Document:

Unassociated Document

    Exhibit
10.1

     

    CANCELLATION
AGREEMENT

     

    This
CANCELLATION AGREEMENT, is entered into as of June 28, 2010 (this “Agreement”),
by and among, Birch Branch, Inc., a Colorado corporation (the “Acquiror
Company”), Brasel Family Partners (“BFP”),
LaMirage Trust (“LaMirage”),
Lazzeri Family Trust (“LFT”),
Mathis Family Partners LTD (“MFP”)
and Lazzeri Equity Partners 401(k) Plan (the “Plan”
and collectively with BFP, LaMirage, LFT and MFP, the “Acquiror
Company Shareholders”) and Shun Cheng Holdings HongKong Limited, a Hong
Kong company (the “Company”).

     

    BACKGROUND

     

    WHEREAS, concurrently herewith, the Acquiror Company is consummating the transactions
contemplated by the Share
Exchange Agreement dated as
of May 14, 2010 by and among the Acquiror Company, Timothy
Brasel, BFP, LaMirage, MFP, LFT, Hu Qingying, Ong Hock Seng and SCM
Capital LLC, on the one hand, and Shun Cheng Holdings Limited, Wanjinlin
International Investment Group Limited, Jinmao Investment Group Limited, USA
Wall Street Capital United Investment Group Limited, Global Chinese Alliance
Development Ltd., USA International Finance Consulting Group Ltd., Golden Hill
International Investment Group Limited, Fuhai International Investment Group
Limited, Renhe International Investment Group Limited, Fuyutai International
Investment Group Limited, and Kangchen International Investment Group Limited
(collectively, “Company
Shareholders”); and the Company (the “Share
Exchange Agreement”), on the other, as amended by the Amendment dated
June 28, 2010, pursuant to which
the Acquiror
Company will acquire from
the Company Shareholders all of the issued and outstanding capital stock of the
Company in exchange for 30,233,750 shares of the Acquiror Company’s common stock (the “Share
Exchange Transaction”).

     

    WHEREAS, it is a condition precedent to the
consummation of the Share Exchange Transaction that the Acquiror Company Shareholders
enter into and consummate
this Agreement, which will effectuate the cancellation of 435,123 shares of the common stock,
no par value per share, of the Acquiror Company held by the respective Acquiror Company
Shareholders (the
“Subject
Shares”), as set forth on Annex
A hereto. The Acquiror Company Shareholders
are entering into this
Agreement to, among other things, induce the Company and the Company
Shareholders to enter into the Share Exchange Transaction and the Acquiror Company Shareholders
acknowledge that the
Company and the Company Shareholders would not consummate the transactions
contemplated by the Share Exchange Transaction unless the transactions
contemplated hereby are effectuated in accordance herewith.

     

    AGREEMENT

     

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

     

    1.           Cancellation
of Subject Shares.  The Acquiror
Company Shareholders have delivered to the Acquiror Company for cancellation
stock certificates representing their respective Subject Shares along with duly
executed medallion guaranteed stock powers covering such Subject Shares (or such
other documents acceptable to the Acquiror Company’s transfer agent) and each
Acquiror Company Shareholder hereby irrevocably instructs the Acquiror Company
and the Acquiror Company’s transfer agent to cancel the Subject Shares thereof,
such that such Subject Shares will no longer be outstanding on the stock ledger
of the Acquiror Company and such that the Acquiror Company Shareholders shall no
longer have any interest in any of the Subject Shares whatsoever.  The
Acquiror Company shall immediately deliver to the Acquiror Company’s transfer
agent irrevocable instructions providing for the cancellation of the Subject
Shares.  Upon the closing of the “Share Exchange” (as defined in the
Share Exchange Agreement) pursuant to the Share Exchange Agreement, the Subject
Shares shall automatically be deemed cancelled.

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    2.           Representations
by the Acquiror Company Shareholders. The Acquiror Company and the
Acquiror Company Shareholders, jointly and severally, represent and warrant to
the Company as follows:

     

    (a)           The
Acquiror Company Shareholders own, of record and beneficially, and have good,
valid and indefeasible title to and the right to transfer to Acquiror Company
pursuant to this Agreement, all of their respective Subject Shares, free and
clear of any and all liens and encumbrances.  There are no options,
rights, voting trusts, shareholder agreements or any other contracts or
understandings to which any of the Acquiror Company Shareholders is a party or
by which any Acquiror Company Shareholders or the Subject Shares are bound with
respect to the issuance, sale, transfer, voting or registration of the Subject
Shares.  After giving effect to the cancellation of the Subject
Shares, except for the shares referred to in Annex
B hereto, the Acquiror Company Shareholders own, of record or
beneficially, no other shares of capital stock, or convertible securities, of
the Company and no Acquiror Company Shareholder has any rights to acquire any
such capital stock or securities.

