Document:

EXHIBIT
      10.1

    

    SINO-AMERICAN
      DEVELOPMENT CORPORATION

    

    STOCK
      PURCHASE AGREEMENT

    

    THIS
      STOCK PURCHASE AGREEMENT (this “Agreement”) is made as of December 11, 2006 by
      and among SINO-American Development Corporation, a Nevada corporation (the
      “Company”) and each of the undersigned purchasers identified on the signature
      pages hereto and on Schedule
      A
      attached
      hereto (collectively, the “Purchasers”).

    

    WHEREAS,
      subject
      to the terms and conditions of this Agreement and the other documents or
      instruments contemplated hereby: 

    

    A.
      The
      Company desires to sell and issue to Purchasers and Purchasers desires to
      purchase from the Company 12,505,000 newly issued shares (the “Shares”) of the
      Company’s common stock, par value $0.001 (the “Common Stock”) for an aggregate
      subscription price of Twelve Thousand Five Hundred Five dollars ($12,505);
      and

    

    B.
      After
      the Closing (as defined in Section 2), the Company may effect a Spin-Off (as
      defined and described more fully in Section 4.1) of the Company’s sole operating
      subsidiary. 

    

    NOW,
      THEREFORE, the parties hereby agree as follows:

     

    Section
      1. Purchase
      and Sale.

    

    1.1 
Shares
      to be Purchased and Sold.
      On the
      terms and subject to the conditions of this Agreement, at the Closing, the
      Company shall sell, issue, and deliver to Purchasers, and Purchasers shall
      purchase, acquire and accept delivery of fully paid and non-assessable
      Shares.

     

    1.2 
Purchase
      Price.
      Subject
      to the terms and conditions of this Agreement, as consideration for the Shares,
      Purchasers hereby agrees to pay and deliver to the Company’s designated agent,
      Etech Securities, Inc., at the Closing an aggregate of Twelve Thousand Five
      Hundred Five dollars ($12,505) (the "Purchase Price").

    

    1.3 
Review
      of Documents.
      Purchasers’ purchase of the Shares shall be subject to and conditional upon its
      reasonable review of corporate records and documents relating to the Company’s
      financial, business and legal condition (“Due Diligence”). The Company
      acknowledges that the Purchasers and its representatives, accountants, lenders,
      guarantors and counsel, (collectively the "Representatives") shall be entitled
      to perform such Due Diligence as the Purchasers and its Representatives deem
      necessary prior to the Closing. The Company hereby agrees to promptly provide
      Purchasers with such available Due Diligence information as Purchasers and
      its
      Representatives shall reasonably request, including but not limited to the
      Company’s: (i) Articles of Incorporation, (ii) Bylaws, (iii) minutes of Board of
      Director meetings, (iv) financial statements, (iv) tax returns, or (v) material
      agreements.

    

    
      
         

      

      
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    Section
      2. Closing.

     

    2.1 
Time
      and Place.
      The
      closing of the purchase and sale of the Shares (the "Closing") shall take place
      at the offices of Richardson & Patel LLP, 10900 Wilshire Boulevard, Suite
      500, Los Angeles, California 90024 on or before December 11, 2006, or such
      other
      date and time as the parties may mutually agree (the “Closing Date”),
      upon
      satisfaction of the closing conditions set forth in Section 3 of this
      Agreement.

    

    2.2 
Escrow.
      The
      Company agrees to execute and deliver an escrow agreement substantially in
      the
      form attached as Exhibit A (the “Escrow Agreement”) with a mutually acceptable
      escrow agent (“Escrow Agent”) for this transaction, which Escrow Agent shall
      hold and distribute the Purchase Price and the Shares as required by the terms
      of this Agreement and the Escrow Agreement.

    

    Section
      3. Conditions
      to Closing.

    

    3.1
       
Conditions
      to Obligations of Purchasers.
      The
      obligations of Purchasers under this Agreement shall be subject to each of
      the
      following conditions:

    

    (a) 
Closing
      Deliveries.
      At the
      Closing, the Company shall have delivered or caused to be delivered to the
      Escrow Agent the following:

    

    (i) this
      Agreement, duly executed by the Company;

    

    (ii) the
      Registration Rights Agreement referred to in Section 8 below, duly executed
      by
      the Company; 

    

    (iii) a
      duly
      executed copy of the Assignment and Assumption Agreement referred to in Section
      4.1 below;

    

    (iv) a
      copy of
      the transfer agent instruction letter delivered to Company’s transfer agent
      directing the issuance of the Shares to the Purchasers; and

    

    (v) such
      other documents as Purchasers or its counsel may reasonably request in
      connection with the transactions contemplated hereby.

    

    (b) 
Truthfulness
      and Accuracy of Representations and Warranties.
      The
      representations and warranties of the Company contained herein shall be true
      in
      all material respects at the Closing, with the same effect as though made at
      such time. The Company shall have performed in all material respects all
      obligations and complied in all material respects with all covenants and
      conditions required by this Agreement to be performed or complied with by it
      at
      or prior to the Closing. 

    

    
      
         

      

      
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    (c) 
Satisfaction
      of Closing Conditions of Related Stock Purchase Agreement.
      All of
      the Closing conditions set forth in the separate Stock Purchase Agreement of
      even date herewith between Purchasers and certain stockholders (the “Selling
      Stockholders”) of the Company shall have been fully satisfied.

