Document:

Exhibit 10.13

 

English Translation

 

Maximum Guarantee Contract

 

AGRICULTURAL BANK OF CHINA

 

 

Maximum Guarantee Contract

 

Contract No.: 35905200900014032

 

This Maximum Guarantee Contract (“Contract”) is entered into by and between:

 

Creditor (Full Name): Jinjiang City Branch of Agricultural Bank of China

 

	
Guarantor (Full Name):
  	
(1) Zuoan Dress Co., Ltd., Shishi.
  
	
 
  	
(2)
  
	
 
  	
(3)
  

 

Whereas, Guarantor is willing to grant Maximum Guarantee for claims arising from business contracts (“Major Contracts”) that are signed by and between Creditor and Fujian ADO Cloth Manufacturing Co., Ltd. (“Borrower”) pursuant to Article 1 hereof.

 

THEREFORE, it is hereby, through negotiation by the parties hereto and in accordance with relevant laws and regulations of the PRC, agreed as follows:

 

Article 1        Guaranteed Principal Claims and Maximum Amount

 

1.         Guarantor is willing to guarantee the following claims between Creditor and Borrower to the extent of RMB Six Million Only (in words). As for a business in foreign exchange, it is required to make conversion at selling price of the date when one or more of businesses under (1) of this Article is conducted.

 

(1)       “Claims” shall mean those claims arising from diverse businesses between Creditor and Borrower from May 11, 2009 to May 10, 2012 (“Term”). The Term shall be determined for Claims under Maximum Guarantee. The above businesses include (subject to “” before any of the businesses):

 

x Loans in RMB/foreign exchange

 

oIssuing for reduction and exemption of margin

 

oExport packing loan     oDiscount on commercial bank drafts

 

oImport bill negotiated    oL/G

 

2

 

oCommercial acceptance bill      oB/P

 

oOther businesses:

 

 

(2)          Principal and interest accruals, penalties, compound interests and charges arising out of the following Major Contracts between Creditor and Borrower that have not been paid are as follows, and such interest accruals, penalties, compound interests and charges shall be added up to the date of actual payment subject to corresponding Major Contracts.

 

	
Name of Contract
  	
 
  	
Contract No.
  	
 
  	
Unpaid Principal
  	
 
  	
Currency
  
	
Borrowing Contract
  	
 
  	
35101200800004089
  	
 
  	
3,000,000.00
  	
 
  	
RMB
  
	
Borrowing Contract
  	
 
  	
35101200800006887
  	
 
  	
1,500,000.00
  	
 
  	
RMB
  

 

(Additional tables shall be attached to and integral to this Contract if columns in the above table are not enough.)

 

2.                           Currency, amount, interest rate and term of each installment of borrowings guaranteed under this Contract shall be subject to relevant legal instruments or vouchers.

 

3.                           To the extent of Term and Maximum Balance as provided in this Contract, Creditor is not required to complete guarantee formalities installment by installment when issuing loans or granting other banking credits pursuant to this Contract.

 

4.                           Guarantor shall bear guarantee liabilities in original currency for businesses (in whatever currency) that may occur within Term and Maximum Balance.

 

Article 2        Scope of Guarantee (“Guarantee Scope”)

 

Guarantee Scope shall cover principal, interest accruals, penalties, compound interests, liquidated damages, damages and court (arbitration fees) and attorney fees, and other fees to be used for getting claims by Creditor.

 

Guarantor is willing to guarantee the part in excessive of Maximum Balance due to fluctuation of foreign exchange rates.

 

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Article 3        Form of Guarantee

 

The guarantee under this Contract is a joint and several guarantee. If there is more than one guarantor under this Contract, each of them shall bear joint and several liabilities to Creditor.

 

Article 4        Period of Guarantee (“Guarantee Period”)

 

1.                           Guarantee Period shall be two (2) years from expiry of the date when a period for performance of obligations under Major Contracts is expired.

