Document:

OPERATING AGREEMENT

 

OPERATING AGREEMENT

 

THIS OPERATING AGREEMENT (the “Agreement”) is made and entered into among the following parties as of September 25, 2010 in Fujian, the People’s Republic of China (“China” or the “PRC”):

 

Party A:   Putian Asia Success Cereals & Oils Technical Service Co., Ltd

Address:  No. 999, Houguo Street, Sanjiangkou Town, Hanjiang District, Putian City

Party B:   Fujian Grand Farm Foods Development Co., Ltd.

Address:  No. 2089, Hanhua East Road, Guohuan Town, Hanjiang District, Putian City

Party C:  Yao Jianshan

ID No.: 350303690720035

Party D:  Yao Jianxin

ID No.: 350303197201280334

 

WHEREAS:

 

	
1.

	
Party A is a wholly foreign-owned enterprise duly incorporated and validly existing under the People’s Republic of China (the “PRC”) law, which has the technology, expertise, practical experience and professional technicians to provide consulting services relevant to the development and operation of Party B’s business.

	
  

	
 

	
2.

	
Party B is a limited liability company duly incorporated and validly existing under the PRC law;

	
  

	
 

	
3.

	
Party C and Party D are shareholders of Party B who collectively own 100% of the equity interests of Party B;

	
  

	
 

	
4.

	
Party A has established a business relationship with Party B pursuant to an Exclusive Technical Consulting Service Agreement entered into by and between them dated as of September 25, 2010 (the “Service Agreement”);

	
  

	
 

	
5.

	
Pursuant to the Service Agreement, Party B shall pay Party A certain fees as set forth in the Service Agreement, and the daily operations of Party B will have a material effect on its ability to pay such fees to Party A;

	
  

	
 

	
6.

	
The Parties desire to enter into this Agreement to provide for Party A’s guarantee of expenses and losses of Party B and clarify matters in connection with Party B’s operation.

  

Page 1 of 5

 

	
OPERATING AGREEMENT

 

NOW THEREFORE, through mutual discussion, all parties to this Agreement have agreed as follows:

 

	
1.

	
Party A agrees, subject to the satisfaction by Party B of the relevant provisions herein, to serve as guarantor for Party B in contracts, agreements or transactions relating to Party B’s operations that are entered into between Party B and any other third party, to provide full guarantee for the performance of such contracts, agreements or transactions by Party B. Party B agrees, as counter-guarantee, to pledge the receivable account from its operations and its entire assets to Party A. According to the aforesaid guarantee arrangement, Party A may, when necessary, enter into written guarantee contracts with Party B’s counter-parties thereof to assume the guarantee liability as the guarantor , and Party B, Party C and Party D shall take all necessary actions (including but not limited to executing relevant documents and transacting relevant registrations) to carry out the arrangement of counter-guarantee to Party A.

	
  

	
 

	
2.

	
In consideration of the requirement of Article 1 herein and to ensure the performance by Party B of its obligations under the Service Agreement, Party B, Party C and Party D hereby jointly agree that Party B shall not conduct any transaction which may materially affect its assets, obligations, rights or operation (excluding business contracts entered into in the ordinary course of Party B’s regular operations and the liens obtained by relevant counter parties due to such contracts) without Party A’s prior written consent. Such transactions shall include, but are not limited to, the following matters:

 

	
  

	
2.1

	
borrowing money from any third party or assuming any debt;

	
  

	
2.2

	
selling to or acquiring from any third party any asset or right, including but not limited to any intellectual property right;

	
  

	
2.3

	
providing any guarantee for any third party with any of its assets or intellectual property rights; or

	
  

	
2.4

	
assigning to any third party its business agreements.

 

	
3.

	
In order to further ensure the performance by Party B of its obligations under the Service Agreement, Party B, Party C and Party D hereby jointly agree to accept the corporate policy advice and guidance provided by Party A from time to time during the term of this Agreement in connection with Party B’s daily operations as well as the financial management and the recruitment, retention and dismissal of Party B’s employees.

	
  

	
 

	
4.

