Document:

Unassociated Document

     

    Exhibit
10.1

     

    
      ADMINISTRATIVE
SERVICES AGREEMENT

       

      This
Administrative Services Agreement (the “Agreement”) is effective as of the __day
of ____, 20__ (the “Effective Date”) by and between EPGI/FIRECREEK INC, a Nevada
corporation (the “Client”), and STRATEGIC PARTNERS LLC. a
Georgia limited liability company (“SPC”).

       

      Factual
Background

       

      A.           The
Client is an existing business which recently underwent a fundamental change by
way of triangular reverse merger with M3 Lighting, Inc. a Georgia
corporation.

       

      B.           The
Client believes that it may be more efficient to “outsource” certain
administrative, management and technology support related functions, thereby
providing the Client with access to higher quality and more sophisticated level
of support at a lower cost because of the ability to “share” the cost with other
customers of the “outsource” provider.  Of course, the Client,
desiring to be a stand-alone business, will retain other administrative and
management functions “in-house” where it is necessary for the “core business”
and is more cost effective or is otherwise more desirable.

       

      NOW,
THEREFORE, the parties hereto agree as follows:

       

      1. Management and Technology
Services.

       

      (a)  Engagement.  The
Client hereby engages SPC to provide the following services:

       

      (i)    Financial and Accounting
Matters.  SPC shall maintain Client’s general ledger, accounts
receivable and accounts payable records, and fixed asset records and provide
billing and collection services.  SPC shall also prepare or cause to
be prepared Client’s federal, state and local tax returns, and financial
statements.  SPC shall also provide, or cause to be provided, to
Client payroll services, including assistance with regulatory compliance
matters.  SPC shall maintain all past accounting, tax and payroll
records until such time as such records shall be disposed of in accordance with
applicable legal requirements and SPC’s normal record disposal
policies.

       

      (ii)    Insurance
Matters.  SPC shall provide or cause to be provided to Client
insurance with the coverage, insurers, and maximum deductibles shall be
determined by the parties.  All such insurance policies shall add
Client as an additional named insured and such insurers shall be required to
provide Client with no less than 5 days prior written notice of any change or
cancellation of any such insurance.  In the event of any such
potential change which may have a materially adverse affect on the Client, or in
the event of potential cancellation, Client shall be entitled to secure
replacement insurance at its own cost. All such insurance shall be at Client’s
sole cost and expense. Subscription to such insurance shall be at the option of
the client.

       

      (iii)    Employee Benefits
Matters.  SPC shall provide or cause to be provided
administrative services necessary to the provision and maintenance of customary
employee benefits, including without limitation the Client’s 401(k) Plan,
medical, dental, vision, and life insurance programs, and stock option plan, and
to the extent feasible, will permit the employees of the Client to participate
in SPC’s 401(k), insurance and stock option plans. All such insurance shall be
at Client’s sole cost and expense.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      (iv)    Legal
Services.  SPC shall provide Client with all legal services
reasonably requested by Client which SPC in-house counsel currently provides to
SPC in the ordinary course of business.

       

      (v)    Management Consulting and
Other Services Provided by SPC.  SPC shall provide and perform
such other management consulting services, as shall be requested by the Client
and agreed upon between the Client and SPC, from time to time as
agreed.

      
        
           

          (b)  Compensation.  For services
described in subsections above (the “Administrative Services”), SPC shall be
compensated at a minimum annual rate of Two Hundred and Fifty Thousand Dollars
($250,000) (the “Base Rate”) payable in monthly installments commencing
on the date of the closing of the EPGI/Firecreek/M3 merger, with such
commencement being made effective based on closure of an acquisition by M3
of size and substance to facilitate the base rate herein. The Base Rate shall
increase proportionally to increases in revenues, whether by acquisition or by
internal growth. The Base Rate increase will be reviewed with the Client,
and agreed to prior to any increase taking affect.

        

      

       

      2. 
Term.  The
term of this Agreement shall be ten (10) years from the date hereof, provided
that the term shall thereafter automatically renew from time to time for
successive, additional ten-year terms unless either party shall provide the
other party with a written notice of termination at least six (6) months prior
to the termination date (including any termination date as a result of any
renewal period).

       

      3. 
Billing. SPC shall
bill the Client, on a monthly basis, a fee reflecting compensation due for
services rendered in the preceding month calculated as provided for in this
Agreement.  The bill shall be due and payable upon
receipt.  