    

    3.2
       
Conditions
      to Obligations of Company.
      The
      obligations of the Company under this Agreement shall be subject to each of
      the
      following conditions:

    

    (a) 
Closing
      Deliveries.
      At the
      Closing, the Purchasers shall have delivered or caused to be delivered to the
      Escrow Agent the following:

    

    (i) this
      Agreement, duly executed by Purchasers;

    

    (ii) the
      Purchase Price by wire transfer to the account of the Escrow Agent, as per
      the
      terms of the Escrow Agreement; and

    

    (iii) such
      other documents as the Company or its counsel may reasonably request in
      connection with the transactions contemplated hereby.

    

    (b) 
Truthfulness
      and Accuracy of Representations and Warranties.
      The
      representations and warranties of the Purchasers contained herein shall be
      true
      in all material respects at the Closing, with the same effect as though made
      at
      such time. The Purchasers shall have performed in all material respects all
      obligations and complied in all material respects with all covenants and
      conditions required by this Agreement to be performed or complied with by it
      at
      or prior to the Closing. 

    

    (c) 
Satisfaction
      of Closing Conditions of Related Stock Purchase Agreement.
      All of
      the Closing conditions set forth in the separate Stock Purchase Agreement of
      even date herewith between Purchasers and the Selling Stockholders shall have
      been fully satisfied.

     

    Section
      4. Covenants.

    

    In
      connection with the purchase and sale of the Shares, the parties hereby covenant
      as follows: 

    

    4.1 
Spin-Off.
      

    

    (a)
       
After
      the
      Closing, all current assets of the Company shall be transferred to Town House
      Land Limited, the Company’s sole operating subsidiary (the “Subsidiary”), and
      all of the Company’s liabilities shall be assumed by the Subsidiary.
      Contemporaneously with the execution and delivery of this Agreement, the Company
      and Subsidiary are executing and delivering an assignment and assumption
      agreement pursuant to which the Company and Subsidiary agree to effect the
      foregoing transaction (the “Assignment and Assumption Agreement”).

    

    (b) 
Immediately
      after the closing of any future transaction whereby the Company acquires control
      and ownership of another company, the Company shall transfer all of the shares
      of the Subsidiary held by the Company to a trust, the beneficiaries of which
      shall be the stockholders of the Company immediately prior to Closing (the
      “Trust”). 

    

    
      
         

      

      
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    (c) 
Any
      and
      all debts, payables and liabilities of Company shall be settled and the Company
      shall be free of assets and liabilities as of the closing date of the foregoing
      transactions. Collectively, the foregoing transactions in this Section 4.1
      are
      referred to as the “Spin-Off.” 

    

    Section
      5. Representations
      and Warranties of the Company. 

    

    The
      Company hereby represents and warrants to Purchasers as follows:

     

    5.1 
Organization,
      Qualification, and Corporate Power.

    

    (a) 
The
      Company is a corporation duly organized, validly existing, and in good standing
      under the laws of the State of Nevada. The Company has qualified to do business
      in all jurisdictions in which it conducts business, where the failure to so
      qualify would have a material adverse effect on the Company. The Company has
      not
      received written notice from any other jurisdiction that qualification may
      be
      required. The Company is not subject to any actual or contingent liability
      for
      failure to qualify to do business in any jurisdiction.

    

    (b) 
The
      Company has one (1) wholly owned subsidiary named Town House Land Limited,
      a
      limited liability company duly organized, validly existing and in good standing
      under the laws of the Hong Kong Special Administrative Region in The People's
      Republic of China ("PRC"). On the date hereof, Town House Land Limited owns
      97%
      of the issued and outstanding shares of registered capital of Town House Land
      (Wuhan) Limited, a limited liability company organized in the PRC in the City
      of
      Wuhan, Hubei Province ("Wuhan Town House"). Wuhan Town House directly owns
      100%
      of the equity interest in (1) Town House Land (Miami) Corporation, a Florida
      corporation, and (2) Town House Land (USA), Inc., a California
      Corporation.

    

    5.2 
Capitalization.

    

    (a) 
On
      the
      date hereof: (A) the entire authorized capital stock of the Company consists
      of:
      (i) 150,000,000 of shares of Common Stock and (ii) 50,000,000 shares of the
      Company’s preferred stock, par value $0.001 (the “Preferred Stock”), and (B)
      there are 28,416,500 shares of Common Stock issued and outstanding. There are
      no
      shares of Preferred Stock issued and outstanding. There are no shares of Common
      Stock held in treasury. At Closing, all of the issued and outstanding shares
      of
      Common Stock, including the Shares purchased hereunder, are and shall have
      been
      duly authorized and will be validly issued, fully paid, and non-assessable.
      As
      of Closing: (i) there will be no outstanding or authorized options, warrants,
      purchase rights, subscription rights, conversion rights, exchange rights, or
      other contracts or commitments that could require the Company to issue, sell,
      or
      otherwise cause to become outstanding any of its capital stock and (ii) there
      will be no outstanding or authorized stock appreciation, phantom stock, profit
      participation, or similar rights with respect to the Company.

    

    
      
         

      

      
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    (b) 
On
      the
      date hereof: (A) the entire authorized capital stock of the Subsidiary consists
      of 500,000 shares of common stock (the “Subsidiary Shares”), of which all
      500,000 shares of common stock are issued and outstanding and held by the
      Company. No other Subsidiary Shares are issued and outstanding. At Closing,
      all
      of the issued and outstanding Subsidiary Shares shall have been duly authorized
      and will be validly issued, fully paid, and non-assessable. As of Closing:
      (i)
      there will be no outstanding or authorized options, warrants, purchase rights,
      subscription rights, conversion rights, exchange rights, or other contracts
      or
      commitments that could require Subsidiary to issue, sell, or otherwise cause
      to
      become outstanding any of its capital stock and (ii) there will be no
      outstanding or authorized stock appreciation, phantom stock, profit
      participation, or similar rights with respect to the Subsidiary.