	
Party B, Party C and Party D hereby jointly agree that Party C and Party D shall cooperate to appoint the persons recommended by Party A as the directors of Party B, and Party B shall appoint Party A’s senior managers as Party B’s General Manager, Chief Financial Officer, and other senior officers. If any of the above senior officers leaves or is dismissed by Party A, he or she will lose the qualification to take any position in Party B and Party B shall appoint such other senior officers of Party A recommended by Party A to take such position. The persons recommended by Party A in accordance with this Article herein shall comply with the stipulation on the qualifications of directors, General Manager, Chief Financial Officer, and other senior officers pursuant to applicable law.

 

  

Page 2 of 5

 

 

	
OPERATING AGREEMENT

 

	
5.

	
Party B, Party C and Party D hereby jointly agree and confirm that Party B shall first seek guarantee from Party A if such guarantee is required for Party B’s performance of any contract or loan for working capital in the course of operation. In such case, Party A shall have the right but not the obligation to provide the appropriate guarantee to Party B at its own discretion. If Party A decides not to provide such guarantee, Party A shall issue a written notice to Party B immediately and Party B shall seek a guarantee from a third party.

	
  

	
 

	
6.

	
In the event that any of the agreements between Party A and Party B terminates or expires, Party A shall have the right but not the obligation to terminate all agreements between Party A and Party B, including but not limited to the Service Agreement.

	
  

	
 

	
7.

	
Any amendment and supplement of this Agreement shall be made in writing. The amendment and supplement duly executed by all parties shall be deemed as a part of this Agreement and shall have the same legal effect as this Agreement.

	
  

	
 

	
8.

	
If any clause hereof is judged as invalid or unenforceable according to relevant laws, such clause shall be deemed invalid only within the applicable area of the Law and shall not affect the validity or enforceability of any other clause in this Agreement in any way.

	
  

	
 

	
9.

	
Party B shall not assign or transfer its rights and obligations under this Agreement to any third party without the prior written consent of Party A. Party B hereby agrees that Party A may assign and transfer its rights and obligations under this Agreement subject only to a written notice to Party B by Party A, and no any further consent from Party B will be required.

	
  

	
 

	
10.

	
All parties acknowledge and confirm that any oral or written materials communicated pursuant to this Agreement are confidential documents. All parties shall keep all such documents confidential and not disclose any such documents to any third party without prior written consent from other parties except under the following conditions: (a) such documents are known or shall be known by the public (other than when the receiving party discloses such documents to the public without authorization); (b) any documents disclosed in accordance with applicable laws or rules or regulations of a stock exchange with jurisdiction; (c) any documents required to be disclosed by any party to its legal counsel or financial consultant for the purpose of the transactions contemplated under this Agreement, provided that such legal counsel or financial consultant shall also comply with the confidentiality as stated hereof. Any disclosure by employees or agents employed by any party shall be deemed the disclosure of such party and such party shall assume all liabilities resulting from such disclosure. This Article shall survive the termination of, amendment of, cancellation of or the inability to perform any other clause in this Agreement.

  

Page 3 of 5

 

 

	
OPERATING AGREEMENT

 

	
11.

	
This Agreement shall be governed by and construed in accordance with PRC law.

	
  

	
 

	
12.

	
The parties shall strive to settle any dispute arising from the interpretation or performance of this Agreement through friendly consultation. In case no settlement can be reached through consultation, each party can submit such matter to China International Economic and Trade Arbitration Commission (“CIETAC”) for arbitration in accordance with the then effective rules of CIETAC. The arbitration proceedings shall take place in Beijing and shall be conducted in Chinese. The arbitration award shall be final and conclusive and binding upon all the parties.

	
13.

	
This Agreement shall be executed by a duly authorized representative of each party as of the date first written above and shall become effective concurrently.

	
14.

	
The parties confirm that this Agreement shall constitute the entire agreement of the Parties with respect to the subject matters therein.

	
15.

	
The term of this Agreement is 50 years unless earlier terminated in accordance with Article 16 herein or pursuant to any other relevant agreements reached by all parties. This Agreement may be extended at Party A’s written request prior to the expiration of this Agreement for additional terms of 50 years each.

	
  

	
 

	
16.

	
This Agreement shall terminate upon expiration of its term unless renewed in accordance with Article 15 herein. During the term of this Agreement, Party B shall not terminate this Agreement. Notwithstanding the above stipulation, Party A shall have the right to terminate this Agreement at any time by issuing a thirty (30) day prior written notice to Party B, and this Agreement shall terminate unless assigned in accordance with Article 9 hereof prior to the end of such notice period.

