Document:

ex10_2.htm

     

    
       
 

      THIS
SECURED DEBENTURE (THE “SECURITIES”) HAS NOT BEEN REGISTERED UNDER THE
SECURITIES ACT OF 1933, AS AMENDED, OR APPLICABLE STATE SECURITIES
LAWS.  THE SECURITIES HAVE BEEN ACQUIRED SOLELY FOR INVESTMENT
PURPOSES AND NOT WITH A VIEW TOWARD RESALE AND MAY NOT BE OFFERED FOR SALE,
SOLD, TRANSFERRED OR ASSIGNED IN THE ABSENCE OF AN EFFECTIVE REGISTRATION
STATEMENT FOR THE SECURITIES UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR
APPLICABLE STATE SECURITIES LAWS, OR AN OPINION OF COUNSEL, IN A GENERALLY
ACCEPTABLE FORM, THAT REGISTRATION IS NOT REQUIRED UNDER SAID ACT OR APPLICABLE
STATE SECURITIES LAWS.

       

      

       

      

       

      SECURED
CONVERTIBLE REDEEMABLE DEBENTURE

       

       

      MAN
SHING AGRICULTURAL HOLDINGS, INC.

       

       

      January
4, 2010

       

      

      
        	
                No.  MSAH
      - 1

              	
                US$100,000

              

      

      

      This
Secured Convertible Redeemable Debenture (the “Debenture”) is issued
on January 4, 2010 (the “Closing Date”)
by Man Shing Agricultural
Holdings, Inc., a Nevada company, Unit 1005, 10/F, Tower, Hunghom
Commercial Centre, 37 Ma Tau Wai Road, Hunghom, Kowloon, Hong Kong (the “Company”), to China Angel Assets Management Limited
(together with its permitted successors and assigns, the “Holder”) as part of a
Unit as defined in the Securities Purchase Agreement and pursuant to exemptions
from registration under the Securities Act of 1933, as amended.

       

       

      ARTICLE
I.

       

      Section
1.01 Principal
and Interest.  For value
received, the Company hereby promises to pay to the order of the Holder by
January 4, 2013 (the “Maturity Date”) in lawful money of the United States
of America and in immediately available funds the unpaid principal sum of
$100,000 U.S. Dollars (US$100,000) together with
interest on the unpaid principal of this Debenture at the rate
of:  (a) eight percent (8.00%) paid quarterly in U.S. Dollars, in
arrears, with a default interest rate of sixteen percent (16.00%), payable
quarterly in U.S. Dollars, in arrears.  All payments will not be
subject to deduction for withholding taxes, other taxes, transfer fees, currency
commission expenses, or any other fees, expenses or commissions due on any
payments to the holders to for internal transfers to provide the Company the
money to pay the interest and principal due along with any other expenses of the
Company due to the Holder hereunder.  Interest shall be computed on
the basis of a 360-day year and the actual days elapsed.

       

      Section
1.02 Optional
Conversion.  The Holder is
entitled, at its option, subject to the limitations set forth herein, to
convert, and sell on the same day or at any subsequent time, at any time and
from time to time, until payment in full of the remaining outstanding principal balance
of this
Debenture, plus any interest, all or any
part of the principal amount of the Debenture, plus accrued interest, into
shares (the “Conversion Shares”)
of Common Stock at the price per share equal to two dollars ($2) per share (the
“Conversion
Price”).  No fraction of shares or scrip representing fractions
of shares will be issued on conversion, but the number of shares issuable shall
be rounded to the nearest whole share.  To convert this Debenture, the
Holder hereof shall deliver written notice thereof, substantially in the form of
Exhibit “A” to this Debenture, with appropriate insertions (the “Conversion Notice”),
to the Company at its address as set forth herein.  The date upon
which the conversion shall be effective (the “Conversion Date”)
shall be deemed to be the date set forth in the Conversion
Notice.  Conversions
hereunder shall have the effect of lowering the outstanding principal amount of
this Debenture in an amount equal to the applicable conversion and payment of
the interest then due.  The Holder and the Company shall maintain
records showing the principal amount converted and the date of such
conversions. In
no event shall the Holder be entitled to convert this Debenture for a number of
shares of Common Stock in excess of that number of shares of Common Stock which,
upon giving effect to such conversion, would cause the aggregate number of
shares of Common Stock beneficially owned by the Holder and its affiliates to
exceed 9.99% of the outstanding shares of the Common Stock following such
conversion without the approval of the Company.