    

    5.3 
Authorization
      of Transaction.
      The
      Company has full power and authority (including full corporate power and
      authority) to execute and deliver this Agreement or any other document or
      instrument contemplated hereby or thereby (collectively, the “Transaction
      Documents”), and to perform its obligations under any Transaction Document. The
      Transaction Documents constitute valid and legally binding obligations of the
      Company, enforceable in accordance with the terms and conditions thereof.

    

    5.4 
Noncontravention.
      Neither
      the execution and the delivery of any Transaction Document, nor the consummation
      of the transactions contemplated thereby, will (i) violate any constitution,
      statute, regulation, rule, injunction, judgment, order, decree, ruling, charge,
      or other restriction of any government, governmental agency, or court to which
      either the Company or Subsidiary is subject or any provision of the charter
      or
      bylaws of the Company or Subsidiary, or (ii) conflict with, result in a breach
      of, constitute a default under, result in the acceleration of, create in any
      party the right to accelerate, terminate, modify, or cancel, or require any
      notice under any agreement, contract, lease, license, instrument, or other
      arrangement to which either the Company or Subsidiary is a party or by which
      it
      is bound or to which any of its assets is subject (or result in the imposition
      of any Security Interest upon any of its assets). To the knowledge of the
      Company, and other than in connection with the provisions of the Nevada Revised
      Statutes, the Securities Exchange Act of 1934 (the “Exchange Act”), the
      Securities Act of 1933, as amended (the “Securities Act”), and any state
      securities laws, neither the Company nor Subsidiary needs to give any notice
      to,
      make any filing with, or obtain any authorization, consent, or approval of
      any
      government or governmental agency in order for the parties to consummate the
      transactions contemplated by the Transaction Documents.

    

    5.5 
Subsidiaries.
      After
      giving effect to the Spin-Off, the Company will have no subsidiaries. The
      Company’s Board of Directors has approved the Spin-Off of the Subsidiary to its
      stockholders and in connection therewith has declared a dividend of all of
      the
      issued and outstanding stock of the Subsidiary payable to the Company
      Stockholders of record as of December 8, 2006. The Spin-Off shall be completed
      and the dividend paid by the Company within sixty (60) days following the
      Closing Date. Other than its ownership of the Subsidiary, the Company has no
      assets. As of the date hereof and the Closing Date, no person or entity has
      any
      lien, security interest or claim against the Company’s assets, whether now
      existing or hereafter acquired. 

    

    
      
         

      

      
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    5.6 
Litigation.
      There
      is no action, suit, proceeding, or claim, pending or to the knowledge of the
      Company, threatened, and no investigation by any court or government or
      governmental agency or instrumentality, domestic or foreign, pending or to
      the
      knowledge of the Company, threatened, against the Company or the Subsidiary,
      nor
      is there any outstanding order, writ, judgment, stipulation, injunction, decree,
      determination, award, or other order of any court or government or governmental
      agency or instrumentality, domestic or foreign, against the Company or the
      Subsidiary.

    

    5.7 
Material
      Adverse Change.
      Since
      the date of any Transaction Document and up to Closing, other than the actions
      contemplated in any Transaction Document prior to Closing, there has been no
      (i)
      adverse effect on the legality, validity or enforceability of any Transaction
      Document, or (ii) material and adverse effect on the results of operations,
      assets, business or condition (financial or otherwise) of the Company.

    

    5.8 
Listing
      of the shares of Common Stock.
      The
      Company’s Common Stock is listed for trading on the OTC Bulletin Board
      (hereinafter referred to as the “OTC”). The Company is in compliance with all
      rules, regulations and listing requirements of the OTC. The Company has not
      received any notices or other communication with respect to any violations
      or
      potential violations of any rules, regulations and listing requirements of
      OTC.

    

    5.9 
Taxes.
      The
      Company has timely and accurately filed, or caused to be timely and accurately
      filed, all tax returns required to be filed by it, and has paid, collected
      or
      withheld, or caused to be paid, collected or withheld, all amounts of taxes
      required to be paid, collected or withheld, other than such Taxes for which
      adequate reserves have been established and which are being contested in good
      faith. There are no claims or assessments pending against the Company for any
      alleged deficiency in any tax, there are no pending or, to the Knowledge of
      the
      Company, threatened audits or investigations for or relating to any liability
      in
      respect of any taxes, and the Company has not been notified in writing of any
      proposed tax claims or assessments against the Company (other than in each
      case,
      claims or assessments for which adequate reserves have been established and
      which are being contested in good faith). The Company has not executed any
      waivers or extensions of any applicable statute of limitations to assess any
      amount of taxes. There are no outstanding requests by the Company for any
      extension of time within which to file any tax return or within which to pay
      any
      amounts of taxes shown to be due on any tax return. To the knowledge of the
      Company, there are no liens for taxes on the assets of the Company except for
      statutory liens for current taxes not yet due and payable. There are no
      outstanding powers of attorney enabling any party to represent the Company
      with
      respect to taxes. Other than with respect to the Company, the Company is not
      liable for taxes of any other person or entity, or is not currently under any
      contractual obligation to indemnify any person or entity with respect to any
      amounts of taxes, or is a party to any tax sharing agreement or any other
      agreement providing for payments by the Company with respect to any amounts
      of
      taxes. The Company has not engaged in any transaction which requires its
      participation to be disclosed under Treas. Reg. Sec. 1.6011-4. 