       

      4. 
Separate Identity of
Client.  The Client desires to remain at all times a separate
company.  Toward that end, all business records, reports and files
prepared or maintained by SPC for the Client shall remain the sole and exclusive
property and records of the Client and the Client shall be entitled to their
return at any time upon request.  Moreover, all of the Client’s funds,
accounts receivable or other property shall at all times be clearly and
distinctly maintained as the Client’s separate and distinct property and shall
not be combined or commingled with the property of SPC.  Moreover, SPC
shall have no authority hereunder to enter into contracts on behalf of, or
otherwise legally bind, the Client.  Although SPC shall make
recommendations to the Client hereunder, all decisions whether to accept or
reject the advice of SPC are up to the Client’s total discretion.

       

      5. 
Confidentiality.  The
parties agree, both during the Term of this Agreement and for a period of two
years after termination of this Agreement, but in no event less than ten (10)
years from the Effective Date, to hold each other’s Proprietary or Confidential
Information in strict confidence.  The parties agree not to make each
other’s Proprietary or Confidential Information available in any form to any
third party or to use each other’s Proprietary or Confidential Information for
any purpose, other than the implementation of and as specified in this Agreement
and other than use by Client in its business.  Each party agrees to
take all reasonable steps to ensure that Proprietary or Confidential Information
of either party is not disclosed or distributed by its employees, agents or
consultants in violation of the provisions of this Agreement.  Each
party’s Proprietary or Confidential Information shall remain the sole and
exclusive property of that party. Each party expressly agrees to include,
maintain, reproduce and perpetuate all notices or markings on all copies of all
tangible media comprising each party’s Proprietary or Confidential Information
in the manner in which such notices or markings appear on such tangible media or
in the manner in which either party may reasonably request.  The
provisions of this Section 5 shall survive
termination or expiration of this Agreement for any reason.  For the
purposes of this section, “Proprietary or Confidential Information” shall mean
knowledge and information not generally known in the industry which provides a
competitive advantage, including, without limitation, research and development
programs, formulas, know-how, forecasts, sales and marketing methods, financing
sources, customer and mailing lists, customer usages and requirements, financial
information and all other confidential information, trade secrets and
data.  Neither party shall have any obligation with respect to
Proprietary or Confidential Information which: (i) is or becomes generally known
to the public by any means other than a breach of the obligations of a receiving
party; (ii) was rightly received by the receiving party from a third party after
the date hereof, (iv) is independently developed by the receiving party without
reference to information derived from the other party; and (v) subject to
disclosure under court order or other lawful process.

       

      
        
          
          

        

        
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      6. 
Termination.

      
         

        (a)  By
Client.  The Client may terminate this Agreement immediately
upon delivery of written notice to SPC.  In addition, the Client, from
time to time, may expand or reduce the scope of services provided by
SPC.  For example, as illustration, Client may determine that the
number of employees at Client has increased to the level where human resource
management should now be handled “in-house” rather than by SPC.  The
parties recognize that this will be a flexible and evolving
relationship.  If SPC shall incur any expenses in connection with and
resulting from the Client’s expansion, reduction, or termination of any specific
services or provision of technology hereunder, Client shall reimburse SPC for
such costs or expenses promptly upon receipt of an itemized account
thereof.

         

        (b)  Notwithstanding
Termination by Client as provided in Section 6(a), unless Client terminates this
Agreement for Cause as hereinafter defined, Client agrees to pay SPC the Base
Rate of Compensation then in effect through the end of the Term. For the
purposes of this Section, “Cause” shall mean the failure of SPC to take
commercially reasonable steps to substantially cure a material breach of its
obligations under this Agreement (“Breach”) within 60 days after delivery of
written notice by Client to SPC (“Cure Notice”), or such longer period as
provided in Section 6(b)(i) (the “Cure Period”). The Cure Notice shall specify
in detail the nature of the Breach, such acts or actions Client reasonably
believes are necessary to substantially cure the Breach, and an undertaking by
Client to provide reasonable assistance and cooperation to SPC in connection
therewith.

      

      
        
           

          (i)      
If the
Breach is not capable of cure within 60 days, Cause shall not exist if SPC has
[a] taken commercially reasonable steps to commence a cure within 60 days of
delivery of the Cure Notice and [b] substantially completed the cure within 120
days.

           

          (ii)       The
Cure Period shall be extended for one day for each day that any invoice of SPC
for Services rendered hereunder remains unpaid

        

      

      
         

        (c)  By
SPC.  SPC may terminate the agreement upon not less than 90
days written notice in the event that the Client has failed to pay any
outstanding invoice on the date due or within 30 days
thereafter.

      

       

      7. 
Independent Contractor
Relationship.  It is acknowledged and agreed that SPC’s
relationship with the Client is at all times hereunder an independent
contractor.  The Client shall have no authority over SPC’s internal
business affairs and decisions.  SPC shall have no authority to act on
behalf of, or legally bind the Client, and SPC shall not hold itself out as
having any such authority.  This Agreement shall not be construed as
creating a partnership or joint venture.