     

    (b)           Each
of the Acquiror Company Shareholders has full right, power and authority to
execute, deliver and perform this Agreement and to carry out the transactions
contemplated hereby.  This Agreement has been duly and validly
executed and delivered by the Acquiror Company Shareholders and constitutes a
valid, binding obligation of the Acquiror Company Shareholders, enforceable
against the Acquiror Company Shareholders in accordance with its terms (except
as such enforceability may be limited by laws affecting creditor's rights
generally).

     

    3.           Further
Assurances.  Each party to
this Agreement will use his or its best efforts to take all actions and to do
all things necessary, proper, or advisable in order to consummate and make
effective the transactions contemplated by this Agreement (including the
execution and delivery of such other documents and agreements as may be
necessary to effectuate the cancellation of the Subject Shares).

     

    4.           Amendment
and Waiver.  Any term, covenant, agreement or condition of this
Agreement may be amended, with the written consent of the Acquiror Company, the
Company and the Acquiror Company Shareholders, or compliance therewith may be
waived (either generally or in a particular instance and either retroactively or
prospectively), by one or more written instruments signed by the Acquiror
Company, the Company and the Acquiror Company Shareholders.

     

    5.           Survival
of Agreements, Representations and Warranties, etc.  All
representations and warranties contained herein shall survive the execution and
delivery of this Agreement.

     

    6.           Successors
and Assigns.  This Agreement
shall bind and inure to the benefit of and been enforceable by the Acquiror
Company, the Company and the Acquiror Company Shareholders, and their respective
successors and permitted assigns.  No party may assign any of its
right under this Agreement without the prior consent of the other
party.

     

    7.           Governing
Law.  This Agreement
(including the validity thereof and the rights and obligations of the parties
hereunder and thereunder) and all amendments and supplements hereof and thereof
and all waivers and consents hereunder and thereunder shall be construed in
accordance with and governed by the internal laws of the State of New York
without regard to its conflict of laws rules, except to the extent the laws of
Colorado are mandatorily applicable.

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    8.           Miscellaneous.  This Agreement,
together with the Share Exchange Agreement, embodies the entire agreement and
understanding between the parties hereto and supersedes all prior agreements and
understandings relating to the subject matter hereof. In case any provision of
this Agreement shall be invalid, illegal or unenforceable, the validity,
legality and enforceability of the remaining provisions shall not in any way be
affected or impaired thereby. This Agreement may be executed in any number of
counterparts and by the parties hereto on separate counterparts but all such
counterparts shall together constitute but one and the same instrument. This
Agreement may be reproduced by any electronic, photographic, photostatic,
magnetic, microfilm, microfiche, microcard, miniature photographic, facsimile or
other similar process and the original thereof may be destroyed. The parties
agree that any such reproduction shall, to the extent permitted by law, be as
admissible in evidence as the original itself in any judicial or administrative
proceeding (whether or not the original is in existence and whether or not the
reproduction was made in the regular course of business) and that any
enlargement, facsimile or further reproduction shall likewise be admissible in
evidence. Facsimile execution and delivery of this Agreement is legal, valid and
binding execution and delivery for all purposes.

     

    

    [Signature Page
Follows]

    

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    

    

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

     

    BIRCH
BRANCH, INC

     

    By:  /s/ Timothy Jay
Brasel                                                                                

    Name:  Timothy
Jay Brasel

    Title:  President

     

    SHUN
CHENG HOLDINGS HONGKONG LIMITED

     

    By:  /s/ Wang
Feng                                                                                

    Name:  Wang
Feng

    Title:  Director

     

    MATHIS
FAMILY PARTNERS LTD

    

    

    By:  /s/ Earnest
Mathis                                                                                

    Name:  Earnest
Mathis

    Title:  General
Partner

     

    BRASEL
FAMILY PARTNERS

    

    

    By:  /s/ Timothy Jay
Brasel                                                                                

    Name:  Timothy
Jay Brasel

    Title:  General
Partner

     

    LAMIRAGE
TRUST

    

    

    By:  /s/ Timothy Jay
Brasel                                                                                

    Name:  Timothy
Jay Brasel

    Title:  Trustee

     

    LAZZERI
FAMILY TRUST

    