    

    
      
         

      

      
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    5.10 
Financial
      Statements and SEC Filings.

    

    (a) 
The
      consolidated financial statements (hereinafter referred to collectively as
      the
“Company Audited Financial Statements”) of the Company and its consolidated
      subsidiaries contained in its Form 10-KSB with respect to the fiscal year ended
      December 31, 2005 and 2004, are true and correct and have been prepared in
      conformity with GAAP consistently applied throughout the periods to which such
      financial statements relate. The Company Audited Financial Statements fairly
      present, in all material respects in conformity with such principles as so
      applied, the consolidated financial position and results of operations and
      cash
      flows of the Company, at the dates shown and for the periods therein specified.
      The balance sheet constituting a part of the Company Audited Financial
      Statements fairly present in all material respects all consolidated liabilities
      of the Company, on a consolidated basis, of the types normally reflected in
      balance sheets as and at the respective dates thereof.

    

    (b) 
The
      consolidated financial statements (hereinafter referred to as the “Company
      Interim Financial Statements” and, together with the Company Audited Financial
      Statements, herein referred to as the “Company Historical Financial Statements”)
      of the Company and its consolidated subsidiaries contained in its Form 10-QSB
      with respect to the quarters ending March 31, 2006, June 30, 2006 and September
      30, 2006 are true and correct and have been prepared in conformity with GAAP
      consistently applied throughout the periods to which such financial statements
      relate. The Company Interim Financial Statements fairly present in all material
      respects in conformity with such principles so applied, the consolidated
      financial position and results of operations and cash flows of the Company,
      on a
      consolidated basis, at the dates shown and for the periods therein specified.
      The balance sheets constituting a part of the Company Interim Financial
      Statements fairly present, in all material respects, all liabilities of the
      Company, on a consolidated basis of the types normally reflected in balance
      sheets as and at the respective date thereof. 

    

    (c) 
The
      Company is a reporting company registered under Section 12(g) of the Exchange
      Act. The Company has filed on a timely basis all forms, reports and documents
      required to be filed with the Securities and Exchange Commission (“SEC”) since
      January 1, 2004. All such required forms, reports and documents (including
      those
      that the Company may file subsequent to the date hereof) are referred to herein
      as the “Company SEC Reports.” As of their respective dates, the Company SEC
      Reports (i) were prepared in accordance with the requirements of the Securities
      Act or the Exchange Act, as the case may be, and the rules and regulations
      of
      the SEC thereunder applicable to such the Company SEC Reports, and (ii) did
      not
      at the time they were filed (or if amended or superseded by a filing prior
      to
      the date of this Agreement, then on the date of such filing) contain any untrue
      statement of a material fact or omit to state a material fact required to be
      stated therein or necessary in order to make the statements therein, in the
      light of the circumstances under which they were made, not misleading. Each
      of
      the principal executive officer of the Company and the principal financial
      officer of the Company (as defined under the Sarbanes-Oxley Act of 2002), or
      each former principal executive officer of the Company and each former principal
      financial officer of the Company, as applicable, has made the certifications
      required by Sections 302 and 906 of the Sarbanes-Oxley Act of 2002 and the
      rules
      and regulations of the SEC promulgated thereunder with respect to the Company
      SEC Reports pursuant to the Exchange Act, when applicable. 

    

    
      
         

      

      
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    (d) 
There
      has
      never been any stop order issued or, to the knowledge of the Company, any
      administrative investigation or proceeding undertaken by the SEC with respect
      to
      the Company and its directors and officers.

    

    5.11 
Undisclosed
      Liabilities.
      Except
      otherwise disclosed in this Agreement or disclosed in the Company’s historical
      financial statements, the Company does not have any liabilities, whether
      accrued, absolute, contingent, or otherwise, whether due or to become due and
      whether the amount thereof is readily ascertainable or not, other than
      liabilities which, individually or in the aggregate, would not have a material
      adverse effect, or any unrealized or anticipated losses from any unfavorable
      commitments, other than those which, individually or in the aggregate, would
      not
      have a material adverse effect. 

    

    5.12 
Broker’s
      Fees.
      Neither
      the Company nor Subsidiary is a party to any advisory, finder’s or broker’s
      agreement with respect to the consummation of the transactions contemplated
      by
      this Agreement. 

    

    5.13 
Compliance
      with Law.
      The
      Company and Subsidiary are in material compliance with all laws, ordinances
      and
      governmental rules and regulations, whether foreign, federal, state or local,
      to
      which the Company and Subsidiary are subject. 

    

    5.14 
Assignment
      and Assumption.
      Upon
      Closing and execution and delivery of the Assignment and Assumption Agreement,
      the Company (i) will transfer all of its assets and liabilities to the
      Subsidiary and (ii) will have no liabilities whatsoever at the parent level.
      

    

    Section
      6. Representations
      and Warranties of Purchasers. 

    

    6.1 
Authority.
      The
      Purchasers hereby represent and warrant to the Company that Purchasers has
      all
      requisite power and authority (corporate or otherwise) to execute, deliver
      and
      perform the Transaction Documents and the transactions contemplated thereby,
      and
      the execution, delivery and performance by Purchasers of the Transaction
      Documents have been duly authorized by all requisite action by Purchasers and
      each such Transaction Document, when executed and delivered by Purchasers,
      constitutes a valid and binding obligation of Purchasers, enforceable against
      Buyer in accordance with its terms, subject to applicable bankruptcy,
      insolvency, reorganization, fraudulent conveyance, moratorium or other similar
      laws affecting creditors' rights and remedies generally, and subject, as to
      enforceability, to general principles of equity (regardless of whether
      enforcement is sought in a proceeding at law or in equity). 

