Document:

Unassociated Document

     

    THE
REGISTERED HOLDER OF THIS PURCHASE OPTION BY ITS ACCEPTANCE HEREOF, AGREES THAT
IT WILL NOT SELL, TRANSFER OR ASSIGN THIS PURCHASE OPTION EXCEPT AS HEREIN
PROVIDED AND THE REGISTERED HOLDER OF THIS PURCHASE OPTION AGREES THAT IT WILL
NOT SELL, TRANSFER, ASSIGN, PLEDGE OR HYPOTHECATE THIS PURCHASE OPTION FOR A
PERIOD OF ONE HUNDRED EIGHTY DAYS FOLLOWING THE EFFECTIVE DATE (DEFINED BELOW)
TO ANYONE OTHER THAN (I) NEWBRIDGE SECURITIES CORPORATION OR AN UNDERWRITER OR A
SELECTED DEALER IN CONNECTION WITH THE OFFERING, OR (II) A BONA FIDE OFFICER OF
NEWBRIDGE SECURITIES CORPORATION OR OF ANY SUCH UNDERWRITER OR SELECTED
DEALER.

     

    THIS
PURCHASE OPTION IS NOT EXERCISABLE PRIOR TO ___________, 2010 [ONE YEAR FROM
DATE OF PROSPECTUS]. VOID AFTER 5:00 P.M. EASTERN TIME, ___________, 2014 [FIVE
YEARS THE FROM DATE OF THE PROSPECTUS].

     

    COMMON
STOCK PURCHASE OPTION

     

    For
the Purchase of
Shares
of Common Stock
of
ANDATEE
CHINA MARINE FUEL SERVICES CORPORATION

     

    1.           Purchase
Option.  THIS CERTIFIES THAT, in consideration of $100 duly
paid by or on behalf of ("Holder"), as registered owner of this Purchase Option,
to Andatee China Marine Fuel Services Corporation (the "Company"), Holder is
entitled, at any time or from time to time from ___________, 2010 [six (6)
months from date of prospectus] (the "Commencement Date"), and at or before 5:00
p.m., Eastern Time, ____________, 2014 [five years from date of prospectus] (the
"Expiration Date"), but not thereafter, to subscribe for, purchase and receive,
in whole or in part, up to ___________ shares of common stock of the Company,
par value $.001 per share (the "Shares") subject to adjustment as provided in
Section 6 hereof. If the Expiration Date is a day on which banking institutions
are authorized by law to close, then this Purchase Option may be exercised on
the next succeeding day which is not such a day in accordance with the terms
herein. During the period ending on the Expiration Date, the Company agrees not
to take any action that would terminate the Purchase Option. This Purchase
Option is initially exercisable at $________ per Share ([___%] of the price of
the Shares sold in the Offering) so purchased; provided, however, that upon the
occurrence of any of the events specified in Section 6 hereof, the rights
granted by this Purchase Option, including the exercise price per Share and the
number of Shares to be received upon such exercise, shall be adjusted as therein
specified. The term "Exercise Price" shall mean the initial exercise price or
the adjusted exercise price, depending on the context.

     

    2.           Exercise.

     

    2.1           Exercise
Form.  In order to exercise this Purchase Option, the exercise
form attached hereto must be duly executed and completed and delivered to the
Company, together with this Purchase Option and payment of the Exercise Price
for the Shares being purchased payable
in cash by wire transfer of immediately available funds to an account designated
by the Company or by certified check or official bank check. If the subscription
rights represented hereby shall not be exercised at or before 5:00 p.m., Eastern
time, on the Expiration Date, this Purchase Option shall become and be void
without further force or effect, and all rights represented hereby shall cease
and expire.

     

    
      
         

      

      
        
        

        
          

        

      

      
         

      

    

     

    2.2           Legend.  Each
certificate for the securities purchased under this Purchase Option shall bear a
legend as follows unless such securities have been registered under the
Securities. Act of 1933, as amended (the "Act"):

     

    "The
securities represented by this certificate have not been registered under the
Securities Act of 1933, as amended (the "Act") or applicable state law. Neither
the securities nor any interest therein may be offered for sale, sold or
otherwise transferred except pursuant to an effective registration statement
under the Act, or pursuant to an exemption from registration under the Act and
applicable state law which, in the opinion of counsel to the Company, is
available."