	
  

	
 

	
17.

	
This Agreement may be executed in one or more original or facsimile copies.

 [Reminder of this page intentionally left blank.]

 

  

Page 4 of 5

 

 

	
OPERATING AGREEMENT

 

IN WITNESS THEREOF each party hereto has caused this Agreement to be duly executed by itself or a duly authorized representative on its behalf as of the date first written above.

Party A: Putian Asia Success Cereals & Oils Technical Service Co., Ltd

Authorized Representative: Yao Jianshan

Seal: [seal]

Party B: Fujian Grand Farm Foods Development Co., Ltd.

Authorized Representative: Yao Jianshan

Seal: [seal]

 

Party C: Yao Jianshan

Signature: /s/ Yao Jianshan

 

Party D: Yao Jianxin

Signature: /s/ Yao Jianxin

 

  

Page 5 of 5EXCLUSIVE EQUITY INTEREST PURCHASE AGREEMENT

 

EXCLUSIVE EQUITY INTEREST PURCHASE AGREEMENT

THIS EXCLUSIVE EQUITY INTEREST PURCHASE AGREEMENT (the “Agreement”) is entered into by and among the following parties effective as of September 25, 2010.

Party A: Putian Asia Success Cereals & Oils Technical Service Co., Ltd, a wholly foreign-owned enterprise incorporated under the PRC laws with its registered address at No. 999, Houguo Street, Sanjiangkou Town, Hanjiang District, Putian City.

Party B: Yao Jianshan, a PRC citizen, with ID No. 350303690720035

Address: Linbing Village, Guohuan Town, Hanjiang District, Putian City

Party C: Fujian Grand Farm Foods Development Co., Ltd. a limited liability company duly established and validly existing under the laws of the PRC, with its registered address at No. 2089, Hanhua East Road, Guohuan Town, Hanjiang District, Putian City.

WHEREAS,

	
1.

	
Party B holds a 99.75% equity interest in Party C; and

	
2.

	
Party A and Party C have entered into an Exclusive Technical Consulting Service Agreement and an Operating Agreement, both dated as of September 25, 2010.

NOW THEREFORE, intending to be bound hereby, the Parties hereto agree as follows:

	
1.

	
Transfer of Equity Interest

	 	
1.1

	
Grant of Purchase Right

Party B hereby irrevocably grants Party A the exclusive right to purchase or designate one or more persons (each a “Specified Person”) to purchase all or any portion of the 99.75% equity interest in Party C held by Party B (the “Equity Interest”), subject to compliance with legal restrictions under applicable PRC laws (the “Purchase Right”). Party B shall not sell or transfer all or any portion of the Equity Interest to any party other than Party A and/or the Specified Person(s). Party C hereby agrees that Party B may grant the Purchase Right to Party A, and the other shareholders of Party C hereby waive any and all preemptive rights relating to the Equity Interest evidenced by the Announcement document attached hereto as the Appendix. The term “person” as used herein means an individual, corporation, joint enterprise, partnership, enterprise, trust or non-corporation organization.

	 	
1.2

	
Exercise of the Purchase Right

	 	
1.2.1

	
To the extent permitted under PRC laws, Party A, at its sole discretion, may decide the specific time, method and number of its exercise.

  

Page 1 of 10

  

 

	
EXCLUSIVE EQUITY INTEREST PURCHASE AGREEMENT

 

	 	
1.2.2

	
When Party A intends to exercise the Purchase Right, it shall issue a written notice (the “Purchase Notice”) to Party B, and the Purchase Notice shall state the following: (a) Party A intends to exercise the Purchase Right; (b) the percentage of the Equity Interest to be purchased therewith; and (c) the effective date or transfer date. Party A may exercise the Purchase Right one or more times, in whole or in part.

	 	
1.3

	
Consideration of the Equity Interest

 

The Transfer Fee (“Transfer Fee”) payable by Party A shall be confirmed by both Party A and Party B through negotiation according to the evaluation of the Equity Interest by the relevant qualified institute, and it shall be the lowest price allowable by the PRC laws and regulations.

	 	
1.4

	
Transfer of the Equity Interest

 

Each time Party A exercises the Purchase Right in whole or in part:

	 	
1.4.1

	
Party B shall ensure that Party C timely convenes a shareholders’ meeting, at which the shareholders of Party C shall pass shareholders’ resolutions providing that Party B can transfer to Party A or the Specified Person(s) the Equity Interest as specified in the Purchase Notice.

