Document:

Secured Promissory Note

 Exhibit 10.15 

SECURED PROMISSORY NOTE 

756679 
  

			
	$30,000,000.00	  	August     , 2010

 1.
Loan; Loan Agreement. PRINCIPAL LIFE INSURANCE COMPANY, an Iowa corporation (together with its successors and/or assigns, “Lender”), has made a loan (“Loan”) to IIT PINOLE BUSINESS PARK I
LP, a Delaware limited partnership and IIT 48350 FREMONT BLVD LP, a Delaware limited partnership (herein collectively “Borrower”), pursuant to that certain Loan Agreement (“Loan Agreement”), dated of
even date herewith, between Lender and Borrower. All initially capitalized terms used in this Secured Promissory Note (“Note”) without being defined herein shall have the meanings assigned in the Loan Agreement. 

2. Obligation to Repay. FOR VALUE RECEIVED, Borrower hereby unconditionally promises to pay to the order of Lender, the principal sum of
Thirty Million and 00/100 Dollars ($30,000,000.00) (or so much thereof as shall from time to time have been advanced or be outstanding) pursuant to the terms of the Loan Agreement, in lawful money of the United States of America, with interest
thereon from the Closing Date at the Regular Interest Rate, and to be paid in accordance with the terms of the Note and the Loan Agreement. 

3. Interest and Principal. Monthly Payments shall be made on each Payment Date at the Regular Interest Rate in accordance with the Loan
Agreement and all other amounts owing to Lender in respect of the Loan shall be paid in accordance with the Loan Agreement. 
 4.
Maturity. All unpaid principal, interest thereon, and all other unpaid amounts owing under the Loan, if any, shall be due and payable in accordance with this Note and the Loan Agreement but in any event on or before the Maturity Date
unless otherwise specifically provided for in the Loan Agreement. 
 5. Default and Acceleration. If any Event of Default has
occurred and is continuing under the Loan Documents, the entire principal balance of the Loan, interest then accrued, Make Whole Premium, and all other Indebtedness whether or not otherwise then due, shall at the option of Lender, in accordance with
the Loan Agreement and other Loan Documents, become immediately due and payable without demand or notice, and whether or not Lender has exercised said option, interest shall accrue on the entire principal balance, interest then accrued, Make Whole
Premium and any other Indebtedness then due, at a rate equal to the Default Rate until fully paid in accordance with the Loan Agreement and other Loan Documents. 

6. Prepayment. The Loan may only be prepaid in accordance with the terms of the Loan Agreement. 

7. Security. This Note is secured by the Loan Documents, creating among other things, legal and valid encumbrances on and an assignment of
all of Borrower’s interest in any Leases of the Premises. 

 8. Waivers. To the extent permitted by applicable laws, Borrower and any endorsers or
guarantors waive presentment, protest and demand, notice of protest, demand and dishonor and nonpayment (unless otherwise specifically set forth in the Mortgage or the Loan Agreement), notice of acceleration or intent to accelerate and diligence in
collection, and agree the Maturity Date of this Note or any installment may be extended without affecting any liability hereunder, and further promise to pay all reasonable costs and expenses, including but not limited to, reasonable attorney’s
fees actually incurred by Lender in connection with any Event of Default or in any judicial or equitable proceeding to interpret and/or enforce any provision of the Loan Documents. No release of Borrower from liability hereunder shall release any
other maker, endorser or guarantor hereof. 
 9. Exculpation. Notwithstanding anything inconsistent or to the contrary contained
herein or in any other Loan Document, Borrower’s personal liability under this Note is limited as set forth in Section X of the Loan Agreement. 

10. Governance. This Note shall be governed by and construed in accordance with the laws of the State where the Premises is located,
without regard to its conflict of law principles. 
 11. Joint and Several Liability. If more than one, all obligations and
agreements of Borrower are joint and several. 
 12. Miscellaneous. This Note may not be changed or terminated orally, but only by
an agreement in writing and signed by the party against whom enforcement of any waiver, change, modification or discharge is sought. Whenever used, the singular number shall include the plural, the plural number shall include the singular, and the
words “Lender” and “Borrower” shall include their respective successors and assigns. If any provision of this Note shall, for any reason, be held to be invalid or unenforceable, such invalidity or unenforceability shall not
affect any other provision hereof, but this Note shall be construed as if such invalid or unenforceable provision had never been contained herein. 

13. Counterpart Signatures. This Note may be executed in counterparts, each of which shall be deemed an original; and such counterparts
when taken together shall constitute but one agreement. 
 (Signatures on next page) 

 

 -2- 

 IN WITNESS WHEREOF, Borrower has caused this Note to be duly executed and delivered as of
the date first set forth above. 
  