     

    3.           Transfer.

     

    3.1           General
Restrictions.  The registered Holder of this Purchase Option
agrees by his, her or its acceptance hereof, that such Holder will not: (a)
sell, transfer, assign, pledge or hypothecate this Purchase Option for a period
of one hundred eighty (180) days following the Effective Date to anyone other
than: (i) Rodman & Renshaw, LLC (“R&R”) or Newbridge Securities
Corporation ("NSC") or an underwriter or a selected dealer participating in the
Offering, or (ii) a bona fide officer of R&R, NSC or of any such underwriter
or selected dealer, in each case in accordance with FINRA Conduct Rule 5110 or
(b) cause this Purchase Option or the securities issuable hereunder to be the
subject of any hedging, short sale, derivative, put or call transaction that
would result in the effective economic disposition of this Purchase Option or
the securities hereunder, except as provided for in FINRA Rule 5110. On and
after 180 days from the Effective Date, transfers to others may be made subject
to compliance with or exemptions from applicable securities laws. In order to
make any permitted assignment, the Holder must deliver to the Company the
assignment form attached hereto duly executed and completed, together with the
Purchase Option and payment of all transfer taxes, if any, payable in connection
therewith. The Company shall within five business days transfer this Purchase
Option on the books of the Company and shall execute and deliver a new Purchase
Option or Purchase Options of like tenor to the appropriate assignee(s)
expressly evidencing the right to purchase the aggregate number of Shares
purchasable hereunder or such portion of such number as shall be contemplated by
any such assignment.

     

    3.2           Restrictions Imposed by the
Act.  The securities evidenced by this Purchase Option shall
not be transferred unless and until: (i) the Company has received the opinion of
counsel for the Holder that the securities may be transferred pursuant to an
exemption from registration under the Act and applicable state securities laws,
the availability of which is established to the reasonable satisfaction of the
Company (the Company hereby agreeing that the opinion of Cozen O’Connor shall be
deemed satisfactory evidence of the availability of an exemption), or (ii) a
registration statement or a post-effective amendment to the Registration
Statement relating to the offer and sale of such securities has been filed by
the Company and declared
effective by the Securities and Exchange Commission (the "Commission") and
compliance with applicable state securities law has been
established.

       

    

    
      
         

      

      
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    4.           Registration
Rights.

     

    4.1           Demand
Registration.

     

    4.1.1                      Grant of
Right.  The Company, upon written demand (a "Demand Notice") of
the Holder(s) of at least 51% of the Purchase Options and/or the underlying
Shares ("Majority Holders"), agrees to register, on one occasion, all or any
portion of the Shares underlying the Purchase Options (collectively the
"Registrable Securities") only to the extent such Registrable Securities have
not been previously registered and currently available for resale without any
restrictions. On such occasions, the Company will file a registration statement
with the SEC covering the Registrable Securities within sixty (60) days after
receipt of a Demand Notice and use its reasonable best efforts to have the
registration statement declared effective promptly thereafter, subject to
compliance with review by the SEC. The demand for registration may be made at
any time during a period of four (4) years beginning one (1) year from the
Closing Date. The Company covenants and agrees to give written notice of its
receipt of any Demand Notice by any Holder(s) to all other registered Holders of
the Purchase Options and/or the Registrable Securities within ten (10) days from
the date of the receipt of any such Demand Notice.

     

    4.1.2                      Terms.  The
Company shall bear all fees and expenses attendant to the registration of the
Registrable Securities pursuant to Section 4.1.1, including the expenses of any
legal counsel selected by the Holders to represent them in connection with the
sale of the Registrable Securities, but the Holders shall pay any and all
underwriting commissions. The Company agrees to use its reasonable best efforts
to cause the filing required herein to become effective promptly and to qualify
or register the Registrable Securities in such States as are reasonably
requested by the Holder(s); provided, however, that in no event shall the
Company be required to register the Registrable Securities in a State in which
such registration would cause: (i) the Company to be obligated to register or
license to do business in such State or submit to general service of process in
such State, or (ii) the principal shareholders of the Company to be obligated to
escrow their shares of capital stock of the Company. The Company shall cause any
registration statement filed pursuant to the demand right granted under Section
4.1.1 to remain effective for a period of at least twelve consecutive months
from the date that the Holders of the Registrable Securities covered by such
registration statement are first given the opportunity to sell all of such
securities. The Holders shall only use the prospectuses provided by the Company
to sell the shares covered by such registration statement, and will immediately
cease to use any prospectus furnished by the Company if the Company advises the
Holder that such prospectus may no longer be used due to a material misstatement
or omission.

     

    4.2           "Piggy-Back"
Registration.