 

2.                           Guarantee Period for commercial acceptance bill, issuing for reduction and exemption of margin, and L/G shall be two (2) years from date of making advances by Creditor.

 

3.                           Guarantee Period for discount on commercial bank drafts shall be two (2) years from date of expiry of bills discounted.

 

4.                           If Creditor and Borrower agree on extending performance of obligations under Major Contracts, Guarantor shall continue to bear guarantee liabilities, and Guarantee Period shall be two (2) years from date of expiry of such extended period.

 

5.                           If Claims under Major Contract are declared as due earlier by Creditor due to occurrence of matters as provided by laws, regulations or Major Contracts, Guarantee Period shall be two (2) years from date of earlier expiry of Claims under Major Contracts as determined by Creditor.

 

Article 5        Undertakings by Guarantor

 

1.                           It has obtained authorizations necessary to this Contract pursuant to relevant regulations and procedures.

 

2.                           It has provided true, complete and valid financial statements, articles of association or other data and information at the request of Creditor; and Creditor is allowed to have access and monitor its production, operation and financial conditions.

 

3.                           Guarantor is willing to perform guarantee liabilities if Borrower fails to perform obligations pursuant to Major Contracts.

 

4.                           Creditor shall be entitled to directly deduct amount from accounts opened with Creditor by Guarantor if Guarantor fails to perform guarantee liabilities pursuant to this Contract.

 

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5.                           Guarantor shall promptly send written notice to Creditor under any of the following circumstances:

 

(1)                      Guarantor changes its name, address and contact methods, and replaces its legal representative;

(2)                      Subordinated relationship and senior management of Guarantor are changed, and/or its articles of association and structural organizations are adjusted;

(3)                      Financial conditions of Guarantor become serious, and it becomes materially serious in its production and operation, or it suffers material suits and/or arbitrations;

(4)                      Guarantor meets shut-down and/or out-of-business, or it suspends operation for rectification, or it is petitioned for bankruptcy and/or restructuring;

(5)                      Business license of Guarantor is cancelled and/or withdrawn, or it is ordered to shut down or suffers other matters in respect of its dissolution;

(6)                      Guarantor meets other circumstances adversely affecting materialization of Claims by Creditor.

 

6.                           Guarantor shall send a fifteen-day written notice to and obtain written consents of Creditor if it conducts any of the following acts:

 

(1)                      Guarantor changes its capital structure or operating system, including but not limited to contracting, lease, demutualization, joint operating, merger, division, joint venture, reduction of capitals, transfer of assets, application for restructuring, petition for arrangement and/or bankruptcy;

 

(2)                      Guarantor guarantees obligations of a third party, or establishes mortgage and charges in favor of its own or a third party obligations on its assets that may affect its capability of performing its guarantee liabilities hereunder.

 

Article 6        Determination of Guaranteed Claims

 

Claims under Maximum Mortgagee shall be determined under any of the following circumstances:

 

1.                           Expiry of Determined Claims Period. “Expiry of Determined Claims Period” shall include Expiry of Determined Claims Period as provided in Article 1 hereof, and earlier Expiry of Determined Claims Period that is declared pursuant to laws and regulations of the PRC or this Contract by Creditor. Creditor shall be entitled to declare earlier Expiry of Determined

 

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Claims Period if Borrower breaches its obligations under Major Contracts  or Guarantor breaches its obligations hereunder.

 

2.                           It is impossible for new Claims to occur.

 

3.                           Borrower and Guarantor are declared as bankrupt or are cancelled.

 

4.                           Other circumstances for determining Claims as provided by laws.

 

Article 7        Bearing of Guarantee Liabilities

 

1.                           Creditor shall be entitled to request Guarantor to perform guarantee liabilities under any of the following circumstances. If amount paid by Guarantor is not enough to satisfy Claims hereunder, Creditor may apply such amount to satisfying principal, interest accruals, penalties, compound interests or charges at its own discretions.