       

      

      Section
1.03  Reservation
of Common Stock.  The Company shall
reserve and keep available out of its authorized but unissued shares of Common
Stock, solely for the purpose of effecting the conversion of this Debenture,
such number of shares of Common Stock as shall from time to time be sufficient
to effect such conversion, based upon the Conversion Price.  If at any
time the Company does not have a sufficient number of Conversion Shares
authorized and available, then the Company shall file a preliminary proxy
statement with the Securities and Exchange Commission within ten (10) business
day after such occurrence and shall call and hold a special meeting of its
stockholders as soon as practicable after such occurrence for the sole purpose
of increasing the number of authorized shares of Common Stock.

       

      Section
1.04 Conversion
Cap.  During any week in which the Company’s Common Stock
trades at a price per share in excess of two US Dollars ($2.00.), the Holder
shall be permitted to convert up to one hundred thousand dollars ($100,000)
principal amount of this Debenture.

       

      Section
1.05 Redemption.  At
any time prior to the Maturity Date and after 12 months from the date of
Closing, the Company will have the right to redeem all the Debentures then
outstanding, by payment in full, and not in part, of the outstanding principal
amount due plus a premium equal to 50% of the principal amount being paid, plus
all accrued and unpaid interest due through the date of payment without
premium.  A payment schedule is attached hereto as Exhibit
B.

       

      Section
1.06 Interest
Payments.    Upon the occurrence of an Event of Default (as defined
in Section 3.01
below) by the Company, the Holder
has the option to elect that the interest due and payable hereunder be paid in cash
(via wire transfer or certified funds) or in the form of Common
Stock.  If paid in the form of Common Stock, that number of shares of Common Stock with a value
equal to the amount of interest due shall be issued. The amount of stock to be issued will be
calculated as follows: the value of the stock shall be eighty-five percent of
the lower of:  (i) the VWAP as quoted by Bloomberg L.P. on the
date the interest payment is due; or (ii) if the interest payment is not
made when due, the VWAP as quoted by Bloomberg L.P. on the date the interest
payment is made.  No fractional shares will be issued; therefore, in
the event that the value of the Common Stock per share does not equal the total
interest due, the Company will pay the balance in cash.

       

      Section
1.07 Paying
Agent and Registrar.  Initially, the Escrow Agent will act as
paying agent and registrar.  The Company may change any paying agent,
registrar, or Company-registrar by giving the Holder not less than ten (10)
business days’ written notice of its election to do so, specifying the name,
address, telephone number and facsimile number of the paying agent or
registrar.

       

      Section
1.08    Favor.
 As long as
there are shares of the Debentures are outstanding, the Company shall extend to
the Holder any language in future transactions that is more preferable, as
evaluated by the Holder, to these Debentures.

      

      Secured
Nature of Debenture.  This Debenture is secured by a pro rata
portion of a majority position in the Company’s common stock owned by Mr. Shili
Liu.

       

      Section
1.09  [Reserved]

       

       
 

      Section
1.01 Amendments
and Waiver of Default.  The Debenture may
not be amended without the written consent of both the Holder and the
Company.

       

       

      ARTICLE
II.

       

      Section
2.01 Events of
Default.  An Event of
Default is defined as follows: (a) failure by the Company to pay amounts
due hereunder, including any installment payment of interest or principal
redemption, and the balance due upon the maturity of the Company’s obligations
to pay all amounts in full, within five (5) business days of the date such
payment is due under this Debenture, without notice or demand, (b) after the
Registration Statement required by the Registration Rights Agreement has been
declared effective, failure by the Company’s transfer agent to issue freely
tradeable Common Stock (including Common Stock tradeable under Rule 144) to the
Holder within three (3) days of the Company’s receipt of a Notice of
Conversion or Notice of Exercise from Holder; (c) failure by the Company
for five (5) business days after notice to it to comply with any of its
other agreements in the Debenture; (d) events of bankruptcy or insolvency
or (e) a breach by the Company of any material obligation under the
Securities Purchase Agreement which is not cured by the Company within five (5)
business days after receipt of written notice thereof, (f) a breach by the
Company of any of the Covenants under the Securities Purchase Agreement which is
not cured within five (5) business days of the Company’s receipt of written
notice thereof.  Upon the occurrence of an Event of Default, the
Holder may, in its sole discretion, accelerate full repayment of all debentures
outstanding and accrued interest thereon notwithstanding any limitations
contained in this Debenture and/or the Securities Purchase Agreement dated the
date hereof between the Company and the Holder (the “Securities Purchase
Agreement”).