     

    4.2.1                      Grant of
Right.  In addition to the demand right of registration,
described in Section 4.1 hereof the Holder shall have the right, for a period of
four (4) years commencing one (1) year from the Closing Date, to include the
Registrable Securities as part of any other registration of securities filed by
the Company (other than in connection with a transaction contemplated
by Rule 145 (a) promulgated under the Act or pursuant to Form S-8 or any
equivalent form) only to the extent such Registrable Securities have not been
previously registered and currently available for resale without any
restrictions; provided, however, that if, in the written opinion of the
Company’s managing underwriter or underwriters, if any, for such offering, the
inclusion of the Registrable Securities, when added to the securities being
registered by the Company or the selling stockholder(s), will exceed the maximum
amount of the Company’s securities which can be marketed (i) at a price
reasonably related to their then current market value, and (ii) without
materially and adversely affecting the entire offering, then the Company will
still be required to include the Registrable Securities, but may require the
Holders to agree, in writing, to delay the sale of all or any portion of the
Registrable Securities for a period of ninety (90) days from the Effective Date
of the offering; provided, further, that if the sale of any Registrable
Securities is so delayed, then the number of securities to be sold by all
stockholders in such public offering during such ninety (90) day period shall be
apportioned pro rata among all such selling stockholders, including all holders
of the Registrable Securities, according to the total amount of securities of
the Company owned by said selling stockholders, including all holders of the
Registrable Securities.

       

    

    
      
         

      

      
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    4.2.2                      Terms.  The
Company shall bear all fees and expenses attendant to registering the
Registrable Securities pursuant to Section 4.2.1 hereof, including the expenses
of any legal counsel selected by the Holders to represent them in connection
with the sale of the Registrable Securities, but the Holders shall pay any and
all underwriting commissions. In the event of such a proposed registration, the
Company shall furnish the then Holders of outstanding Registrable Securities
with not less than thirty (30) days written notice prior to the proposed date of
filing of such registration statement. Such notice to the Holders shall continue
to be given for each registration statement filed by the Company until such time
as all of the Registrable Securities have been sold by the Holder. The holders
of the Registrable Securities shall exercise the "piggy-back" rights provided
for herein by giving written notice, within ten (10) days of the receipt of the
Company's notice of its intention to file a registration statement.

     

    4.3           General
Terms.

     

    4.3.1                      Indemnification.  The
Company shall indemnify the Holder(s) of the Registrable Securities to be sold
pursuant to any registration statement hereunder and each person, if any, who
controls such Holders within the meaning of Section 15 of the Act or Section
20(a) of the Securities Exchange. Act of 1934, as amended ("Exchange Act"),
against all loss, claim, damage, expense or liability (including all reasonable
attorneys' fees and other expenses reasonably incurred in investigating,
preparing or defending against any claim whatsoever) to which any of them may
become subject under the Act, the Exchange Act or otherwise, arising from such
registration statement but only to the same extent and with the same effect as
the provisions pursuant to which the Company has agreed to indemnify the
Underwriters contained in Section 5 of the Underwriting Agreement between the
Underwriters and the Company, dated as of _______________, 2009. The Holder(s)
of the Registrable Securities to be sold pursuant to such registration
statement, and their successors and assigns, shall severally, and not jointly,
indemnify the Company, against all loss, claim, damage, expense or liability
(including all reasonable attorneys' fees and other expenses reasonably incurred
in investigating, preparing or defending against any claim whatsoever) to which
they may become subject under the Act, the Exchange Act or otherwise, arising
from information furnished by or on behalf of such Holders, or their
successors or assigns, in writing, for specific inclusion in such registration
statement to the same extent and with the same effect as the provisions
contained in Section 5 of the Underwriting Agreement pursuant to which the
Underwriters have agreed to indemnify the Company.

       

    

    
      
         

      

      
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    4.3.2                      Exercise of Purchase
Options.  Nothing contained in this Purchase Option shall be
construed as requiring the Holder(s) to exercise their Purchase Options prior to
or after the initial filing of any registration statement or the effectiveness
thereof

     