 

(1)                      Creditor has not been paid after any obligation under Major Contracts becomes due. “Expiry of Period” shall include expiry of a period agreed for performance of obligations under Major Contracts, and earlier expiry of Claims under Major Contracts that is declared by Creditor pursuant to laws and regulations of the PRC or Major Contracts;

(2)                      A bankruptcy petition against Borrower and/or Guarantor has been accepted by the People’s Court, or has been awarded for making an arrangement;

(3)                      Business license of Borrower and/or Guarantor has been cancelled and/or withdrawn, or Borrower and/or Guarantor have been ordered to shut down or have met other matters for their respective dissolution;

(4)                      Borrower and/or Guarantor are dead, or have been declared as lost or dead;

(5)                      Guarantor has breached any of its obligations hereunder;

(6)                      Other circumstances affecting materialization of Claims seriously.

 

2.                           If Claims hereunder are granted with both collaterals provided by Borrower and warranty granted by a warrantor, Creditor shall be entitled to request such warrantor to perform warranty liabilities before seeking for guarantee of such collaterals.

 

3.                           If Borrower provides collaterals, and if Creditor waives such collaterals, security interest orders, or changes the security interests, Guarantor agrees to bear joint and several guarantee liabilities for Claims under Major Contracts. “Security Interests” shall mean security interests arising

 

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from collaterals provided for Claims under Major Contracts by Borrower.

 

Article 8        Breaching Liability

 

1.                           If Creditor fails to perform its obligations hereunder after this Contract comes into effect, it shall indemnify losses caused to Guarantor.

 

2.                           Guarantor shall pay 10% of Maximum Balance of Claims hereunder as liquidated damages to Creditor and shall indemnify losses caused to Creditor (if any) under any of the following circumstances:

 

(1)                      It has failed to obtain legal and valid authorizations necessary to the guarantees hereunder;

(2)                      It has failed to provide true, complete and valid financial statements, articles of association or other relevant data and information pursuant to this Contract;

(3)                      It has failed to promptly send a notice to Creditor after it meets any of the circumstances as specified under Item (5) of Article 5;

(4)                      It has failed to obtain prior consents of Creditor before it conducts any of acts as specified under Item (6) of Article 5;

(5)                      Other acts that breach this Contract or affect materialization of Claims by Creditor.

 

Article 9        Dispute Resolutions

 

Any dispute arising out of performance of this Contract may be resolved through negotiation by the parties hereto, or may be resolved through the way as specified in 1 below:

 

1.                           Bring a lawsuit to the People’s Court at the residence of Creditor;

2.                           Submit to           /                  Arbitration Committee (full name) that will conduct arbitration in accordance with its arbitration rules.

 

Undisputed provisions hereof shall be continued to be performed during lawsuit and/or arbitration.

 

Article 10     Miscellaneous

 

1.                           Guarantor shall have knowledge of operating conditions of Borrower, and diverse businesses under this Contract and performance thereof in an active manner. No Major Contracts, relevant legal instruments or vouchers hereunder in relation to diverse businesses will be delivered to Guarantor.

 

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Article 11     Effectiveness

 

This Contract comes into effect from the date of signing or sealing this Contract by the parties hereto.

 

Article 12                This Contract is made in three counterparts with Creditor, Guarantor and Borrower holding one counterpart respectively, and each counterpart shall have the same force and effect with other counterparts.

 

Article 13                Reminding

 

Creditor has reminded Guarantor of complete and accurate understanding of the terms hereof, and has made explanations on relevant terms at the request of Guarantor. The parties hereto have agreed on the meanings of the terms of this Contract.