    

    By:  /s/ Robert
Lazzeri                                                                                

    Name:  Robert
Lazzeri

    Title:  Trustee

     

    LAZZERI
EQUITY PARTNERS 401(K) PLAN

    

    

    By:  /s/ Robert
Lazzeri                                                                                

    Name:  Robert
Lazzeri

    Title:  Trustee

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    ANNEX
A

     

    

    
      	
              
                Name

              

            	
              
                Number

              

            
	
              Brasel
      Family Partners

            	
              108,780
      shares restricted

            
	
              La
      Mirage Trust

            	
              108,780
      shares restricted

            
	
              Lazzeri
      Family Trust

            	
                78,781
      shares restricted

            
	
              Mathis
      Family Partners

            	
              108,782
      shares restricted

            
	
              Lazzeri
      Equity Partners 401K Plan

            	
              30,000 shares
      restricted

            
	 
      	
              435,123
      shares restricted

            

    

    

    

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    ANNEX
B

     

    

    
      	
              
                Name

              

            	
              
                Number

              

            
	
              Brasel
      Family Partners

            	
              None

            
	
              La
      Mirage Trust

            	
              8,750

            
	
              Lazzeri
      Family Trust

            	
              40,000

            
	
              Mathis
      Family Partners

            	
              40,000

            
	
              Lazzeri
      Equity Partners 401K Plan

            	
              NoneUnassociated Document

    
      Exhibit
10.2

       

        
          

        

      

    

    ENTRUSTED
MANAGEMENT AGREEMENT

    

    BETWEEN

    

    WANG
XINSHUN

    

    WANG
XINMING

    

    CHENG
JUNSHENG

    

    HENAN
SHUNCHENG GROUP COAL COKE CO., LTD.

    

    AND

    

    ANYANG
SHUNCHENG ENERGY TECHNOLOGY CO., LTD.

    

    

    

    Anyang  China

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

     Entrusted
Management Agreement

    

    This
Entrusted Management Agreement (the “Agreement”) is entered into on
March 19, 2010, in Anyang, China by:

    

    Party A:

    

    
      1  Wang
Xinshun, a citizen of PRC with ID Card number of , owns 60% shares of Henan
Shuncheng Group Coal Coke Co., Ltd. ;

    

    

    2 Wang
Xinming, a citizen of PRC with ID Card number of , owns 20% shares of Henan
Shuncheng Group Coal Coke Co., Ltd. ;

    

    3 Cheng
Junsheng, a citizen of PRC with ID Card number of , owns 20% shares of Henan
Shuncheng Group Coal Coke Co., Ltd. ;

    

    4 Henan
Shuncheng Group Coal Coke Co., Ltd. is an enterprise incorporated and existing
within the territory of China in accordance with the law of the People’s
Republic of China, the registration number of its legal and valid Business
License is 410522110001012 and the legal registered address is South Gongye Road, Tongye
County, Anyang City, Henan Province.

    

    and

    

    Party
B:

    

    Anyang
Shuncheng Energy Technology Co., Ltd., is a wholly-foreign owned enterprise in
PRC, and the registration number of its legal and valid Business License is
410500400000623 and its
legal address is Tongye Town, Anyang County.

    

    Whereas:

    

    
      	
              1  

            	
              Party
      A constitutes Henan Shuncheng Group Coal Coke Co.,
      Ltd.  (hereinafter referred to as “Opco ”) and all of its
      shareholders holding all issued and outstanding shares of Opco . Under
      this Agreement, Opco, Wang Xinshun, Wang Xinming and Cheng Junsheng have
      acted collectively as one party to this
  Agreement;

            

    

    

    
      	
              2  

            	
              Anyang
      Shuncheng Energy Technology Co., Ltd. (hereinafter referred to as “Party B”) is a
      wholly-foreign owned enterprise incorporated and existing within the
      territory of China in accordance with the law of the People’s Republic of
      China, the registration number of its legal and valid Business License is
      410500400000623,
      and the legal registered address is Tongye Town, Anyang
      County.

            

    

     

    
      
        
        

      

      
        -1-

        
          

        

      

      
        
        

      

    

     

    
      	
              3  

            	
              Party
      A desires to entrust Party B to manage and operate Opco
  ;

            

    

    

    
      	
              4  

            	
              Party
      B agrees to accept such entrustment and to manage Opco on behalf of Party
      A.

            

    

    

    Therefore,
in accordance with laws and regulations of the People’s Republic of China, the
Parties agree as follows after friendly consultation based on the principle of
equality and mutual benefit.