    4.3.3                      Documents Delivered to
Holders.  The Company shall furnish to each Holder
participating in any of the foregoing offerings and to each underwriter of any
such offering, if any, a signed counterpart, addressed to such Holder or
underwriter, of: (i) an opinion of counsel to the Company, dated the effective
date of such registration statement (and, if such registration includes an
underwritten public offering, an opinion dated the date of the closing under any
underwriting agreement related thereto), and (ii) a "cold comfort" letter dated
the effective date of such registration statement (and, if such registration
includes an underwritten public offering, a letter dated the date of the closing
under the underwriting agreement) signed by the independent public accountants
who have issued a report on the Company's financial statements included in such
registration statement, in each case covering substantially the same matters
with respect to such registration statement (and the prospectus included
therein) and, in the case of such accountants' letter, with respect to events
subsequent to the date of such financial statements, as are customarily covered
in opinions of issuer's counsel and in accountants' letters delivered to
underwriters in underwritten public offerings of securities. The Company shall
also deliver promptly to each Holder participating in the offering requesting
the correspondence and memoranda described below and to the managing
underwriter, if any, copies of all correspondence between the SEC and the
Company, its counsel or auditors and all memoranda relating to discussions with
the SEC or its staff with respect to the registration statement and permit each
Holder and underwriter to do such investigation, upon reasonable advance notice,
with respect to information contained in or omitted from the registration
statement as it deems reasonably necessary to comply with applicable securities
laws or rules of FINRA. Such investigation shall include access to books,
records and properties and opportunities to discuss the business of the Company
with its officers and independent auditors, all to such reasonable extent and at
such reasonable times as any such Holder shall reasonably request.

     

    4.3.4                      Underwriting
Agreement.  The Company shall enter into an underwriting
agreement with the managing underwriter(s), if any, selected by any Holders
whose Registrable Securities are being registered pursuant to this Section 4,
which managing underwriter shall be reasonably satisfactory to the Company. Such
agreement shall be reasonably satisfactory in form and substance to the Company,
each Holder and such managing underwriters, and shall contain such
representations, warranties and covenants by the Company and such other terms as
are customarily contained in agreements of that type used by the managing
underwriter. The Holders shall be parties to any underwriting agreement relating
to an underwritten sale of their Registrable Securities and may, at their
option, require that any or all the representations, warranties and covenants of
the Company to or for the benefit of such underwriters shall also be made to and
for the benefit of such Holders. Such Holders shall not be required to make any
representations
or warranties to or agreements with the Company or the underwriters except as
they may relate to such Holders, their Shares and their intended methods of
distribution.

       

    

    
      
         

      

      
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    4.3.5                      Documents to be Delivered by
Holder(s).  Each of the Holder(s) participating in any of the
foregoing offerings shall furnish to the Company a completed and executed
questionnaire provided by the Company requesting information customarily sought
of selling security holders.

     

    4.3.6                      Damages.  Should
the registration or the effectiveness thereof required by Sections 4.1 and 4.2
hereof be delayed by the Company or the Company otherwise fails to comply with
such provisions, the Holder(s) shall, in addition to any other legal or other
relief available to the Holder(s), be entitled to obtain specific performance or
other equitable (including injunctive) relief against the threatened breach of
such provisions or the continuation of any such breach, without the necessity of
proving actual damages and without the necessity of posting bond or other
security.

     

    5.           New Purchase Options to be
Issued.

     

    5.1           Partial Exercise or
Transfer.  Subject to the restrictions in Section 3 hereof,
this Purchase Option may be exercised or assigned in whole or in part. In the
event of the exercise or assignment hereof in part only, upon surrender of this
Purchase Option for cancellation, together with the duly executed exercise or
assignment form and funds sufficient to pay any Exercise Price and/or transfer
tax if exercised pursuant to Section 2.1 hereto, the Company shall cause to be
delivered to the Holder without charge a new Purchase Option of like tenor to
this Purchase Option in the name of the Holder evidencing the right of the
Holder to purchase the number of Shares purchasable hereunder as to which this
Purchase Option has not been exercised or assigned.

     

    5.2           Lost
Certificate.  Upon receipt by the Company of evidence
satisfactory to it of the loss, theft, destruction or mutilation of this
Purchase Option and of reasonably satisfactory indemnification or the posting of
a bond, the Company shall execute and deliver a new Purchase Option of like
tenor and date. Any such new Purchase Option executed and delivered as a result
of such loss, theft, mutilation or destruction shall constitute a substitute
contractual obligation on the part of the Company.

     

    6.           Adjustments.

     

    6.1           Adjustments to Exercise
Price and Number of Securities.  The Exercise Price and the
number of Shares underlying the Purchase Option shall be subject to adjustment
from time to time as hereinafter set forth:

     

    6.1.1                      Share Dividends; Split
Ups.  If after the date hereof, and subject to the provisions
of Section 6.3 below, the number of outstanding Shares is increased by a stock
dividend payable in Shares or by a split up of Shares or other similar event,
then, on the effective day thereof, the number of Shares purchasable hereunder
shall be increased in proportion to such increase in outstanding
shares.

