifying party or if the interests of the indemnified party reasonably
      may
      be deemed to conflict with the interests of the indemnifying party, the
      indemnified party shall have the right to select a separate counsel and to
      assume such legal defenses and otherwise to participate in the defense of such
      action, with the expenses and fees of such separate counsel and other expenses
      related to such participation to be reimbursed by the indemnifying party as
      incurred.

     

    (d) In
      order
      to provide for just and equitable contribution to joint liability under the
      Securities Act in any case in which either (i) any holder of Registrable
      Securities exercising rights under this Agreement, or any controlling person
      of
      any such holder, makes a claim for indemnification pursuant to this Section
      6
      but it is judicially determined (by the entry of a final judgment or decree
      by a
      court of competent jurisdiction and the expiration of time to appeal or the
      denial of the last right of appeal) that such indemnification may not be
      enforced in such case notwithstanding the fact that this Section 6 provides
      for
      indemnification in such case, or (ii) contribution under the Securities Act
      may
      be required on the part of any such selling holder or any such controlling
      person in circumstances for which indemnification is provided under this Section
      6; then, and in each such case, the Company and such holder will contribute
      to
      the aggregate losses, claims, damages or liabilities to which they may be
      subject (after contribution from others) in such proportion so that such holder
      is responsible for the portion represented by the percentage that the public
      offering price of its Registrable Securities offered by the Registration
      Statement bears to the public offering price of all securities offered by such
      Registration Statement, and the Company is responsible for the remaining
      portion; provided, that, in any such case, (A) no such holder will be required
      to contribute any amount in excess of the public offering price of all such
      Registrable Securities offered by it pursuant to such Registration Statement
      and
      (B) no person or entity guilty of fraudulent misrepresentation (within the
      meaning of Section 12 (f) of the Securities Act) will be entitled to
      contribution from any person or entity who was not guilty of such fraudulent
      misrepresentation.

     

    
      
        
        

      

      
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    7. Changes
      in Capital Stock.
      If, and
      as often as, there is any change in the capital stock of the Company by way
      of a
      stock split, stock dividend, combination or reclassification, or through a
      merger, consolidation, reorganization or recapitalization, or by any other
      means, appropriate adjustment shall be made in the provisions hereof so that
      the
      rights and privileges granted hereby shall continue as so changed.

     

    8. Representations
      and Warranties of the Company.
      The
      Company represents and warrants to the Investor as follows:

     

    (a) The
      execution, delivery and performance of this Agreement by the Company have been
      duly authorized by all requisite corporate action and will not violate any
      provision of law, any order of any court or other agency of government, the
      Articles of Incorporation or By-laws of the Company or any provision of any
      indenture, agreement or other instrument to which it or any or its properties
      or
      assets is bound, conflict with, result in a breach of or constitute (with due
      notice or lapse of time or both) a default under any such indenture, agreement
      or other instrument or result in the creation or imposition of any lien, charge
      or encumbrance of any nature whatsoever upon any of the properties or assets
      of
      the Company or its subsidiaries.

     

    (b) This
      Agreement has been duly executed and delivered by the Company and constitutes
      the legal, valid and binding obligation of the Company, enforceable in
      accordance with its terms, subject to any applicable bankruptcy, insolvency
      or
      other laws affecting the rights of creditors generally and to general equitable
      principles and the availability of specific performance.

     

    9. Assignment
      of Registration Rights.
      The
      rights to have the Company register Registrable Securities pursuant to this
      Agreement may be assigned by the Investor to transferees or assignees of such
      securities; provided, that the Company is, within a reasonable time after such
      transfer, furnished with written notice of the name and address of such
      transferee or assignee and the securities with respect to which such
      registration rights are being assigned. The term “Investor” as used in this
      Agreement shall include such permitted assigns.

     

    10. Rule
      144 Requirements.
      The
      Company agrees to:

     

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

     

    (b) use
      its
      commercially reasonable efforts to file with the Commission in a timely manner
      all reports and other documents required of the Company under the Securities
      Act
      and the Exchange Act (at any time after it has become subject to such reporting
      requirements); and

     

    (c) furnish
      to any holder of Registrable Securities upon request (i) a written statement
      by
      the Company as to its compliance with the reporting requirements of Rule 144
      and
      of the Securities Act and the Exchange Act (at any time after it has become
      subject to such reporting requirements), (ii) a copy of the most recent annual
      or quarterly report of the Company, and (iii) such other reports and documents
      of the Company as such holder may reasonably request to avail itself of any
      similar rule or regulation of the Commission allowing it to sell any such
      securities without registration.

     

    
      
        
        

      

      
        9

        
          

        

      

      
        
        

      

    

     

    11. Termination.
      All of
      the Company’s obligations to register Registrable Shares under Sections 2 and 3
      hereto shall terminate upon the date on which the Investor holds no Registrable
      Securities or all of the Registrable Securities are eligible for sale under
      Rule
      144(k).

     

    12. Miscellaneous.

     

    (a) All
      covenants and agreements contained in this Agreement by or on behalf of any
      of
      the parties hereto shall bind and inure to the benefit of the respective
      successors and assigns of the parties hereto (including without limitation
      transferees of any Registrable Securities), whether so expressed or
      not.

