Document:

EX-10.21

Exhibit 10.21

 

 

SHARE PURCHASE AGREEMENT

THIS SHARE PURCHASE AGREEMENT (this “Agreement” is dated as of June 19, 2008 by and between
FAR EAST ENERGY LIMITED, a company incorporated under the laws of Hong Kong (“Purchaser”) and
FULLFAME ENTERPRISES LIMITED, a company incorporated under the laws of the British Virgin Islands
(“seller”). Each of Purchaser and Seller is hereinafter referred to as a “Party” and collectively
as the “Parties”.

WITNESSETH:

WHEREAS, Seller owns 8,500 ordinary shares (the “Purchased Shares”) of MI Energy Corporation (the
“Company”) and Purchaser owns 41,500 ordinary shares of the Company;

WHEREAS, Purchaser desires to purchase all of the Purchased Shares from Seller, and Seller desires
to sell all of the Purchased Shares to Purchaser, on the terms and subject to the conditions set
forth herein; and

NOW, THEREFORE, in consideration of the premises and the mutual covenants and agreements contained
in this Agreement, the Parties hereby agree as follows:

	1.    DEFINITIONS AND CONSTRUCTION
	 
	 	 	 	

	 	 	 	Defined Terms.When used in this Agreement, the following terms have the
respective meanings specified below.
	 
	 	 	 	

	 	(a)	 	“Agreement” has the meaning given such term in the Preamble.
	 
	 	 	 	
	 
	 	(b)	 	“Certificates” has the meaning given such term in Section 2.1.

 

 

	 	 	
	 
	(c)	 	“Closing” has the meaning given such term in Section 2.3.
	 
	 	 	
	 
	(d)	 	“Company” has the meaning given such term in the first Recital.
	 
	 	 	
	 
	(e)	 	“Liens” has the meaning given such term in Section 3.2.
	 
	 	 	
	 
	(f)	 	“Party” or “Parties” has the meaning given such term in the Preamble.
	 
	 	 	
	 
	(g)	 	“Purchase Price” means USD 1,000,000 (one million).
	 
	 	 	
	 
	(h)	 	“Purchased Shares” has the meaning given such term in the first Recital.
	 
	 	 	
	 
	(i)	 	“Purchaser” has the meaning given such term in the Preamble.
	 
	 	 	
	 
	(j)	 	“Seller” has the meaning given such term in the Preamble.
	 
	 	 	
	 
	(k)	 	“UNCITRAL Rules” has the meaning given such term in Section 4.9.
	 
	 	 	
	 
	(l)	 	“USD” means US Dollar, the currency of the United States of America.
	 
	 	 	

Construction. In this Agreement, unless the context otherwise requires:

	(a)	 	words expressed in the singular number shall include the plural and vice versa, words
expressed in the masculine shall include the feminine and neuter gender and vice versa;
	 
	 	 	
	 
	(b)	 	references to the Preamble, Recitals and Sections are references to the preamble, recitals
and sections of this Agreement;

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	 	(c)	 	reference to “day” or “days” are to calendar days;
	 
	 	 	 	
	 
	 	(d)	 	this “Agreement” or any other agreement or document shall be
construed as a reference to this Agreement or, as the case may be, such other
agreement or document as the same may have been, or may from time to time be,
amended, varied, novated or supplemented; and
	 
	 	 	 	
	 
	 	(e)	 	“include,” “includes,” and “including” are deemed to be
followed by “without limitation” whether or not they are in fact followed by
such words or words of similar import.
	 
	 	 	 	

	2.	 	PURCHASE AND SALE: CLOSING
	 
	 	 	

	 	2.1	 	Purchase and Sale of the Purchased Shares. Upon the terms and subject
to the conditions of this Agreement, at the Closing, Seller shall sell, convey and
transfer the Purchased Shares, and Purchaser shall purchase from Seller the Purchased
Shares in consideration of the Purchase Price.
	 