    

    Article
1                         
Entrusted Management

    

    
      	
              1.1  

            	
              Party
      A agrees to entrust the management of Opco to Party B pursuant to the
      terms and conditions of this Agreement. Party B agrees to manage Opco in
      accordance with the terms and conditions of this
  Agreement.

            

    

    

    
      	
              1.2

            	
              The
      term of this Entrusted Management Agreement (the “Entrusted Period”) shall
      be from the effective date of this Agreement to the earlier of the
      following:

            

    

               (1)  the
winding up of Opco, or

               (2)  the
date on which Party B completes the acquisition of Opco.

    

    
      	
               
      

            	
              1.3    During
      the Entrusted Period, Party B shall be fully and exclusively responsible
      for the management of Opco. The management service includes without
      limitation the following:

            

    

    

    
      	
               
      

            	
              (1)

            	
              Party
      B shall be fully and exclusively responsible for the operation of Opco,
      which includes the right to appoint and terminate members of Board of
      Directors and the right to hire managerial and administrative personnel
      etc. Party A or its voting proxy shall make a shareholder’s resolution and
      a Board of Directors’ resolution based on the decision of Party
      B.

            

    

    

    
      	
               
      

            	
              (2)

            	
              Party
      B has the full and exclusive right to manage and control all cash flow and
      assets of Party A. Opco shall open one or more entrusted accounts and/or
      designate one or more existing account as entrusted accounts
      (collectively, the “Entrusted Accounts”).
      Party B has the full and exclusive right to decide the use of the funds in
      the Entrusted Accounts. The authorized signature of the Entrusted Accounts
      shall be appointed or confirmed by Party B. All of the funds of Opco shall
      be kept in the Entrusted Accounts, including but not limited to its
      existing working capital and purchase price received from selling its
      production equipment, inventory, raw materials and accounts receivable to
      Party B (if any), all payments of funds shall be disbursed through the
      Entrusted Accounts, including but not limited to the payment of all
      existing accounts payable and operating expenses, payment of employees
      salaries and purchase of assets, and all revenues from its operation shall
      be kept in the Entrusted Accounts.

            

    

     

    
      
        
        

      

      
        -2-

        
          

        

      

      
        
        

      

    

     

    
      	
               
      

            	
              (3)

            	
              Party
      B shall have the full and exclusive right to control and administrate the
      financial affairs and daily operation of Opco, such as entering into and
      performance of contracts, and payment of taxes
  etc.

            

    

    

    
      	
              1.4

            	
              Subject
      to anything to the contrary stated herein, in consideration of the
      services provided by Party B hereunder, Party A shall pay an entrusted
      management fee to Party B which shall be equal to the quarterly earnings
      before tax (if any) of Opco. The entrusted management fee shall be as
      follows: during the term of this agreement, the entrusted management fee
      shall be equal to Opco’s estimated earnings before tax, being the
      quarterly revenues after deduction of operating costs, expenses and taxes
      other than income tax. If the quarterly earnings before tax is zero, Opco
      is not required to pay the quarterly entrusted management fee; if Opco
      sustains losses, all such losses will be carried over to next quarter and
      deducted from next quarter’s entrusted management fee. Both Parties shall
      calculate, and Party A shall pay, the quarterly entrusted management fee
      within 45 days of end of the preceding quarter. The above quarterly
      payment shall be adjusted prior to the filing of Opco’s tax return for
      such quarter (the “Quarterly Adjustment”), so as to make the after-tax
      profit of Opco of that quarter zero. In addition, the above monthly
      payment shall be adjusted after the end of each fiscal year but before the
      filing for the yearly tax return (the “Annual Adjustment”), so as to make
      the after-tax profit of Opco of that fiscal year
  zero.

            

    

    

    
      	
               
      

            	
              1.5

            	
              Party
      B shall assume all operation risks out of the entrusted management of Opco
      and bear all losses of Opco. If Opco has no sufficient funds to repay its
      debts, Party B is responsible for paying off these debts on behalf of
      Opco; if Opco’s net assets are lower than its registered capital, Party B
      is responsible for funding the
deficit.

