Document:

Deerfield Resources, Ltd.: Exhibit 10.8 - Prepared by TNT Filings Inc.

  

Exhibit 10.8

                                              
                                            
                                          
                                        
                                      
                                    
                                  
                                
                              
                            
                          
                        
                      
                    
                  
                
              
            
          
        
      
    
  

TERMINATION AND RELEASE AGREEMENT 

THIS TERMINATION AND RELEASE
AGREEMENT (this "Agreement")
is effective as of February 10, 2010 (the "Effective
Date"), by and among ASK
Prospecting & Guiding Inc , having an office at 443 JR Smallwood Bvld., Gambo,
Newfoundland, Canada, A0G-2E0 (the "Vendor")
and Deerfield Resources, Ltd., a Nevada Corporation, having an office at 50
Christopher Columbus Drive, Suite 1606, Jersey City, New Jersey 07302, USA (the
"Purchaser").
Each of the Vendor and the Purchaser are referred to as a "Party" and together
as "Parties" hereto. 

R E C I T A L S 

WHEREAS,
the Vendor and the Purchaser are parties to that certain Mineral Claim Purchase
Agreement dated as of October 10, 2006, as amended by that certain amendment
dated November 5, 2008 (as amended, the "Original
Agreement"), pursuant to which
the Purchaser agreed to make certain payments for purchase from the Vendor of
certain mineral claims, in accordance with the payment schedule set forth in the
Original Agreement; and 

WHEREAS,
the Purchaser, Leading Asia Pacific Investment Limited, a British Virgin Islands
company ("Leasing Asia"),
and Unitech International Investment Holdings Limited, the sole shareholder of
Leading Asia (the "Shareholder")
desire to enter into a share exchange agreement (the "Share
Exchange Agreement"), pursuant
to which the Shareholder will agree to exchange all of its capital stock in
Leading Asia for shares of the Purchaser's capital stock, constituting
approximately 90.18% of the issued and outstanding capital stock of the
Purchaser on a fully-diluted basis as of and immediately after the consummation
of the transactions contemplated by the Share Exchange Agreement; and 

WHEREAS,
to induce Leading Asia and the Shareholder to enter into and close the Share
Exchange Agreement, each of the Purchaser and the Vendor has agreed to terminate
each of the Vendor's and the Purchaser's obligations under the Original Loan
Documents; and to terminate, release and discharge each other of any and all
obligations and security interests created under the Original Agreement,
wherever they may be. 

NOW THEREFORE,
in consideration of the foregoing and the mutual covenants and agreements herein
contained, and intending to be legally bound hereby, the Parties hereby agree as
follows: 

1.

Termination of the Original Agreement.
Each Party hereto, on behalf of
itself and its affiliates and its and their respective predecessors, successors,
parents, subsidiaries, agents, attorneys, officers, employees, directors,
members, managers, partners, shareholders, representatives and assigns
(collectively, the "Releasing
Parties," each a "Releasing
Party"), severally agrees
(notwithstanding and irrespective of any agreement, document, matter, or thing
(including, but not limited to, any terms of the Original Agreement)) that the
Original Agreement is hereby terminated in its entirety (including, but not
limited to, any and all powers of attorney granted therein) and that the
Original Agreement shall have no force and/or effect (past, present and /or
future) whatsoever. 

2.

Release of Obligations. No Party hereto
shall have any right, obligation, and/or liability (past, present or future)
whatsoever arising under or in connection with the Original Agreement. Each
Releasing Party agrees that each other Party to any of the Original Agreement,
including its affiliates and its and their respective predecessors, successors,
parents, subsidiaries, agents, attorneys, officers, employees, directors,
members, managers, partners, shareholders, representatives and assigns
(collectively, the "Released
Parties", each a "Released
Party"), is irrevocably and
unconditionally fully released and discharged from any and all liabilities,
obligations, adjustments, executions, offsets, actions, causes of action, suits,
debts, costs, expenses, sums of money, accounts, reckonings, bonds, bills,
covenants, contracts, controversies, agreements, promises, damages, judgments,
claims, demands and/or losses whatsoever, whether known or unknown, asserted or
unasserted, liquidated or unliquidated, absolute or contingent, accrued or
non-accrued, actual and/or prospective (collectively, "Claims",
each a "Claim"),
which any Releasing Party may in the past, future or present have or claim to
have or assert against any Released Party, relating to, arising under or in
connection with any of the Original Agreement. Each Releasing Party represents
and warrants to each Released Party that it has not assigned or transferred or
purported to assign or transfer to any person or entity all or any portion of
any Claim released by the Releasing Parties herein. 

3.