 

8

 

	
Creditor (Seal)
  	
 
  	
Guarantor (Seal)
  
	
[SEAL]
  	
 
  	
[SEAL]
  
	
 
  	
 
  	
 
  
	
Responsible Officer or Authorized Agent
  	
 
  	
Legal Representative or Authorized Agent
  
	
[SEAL]
  	
 
  	
[SEAL]
  
	
 
  	
 
  	
 
  
	
Guarantor (Seal)
  	
 
  	
Guarantor (Seal)
  
	
 
  	
 
  	
 
  
	
Legal Representative or Authorized Agent
  	
 
  	
Legal Representative or Authorized Agent
  

 

	
Signed on May 11, 2009
  
	
Signed at Jinjiang City Branch of Agricultural Bank of China
  
	
 
  	
 
  
	
Statements of Borrower: It has received the above Maximum Guarantee Contract, and it has no objection to all terms of this Contract.
  

 

[SEAL]

 

Borrower (Seal)

[SEAL]

 

Legal Representative or Authorized Agent

[SEAL]

 

Signed on May 11, 2009

 

9Exhibit 10.14

 

SHARE PURCHASE AGREEMENT

 

THIS SHARE PURCHASE AGREEMENT (“Agreement”) is made on November 18, 2010

 

BETWEEN:

 

MR. CHAOSHEN WANG (hereinafter referred to as the “Purchaser”); and

 

FAME BRILLIANT GROUP LIMITED, a corporation incorporated under the laws of the British Virgins Islands with its registered office at PO Box 957, Offshore Incorporations Centre, Road Town, Tortola, the British Virgin Islands (hereinafter referred to as the “Vendor”, which expression shall unless repugnant to the context or meaning thereof be deemed to include its successors and permitted assigns).

 

RECITALS

 

1.                                       The Vendor owns 15,408 ordinary shares of the Company, which constitute approximately 77.04% of the Company’s issued and outstanding ordinary shares;

 

2.                                       The Company intends to make the initial public offering of its ordinary shares in the United States and to list the American Depositary Shares representing its ordinary shares on the New York Stock Exchange (the “IPO”);

 

3.                                       In consideration of the Purchaser’s contribution to the Company’s growth since its inception and in order to retain the Purchaser’s continued employment with the Company after the IPO, the Vendor desires to transfer to the Purchaser the Company’s ordinary shares (the “Shares”) in the aggregate amount of 3% of the issued and outstanding Shares immediately after the completion of the IPO (the “Completion”), on a fully diluted basis (the “Purchase  Shares”), to be delivered according to the schedule listed in Exhibit I hereto; and

 

ACCORDINGLY, in consideration of the mutual covenants contained in this Agreement, the sufficiency and adequacy of which is acknowledged by the Parties, the Parties, intending to be legally bound, agree as follows:

 

1.                                      INTERPRETATION

 

1.1                                 Unless the context requires otherwise, the following words and expressions shall bear the meanings assigned to them below (and cognate words and expressions shall bear corresponding meanings):

 

“Affiliates” means, with respect to any person, any other person directly or indirectly controlling, controlled by, or under common control with such person, provided that no securityholder of the Company shall be deemed an Affiliate of any other securityholder solely by reason of any investment in the Company. For the purposes of this definition, the term “control” (including with correlative meanings, the terms “controlling” and “controlled by” and “under common control with” as used with respect to any person, shall mean the

 

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beneficial ownership, directly or indirectly, of 50% or more of the voting securities of an entity, or control of the composition of the majority of the board of directors or power to direct the management or policies of an entity by contract or otherwise.

 

“Business Day” means a day, other than Saturday, Sunday or other day on which commercial banks in Hong Kong are authorized or required by law to close.

 

“Company” means Zuoan Fashion Limited, a company incorporated in the Cayman Islands and having its registered office at Cricket Square, Hutchins Drive, PO Box 2681, Grand Caymand KY1-1111, Cayman Islands.

 

“Encumbrance” means any assignment of receivables, right to acquire, equity, power of sale, debenture, lien, pledge, hypothecation, charge, mortgage, security interest, encumbrance, claim, infringement, interference, option, right of first refusal, pre-emptive or other similar right, community property interest or restriction of any nature (including any restriction on the voting of any security, any restriction on the transfer of any security or other asset, any restriction on the receipt of any income derived from any asset, any restriction on the use of any asset and any restriction on the possession, exercise or transfer of any other attribute of ownership of any asset), third-party right or interest, any other encumbrance, condition or security interest whatsoever or any other type of preferential arrangement (including without limitation, a title transfer or retention arrangement) having similar effect.

