Document:

Exhibit 10.27

 

AMENDMENT NO. 2

 

Reference is made to the Senior Unsecured Convertible Note issued to NB Athyrium LLC (the “Noteholder”) by Stemline Therapeutics, Inc. (the “Company”), dated March 16, 2010 (the “Note”), as amended by the Amendment by and between the Noteholder and the Company, dated July 26, 2012 (the “Amendment”).  Terms used but not defined herein shall have the meanings assigned to them in the Note and Amendment, as applicable.

 

The undersigned agree to further amend the Note and Amendment as follows:

 

1.                                      Section 2 of the Amendment is hereby deleted in its entirety and replaced with the following:

 

“Upon the closing of the IPO, the Noteholder agrees to convert 50% of the Subject Amount at the price to public per share on the cover of the final prospectus, and to leave the remaining 50% of the Subject Amount outstanding until the Maturity Date.”

 

2.                                      Section 3 of the Amendment is hereby deleted in its entirety and replaced with the following:

 

“All shares of capital stock of the Company held by the Noteholder, including the shares resulting from the optional conversion upon the closing of the IPO, will be subject to the Company’s standard form of lockup agreement in the form attached as Exhibit A hereto.”

 

3.                                      The first sentence of Section 1 of the Note is hereby deleted in its entirety and replaced with the following:

 

“For value received, STEMLINE THERAPEUTICS, INC., a Delaware corporation (including any successor thereto (by way of merger, consolidation, sale or otherwise), the “Company”), hereby promises to pay on February 28, 2014 or, if earlier, the date pursuant to section 6 hereof (the “Maturity Date”) to the order of NB Athyrium LLC, or its permitted successors or assigns (the “Holder”), the principal sum of US $1,250,000 or such part thereof as from time to time remains outstanding, whichever is less, together with interest on the outstanding principal balance hereof until such principal balance and interest shall have been paid in full.”

 

[Signature Page Follows]

 

 

IN WITNESS WHEREOF, the Parties hereto have executed this Amendment as of November 14, 2012.

 

 

	
 
    	
STEMLINE   THERAPEUTICS, INC.
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/   Ivan Bergstein, M.D.
    
	
 
    	
 
    	
Ivan   Bergstein, M.D.
    
	
 
    	
 
    	
President   and Chief Executive Officer
    
	
 
    	
 
    
	
NB ATHYRIUM LLC
    	
 
    
	
By its managing   member, NB SOF II Holdings (D) LP
    	
 
    
	
By its general partner, NB Secondary Opportunities Associates II LP
    
	
By its general partner, NB Secondary Opportunities Associates II GP LLC
    
	
 
    	
 
    
	
 
    	
 
    
	
By:
    	
/s/   Christian Neira
    	
 
    
	
Name:
    	
Christian   Neira
    	
 
    
	
Title:
    	
Authorized   SignatoryAsia Green Agriculture Corporation: Exhibit 10.1 - Filed by newsfilecorp.com

Exhibit 10.1

EXECUTIVE EMPLOYMENT AGREEMENT

     This Executive Employment
Agreement (the "Agreement") is made and entered into as of September 21,
2012, by and between Chin Hon Siang Alex, a person residing at the address
listed on the signature page attached hereto ("Executive"), and Asia
Green Agriculture Corporation (formerly known as SMSA Palestine Acquisition
Corp.), a Nevada corporation (the "Company"), with respect to the
following facts:

     A. The Company desires to employ
Executive under the terms, conditions and benefits as hereinafter described.

     B. Executive desires to render
services to the Company, subject to the terms and conditions set forth below.

     NOW, THEREFORE, in consideration
of the mutual covenants and obligations contained in this Agreement, and
intending to be legally bound, the parties hereto agree as follows:

ARTICLE I
EMPLOYMENT AND RESPONSIBILITIES

     1.1      Employment.
The Company hereby employs Executive as its Chief Financial Officer, subject to
the supervision and direction of the Company's Chief Executive Officer and board
of directors (the "Board").

     1.2      Assignment
of Duties. Executive shall have such duties as may be assigned to Executive
from time to time by the Board and executive officers senior to Executive,
consistent with the responsibilities of the position of Chief Financial Officer.
All such duties shall be performed outside the United States of America.

     1.3      Executive's
Devotion of Time. Executive shall devote such portion of Executive’s time,
abilities and energy to the faithful performance of the duties assigned to
Executive under this Agreement and the promotion of the business affairs of the
Company as may be necessary to fulfill his obligations hereunder. Executive may
also be employed by one or more subsidiaries of the Company and shall devote
Executive's full time, abilities and energy to the faithful performance of
duties to the Company and its subsidiaries. Executive shall not divert any
business opportunities from the Company to Executive or to any other person or
business entity.

     1.4     
Conflicting Activities. Executive shall not, during the term of this
Agreement, be engaged in any other business activity without the prior written
consent of the Board; provided, however, that this restriction shall not be
construed as preventing Executive from investing Executive's personal assets and
time in publicly listed companies that are not in competition with the Company
or its affiliates, provided that Executive shall not own more than five percent
(5%) of the outstanding securities of any such publicly listed companies.

ARTICLE II 
COMPENSATION

     During the Term (as defined
below), the Company shall pay Executive the following compensation:

-1-

Exhibit 10.1

     2.1      Salary.
In consideration of the services to be rendered by Executive to the Company, the
Company will pay to Executive an annual salary of HK$1,000,000 (the “Base
Salary”) which shall thereafter be adjusted from time to time as determined
by the Company or the Board based upon the Company's performance as well as
Executive meeting certain performance objectives. Any Base Salary earned shall
be paid to the bank account provided by Executive on a pro-rated basis on the
last business day of each month.

     2.2     
Bonus. During the Term, Executive will be eligible to earn bonuses in
conformity with the Company's customary practices for executive compensation as
determined by the Board based upon Executive’s and the Company’s performance.
Any bonus earned shall be paid within ninety (90) days following the end of the
Company's fiscal year end.