Termination and Release of Security
Interest. The Vendor hereby unconditionally and irrevocably terminates, releases
and discharges any and all security interests which might have been created in
its favor in connection with the Purchaser's obligations under the Original
Agreement which the Vendor, at the date of this Agreement, still holds, and
surrenders such interests without recourse and without any warranty,
representation or covenant as at the date of this Agreement. 

4. 

Representations and Warranties. Each of
the Parties hereto represents and warrants to the other that: 

(a)

Such Party is duly incorporated and
validly existing under the laws of the jurisdiction of its incorporation; 

(b) 

all necessary corporate action has been
taken to authorize such Party to execute and deliver this Agreement and perform
the transactions contemplated hereby; 

(c) 

neither the execution and delivery of this
Agreement, nor the performance of any of the transactions contemplated by this
Agreement, do or will conflict with any law, regulation or judicial or official
order, conflict with its constitutional documents, or conflict with any document
which is binding on any of its assets; and 

(d) 

this Agreement constitutes, or when
entered into will constitute, legal, valid and binding obligations of such
Party, enforceable (subject to principles of equity and laws relating to
bankruptcy, insolvency or liquidation or any other laws generally affecting the
enforcement of creditors' rights) in accordance with its terms. 

5.

Governing Law. This Agreement and all the
rights and duties of the Parties arising from or relating to the subject matter
of this Agreement shall be governed by, and construed and enforced in accordance
with, the laws of the State of New York, without regard to conflicts of laws
principles. 

6.

Consent to Jurisdiction and Service of
Process. All judicial proceedings brought against the Parties hereto arising out
of or relating to this Agreement, or any obligations hereunder, may be brought
in any state or federal court of competent jurisdiction in the state, county and
city of New York. 

7.

Waiver of Jury Trial. THE PARTIES HERETO
HEREBY AGREE TO WAIVE THEIR RESPECTIVE RIGHTS TO A JURY TRIAL OF ANY CLAIM OR
CAUSE OF ACTION BASED UPON OR ARISING OUT OF THIS AGREEMENT. THE SCOPE OF THIS
WAIVER IS INTENDED TO BE ALL ENCOMPASSING OF ANY AND ALL DISPUTES THAT MAY BE
FILED IN ANY COURT AND THAT RELATE TO THE SUBJECT MATTER OF THIS AGREEMENT,
INCLUDING, WITHOUT LIMITATION, CONTRACT CLAIMS, TORT CLAIMS, BREACH OF DUTY
CLAIMS, AND ALL OTHER COMMON LAW AND STATUTORY CLAIMS. 

8.

Counterparts. This Agreement may be executed and delivered (including by
facsimile transmission) in one or more counterparts, and by the different
Parties hereto in separate counterparts, each of which when executed shall be
deemed to be an original but all of which taken together shall constitute one
and the same agreement. 

9.

Further assurances. In respect of the
matters set forth in Sections 1 through 3 of this Agreement, including, but not
limited to, the release of any security interest and/or any reassignment
referred to in Sections 1 through 3 hereof, each of the Parties hereto shall do
and execute or procure to be done and executed all necessary acts, deeds,
documents and/or things as may be reasonably requested of it by any other Party
hereto by written notice to give effect to Sections 1 through 3 hereof. 

10. 

Amendment and Waiver. No provision of this
Agreement may be waived or amended except in a written instrument signed by the
Parties. 

11.

Severability. If any term or other
provision of this Agreement is invalid, illegal or incapable of being enforced
by any rule of law, or public policy, all other conditions and provisions of
this Agreement shall nevertheless remain in full force and effect so long as the
economic or legal substance of this Agreement is not affected in any manner
materially adverse to any Party. Upon such determination that any term or other
provision is invalid, illegal or incapable of being enforced, the Parties shall
negotiate in good faith to modify this Agreement so as to effect the original
intent of the Parties as closely as possible in a mutually acceptable manner.

12. 

Assignment. No Party may, without the
prior written consent of each other Party, assign any of its rights or transfer
any of its obligations under this Agreement. 

13.

Entire Agreement. This Agreement sets
forth the final agreement among the Parties as to the subject matter hereof and
supersedes all prior and contemporaneous agreements, understandings, and
negotiations, both written and oral, among the Parties regarding the subject
matter hereof. 

                      [Signature
                      Pages Follow]
                      

 

                       

                       

                    
                  
                
              
            
          
        
      
    
  

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

 

	Signed by: 

    DEERFIELD RESOURCES, LTD. 

    as represented by its President 	 
	James Morgon  
    	By: /s/ James
    Morgon                                   
    
	 	Deerfield Resources,
    Ltd.
	 	James Morgon,
    President 
	 	 
	Signed by: 
    	 
	ASK PROSPECTING &
    GUIDING INC. 	By: /s/ Kevin Keats                                      
    
	as represented by its
    President	ASK Prospecting &
    Guiding Inc
	 Kevin Keats
    	Kevin Keats, President
    

 

 

  

                [Signature Page to Termination and Release]Deerfield Resources, Ltd.: Exhibit 10.10 - Prepared by TNT Filings Inc.