       

      
        
          
          

        

        
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      8. 
Limitation of Liability and
Disclaimer of Warranties.

      
        
           

          (a)  SPC
hereby warrants and represents that:  SPC will provide the services
requested pursuant to this Agreement in a workmanlike and professional
manner.  THE SERVICES TO BE PROVIDED OR PERFORMED HEREUNDER ARE
PROVIDED WITHOUT WARRANTY OF ANY KIND AS TO RESULTS. IN NO EVENT SHALL SPC OR
ANY OF ITS OFFICERS, DIRECTORS, OR AGENTS BE LIABLE TO CLIENT OR ANY THIRD PARTY
FOR ANY INCIDENTAL OR CONSEQUENTIAL DAMAGES (INCLUDING, WITHOUT LIMITATION,
INDIRECT, SPECIAL, PUNITIVE, OR EXEMPLARY DAMAGES FOR LOSS OF BUSINESS, LOSS OF
PROFITS, BUSINESS INTERRUPTION ARISING OUT OF OR CONNECTED IN ANY WAY WITH SPC’S
PERFORMANCE UNDER THIS AGREEMENT EVEN IF SPC HAS BEEN ADVISED OF THE POSSIBILITY
OF SUCH DAMAGES.

        

      

      
         

        9. 
Client
Indemnity.

         

        Client
shall indemnify and hold SPC harmless against any and all liabilities, losses,
damages, judgments, claims, causes of action, and costs (including attorneys
fees and disbursements) which SPC may hereafter incur, suffer, or be required to
pay, defend, settle, or satisfy as a result of third party claims against SPC
based on or arising out of the discharge of its responsibilities
hereunder

      

       

      10.  Miscellaneous.

      
        
          
             

            (a)  Force
Majeure.  Neither party shall be in default of this Agreement
or liable to the other party for any delay or default in performance where
occasioned by any cause of any kind or extent beyond its control, including but
not limited to, armed conflict or economic dislocation resulting therefrom;
embargoes; shortages or labor, raw materials, production facilities or
transportation; labor difficulties; civil disorders of any kind; action of any
civil or military authorities (including priorities and allocations); fires;
floods; telecommunications failures; Internet slow-downs; and
accidents.  The dates on which the obligations of a party are to be
fulfilled shall be extended for a period equal to the time lost by reason of any
delay arising directly or indirectly from:

          

        

      

      
        
           

          (i)  Any of
the foregoing causes; or

           

          (ii)  Inability
of that party, as a result of causes beyond its reasonable control, to obtain
instruction or information from the other party in time to perform its
obligations by such dates.

        

      

      
        
          
            
               

              (b)  Severability.  Whenever
possible, each provision of this Agreement will be interpreted in such a manner
as to be effective and valid under applicable law, but if any provision hereof
is held by a court of competent jurisdiction to be prohibited or invalid, such
prohibition or invalidity shall not affect the remaining provisions of this
Agreement.  In the event a court of competent jurisdiction shall
determine and hold that the covenants contained herein are invalid or
unenforceable for any reason, the parties hereby request that such court reform
the provisions hereof in a manner to cause the covenants contained herein to be
enforceable as closely as possible to the way in which originally
written.

               

              
                
                  
                  

                

                
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              (c)  Seperation.
This Agreement will not apply to or bind in any way any a saleor
spin off or other disposal of any subsidiary or other entity of the
Company.

               

              (d)  Counterparts.  This
Agreement may be executed in any number of counterparts, each of which, when so
executed, shall be deemed to be an original, and all of which shall together
constitute but a single instrument.

               

              (e)  Further
Assurances.  The parties hereby agree to execute such
other documents and perform such other acts as may be reasonably necessary or
desirable to carry out the purposes of this Agreement.

               

              (f)  Notices.  Any and all
notices provided for herein shall be in writing and shall be considered as
properly given if delivered to the party or sent by registered or certified
mail, postage prepaid, to the parties hereto at the addresses set out below
opposite their names or such other address or to the attention of such other
person as the party shall have specified by prior written notice.  Any
notice under this Agreement shall be deemed to have been given (a) if delivered
in person, when so delivered or refused; (b) if sent by facsimile or overnight
courier, one (1) business day following transmission or delivery to courier (as
the case may be; or (c) if by registered or certified mail, three (3) days
following deposit in the U. S.
Mail.

            

          

        

      

       

      

      
        	
                If
      to the Client:

              	 
      
	
                 
      

              	 
      
	
                If
      to SPC:

              	 
      
	
                Copies
      of all Notices to:

              	 
      
	 
      	 
      

      

      
         

        (g)  Binding Effect.  This
Agreement shall bind and inure to the benefit of the parties, and their
respective successors, heirs and assigns.