     2.3      Benefits.
During the Term, Executive will be eligible to participate on the same basis as
other Company executive employees in the Company's employee benefit plans,
including, without limitation, global health insurance, accident & injury
insurance, and D & O liabilities insurance, as such benefits or plans may be
modified or amended from time to time.

     2.4     
Vacation. During the Term, Executive will be eligible to accrue twenty
(20) days of paid vacation each year. Such vacation shall be taken at such times
and intervals as shall be agreed to by the Company and Executive in their
reasonable discretion. Executive shall cease to accrue further vacation at any
time that Executive has an unused vacation accrual of twenty days.

     2.5      Expenses.
The Company shall pay or reimburse Executive for all reasonable business
expenses including, without limitation, cell phone, personal digital assistant
(PDA) device, business travel expenses, reasonably incurred or paid by Executive
in the performance of his responsibilities hereunder in accordance with the
Company's prevailing policy and practice relating to reimbursements as modified
from time to time. Executive must provide substantiation and documentation of
these expenses to the Company in accordance with Company policy in order to
receive reimbursement.

ARTICLE III 
TERM

     3.1      The
Company shall employ Executive on the terms and conditions set forth herein
during the period commencing on the date of this Agreement and ending on
September 30, 2013 unless terminated earlier in accordance with ARTICLE IV (the
"Term"). Thereafter the Term will continue on a month to month basis
until either party provides the other party written notice at least thirty (30)
days prior to expiration of the applicable Term. Expiration of the Term shall
not be considered Good Reason or a termination of Executive's employment by the
Company without Cause. Unless the Company requests otherwise in writing, upon
termination of Executive's employment for any reason, Executive shall be deemed
to have immediately resigned from all positions with the Company (and its
affiliates) as of Executive's last day of employment (the "Termination
Date").

ARTICLE IV 
TERMINATION

     4.1      Accrued
Payments. Executive's employment under this Agreement may be terminated
prior to the end of the Term as follows in this ARTICLE IV. Except as otherwise
provided herein, upon termination of Executive's employment for any reason, on
the Termination Date Executive shall receive the "Accrued Payments" which
shall consist of: (i) earned but unpaid Base Salary; (ii) unused vacation days, if any, to the
extent accrued through the Termination Date; and (iii) payment of any
outstanding reimbursable business expenses.

-2-

Exhibit 10.1

     4.2     
At Executive's Option. Executive may terminate his employment upon a
month’s prior written notice or by payment to the Company of an amount equal to
the Base Salary in lieu of such notice under this Agreement at any time for any
reason. In the event of a termination of his employment under this Agreement by
Executive, he shall be entitled to the Accrued Payments.

     4.3      Termination
for Cause. The Company may terminate Executive's employment under this
Agreement for Cause at any time upon prior written notice to Executive.
Termination by the Company shall constitute a termination for "Cause" if
such termination is for one or more of the following reasons:

               4.3.1      the
failure or refusal of Executive to fulfill his obligations under this Agreement
(other than by reason of his Disability (as defined below)) or the material
breach by Executive of any of the terms of this Agreement which is not cured
within fifteen (15) days written notice to Executive identifying the nature of
the failure; 

               4.3.2      gross
negligence, a material breach by Executive of his fiduciary duties or the
commission by Executive of an act of fraud or embezzlement or his
misappropriation of any money or other assets or property (whether tangible or
intangible) of the Company or its subsidiaries;

               4.3.3      Executive's
engagement in conduct resulting in a material injury to the business, financial
condition or operations of the Company or its subsidiaries and which is not
authorized by the Board;

               4.3.4      Declaration
by competent authorities of Executive’s bankruptcy or loss of professional
qualification; or 

               4.3.5      The
conviction of, or plea of guilty or nolo contendere by, Executive of a felony or
any crime or civil violation involving moral turpitude.

               In
the event of a termination of Executive's employment for Cause, Executive shall
be entitled only to the Accrued Payments.

     4.4     
At the Election of the Company without Cause. The Company may terminate
Executive's employment upon a month’s prior written notice under this Agreement
without Cause, in which event, then in addition to the Accrued Payments,
Executive will be eligible to receive a Severance Package (as defined below)
subject to Section 4.6. The severance benefits payable to Executive (the
"Severance Package") will consist of twelve (12) months of Executive’s
Base Salary then in effect on the Termination Date, with such cash severance
payments payable to Executive in substantially equal monthly installments
commencing as of the last day of the month of the Termination Date (provided
however that the first installment will not be paid until the Section 4.6
Release has become effective and further provided that such first installment
will be a larger amount to account for the passage of time following the
Termination Date in case such first payment occurs more than one month after its
scheduled date of payment).

     4.5      Termination
due to Disability. In the event that Executive is unable to fulfill his
obligations due to illness, injury or other disabilities
(“Disabilities”), the Company may, if and as permissible under applicable laws, stop paying all or
portion of his Base Salary and, if Executive is unable to fulfill his
obligations for more than thirty (30) days during any twelvemonth period due to
Disabilities, the Company may terminate his employment on a month’s prior
written notice.

-3-

Exhibit 10.1

     4.6     
Resignation for Good Reason. If Executive terminates his employment for
Good Reason, then in addition to the Accrued Payments, Executive shall be
eligible to receive the Severance Package subject to Section 4.7. Payments of
the Severance Package shall be made at the same times specified in Section 4.4.
"Good Reason" shall mean (i) a material diminution in Executive’s
authority, duties or responsibilities; (ii) any material reduction in the Base
Salary unless specially related to performance of Executive or the Company;
(iii) declaration by competent authorities of the Company’s bankruptcy; (iv) the
Company’s material violation of the law; or (v) the Company's material breach of
this Agreement. For purposes of this Agreement, Executive may resign his
employment from the Company for "Good Reason" within sixty (60) days after the
date that any one of the Good Reason events listed above has first occurred
without Executive's written consent. Executive's resignation for Good Reason
will only be effective if the Company has not cured or remedied the Good Reason
event within thirty (30) days after its receipt of Executive's written notice
(such notice shall describe in detail the basis and underlying facts supporting
Executive's belief that a Good Reason event has occurred). Such written notice
must be provided by Executive to the Company within thirty (30) days of the
initial existence of the alleged Good Reason event. Failure to timely provide
such written notice to the Company means that Executive will be deemed to have
consented to and waived the Good Reason event. If the Company does timely cure
or remedy the Good Reason event, then Executive may either resign his employment
without Good Reason or Executive may continue to remain employed subject to the
terms of this Agreement.

