Document:

Unassociated Document

    签署版本/EXECUTION
COPY

     

    授权委托协议书

     

    Entrustment
Agreement

     

    

     

    本授权委托协议书(以下称“本协议”)由以下各方于2010年11月30日在中华人民共和国(简称“中国”)北京市签署:

     

    This
Entrustment Agreement (the “Agreement”) is entered into as of November 30, 2010
in Beijing, the People's Republic of China (the “PRC”) by and
between:

     

    
      	
               
      

            	
              委托方:徐宁华,美国居民,护照号码:301003371(下称“甲方”)

            

    

     

    
      	 	      
              Grantor:
      Ninghua XU, a resident of the United States, with Passport No. of
      301003371 (“Party A”)

            
	 	 
	
               
      

            	
              受托方:丁文祥,中国居民,身份证号码:152723195511153018(下称“乙方”)

            
	 	 
	 	      
              Grantee:
      Wenxiang
      DING,
      a PRC resident, with ID card No. of 152723195511153018 (“Party
      B”)

            

    

     

    各方经友好协商一致达成协议如下:

     

    NOW,
THEREFORE, through friendly consultation, the Parties hereby agree as
follows:

     

    授权基础及范围

     

    Basis and
Scope of the Entrustment

     

    1.               本协议签署时,甲方持有Fortune Place Holdings
Limited(福置控股有限公司,以下称“福置控股”),
一家在英属维尔京群岛注册的公司,100%的股权(以下称为“甲方股权”)。

     

       Party
A holds 100% equity interests of Fortune Place Holdings Limited, a company
registered in British Virgin Islands (hereinafter referred to as “FP Holdings”)
at of the date hereof (hereinafter referred to as “Party A’s
Shareholding”).

     

    2.               各方同意,甲方以其所直接或间接持有的福置控股、China Energy
Corporation(其普通股在OTCBB交易的一家内华达公司)、China Tehong Energy
Corporation(一家在英属维尔京群岛注册的有限公司)、中国特弘能源香港有限公司(一家在中华人民共和国香港特别行政区注册的有限公司)、北京特弘能源技术咨询有限公司(一家在中华人民共和国注册的外商独资企业)(合称“集团公司”,单独称“各集团公司”)的股权权益为基础,授权乙方作为其代理人在本协议规定的范围内管理集团公司。甲方亦应促使集团公司履行本协议项下的义务和规定。

     

    
      
         

      

      
         

        
          

        

      

      
         

      

       

    

    The
Parties agree that based on the equity interest in FP Holdings, China Energy
Corporation, a Nevada corporation, the common stock of which is quoted on the
OTC Bulletin Board, China Tehong Energy Corporation, a limited company
registered in the British Virgin Islands, China Tehong Energy HK Limited, a
limited company registered in Hong Kong Special Administrative Region of the
PRC, Beijing Tehong Energy Technology Consulting Co., Ltd., a wholly foreign
owned enterprise registered in the PRC (hereinafter, collectively, referred to
as the “Group Companies” and each a “Group Company”) held, directly or
indirectly, by Party A, Party A entrusts Party B to manage the Group Companies
to the extent provided in the this Agreement as the agent of Party
A.  Party A shall also procure that the Group Companies perform the
obligations and provisions hereunder.

     

    3.
各方确认,甲方特此不可撤销的授权乙方作为甲方的排他代理,代表甲方代行有关100%的甲方股权涉及的全部事项,包括如下权利:

     

    The
Parties confirm that, Party A hereby irrevocably authorizes Party B to act on
behalf of Party A, as the exclusive agents with respect to all matters
concerning 100% of Party A’s Shareholding, including the rights as
below:

     

    
      	
               
      

            	
              1)

            	
              出席福置控股的股东会;

            

    

     

    Attending
the shareholders’ meeting of FP Holdings;

     

    
      	
               
      

            	
              2)

            	
              在适用法律允许范围内,行使、或促使其他相关公司行使法律及福置控股及各集团公司(合称“公司”)章程中规定甲方或其任一子公司所享有的100%的股东权利和股东表决权,包括但不限于表决赞成和决定对已获批资本/注册资本的增加或减少、公司债券的发行、任一集团公司的合并、分立、解散、清算或其公司形式的变更、公司章程或法人组织文件(或任何此类组织类文件)的修改;

            

    

     

    Exercising,
or procuring other relevant companies to exercise, 100% of the shareholder’s
rights and shareholder’s voting rights enjoyed by Party A or any of its
subsidiaries under the laws and the articles of associations of FP Holdings and
each Group Company (collectively, the “Companies”) to the extent as permitted by
applicable laws, including without limitation voting for and making decisions on
the increase or reduction of the authorized capital/registered capital, issuing
company bonds, merger, division, dissolution, liquidation of any Group Company
or change of corporate form of any Group Company, amendment to the articles of
association or incorporation (or any equivalent organizational document) of any
Group Company.