       

      Section
2.02 Failure
to Issue Unrestricted Common Stock. As indicated in
Article III Section 3.01, a breach by the Company of its obligations
under the Securities Purchase Agreement shall be deemed an Event of Default,
which if not cured within the periods specified in Section 3.01, shall entitle
the Holder to accelerate full repayment of the Debentures together with accrued
interest thereon or, notwithstanding any limitations contained in this Debenture
and/or the Securities Purchase Agreement, to convert all amounts outstanding
under the Debentures together with accrued interest thereon into shares of
Common Stock pursuant to Section 1.02 herein.  The Company
acknowledges that failure to honor a Notice of Conversion except as set forth
herein, shall cause irreparable harm to the Holder.

       

      Section
2.03 Re-issuance
of Debenture.  When the Holder
elects to convert a part of the Debenture, upon the Holder’s request, the
Company shall reissue a new Debenture in the same form as this Debenture to
reflect the new principal amount.  Upon Company’s request, Holder
shall surrender this Debenture prior to the issuance of such new
Debenture.

       

       

      ARTICLE
III.

       

      Section
3.01 [Reserved]

       

       

      ARTICLE
IV.

       

      Section
4.01 Anti-dilution.  In the event that
the Company shall at any time subdivide the outstanding shares of Common Stock,
or shall issue a stock dividend on the outstanding Common Stock, the Conversion
Price in effect immediately prior to such subdivision or the issuance of such
dividend shall be proportionately decreased, and in the event that the Company
shall at any time combine the outstanding shares of Common Stock, the Conversion
Price in effect immediately prior to such combination shall be proportionately
increased, effective at the close of business on the date of such subdivision,
dividend or combination as the case may be.

       

      Section
4.02 Consent  of
Holder to Sell Capital Stock, Incur Debt or Grant Security Interests.  Except for the
second and third tranches of the current financing as contemplates and the
Securities Purchase Agreement dated the date hereof between the Company and
China Angel Assets Management Limited so long as any of the principal of or
interest on this Debenture remains unpaid, the Company shall not, without the
prior consent of a majority of the  Holders, after Closing (i) issue
or sell shares of Common Stock or Preferred Stock without consideration or for a
consideration per share less than the bid price of the Common Stock determined
immediately prior to its issuance, (ii) issue or sell any warrant, option,
right, contract, call, or other security instrument granting the holder thereof,
the right to acquire Common Stock without consideration or for a consideration
less than such Common Stock’s bid price value determined immediately prior to
it’s issuance, (iii) enter into any security instrument granting the holder a
security interest in any and all assets of the Company or any subsidiary of the
Company (whether now owned or acquired in the future while the Debentures are
outstanding) unless such security interest is junior to the security interest
held by the Holder hereunder and under the Security Agreement and in no way or
manner diminishes Holder’s rights hereunder or under the Security Agreement,
(iv) permit any subsidiary of the Company (whether now owned or acquired in the
future while the Debentures are outstanding) to enter into any security
instrument granting the holder a security interest in any and all assets of such
subsidiary (v) file any registration statement on Form S-8 or (vi) incur any
additional secured debt or permit any subsidiary of the Company to incur any
additional secured debt without the Holder’s prior written consent unless the
security interest on such secured debt is junior to the security interest held
by the Holder hereunder and under the Security Agreement.

       

      Section
4.03 Registration
with the State Administration of Foreign Exchange.  The Company
will take all required action to register the transfer of the proceeds from this
Debenture that are used in the Peoples’ Republic of China with the State
Administration of Foreign Exchange as an external debt and pursuant to the
“Interim Measures on Administration of External Debts” and reserve sufficient
amounts of investment and registered capital to provide for repayment of the
proceeds and interest due on the Debenture.  The Company will arrange
a suitable opinion, indicating that the proceeds used in the Peoples’ Republic
of China and the related interest may be paid outside of the Peoples’ Republic
of China.  Additionally, the Company will provide a copy of the State
Administration of Foreign Exchange registration of the external debt to the
Holder at Closing.

       

       

      ARTICLE
V.

       

      Section
5.01 Notice.  Notices regarding
this Debenture shall be sent to the parties at the following addresses, unless a
party notifies the other parties, in writing, of a change of
address:

       

      

      If to the
Company,
to:                           Man
Shing Agricultural Holdings, Inc.