     4.7     
Release of Claims and Covenant Not to Sue. The Severance Package will be
paid if and only if Executive timely satisfies all of the following conditions:
(i) Executive complies with all surviving provisions of this Agreement; (ii)
Executive executes (and does not revoke) a release of claims and covenant not to
use (the "Release") substantially in the form provided in the attached
Exhibit A (and as may be reasonably modified by the Company) and remains
in full compliance with such Release and (iii) such Release must become
effective within sixty (60) days after the Termination Date.

     4.8      Covenants.
As a condition of this Agreement and to Executive's receipt of any
post-employment benefits, Executive agrees that Executive will fully and timely
comply with all of the covenants set forth in this Section (which shall survive
the Termination Date).

               4.8.1     
Upon the Termination Date, Executive shall execute the Company's termination
certification of Proprietary Information and Inventions Agreement (as defined
below) (or its successor agreement);

               4.8.2      Upon
the Termination Date, Executive shall return to the Company all Company property
including, but not limited to, computers, cell phones, pagers, keys, laboratory
notebooks, business cards, intellectual property, etc. and Executive shall not
retain any copies, facsimiles or summaries of any Company proprietary
information;

               4.8.3     
Executive will fully pay off any outstanding advances, loans or debts owed to
the Company no later than their applicable due date or the Termination Date (if
no other due date has been previously established);

-4-

Exhibit 10.1

               4.8.4     
Executive will submit any outstanding business expense reports to the Company
prior to the Termination Date;

               4.8.5      Executive
will not at any time during and subsequent to Executive's period of employment
with the Company make any disparaging statements (oral or written) about the
Company, or any of its affiliated entities, officers, directors, employees,
stockholders, representatives or agents, or any of the Company's products or
work-in-progress, in any manner that might be harmful to their businesses,
business reputations or personal reputations;

               4.8.6      As
of the Termination Date, Executive will no longer represent that Executive is an
officer, director or employee of the Company and Executive will immediately
discontinue using Executive's Company mailing address, telephone, facsimile
machines, voice mail and e-mail;

               4.8.7      Executive
acknowledges that (i) upon a violation of any of the covenants contained in this
Section 4.7 of this Agreement or (ii) if the Company is terminating Executive's
employment for Cause, the Company would as a result sustain irreparable harm,
and, therefore, Executive agrees that in addition to any other remedies which
the Company may have, the Company shall be entitled to obtain equitable relief
including specific performance and injunctions restraining Executive from
committing or continuing any such violation; and

               4.8.8     
Executive shall, upon the Company's request and without any payment therefor,
reasonably cooperate with the Company (and be available as necessary) after the
Termination Date in connection with any legal matters involving events that
occurred during Executive's period of employment with the Company.

ARTICLE V 
TAXES

     5.1     
Executive Tax Obligations. Anything to the contrary notwithstanding, all
payments made under this Agreement to Executive or Executive's estate or
beneficiaries will be subject to tax withholding pursuant to any applicable laws
or regulations. Executive will be solely liable and responsible for the payment
of Executive's taxes payable to the authorities in Hong Kong arising as a result
of any payment hereunder including without limitation any unexpected or adverse
tax consequence. The Company shall bear any taxes payable to the authorities in
the People’s Republic of China incurred in connection with any payment
hereunder, provided that Executive shall give prompt written notice to the
Company once he has been in the Republic of China for one hundred and fifty
three (153) or more calendar days in a calendar year.

     5.2      Section
409A. This Agreement is intended to comply with the requirements of section
409A of the United States Internal Revenue Code (the "Code"), to the
extent applicable. In the event this Agreement or any benefit paid to Executive
hereunder is deemed to be subject to Code Section 409A, Executive consents to
the Company adopting such conforming amendments as the Company deems necessary,
in its reasonable discretion, to comply with Code Section 409A. In addition, if
Executive is a specified employee (within the meaning of Code Section 409A) at
the time of Executive's separation from service, then to the extent necessary to
comply with Code Section 409A and avoid the imposition of taxes under Code
Section 409A, the payment of certain benefits owed to Executive under this
Agreement will be delayed and instead paid (without interest) to Executive upon
the earlier of the first business day of the seventh month following Executive's separation from service or
ten (10) business days after Executive's death.

-5-

Exhibit 10.1

     5.3     
Code Section 280G. In the event that it is determined that any payment or
distribution of any type to or for Executive's benefit made by the Company, by
any of its affiliates, by any person who acquires ownership or effective control
or ownership of a substantial portion of the Company's assets (within the
meaning of Section 280G of the Code) or by any affiliate of such person, whether
paid or payable or distributed or distributable pursuant to the terms of an
employment agreement or otherwise, would be subject to the excise tax imposed by
Section 4999 of the Code or any interest or penalties with respect to such
excise tax (such excise tax, together with any such interest or penalties, are
collectively referred to as the "Excise Tax"), then such payments or
distributions or benefits shall be payable either: (i) in full; or (ii) as to
such lesser amount which would result in no portion of such payments or
distributions or benefits being subject to the Excise Tax. 

     Executive shall receive the
greater, on an after-tax basis, of (i) or (ii) above, provided however that to
the extent applicable, Executive may elect to subject the payments that are in
excess of the permissible maximum payment amount specified under Section
280G(b)(2)(A)(ii) of the Code to a stockholder vote as provided for under
Section 280G(b)(5) of the Code. 

     Unless Executive and the Company
agree otherwise in writing, any determination required under this Section 5.3
shall be made in writing by an independent accountant selected by the Company
(the "Accountant") whose determination shall be conclusive and binding.
Executive and the Company shall furnish the Accountant such documentation and
documents as the Accountant may reasonably request in order to make a
determination. The Company shall bear all costs that the Accountant may
reasonably incur in connection with performing any calculations contemplated by
this Section.