 

“IPO Price” means the public offering price per Share calculated based on the public offering price per ADS as set forth on the cover page of the prospectus in connection with the IPO.

 

“Parties” means the Vendor and the Purchaser, and “Party” means each of them individually.

 

“Purchase Price” means, in respect of each Purchase Share, 85% of the IPO Price.

 

“Securities Act” means the Securities Act of 1933 of the United States, as amended.

 

“Transfer Instrument” means the forms or other such instruments which may be prescribed by the Company’s articles of association, from time to time, to effect the transfer of title in respect of the Purchase Shares.

 

2.                                      SALE AND PURCHASE

 

2.1                                 Subject to Clause 3, the Vendor hereby agrees to sell, and the Purchaser hereby agrees to purchase, the Purchase Shares, in accordance with the terms and subject to the conditions of this Agreement.

 

2.2                                 The Purchase Shares shall be settled in 26 instalments (each, an “Instalment”) on the second Business Day (a “Settlement Date”) after the Purchaser has delivered a notice (a “Settlement Notice”) to the Vendor, provided that the Settlement Notice for each Instalment shall be delivered by the Purchaser only during the relevant Notice Period specified in Exhibit I hereto and the amount of Purchase Shares to be settled on that Settlement Date shall not exceed the aggregate amount of Purchase Shares the Purchaser is entitled to settle during that Notice Period as specified in Exhibit I  minus the aggregate amount of Purchase Shares that have been settled in accordance with Clauses 2.3 and 2.4.

 

2

 

2.3                                 The amount of Purchase Shares designated in the Settlement Notice shall be delivered on each Settlement Date against payment by and on behalf of the Purchaser of the Purchase Price therefor by check or wire transfer funds to the account specified by the Vendor at least 12 hours prior to such Settlement Date.

 

2.4                                 Simultaneously with receipt by the Vendor of the Purchase Price, on each Settlement Date, the Vendor shall transfer the title to the amount of Purchase Shares designated in the Settlement Notice, together with all rights attaching to them, free and clear of all Encumbrances to the Purchaser or any person or entity designated by the Purchaser in the Settlement Notice and the Vendor shall deliver to the Purchaser or such other person or entity the Transfer Instrument duly executed by it in respect of such Purchase Shares, together with the relevant share certificates in original.

 

2.5                                 No fractional shares will be issued in payment under this Agreement and the number of Shares will be rounded downward to the next whole Share.

 

3.                                      CONDITIONS

 

The agreement to sell and purchase the Purchase Shares on each Settlement Date is conditional upon the following conditions:

 

(a)                                              the delivery of the relevant Settlement Notice by the Purchaser; and

 

(b)                                             the continued employment of the Purchaser with the Company.

 

4.                                      OTHER AGREEMENTS

 

4.1                                 The Vendor hereby disclaims all warranties (whether implied or otherwise) by the Vendor in connection with the transfer of the Purchase Shares, except such warranties as provided in this Agreement and save that the Vendor warrants and agrees that all Purchase Shares transferred by it under the this Agreement shall be transferred free and clear of all Encumbrances.

 

4.2                                 The Vendor undertakes to pay any stamp duty payable on account of the transfer of the Purchase Shares under this Agreement.

 

4.3                                 (i) In the event that withholding taxes are imposed by the laws of any jurisdiction on any payments due from the Purchaser to the Vendor under this Agreement, the Purchaser shall deduct such withholding taxes from payments due to the Vendor and forward the balance without any obligation to gross up such payment or pay the Vendor any amount so withheld.