	 	
1.4.2

	
Party B shall enter into a transfer agreement with Party A or the Specified Person(s) in relation to the Equity Interest to be transferred pursuant to the Purchase Notice.

	 	
1.4.3

	
The Parties shall execute all other agreements or documents, obtain all government approvals and consents, and take all actions necessary to legally transfer the ownership of the Equity Interest as specified in the Purchase Notice to Party A or the Specified Person(s) and ensure that Party A or the Specified Person will be registered as the owner of such Equity Interest. Such Equity Interest shall be free from any Security Interest or other encumbrance. For the purposes of this Agreement,“Security Interest” shall include any guarantee, mortgage, third party rights or interest, purchase rights, preemption rights, offset rights and any other security arrangements, but shall exclude any security interest granted in accordance with this Agreement and the Equity Interest Pledge Agreement entered into by and between Party B and Party A effective as of September 25, 2010 (the “Pledge Agreement”).

	 	
1.4.4

	
Party B and Party C shall unconditionally assist Party A in obtaining the governmental approvals, permits, registrations, filings and completing all the necessary formalities for obtaining the Equity Interest to be transferred pursuant to the Purchase Notice.

 

	 	
1.5

	
Payment for the Equity Interest

	 	
1.5.1

	
Party A shall pay the Transfer Fee to Party B in accordance with the provision of Article 1.3.

	
2.

	
Covenants Relating to the Equity Interest

	 	
2.1

	
Covenants of Party C

	 	
2.1.1

	
Without the prior written consent of Party A, Party C will not supplement, amend, or modify any provisions of the charter and organizational documents of Party C and will not increase or reduce its registered capital or change the equity holding structures in any other way.

 

  

Page 2 of 10

  

 

	
EXCLUSIVE EQUITY INTEREST PURCHASE AGREEMENT

 

	 	
2.1.2

	
Party C shall remain legally existing, in good standing, will prudently and efficiently operate its business and deal with corporate affairs in accordance with commercial standards and practice.

	 	
2.1.3

	
Without the prior written consent of Party A, Party C shall not sell, transfer, mortgage or dispose of any assets, business or beneficial rights of Party C, or allow any creation of another security interest or other encumbrance upon its assets.

	 	
2.1.4

	
Without the prior written consent of Party A, Party C shall not incur, inherit, or guarantee any debts except for (i) debt incurred during the course of normal business operations (excluding business loans); and (ii) the debt that has been previously disclosed to Party A and to which Party A has provided prior written consent.

	 	
2.1.5

	
Party C shall operate its business normally to maintain the value of its assets, and shall not take any action which shall bring any materially adverse influence upon the business operation or the value of the assets.

	 	
2.1.6

	
Without the prior written consent of Party A, Party C shall not enter into any material agreement except in the normal course of business. (For the purpose of this paragraph, an agreement covering an amount in excess of RMB 100,000 will be considered a material agreement).

	 	
2.1.7

	
Without the prior written consent of Party A, Party C shall not provide any loans or credit to any third party.

	 	
2.1.8

	
At Party A’s request, Party C shall provide Party A with any materials relating to the business operation and financial status of Party C.

	 	
2.1.9

	
Party C shall purchase insurance from an insurance company acceptable to Party A and shall maintain such insurance. The amount and kinds of such insurance shall be similar to insurance carried by other companies which operate similar businesses and possess similar assets.

	 	
2.1.10

	
Without the prior written consent of Party A, Party C shall not merge with, combine with, make investment in, purchase the equity or substantially all the assets of any other entity.

	 	
2.1.11

	
Within 24 hours after receiving notice or becoming aware thereof, Party C shall inform Party A of any actual or potential litigation, arbitration, or administrative procedure in relation to the Equity Interest.

	 	
2.1.12

	
In order to keep the ownership of all assets, Party C shall execute all necessary or proper documents, take all necessary or proper actions, substitute all necessary or proper claims, and make all necessary or proper answers to all compensation claims.

	 	
2.1.13

	
Without the prior written consent of Party A, Party C shall not allot any dividend to any shareholder. However, Party C shall immediately allot all dividends to the shareholders upon the request of Party A.