ARTICLE VI
PROPRIETARY INFORMATION AND
INVENTIONS.

     6.1     
Concurrently with the execution of this Agreement, and in consideration of the
salary and benefits provided to Executive under this Agreement, Executive has
entered into the Company's Proprietary Information and Inventions Agreement in
the form attached hereto as Exhibit B.

ARTICLE VII
 DUTY OF LOYALTY

     7.1      Non-Competition.
During the term of this Agreement, and within six (6) months after the
Termination Date, Executive will not engage in any employment, business, or
activity that is in any way competitive with the business or proposed business
of the Company, or assist any other person or organization in competing with the
Company or in preparing to engage in competition with the business or proposed
business of the Company.

     7.2      Non-Solicitation.
During the term of this Agreement, Executive will not encourage any customer,
employee or consultant of the Company to discontinue, substantially reduce or
materially alter their business relationship with the Company in a manner that
is detrimental to the Company. 

-6-

Exhibit 10.1

     7.3     
Injunctive Relief. Executive expressly agrees that the covenants set
forth in Sections 7.1 and 7.2 are reasonable and necessary to protect the
Company and its legitimate business interests, and to prevent the unauthorized
dissemination of Confidential Information to competitors of the Company.
Executive also agrees that the Company will be irreparably harmed and that
damages alone cannot adequately compensate the Company if there is a violation
of Sections 7.1 or 7.2 by Executive, and that injunctive relief against
Executive is essential for the protection of the Company. Therefore, in the
event of any such breach, it is agreed that, in addition to any other remedies
available, the Company shall be entitled as a matter of right to injunctive
relief in any court of competent jurisdiction, plus attorneys' fees actually
incurred for the securing of such relief.

ARTICLE VIII 
MISCELLANEOUS

     8.1     
Governing Law and Choice of Forum. This Agreement shall be interpreted
and governed by the laws of the State of Nevada and, as applicable, the laws of
the United States, without giving effect to the principles of choice of law or
conflicts of laws of Nevada.

     8.2      Authority.
Each party warrants that it has proper authority to enter into this Agreement.
Execute represents and warrants to the Company that the execution or performance
of this Agreement does not and will not constitute a breach of any other
agreement to which it is a party or bound.

     8.3     
Interpretation. The captions in this Agreement are for convenience and
reference only and the words contained therein shall in no way be held to
explain, modify, amplify or aid in the interpretation, construction or meaning
of the provisions of this Agreement. Both the Company and Executive have had the
opportunity to consult with an attorney of his choice before executing this
Agreement. Accordingly this Agreement shall be construed in accordance with its
fair meaning and not strictly for or against either party.

     8.4      Waiver.
The waiver by either of the parties, express or implied, of any right under this
Agreement or any failure to perform under this Agreement by the other party,
shall not constitute or be deemed a waiver of any other right under this
Agreement or of any other failure to perform under this Agreement by the other
party, whether of a similar or dissimilar nature.

     8.5     
Severability. Should any part or provision of this Agreement be held
unenforceable or in conflict with the law of any jurisdiction, the validity of
the remaining parts or provisions shall not be affected by such holding.

     8.6     
Entire Agreement. This Agreement and the Exhibits attached hereto set
forth the entire agreement and understanding of the parties relating to the
subject matter contained in this Agreement and merges all prior and
contemporaneous discussions and agreements between them. Any modification of any
of the provisions of this Agreement shall not be valid unless in writing and
signed by authorized representatives of the party against whom such modification
is sought to be enforced. All notices pursuant to this Agreement must be in
writing (which may be by facsimile or electronic transmission) to be effective
and shall be deemed to have been given on the day actually delivered or received
(upon confirmation thereof). All notices to Executive shall be addressed to the
address set forth below his and all the notices to the Company shall be sent to
the Company's headquarters.

-7-

Exhibit 10.1

     8.7      Assignment.
The Company shall have the right to assign its duties, obligations and/or rights
under this Agreement to any entity or person it chooses, at any time and without
the consent of Executive. In the case of assignment, the assignee shall be
deemed to be the Company for all purposes under this Agreement. Executive shall
have no right to assign his duties or responsibilities under this Agreement.
With the above qualifications, this Agreement shall inure to the benefit of, and
be binding upon, the parties to this Agreement, and their respective executors,
administrators, successors and assigns.

     8.8      Attorneys'
Fees. In the event of any disputes arising out of this Agreement, the
prevailing party shall be entitled to reasonable attorneys' fees and other fees
and costs related thereto.

     8.9     
Counterparts. This Agreement may be executed in multiple counterparts and
transmitted by facsimile or by electronic mail in portable document format or by
any other electronic means intended to preserve the original graphic and
pictorial appearance of a party's a signature. Each such counterpart and
facsimile or PDF signature shall constitute an original and all of which
together shall constitute one and the same original.

[Signature Page to Executive Employment Agreement
Follows]

-8-

Exhibit 10.1

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

	Asia Green Agriculture Corporation 	 	Chin Hon Siang Alex 
	 	  	 	 
	 	  	 	 
	 By: 		 	/s/ Chin Hon Siang Alex 
	 Name: 		 	Signature 
	 Title: 		 	 
	 Date: 		 	 
	 	  	 	[ADDRESS] 
	 	  	 	 
	 	  	 	 
	 	  	 	 
	 	  	 	Date: 	 

-9-

Exhibit 10.1

EXHIBIT A

RELEASE OF CLAIMS AND COVENANT NOT TO SUE

     This Release of Claims and
Covenant Not To Sue (the "Release") is entered into by Chin Hon Siang
Alex ("Executive"). This Release is effective only if (i) it has been
executed by Executive after his termination of employment with Asia Green
Agriculture Corporation (formerly known as SMSA Palestine Acquisition Corp.)
(the "Company"), (ii) such executed Release has been provided to the
Company on or before [DATE] and (iii) the revocation period has expired without
revocation as set forth in Section 5(c) below (the "Effective Date"). The
Company and Executive are collectively referred to herein as the Parties.