          Unit 1005, 10/F,
Tower

      Hunghom
Commercial Centre

      37 Ma Tau
Wai Road, Hunghom

      Kowloon,
Hong Kong

      Attention:  Mr.
Eddie Cheung, CEO

                                                                
     Telephone  (86) 536-4644888

                                                                   
  Facsimile:  (86) 536-4643777

      

      With a
copy
to:                                      Jared
P. Febbroriello, Esq. LL.M. 

      JPF
Securities Law, LLC

      19720
Jetton Road

      3rd
Floor

      Cornelius,
NC 28031

      Phone:
(704) 897-8334

      Fax:
(704) 897-8349

      

      Mr.
Patrick Mak

      Tai, Mak
and Partners

      Room 905
- 907, 9/F.

      Nan Fung
Tower

      173 Des
Voeux Road Central

      Hong
Kong

          Telephone:
(852) 2850 6336

          Facsimile: (852)
2850 6086

      

        If
to the
Holder:                                  China
Angel Assets Management Limited

      P.O. Box
957

      Offshore
Incorporations Centre

      Road
Town

      Tortola

      British
Virgin Islands

      

      

        With
copy
to:                                

      

      

      Governing
Law.  This Debenture
shall be deemed to be made under and shall be construed in accordance with the
laws of the State of Nevada without giving effect to the principals of conflict
of laws thereof.  Each of the parties consents to the jurisdiction of
the U.S. District Court sitting in the State of Nevada or the state courts
of the State of Nevada sitting in Clark County, Nevada in connection with any
dispute arising under this Debenture and hereby waives, to the maximum extent
permitted by law, any objection, including any objection based on forum non conveniens to the
bringing of any such proceeding in such jurisdictions.  As an
alternative the Holder may choose to submit any dispute arising out of this
transaction to binding arbitration in Hong Kong at the Hong Kong International
Arbitration Centre under the rules and auspices of the International Arbitration
Rules.

       

      Section
5.02 

       

      Section
5.03 Severability.  The invalidity of
any of the provisions of this Debenture shall not invalidate or otherwise affect
any of the other provisions of this Debenture, which shall remain in full force
and effect.

       

      Section
5.04 Entire
Agreement and Amendments.  This Debenture
represents the entire agreement between the parties hereto with respect to the
subject matter hereof and there are no representations, warranties or
commitments, except as set forth herein.  This Debenture may be
amended only by an instrument in writing executed by the parties
hereto.

       

      Section
5.05 Counterparts.  This Debenture
may be executed in multiple counterparts, each of which shall be an original,
but all of which shall be deemed to constitute on instrument.

       

      IN WITNESS WHEREOF, with the
intent to be legally bound hereby, the Company as executed this Debenture as of
the date first written above.

       

      
        	 
      	
                MAN
      SHING AGRICULTURAL HOLDINGS, INC.

              
	 
      	 
      
	 
      	
                By:/s/ Eddie Cheung

              
	 
      	
                Name:   Eddie
      Cheung

              
	 
      	
                Title:     Chief
      Executive Officer

              

      

      

      

       

      EXHIBIT
“A”

       

       

      NOTICE OF
CONVERSION

       

       

      (To
be executed by the Holder in order to Convert the Debenture)

       

      

      
        	
                TO:

              	 
      

      

      

      The
undersigned hereby irrevocably elects to convert US$ of the principal amount of the above
Debenture into Shares of Common Stock of Man Shing Agricultural Holdings,
Inc., according to the conditions stated therein, as of the Conversion
Date written below.

       

      
        	
                Conversion
      Date:

              	 
      
	
                Applicable
      Conversion Price:

              	 
      
	
                Signature:

              	 
      
	
                Name:

              	 
      
	
                Address:

              	 
      
	
                Amount
      to be converted:

              	
                US$                                                                                      

              
	
                Amount
      of Debenture unconverted:

              	
                US$                                                                                      

              
	
                Conversion
      Price per share:

              	
                US$                                                                                      

              
	
                Number
      of shares of Common Stock to be issued:

              	 
      
	
                Please
      issue the shares of Common Stock in the following name and to the
      following address:

              	 
      
	
                Issue
      to:

              	 
      
	
                Authorized
      Signature:

              	 
      
	
                Name:

              	 
      
	
                Title:

              	 
      
	
                Phone
      Number:

              	 
      
	
                Broker
      DTC Participant Code:

              	 
      
	
                Account
      Number:

              	 
      

      

      

      

      EXHIBIT
Bex10_3.htm

     

    
      

       

      PLEDGE
AGREEMENT

       

      THIS PLEDGE AGREEMENT (the
“Agreement”) is
made and entered into as of January 4, 2010 (the “Effective Date”) by
and among Shili Liu, an
individual located at 52 Qian Ru Lin Cun, Linghe Town, Anqiu City,
Shandong, China, 262127 (the “Pledgor”) China Angel Assets Management
Limited, (the “Pledgee”) as the
authorized representative the Buyers set for the in the Securities Purchase
Agreement of even date herewith , and Greentree Financial Group,
Inc., as escrow agent (“Escrow
Agent”).

       

      RECITALS:

       

      WHEREAS, in order to secure
the full and prompt payment when due (whether at the stated maturity, by
acceleration or otherwise) of all of the Company’s obligations (the “Obligations”) to the
Pledgee or any successor to the Pledgee under this Agreement, the Securities
Purchase Agreement of even date herewith between the Pledgor and the Pledgee
(the “Securities
Purchase Agreement”), each Unit as defined in the Securities Purchase
Agreement (the “Unit(s)”) and the Debentures, a part of each Unit, (the “Debentures”) issued
or to be issued by the Company to the Pledgee, either now or in the future, up
to a total of One Million Dollars ($1,000,000) of principal, plus any interest,
costs, fees, and other amounts owed to the Pledgee thereunder, the Security
Agreement of even date herewith between the Pledgor and the Pledgee (the “Security Agreement”),
and all other contracts entered into between the parties hereto (collectively,
the “Transaction
Documents”), the Pledgor has agreed to irrevocably pledge to the Pledgee
Six Million Two Hundred and Eighty Six Thousand Two Hundred and Fifty
(6,286,250) shares of his own common stock and Eight Hundred and Thirty Nine
Thousand Five Hundred and Sixty Two (839,562) shares of preferred stock
equivalent to 14,681,870 shares of Pledgor’s common stock (the “Pledged
Shares”).

       

      NOW, THEREFORE, in
consideration of the mutual covenants, agreements, warranties, and
representations herein contained, and for other good and valuable consideration,
the receipt and sufficiency of which is hereby acknowledged, the parties hereto
agree as follows:

       

      TERMS AND
CONDITIONS

       

      1. Pledge
and Transfer of Pledged Shares.

       

      1.1. The
Pledgor hereby grants to Pledgee a security interest in all Pledged Shares as
security for the Company’s obligations under the Units and Debentures.
Simultaneously with the execution of the Transaction Documents, the Pledgor
shall deliver to the Escrow Agent stock certificates representing the Pledged
Shares, in such denominations as requested by the Pledgee, together with duly
executed stock powers or other appropriate transfer documents executed in blank
by the Pledgor (the “Transfer Documents”),
and such stock certificates and Transfer Documents shall be held by the Escrow
Agent until the full payment of all amounts due to the Pledgee under the Units
and Debentures and through repayment in accordance with the terms of the Units
and Debentures, or the termination or expiration of this Agreement.

       

      2. Rights
Relating to Pledged Shares. Upon the occurrence of an Event of Default
(as defined herein), the Pledgee shall be entitled to vote the Pledged Shares,
to receive dividends and other distributions thereon, and to enjoy all other
rights and privileges incident to the ownership of the Pledged
Shares.

       

      3. Release
of Pledged Shares from Pledge. Upon the payment of all amounts due to the
Pledgee under the Units and Debentures by repayment in accordance with the terms
of the Units and Debentures, the parties hereto shall notify the Escrow Agent to
such effect in writing. Upon receipt of such written notice for payment of the
amounts due to the Pledgee under the Units and Debentures, the Escrow Agent
shall return to the Pledgor the Transfer Documents and the certificates
representing the Pledged Shares, (collectively the “Pledged Materials”),
whereupon any and all rights of Pledgee in the Pledged Materials shall be
terminated. Notwithstanding anything to the contrary contained herein, upon full
payment of all amounts due to the Pledgee under the Units and Debentures, by
repayment in accordance with the terms of the Units and Debentures, this
Agreement and Pledgee’s security interest and rights in and to the Pledged
Shares shall terminate.