    

    
      
         

      

      
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    6.2 
Investment
      and Related Representations.

    

    (a) 
Shares
      as “Restricted” Securities.
      The
      Purchasers are aware that neither the Shares nor the offer or sale thereof
      to
      the Purchasers have been registered under the Securities Act, or under any
      foreign or state securities law. The Purchasers acknowledge that the Shares
      are
      being offered pursuant to certain exemptions from Section 5 of the Securities
      Act for offers and sale of securities not involving an issuer, underwriter,
      or
      dealer. The Purchasers understand that the Shares are “restricted” securities
      under U.S. federal securities laws inasmuch as they are being acquired from
      an
      affiliate of the issuer and that under such laws and applicable regulations
      such
      securities may be resold without registration under the Securities Act only
      in
      certain limited circumstances. The Purchasers represent that they are familiar
      in general with Rule 144 under the Securities Act (which provides generally
      for
      a one year holding period and limitations on the amount of “restricted”
securities that can be sold in compliance with the rule upon completion of
      the
      holding period), and understand the resale limitations imposed thereby and
      by
      the Securities Act. The Purchasers understand that each certificate representing
      the Shares and any other securities issued in respect of the Shares upon any
      stock split, stock dividend, recapitalization, merger or similar event (unless
      no longer required in the opinion of counsel for the Company) shall be stamped
      or otherwise imprinted with legends substantially in the following form (in
      addition to any legend that may now or hereafter be required by applicable
      state
      law):

    

    “THE
      SHARES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE
      SECURITIES ACT OF 1933, AS AMENDED, OR ANY STATE SECURITIES LAWS. THEY MAY
      NOT
      BE OFFERED, SOLD OR OTHERWISE TRANSFERRED, PLEDGED OR HYPOTHECATED IN THE
      ABSENCE OF A REGISTRATION STATEMENT IN EFFECT WITH RESPECT TO SUCH SECURITIES,
      OR DELIVERY OF AN OPINION OF COUNSEL SATISFACTORY TO THE ISSUER OF SUCH
      SECURITIES THAT SUCH OFFER, SALE, TRANSFER, PLEDGE OR HYPOTHECATION IS IN FULL
      COMPLIANCE WITH THE SECURITIES ACT OF 1933, AS AMENDED, OR UNLESS SOLD IN
      COMPLIANCE WITH RULE 144 UNDER SUCH ACT.”

    

    The
      Purchasers agree that they will not sell any portion of the Shares except
      pursuant to registration under the Securities Act or pursuant to an available
      exemption from registration under the Securities Act. The Purchasers understand
      that the Company shall refuse to transfer the Shares except in accordance with
      the restrictions and agreements of the Purchasers set forth in this Section
      5.1.

    

    (b) 
Investment
      Representation.
      The
      Shares are being acquired by the Purchasers pursuant to this Agreement for
      investment and not with a view to the public resale or distribution thereof
      unless pursuant to an effective registration statement or exemption under the
      Securities Act.

    

    
      
         

      

      
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    (c) 
No
      Public Solicitation.
      The
      Purchasers are acquiring the Shares after private negotiation and are not
      receiving the Shares as a result of any advertisement, article, notice or other
      communication regarding the Shares published in any newspaper, magazine or
      similar media or broadcast over television or radio or presented at any seminar
      or any other general solicitation or general advertisement.

    

    (d) 
Investor
      Sophistication and Ability to Bear Risk of Loss.
      Each
      Purchaser, either alone or together with its representatives, acknowledges
      that
      it has such knowledge, sophistication and experience in business and financial
      matters so as to be capable of evaluating the merits and risks of the
      prospective investment in the Shares, and has so evaluated the merits and risks
      of such investment. Each Purchaser acknowledges that it is able to bear the
      economic risk of an investment in the Shares and, at the present time, is able
      to afford a complete loss of such investment.

    

    (e) 
Informed
      Investment Decision.
      The
      Purchasers have received all information that they requested from the Company
      in
      order to make an informed investment decision with respect to the
      Shares.

    

    (f) 
Purchaser
      Status.
      At the
      time any Purchaser receives any of the Shares, such Purchaser will be an
“accredited investor” as defined in Rule 501 under the Securities
      Act.

     

    Section
      7. Indemnification.

    

    7.1 
Indemnification
      by Company.
      The
      Company hereby agrees to indemnify and hold harmless the Purchasers and its
      respective affiliates, officers, directors, partners, members, managers,
      stockholders, employees, and agents from and against any and all losses, claims,
      damages, judgments, penalties, liabilities, and deficiencies, and agrees to
      reimburse the Purchasers for all reasonable out-of-pocket expenses (including
      reasonable fees and expenses of legal counsel), in each case promptly as
      incurred by the other, to the extent arising out of or in connection with:
      (i)
      any material misrepresentation, omission, or material breach of any of the
      Company’ representations or warranties contained in this Agreement; (ii) any
      failure by the Company to perform any of their covenants, agreements,
      undertakings, or obligations set forth in this Agreement or any ancillary
      agreement hereto, or (iii) any operations of the Company or transactions
      involving the Company occurring on or prior to the Closing Date. 