     

    
      
         

      

      
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    6.1.2                      Aggregation of
Shares.  If after the date hereof, and subject to the
provisions of Section 6.3, the number of outstanding Shares is decreased by a
consolidation, combination or reclassification of Shares or other similar event,
then, on the effective date thereof, the number of Shares purchasable hereunder
shall be decreased in proportion to such decrease in outstanding
shares.

     

    6.1.3                      Replacement of Securities
upon Reorganization, etc.  In case of any reclassification or
reorganization of the outstanding Shares other than a change covered by Section
6.1.1 or 6.1.2 hereof or that solely affects the par value of such Shares, or in
the case of any share reconstruction or amalgamation or consolidation of the
Company with or into another corporation (other than a consolidation or share
reconstruction or amalgamation in which the Company is the continuing
corporation and that does not result in any reclassification or reorganization
of the outstanding Shares), or in the case of any sale or conveyance to another
corporation or entity of the property of the Company as an entirety or
substantially as an entirety in connection with which the Company is dissolved,
the Holder of this Purchase Option shall have the right thereafter (until the
expiration of the right of exercise of this Purchase Option) to receive upon the
exercise hereof, for the same aggregate Exercise Price payable hereunder
immediately prior to such event, the kind and amount of shares of stock or other
securities or property (including cash) receivable upon such reclassification,
reorganization, share reconstruction or amalgamation, or consolidation, or upon
a dissolution following any such sale or transfer, by a Holder of the number of
Shares of the Company obtainable upon exercise of this Purchase Option
immediately prior to such event; and if any reclassification also results in a
change in Shares covered by Section 6.1.1 or 6.1.2, then such adjustment shall
be made pursuant to Sections 6.1.1, 6.1.2 and this Section 6.1.3. The provisions
of this Section 6.1.3 shall similarly apply to successive reclassifications,
reorganizations, share reconstructions or amalgamations, or consolidations,
sales or other transfers.

     

    6.1.4                      Changes in Form of Purchase
Option.  This form of Purchase Option need not be changed
because of any change pursuant to this Section, and Purchase Options issued
after such change may state the same Exercise Price and the same number of
Shares as are stated in the Purchase Options initially issued pursuant to this
Agreement. The acceptance by any Holder of the issuance of new Purchase Options
reflecting a required or permissive change shall not be deemed to waive any
rights to an adjustment occurring after the Commencement Date or the computation
thereof.

     

    6.2           Substitute Purchase
Option.  In case of any consolidation of the Company with, or
share reconstruction or amalgamation of the Company with or into, another
corporation (other than a consolidation or share reconstruction or amalgamation
which does not result in any reclassification or change of the outstanding
Shares), the corporation formed by such consolidation or share reconstruction or
amalgamation shall execute and deliver to the Holder a supplemental Purchase
Option providing that the holder of each Purchase Option then outstanding or to
be outstanding shall have the right thereafter (until the stated expiration of
such Purchase Option) to receive, upon exercise of such Purchase Option, the
kind and amount of shares of stock and other securities and property receivable
upon such consolidation or share reconstruction or amalgamation, by a holder of
the number of Shares of the Company for which such Purchase Option might have
been exercised immediately prior to such consolidation, share reconstruction or
amalgamation, sale or transfer. Such supplemental Purchase Option shall provide
for adjustments which shall be identical to the adjustments provided for in this
Section 6. The above provision of this Section shall similarly apply to
successive consolidations or share reconstructions or
amalgamations.

       

    

    
      
         

      

      
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    6.3           Elimination of Fractional
Interests.  The Company shall not be required to issue
certificates representing fractions of Shares upon the exercise of the Purchase
Option, nor shall it be required to issue scrip or pay cash in lieu of any
fractional interests, it being the intent of the parties that all fractional
interests shall be eliminated by rounding any fraction up or down, as the case
may be, to the nearest whole number of Shares or other securities, properties or
rights.

     

    7.           Reservation and
Listing.  The Company shall at all times reserve and keep
available out of its authorized Shares, solely for the purpose of issuance upon
exercise of the Purchase Options, such number of Shares or other securities,
properties or rights as shall be issuable upon the exercise thereof. The Company
covenants and agrees that, upon exercise of the Purchase Options and payment of
the Exercise Price therefor, in accordance with the terms hereby, all Shares and
other securities issuable upon such exercise shall be duly and validly issued,
fully paid and non-assessable and not subject to preemptive rights of any
shareholder. The Company further covenants and agrees that upon exercise of the
Purchase Options and payment of the exercise price therefor, all Shares and
other securities issuable upon such exercise shall be duly and validly issued,
fully paid and non-assessable and not subject to preemptive rights of any
shareholder. As long as the Purchase Options shall be outstanding, the Company
shall use its best efforts to cause all Shares issuable upon exercise of the
Purchase Options to be listed (subject to official notice of issuance) on all
securities exchanges (or, if applicable on the Nasdaq Global Market, Capital
Market, OTC Bulletin Board or any successor trading market) on which the Shares
issued to the public in the Offering may then be listed and/or
quoted.