 

(ii) The Vendor hereby undertakes to and with the Purchaser to indemnify and save harmless the Purchaser from and against any and all liabilities, losses, claims, actions, proceedings, costs, charges, penalties, interest and expenses of any nature whatsoever (including without limitation legal expenses on a full indemnity basis) (“Losses”) which the Purchaser may at any time and from time to time sustain, incur or suffer, or arising from, or in connection with any withholding tax requirement, or imposed in any jurisdiction in connection with this Agreement.

 

4.4                                 Without prejudice to any other remedies available to any Party, the obligation of Vendor to transfer the Purchase Shares on the Settlement Date, simultaneously with and subject to

 

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receipt of the Purchase Price, in full, shall, subject to applicable law, be the subject of specific performance by the Purchaser. Vendor acknowledges that damages shall not be an adequate remedy for breach by the Vendor of its obligation to sell and duly transfer the Purchase Shares on the Settlement Date, simultaneously with and subject to receipt of the Purchase Price.

 

4.5                                 In the event of the Purchaser’s death, all the rights and obligations of the Purchaser, including the right to deliver a Settlement Notice during the relevant Notice Period and to purchase the Purchase Shares according to the terms of this Agreement, shall be automatically assumed by and transferred to the Purchaser’s executor or administrator, or the person or persons to whom the Purchaser’s rights under this Agreement shall pass by will or by the laws of descent and distribution as the case may be. Any heir or legatee of the Purchaser shall take rights herein granted subject to the terms and conditions hereof.

 

5.                            REPRESENTATIONS AND WARRANTIES OF BOTH PARTIES

 

Each Party hereby makes the following representations and warranties to the other Parties, each of which is true and correct in all material respects as of the date of execution of this Agreement and will be true and correct in all material respects as of each Settlement Date:

 

(a)                                  in the case of a corporation, it is a company duly organized and validly existing under the laws of its incorporation;

 

(b)                                 it has full corporate power and authority to execute and deliver this Agreement and to perform all of its duties, obligations and responsibilities arising or created under this Agreement. This Agreement when executed and delivered by such Party shall constitute valid and legally binding obligations of such Party, enforceable in accordance with its terms;

 

(c)                                  the execution, delivery and performance of this Agreement by such Party will not, conflict with, result in a breach of or default under any applicable law or regulation, or any order, writ, injunction or decree of any court or governmental authority, or any agreement, arrangement or understanding, written or oral, to which such Party is a party or by which such Party or any of its assets are bound; and

 

(d)                                 the sale and purchase under this Agreement are made in an “offshore transaction” (as such term is defined under Regulation S of the Securities Act), neither Party nor any person acting on its behalf made any “directed selling efforts” (as such term is defined under Regulation S of the Securities Act) in the United States and neither Party is a “U.S. person” (as such term is defined under Regulation S of the Securities Act).

 

6.                            REPRESENTATIONS AND WARRANTIES OF THE VENDOR

 

The Vendor hereby makes the following representations and warranties to the Purchaser, each of which is true and correct in all material respects as of the date of execution of this Agreement and will be true and correct in all material respects as of the Settlement Date:

 

(b)                                 it is the sole legal and beneficial owner of, and has good and marketable title to the Purchase Shares that shall be transferred to the Purchaser; and

 

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(b)                                 the Purchase Shares to be transferred to the Purchaser is free of all Encumbrances.

 

7.                          INDEMNIFICATION

 

(a)                        The Vendor undertakes to the Purchaser, its Affiliates and their respective officers, employees and agents (each, a “Specified Indemnified Person”) to fully indemnify and keep fully indemnified on demand each Specified Indemnified Person from and against any and all Losses which any Specified Indemnified Person may incur or sustain from or in consequence of any misrepresentation or any of the representations, warranties or undertakings of the Vendor contained herein not being correct or fully complied with. This indemnity shall be without prejudice to any other rights and remedies of any Specified Indemnified Person in relation to any such breach of any such warranties and all other rights and remedies are expressly reserved to each Specified Indemnified Person.