     

    
      	
               
      

            	
              3)

            	
              指定和任命集团公司的法定代表人(董事长)、董事、监事、总经理以及其他高级管理人员。

            

    

     

    Designating
and appointing the legal representatives (the chairman of the Board), directors,
supervisors, general managers and other senior officers of the Group
Companies.

     

    
      
         

      

      
        2

        
          

        

      

      
         

      

       

    

    协议期限

     

    Agreement
Period

     

    授权委托期始于2010年11月30日,且自本协议日期起10年有效。对于2010年11月30日之后乙方在本协议授权范围内进行的任何及所有管理活动,均应由甲方批准。在授权委托期内,未经各方一致同意,任何一方不得解除或终止本协议,适用法律另有规定者除外。

     

    The
Entrustment Period commences on November 30, 2010 and shall be effective for a
period of 10 years from the date hereof.  Any and all management
activities within the entrustment scope hereunder conducted by Party B from
November 30, 2010 shall be ratified by Party A. During the Entrustment Period,
except as otherwise provided by applicable law, this Agreement shall not be
rescinded or terminated by any Party unless agreed upon by both
Parties.

     

    进一步保证

     

    Further
Guarantee

     

    各方同意,本协议签署之后,
如有适用法律法规规定有必要另行签署任何其他文件以全面执行本协议规定,则各方均应责成该等文件的签署。

     

    The
Parties hereby agree that, after the execution of this Agreement, if it is
necessary to execute any other documents to fully implement the provisions
hereof as may be required by applicable laws and regulations, the Parties shall
procure the execution of such documents.

     

    适用法律和语言文本

     

    Applicable
Laws and Language

     

    本协议的有效性、解释、执行、履行以及争议解决应适用中华人民共和国香港特别行政区法律。若中英两种文本之间有任何冲突,以中文本为准。

     

    The
validity, interpretation, implementation, performance and dispute resolution of
this Agreement shall be governed by the laws of the Hong Kong Special
Administrative Region of the PRC.  In case there is any conflict
between the Chinese version and the English version of this Agreement, the
Chinese version shall prevail.

     

    争议解决

     

    Dispute
Resolution

     

    协商和仲裁

     

         Consultation
and Arbitration

     

    
      
         

      

      
        3

        
          

        

      

      
         

      

    

     

    对于由本协议的履行产生或与本协议有关的任何争议,双方应首先通过友好协商解决。如争议在一方发出要求开始协商的书面通知后60天内未能解决的,任何一方可根据下列规定将争议提交仲裁:

     

    Any
dispute arising out of the performance of this Agreement or relating to this
Agreement shall be primarily resolved by friendly consultation.  If
the dispute can not be resolved within 60 days after one Party sends a written
notice demanding the commencement of consultation, either Party may submit the
dispute for arbitration in accordance with the following
provisions:

     

    仲裁应在香港国际仲裁中心按照该中心的仲裁规则进行,仲裁员为一名;

     

    The
arbitration shall be performed in Hong Kong International Arbitration Center and
in accordance with its arbitration rules; there shall be one
arbitrator.

     

    仲裁裁决是不可上诉的,如仲裁裁决提交法院由其进行认定或执行的,双方均应放弃异议的权利,包括法院所在地司法认定的豁免。仲裁裁决是终局的,并对双方有约束力,双方同意受该裁决约束,除非仲裁员另行裁定,否则仲裁费用应由败诉方承担。

     

    The
arbitration award is unappealable. If the arbitration award is submitted to the
court for recognition or enforcement, both Parties shall give up the rights to
oppose, including immunity of judicial recognition in the place where the court
located.  The arbitration award is final and binding upon both
Parties, who agree to be bound by the arbitral award. The cost of arbitration
shall be borne by the losing party unless determined otherwise by the
arbitrator.