					
	IIT PINOLE BUSINESS PARK I LP, a Delaware limited partnership
		
	By:	 	IIT PINOLE BUSINESS PARK I GP LLC, a Delaware limited liability company, its General Partner
			
		 	By:	 	  

		 	Name:	 	
		 		 	Title: Authorized Signatory
	
	IIT 48350 FREMONT BLVD LP, a Delaware limited partnership
		
	By:	 	IIT 48350 FREMONT BLVD GP LLC, a Delaware limited liability company, its General Partner
			
		 	By:	 	  

		 		 	Name:
		 		 	Title: Authorized Signatory

  

 -3-ex10_19.htm

 Exhibit 10.19 

 Equity Transfer Agreement 

 (English Translation) 

 Parties: 

 

	 Transferor:      	 Wang Hong Jun 
	 Transferee:   	 Ju Gui Zhi 

 

 In accordance with the applicable laws of the Company’s bylaws: “Any stockholder transferring his registered capital contribution shall provide the other stockholders the right of first refusal.” As a result of mutual consultation, stockholder Wang Hong Jun agrees to transfer his share of the registered capital in the amount of RMB 490,000 of Song Yuan North East Petroleum Technical Service Co., Ltd. to Ju Gui Zhi. Following the transfer, Transferee shall enjoy the rights and obligations in proportion to the equity interest received by the Transferee. 

 Transferor:    /s/ Wang Hong Jun 

 Transferee:    /s/ Ju Gui Zhi 

 China North East Petroleum Holdings Ltd. (U.S.) 

 Song Yuan North East Petroleum Technical Service Co., Ltd. 

 December 20, 2006ex10_20.htm

 Exhibit 10.20 

 Equity Transfer Agreement 

 (English Translation) 

 Parties: 

 

	 Transferor:      	 Sun Peng (Personal Identification #220702760208141) 
	 Transferee:   	 Song Yuan North East Petroleum Technical Services Co., Ltd. 

 As a result of mutual consultation, Sun Peng agrees to transfer registered capital in the amount of RMB 100,000 representing 10% of the total registered capital of Chang Ling Long De Oil & Gas Development Co., Ltd. to Song Yuan North East Petroleum Technical Services Co., Ltd. Following the transfer, Transferee shall enjoy the rights and obligations in proportion to the equity interest received by the Transferee. 

 Transferor:      /s/ Sun Peng 

 Transferee:      /s/ Wang Hong Jun 

 Chang Ling Long De Oil & Gas Development Co., Ltd. 

 March 17, 2008ex10_21.htm

 Exhibit 10.21 

 Equity Transfer Agreement 

 (English Translation) 

 Parties: 

 

	 Transferor:      	 Wang Bing Wu 
	 Transferee:   	 Wang Hong Jun 

 

 As a result of mutual consultation, Wang Bing Wu agrees to transfer registered capital in the amount of RMB 1,668,000 representing 10% of the total registered capital of Song Yuan Yu Qiao Oil & Gas Development Co., Ltd. to Wang Hong Jun. Following the transfer, Transferee shall enjoy the rights and obligations in proportion to the equity interest received by the Transferee. 

 Transferor:        /s/ Wang Bing Wu 

 Transferee:        /s/ Wang Hong Jun 

 April 7, 2008ex10_22.htm

 Exhibit 10.22 

 Equity Transfer Agreement 

 (English Translation) 

 Parties: 

 

	 Transferor:      	 Ai Chang Shan (Personal Identification #222324641212065) 
	 Transferee:   	 Song Yuan North East Petroleum Technical Services Co., Ltd. 

 

 As a result of mutual consultation, Ai Chang Shan agrees to transfer registered capital in the amount of RMB 100,000 representing 10% of the total registered capital of Chang Ling Long De Oil & Gas Development Co., Ltd. to Song Yuan North East Petroleum Technical Services Co., Ltd. Following the transfer, Transferee shall enjoy the rights and obligations in proportion to the equity interest received by the Transferee. 

 Transferor:          /s/ Ai Chang Shan 

 Transferee:          /s/ Wang Hong Jun 

 Chang Ling Long De Oil & Gas Development Co., Ltd. 

 March 17, 2008ex10_23.htm

 Exhibit 10.23 

 Trust Agreement 

 (English Translation) 

 

 Trustor: Songyuan North East Petroleum Technical Services Co., Ltd. 

 Trustor is also the beneficiary of this agreement (the “Beneficiary”). 

 Address:1717 Zhanjiang Road, Qingnian Avenue, Economic and Technological Development Zone, Songyuan City, Jilin Province. 