	 	 	 	
	 
	 	2.2	 	Closing.
	 
	 	 	 	

	 	(a)	 	The closing of the sale and purchase of the Purchased Shares
(the “Closing”), shall be held on the date specified in a written
notice delivered by Purchaser to Seller.
	 
	 	 	 	
	 
	 	(b)	 	On or before the Closing, Seller shall deliver to Purchaser
certificates representing the Purchased Shares (the “Certificates”)
duly endorsed in the name of Purchaser or accompanied by appropriate stock
transfer forms duly executed in blank;
	 
	 	 	 	

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	 	(c)	 	At the Closing, Purchaser shall pay the Purchase Price by wire transfer
for the account of Seller.
	 
	 	 	 	

	3.	 	REPRESENTATIONS AND WARRANTIES OF SELLER.
	 
	 	 	

Seller represents and warrants that the following statements in this Section 3 are true and correct
as of the date hereof and as of the Closing Date:  

	 	3.1	 	Authority and Enforceability. The signatory of Seller has the full
power and authority and full legal capacity to execute, deliver and perform Seller’s
obligations under this Agreement on behalf of Seller. This Agreement is a valid and
binding obligation of the Seller enforceable in accordance with its terms.
	 
	 	 	 	
	 
	 	3.2	 	Ownership. Seller is the lawful owner of the Purchased Shares, free and
clear of all security interests, liens, encumbrances, and other charges or any options
or purchase agreements or restrictions of any nature
(“Liens”). Upon the purchase of
the Purchased Shares in accordance with the terms of this Agreement, the Purchaser will
own valid, legal, beneficial and marketable title to such Purchased Shares, free and
clear of any Liens and with all rights attached thereto and will become the sole
shareholder of the Company.
	 
	 	 	 	
	 
	 	3.3	 	Restrictions on Shares. Seller is not a party to any agreement, written
or oral, creating rights in respect of any of the Purchased Shares in any third person
or relating to the voting of any of the Purchased Shares.
	 
	 	 	 	

	4.	 	MISCELLANEOUS
	 
	 	 	

	 	4.1	 	Governing Law. The interpretation and construction of this Agreement,
and all matters relating hereto, shall be governed by the laws of the State of New
York.
	 
	 	 	 	

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	 	4.2	 	Captions. The Section captions used herein are for reference purposes only, and
shall not in any way affect the meaning or interpretation of this Agreement.
	 
	 	 	 	
	 
	 	4.3	 	Assignment. This Agreement and all covenants and agreements contained herein and
rights, interests or obligations hereunder, by or on behalf of either of the Parties, shall
bind and inure to the benefit of the respective successors and permitted assigns of the
Parties whether so expressed or not, except that neither this Agreement nor any of the
covenants and agreements herein or rights, interests or obligations hereunder may be assigned
or delegated by either Party without the prior written consent of the other Party.
	 
	 	 	 	
	 
	 	4.4	 	Counterparts. This Agreement may be executed in two or more counterparts, all of
which taken together shall constitute one instrument.
	 
	 	 	 	
	 
	 	4.5	 	Entire Agreement. This Agreement contains the entire understanding of the Parties
with respect to the subject matter contained herein. This Agreement supersedes all prior
agreements and understandings between the Parties with respect to such subject matter.
	 
	 	 	 	
	 
	 	4.6	 	Amendments. This Agreement may not be changed, and any of the terms, covenants,
representations, warranties and conditions cannot be waived, except pursuant to an instrument
in writing signed by the Parties or, in the case of a waiver, by the Party waiving compliance.
	 