    

    7.2 
Indemnification
      by Purchasers.
      The
      Purchasers hereby agrees to indemnify and hold harmless the Company and their
      respective affiliates, officers, directors, partners, members, managers,
      stockholders, employees, and agents from and against any and all losses, claims,
      damages, judgments, penalties, liabilities, and deficiencies, and agrees to
      reimburse the Company for all reasonable out-of-pocket expenses (including
      reasonable fees and expenses of legal counsel), in each case promptly as
      incurred by the other, to the extent arising out of or in connection with:
      (i)
      any material misrepresentation or material breach of any of the Purchasers’
representations or warranties contained in this Agreement; (ii) any failure
      by
      the Purchasers to perform any of its covenants, agreements, undertakings, or
      obligations set forth in this Agreement or any ancillary agreement hereto,
      or
      (iii) any operations of the Purchasers or transactions involving the Purchasers
      occurring on or prior to the Closing Date.

    

    
      
         

      

      
        10

        
          

        

      

      
         

      

    

    Section
      8. Registration
      Rights.

    

    Contemporaneously
      with the execution and delivery of this Agreement, the parties hereto are
      executing and delivering a Registration Rights Agreement pursuant to which
      the
      Company has agreed to provide to Purchasers and certain stockholders of the
      Company registration rights under the Securities Act, and the rules and
      regulations promulgated there under, and applicable state securities laws.
      

    

    Section
      9. Successors
      and Assigns. 

    

    This
      Agreement shall bind and inure to the benefit of the Company, Purchasers and
      their respective successors and assigns. 

     

    Section
      10. Entire
      Agreement. 

    

    This
      Agreement and the other writings and agreements referred to in this Agreement
      or
      delivered pursuant to this Agreement contain the entire understanding of the
      parties with respect to the subject matter hereof and supersedes all prior
      agreements and understandings among the parties with respect
      thereto.

     

    Section
      11. Notices. 

    

    All
      notices, demands and requests of any kind to be delivered to any party in
      connection with this Agreement shall be in writing and shall be deemed to have
      been duly given if (i) personally delivered, (ii) sent by telecopy, electronic
      mail or facsimile transmission, (iii) sent by internationally-recognized
      overnight courier, or (iv) sent by registered or certified mail, return receipt
      requested and postage prepaid, addressed as follows:

    

    If
      to the Company, to:

    

    SINO-American
      Development Corporation

    1427
      West
      Valley Boulevard, Suite 101

    Alhambra,
      CA 91803

    Fax:
      (626) 281-5701

    Attention:
      Fang Zhong, Chief Executive Officer

    

    If
      to Purchasers, to:

    

    RP
      Capital, LLC 

    10900
      Wilshire Boulevard, Suite 500

    Los
      Angeles, CA 90024

    Fax:
      (310) 208-1154

    Attention:
      Kevin K. Leung, Esq.

    

    
      
         

      

      
        11

        
          

        

      

      
         

      

    

    or
      to
      such other address as the party to whom notice is to be given may have furnished
      to the other parties to this Agreement in writing in accordance with the
      provisions of this Section 11. Any such notice or communication shall be deemed
      to have been received (i) in the case of personal delivery, telecopy, electronic
      mail or facsimile transmission, on the date of such delivery, (ii) in the case
      of internationally-recognized overnight courier, on the next business day after
      the date when sent and (iii) in the case of mailing, on the third business
      day
      following that on which the piece of mail containing such communication is
      posted.

     

    Section
      12. Independence
      of Agreements, Covenants, Representations and
      Warranties.

    

    All
      agreements and covenants hereunder shall be given independent effect so that
      if
      a certain action or condition constitutes a default under a certain agreement
      or
      covenant, the fact that such action or condition is permitted by another
      agreement or covenant shall not affect the occurrence of such default, unless
      expressly permitted under an exception to such covenant. In addition, all
      representations and warranties hereunder shall be given independent effect
      so
      that if a particular representation or warranty proves to be incorrect or is
      breached, the fact that another representation or warranty concerning the same
      or similar subject matter is correct or is not breached will not affect the
      incorrectness of or a breach of a representation and warranty hereunder.

     

    Section
      13. Severability.

    

    It
      is the
      desire and intent of the parties that the provisions of this Agreement be
      enforced to the fullest extent permissible under the law and public policies
      applied in each jurisdiction in which enforcement is sought. Accordingly, in
      the
      event that any provision of this Agreement would be held in any jurisdiction
      to
      be invalid, prohibited or unenforceable for any reason, such provision, as
      to
      such jurisdiction, shall be ineffective, without invalidating the remaining
      provisions of this Agreement or affecting the validity or enforceability of
      such
      provision in any jurisdiction. Notwithstanding the foregoing, if such provision
      could be more narrowly drawn so as not to be invalid, prohibited or
      unenforceable in such jurisdiction, it shall, as to such jurisdiction, be so
      narrowly drawn, without invalidating the remaining provisions of this Agreement
      or affecting the validity or enforceability of such provision in any other
      jurisdiction.

    

    Section
      14. Amendments. 

    

    This
      Agreement may not be modified or amended, or any of the provisions of this
      Agreement waived, except by written agreement of the Company and
      Purchasers.

     

    Section
      15. Headings. 

    

    The
      section and paragraph headings contained in this Agreement are for reference
      purposes only and shall not affect in any way the meaning or interpretation
      of
      this Agreement.

     

    
      
         

      

      
        12

        
          

        

      

      
         

      

    

    Section
      16. Governing
      Law.