     

    (b) All
      notices, requests, consents and other communications hereunder shall be in
      writing and shall be delivered in person, mailed by certified or registered
      mail, return receipt requested, or sent by telecopier, addressed (i) if to
      the
      Company, at AgFeed Industries, Inc., 1095 Qing Lan Avenue, Economic and
      Technical Development Zone, Nan Chang City, Jiangxi, Province, China 330013,
      Attn: Attn: Mr. Junhong Xiong, CEO, phone 86-0791-2189878, facsimile
      86-20¬87785878; and (ii) if to any holder of Registrable Securities, to it at
      such address as may have been furnished to the Company in writing by such
      holder; or, in any case, at such other address or addresses as shall have been
      furnished, in writing to the Company (in the case of a holder of Registrable
      Securities) or to the holders of Registrable Securities (in the case of the
      Company) in accordance with the provisions of this paragraph.

     

    (c) This
      Agreement shall be governed by and construed under the laws of the State of
      New
      York as applied to agreements among New York residents entered into and to
      be
      performed entirely within New York. The Company (1) agrees that any legal suit,
      action or proceeding arising out of or relating to this Agreement shall be
      instituted exclusively in New York State Supreme Court, County of New York,
      or
      in the United States District Court for the Southern District of New York,
      (2)
      waives any objection which the Company may have now or hereafter to the venue
      of
      any such suit, action or proceeding, and (3) irrevocably consents to the
      jurisdiction of the New York State Supreme Court, County of New York, and the
      United States District Court for the Southern District of New York in any such
      suit, action or proceeding. The Company further agrees to accept and acknowledge
      service of any and all process which may be served in any such suit, action
      or
      proceeding in the New York State Supreme Court, County of New York, or in the
      United States District Court for the Southern District of New York and agrees
      that service of process upon the Company mailed by certified mail to the
      Company’s address shall be deemed in every respect effective service of process
      upon the Company, in any such suit, action or proceeding. THE PARTIES HERETO
      AGREE TO WAIVE THEIR RESPECTIVE RIGHTS TO A JURY TRIAL OF ANY CLAIM OR CAUSE
      OF
      ACTION BASED UPON OR ARISING OUT OF THIS AGREEMENT OR ANY DOCUMENT OR AGREEMENT
      CONTEMPLATED HEREBY.

     

    (d) In
      the
      event of a breach by the Company or by the Investor, of any of their obligations
      under this Agreement, the Investor or the Company, as the case may be, in
      addition to being entitled to exercise all rights granted by law and under
      this
      Agreement, including recovery of damages, will be entitled to specific
      performance of its rights under this Agreement. The Company and the Investor
      agree that monetary damages would not provide adequate compensation for any
      losses incurred by reason of a breach by it of any of the provisions of this
      Agreement and hereby further agrees that, in the event of any action for
      specific performance in respect of such breach, it shall waive the defense
      that
      a remedy at law would be adequate.

     

    
      
        
        

      

      
        10

        
          

        

      

      
        
        

      

    

     

    (e) This
      Agreement may not be amended or modified without the written consent of the
      Company and the Investor.

     

    (f) 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. No waiver shall be effective unless and until it is in writing
      and signed by the party granting the waiver.

     

    (g) This
      Agreement may be executed in two or more counterparts, each of which shall
      be
      deemed an original, but all of which together shall constitute one and the
      same
      instrument. 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.

     

    (h) If
      any
      provision of this Agreement shall be held to be illegal, invalid or
      unenforceable, such illegality, invalidity or unenforceability shall attach
      only
      to such provision and shall not in any manner affect or render illegal, invalid
      or unenforceable any other provision of this Agreement, and this Agreement
      shall
      be carried out as if any such illegal, invalid or unenforceable provision were
      not contained herein.

     

    (i) This
      Agreement constitutes the entire contract among the Company and the Investor
      relative to the subject matter hereof and supersedes in its entirety any and
      all
      prior agreements, understandings and discussions with respect
      thereto.

     

    (j) The
      headings of the sections of this Agreement are for convenience and shall not
      by
      themselves determine the interpretation of this Agreement.

     

    
      
        
        

      

      
        11

        
          

        

      

      
        
        

      

    

     

    IN
      WITNESS WHEREOF, the undersigned have executed this Agreement as of the date
      first written above.

    
      	 	 	 
	 	
              COMPANY

               

              
                AGFEED
                  INDUSTRIES, INC.

              

            
	 
 	 
 	 
 
	
            	By:  	/s/ Li Songyan
	 	
              

              Name:
                Li Songyan

            
	 	
              Title:
                Chairman

            

    

    
      	 	 	 
	 	
              INVESTOR

               

              
                APOLLO
                  ASIA OPPORTUNITY MASTER 

                FUND,
                  L.P.

                 

                
                  By: 
                    Apollo Asia Management, L.P.

                  By: 
                    Apollo Asia management GP, LLC

                

              

            
	 
 	 
 	 
 
	
            	By:  	/s/ Laurie Medley
	 	
              

              Name:
                Laurie Medley

              Title:
                Vice President

            

    

     

    
      
        
        

      

      
        12

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