     

    持续的权利和义务

     

    Continuous
Rights and Obligations

     

    当产生任何争议及任何争议正在仲裁庭仲裁时,除争议事项外,双方应继续行使其剩余的相关权利和履行其在本协议项下的其他义务。

     

    When any
dispute arises or is under arbitration of the arbitration tribunal, except for
the matters in dispute, both Parties shall continue to exercise their remaining
relevant rights and perform their other obligations under this
Agreement.

     

    保密义务 

     

    Confidentiality
Obligation

     

    各方承认及确定彼此就本协议交换的任何口头或书面资料(含本协议)均属保密资料。各方应对所有该等资料予以保密,且不得在未经另一方书面同意的情况下向任何第三者披露任何相关资料。

     

    Both
Parties acknowledge and confirm that any oral or written materials (including
this Agreement) exchanged with respects to this Agreement are confidential
materials.  Each Party shall keep confidentiality of all such material
and shall not disclose any relevant material to any third party without the
other Party’s prior written consent.

     

    
      
         

      

      
        4

        
          

        

      

      
         

      

       

    

    本协议的效力

     

    Validity
of this Agreement

     

    本协议经各方签署即生效。本协议应以一式七份签署,每方各执一份,各集团公司各留存一份。每一份均具有同等法律效力。

     

    This
Agreement shall come into force after the execution of the
Parties.  This Agreement should be executed in seven copies. Each
Party and each Group Company hold one copy.  Each copy has equal legal
enforceability.

    

     

    各方已促使各方授权代表于上述文首所载日期签署了本授权委托协议,以昭信守。

     

    IN
WITNESS WHEREOF, the Parties have caused their authorized reprehensive to
execute this Entrustment Agreement as of the date first written
above.

    

     

    甲方:徐宁华

     

    Party A:
Ninghua XU

     

    签字:

     

    By: /s/ Ninghua XU

     

    

     

    乙方:丁文祥

     

    Party B:
Wenxiang DING

     

    签字:

     

    By: /s/ Wenxiang DING

     

    见证人/Witness:Unassociated Document

     

    
      

      

      

      

      SHARE
TRANSFER AGREEMENT

      

      

      

      

      BETWEEN

      

      

      NINGHUA XU

      

      

      AND

      

      

      WENXIANG
DING (丁文祥)

      

      

      

      

      

      

      Date:
November 30, 2010

       

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      
 

      THIS
SHARE TRANSFER AGREEMENT (this "Agreement") is made on
November 30, 2010 by and among NINGHUA XU (the "Transferor") and WENXIANG DING
(the "Transferee"
).

       

      The
Transferor and the Transferees are collectively referred to as the "Parties" and each of them as a
"Party".

       

      WHEREAS,
the Transferor holds one thousand (1,000) ordinary shares in Fortune Place
Holdings Limited (福置控股有限公司) (the
“Company”) and is the
sole registered shareholder of the Company. The Company is one of the registered
stockholders of China Energy Corporation, a Nevada corporation, the common
stock of which is quoted on the date hereof on the OTC Bulletin Board (the “Public Company”;
and

       

      WHEREAS,
the Transferee has contributed to the wealth of the Transferor through the
growth of the Company, the Public Company, China Tehong Energy Corporation,
China Tehong Energy Corporation HK Limited (中国特弘能源香港有限公司)
and their PRC subsidiaries and affiliates (collectively with the Company, the
“Group”).  In
consideration of the Transferee’s contributions and as an incentive to the
Transferee to continue his  commitment to the Group, the Transferor
has agreed to grant to the Transferee, and the Transferee has agreed to accept
from the Transferor, an option (the “Option”) to purchase a certain
number of ordinary shares of the Company currently held by the Transferor (the
"Option Shares") as set
forth in Schedule
A hereto, on the terms and subject to the conditions set out in this
Agreement.

       

      NOW,
THEREFORE, in consideration of the foregoing recitals, the mutual promises
hereinafter set forth, and other good and valuable consideration, the receipt
and sufficiency of which are hereby acknowledged, the Parties hereby agree as
follows:

       

      
        
          	
                  1.  

