Document:

United States Securites and Exchange Commission Edgar Filing

Exhibit 10.1

Loan Agreement

As of this 27th day of October 2008 (the “Effective Date”), this Loan Agreement (the “Agreement”) is entered into by and between Shaanxi Shuta Wood Products Co., Ltd.(“Party A” or “borrower”) and Xi'an Hanxin Science and Technology Co., Ltd.(“Party B” or “loaner”)

NOW THEREFORE with a friendly discussion, both parties here mutually and voluntarily come to an agreement about the loan as follows:

I)  Total amount of the loan:  RMB 10 million yuan

II) Term: one year, from Oct. 27, 2008 to Oct. 26, 2009.

III)Interest: none

IV)  This agreement would be in full force and effect once it’s signed and sealed by both parties, and terminated until the day that Party B take back all the principal and interest,if any.

V) This agreement is in two sets and each party holds one, with the same legal force.

VI)Either parties could negotiate with another party and settle the conflict, if any, or to lodge a complaint in local court.

Signed for and on behalf of Shaanxi Shuta Wood Products Co., Ltd.

			
	By: 

	/s/ YI ZHANG

	 

	Name: 

	Mr. Yi Zhang

	 

	Title:

	 Chairman

	 

Signed for and on behalf of Xi'an Hanxin Science and Technology Co., Ltd.

			
	By:

	/s/ FANGSE ZHANG

	 

	Name: 

	Mr. Fangshe Zhang

	 

	Title: 

	 Chairmans22-9142_ex101.htm

    Exhibit
10.1

     

    STOCK
PURCHASE AGREEMENT

     

    This
Stock Purchase Agreement (“Agreement”) is entered into as of April 10, 2009 by
and between Neil O. Colwell and Connie Colwell, husband and wife, as joint
tenants with right of survivorship (“Sellers”) and Adeona Pharmaceuticals, Inc.,
(“Purchaser”). Purchaser and Sellers (with the Sellers as joint tenants with
right of survivorship) may collectively be referred to as the
“Parties.”

     

    WHEREAS,
Sellers are the record owners and holders of all of the issued and
outstanding shares of the capital stock of Colwell Clinical Laboratories, Inc.
(the “Company”), a California Corporation;
and

     

    WHEREAS,
the Parties desire to enter into this Agreement pursuant to which
Purchaser will purchase from Sellers shares of capital stock of the
Company.

     

    NOW,
THEREFORE, in consideration for the promises set forth in this Agreement,
the Parties agree as follows:

     

    
      	
               
      

            	
              1.

            	
              PURCHASE
      AND SALE:  Subject to the terms and conditions set forth
      in this Agreement, Purchaser hereby agrees to purchase from Sellers, and
      Sellers hereby agree to sell, transfer and convey to the Purchaser one
      thousand (1,000) shares of common stock of the Company, representing all
      of the issued and outstanding shares of the Company (the
      “Stock”).

            

    

     

    
      	
               
      

            	
              2.

            	
              PURCHASE
      PRICE:  The purchase price for all of the shares of Stock
      shall be Seven Hundred and Fifty Thousand dollars ($750,000) (the
      “Purchase Price”) with Seventy Five Thousand ($75,000) to be paid in cash
      to the Sellers as a nonrefundable earnest payment creditable against the
      Purchase Price contemporaneous with the execution of this Agreement and
      the remainder of the Purchase Price of Six Hundred Seventy Five Thousand
      dollars ($675,000) to be paid in cash to the Sellers on May 31, 2009
      unless an earlier closing date is agreed to in writing signed by both
      parties (the “Closing”).  Cash payments made by Purchaser shall
      be made by wire transfer from Purchaser to the IOTA Trust Account of
      Sellers’ attorney and released to the Sellers, upon execution of this
      Agreement by Sellers and at the Closing.  At the Closing,
      Purchaser shall also pay the business brokerage fee of Armand Tinkerian in
      the amount of Seventy Five Thousand Dollars
      ($75,000).

            

    

     

    
      	
               
      

            	
              3.