	 	 	 	
	 
	 	4.7	 	Severability. If any term, provision, agreement, covenant or restriction of this
Agreement is held by a court of competent jurisdiction or other authority to be invalid, void
or unenforceable, the remainder of the terms, provisions, agreements, covenants and
restrictions of this Agreement shall remain in full force and effect and shall in no way be
affected, impaired or invalidated so long as the economic or legal substance of the
transactions contemplated hereby is not affected in any manner materially adverse to either
Party. Upon such a determination, the Parties shall negotiate in good faith to modify this
Agreement so as to effect the original intent of the Parties as closely as possible in a
reasonably acceptable manner in order that the transactions contemplated hereby may be
consummated as originally contemplated to the fullest extent possible.

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	 	4.8	 	Amicable Settlement. Any and all disputes, controversies and conflicts between
the Parties arising out of or relating to or in connection with this Agreement and the
performance or non-performance of the obligations set forth herein shall, so far as is
possible, be settled amicably between the Parties within thirty (30) days after written
notice of such dispute, controversy or conflict has been given by one Party to the other
Party.
	 
	 	 	 	
	 
	 	4.9	 	Arbitration Procedure.
	 
	 	 	 	

	 	(a)	 	Failing an amicable settlement thereof within the thirty (30)-day period
specified in Section 4.8, any and all disputes, controversies and conflicts arising
out of or in connection with this Agreement or its performance (including the validity
of this Agreement) shall be settled by an arbitrator under the rules of the UNCITRAL
Model Law on International Commercial Arbitration (the
“UNCITRAL Rules”). The place
of arbitration shall be Hong Kong and the language used in the arbitral proceedings
shall be English.
	 
	 	 	 	
	 
	 	(b)	 	The arbitrator shall be appointed by mutual consent of the Parties in
accordance with the procedures set out in the UNCITRAL Rules regarding the appointment
of arbitrators.
	 
	 	 	 	
	 
	 	(c)	 	The arbitral proceeding shall accord to each of the Parties the right to
provide witnesses, including expert witnesses, the right of cross-examination of
witnesses and the right to make both written and oral submissions.
	 
	 	 	 	

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	 	(d)	 	The arbitral award made and granted by the arbitrator shall be final, binding and
incontestable and may be used as a basis for judgment thereon. All costs of arbitration
(including, without limitation, those incurred in the appointment of the arbitrator) shall
be apportioned in the arbitral award.
	 
	 	 	 	

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IN WITNESS WHEREOF, this Agreement has been executed by each Party on the date first above written.

FAR EAST ENERGY LIMITED

/s/ Zhang Ruilin

 

For and on behalf of Purchaser

Name: Zhang Ruilin

Position: Director

FULLFAME ENTERPRISES LIMITED

/s/ Wang Kaiyang

 

For and on behalf of Seller

Name: Wang Kaiyang

Position: Director

8EX-10.22

Exhibit 10.22

 

 

SHARE EXCHANGE AGREEMENT

THIS SHARE
EXCHANGE AGREEMENT (this
“Agreement”) is
dated as of January 12, 2009 by
and between Far East Energy Limited (“FEEL”) and MIE Holdings Corporation (“MIE
Holdings”). Each of FEEL and MIE Holdings is hereinafter referred
to as a “Party” and
collectively as the “Parties”.

WHEREAS, FEEL owns 50,000 ordinary shares, par
value US$1.00 each in the capital of MI Energy
Corporation (the “FEEL Shares”);

WHEREAS, MIE Holdings has issued 1 ordinary share, par
value US$1.00, which is owned by FEEL and
which shall be sub-divided into 100 ordinary shares, par value US$0.01 each (each an “Ordinary
Share”) prior to the Closing. MIE Holdings shall have an authorized share capital of US$100,000
divided into 10,000,000 ordinary shares of a par value of US$0.01 each prior to Closing;

WHEREAS, it is a condition to the completion of the Shares Purchase
Agreement dated January 12,
2009 (the “Shares Purchase Agreement”), entered into among Standard Bank Plc, FEEL, Zhang
Ruilin, Zhao Jiangwei and Shang Zhiguo, that FEEL exchanges with MIE Holdings the FEEL Shares for
999,900 Ordinary Shares (the “Exchange Ordinary
Shares”); and

WHEREAS, the Parties wish to consummate such
exchange on the terms and subject to the conditions set forth in this Agreement.