                	
                  DEFINITIONS

                

        

      

      

      
        	
                1.1.  

              	
                Defined Terms :
      In this Agreement (including the Recitals and the Schedules), unless the
      context otherwise requires, the following words and expressions shall have
      the following meanings:

              

      

      

      
        	
                "Business Day" means a
      day (other than Saturdays, Sundays and public holidays) on which banks are
      generally open for business in the PRC and New York, New
York;

                 

              
	
                "China" or "PRC" means the People's
      Republic of China, and for purposes of this Agreement, excluding the Hong
      Kong Special Administrative Region, the Macao Special Administrative
      Region and the island of Taiwan;

                 

              
	
                "Completion Date" means
      the date falling seven (7) Business Days after the service of the Exercise
      Notice by the Transferee on the Transferor;

                 

              
	
                "Completion" means the
      completion of the sale to and purchase by the Transferees of the Option
      Shares under this Agreement;

                 

              
	
                "Distributions" means any
      cash proceeds arising from or in respect of, or in exchange for, or
      accruing to or in consequence of the Option Shares from the Effective Date
      to the Completion Date, including without limitation the
      Dividends.

                 

              
	
                "Dividends" means the
      dividends declared by the Company and accrued in respect of the Option
      Shares (whether or not such dividends shall have been paid and received by
      the Transferor);

                 

              
	
                "Effective Date" means
      the date of this Agreement;

                 

              

      

       

      
        
          
          

        

        
          1

          
            

          

        

        
          
          

        

      

       

      
        	
                "Exercise" means the
      exercise by a Transferee or his  Nominee(s) of the Option
      pursuant to the terms of this Agreement;

                 

              
	
                "Exercise Notice" means
      the notice substantially in the form set out in Part I of Schedule
      B;

                 

              
	
                "Exercise Price" means
      the exercise price to be paid by the Transferee to the Transferor in
      respect of the Option Shares issued to the Transferee as set forth
      opposite his/her name in Schedule
      A;

                 

              
	
                "Nominee" means such
      person nominated by the Transferee in the Transfer Notice to be the
      transferee of the Option or Option Shares;

                 

              
	
                "Option Effective Dates"
      have the meaning ascribed to them in Clause 2.3;

                 

              
	
                "Performance Targets"
      have the meaning ascribed to them in Clause 3;

                 

              
	
                "RMB" means the lawful
      currency of China;

                 

              
	
                "Transfer Notice" means
      the notice substantially in the form set out in Part II of Schedule
      B;

                 

              
	
                "US$" or "United States Dollar"
      means the lawful currency of the United States of America.

                 

              

      

      

      
        	
                1.2.  

              	
                Interpretation:
      Except to the extent that the context requires
  otherwise:

              

      

      

      
        	
                1.2.1     
        

              	
                words
      denoting the singular shall include the plural and vice versa;
      words denoting any gender shall include all genders; words denoting
      persons shall include firms and corporations and vice
      versa;

              

      

      

      
        	
                1.2.2     
        

              	
                any
      reference to a statutory provision shall include such provision and any
      regulations enacted relating from time to time modified or amended whether
      before or after the date of this Agreement and (so far as liability
      thereunder may exist or can arise) shall include also any past statutory
      provisions or regulations (as from time to time modified or amended) which
      such provisions or regulations have directly or indirectly been
      replaced;

              

      

      

      
        	
                1.2.3     
        

              	
                the
      words "written"
      and "in writing"
      include any means of visible
reproduction;

              

      

      

      
        	
                1.2.4     
        

              	
                any
      reference to "Clauses", "Recitals" and "Schedules" are to be
      construed as references to clauses and recitals of, and schedules to, this
      Agreement; and

              

      

      

      
        	
                1.2.5     
        

              	
                any
      reference to a time of day is a reference to China time unless provided
      otherwise.

              

      

      

      
        	
                1.3.  

              	
                Headings: The
      headings in this Agreement are included for convenience and reference only
      and shall be ignored in connection with the interpretation of this
      Agreement.

              

      

      

      
        
          	
                  2.  

                	
                  OPTION

                

        

      

      

      
        	
                2.1.  