         

        (h)  Governing Law.  This
Agreement and the obligations of the parties hereunder shall be interpreted,
construed and enforced in accordance with the laws of the State of
Georgia.

         

        (i)  Attorneys’ Fees and
Costs.  If either party brings suit or arbitration
against the other to enforce the terms of this Agreement, the prevailing party
shall be entitled to recover all reasonable costs, including attorneys’ fees,
from the other party as part of any judgment or award.

         

        (j)  Assignment.  This
Agreement shall not be assignable in whole or in part by SPC or Client without
the other party’s prior written consent, and any attempted assignment without
such consent shall be void, provided that Client may assign this Agreement to
any person acquiring all or substantially all of its assets without obtaining
such consent.

         

        (k)  Survival.  The
provisions of this Agreement which by their terms survive the termination of
this Agreement to the extent set forth in such
provisions.

      

       

      
        
          
          

        

        
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      [SIGNATURE
PAGE FOLLOWS]

       

       

       

       

       

       

       

      
        
          
          

        

        
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      IN
WITNESS WHEREOF, the undersigned parties hereto have duly executed this
Agreement on the date first above written.

       

       

      
        
          	 	EPGI/FIRECREEK
    INC	 
	 	 	 	 
	 	 	 	 
	
                   

                	
                  By:
      

                	 	 
	 	 	
                  ,
      President and Chief Operating Officer 

                	 
	 	 	 	 

        

      

      
 

      
         

        
          
            	 	STRATEGIC PARTNERS
      LLC	 
	 	 	 	 
	 	 	 	 
	
                     

                  	
                    By:
      

                  	 	 
	 	 	
                    , President
      and Chief Executive Officer

                  	 
	 	 	 	 

          

        

         

        
          
            
            

          

          
            7EXECUTION
VERSION

     

    STOCK
PURCHASE AGREEMENT

     

    STOCK
PURCHASE AGREEMENT (this “Agreement”) made as of this 22nd day of
June, 2009 between and among Pantheon China Acquisition Corp. (“Buyer” or
“Pantheon”) and the signatories on the execution page hereof (each a “Seller”
and collectively the “Sellers”).

     

    WHEREAS,
Pantheon was organized for the purpose of acquiring, through a stock exchange,
asset acquisition or other similar business combination, or control, through
contractual arrangements, an operating business that has its principal
operations located in the People’s Republic of China  (“Business
Combination”).

     

    WHEREAS,
Pantheon consummated an initial public offering in December 2006 (“IPO”) in
connection with which it raised net proceeds of approximately $32.7 million that
were placed in a trust account (the “Trust Account”) maintained by Continental
Stock Transfer and Trust Company (“Continental”) pending the consummation of a
Business Combination, or the dissolution and liquidation of Pantheon, in the
event it is unable to consummate a Business Combination by December 14,
2008.

     

    WHEREAS,
Pantheon, following approval by its stockholders, amended its certificate of
incorporation (the “Extension Amendment”), to extend the time in which it must
complete a Business Combination before it is required to be liquidated and grant
conversion rights to holders of its public common stock in connection with such
vote to approve the Extension Amendment.

     

    WHEREAS,
in connection with the Extension Amendment, Pantheon entered into a certain Put
and Call Option Agreement with Modern Develop Limited (“Modern”), Mark D. Chen
and the Sellers, pursuant to which Modern has the right to purchase from the
Sellers certain shares of common stock of Pantheon sold in the initial public
offering owned by it and the Sellers has the right to sell such shares to Modern
(the “Put and Call Agreement”).

     

    WHEREAS,
Pantheon, through its wholly owned subsidiary, Pantheon Arizona Corp. (“Pantheon
Arizona”), has agreed to acquire (the “Acquisition”) substantially all (93.94%)
of the outstanding ordinary shares of China Cord Blood Services Corporation
pursuant to certain agreements (the “Transaction Agreements”).

     

    WHEREAS,
the approval of the Acquisition is contingent upon, among other things, the
affirmative vote of holders of majority of Pantheon’s outstanding shares of
common stock which are present and entitled to vote at the meeting.

     

    WHEREAS,
pursuant to certain provisions in Pantheon’s certificate of incorporation, a
holder of shares of common stock of Pantheon issued in the IPO may, if s/he/it
votes against the Acquisition, demand that Pantheon convert such shares into
cash (“Conversion Rights”).

     

    WHEREAS,
the Acquisition is subject to the exercise of Conversion Rights by holders of
less than 20% of the Pantheon shares of common stock issued in the
IPO.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    WHEREAS,
the Sellers have agreed to sell to Buyer and Buyer has agreed to purchase from
the Sellers the shares of common stock set forth on the execution page of this
Agreement (“Shares”) for the purchase price per share set forth thereon (which
is equal to the per Share value of the Trust Account) (“Purchase Price Per
Share”) and for the aggregate purchase price set forth thereon (“Aggregate
Purchase Price”).