       

      4. Event of
Default. An “Event of Default”
shall be deemed to have occurred under this Agreement upon an Event of Default
under the Units and Debentures.

       

      5. Remedies.
Upon and anytime after the occurrence of an Event of Default, the Pledgee shall
have the right to provide written notice of such Event of Default (the “Default Notice”) to
the Escrow Agent, with a copy to the Pledgor. As soon as practicable after
receipt of the Default Notice, the Escrow Agent shall deliver to Pledgee the
Pledged Materials held by the Escrow Agent hereunder. Upon receipt of the
Pledged Materials, the Pledgee shall have the right to (i) sell the Pledged
Shares and to apply the proceeds of such sales, net of any selling commissions,
to the Obligations owed to the Pledgee by the Pledgor under the Transaction
Documents, including, without limitation, outstanding principal, interest, legal
fees, and any other amounts owed to the Pledgee, and exercise all other rights
and (ii) any and all remedies of a secured party with respect to such
property as may be available under the Uniform Commercial Code as in effect in
the State of Nevada. To the extent that the net proceeds received by the Pledgee
are insufficient to satisfy the Obligations in full, the Pledgee shall be
entitled to a deficiency judgment against the Pledgor for such amount. The
Pledgee shall have the absolute right to sell or dispose of the Pledged Shares
in any manner it sees fit and shall have no liability to the Pledgor or any
other party for selling or disposing of such Pledged Shares even if other
methods of sales or dispositions would or allegedly would result in greater
proceeds than the method actually used. The Escrow Agent shall have the absolute
right to disburse the Pledged Shares to the Pledgee in batches not to exceed
9.9% of the outstanding capital of the Pledgor (which limit may be waived by the
Pledgee providing not less than 65 days’ prior written notice to the Escrow
Agent). The Pledgee shall return any Pledged Shares released to it and remaining
after the Pledgee has applied the net proceeds to all amounts owed to the
Pledgee.

       

      5.1. Each
right, power and remedy of the Pledgee provided for in this Agreement or any
other Transaction Document shall be cumulative and concurrent and shall be in
addition to every other such right, power or remedy. The exercise or beginning
of the exercise by the Pledgee of any one or more of the rights, powers or
remedies provided for in this Agreement or any other Transaction Document or now
or hereafter existing at law or in equity or by statute or otherwise shall not
preclude the simultaneous or later exercise by the Pledgee of all such other
rights, powers or remedies, and no failure or delay on the part of the Pledgee
to exercise any such right, power or remedy shall operate as a waiver thereof.
No notice to or demand on the Pledgor in any case shall entitle it to any other
or further notice or demand in similar or other circumstances or constitute a
waiver of any of the rights of the Pledgee to any other further action in any
circumstances without demand or notice. The Pledgee shall have the full power to
enforce or to assign or contract is rights under this Agreement to a third
party.

       

      5.2. Demand Registration Rights.
In addition to all other remedies available to the Pledgee, upon an Event
of Default, the Pledgor shall promptly, but in no event more than thirty
(30) days after the date of the Default Notice, file a registration
statement to register with the Securities and Exchange Commission the Pledged
Shares for the resale by the Pledgee. The Pledgor shall cause the registration
statement to remain in effect until all of the Pledged Shares have been sold by
the Pledgee.

       

      6. Concerning
the Escrow Agent.

       

      6.1. The
Escrow Agent undertakes to perform only such duties as are expressly set forth
herein and no implied duties or obligations shall be read into this Agreement
against the Escrow Agent.

       

      6.2. The
Escrow Agent may act in reliance upon any writing or instrument or signature
which it, in good faith, believes to be genuine, may assume the validity and
accuracy of any statement or assertion contained in such a writing or
instrument, and may assume that any person purporting to give any writing,
notice, advice or instructions in connection with the provisions hereof has been
duly authorized to do so. The Escrow Agent shall not be liable in any manner for
the sufficiency or correctness as to form, manner, and execution, or validity of
any instrument deposited in this escrow, nor as to the identity, authority, or
right of any person executing the same; and its duties hereunder shall be
limited to the safekeeping of such certificates, monies, instruments, or other
document received by it as such escrow holder, and for the disposition of the
same in accordance with the written instruments accepted by it in the
escrow.