     WHEREAS, Executive was an
employee of the Company and served as the Company's Chief Financial Officer;

     WHEREAS, pursuant to Executive
Employment Agreement executed by the Parties on September 21, 2012 (the
"Severance Agreement"), Executive is eligible for specified severance
benefits upon the occurrence of certain events with such benefits conditioned
upon, among other things, Executive's execution and non-revocation of this
Release; 

     WHEREAS, Executive's employment
was terminated [by the Company without Cause] [by Executive for Good Reason] (as
defined in the Severance Agreement) on [DATE] (the "Separation Date");
and

     WHEREAS, pursuant to the terms of
the Severance Agreement, the Company has determined to treat the termination of
Executive’s employment as eligible for payment of certain separation benefits
provided in the Severance Agreement.

     NOW, THEREFORE, in consideration
of the covenants contained herein, and intending to be legally bound, Executive
agrees as follows:

     1.      Termination
of Employment. Executive acknowledges and agrees that Executive’s employment
with the Company terminated as of the close of business on the Separation Date.
As of the Separation Date, Executive agrees that he is no longer an employee of
the Company and no longer holds any positions or offices with the Company.

     2.      Separation
Benefits. In consideration for the release of claims set forth below and
other obligations under this Release and the Severance Agreement and in
satisfaction of all of the Company's obligations to Executive and further
provided that (i) this Release is signed by Executive and not revoked by
Executive under Section 5(c) herein and (ii) Executive remains in continuing
compliance with all of the terms of this Release and the Severance Agreement,
Executive is eligible to receive the Severance Package benefits specified in
Section 5.3 of the Severance Agreement.

     3.     
Integration. This Release and the Severance Agreement (and any agreements
referenced therein) represents the entire agreement and understanding between
the Parties as to the subject matter hereof and supersedes all prior agreements
whether written or oral.

     4.      Right
to Advice of Counsel. Executive acknowledges that Executive has had the
opportunity to fully review this Release and, if Executive so chooses, to
consult with counsel, and is fully aware of Executive’s rights and obligations
under this Release.

-1-

Exhibit 10.1

     5.     
Executive's Release of Claims. Executive hereby expressly covenants not
to sue and releases and waives any and all claims, liabilities, demands,
damages, penalties, debts, accounts, obligations, actions, grievances, and
causes of action ("Claims"), whether now known or unknown, suspected or
unsuspected, whether in law, in equity or in arbitration, of any kind or nature
whatsoever, which Executive has or claims to have, now or hereafter, against the
Company and its divisions, facilities, subsidiaries and affiliated entities,
successors and assigns, or any of its or their respective past or present
officers, directors, trustees, shareholders, agents, employees, attorneys,
insurers, representatives (collectively, the "Releasees"), including, but
not limited to, any Claims arising out of or relating in any way to Executive’s
employment at the Company and the termination thereof. Without limiting the
foregoing, Executive hereby acknowledges and agrees that the Claims released by
this Release include, but are not limited to, any and all claims which arise or
could arise under Title VII of the Civil Rights Act of 1964, the Age
Discrimination in Employment Act of 1967, the Federal Worker Adjustment and
Retraining Notification Act (or any similar state, local or foreign law), Nevada
statutory or common law, and federal statutory law, or any Claim for severance
pay, bonus, sick leave, disability, holiday pay, vacation pay, life insurance,
health or medical insurance or any other fringe benefit. Nothing herein shall
release any rights to indemnification Executive may have in connection with
Executive's actions taken in the course of his duties with the Company. This
release shall not apply to any claims that may not be waived as a matter of
applicable law.

               (b)      Executive
warrants and represents that there is not now pending any action, complaint,
petition, executive charge, grievance, or any other form of administrative,
legal or arbitral proceeding by Executive against the Company and further
warrants and represents that no such proceeding of any kind shall be instituted
by or on Executive’s behalf based upon any and all Claims released herein.

               (c)      Executive
expressly acknowledges, understands and agrees that this Release includes a
waiver and release of all claims which Executive has or may have under the Age
Discrimination in Employment Act of 1967, as amended, 29 U.S.C. §621, et seq.
("ADEA"). The following terms and conditions apply to and are part of the waiver
and release of ADEA claims under this Release:

                         (i)      Executive
is advised to consult an attorney before signing this Release;

                         (ii)      Executive
is granted twenty-one (21) days after he is presented with this Release to
decide whether or not to sign this Release;

                         (iii)      Executive
will have the right to revoke the waiver and release of claims under the ADEA
within seven (7) days of signing this Release, and this Release shall not become
effective and enforceable until that revocation period has expired without such
revocation;

                         (iv)     
Executive hereby acknowledges and agrees that he is knowingly and voluntarily
waiving and releasing Executive’s rights and claims in exchange for
consideration (something of value) in addition to anything of value to which he
is already entitled; and

                         (v)      Nothing
in this Release prevents or precludes Executive from challenging or seeking a
determination in good faith of the validity of this waiver under the ADEA, nor does it impose any condition precedent, penalties or
costs from doing so, unless specifically authorized by federal law.

-2-

Exhibit 10.1

     7.      Severability.
Executive understands that whenever possible, each provision of this Release
will be interpreted in such a manner as to be effective and valid under
applicable law, but if any provision of this Release is held to be invalid,
illegal or unenforceable in any respect under any applicable law or rule in any
jurisdiction, such invalidity, illegality or unenforceability will not affect
any other provision or any other jurisdiction, but this Release will be
reformed, construed and enforced in such jurisdiction as if such invalid,
illegal or unenforceable provision had never been contained herein.

     8.      No
Representations. Executive has not relied upon any representations or
statements made by the Company in deciding whether to execute this Release.

     9.      Voluntary
Execution of Release. This Release is executed voluntarily by Executive and
without any duress or undue influence and with the full intent of releasing all
claims. Executive acknowledges that:

               (a)      He
has read this Release;

               (b)      He
has been represented in the preparation, negotiation, and execution of this
Release by legal counsel of his own choice or that he has voluntarily declined
to seek such counsel;

               (c)      He
understands the terms and consequences of this Release and of the releases it
contains; 

               (d)     
He is fully aware of the legal and binding effect of this Release.

	IN WITNESS WHEREOF, Executive has executed this
      Release as shown below. 
	 