     

    NOW,
THEREFORE, for and in consideration of the premises and the mutual covenants
hereinafter set forth, the parties hereto do hereby agree as
follows:

     

    1.           Purchase. The Sellers
hereby sell to Buyer and Buyer hereby purchases from the Sellers at the Closing
(as defined in Section 2.1) the Shares at the Purchase Price per Share, for the
Aggregate Purchase Price.

     

    2.           Agreement not to Convert;
Appointment of Attorney in Fact.  In further consideration of
the Aggregate Purchase Price, provided that the representations and warranties
made by Buyer in Section 4.1 hereof are true and correct on the date of the
stockholder meeting in connection with the approval of the Acquisition with the
same effect as though made on such date and Buyer has complied in all material
respects with its obligations set forth in this Agreement through such date,
each Seller hereby agrees it has not and will not exercise its Conversion
Rights.  Because the record date to vote on the proposals set forth in
the proxy statement included in the Registration Statement on Form S-4 filed by
Pantheon Arizona with the U.S. Securities Exchange Commission (the “Proxy
Statement”) has passed, Buyer would not be entitled to vote the Shares at the
shareholders meeting contemplated by the Proxy
Statement.  Accordingly, solely with respect to the vote for the
Acquisition and related proposals as set forth in the Proxy Statement, each
Seller hereby irrevocably appoints Mark D. Chen, with full power of
substitution, to the full extent of such Seller’s rights with respect to the
Shares (and any and all other Shares or securities or rights issued or issuable
in respect thereof) to vote in such manner as each such attorney and proxy or
his substitute shall in his sole discretion deem proper, and otherwise act
(including without limitation pursuant to written consent) with respect to all
the Shares sold hereunder which such Seller is entitled to vote at any meeting
of stockholders (whether annual or special and whether or not an adjourned
meeting) of Pantheon held on or prior to June 30, 2009.  This
proxy is coupled with an interest in the Shares and is
irrevocable.  The execution of this Agreement shall revoke, without
further action, all prior proxies granted by the Sellers at any time with
respect to such Shares (and any such other Shares or other securities) and no
subsequent proxies will be given (and if given will be deemed not to be
effective) with respect thereto by the Sellers.

     

    2.1           Closing. The closing
of the purchase of the Shares (“Closing”) by Buyer will occur on or before June
30, 2009, but in no event may the Closing be later than the date the Buyer’s
Trust Account is liquidated in connection with the consummation of the
Acquisition (the “Closing Date”).  The Closing shall be effected
delivery versus payment via the Depository Trust Company.  It shall be
a condition to the obligation of Buyer on the one hand and the Sellers on the
other hand, to consummate the transfer of the Shares contemplated hereunder that
the other party’s representations and warranties are true and correct on the
Closing Date with the same effect as though made on such date, unless waived in
writing by the party to whom such representations and warranties are
made.

     

    
      
        
        

      

      
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    2.2           At
or before the Closing, the Sellers shall deliver or cause to be delivered to
Buyer appropriate instructions for book entry transfer of ownership of the
Shares from the Sellers to Buyer.  In addition, within two business
days of the date of this Agreement, the Sellers shall provide the Buyer with a
true and correct copy of the voting information form with respect to the Shares
held by the Sellers indicating the financial institution through which such
shares are held and the control number provided by Broadridge Financial
Solutions regarding the voting of such Shares or written confirmation of such
information as would appear on the voting information form.

     

    2.3           At
or before the Closing, Buyer shall deliver or cause to be delivered to the
Sellers payment by wire transfer of immediately available funds the Aggregate
Purchase Price in accordance with Section 1 of this Agreement.

     

    2.4           In
the event payment of the Aggregate Purchase Price has not been received on July
2, 2009, then commencing on July 3, 2009 Buyer shall pay to the Sellers in
immediately available funds an amount equal to the lesser of (i) 3.0% of the
Aggregate Purchase Price per month (pro-rated on a daily basis based on the date
when payment is required and the date such payment is made) or (ii) the highest
lawful rate, for each Share held by the Sellers from the date such payment was
required to be made through the date such payment is actually made.

     

    3.           Representations and
Warranties of the Sellers.

     

    3.1           Each
Seller hereby represents and warrants to Buyer on the date hereof and on the
date of the Closing that:

     

    (a)           Sophisticated
Seller.  The Seller is sophisticated in financial matters and
is able to evaluate the risks and benefits attendant to the sale of Shares to
Buyer.