     

    8.           Certain Notice
Requirements.

     

    8.1           Holder's Right to Receive
Notice.  Nothing herein shall be construed as conferring upon
the Holders the right to vote or consent or to receive notice as a shareholder
for the election of directors or any other matter, or as having any rights
whatsoever as a shareholder of the Company. lf, however, at any time prior to
the expiration of the Purchase Options and their exercise, any of the events
described in Section 8.2 shall occur, then, in one or more of said events, the
Company shall give written notice of such event at least fifteen days prior to
the date fixed as a record date or the date of closing the transfer books for
the determination of the shareholders entitled to such dividend, distribution,
conversion or exchange of securities or subscription rights, or entitled to vote
on such proposed dissolution, liquidation, winding up or sale. Such notice shall
specify such record date or the date of the closing of the transfer books, as
the case may be. Notwithstanding, the foregoing, the Company shall deliver to
each Holder a copy of each notice given to the other shareholders of the Company
at the same time and in the same manner that such notice is given to the
shareholders.

     

    8.2           Events Requiring
Notice.  The Company shall be required to give the notice
described in this Section 8 upon one or more of the following events: (i) if the
Company shall take a record of the holders of its Shares for the purpose of
entitling them to receive a dividend or distribution payable otherwise than in
cash, or a cash dividend or distribution payable otherwise than out of retained
earnings, as indicated by the accounting treatment of such dividend
or distribution on the books of the Company, (ii) the Company shall offer to all
the holders of its Shares any additional shares of capital stock of the Company
or securities convertible into or exchangeable for shares of capital stock of
the Company, or any option, right or warrant to subscribe therefor, or (iii) a
dissolution, liquidation or winding tip of the Company (other than in connection
with a consolidation or share reconstruction or amalgamation) or a sale of all
or substantially all of its property, assets and business shall be
proposed.

       

    

    
      
         

      

      
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    8.3           Notice of Change in Exercise
Price.  The Company shall, promptly after an event requiring a
change in the Exercise Price pursuant to Section 6 hereof, send notice to the
Holders of such event and change ("Price Notice"). The Price Notice shall
describe the event causing the change and the method of calculating same and
shall be certified as being true and accurate by the Company's Chief Financial
Officer.

     

    8.4           Transmittal of
Notices.  All notices, requests, consents and other
communications under this Purchase Option shall be in writing and shall be
deemed to have been duly made when hand delivered, or mailed by express mail or
private courier service, with acknowledgement and receipt to the party to which
notice is given: (i) if to the registered Holder of the Purchase Option, to the
address of such Holder as shown on the books of the Company, or (ii) if to the
Company, to following address or to such other address as the Company may
designate by notice to the Holders:

     

    Andatee
China Marine Fuel Services Corporation

    Dalian
Ganjingzi District, Dalian Wan Lijiacun

    Unit C,
No. 68 West Binhai Road, Xingang District Dalian

    People’s
Republic of China

    Phone:  011
(86411) 8360 4647

    Attention:  Bill
Wen, CFO

    Fax:  ___

    

    With a
copy to:

     

    Cozen
O’Connor

    1627 I
Street, NW, Suite 1100

    Washington,
DC 20006

    Phone:  (202)
912-4800

    Attention:    Ralph V.
DeMartino, Esq.

          
F. Alec Orudjev, Esq.

    Fax:  202-912-4830

    

    9.           Miscellaneous.

     

     9.1           Amendments.  The
Company and NSC may from time to time supplement or amend this Purchase Option
without the approval of any of the Holders in order to cure any ambiguity, to
correct or supplement any provision contained herein that may be defective or
inconsistent with any other provisions herein, or to make any other provisions
in regard to matters or questions arising hereunder that the Company and NSC may
deem necessary or desirable and that the Company and NSC deem shall not
adversely affect the interest of the Holders.
All other modifications or amendments shall require the written consent of and
be signed by the party against whom enforcement of the modification or amendment
is sought.

    
       

      
        
           

        

        
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    9.2           Headings.  The
headings contained herein are for the sole purpose of convenience of reference,
and shall not in any way limit or affect the meaning or interpretation of any of
the terms or provisions of this Purchase Option.