 

(b)                       If any action, proceeding, claim or demand shall be brought or asserted against a Specified Indemnified Person or any of them in respect of which Vendor is or may be liable to indemnify as herein provided, any such Specified Indemnified Person shall promptly notify Vendor in writing, and shall employ such legal advisers as may be agreed between Vendor and such Specified Indemnified Person or failing such agreement, within three (3) Business Days, such Specified Indemnified Person may select legal advisers and shall keep Vendor informed of the conduct of such action, proceeding, claim or demand.  Vendor shall not be liable in respect of any settlement of any such action effected without its consent, which consent shall not be unreasonably withheld.

 

8.                                      NOTICES

 

Except as may be otherwise provided herein, all notices, requests, waivers and other communications made pursuant to this Agreement shall be in writing and signed by or on behalf of the Party giving it. Such notice shall be served by sending it by fax to the number set forth below or delivering by hand, mail or courier to the address set forth below. In each case it shall be marked for the attention of the relevant Party set forth below:

 

The Vendor

 

Fame Brilliant Group Limited

P.O. Box 957

Offshore Incorporations Center

Road Town, Tortola

British Virgin Islands

Fax: +(852) 2869-0088

Attention: Mr. Jeff Goh

 

The Purchaser:

 

10/F Jinbo Commercial Centre

Guzhai Corner, South of Baqi Road

 

5

 

Shishi City, Fujian Province

362700, PRC

Fax: +86-595-88505229

Attention: Mr. Chaoshen Wang

 

Each person making a communication hereunder by facsimile shall promptly confirm by telephone to the person to whom such communication was addressed, each communication made by it by facsimile pursuant hereto but the absence of such confirmation by telephone shall not affect the validity of such facsimile communication. A Party may change or supplement the addresses given above, or designate additional address, for the purpose of this Section by giving the other Party written notice of the new address in the manner set forth above:

 

9.                                      REMEDIES, WAIVERS AND SEVERABILITY

 

(a)                                  No failure on the part of any Party to this Agreement to exercise, and no delay on its part in exercising, any right or remedy under this Agreement will operate as a waiver thereof, nor will any single or partial exercise of any right or remedy preclude any other or further exercise thereof or the exercise of any other right or remedy. The rights provided in this Agreement are cumulative and not exclusive of any rights or remedies provided by law or equity.

 

(b)                                 The invalidity, illegality or unenforceability of any provision of this Agreement, in whole or in part, under the laws of any jurisdiction, shall not affect the validity, legality or enforceability hereof under the laws of any other jurisdiction. If for any reason whatsoever any provision of this Agreement is or becomes, or is declared by court of competent jurisdiction to be, invalid, illegal or unenforceable, then the Parties will negotiate in good faith to agree on one or more provisions to be substituted therefor, which provisions shall, as nearly as practicable, leave the Parties in the same or nearly similar position to that which prevailed prior to such invalidity, illegality or unenforceability.

 

10.                               COUNTERPARTS

 

This Agreement may be executed in any number of counterparts, all of which taken together shall constitute one and the same instrument.

 

11.                               GOVERNING LAW

 

11.1                           This Agreement shall be governed by, and construed in accordance with, the laws of the Hong Kong.

 

11.2                          In case any dispute or difference shall arise between the Parties as to the construction of this Agreement or as to any matter of whatsoever nature arising thereunder or in connection therewith, including any question regarding its existence, validity or termination, such dispute or difference shall be submitted to a single arbitrator to be appointed by the Parties or, failing agreement within fourteen (14) Business Days after either Party has given to the other Party a written request to concur in the appointment of an arbitrator, a single arbitrator to be appointed on the request of either Party by the chairman for the time being of Hong Kong International Arbitration Centre (HKIAC). Such submission shall be a submission to arbitration in accordance with the HKIAC Rules by which the Parties agree to be so bound. The place of

 

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arbitration shall be Hong Kong.