NOW, THEREFORE, in consideration of the premises and the mutual covenants and agreements contained
in this Agreement, and in order to consummate the Share Exchange (as defined below), the Parties
hereby agree as follows:

	1.	 	DEFINITIONS

     1.1 Definitions. In this Agreement, all capitalized but undefined terms have the
meaning given such terms in the Purchase Agreement and the following words or expressions have the
following meanings:

     “Agreement” has the meaning given such term in the preamble of this Agreement.

     “Completion” has the meaning given such term in the Share Purchase Agreement.

     “Closing” has the meaning given such term in Clause 2.3.

     “Exchange Ordinary Shares” has the meaning given such term in the third recital.

     “FEEL” has the meaning given such term in the preamble of this Agreement.

     “FEEL Shares” has the meaning given such term in the first recital.

     “MIE Holdings” has the meaning given such term in the preamble of this Agreement.

     “Ordinary Shares” has the meaning given such term in the second recital.

 

 

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     “Party” and “Parties” has the meaning given such terms in the preamble of this Agreement.

     “Share
Exchange” has the meaning given such term in Clause 2.2.

     “Share Purchase Agreement” has the meaning given such term in the third recital.

	2.	 	SHARE EXCHANGE

     2.1 Authorization of Ordinary Shares. Upon the terms and subject to the conditions of
this Agreement, MIE Holdings will authorize the sale and issuance to FEEL of the Exchange Ordinary
Shares.

     2.2 Exchange. Upon the terms and subject to the conditions of this Agreement, at the
Closing, FEEL shall sell, convey and transfer the FEEL Shares to MIE Holdings and MIE Holdings
shall purchase from FEEL the FEEL Shares owned by FEEL in consideration of the issuance by MIE
Holdings to FEEL of the Exchange Ordinary Shares (the
“Share Exchange”).

     2.3
Closing. The closing of the Share Exchange (the “Closing”), shall be held
immediately prior to the Completion. At the Closing, (a) FEEL shall deliver to MIE Holdings
(i) board resolutions of MI Energy Corporation approving the transfer of the FEEL Shares to MIE
Holdings; (ii) updated Register of Members of MI Energy Corporation evidencing the ownership of the
FEEL Shares in the name of MIE Holdings; (iii) certificates representing the FEEL Shares duly
endorsed for transfer and accompanied by appropriate share transfer forms duly executed in blank
and (b) MIE Holdings shall deliver to FEEL (i) board resolutions of MIE Holdings approving the
issuance of the Exchange Ordinary Shares to FEEL; (ii) updated Register of Members of MIE Holdings
evidencing the ownership of the Exchange Ordinary Shares in the name of FEEL; (iii) certificates
representing the Exchange Ordinary Shares issued in the name of FEEL.

	3.	 	REPRESENTATIONS AND WARRANTIES OF FEEL.

     FEEL represents and warrants to MIE Holdings that:

     3.1. It is a company, corporation, or limited partnership, as the case may be, duly organized
and validly existing under the laws of the jurisdiction in which it is organized;

     3.2 It is the lawful owner, beneficially and of record, of and will have valid and marketable
title to 50,000 MIE Ordinary Shares (which constitute all of the issued and allotted share capital
of MI Energy Corporation), free and clear of any claims, liens, charges, encumbrances, security
interests or other rights of any third parties or any options or purchase agreements or
restrictions of any nature;

     3.3 It is not a party to any contract creating rights in respect of the 50,000 MIE Ordinary
Shares in any third Person or relating to the voting of such Ordinary Shares or which would
otherwise restrict its ownership of such Ordinary Shares;

     3.4 It has the full power and authority and full legal capacity to execute, deliver and
perform its obligations under this Agreement and this Agreement has been duly executed

 

 