     

    9.3           Entire
Agreement.  This Purchase Option (together with the other
agreements and documents being delivered pursuant to or in connection with this
Purchase Option) constitutes the entire agreement of the parties hereto with
respect to the subject matter hereof, and supersedes all prior agreements and
understandings of the parties, oral and written, with respect to the subject
matter hereof.

     

    9.4           Binding
Effect.  This Purchase Option shall inure solely to the benefit
of and shall be binding upon, the Holder and the Company and their permitted
assignees, respective successors, legal representative and assigns, and no other
person shall have or be construed to have any legal or equitable right, remedy
or claim under or in respect of or by virtue of this Purchase Option or any
provisions herein contained.

     

    9.5           Governing Law; Submission to
Jurisdiction.  This Purchase Option shall be governed by and
construed and enforced in accordance with the laws of the State of Delaware,
without giving effect to conflict of laws. The Company hereby agrees that any
action, proceeding or claim against it arising out of, or relating in any way to
this Purchase Option shall be brought and enforced in the courts of the State of
Florida or of the United States District Court for the Southern District of
Florida, and irrevocably submits to such jurisdiction, which jurisdiction shall
be exclusive. The Company hereby waives any objection to such exclusive
jurisdiction and that such courts represent an inconvenient forum. Any process
or summons to be served upon the Company may be served by transmitting a copy
thereof by registered or certified mail, return receipt requested, postage
prepaid, addressed to it at the address set forth in Section 8 hereof. Such
mailing shall be deemed personal service and shall be legal and binding upon the
Company in any action, proceeding or claim. The Company and the Holder agree
that the prevailing party(ies) in any such action shall be entitled to recover
from the other party(ies) all of its reasonable attorneys' fees and expenses
relating to such action or proceeding and/or incurred in connection with the
preparation therefor.

     

    9.6           Waiver,
etc.  The failure of the Company or the Holder to at any time
enforce any of the provisions of this Purchase Option shall not be deemed or
construed to be a waiver of any such provision, nor to in any way affect the
validity of this Purchase Option or any provision hereof or the right of the
Company or any Holder to thereafter enforce each and every provision of this
Purchase Option. No waiver of any breach, non-compliance or non-fulfillment of
any of the provisions of this Purchase Option shall be effective unless set
forth in a written instrument executed by the party or parties against whom or
which enforcement of such waiver is sought; and no waiver of any such breach,
non-compliance or non-fulfillment shall be construed or deemed to be a waiver of
any other or subsequent breach, non-compliance or non-fulfillment.

    
      
         

        
          
             

          

          
            -10-

            
              

            

          

          
             

          

        

        
           

          9.7          
Execution in Counterparts. This
Purchase Option may be executed in one or more counterparts, and by the
different parties hereto in separate counterparts, each of which shall be deemed
to be an original, but all of which taken together shall constitute one and the
same agreement, and shall become effective when one or more counterparts has
been signed by each of the parties hereto and delivered to each of the other
parties hereto. Such counterparts may be delivered by facsimile transmission or
other electronic transmission.

        

         

      

    

     [Remainder of page deliberately left
blank.]

     

    
      
         

      

      
        -11-

        
          

        

      

      
         

      

    

     

    IN
WITNESS WHEREOF, the Company has caused this Purchase Option to be signed by its
duly authorized officer as of the day of _______________, 2009.

     

    
      
        	 	
                ANDATEE
      CHINA MARINE FUEL SERVICES CORPORATION

              	 
	 	 	 	 
	
                 

              	
                By: 
      

              	  	 
	 	
                Name:
      

              	  	 
	 	
                Title:

              	 
    	 

      

    

    
      
         

        
          
             

          

          
            -12-

            
              

            

          

          
             

          

        

      

    

     

    Form
to be used to exercise Purchase Option:

     

    Date:
________________, 200_

     

    The
undersigned hereby elects irrevocably to exercise the within Purchase Option and
to purchase ______________ Shares of Andatee China Marine Fuel Services
Corporation and hereby makes payment of $____________ (at the rate of $_____ per
Share) in payment of the Exercise Price pursuant thereto. Please issue the
Shares as to which this Purchase Option is exercised in accordance with the
instructions given below.

     

    or

     

    The
undersigned hereby elects irrevocably to convert its right to purchase _________
Shares purchasable under the within Purchase Option by surrender of the
unexercised portion of the attached Purchase Option (with a "Value" of $_______
based on a "Market Price" of $_______). Please issue the Shares as to which this
Purchase Option is exercised in accordance with the instructions given
below.