     

    (b)           Independent
Investigation. The Seller, in making the decision to sell the Shares to
Buyer, has not relied upon any oral or written representations or assurances
from Pantheon, Pantheon Arizona, or any of their officers, directors or
employees or any other representatives or agents of Buyer or Pantheon Arizona,
except as are contained in this Agreement.  The Seller has had access
to and reviewed all of the filings made by Pantheon and Pantheon Arizona with
the United States Securities and Exchange Commission (the “SEC”), pursuant to
the Exchange Act and the Securities Act of 1933 (the “Securities Act”), in each
case to the extent available publicly accessible via the SEC’s Electronic Data
Gathering, Analysis and Retrieval system.

     

    (c)           Authority; No
Conflicts. This Agreement has been validly authorized, executed and
delivered by the Seller and, assuming the due authorization, execution and
delivery thereof by Buyer, is a valid and binding agreement enforceable in
accordance with its terms, subject to the general principles of equity and to
bankruptcy or other laws affecting the enforcement of creditors’ rights
generally. The execution, delivery and performance of this Agreement by the
Seller does not and will not conflict with, violate or cause a breach of,
constitute a default under, or result in a violation of (i) any agreement,
contract or instrument to which the Seller is a party which would prevent the
Seller from performing its obligations hereunder or (ii) any law, statute, rule
or regulation to which the Seller is subject.

     

    
      
        
        

      

      
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    (d)           No Legal Advice from
Buyer. The Seller acknowledges that he has had the opportunity to review
this Agreement and the transactions contemplated by this Agreement with the
Seller’s own legal counsel and investment and tax advisors. The Seller is
relying solely on such counsel and advisors and not on any statements or
representations of Buyer or any of its representatives or agents for legal, tax
or investment advice with respect to this Agreement or the transactions
contemplated by this Agreement.

     

    4.           Representations and
Warranties of Buyer.

     

    4.1          Buyer
hereby represents to the Sellers that:

     

    (a)           Sophisticated
Buyer.  The Buyer is sophisticated in financial matters and is
able to evaluate the risks and benefits attendant to the sale of Shares by the
Sellers.

     

    (b)           Independent
Investigation. Buyer, in making the decision to purchase the Shares from
the Sellers, has not relied upon any oral or written representations or
assurances from the Sellers or any of their respective officers, directors,
partners or employees or any other representatives or agents of the Sellers,
except as are contained in this Agreement.

     

    (c)           Authority. This
Agreement has been validly authorized, executed and delivered by Buyer and,
assuming the due authorization, execution and delivery thereof by each Seller,
is a valid and binding agreement enforceable in accordance with its terms,
subject to the general principles of equity and to bankruptcy or other laws
affecting the enforcement of creditors’ rights generally. The execution,
delivery and performance of this Agreement by Buyer does not and will not
conflict with, violate or cause a breach of, constitute a default under, or
result in a violation of (i) any agreement, contract or instrument to which
Buyer is a party which would prevent Buyer from performing its obligations
hereunder or (ii) any law, statute, rule or regulation to which Buyer is
subject.

     

    (d)           Trust
Account.  Buyer confirms that (i) at least $28,858,647 is held
in the Trust Account and (ii) it is not aware of any outstanding liabilities
that are not subject to an effective waiver of claims against the Trust Account,
except those liabilities listed as “unwaived” as set forth on the Schedule of
Liabilities attached to the Put and Call Agreement.

     

    (e)           Irrevocable Instructions to
Continental.  Buyer has delivered the Irrevocable Instructions
attached as Annex 1 to Continental requiring that no funds be released from the
Trust Account unless all amounts due to the Sellers are paid prior to release to
Buyer or any other party and Continental has acknowledged and agreed to such
Irrevocable Instructions.  Buyer agrees that it will not enter into an
agreement for a replacement of Continental as trustee in connection with the
Trust Account unless and until Buyer, such substitute trustee, and any other
required signatory shall first deliver to the Sellers fully executed Irrevocable
Instructions substantially in the form attached as Annex 1 hereto.

     

    5.           Put and Call
Agreement.  Provided that the representations and warranties
made by Buyer in Section 4.1 hereof are true and correct on the date of the
stockholder meeting in connection with the approval of the Acquisition with the
same effect as though made on such date and Buyer has complied in all material
respects with its obligations set forth in this Agreement through such date,
each Seller agrees not to exercise its put option rights pursuant to the Put and
Call Agreement, and, provided that all of Buyer’s obligations hereunder are
performed in full, waives any and all claims against Modern, Buyer and Mark D.
Chen it may have now and in the future arising out of any obligations Modern has
under the Put and Call Agreement.  Except as explicitly stated in the
foregoing, the terms and conditions of the Put and Call Agreement shall remain
in full force and effect.