            

    

    

    Article
2                         Rights
and Obligations of the Parties

    

    2.1           During
the term of this Agreement, Party A’s rights and obligations
include:

    

    
      	
              (1)  

            	
               to
      hand over Opco to Party B for entrusted management as of the effectiveness
      date of this Agreement and to make all of business materials together with
      Business License and corporate seal of Opco available to Party
      B;

            

    

    

    
      	
              (2)  

            	
              Party
      A has no right to make any decision regarding Opco’s operations without
      the prior written consent of Party
B;

            

    

     

    
      
        
        

      

      
        -3-

        
          

        

      

      
        
        

      

    

     

    
      	
              (3)  

            	
              to
      have the right to know the business conditions of Opco at any time and
      provide proposals;

            

    

    

    
      	
              (4)  

            	
              to
      assist Party B in carrying out the entrusted management in accordance with
      Party B’s requirement;

            

    

    

    
      	
              (5)  

            	
              to
      perform its obligations pursuant to the Shareholders’ Voting Rights Proxy
      Agreement, signed by and between Wang Xinshun, Wang Xinming and Cheng
      Junsheng and Party B on March 19, 2010 in Anyang, and not to violate the
      said agreement;

            

    

    

    
      	
              (6)  

            	
              not
      to intervene Party B’s management over Opco in any form by making use of
      shareholder’s power;

            

    

    

    
      	
              (7)  

            	
              not
      to entrust or grant their shareholders’ rights in Opco to a third party
      other than Party B without Party B’s prior written
  consent;

            

    

    

    
      	
              (8)  

            	
              not
      to otherwise entrust other third party other than Party B to manage Opco
      in any form without Party B’s prior written
  consent;

            

    

    

    
      	
              (9)  

            	
              not
      to terminate this Agreement unilaterally with for any reason whatsoever;
      or

            

    

    

    
      	
               (10) 

            	
              to
      enjoy other rights and perform other obligations under the
      Agreement.

            

    

    

    2.2  During
the term of this Agreement, Party B’s rights and obligations
include:

    

    
      	
              (1)  

            	
              to
      enjoy the full and exclusive right to manage Opco
      independently;

            

    

    

    
      	
              (2)  

            	
                       to
      enjoy the full and exclusive right to dispose of all assets of
      Opco;

            

    

    

    
      	
              (3)  

            	
              to
      enjoy all profits and bear losses arising from Opco’s operations during
      the Entrusted Period;

            

    

    

    
      	
              (4)  

            	
              to
      appoint all directors of Opco;

            

    

    

    
      	
              (5)  

            	
              to
      appoint the legal representative, general manager, deputy general manager,
      financial manager and other senior managerial personnel of
      Opco;

            

    

    

    
      	
              (6)  

            	
              to
      convene shareholders’ meetings of Opco in accordance with the
      Shareholders’ Voting Rights Proxy Agreement and sign resolutions of
      shareholders’ meetings; and

            

    

    

    
      	
              (7)  

            	
                       to
      enjoy other rights and perform other obligations under the
      Agreement.

            

    

     

    
      
        
        

      

      
        -4-

        
          

        

      

      
        
        

      

    

    
 

    Article
3                         Representations
and Warranties

    

    The Parties hereto hereby make the
following representations
and warranties to each
other as of the date of this Agreement that:

    

    
      	
               
      

            	
              (1)

            	
              has the right to enter into the
      Agreement and the ability to perform the
  same;

            

    

    

    
      	
               
      

            	
              (2)

            	
              the execution and delivery
      of this Agreement by
      each party have been duly authorized by all necessary corporate
      action;

            

    

    

    
      	
               
      

            	
              (3)

            	
              the execution of this Agreement by
      the officer or representative of each party has been duly
      authorized;

            

    

    

    
      	
               
      

            	
              (4)

            	
              each party has no other reasons
      that will prevent this Agreement from becoming a binding and effective
      agreement between both parties after
  execution;

            

    

    

    
      
        	
                 
      

              	
                (5)

              	
                the execution and performance of
      the obligations under this Agreement will
  not:

              

      

    

    
      (a) violate any provision of the business license,
articles of association or other similar documents of its
own;

    

    (b) violate any provision of the laws and
regulations of PRC or other governmental or regulatory authority or
approval;

    (c) violate or result in a breach of any
contract or agreement to
which the party is a party or by which it is bound.

    

    Article
4 Effectiveness

    

    This Agreement shall take effect after
it is duly executed
by the authorized
representatives of the parties hereto with seals affixed, provided, however, the entrusted management fees payable
by Party A under Section 1.4 shall accrue until such times as the parties shall
mutually agree..

    

    Article
5 Liability for Breach of Agreement

    

    During the term of this Agreement, any
violation of any provisions herein by either party constitutes breach of
contract and the breaching party shall compensate the non-breaching party for
the loss incurred as a result of this breach.