 Trustee: Hong Jun Wang (the “Trustee”) 

 ID card No.: 23010619720513081X 

 Pursuant to the related rules and regulations of “General Principles of The Civil Law of the People’s Republic of China” and “Trust Law of the People's Republic of China,” the Beneficiary and the Trustee hereby agree as follows: 

 Chapter One – Trust 

	
    

	
 1. 

	
 The Beneficiary agrees to entrust Trustee to hold and manage 10% shares (the “Entrusted Shares”) of Song Yuan City Yu Qiao Oil & Gas Development Co., Ltd. (“Yu Qiao Oil & Gas”) on behalf of the Beneficiary. 

	
    

	
 2. 

	
 The Trustee accepts the Beneficiary’s entrustment and holds the Entrusted Shares on behalf of the Beneficiary. 

 Chapter Two – Trustee’s Obligations 

	
    

	
 1. 

	
 The Trustee represents that all the rights, interests and dividends (including self-produced and not yet produced) of the Entrusted Shares shall unconditionally belong to the Beneficiary. 

	
    

	
 2. 

	
 The Trustee guarantees that he will unconditionally follow the written instructions from the Beneficiary to dispose the Entrusted Shares, interests and dividends. 

	
    

	
 3. 

	
 The Trustee shall execute a power of attorney pursuant to the written instruction from the Beneficiary to become the authorized legal representative of the Entrusted Shares to exercise the voting power (including material policies). 

	
    

	
 4. 

	
 Upon the Beneficiary’s request, the Trustee shall make available to the Beneficiary of all the information and documents that a shareholder of Yu Qiao Oil & Gas should know. 

	
    

	
 5. 

	
 The Trustor has the right to know the conditions of the business operation and the financial income and expenses of Yu Qiao Oil & Gas and has the right to check and to copy the financial account and documents of Long De Oil & Gas. 

	
    

	
 6. 

	
 The Trustee cannot sell, exchange, lease, offset, pledge or dispose the Entrusted Shares in any other ways without a prior written consent from the Beneficiary. 

	
    

	
 7. 

	
 The Trustee cannot use the dividends to plough back or cooperate or participate in a joint venture with others without a prior written consent from the Beneficiary. 

  

  

  

 

 Chapter Three – The Trustee’s Consideration 

 The Trustee acknowledges that the Beneficiary does not need to pay any consideration for the Trustee’s holding of the Entrusted Shares for the Beneficiary. 

 Chapter Four – Restrains on Successors 

 All the duties and obligations of the Trustee in this agreement should also apply to all successors, assignees or donees of the Trustee. 

 Chapter Five – Term of Trust 

 The term of the trust of this agreement is valid from the effective date of this agreement until the date of dissolution of Yu Qiao Oil & Gas. 

 Chapter Six – Termination of the Trust 

 The agreement will terminate when any of the following events occur: 

	
    

	
 1. 

	
 The purpose of the trust has been fulfilled; 

	
    

	
 2. 

	
 Upon consent by the parties; 

	
    

	
 3. 

	
 The agreement is not renewed upon expiration.. 

  Chapter Seven – Breach of Contract  

	
    

	
 1. 

	
 If the Trustee violates the purpose of the trust to dispose the trust property or causes any losses or damages to the trust property due to the breach of his duties, the Trustee shall reinstate the trust property or make compensation. 

	
    

	
 2. 

	
 If the Trustee obtains benefits by using the trust property, such benefits shall belong to the Beneficiary; if causing any losses or damages, the Trustee shall be responsible for such losses or damages to the trust property. 

	
    

	
 3. 

	
 The Trustee shall be responsible for any debts of a third party incurred by Trustee’s breach of duties or the Trustee’s mismanagement of the trust property. 

 Chapter Eight – Governing Law 

 Both the Trustee and Beneficiary agree that this agreement shall be governed, construed, and enforced in accordance with the laws of “General Principles of The Civil Law of the People’s Republic of China,” “Contract Law of the People’s Republic of China” and “Trust Law of the People's Republic of China” and the principle of honor. 

 

  

  

  

 Chapter Nine – Dispute Resolution 

 During the implementation of the agreement, if there is a controversy, all parties should settle it by friendly negotiation.  If settlement agreement cannot be reached, the parties agree to bring the controversy to the People’s court that has the jurisdiction. 

 Chapter Ten – The agreement was signed on April 18, 2008, which has duplicate copies. Each of the Trustor (Beneficiary) and Trustee holds one copy of the agreement. 

 TRUSTOR: 

 SONG YUAN NORTH EAST PETROLEUM TECHNICAL SERVICE CO., LTD. 

 (Company Seal) 

 TRUSTEE: 

 By: /s/ Hong Jun Wang                                  

 Hong Jun Wang

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