       

      6.3.
Pledgee and the Pledgor hereby agree, to defend and indemnify the Escrow Agent
and hold it harmless from any and all claims, liabilities, losses, actions,
suits, or proceedings at law or in equity, or any other expenses, fees, or
charges of any character or nature which it may incur or with which it may be
threatened by reason of its acting as Escrow Agent under this Agreement; and in
connection therewith, to indemnify the Escrow Agent against any and all
expenses, including attorneys’ fees and costs of defending any action, suit, or
proceeding or resisting any claim (and any costs incurred by the Escrow Agent
pursuant to Sections 6.4 or 6.5 hereof). The Escrow Agent shall be vested
with a lien on all property deposited hereunder, for indemnification of
attorneys’ fees and court costs regarding any suit, proceeding or otherwise, or
any other expenses, fees, or charges of any character or nature, which may be
incurred by the Escrow Agent by reason of disputes arising between the makers of
this escrow as to the correct interpretation of this Agreement and instructions
given to the Escrow Agent hereunder, or otherwise, with the right of the Escrow
Agent, regardless of the instructions aforesaid, to hold said property until and
unless said additional expenses, fees, and charges shall be fully paid. Any fees
and costs charged by the Escrow Agent for serving hereunder shall be paid by the
Pledgor.

       

      6.4. If
any of the parties shall be in disagreement about the interpretation of this
Agreement, or about the rights and obligations, or the propriety of any action
contemplated by the Escrow Agent hereunder, the Escrow Agent may, at its sole
discretion deposit the Pledged Materials with the Clerk of the United States
District Court of Nevada, sitting in Las Vegas, Nevada, and, upon notifying all
parties concerned of such action, all liability on the part of the Escrow Agent
shall fully cease and terminate. The Escrow Agent shall be indemnified by the
Pledgor, the Company and Pledgee for all costs, including reasonable attorneys’
fees in connection with the aforesaid proceeding, and shall be fully protected
in suspending all or a part of its activities under this Agreement until a final
decision or other settlement in the proceeding is received.

       

      6.5. The
Escrow Agent may consult with counsel of its own choice (and the costs of such
counsel shall be paid by the Pledgor and Pledgee) and shall have full and
complete authorization and protection for any action taken or suffered by it
hereunder in good faith and in accordance with the opinion of such counsel. The
Escrow Agent shall not be liable for any mistakes of fact or error of judgment,
or for any actions or omissions of any kind, unless caused by its willful
misconduct or gross negligence.

       

      6.6. The
Escrow Agent may resign upon ten (10) days’ written notice to the parties
in this Agreement. If a successor Escrow Agent is not appointed within this ten
(10) day period, the Escrow Agent may petition a court of competent
jurisdiction to name a successor.

       

      6.7 Conflict Waiver. The Pledgor hereby
acknowledges that JPF Securities Law, LLC is securities counsel to the Pledgor
and counsel to the Escrow Agent in connection with the transactions contemplated
and referred herein. The Pledgor agrees that in the event of any dispute arising
in connection with this Agreement or otherwise in connection with any
transaction or agreement contemplated and referred herein, JPF Securities Law,
LLC shall be permitted to continue to represent the Escrow Agent and the Pledgor
will not seek to disqualify such counsel and waives any objection Pledgor might
have with respect to JPF Securities Law, LLC acting as securities counsel
pursuant to this transaction.

       

      6.8 Notices.
Unless otherwise provided herein, all demands, notices, consents, service of
process, requests and other communications hereunder shall be in writing and
shall be delivered in person or by overnight courier service, or mailed by
certified mail, return receipt requested, addressed:

       

       
 

        If
to the Pledgor,
to:                           Man
Shing Agricultural Holdings, Inc.

          Unit 1005, 10/F,
Tower

      Hunghom
Commercial Centre

      37 Ma Tau
Wai Road, Hunghom

      Kowloon,
Hong Kong

      Attention:  Mr.
Eddie Cheung, CEO

                                                                     
Telephone  (86)
536-4644888

                                                                     
Facsimile:  (86) 536-4643777

      

       
 

      With a
copy
to:                                      Jared
P. Febbroriello, Esq. LL.M. 

      JPF
Securities Law, LLC

      19720
Jetton Road

      3rd
Floor

      Cornelius,
NC 28031

      Phone:
(704) 897-8334

      Fax:
(704) 897-8349

      

      Mr.
Patrick Mak

      Tai, Mak
and Partners

      Room 905
- 907, 9/F.