     

    
      
        
        

      

      
        4

        
          

        

      

      
        
        

      

    

     

    6.           Indemnification.  Buyer
hereby agrees to indemnify and hold harmless each Seller and each of its
partners, principals, members, officers, directors, employees, agents,
representatives and affiliated or managed funds from and against any and all
losses, claims, damages, liabilities and expenses, joint or several, of any kind
or nature whatsoever, and any and all actions, inquiries, proceedings and
investigations in respect thereof, whether pending or threatened, to which any
such party may become subject, arising in any manner out of or in connection
with this Agreement or the transactions contemplated herein to the fullest
extent permitted under applicable law, regardless of whether any of such parties
is a party hereto, and immediately upon request reimburse such party for such
party’s reasonable legal and other expenses as they are incurred in connection
with investigating, preparing, defending, paying, settling or compromising any
such action, inquiry, proceeding or investigation (including, without
limitation, usual and customary per diem compensation for any such party’s
involvement in discovery proceedings or testimony); provided that Buyer shall
not be liable for any such loss, liability, claim, damage or expense resulting
from actions taken by such Seller in bad faith or as a result of its gross
negligence or willful misconduct.

     

    7.           Expenses.  Buyer
shall pay not later than the Closing the legal fees and expenses of Mintz,
Levin, Cohn, Ferris, Glovsky and Popeo, P.C., counsel to the Sellers, in the
amount of $5,000.

     

    8.           Termination.
Notwithstanding any provision in this Agreement to the contrary, this Agreement
shall become null and void and of no force and effect upon the earlier of (a)
the termination of the Transaction Agreements prior to the consummation of the
transactions contemplated thereby and (b) 11:59 p.m. eastern standard time on
June 30, 2009 if the Acquisition has not been consummated by such
date.

     

    9.           Counterparts;
Facsimile. This Agreement may be executed in any number of counterparts,
each of which when so executed shall be deemed to be an original and all of
which taken together shall constitute one and the same instrument. This
Agreement or any counterpart may be executed via facsimile transmission, and any
such executed facsimile copy shall be treated as an original.

     

    10.         Governing Law. This
Agreement shall for all purposes be deemed to be made under and shall be
construed in accordance with the laws of the State of New York. Each of the
parties hereby agrees that any action, proceeding or claim against it arising
out of or relating in any way to this Agreement shall be brought and enforced in
the courts of the State of New York or the United States District Court for the
Southern District of New York, and irrevocably submits to such jurisdiction,
which jurisdiction shall be exclusive. Each of the parties hereby waives any
objection to such exclusive jurisdiction and that such courts represent an
inconvenient forum and irrevocably waive trial by jury.

     

    
      
        
        

      

      
        5

        
          

        

      

      
        
        

      

    

     

    11.           Remedies.  Each
of the parties hereto acknowledges and agrees that, in the event of any breach
of any covenant or agreement contained in this Agreement by the other party,
money damages may be inadequate with respect to any such breach and the
non-breaching party may have no adequate remedy at law.  It is
accordingly agreed that each of the parties hereto shall be entitled, in
addition to any other remedy to which they may be entitled at law or in equity,
to seek injunctive relief and/or to compel specific performance to prevent
breaches by the other party hereto of any covenant or agreement of such other
party contained in this Agreement.

     

    12.           Binding Effect;
Assignment.  This Agreement shall be binding upon and inure to
the benefit of the parties hereto and their respective legal representatives,
successors and permitted assigns.  This Agreement shall not be
assigned by either party without the prior written consent of the other party
hereto.

     

    13.           Amendments.  Neither
this Agreement nor any provision hereof may be changed or amended orally, but
only by an agreement in writing signed by the other party hereto.

     

    [remainder of page left intentionally
blank; signature page follows]

     

    
      
        
        

      

      
        6

        
          

        

      

      
        
        

      

    

     

    IN
WITNESS WHEREOF, the undersigned have executed this Agreement as of the date set
forth on the first page of this Agreement.

     

    
      
        
          
            	
                    PANTHEON
      CHINA ACQUISITION CORP.

                  
	 
	
                    By:

                  	
                    /s/ Mark D. Chen

                  
	
                    Name:
      Mark D. Chen

                  
	
                    Title:   Chief
      Executive Officer and President

                  
	 
      	 
      
	
                    VICTORY
      PARK CREDIT OPPORTUNITIES

                    MASTER
      FUND, LTD.

                  
	
                    By:  Victory
      Park Capital Advisors, LLC, its

                    investment
      manager

                  
	 
      
	
                    By:

                  	
                    /s/ Scott R. Zemnick

                  
	
                    Name:
      Scott R. Zemnick

                  
	
                    Title:  
      General Counsel

                  
	 
      
	
                    VICTORY
      PARK SPECIAL SITUATIONS

                    MASTER
      FUND, LTD.