              	
                Option: In
      consideration of the contributions which the Transferee has made to the
      Group and his continuing commitment to the Group, the Transferor hereby
      irrevocably and unconditionally grants to the Transferee the Option for
      the Transferee to acquire from the Transferor, at the Exercise Price, at
      any time during the Exercise Period (defined below) any or all of the
      Option Shares set forth opposite his name in Schedule
      A hereto, free from all claims, liens, charges, pledges, mortgages,
      trust, equities and other encumbrances, and with all rights attaching
      thereto on the Completion Date.

              

      

       

      
        
          
          

        

        
          2

          
            

          

        

        
          
          

        

      

       

      
        	
                2.2.  

              	
                Vesting
      Schedule: Subject to the terms and conditions hereto, the Option
      may be exercised, in whole or in part, in accordance with the following
      schedule:

              

      

      

      The
Option Shares subject to the Option shall vest at the rate of one-third (1/3)
per Performance Period (as defined in Exhibit
A).

      

      
        	
                2.3.  

              	
                Exercise
      Period: The Option shall be exercisable in accordance with and on
      the dates set forth on Exhibit
      A (the “Option
      Effective Dates”). Subject to the vesting schedule set forth in
      Section 2.2 of this Agreement, the Option may be exercised by the
      Transferee (or his  Nominee on behalf of the Transferee) at any
      time following the Option Effective Date (the “Exercise
      Period”).

              

      

      

      
        	
                2.4.  

              	
                Nominees: The
      Transferee may, at any time during the Exercise Period, at his sole
      discretion, nominate one or more person(s) (each a “Nominee”) to be the
      transferee(s) of whole or part of his Option, who shall hold and/or
      exercise the transferred Option on behalf of the
    Transferee.

              

      

      

      
        	
                2.5.  

              	
                Exercise
      Notice: The Option may be exercised by the Transferee or
      his  Nominee(s), in whole or in part, at any time during the
      Exercise Period, by serving an Exercise Notice on the
      Transferor.

              

      

      

      
        	
                2.6.  

              	
                Exercise: The
      Transferor agrees that she shall, upon receipt of the Exercise Notice and
      payment of the Exercise Price, depending on whether the Performance
      Targets have been met, issue to the Transferee (or his Nominee(s), as the
      case may be) any and all of the Option Shares specified in the Exercise
      Notice, free from all claims, liens, charges, pledges, mortgages, trust,
      equities and other encumbrances, and with all rights now or hereafter
      attaching thereto.  Except as agreed by the parties hereto, the
      Option shall be exercisable in compliance with PRC laws and regulations
      and the Transferee (or his Nominee(s), as the case may be) shall complete
      any and all approval or registration procedures regarding the exercise of
      his  Option with PRC competent authorities in accordance with
      applicable PRC laws and
regulations.

              

      

      

      
        	
                2.7.  

              	
                Transfer
      Notice: If at any time the Transferee transfers any or all of his
      Option to one or more Nominee(s) in accordance with Clause 2.4 above, the
      Transferee shall serve a Transfer Notice on the
  Transferor.

              

      

      

      
        	
                2.8.  

              	
                Transfer to
      Nominees: The Transferor agrees that she shall, upon receipt of the
      Transfer Notice, take all actions necessary to allow the Nominee(s) to be
      entitled to any or all of the Options specified in the Transfer
      Notice.

              

      

      

      Upon
exercise by any Nominee(s) of the transferred Option on behalf of the
Transferee, the Transferee shall serve the Exercise Notice on the Transferor in
his name for the exercising Nominee(s).  Upon receipt of such Exercise
Option, the Transferor shall issue to such Nominee(s) any and all of the
relevant Option Shares in the same manner as specified in Clause
2.6.

      

      
        	
                2.9.  

              	
                Payment of Exercise
      Price: Upon Exercise of the Option in whole or in part, the
      Transferee (or his  Nominee(s), as the case may be) shall pay
      the Exercise Price to the
Transferor.

              

      

      

      
        	
                2.10.  

              	
                The Transferor’s
      Obligation upon Exercise: The Transferor agrees that upon the
      Exercise of any Option by the Transferee (or his Nominee(s)), the
      Transferor shall cause and procure the number of Option Shares provided in
      the Exercise Notice to be transferred to the Transferee (or
      his  Nominee(s)) within seven (7) Business Days after the date
      of the Exercise Notice.