	 	
2.2

	
Covenants of Party B

 

	 	
2.2.1

	
Without the prior written consent of Party A, Party B shall not sell, transfer, mortgage or dispose of any rights or interest relating to the Equity Interest, or allow any creation of other security interests or encumbrances on the Equity Interest (excluding the Security Interest under this Agreement and the Pledge Agreement).

 

  

Page 3 of 10

  

 

	
EXCLUSIVE EQUITY INTEREST PURCHASE AGREEMENT

 

	 	
2.2.2

	
Party B shall use its best efforts to prevent the other shareholders of Party C from approving resolutions relating to the sale, transfer, mortgage, or disposal of any rights or interests relating to the Equity Interest, or allowing any creation of any security interest or other encumbrance on the Equity Interest (excluding the Security Interest created pursuant to this Agreement and the Equity Interest Pledge Agreement).

	 	
2.2.3

	
Party B shall use its best efforts to prevent the other shareholders of Party C from approving resolutions relating to Party C’s merger with, combination with, purchase of, or investment in any other entity.

	 	
2.2.4

	
Party B shall inform Party A of any actual or potential litigation, arbitration, or administrative procedure in relation to the Equity Interest.

	 	
2.2.5

	
Party B shall ensure that the other shareholders of Party C approve the transfer of the Equity Interest as set out in this Agreement.

	 	
2.2.6

	
In order to keep ownership of the Equity Interest, Party B shall cause Party C to execute all necessary or proper documents, take all necessary or proper actions, substitute all necessary or proper claims, and make all necessary or proper answer to all compensation claims.

	 	
2.2.7

	
At the request of Party A from time to time, Party B shall immediately transfer to Party A or the Specified Person(s) the Equity Interest pursuant to this Agreement.

	 	
2.2.8

	
Party B shall strictly comply with this Agreement and any other agreements which may be entered into by and among Party B, Party C and Party A collectively or separately, and shall perform its obligations under such agreements, and shall not take or fail to take any actions which actions or inactions will affect the validity and enforceability of such agreements.

	
3.

	
Representations and Warranties

	 	
3.1

	
Party B and Party C jointly and severally represent and undertake as follows:

	 	
3.1.1

	
Each such party has the power to enter into and deliver this Agreement and such other agreements for the transfer of the Equity Interest to Party A or the Designated Person(s), and has the power and capacity to perform its obligations under this Agreement.

	 	
3.1.2

	
Neither the execution and delivery of this Agreement, nor the performance of the obligations under this Agreement will: (i) violate any PRC laws; (ii) conflict with the Articles of Association or other organizational documents of any party; (iii) breach any contract or document which such Party is a party to or which binds such Party; (iv) violate any required permit, approval or any valid qualification; or (v) result in the cessation, revocation or imposition of additional conditions on the required permit, approval or qualification.

	 	
3.1.3

	
Party C has full and transferable ownership of its assets and facilities. Other than the pledge and/or mortgage incurred by this Agreement and the pledge of the Equity Interest pursuant to the Pledge Agreement, there is no other pledge and/or mortgage on such assets and facilities.

	 	
3.1.4

	
Party C has no outstanding debt except for (i) the legal debt, incurred during the normal course of business; and (ii) the debt that has been previously disclosed to Party A.

 

  

Page 4 of 10

  

   

	
EXCLUSIVE EQUITY INTEREST PURCHASE AGREEMENT

 

	 	
3.1.5

	
Party C complies with all applicable laws and regulations.

	 	
3.1.6

	
There is no actual, pending or potential litigation, arbitration, or administrative procedure in relation to the Equity Interest, assets of Party C or other matters relating to Party C.

	
4.

	
Effectiveness and Term of this Agreement

	 	
4.1

	
This Agreement shall be executed and come into effect as of the date first set forth above. This Agreement shall expire on the date that is 50 years following the date hereof unless earlier terminated as set forth in this Agreement or upon mutual agreement of the Parties hereto.

	 	
4.2

	
This Agreement may be unilaterally extended prior to termination for a successive 50 year term upon written notice by Party A, provided such extension is permitted by law and subject to the approval of the registration administration for the extension of Party C’s business duration. The parties will cooperate to renew this Agreement upon such notice by Party A if such renewal is legally permitted at the time.

	
5. 