 

11.3                          For the purpose of this Agreement, a dispute shall be deemed to arise when one Party serves on the other Party a notice in writing (in this Clause, a “Notice of Dispute”) stating the nature of the dispute.

 

11.4                          The prevailing Party in the arbitration shall be awarded the costs and expenses (including legal fees and expenses) reasonably incurred in connection with any such arbitration.

 

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IN WITNESS WHEREOF the Parties hereto have executed or caused these presents to be executed by their duly authorised signatory on the day, month and year first above written.

 

	
SIGNED AND DELIVERED by Mr. Chaoshen 
  	
)
  
	
Wang, the within named Purchaser.
  	
)
  
	
 
  	
)
  	
/s/ Chaoshen Wang
  
	
 
  	
)
  
	
 
  	
 
  
	
SIGNED AND DELIVERED by FAME 
  	
)
  
	
BRILLIANT GROUP LIMITED, the within named 
  	
)
  
	
Vendor, by the hand of Siu Fong Or, its authorised 
  	
)
  
	
signatory.
  	
) 
  	
/s/ Siu Fong Or
  

 

 

Exhibit I

 

	
Amount of Purchase
 Shares to be Settled
  (% of Purchase Shares)
  	
 
  	
Notice Period
  	
 
  	
Aggregate Amount of
 Purchase Shares the Purchaser
 is Entitled to Settle
  (% of Purchase Shares)
  
	
1/6
  	
 
  	
after 6 months of the Completion
  	
 
  	
1/6
  
	
1/6
  	
 
  	
after 12 months of the Completion
  	
 
  	
1/3
  
	
1/36
  	
 
  	
after 13 months of the Completion
  	
 
  	
13/36
  
	
1/36
  	
 
  	
after 14 months of the Completion
  	
 
  	
14/36
  
	
1/36
  	
 
  	
after 15 months of the Completion
  	
 
  	
15/36
  
	
1/36
  	
 
  	
after 16 months of the Completion
  	
 
  	
16/36
  
	
1/36
  	
 
  	
after 17 months of the Completion
  	
 
  	
17/36
  
	
1/36
  	
 
  	
after 18 months of the Completion
  	
 
  	
18/36
  
	
1/36
  	
 
  	
after 19 months of the Completion
  	
 
  	
19/36
  
	
1/36
  	
 
  	
after 20 months of the Completion
  	
 
  	
20/36
  
	
1/36
  	
 
  	
after 21 months of the Completion
  	
 
  	
21/36
  
	
1/36
  	
 
  	
after 22 months of the Completion
  	
 
  	
22/36
  
	
1/36
  	
 
  	
after 23 months of the Completion
  	
 
  	
23/36
  
	
1/36
  	
 
  	
after 24 months of the Completion
  	
 
  	
24/36
  
	
1/36
  	
 
  	
after 25 months of the Completion
  	
 
  	
25/36
  
	
1/36
  	
 
  	
after 26 months of the Completion
  	
 
  	
26/36
  
	
1/36
  	
 
  	
after 27 months of the Completion
  	
 
  	
27/36
  
	
1/36
  	
 
  	
after 28 months of the Completion
  	
 
  	
28/36
  
	
1/36
  	
 
  	
after 29 months of the Completion
  	
 
  	
29/36
  
	
1/36
  	
 
  	
after 30 months of the Completion
  	
 
  	
30/36
  
	
1/36
  	
 
  	
after 31 months of the Completion
  	
 
  	
31/36
  
	
1/36
  	
 
  	
after 32 months of the Completion
  	
 
  	
32/36
  
	
1/36
  	
 
  	
after 33 months of the Completion
  	
 
  	
33/36
  
	
1/36
  	
 
  	
after 34 months of the Completion
  	
 
  	
34/36
  
	
1/36
  	
 
  	
after 35 months of the Completion
  	
 
  	
35/36
  
	
1/36
  	
 
  	
after 36 months of the Completion
  	
 
  	
36/36

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00182-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00182-of-00352.parquet"}]]