              

      

       

      
        
          
          

        

        
          3

          
            

          

        

        
          
          

        

      

       

      
        
          	
                  3.  

                	
                  PERFORMANCE
      TARGET AND CONDITION
PRECEDENT

                

        

      

      

      
        	
                3.1.  

              	
                The
      obligation of the Transferor to effect the Option and the transfer of the
      Option Shares at the Exercise Price to an exercising Transferee upon his
      Exercise of the Option shall be subject to the fulfilment of the
      conditions set forth in Exhibit
      A hereto (the “Performance
      Targets”).

              

      

      

      
        
          	
                  4.  

                	
                  INFORMATION,
      DISTRIBUTIONS AND ADJUSTMENTS

                

        

      

      

      
        	
                4.1.  

              	
                Information:
      The Transferee shall be entitled
      to request from the Transferor at any time before the Completion, a copy
      of any information received from the Group which may be in the possession
      of the Transferor and, upon such request, the Transferor shall provide
      such information to Transferee.

              

      

      

      
        	
                4.2.  

              	
                Distributions:
      The Transferor agrees that the Transferee shall be entitled to all the
      Distributions in respect of the Option Shares held by her.  In
      the event that any such Distributions have been received by the Transferor
      for any reason, the Transferor shall, at the request of the Transferee,
      pay an amount equivalent to the Distributions received by her to the
      Transferee at the time of the Option Exercise by the
      Transferee.

              

      

      

      
        	
                4.3.  

              	
                Adjustments:
      If, prior to the Completion, the Company shall effect any adjustment in
      its share capital (such as share split, share dividend, share combination
      or other similar acts), then the number of Option Shares to be issued to
      the Transferee upon Exercise shall be adjusted accordingly to take into
      account such adjustment.

              

      

      

      
        
          	
                  5.  

                	
                  COMPLETION

                

        

      

      

      
        	
                5.1.  

              	
                Time and Venue:
      Completion of the sale and purchase of the Option Shares pursuant to the
      Exercise shall take place on the Completion Date at such time and place
      decided by the Transferee.

              

      

      

      
        	
                5.2.  

              	
                Business at
      Completion: At Completion of each Exercise, all (but not part only)
      of the following shall be
transacted:

              

      

      

      
        	
                5.2.1     
        

              	
                the
      Transferee shall pay the Exercise Price to the Transferor in
      cash;

              

      

      

      
        	
                5.2.2     
        

              	
                the
      Transferor shall cause the Company, within seven (7) Business Days after
      the date of Exercise Notice, to deliver to the  Transferee (or
      his Nominee(s), same below) the following documents and take all corporate
      actions necessary to give effect to such
  delivery:

              

      

      

      
        	
                (a)    
            

              	
                a
      share certificate or share certificates in respect of the number of the
      Option Shares exercised by the Transferee;
and

              

      

      

      
        	
                (b)      
          

              	
                any
      other documents as the exercising Transferee may reasonably believe
      necessary to give effect to the issuance of the exercised Option
      Shares.

              

      

      
        

      

      
        
          	
                  6.  

                	
                  CONFIDENTIALITY

                

        

      

      

      The
transaction contemplated hereunder and any information exchanged between the
Parties pursuant to this Agreement will be held in complete and strict
confidence by the concerned Parties and their respective advisors, and will not
be disclosed to any person except: (i) to the Parties’ respective officers,
directors, employees, agents, representatives, advisors, counsel and consultants
that reasonably require such information and who agree to comply with the
obligation of non-disclosure pursuant to this Agreement; (ii) with the express
prior written consent of the other Party; or (iii) as may be required to comply
with any applicable law, order, regulation or ruling, or an order, request or
direction of a government agency; provided, however, that the foregoing shall
not apply to information that: (1) was known to the receiving Party prior to its
first receipt from the other Party; (2) becomes a matter of public knowledge
without the fault of the receiving Party; or (3) is lawfully received by the
Party from a third person with no restrictions on its further
dissemination.

       

      
        
          
          

        

        
          4

          
            

          

        

        
          
          

        

      

      

      
        
          	
                  7.  