            	
              CLOSING:  The
      closing contemplated by this Agreement for the transfer of the Stock and
      the payment of the Purchase Prices shall take place at Colwell Clinical
      Laboratories, Inc, 1125 E. 17th
      St., Suite N-156, Santa Ana, CA 92701, on May 31, 2009 at 9:00a.m. PT
      unless an earlier closing date is agreed to in writing signed by both
      parties (the “Closing”).  The certificates representing the
      Stock shall be duly endorsed for transfer or accompanied by an appropriate
      stock transfer.  At the Closing, Purchaser shall pay the
      business brokerage fee of Armand Tinkerian in the amount of Seventy Five
      Thousand Dollars ($75,000).  Purchaser’s obligation to close
      shall be conditioned upon the satisfactory completion of Purchaser’s due
      diligence determined in Purchaser’s
  sole

            

    

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    

    
      	
               
      

            	
              discretion
      which Seller shall undertake and complete on or before the
      Closing.  Should Purchaser not be satisfied with the outcome of
      its due diligence and elect not to close on May 31, 2009, Purchaser shall
      forfeit the $75,000 nonrefundable earnest payment and the Parties shall
      have no further obligation under this
Agreement.

            

    

     

    
      	
               
      

            	
              4.

            	
              REPRESENTATIONS
      AND WARRANTIES OF SELLERS:  Sellers hereby warrants and
      represents that:

            

    

     

    
      	
               
      

            	
              (a)

            	
              Restrictions
      on Stock.  The Sellers is not a party to any agreements
      that create rights or obligations in the Stock relating to any third party
      including voting or stockholder agreements.  The Sellers is the
      lawful owner of the Stock, free and clear of any encumbrances, security
      interests or liens of any kind and has full power and authority to sell
      and transfer the Stock as contemplated in this Agreement.  The
      Stock represents all of the issued and outstanding shares of capital stock
      of the Company.

            

    

    
      	
               
      

            	
              (b)

            	
              Organization
      and Standing.  To the Sellers’s knowledge, the Company is
      duly organized, validly existing and in good standing under the laws of
      the State of California and
      has full power and authority to own and operate its property and assets
      and to carry on its business as presently conducted and the one thousands
      shares of stock represent all of the issued and outstanding capital stock
      of the Company.

            

    

    
      	
               
      

            	
              (c)

            	
              Operation
      of Business.  Between the signing of this Agreement and
      the Closing, the Seller shall operate the business of the Company in the
      normal course and at the Closing net working capital and stockholders’
      equity reflected in the trial balance of accounts as of the date hereof
      shall not materially differ.  Purchaser shall pay Company for
      all costs incurred by the Company in connection with the Collaboration
      Agreement previously entered into between the Company and
      Purchaser.  Until May 31, 2009, Seller, Company and their
      agents, including and Armand Tinkerian, shall not solicit other offers
      from other parties and shall discontinue any and all discussions with
      other parties whom they may be already in discussion
      with.

            

    

    
      	
               
      

            	
              (d)

            	
              Neil
      O. Colwell Consulting.  Following the Closing, Neil O.
      Colwell shall serve as a consultant to Seller for a period of up to three
      (3) months following the Closing for a monthly consulting fee of Ten
      Thousand dollars ($10,000) per month to assist in the transition and
      business of the Company.  For a period of five (5) years
      following the closing Neil O. Colwell shall not solicit the Company’s
      accounts or employees nor compete with the Company.  The Company
      shall be permitted to continue to use the name “Colwell Clinical
      Laboratories, Inc.”  The Purchaser and Neil O. Colwell may enter
      in a separate written consulting agreement, each in their sole discretion,
      pursuant to which Neil O. Colwell may agree to serve as a consultant to
      the Company on an at-will basis beyond the initial three (3) month period
      following the Closing.  Such consulting agreement may include
      the issuance of options to purchase two hundred thousand (200,000) shares
      of the Purchaser’s stock at market price on the date of such agreement,
      vesting monthly over a period of twenty-four (24) months while
      Neil

            

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    
      	
               
      

            	
              O.
      Colwell remains a consultant to the Company and such consulting agreement
      has not been earlier terminated by either
party.