      Nan Fung
Tower

      173 Des
Voeux Road Central

      Hong
Kong

          Telephone: (852)
2850 6336

          Facsimile:
(852) 2850 6086

      

      

        If
to the
Pledgee:                                 China
Angel Assets Management Limited

      P.O. Box
957

      Offshore
Incorporations Centre

      Road
Town

      Tortola

      British
Virgin Islands

      

      

        With
copy
to:                                

      

      

      Any such
notice shall be effective (a) when delivered, if delivered by hand delivery
or overnight courier service, or (b) five (5) days after deposit in
the United States mail, as applicable.

       

      7. Binding
Effect. All of the covenants and obligations contained herein shall be
binding upon and shall inure to the benefit of the respective parties, their
successors and assigns.

       

       

      8. Governing
Law; Venue; Service of Process. The validity, interpretation and
performance of this Agreement shall be determined in accordance with the laws of
the State of Nevada applicable to contracts made and to be performed wholly
within that state except to the extent that Federal law applies. The parties
hereto agree that any disputes, claims, disagreements, lawsuits, actions or
controversies of any type or nature whatsoever that, directly or indirectly,
arise from or relate to this Agreement, including, without limitation, claims
relating to the inducement, construction, performance or termination of this
Agreement, shall be brought in the state courts located in Clark County, Nevada
or United States District Courts for the District of Nevada, and the parties
hereto agree not to challenge the selection of that venue in any such proceeding
for any reason, including, without limitation, on the grounds that such venue is
an inconvenient forum. The parties hereto specifically agree that service of
process may be made, and such service of process shall be effective if made,
pursuant to Section 8 hereto.

       

       

      9. Enforcement
Costs. If any
legal action or other proceeding is brought for the enforcement of this
Agreement, or because of an alleged dispute, breach, default or
misrepresentation in connection with any provisions of this Agreement, the
successful or prevailing party or parties shall be entitled to recover
reasonable attorneys’ fees, court costs and all expenses even if not taxable as
court costs (including, without limitation, all such fees, costs and expenses
incident to appeals), incurred in that action or proceeding, in addition to any
other relief to which such party or parties may be entitled.

       

       

      10. Remedies
Cumulative. No
remedy herein conferred upon any party is intended to be exclusive of any other
remedy, and each and every such remedy shall be cumulative and shall be in
addition to every other remedy given hereunder or now or hereafter existing at
law, in equity, by statute, or otherwise. No single or partial exercise by any
party of any right, power or remedy hereunder shall preclude any other or
further exercise thereof.

       

       

      11. Counterparts. This Agreement may be
executed in one or more counterparts, each of which shall be deemed an original,
but all of which together shall constitute the same instrument.

       

       

      12. No
Penalties. No
provision of this Agreement is to be interpreted as a penalty upon any party to
this Agreement.

       

       

      13. JURY
TRIAL. EACH OF THE PLEDGEE AND THE PLEDGOR HEREBY KNOWINGLY, VOLUNTARILY
AND INTENTIONALLY WAIVES THE RIGHT WHICH IT MAY HAVE TO A TRIAL BY JURY OF ANY
CLAIM, DEMAND, ACTION OR CAUSE OF ACTION BASED HEREON, OR ARISING OUT OF, UNDER
OR IN ANY WAY CONNECTED WITH THE DEALINGS BETWEEN PLEDGEE AND PLEDGOR, THIS
PLEDGE AND ESCROW AGREEMENT OR ANY DOCUMENT EXECUTED IN CONNECTION HEREWITH, OR
ANY COURSE OF CONDUCT, COURSE OF DEALING, STATEMENTS (WHETHER ORAL OR WRITTEN)
OR ACTIONS OF ANY PARTY HERETO OR THERETO IN EACH CASE WHETHER NOW EXISTING OR
HEREAFTER ARISING, AND WHETHER IN CONTRACT, TORT, EQUITY OR
OTHERWISE.

       

       

       

      

       

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

      

      

      SHILI LIU

      

      By:
/s/ Shili Liu

      Name:  Shili
Liu

      Title:    Individual

      

      

      CHINA ANGEL ASSETS MANAGEMENT
LIMITED

      

      

      By: /s/ Jiang Qi Hang

      Name: Jiang Qi Hang

      Title:                      CEO

      

      

      GREENTREE FINANCIAL GROUP, INC.

      

      By: /s/ R. Chris Cottone

      Name:    R. Chris
Cottone

      Title:      Vice-President

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00167-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00167-of-00352.parquet"}]]