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and delivered and constitutes a valid and binding obligation of it enforceable in accordance with
its terms, except that such enforcement may be subject to or limited by bankruptcy, insolvency,
moratorium or other laws affecting creditors’ rights generally and subject to the application of
general principles of equity;

     3.5 The execution, delivery and performance of this Agreement will not result in a breach or
violation of any of the terms and provisions of, or constitute a default under (i) any Governmental
Rule or order of any Governmental Authority or any court, domestic or foreign, having jurisdiction
over it or any of their respective properties, (ii) any material agreement or instrument to which
it is a party or by which it is bound or to which any of its properties is subject, or (iii) the
organizational documents of it other than where such breach, violation or default has not and is
not reasonably likely to have an adverse affect on the ability to perform its obligations under
this Agreement;

     3.6 It is not and will not be required to give any notice or to make any filing with or
obtain any Permit, consent, waiver or other authorization from any governmental or regulatory
authority or other Person in connection with the execution, delivery and performance of this
Agreement; and

     3.7 There is no legal, administrative, arbitration or other action or proceeding or
governmental investigation pending, or, to its knowledge, threatened, against it that
challenges the validity or performance of this Agreement or which, if successful, could hinder or
prevent it from performing its obligations hereunder.

     4. MISCELLANEOUS

     4.1 Governing Law. The interpretation and construction of this Agreement, and all
matters relating hereto, shall be governed by laws of the State of New York.

     4.2 Captions. The captions used herein are for reference purposes only, and shall not
in any way affect the meaning or interpretation of this Agreement.

     4.3 Assignment. This Agreement and all covenants and agreements contained herein and
rights, interests or obligations hereunder, by or on behalf of either Party, shall bind and inure
to the benefit of the respective successors and permitted assigns of the Parties whether so
expressed or not, except that neither this Agreement nor any of the covenants and agreements
herein or rights, interests or obligations hereunder may be assigned or delegated by either Party,
without the prior written consent of the other Party.

     4.4 Counterparts. This Agreement may be executed in two or more counterparts, all of
which taken together shall constitute one instrument.

     4.5 Entire Agreement. This Agreement, including the other documents referred to
herein which form a part hereof, contains the entire understanding of the Parties with respect
to the subject matter contained herein and therein. This Agreement supersedes all prior
agreements and understandings between the Parties with respect to such subject matter.

     4.6 Amendments. This Agreement may not be changed, and any of the terms, covenants,
representations, warranties and conditions cannot be waived, except pursuant to an instrument in
writing signed by both Parties or, in the case of a waiver, by the Party waiving compliance.

 

 

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     4.7
Severability. If any term, provision, agreement, covenant or restriction of this
Agreement is held by a court of competent jurisdiction or other authority to be invalid, void or
unenforceable, the remainder of the terms, provisions, agreements, covenants and restrictions of
this Agreement shall remain in full force and effect and shall in no way be affected, impaired or
invalidated so long as the economic or legal substance of the transactions contemplated hereby is
not affected in any manner materially adverse to either Party. Upon such a determination, the
Parties shall negotiate in good faith to modify this Agreement so as to effect the original intent
of the Parties as closely as possible in a reasonably acceptable manner in order that the
transactions contemplated hereby may be consummated as originally contemplated to the fullest
extent possible.

[Signature page follows]

 

 

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IN WITNESS WHEREOF, this Agreement has been executed by each Party on the date first above written.

	 	 	 	 	 
	 	FAR EAST ENERGY LIMITED 

 	 
	 	By:  	/s/  Zhang Ruilin
 	 
	 	 	Name:  	Zhang  Ruilin 	 
	 	 	Title:  	Director 	 

	 	 	 	 	 
	 	MIE HOLDINGS CORPORATION

 	 
	 	By:  	/s/ Forrest Dietrich
 	 
	 	 	Name:  	Forrest Dietrich 	 
	 	 	Title:  	Director

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