	
Breach of Contract

 

	 	
5.1

	
If any party (the “Defaulting Party”) breaches any provision of this Agreement, which may cause damages to other parties (each a “Non-defaulting Party”), the Non-defaulting Party can notify the Defaulting Party in writing to rectify and correct such breach; if the Defaulting Party does not take actions which rectify and correct such breach to the satisfaction of the Non-defaulting Party within fifteen (15) days upon the issuance of the written notice, the Non-defaulting Party can take actions pursuant to this Agreement or other measures in accordance with applicable laws.

	 	
5.2

	
The occurrence of the following events constitutes a breach by Party B:

	 	
5.2.1

	
Any violation by Party B of the provisions of this Agreement, or the representation and warranties herein contain material mistakes, inaccuracies or are otherwise incorrect;

	 	
5.2.2

	
Transference in any manner, or the pledging of any rights pursuant to this Agreement without the prior written consent of Party A;

	 	
5.2.3

	
This Agreement and/or the Pledge Agreement becomes invalid or unenforceable.

	 	
5.3

	
Should a breach or violation of provisions under the Pledge Agreement and the Operating Agreement occur, Party A can request that Party B transfers all or part of Equity Interests to Party A or the Specified Person(s) pursuant to Article 1 hereof.

 

	
6. 

	
Assignment

	 	
6.1

	
Without the prior written consent of Party A, Party B shall not transfer its rights and obligations under this Agreement to any third party; if Party B dies, Party B agrees to transfer the rights and obligations under this Agreement to a person approved by Party A.

	 	
6.2

	
This Agreement shall be binding on the successor to Party B and is effective on any successor or transferee that is allowed by Party A.

 

  

Page 5 of 10

  

 

	
EXCLUSIVE EQUITY INTEREST PURCHASE AGREEMENT

 

	 	
6.3

	
Party B hereby agrees that Party A may transfer all of its rights and obligation under this Agreement to any third party subject to a written notice to Party B, and no further consent from Party B will be required.

	
7.

	
Governing Law and Dispute Settlement

	 	
7.1

	
Governing Law

This Agreement shall be governed by and interpreted according to the laws of the PRC.

	 	
7.2

	
Dispute Settlement

 

With regard to any dispute in relation to the interpretation or implementation of this Agreement, the Parties shall negotiate in good faith to settle the dispute. If the dispute cannot be settled within thirty (30) days from the date any party issues written notice requesting settlement of a dispute through negotiation, each party has the right to submit the dispute to the China International Economic and Trade Arbitration Committee for arbitration according to its then effective arbitration rules. The arbitration shall be held in Beijing. The arbitration proceedings shall be conducted in Chinese. The arbitration award is final and binding on each party.

	
8.

	
Tax and Expenses

Each party shall bear its own tax, costs and expenses in connection with this Agreement and the transactions contemplated herein.

	
9.

	
Notice

Any notice or other communication under this Agreement shall be in Chinese and be sent to the address first written above or other address as may be designated from time to time by hand delivery or mail or facsimile. Any notice required or given hereunder shall be deemed to have been served: (a) on the same date if sent by hand delivery; (b) on the tenth date after posting if sent by air-mail, (c) on the fourth date if sent by the professional hand delivery which is acknowledged worldwide; and (d) the receipt date displayed on the transmission confirmation notice if sent by facsimile.

  

  

Page 6 of 10

  

 

	
EXCLUSIVE EQUITY INTEREST PURCHASE AGREEMENT

 

	
10.

	
Confidentiality

	 	
10.1

	
The parties acknowledge and confirm that any oral or written information relating to this Agreement that is communicated among the parties shall be deemed as confidential information (“Confidential Information”). The parties shall keep confidential such Confidential Information and shall not disclose such Confidential Information to any third party without the prior written consent of the other parties. The following information shall be excluded from the definition of Confidential Information: (a) information that is or becomes publicly available, so long as it is not disclosed by the party receiving such Confidential Information; or (b) information that is disclosed as required by applicable laws or regulations. In addition, without ceasing to be Confidential Information, a Party may disclose Confidential Information to its attorney or financial advisor so long as such attorney or financial advisor needs access to such information in order to ensure compliance with this Article and agrees to keep such information confidential. The disclosure by the employee or agent of each party shall be deemed disclosure by such party itself, and such party shall be liable therefor. The parties agree that the provisions of this Article shall survive notwithstanding the termination of this Agreement.