                  
	
                    By:  Victory
      Park Capital Advisors, LLC, its

                    investment
      manager

                  
	 
      
	
                    By:

                  	
                    /s/ Scott R. Zemnick

                  
	
                    Name:
      Scott R. Zemnick

                  
	
                    Title:  
      General Counsel

                  
	 
      
	
                    Address
      (both):

                  
	
                    227
      West Monroe Street, Suite 3900

                  
	
                    Chicago,
      Illinois 60606

                  

          

        

      

    

     

    Purchase
Price Per Share: $5.99

     

    Number of
Shares: 2,273,700

     

    Aggregate
Purchase Price: $13,619463.00

     

    
      
        
        

      

      
        7

        
          

        

      

      
        
        

      

    

     

    ANNEX 1

     

    PANTHEON
CHINA ACQUISITION CORP.

    IRREVOCABLE INSTRUCTIONS –
FUNDS RELEASE

    

    TO:        Continental
Stock Transfer & Trust Company

    17 Battery Place

    New York, NY 10004

    Attn: Steven G. Nelson

    

    Re:      Trust
Account No.: A/C # 530-064812

    

    Gentlemen:

    

    Pantheon
China Acquisition Corp. (the “Company”) is providing these irrevocable
instructions to you in connection with the above-described Trust Account
established in connection with and pursuant to an Investment Management Trust
Agreement dated as of December 14, 2006 between the Company and Continental
Stock Transfer & Trust Company as Trustee (the “Trust Agreement”).
Capitalized terms used herein shall have the meanings ascribed thereto in the
Trust Agreement.

     

    In the
event the Company delivers to you a Termination Letter substantially in the form
of Exhibit A to the Trust Agreement, in addition to the other documents required
to be delivered pursuant to Exhibit A to the Trust Agreement, then on the date
the Company liquidates its trust account, you are irrevocably instructed by the
Company to deliver from the Trust Account an amount equal to an aggregate of
$27,238,920.01 (the “Aggregate Amount”) in consideration for the delivery
(through the DWAC System to the Company’s account) of an aggregate of 4,547,399
shares of the Company’s common stock beneficially owned by Victory Park Credit
Opportunities Master Fund, Ltd., Victory Park Special Situations Master Fund,
Ltd. and YA Global Investments, L.P. (collectively, the “Investors”) which shall
be distributed to such Investors in the amounts indicated on Schedule A hereto
prior to the release of any funds from the Trust Account to the Company or any
other third party. Such amounts shall be delivered to the Investors in
accordance with the bank wire instructions delivered to you by each of the
Investors.  To the extent there is less than the Aggregate Amount
remaining in the Trust Account upon distribution to the Investors, then such
lesser amount shall be allocated to the Investors pari passu.

     

    The funds
distribution described above is for the benefit of the Investors, who are made
third party beneficiaries of these irrevocable instructions with rights of
enforcement.

     

    Kindly
acknowledge where indicated below, your receipt and understanding of these
instructions and return a copy to Loeb & Loeb LLP, Attention Giovanni
Caruso, Phone: 212 407-4866 and Fax: 212 937-3943 and Mintz Levin Cohn Ferris
Glovsky and Popeo, PC, 666 Third Avenue, New York, New York 10017, attention:
Jeffrey P. Schultz, Esq., Fax Number: (212) 983-3115; Phone Number: (212)
935-3000.

     

    
      
        
        

      

      
        8

        
          

        

      

      
        
        

      

    

     

    A
facsimile signed and electronically delivered copy of this letter shall be
deemed an original.

     

    
      
        
          	
                  Very
      truly yours,

                
	 
      
	
                  PANTHEON
      CHINA ACQUISITION CORP.

                
	 
      
	
                  By:

                	 
      
	
                  Name:

                
	
                  Title:

                

        

      

    

     

    Acknowledged
and Agreed:

     

    CONTINENTAL
STOCK TRANSFER &

    TRUST
COMPANY

     

    
      
        
          	
                  By:

                	 
      
	
                  Name:

                
	
                  Title:

                

        

      

    

     

    
      
        
        

      

      
        9

        
          

        

      

      
        
        

      

    

     

    SCHEDULE
A

    

    
      
        
          
            	
                    Victory
      Park Credit Opportunities Master Fund, Ltd.

                  	 	$	11,031,184.00	 
	 
      	 	 	 	 
	
                    Victory
      Park Special Situations Master Fund, Ltd.

                  	 	$	2,588,279.00	 
	 
      	 	 	 	 
	
                    YA
      Global Investments, L.P.

                  	 	$	13,619,457.01	 
	 
      	 	 	 	 
	
                    TOTAL

                  	 	$	27,238,920.01	 

          

        

      

    

     

    
      
        
        

      

      
        10

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