     

    
      
        
        

      

      
        -5-

        
          

        

      

      
        
        

      

    

     

    Article
6 Force Majeure

    

    The failure of either party to perform
all or part of the obligations under the Agreement due to force
majeure shall not be deemed as breach of contract. The affected party shall
present promptly valid evidence of such force majeure, and the failure of
performance shall be settled through consultations between the parties hereto.

    

    Article
7 Governing Law

    

    The conclusion, validity,
interpretation, and performance of this Agreement and the settlement of any
disputes arising out of this Agreement shall be governed by the laws and
regulations of the People’s Republic of China.

    

    Article
8 Settlement of Dispute

    

    Any disputes under the Agreement shall
be settled at first through friendly consultation between the parties hereto. In
case no settlement can be reached through consultation, each party shall have
the right to submit such
disputes to China International Economic and Trade Arbitration
Commission in
Beijing.  The
Place of arbitration is Beijing. The arbitration award shall be final
and binding on both parties.

    

    Article
9  Confidentiality

    

    9.1           The
parties hereto agree to cause its employees or representatives who has access to
and knowledge of the terms and conditions of this Agreement to keep strict
confidentiality and not to disclose any of these terms and conditions to any
third party without the expressive requirements under law or request from
judicial authorities or governmental departments or the consent of the other
party, otherwise such party or personnel shall assume corresponding legal
liabilities.

    

    9.2           The
obligations of confidentiality under Section 1 of this Article shall survive
after the termination of this Agreement.

    

    Article
10 Severability

    

    10.1           Any
provision of this Agreement that is invalid or unenforceable due to the laws and
regulations shall be ineffective without affecting in any way the remaining
provisions hereof.

    

    10.2.                      In
the event of the foregoing paragraph, the parties hereto shall prepare
supplemental agreement as soon as possible to replace the invalid provision
through friendly consultation.

     

    
      
        
        

      

      
        -6-

        
          

        

      

      
        
        

      

    

     

    Article
11 Non-waiver of Rights

    

    11.1           Any
failure or delay by any party in exercising its rights under this Agreement
shall not constitute a waiver of such right.

    

    11.2           
Any failure of any party to demand the other party to perform its obligations
under this Agreement shall not be deemed as a waiver of its right to demand the
other party to perform such obligations later.

    

    11.3 If a
party excuses the non-performance by other party of certain provisions under
this Agreement, such excuse shall not be deemed to excuse any future
non-performance by the other party of the same provision.

    

    Article
12 Non-transferability

    

    Unless otherwise specified under this
Agreement, no party can assign or delegate any of the rights or obligations
under this Agreement to any third party nor can it provide any guarantee to such third party or carry out
other similar activities without the prior written consent from the other party.

    

    Article
13 Miscellaneous

    

    13.1 Any
and all taxes arising from execution and performance of this Agreement and
during the course of the entrusted management and operation shall be borne by
the Parties respectively pursuant to the provisions of laws and
regulations.

    

    13.2 Any
amendment entered into by the parties hereto after the effectiveness of this
Agreement shall be an integral part of this Agreement and have the same legal
effect as part of this Agreement. In case of any discrepancy between the
amendment and this Agreement, the amendment shall prevail. In case of several
amendments, the amendment with the latest date shall prevail.

    

    13.3 This
Agreement is executed by Chinese and English in duplicate and both the English
version and Chinese version shall have the same effect. Each of the original
Chinese and English versions of this Agreement shall be executed in five
copies.

    

    13.4 In
witness hereof, the Agreement is duly executed by the parties hereto on the date
first written above.

     

    (REMAINDER OF PAGE INTENTIONALLY LEFT
BLANK)

    

    
      
        
        

      

      
        -7-

        
          

        

      

      
        
        

      

    

    

    (Page of
signature only)

    

    Party
A:

    Wang
Xinshun

    (signature):  /s/
Wang Xinshun

    

    

    Wang
Xinming

    (signature):  /s/
Wang Xinming

    

    

    Cheng
Junsheng :

    (signature):  /s/
Cheng Junsheng

    

    

    Henan
Shuncheng Group Coal Coke Co., Ltd.

    

    (official
seal)

    

    

    Authorized
representative:  /s/ Wang Xinshun

    (signature)

    

    

    

    

    Party
B:

    

    Anyang Shuncheng Energy Technology
Co., Ltd.

    

     (official
seal)

    

    Authorized
representative: /s/ Wang Jiankai

    (signature)

     

     

    -8-

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00175-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00175-of-00352.parquet"}]]