 

	
11.

	
Further Assurance

	 	
11.1

	
The parties agree that each will, without any hesitation, execute any necessary documents and take any necessary actions for the purpose of performing the objectives of this Agreement and will execute any documents and take any actions which are beneficial for the purposes of this Agreement.

	
12.

	
Miscellaneous

	 	
12.1

	
Amendment and Supplementation

Any revision, amendment or supplementation of this Agreement shall be in writing and be executed by each party.

	 	
12.2

	
Compliance with laws and regulations

The parties shall comply with all applicable laws and regulations which have been formally issued and may be publicly acquired.

	 	
12.3

	
Entire Agreement

 

Unless it is otherwise revised, amended or supplemented after execution, this Agreement constitutes the entire agreement among the parties as to the subject matter of this Agreement, and supersedes any prior oral or written negotiations, statements or agreements among the parties relating thereto.

	 	
12.4

	
Headings

 

Headings in this Agreement are only set out for reading convenience, and shall not be used to interpret, explain or otherwise influence the meaning of the provisions of this Agreement.

	 	
12.5

	
Severability

 

If any of the terms of this Agreement is declared invalid, illegal or unenforceable in accordance with any applicable laws or regulations, the validity and enforceability of the other terms hereof shall nevertheless remain unaffected, and the parties hereto agree to, through good faith negotiation, make valid terms to replace such invalid, illegal or unenforceable terms, and the economic results from such valid terms shall be close to, as much as may be possible, the superseded invalid, illegal or unenforceable terms.

 

  

Page 7 of 10

  

 

	
EXCLUSIVE EQUITY INTEREST PURCHASE AGREEMENT

 

	 	
12.6

	
Successor

This Agreement shall be binding on the successor of each party or the transferee permitted by the other parties and shall be interpreted for its benefit.

	 	
12.7

	
Survival

 

	 	
12.7.1

	
Any obligations incurred in relation to this Agreement before its expiration or early termination shall continue to be effective after expiration or early termination of the Agreement.

	 	
12.7.2

	
The provisions of Articles 7, 10 and 12.7 shall survive notwithstanding the termination of this Agreement.

	 	
12.8

	
Waiver

 

Each party may waive the terms and conditions under this Agreement in writing. Such waiver document shall be effective only if it is duly signed by the party granting such waiver. Any waiver relating to the breach of the other party in certain circumstances shall not be deemed as a waiver for a similar breach in other circumstances.

[The remainder of this page is intentionally left blank]

 

  

Page 8 of 10

  

 

	
EXCLUSIVE EQUITY INTEREST PURCHASE AGREEMENT

 

IN WITNESS WHEREOF, the Parties have executed this Agreement on the date first written above.

 

	
Party A: Putian Asia Success Cereals & Oils Technical Service Co., Ltd. [seal]

	  	  	 
	
By:

	
/s/ Yao Jianshan

	 
	
Name:

	
Yao Jianshan

	 
	
Its:

	
Chief Executive Officer

	 

 

	
Party B: Yao Jianshan

	  
	  	  
	
/s/ Yao Jianshan

	  
	
Yao Jianshan

	  

	
Party C: Fujian Grand Farm Foods Development Co., Ltd. [seal]

	  	  	 
	
By:

	
/s/ Yao Jianshan

	 
	
Name:

	
Yao Jianshan

	 
	
Its:

	
Chief Executive Officer

	 

 

  

Page 9 of 10

  

 

	
EXCLUSIVE EQUITY INTEREST PURCHASE AGREEMENT

 

Appendix A

Announcement Letter

Fujian Grand Farm Foods Development Co., Ltd. is a limited liability company duly established and valid existing under the PRC laws, of which (i) I hold a 0.25% equity interest and (ii) the other shareholder, Yao Jianshan, holds the remaining 99.75% equity interest. I hereby irrevocably waive any pre-emptive right I may have upon the other 99.75% equity interest held by the other shareholder and will not encumber the transfer of the equity interest you proposed.

This Announcement Letter is effective as of September 25, 2010.

 

	
/s/ Yao Jianxin

	 
	
Yao Jianxin

	 

   

  

Page 10 of 10

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00189-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00189-of-00352.parquet"}]]