    

    All
      questions concerning the construction, interpretation and validity of this
      Agreement shall be governed by and construed and enforced in accordance with
      the
      domestic laws of California without giving effect to any choice or conflict
      of
      law provision or rule (whether in the State of California or any other
      jurisdiction) that would cause the application of the laws of any jurisdiction
      other than the State of California. In furtherance of the foregoing, the
      internal laws of the State of California will control the interpretation and
      construction of this Agreement, even if under such jurisdiction's choice of
      law
      or conflict of law analysis, the substantive law of some other jurisdiction
      would ordinarily or necessarily apply. Any action brought under this Agreement
      shall be brought in a state or Federal court having competent subject matter
      jurisdiction and located in the City of Los Angeles in accordance with the
      applicable procedure therefore.

    

    
      
         

      

      
        13

        
          

        

      

      
         

      

    

    Section
      17. Counterparts.
      

    

    This
      Agreement may be executed in any number of counterparts, and each such
      counterpart of this Agreement shall be deemed to be an original instrument,
      but
      all such counterparts together shall constitute but one agreement. Facsimile
      counterpart signatures to this Agreement shall be acceptable and
      binding.

    

    Section
      18. Survival
      of Representations, Warranties and Agreements.
      

    

    All
      representations, warranties and statements made by a party to in this Agreement
      or in any document or certificate delivered pursuant hereto shall survive the
      Closing Date. Each of the parties hereto is executing and carrying out the
      provisions of this Agreement in reliance upon the representations, warranties
      and covenants and agreements contained in this Agreement or at the closing
      of
      the transactions herein provided for and not upon any investigation which it
      might have made or any representations, warranty, agreement, promise or
      information, written or oral, made by the other party or any other person other
      than as specifically set forth herein.

    

    Section
      19. Access
      to Books and Records.
      

    

    During
      the course of this transaction through Closing, each party agrees to make
      available for inspection all corporate books, records and assets, and otherwise
      afford to each other and their respective representatives, reasonable access
      to
      all documentation and other information concerning the business, financial
      and
      legal conditions of each other for the purpose of conducting a due diligence
      investigation thereof. Such due diligence investigation shall be for the purpose
      of satisfying each party as to the business, financial and legal condition
      of
      each other for the purpose of determining the desirability of consummating
      the
      proposed transaction. The parties further agree to keep confidential and not
      use
      for their own benefit, except in accordance with this Agreement any information
      or documentation obtained in connection with any such
      investigation.

    

    Section
      20. Further
      Assurances.
      

    

    If,
      at
      any time after the Closing, the parties hereby mutually agree that any further
      deeds, assignments or assurances in law or that any other things are necessary,
      desirable or proper to complete the transactions contemplated hereby in
      accordance with the terms of this agreement or to vest, perfect or confirm,
      of
      record or otherwise, the title to any property or rights of the parties hereto,
      the parties agree that their proper officers and directors shall execute and
      deliver all such proper deeds, assignments and assurances in law and do all
      things necessary, desirable or proper to vest, perfect or confirm title to
      such
      property or rights and otherwise to carry out the purpose of this Agreement,
      and
      that the proper officers and directors the parties are fully authorized to
      take
      any and all such action.

    

    [SIGNATURE
      PAGE FOLLOWS]

    

    
      
         

      

      
        14

        
          

        

      

      
         

      

    

    IN
      WITNESS WHEREOF,
      each of
      the undersigned has duly executed this Stock Purchase Agreement as of the date
      first written above.

    

    

    
      	
              THE
                COMPANY:

            	
              SINO-AMERICAN
                

            
	 	
              DEVELOPMENT
                CORPORATION

            
	 	 
	
            	
              By:
                ________________________

            
	
            	
                        
                Fang Zhong

            
	
            	
                        
                Chief Executive Officer

            
	 	 
	 	 
	 	 
	 	 
	
              THE
                PURCHASERS:

            	
              [Signatures
                set forth in Schedule A]

            

    

    

     

    
      
         

      

      
        15EXHIBIT
      10.1

     

    INCENTIVE
      STOCK OPTION

     

    Granted
      by

     

    Novelos
      Therapeutics, Inc.
      (the
“Company”)

     

    Under
      the
      2006 Stock Incentive Plan

     

     

    This
      Option is and shall be subject in every respect to the provisions of the
      Company’s 2006 Stock Incentive Plan, as amended from time to time, which is
      incorporated herein by reference and made a part hereof. The holder of this
      Option (the “Holder”) hereby accepts this Option subject to all the terms and
      provisions of the Plan and agrees that (a) in the event of any conflict between
      the terms hereof and those of the Plan, the latter shall prevail, and (b) all
      decisions under and interpretations of the Plan by the Board or the Committee
      shall be final, binding and conclusive upon the Holder and his or her heirs
      and
      legal representatives.

     

    
      	
              1.

            	
              Name
                of Holder:

            

      	 	 

    

    
      	
              2.

            	
              Date
                of Grant:

            

      	 	 

    

    
      	
              3.

            	
              Maximum
                number of shares for which this Option is
                exercisable:

            

      	 	 

    

    
      	
              4.

            	
              Exercise
                (purchase) price per share: 

            

      	 	 

    

    
      	
              5.

            	
              Payment
                method: 

            

    

     

    a
      personal, certified or bank check or postal money order payable to the order
      of
      the Company for an amount equal to the exercise price of the shares being
      purchased; or

     

    with
      the
      consent of the Company, any of the other methods set forth in the
      Plan.

     

    
      	
              6.

            	
              Expiration
                Date of Option: 

            

      	 	 

    

    
      	
              7.

            	
              Vesting
                Schedule:
                This Option shall become exercisable for 1/3 of the maximum number
                of
                shares granted on the first anniversary of the Date of Grant, and
                shall
                become exercisable for an additional 1/3 on the last day of each
                year
                thereafter; so that the Option shall be fully vested on the third
                anniversary of the Date of Grant. All vesting shall cease upon the
                date of
                termination of employment.