            

    

    
      	
               
      

            	
              (e)

            	
              General
      Ledger. The unaudited Financial Statements dated June 30, 2008 are
      true in all material respects, the Company’s State and Federal Income Tax
      Returns and the Trial Balance of Accounts from July 1, 2008 for the period
      ending, and as of, April 6, 2009 are accurate and true in all material
      respects and other than as disclosed in such documents or on the List of
      Exceptions attached hereto as Schedule A, there are no liabilities,
      (including Medicare, MediCal or other insurance liabilities), liens, tax
      liabilities, actions, actual, pending or threatened that may have a
      material adverse effect on the business of the Company (the
      “Liabilities”).  For purposes of this Agreement, Liabilities
      will only be considered material if together in the aggregate they exceed
      ten percent (10%) of the Purchase Price.  At the Closing all of
      the cash and accounts receivables of the Company shall be transferred or
      assigned to Sellers and all of the existing liabilities of the Company as
      of the Closing shall have been either paid or assumed by the
      Sellers.

            

    

     

    
      	
               
      

            	
              5.

            	
              SEVERABILITY:
      If any part or parts of this Agreement shall be held unenforceable for any
      reason, the remainder of this Agreement shall continue in full force and
      effect. If any provision of this Agreement is deemed invalid or
      unenforceable by any court of competent jurisdiction, and if limiting such
      provision would make the provision valid, then such provision shall be
      deemed to be construed as so
  limited.

            

    

     

    
      	
               
      

            	
              6.

            	
              BINDING
      EFFECT: The covenants and conditions contained in this Agreement
      shall apply to and bind the parties and the heirs, legal representatives,
      successors and permitted assigns of the
    Parties.

            

    

     

    
      	
               
      

            	
              7.

            	
              BROKER’S
      FEES:  The Parties represent that other than Armand
      Tinkerian and there has been no act in connection with the transactions
      contemplated in this Agreement that would give rise to a valid claim
      against either party for a broker’s fee, finder’s fee or other similar
      payment.

            

    

     

    
      	
               
      

            	
              8.

            	
              ENTIRE
      AGREEMENT: This Agreement constitutes the entire agreement between
      the Parties and supersedes any prior understanding or representation of
      any kind preceding the date of this Agreement. There are no other
      promises, conditions, understandings or other agreements, whether oral or
      written, relating to the subject matter of this Agreement. This Agreement
      may be modified in writing and must be signed by both the Sellers and
      Purchaser.

            

    

     

    
      	
               
      

            	
              9.

            	
              GOVERNING
      LAW: This Agreement shall be governed by and construed in
      accordance with the laws of the State of
      California.

            

    

     

    
      
        	 	
                10.

              	
                NOTICE:  Any
      notice required or otherwise given pursuant to this Agreement shall be in
      writing and mailed certified return receipt requested, postage prepaid, or
      delivered by overnight delivery
  service:

              

      

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    

    
      	
               
      

            	
              (a)

            	
              If
      to Purchaser:

            

    

     

    Steve H.
Kanzer, CPA, JD

    Chairman
and Chief Executive Officer

    Adeona
Pharmaceuticals, Inc.

    3930
Varsity Drive

    Ann
Arbor, MI  48108

    Fax:
(734) 332-7800

     

    
      	
               
      

            	
              (b)

            	
              If
      to Sellers:

            

    

     

    Neil O.
Colwell & Connie Colwell

    11562
Ranch Hill Drive

    Santa
Ana, CA  92705

     

    
      	
              11.

            	
              WAIVER:
      The failure of either party to enforce any provisions of this Agreement
      shall not be deemed a waiver or limitation of that party's right to
      subsequently enforce and compel strict compliance with every provision of
      this Agreement.

            

    

     

    IN
WITNESS WHEREOF, the parties have caused this Agreement to be executed the day
and year first above written.

     

    
       

       

      
        	 ADEONA
      PHARMACEUTICALS, INC.:   	 	 SELLERS:	 
	 	 	 	 
	 /s/
      Steve H. Kanzer	 	 /s/
      Neil O. Colwell	 
	 Steve H.
      Kanzer, CPA, JD   	 	 Neil O.
      Colwell, JTWROS	 
	 	 	 	 
	 	 	 /s/
      Connie Colwell	 
	 	 	 Connie
      Colwell. JTWROS

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