Exhibit 10.10

(English Translation)

Equity Transfer Agreement

The transferors:  

Henian Wu (“Party A”) 

Domicile: No. 142, Friendship Street, Wenquan Town, Yingshan County, Hubei Province

ID No. : 422126196309072018 

Zongfu Wang (“Party B”) 

Domicile: No.141, Jinfu Pavilion, Jinyuan Building, No. 3008, South Bao'an Road, Luohu District, Shenzhen City,

Guangdong Province 

ID No. : 440303196404243717 

Junbiao Huang (“Party C”) 

Domicile: Qianshan Neighborhood Committee, Xiangzhou District, Zhuhai city, Guangdong Province

The transferee: 

Good Wealth Capital Investment Limited (“Party D”) 

Registered domicile: Workshop No. 10,6/F, Hewlett Centre, No. 52-54 Hoi Yuen Road, Kwun Tong, Kowloon.

Whereas:

Shenzhen TMK Power Industries Ltd. (the “Company”) was established by Party A and Party B and Party C in Shenzhen on September 3, 2001, with a registered capital of RMB 10,000,000 (ten million Yuan). Party A
holds 58% and Party B holds 30% and Party C holds 12% of the Company's equity.  

Party A agrees to transfer 58% of the equity of Company to Party D and Party D agrees to purchase the said equity.

Party B agrees to transfer 30% of the equity of Company to Party D and Party D agrees to purchase the said equity.

Party C agrees to transfer 12% of the equity of Company to Party D and Party D agrees to purchase the said equity.

Party A, Party B, Party C and Party D entered into an equity transfer agreement on September 25, 2008 (the “Original Agreement”). 

Party A, Party B, Party C and Party D have agreed to reach this agreement.

 After consultation, as provided by Company Law of the People's Republic of China and Contract Law of the People's Republic of China, the parties agree as follows: 

1

Article 1 Transfer price and payment terms

     1. 

Party A holds 58% of the equity of Company, and according to Articles of Association of Company (“AOA of Company”), Party A shall make capital contributions in RMB 5,800,000 (five million and eight hundred
thousand Yuan), and Party A has made capital contributions as specified in AOA of Company. Party A agrees to transfer his total equity to Party D and Party D agrees to purchase such equity. 

Party B holds 30% of the equity of Company, and according to AOA of Company, Party B shall make capital contributions in RMB 3,000,000 (three million Yuan), and Party B has made capital contributions as specified in AOA
of Company. Party B agrees to transfer his total equity to Party D and Party D agrees to purchase such equity. 

Party C holds 12% of the equity of Company, and according to AOA of Company, Party C shall make capital contributions in RMB 1,200,000 (one million and two hundred thousand Yuan), and Party C has made capital
contributions as specified in AOA of Company. Party C agrees to transfer his total equity to Party D and Party D agrees to purchase such equity. 

     2. 

Party A, Party B, Party C and Party D agree that the purchase price of the equity transferred by Party A and Party B and Party C to Party D shall be determined in accordance with the Assets Valuation Report issued by
Shenzhen Yong - Rui Letter and Assets Evaluation Ltd. on September 25, 2008. The purchase price payable by Party D to Party A for acquiring the 58% equity of the Company shall be USD875,800 (eight hundred and seventy-five thousand, eight hundred
Dollars) and the purchase price payable by Party D to Party B for acquiring the 30% equity of the Company shall be USD 453,000 (four hundred and fifty-three thousand Dollars) and the purchase price payable by Party D to Party C for acquiring the 12%
equity of the Company shall be USD 181,200(one hundred and eighty-one thousand, two hundred dollars). 

     3.

Party D shall make lump sum payments to Party A and Party B and Party C of
USD1,510,000 by bank transfer or by cash; each of such payments shall be made
within sixty days upon the effective date of this agreement.

Article 2 Transferors' warranties

Party A and Party B and Party C warrant that they have full disposition right of the transferred equity, that the transferred equity is free from liens and claims of any third parties, and that the transferred equity is
not seized by government. Otherwise, Party A and Party B and Party C shall undertake all economic and legal responsibilities arising from the violation of above warranties. 

Article 3 Sharing of Company's loss and profits (including creditor's and debt)

1. 

After this agreement takes effect, Party D has the right to share Company
profits and undertake the corresponding risk and loss according to the
proportion of equity. 

2. 

If Party A and Party B and Party C have not truthfully informed Party D of the
debts that Company undertakes before the transfer of equity, as a result, Party
D suffers from loss, Party D has the right to recover the relevant damages from
Party A and Party B and Party C. 