	Chin Hon Siang Alex 
	 
	/s/ Chin Hon Siang Alex 
	 
	Dated: ______________________

-3-

Execution Copy

EXHIBIT B

PROPRIETARY INFORMATION AND INVENTIONS AGREEMENT

     In consideration of my employment
by Asia Green Agriculture Corporation (formerly known as SMSA Palestine
Acquisition Corp.), a Nevada corporation (the "Company'), I hereby agree
to certain restrictions placed by the Company on my use and development of
information and technology of the Company, as more fully set out below.

ARTICLE I
PROPRIETARY INFORMATION AND COMPANY
DOCUMENTS

     1.1      Proprietary
Information. I understand that the Company possesses Proprietary Information
which is important to its business. "Proprietary Information" is
information developed, created or discovered by the Company, or which became
known by or was conveyed to the Company, which has or could have commercial
value in the Company's business. By way of illustration, but not limitation,
Proprietary Information includes any and all technical and nontechnical
information such as patent, copyright, trade secret, mask works, techniques,
methodologies inventions, know-how, processes, sketches, drawings, models,
apparatus, equipment, algorithms, data, database, database criteria, software
programs and subroutines, source and object code, features, modes of operation,
formulae related to the current, future and proposed products and services of
Company, research, experimental work, development, design details,
specifications, engineering, financial information, procurement requirements,
purchasing, manufacturing and customer lists, business forecasts, sales and
merchandising plans, marketing plans, other employee's positions, skill levels,
duties, compensation and all other terms of their employment. I acknowledge that
Proprietary Information may include information previously disclosed to me.
Proprietary Information may be stamped or otherwise marked "Confidential", "
Proprietary", or with some similar designation. If any information or material
is not so marked but nonetheless it meets the definition above, it is still
Proprietary Information. If I am uncertain as to whether particular information
or materials are Proprietary Information, I will request the Company's written
opinion as to their status. I understand that Proprietary Information does not
include any information, idea or material that: (i) is or becomes publicly known
through lawful means and without breach of this Agreement by me; (ii) was
rightfully in my possession or part of my general knowledge prior to my
employment by the Company; or (iii) is disclosed to me without confidential or
proprietary restrictions by a third party who rightfully possesses the
information, ideas or materials (without confidential or proprietary
restrictions) and did not learn of it, directly or indirectly, from the Company.
Any information, idea or material will not be considered to be publicly known or
in the public domain merely because it is embraced by more general information
in my prior possession or the possession of others, or merely because it is
expressed in public literature in general terms. Proprietary Information also
does not include my general knowledge and skill obtained during the course of my
employment. I understand that my employment or engagement as a consultant
creates a relationship of confidence and trust between me and the Company with
respect to Proprietary Information.

     1.2      Company
Documents. I understand that the Company possesses Company Documents which
are important to its business. "Company Documents" are documents or other
media, including without limitation electronic data and information, that
contain Proprietary Information or any other information concerning the
business, operations or plans of the Company, whether such documents have been
prepared by me or by others. Company Documents include, but are not limited to,
documents, spreadsheets, presentations, reports, blueprints, drawings,
photographs, charts, graphs, notebooks, customer lists, computer disks, tapes or printouts, electronic communications, sound recordings
and other printed, typewritten or handwritten documents, sample products,
prototypes and models.

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Execution Copy

ARTICLE II 
RESTRICTIONS ON USE

     2.1     
Proprietary Information. All Proprietary Information and all patents,
copyrights and other rights in connection therewith are and shall remain solely
the property of the Company. At all times, both during my employment with or
engagement as a consultant to the Company and after its termination, I will keep
in confidence and trust and will not use or disclose any Proprietary Information
or anything relating to it without the prior approval of the Company, except as
may be necessary in the ordinary course of performing my duties to the
Company.

     2.2      Company
Documents. All Company Documents are and shall remain solely the property of
the Company. I agree that during my employment with or engagement as a
consultant to the Company, I will not remove or electronically transmit any
Company Documents from the business premises of the Company or deliver any
Company Documents to any person or entity outside the Company, except as I am
required to do in connection with the performance of my duties to the Company
and pursuant to appropriate non-disclosure agreements.

     2.3     
Third Party Information. I recognize that the Company may have received
and in the future will receive from third parties their confidential or
proprietary non-public information subject to a duty on the Company's part to
maintain the confidentiality of such information and to use it only for certain
limited purposes. At all times, both during my employment with or engagement as
a consultant to the Company and after its termination, I will keep in confident
and trust and will not use or disclose any such confidential or proprietary
information or anything relating to it without the prior approval of the
Company, except as may be necessary in the ordinary course of performing my
duties to the Company consistent with the Company's agreement with such third
party.

     2.4     
Location. I agree to maintain at my work station and/or any other place
under my control only such Proprietary Information as I have a current "need to
know." I agree to return to the appropriate person or location or otherwise
properly dispose of Proprietary Information once that need to know no longer
exists. I agree not to remove Proprietary Information from the Company's
premises except as required in the course of my employment or consultancy with
the Company.

     2.5      Actions
on Termination. I further agree that, immediately upon the termination of my
employment with or engagement as a consultant to the Company for any reason, or
at any other time requested by the Company, I will return all Company Documents,
apparatus, equipment, and other physical property, or any reproduction of such
property, excepting only (i) my personal copies of records relating to my
compensation; (ii) my personal copies of any materials previously distributed
generally to the public; and (iii) my copy of this Agreement, and will agree to
sign and deliver a Termination Certificate in the form attached hereto as
Exhibit 1.

ARTICLE III 
PERSONAL INFORMATION

     3.1      Definition
of Personal Information. "Personal Information" means personally
identifiable information about employees, independent contractors or third party
individuals, including names, addresses, telephone or facsimile numbers,
Social Security Numbers, background information, credit card or banking
information, health information, or other information entrusted to the
Company.