                	
                  TRANSFEROR’S
      UNDERTAKINGS

                

        

      

      

      Without
the prior written consent of the Transferee, the Transferor shall vote her
shares in the Company such that the Company and any other member of the Group
shall not (i) issue or create any new shares, equity, registered capital,
ownership interests, or equity-linked securities, or any options or warrants
that are directly convertible into, or exercisable or exchangeable for, shares,
equity, registered capital, ownership interests, or equity-linked securities of
any member of the Group, or other similar equivalent arrangements, (ii) alter
the capital structure of any member of the Group, (iii) cancel or otherwise
alter the Option Shares, (iv) amend the register of members or the memorandum
and articles of association of any member of the Group (with respect to , (v)
liquidate or wind up any member of the Group, or (vi) act or omit to act in such
a way that would be detrimental to the interest of the Transferee in the Option
Shares.  The Transferor shall cause the Company to disclose to the
Transferee true copies of all the financial, legal and commercial documents of
any member of the Group and the corporate minutes and written resolutions of the
stockholders and the board of directors of any member of the Group.

      

      
        
          	
                  8.  

                	
                  MISCELLANEOUS

                

        

      

      

      
        	
                8.1.  

              	
                Indulgence, Waiver
      Etc: No failure on the part of any Party to exercise and no delay
      on the part of such Party in exercising any right hereunder will operate
      as a release or waiver thereof, nor will any single or partial exercise of
      any right under this Agreement preclude any other or further exercise of
      it or any other right or remedy.

              

      

      

      
        	
                8.2.  

              	
                Effective Date and
      Continuing Effect of Agreement: This Agreement shall take effect
      from the Effective Date.  All provisions of this Agreement shall
      not, so far as they have not been performed at Completion, be in any
      respect extinguished or affected by Completion or by any other event or
      matter whatsoever and shall continue in full force and effect so far as
      they are capable of being performed or observed, except in respect of
      those matters then already
performed.

              

      

      

      
        	
                8.3.  

              	
                Successors and
      Assigns: This Agreement shall be binding on and shall ensure for
      the benefit of each of the Parties' successors and permitted assigns. Any
      reference in this Agreement to any of the Parties shall be construed
      accordingly.

              

      

      

      
        	
                8.4.  

              	
                Further
      Assurance: At any time after the date of this Agreement, each of
      the Parties shall, and shall use its best endeavors to procure that any
      necessary third party shall, execute such documents and do such acts and
      things as any other Party may reasonably require for the purpose of giving
      to such other Party the full benefit of all the provisions of this
      Agreement.

              

      

      

      
        	
                8.5.  

              	
                Remedies: No
      remedy conferred by any of the provisions of this Agreement is intended to
      be exclusive of any other remedy which is otherwise available at law, in
      equity, by statute or otherwise, and each and every other remedy shall be
      cumulative and shall be in addition to every other remedy given hereunder
      or now or hereafter existing at law, in equity, by statute or otherwise.
      The election of any one or more of such remedies by any Party shall not
      constitute a waiver by such Party of the right to pursue any other
      available remedies.

              

      

       

      
        
          
          

        

        
          5

          
            

          

        

        
          
          

        

      

       

      
        	
                8.6.  

              	
                Severability of
      Provisions: If any provision of this Agreement is held to be
      illegal, invalid or unenforceable in whole or in part in any jurisdiction,
      this Agreement shall, as to such jurisdiction, continue to be valid as to
      its other provisions and the remainder of the affected provision; and the
      legality, validity and enforceability of such provision in any other
      jurisdiction shall be unaffected.

              

      

      

      
        	
                8.7.  

              	
                Governing Law:
      This Agreement shall be governed by, and construed in accordance with, the
      laws of Hong Kong Special Administrative
Region.

              

      

      

      
        	
                8.8.  

              	
                Dispute
      Resolution: In the event of any dispute, claim or difference (the
      "Dispute") between
      any Parties arising out of or in connection with this Agreement, the
      Dispute shall be resolved in accordance with the
  following:

              

      

       

      
        	
                 
      

              	
                (a)

              	
                Negotiation between Parties;
      Mediations.  The Parties agree to negotiate in good faith
      to resolve any Dispute.  If the negotiations do not resolve the
      Dispute to the reasonable satisfaction of all parties within thirty (30)
      days, subsection (b) below shall
apply.