            

    

     

    Notwithstanding
      the foregoing, the vesting of this Option shall accelerate with respect to
      all
      of the then unvested shares upon a Termination Event.

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

       

    

    As
      used
      herein, a “Termination Event” shall mean either of the following events, but
      only if such event occurs within one year of a “Change of Control” (as defined
      in the Plan):

     

    (i) termination
      by the Company of the Holder’s employment with the Company for any reason other
      than for “Cause,” as defined in the Plan; or 

     

    (ii) the
      Holder’s resignation as an employee of the Company, other than for reasons of
      Disability (as defined in the Plan), following (x) a significant reduction
      in
      the nature or scope of the Holder’s duties, responsibilities, authority or
      powers, from the duties, responsibilities, authority or powers exercised by
      the
      Holder immediately prior to the Change of Control, or (y) a reduction in the
      Holder’s annual base salary or benefits as in effect on the date of the Change
      of Control, except for across-the-board salary or benefits reductions affecting
      all similarly situated personnel of the Company, or (z) a transfer of the Holder
      from the office of the Company where he is based immediately before the Change
      of Control to an office more than twenty-five (25) miles away from such office
      (unless the distance the employee has to travel to work is actually shortened
      as
      a result of such transfer).

     

    For
      purposes of this Section 7, “Company” shall include any surviving entity, in the
      case of a merger or acquisition in which the Company is not the surviving
      entity.

     

    
      	
              8.

            	
              Termination
                of Employment.  This
                Option shall terminate on the earliest to occur of:
                

            

    

     

    
      	
            	(i)	
              the
                date of expiration thereof;

            

    

     

    
      	 	
              (ii)

            	
              immediately
                upon termination of the Holder’s employment with the Company by the
                Company for Cause (as defined in the
                Plan);

            

    

     

    
      	 	
              (iii)

            	
              thirty
                (30) days
                after the date of voluntary termination of employment by the Holder
                (other
                than upon death ,or for Disability or Normal Retirement, each as
                defined
                in the Plan); 

            

    

     

    
      	 	
              (iv)

            	
              ninety
                (90) days after
                the date of involuntary termination of the Holder’s employment by the
                Company without Cause (as defined in the Plan), or termination of
                the
                Holder’s employment with the Company by reason of Disability or Normal
                Retirement (each as defined in the Plan);
                or

            

    

     

    
      	 	
              (v)

            	
              180
                days after the date of termination of the Holder’s employment with the
                Company by reason of death.

            

    

     

    
      	
              9.

            	
              Lock-Up
                Agreement.
                The Holder agrees for a period of up to 180 days from the effective
                date
                of any registration of securities of the Company under the Securities
                Act
                of 1933, as amended (the “Securities Act”), upon request of the Company or
                underwriters managing any underwritten offering of the Company’s
                securities, not to sell, make any short sale of, loan, grant any
                option
                for the purchase of, or otherwise dispose of
                any

            

    

     

    
      
        
        

      

      
        -2-

        
          

        

      

      
        
        

      

    

    shares
      issued pursuant to the exercise of this Option, without the prior written
      consent of the Company and such underwriters.

     

    
      	
              10.

            	
              Incentive
                Stock Option; Disqualifying Disposition.
                Although this Option is intended to qualify as an incentive stock
                option
                under the Internal Revenue Code of 1986 (the “Code”), the Company makes no
                representation as to the tax treatment upon exercise of this Option
                or
                sale or other disposition of the shares covered by this Option, and
                the
                Holder is advised to consult a personal tax advisor. Upon a Disqualifying
                Disposition of shares received upon exercise of this Option, the
                Holder
                will forfeit the favorable income tax treatment otherwise available
                with
                respect to the exercise of this Option. A “Disqualifying Disposition”
                shall have the meaning specified in Section 421(b) of the Code; as
                of the
                date of grant of this Option a Disqualifying Disposition is any
                disposition (including any sale) of such shares before the later
                of
                (a) the second anniversary of the date of grant of this Option and
                (b) the
                first anniversary of the date on which the Holder acquired such shares
                by
                exercising this Option, provided
                that such holding period requirements terminate upon the death of
                the
                Holder. The Holder shall notify the Company in writing immediately
                upon
                making a Disqualifying Disposition of any shares of Common Stock
                received
                pursuant to the exercise of this Option, and shall provide the Company
                with any information that the Company shall request concerning any
                such
                Disqualifying Disposition.

            

    

     

    
      	
              11.

            	
              Notice.
                Any
                notice to be given to the Company hereunder shall be deemed sufficient
                if
                addressed to the Company and delivered to the office of the Company,
                One
                Gateway Center, Suite 504, Newton, Massachusetts, 02458, attention
                of the
                president, or such other address as the Company may hereafter
                designate.

            

    

     

    Any
      notice to be given to the Holder hereunder shall be deemed sufficient if
      addressed to and delivered in person to the Holder at his or her address
      furnished to the Company or when deposited in the mail, postage prepaid,
      addressed to the Holder at such address.

     

    

     

    IN
      WITNESS WHEREOF, the parties have executed this Option, or caused this Option
      to
      be executed, as of the Date of Grant.

     

    NOVELOS
      THERAPEUTICS, INC.

     

    By:
      ___________________________

    

     

    The
      undersigned Holder hereby acknowledges receipt of a copy of the Plan and this
      Option , and agrees to the terms of this Option and the Plan.

     

     

    ______________________________

    Holder

    
      
        
        

      

      -3-

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