-5-

Execution Copy

     3.2      Protection
of Personal Information. During my employment with or engagement as a
consultant with the Company and thereafter, I shall hold Personal Information in
the strictest confidence and shall not disclose or use Personal Information
about other individuals, except in connection with my work for the Company, or
unless expressly authorized in writing by an authorized representative of the
Company. I understand that there are laws in the United States and other
countries that protect Personal Information, and that I must not use Personal
Information about other individuals other than for the purposes for which it was
originally used or make any disclosures of other individuals' Personal
Information to any third party or from one country to another without prior
approval of an authorized representative of the Company. I understand that
nothing in this Agreement prevents me from discussing my wages or other terms
and conditions of my employment with coworkers or others, unless such discussion
would be for the purpose of engaging in unfair competition or other unlawful
conduct.

ARTICLE IV
 INVENTIONS

     4.1      Definition.
As used in this Agreement, the term "Inventions" means all processes,
machines, manufactures, compositions of matter, improvements, inventions
(whether or not protectable under patent laws), works of authorship, information
fixed in any tangible medium of expression (whether or not protectable under
copyright laws), moral rights, mask works, trademarks, trade names, trade dress,
trade secrets, know-how, ideas (whether or not protectable under trade secret
laws), and all other subject matter protectable under patent, copyright, moral
right, mask work, trademark, trade secret or other laws, and includes without
limitation all new or useful art, combinations, discoveries, formulae,
manufacturing techniques, technical developments, discoveries, artwork,
software, and designs.

     4.2     
Records. I agree during the term of this Agreement to make and maintain
adequate and current records, in a form specified by the Company, of all
Inventions, that I develop during the term of this Agreement. Such records shall
remain the sole property of the Company at all times.

     4.3      Disclosure
of Inventions. I will promptly disclose in writing to my immediate
supervisor, or to any persons designated by the Company, all Inventions, whether
or not patentable, made or conceived or reduced to practice or developed by me,
either alone or jointly with others, during the term of my employment or
engagement as a consultant. I will also disclose all things that would be
Inventions if made during the term of my employment with or engagement as a
consultant to the Company, but conceived, reduced to practice, or developed by
me within three (3) months of the termination of my employment with or
engagement as a consultant to the Company to permit a determination by the
Company as to whether such Inventions should be property of the Company. Such
disclosures shall be received by the Company in confidence. I will not disclose
Inventions to any person outside the Company unless I am requested to do so by
my supervisor or other person designated by the Company. Prior to my submitting
or disclosing for possible publication or dissemination outside the Company any
material prepared by me that incorporates information that concerns the
Company's business or anticipated research, I agree to deliver a copy of such
material to the Company, for its review. I agree to make such deletions and
revisions as are reasonably requested by the Company to protect its Proprietary
Information.

-6-

Execution Copy

     4.4      Ownership
of Inventions. I agree that all Inventions which I make, conceive, reduce to
practice or develop (in whole or in part, either alone or jointly with others)
during my employment or consultancy shall be the sole property of the Company.
The Company shall be the sole owner of all patents, copyrights and other
intellectual property or other rights in connection therewith. I further
acknowledge and agree that such Inventions are "works made for hire" (as that
term is used in the United States Copyright Act) for the Company, and that all
rights to such Inventions in all forms shall belong to the Company for all
purposes throughout the universe in perpetuity. 

     4.5      Assignment.
I hereby assign to the Company any right, title or interest I have or may in the
future acquire in Inventions which I make, conceive or reduce to practice or
develop (in whole or in part, either alone or jointly with others) during my
employment or consultancy. I am aware and hereby acknowledge that new rights to
the Inventions and new or changed technology, uses, media, formats, modes of
transmission and methods of distribution, dissemination, exhibition or
performance are being and will inevitably continue to be developed in the
future, which offer new opportunities for exploiting the Inventions, and I
intend and hereby do grant and convey to the Company any and all new rights to
and all new exploitation rights in respect of the Inventions. I agree to confirm
any such waivers and consents from time to time as requested by the Company.

     4.6      License.
To the extent any of the rights, title and interest in and to the Inventions
cannot be assigned by me to the Company, I hereby grant to the Company an
exclusive, royalty-free, transferable, irrevocable, worldwide license (with
rights to sublicense through multiple tiers of sublicensees) to practice such
non-assignable rights, title and interest. To the extent any of the rights,
title and interest in and to Inventions can be neither assigned nor licensed by
me to the Company, I hereby irrevocably waive and agree never to assert such
non-assignable and non-licensable rights, title and interest against the Company
or any of the Company's successors in interest to such non-assignable and
non-licensable rights.

     4.7      Moral
Rights. The Company is the "author" of such Inventions for all purposes, and
the sole and exclusive owner of all the rights therein and thereto, including
all so-called "moral rights of authors" and "droit moral" rights and any similar
or analogous rights under the applicable laws of any country of the world. To
the extent such moral rights cannot be assigned under applicable law, I hereby
waive such moral rights and consent to any action of the Company that would
violate such moral rights in the absence of such consent. I hereby authorize the
Company to publish the Inventions in the Company's sole discretion with or
without attributing any of the foregoing to me or identifying me in connection
therewith and regardless of the effect on such Inventions or my relationship
thereto. I agree to ratify and consent to any action that may be taken or
authorized by the Company with respect to such Inventions, and I will confirm
any such ratifications and consents from time to time as requested by the
Company.

     4.8      Further
Assurances. I agree to perform, during and after my employment with or
engagement as a consultant to the Company, all acts deemed necessary or
desirable by the Company to permit and assist it, at the Company's expense, in
obtaining and enforcing patents, copyrights or other rights on such Inventions
in any and all countries. Such acts may include, but are not limited to,
execution of documents and assistance or cooperation in filing, prosecution, or
registration of patents or other applications, assistance in the enforcement of
proprietary rights, or cooperation in legal proceedings. I hereby irrevocably
designate and appoint the Company and its duly authorized officers and agents,
as my agents and attorney-in-fact to act for and on my behalf and instead of me,
to execute and file any applications or related findings and to do all other
lawfully permitted acts to further the prosecution and issuance of patents, copyrights or other rights thereon with the same legal
force and effect as if executed by me.