              

      

       

      
        	
                 
      

              	
                (b)

              	
                Arbitration.  In
      the event the Parties are unable to settle a Dispute in accordance with
      subsection (a) above, such Dispute shall be referred to and finally
      settled by arbitration at Hong Kong International Arbitration Centre in
      accordance with the UNCITRAL Arbitration Rules (the “UNCITRAL
      Rules”) in effect, which rules are deemed to be incorporated by
      reference into this subsection (b).  The arbitration tribunal
      shall consist of three arbitrators to be appointed according to the
      UNCITRAL Rules.  The language of the arbitration shall be
      English.

              

      

      

      
        	
                8.9.  

              	
                Counterparts:
      This Agreement may be signed in any number of counterparts, all of which
      taken together shall constitute one and the same
      instrument.  Any Party hereto may enter into this Agreement by
      signing any such counterpart.

              

      

      

      [SIGNATURE
PAGE(S) FOLLOW]

       

       

      
        
          
          

        

        
          6

          
            

          

        

        
          
          

        

      

       

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

      

      The
Transferor

      

      

      

      By:   /s/ Ninghua Xu    

      NINGHUA
XU

      

      

      The
Transferee

      

      
        	
                 

                By:   /s/ Wenxiang
      Ding­­­­­­­­     

                Wenxiang
      Ding (丁文祥)

              	 
      

      

       

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      
        EXHIBIT
A

      

      

      PERFORMANCE
TARGETS

       

      A.           The
Group shall have generated a gross revenue of

       

      (i) at
least $6,000,000 for six months commencing from December 1, 2010 to May 31, 2011
(the “Performance Period I”);

       

      (ii) at
least $6,000,000 for six months commencing from June 1, 2011 to November 30,
2011 (the “Performance Period II”);

       

      (iii) at
least $6,000,000 for six months commencing from December 31, 2011 to May 31,
2012 (the “Performance Period III”).

       

      B.           The
Option Effective Date for each Performance Period shall be that date that is
forty five (45) days following the last day of each such Performance
Period.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      

      
        SCHEDULE
A

      

      

      Transferees
and Option Shares

      

      
        	
                Transferee

              	
                ID
      Card Number

              	
                Number
      of Option Shares

              	
                Exercise
      Price

              
	
                Wenxiang
      Ding (丁文祥)

              	
                152723195511153018

              	
                1,000

              	
                US$1.00

              

      

      

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      SCHEDULE
B

       

      

      Part
I

      

      Form of Exercise
Notice

      

      

      

      

      To          
:           NINGHUA XU
(the “Transferor”)

      

      From      
:           [  ]
(the “Transferee”)

      

      

      We refer
to the Share Transfer Agreement (the "Share Transfer Agreement")
dated [  ] made between you and the Transferee.  Terms
defined in the Share Transfer Agreement shall have the same meanings as used
herein.

      

      We hereby
give you notice that we require you to sell to us / [Nominees' names] in
accordance with the terms and conditions of the Share Transfer Agreement, the
following Option Shares at the Exercise Price set out below, subject to the
terms and conditions set out in the Share Transfer Agreement. Completion shall
take place at [    ] on
[                ]
at the office of [    ].

      

      

      
        	
                Transferee

              	
                Option
      Shares

              	
                Exercise
      Price

              
	 
      	 
      	 
      

      

      

      

      Dated
[     ]

      

      

      Yours
faithfully

      

      

      ___________________________

      Name:

      Title:

      For and
on behalf of

      [Transferee]

       

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      Part
II

      

      Form of Transfer
Notice

      

      

      

      To           :           NINGHUA
XU  (the “Transferor”)

      

      From      
:           [  ]
(the “Transferee”)

      

      

      We refer
to the Share Transfer Agreement (the "Share Transfer Agreement")
dated [  ] made between you and the Transferee.  Terms
defined in the Share Transfer Agreement shall have the same meanings as used
herein.

      

      We hereby
give you notice that we will transfer to [Nominee' name] the following
portion of the Option, expressed in terms of the number of Option Shares
represented by the portion of the Option transferred in accordance with the
terms and conditions of the Share Transfer Agreement,.

      

      

      
        	
                Transferee

              	
                Nominee

              	
                Option Shares
      Represented

              
	 
      	 
      	 
      

      

      

      

      Dated
[      ]

      

      

      Yours
faithfully

      

      

      ___________________________

      Name:

      Title:

      For and
on behalf of

      [Transferee]

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