2

Article 4 Liabilities for breach of agreement

1. 

When the agreement comes into effect, the four parties shall fully perform their
duties. Any party who fails to fully perform his duty according to the agreement
shall be liable in accordance with law and the provisions of the agreement. 

2. 

If due to Party A and Party B and Party C, Party D is not able to conduct
transfer procedures on schedule, or the purpose of the agreement is compromised,
Party A and Party B and Party C shall pay Party D 0.01% of the equity transfer
payment that Party D has made as liquidated damages. If the liquidated damages
paid by Party A and Party B cannot cover the losses of Party D arising from
Party A and Party B and Party C's breach of agreement, Party A and Party B and
Party C shall make compensation in accordance with the proportion of their
transferred equity. 

Article 5 Modification and termination of the agreement

The parties may modify or terminate the agreement if they have so agreed and they shall sign other agreements to indicate the modification or termination of this agreement  

Article 6 The burden of cost and tax

All cost involved in equity transfer (including but not limited to notary fee, assessment fee, fees for change of registration in industrial and commercial administration) shall be borne by negotiation of the four
parties. 

Article 7 Settlement of disputes

Any disputes arising from or concerning this agreement could be settled through negotiations. If no settlements are reached through negotiation, the parties can bring the case to Shenzhen Arbitration Commission. 

Article 8 Effectiveness

This agreement shall be effective upon the signing of the four parties and approval of related approving authority after the notary of Shenzhen Notary Public Office. 

Article 9 Supplementary provision

This agreement is made in seven copies. Each party and Shenzhen Notary Public Office keeps one copy respectively, and the rest are submitted to related administrations. 

Henian Wu                                                                  
 

Transferor (Party A): Henian Wu 

Zongfu Wang                                                             
 

Transferor (Party B): Zongfu Wang

Junbiao Huang                                                            
  

Transferor (Party C):Junbiao Huang

Guifang Li                                                                     
 

Transferee (Party D): GOOD WEATH CAPITAL

INVESTMENT LIMITED 

 On September 25, 2008

In Shenzhen

3

The Supplementary Agreement On Equity Transfer

The transferors:  

Henian Wu (“Party A”) 

Domicile: No. 142, Friendship Street, Wenquan Town, Yingshan County, Hubei Province

ID No. : 422126196309072018 

Zongfu Wang (“Party B”) 

Domicile: No.141, Jinfu Pavilion, Jinyuan Building, No. 3008, South Bao'an Road, Luohu District, Shenzhen City,

Guangdong Province 

ID No. : 440303196404243717 

Junbiao Huang (“Party C”) 

Domicile: Qianshan Neighborhood Committee, Xiangzhou District, Zhuhai city, Guangdong Province

The transferee: 

Good Wealth Capital Investment Limited (“Party D”) 

Registered domicile: Workshop No. 10,6/F, Hewlett Centre, No. 52-54 Hoi Yuen Road, Kwun Tong, Kowloon.

Whereas:

Shengzhen TMK Power Industries Ltd. (the “Company”) was established by Party A and Party B and Party C in Shenzhen on September 3, 2001, with a registered capital of RMB 10,000,000 (ten million Yuan). Party A
holds 58% and Party B holds 30% and Party C holds 12% of the Company's equity.  

Party A agrees to transfer 58% of the equity of Company to Party D and Party D agrees to purchase the said equity.

Party B agrees to transfer 30% of the equity of Company to Party D and Party D agrees to purchase the said equity.

Party C agrees to transfer 12% of the equity of Company to Party D and Party D agrees to purchase the said equity.

Party A, Party B, Party C and Party D entered into an equity transfer agreement on September 25, 2008 (the “Original Agreement”). 

Party A, Party B and Party C have agreed to restate and amend the Original
Agreement in its entirety as set forth herein. Due to the financial crisis,
Party D cannot pay on time in accordance with the third item of Article1 of the
original agreement. After negotiation and consultation, Party A, Party B and
Party C abstain from looking into the legal responsibility of Party D. Party D
shall pay in accordance with the third item of Article 1 of the original
agreement to Party A, Party B and Party C within 60 days upon the effectiveness
of the supplementary agreement. 

 4 

This agreement is made in seven copies. Each party keeps one copy respectively, and the rest are submitted to related administrations. 

Henian Wu                                                                         
 

Transferor (Party A): Henian Wu 

Zongfu Wang                                                                     
 

Transferor (Party B): Zongfu Wang

Junbiao Huang                                                                   
  

Transferor (Party C):Junbiao Huang

Guifang Li                                                                           
 

Transferee (Party D): GOOD WEATH CAPITAL

INVESTMENT LIMITED 

On January 16, 2010

In Shenzhen  

5

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