-7-

Execution Copy

ARTICLE V 
PRIOR INVENTIONS

     5.1     
Prior Work. All previous work done by me for Company relating in any way
to the conception, reduction to practice, creation, derivation, design,
development, manufacture, sale or support of products or services for Company is
the property of Company, and I hereby assign to Company all of my right, title
and interest in and to such previous work.

     5.2      Disclosure
of Prior Innovations. I have identified on Exhibit 2 attached hereto
all Inventions, applicable to the business of Company or relating in any way to
Company's business or demonstrably anticipated research and development or
business, which were conceived, reduced to practice, created, derived,
developed, or made by me prior to my employment with Company, which I desire to
be excluded from this Agreement. I represent that I have no rights in any
Inventions other than those specified in Exhibit 2. If there is no such
list on Exhibit 2, I represent that I have neither conceived, reduced to
practice, created, derived, developed nor made any such prior Inventions at the
time of signing this Agreement.

     5.3      Prior
Agreements; No Conflict. I represent and warrant that my performance of all
the terms of this Agreement and as an employee or consultant of the Company does
not and will not breach any agreement to keep in confidence proprietary
information, knowledge or data acquired by me in confidence or in trust prior to
my employment with or engagement as a consultant to the Company. I will not
improperly use or disclose to the Company, or induce the Company to use, any
confidential or proprietary information or material belonging to any previous
employers or others and understand that the Company will not ask me to do so.
Additionally, I will not bring any confidential, proprietary or trade secret
information or material belonging to others onto the Company's premises. I
represent and warrant that I have returned all property and confidential
information belonging to all prior employers. I have not entered into, and I
agree I will not enter into, any agreement either written or oral in conflict
herewith or in conflict with my employment with or engagement as a consultant to
the Company.

ARTICLE VI 
GENERAL PROVISIONS

     6.1      Governing
Law. The interpretation, validity and effect of this Agreement shall be
governed by the laws of the State of Nevada, without reference to its conflict
of laws provision.

     6.2      Parties
Bound and Benefited. This Agreement shall be binding upon me, my heirs,
executor, assigns, and administrators, and shall inure to the benefit of the
Company, its subsidiaries, successors and assigns.

     6.3     
Specific Performance. I agree that it would be impossible or inadequate
to measure and calculate the Company's damages from any breach of the covenants
set forth herein. Accordingly, I agree that if I breach any such covenants, the
Company will have available, in addition to any other right or remedy available,
the right to obtain an injunction from a court of competent jurisdiction
restraining such breach or threatened breach by me and to specific performance
of any provision of this Agreement. I further agree that no bond or other
security shall be required in obtaining such equitable relief, and I hereby
consent to the issuance of such injunction and to the ordering of specific
performance.

-8-

Execution Copy

     6.4     
Indemnification. I agree to indemnify and hold the Company harmless for
all damages, costs and expenses of litigation (including reasonable attorneys'
fees) associated with any violations of any agreements to which I am a party,
any inaccuracies in or breaches of any representations, warranties or covenants
I have made in this Agreement or my employment agreement or consulting agreement
with the Company, if any, or for any violation by me of any laws.

     6.5      Entire
Agreement. This Agreement (along with the Exhibits attached hereto) and my
employment agreement or consulting agreement with the Company, if any,
constitutes the entire agreement among the parties hereto pertaining to the
subject matter contained herein and supersedes all prior agreements,
representations, and understandings of the parties, whether oral or written,
with respect to its subject matter. This Agreement can only be modified by a
subsequent written agreement executed by the parties hereto.

     I HAVE READ THIS AGREEMENT
CAREFULLY AND I UNDERSTAND AND ACCEPT THE OBLIGATIONS WHICH IT IMPOSES UPON ME
WITHOUT RESERVATION. NO PROMISES OR REPRESENTATIONS HAVE BEEN MADE TO ME TO
INDUCE ME TO SIGN THIS AGREEMENT. I SIGN THIS AGREEMENT VOLUNTARILY AND
FREELY.

	Asia Green Agriculture Corporation 	 	Chin Hon Siang Alex 
	 	  	 	 
	 	  	 	 
	 By: 		 	/s/ Chin Hon Siang Alex 
	 Name: 		 	Signature 
	 Title: 		 	 
	 Date: 		 	 
	 	  	 	[ADDRESS] 
	 	  	 	 
	 	  	 	 
	 	  	 	 
	 	  	 	Date: 	 

-9-

Execution Copy

EXHIBIT 1

Termination Certificate

     I certify that I have complied
with all the terms of the Proprietary Information and Inventions Agreement of
Asia Green Agriculture Corporation (formerly known as SMSA Palestine Acquisition
Corp.) (the "Company") signed by me (the "Agreement"), including
the reporting of any Inventions or other Proprietary Information (as defined
therein), conceived or made by me (solely or jointly with others) covered by the
Agreement.

     Further, I certify that I do not
have in my possession, nor have I failed to return, any Company Documents (as
defined in the Agreement) or reproductions of any aforementioned items belonging
to the Company.

     Further, I agree that, in
compliance with the Agreement, I will preserve as confidential all Proprietary
Information or anything relating or pertaining to any business of the Company or
any of its employees, clients, consultants or licensees.

	Chin Hon Siang Alex 	 	  
	 	 	 
	Print Name 	 	  
	 	 	 
	  	 	  
	/s/ Chin Hon Siang Alex 	 	  
	 	 	 
	Signature 	 	Date 

Execution Copy

EXHIBIT 2

     1. The following is a complete
list of all Inventions relevant to the subject matter of my employment with or
engagement as a consultant to the Company that have been made or conceived or
first reduced to practice by me or jointly with others prior to my employment or
engagement as a consultant, which I desire to remove from the operation of the
Company's Proprietary Information and Inventions Agreement:

____ No inventions or
improvements.

____ See below: Any and all inventions
regarding:

____ Additional sheets attached.

     2. I propose to bring to my
employment the following materials and documents of a former employer:

____ No materials or documents

____ See below:

	Chin Hon Siang Alex 	 	  
	 	 	 
	Print Name 	 	  
	 	 	 
	  	 	  
	/s/ Chin Hon Siang Alex 	 	  
	 	 	 
	Signature 	 	Date

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