     

    
      
        
          	 	 	 	 	 
	
                     

                	 	 	
                   

                	 
	
                  Signature

                	 	 	
                   

                	 

        

      

    

     

    
      
        
          
            	 	 	 	 	 
	
                       

                  	 	 	
                     

                  	 
	
                    Signature
      Guaranteed

                  	 	 	
                     

                  	 

          

        

      

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

     

    INSTRUCTIONS
FOR REGISTRATION OF SECURITIES

     

    Name:

     

    
      
        
          
            	 	 	 	 	 
	
                       

                  	 	 	
                     

                  	 
	
                    (Print
      in Block Letters)

                  	 	 	
                     

                  	 

          

        

      

    

     

    
      
        
          
            
              	 Address:	 	 	 	 
	
                       

                    	 	 	
                       

                    	 
	   	 	 	
                       

                    	 
	
                         

                    	 	 	
                       

                    	 

            

          

        

      

       

    

    NOTICE:  The
signature to this form must correspond with the name as written upon the face of
the within Purchase Option in every particular without alteration or enlargement
or any change whatsoever, and must be guaranteed by a bank, other than a savings
bank, or by a trust company or by a firm having membership on a registered
national securities exchange.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    Form
to be used to assign Purchase Option:

     

    ASSIGNMENT

     

    (To be
executed by the registered Holder to effect a transfer of the within Purchase
Option):

     

    FOR VALUE
RECEIVED, _______________________________ does hereby sell, assign and transfer
unto ___________________________________ the right to purchase Shares of Andatee
China Marine Fuel Services Corporation ("Company") evidenced by the within
Purchase Option and does hereby authorize the Company to transfer such right on
the books of the Company.

     

    Dated:
___________________, 200_

     

    
      
        
          
            
              	 	 	 	 	 
	
                       

                    	 	 	
                       

                    	 
	Signature	 	 	
                       

                    	 

            

          

        

      

    

     

    
      
        
          
            
              
                	 	 	 	 	 
	
                         

                      	 	 	
                         

                      	 
	
                        Signature
      Guaranteed

                      	 	 	
                         

                      	 

              

            

          

        

      

    

     

    NOTICE:  The
signature to this form must correspond with the name as written upon the face of
the within Purchase Option in every particular without alteration or enlargement
or any change whatsoever, and must be guaranteed by a bank, other than a savings
bank, or by a trust company or by a firm having membership on a registered
national securities exchange.Unassociated Document

    Exhibit
10.4

     

    Purchase
Option Agreement

     

    This
Purchase Option Agreement (this “Agreement”) dated on March 26,
2009, is entered into in Beijing, People’s Republic of China (the “PRC”) by and
among:

    

    Shareholder A: Dalian
Dongfangzheng Development Co., Ltd.

    Address:
Santangcun, Lingang Industry Zone, Changxingdao, Dalian, P.R. China

    Legal
Representative: An Fengbin

    

    Shareholder B: Wang
Yu

    ID No.:
210202196302190736

    Nationality:
P.R. China

    

    Shareholder C: Wang
Jing

    ID No.:
210211196801020420

    Nationality:
P.R. China

    

    Shareholder D: Wang
Xin

    ID
No.:210624651113001

    Nationality:
P.R. China

     

    (Shareholders
A, B, C, and D including their respective successors and legal assignees, are
hereinafter referred to collectively as the “Party A”.)

     

    Party B: Dalian Fusheng
Consulting Co., Ltd.

    Address:
No.1 Bintaoyuan, Binhaixilu, Xigang District, Dalian, P.R. China

    Legal
Representative: LAI Wai Chi

     

    Party C: Dalian Xingyuan
Marine Bunker Co., Ltd.

    Address:Lijiacun,
Dalianwan, Ganjingzi District, Dalian, P.R. China

    Legal
Representative: An Fengbin

     

     (In
this Agreement, the parties above are hereinafter individually referred to as a
“Party”, and
collectively referred to as the “Parties”.)

    

    WHEREAS, Party B is a wholly
foreign-owned enterprise registered in The People's Republic of China (the
"PRC") under the laws of PRC and owns resources to provide business consulting
services;

     

    WHEREAS, Party C is a domestic
company with exclusively domestic capital registered in the PRC and is mainly
engaged in the business of producing and selling marine bunker
(“Business”);

     

    WHEREAS, Shareholders A, B, C,
D hold 85%, 9%, 3%, and 3% of the equity in Party C, respectively;

     

    WHEREAS, Party A agrees to
exclusively grant Party B an irrevocable purchase option (the “Purchase Option”) whereby
Party A shall, to the extent permitted by the PRC Laws, at the request of Party
B, transfer the Expected Equities (as defined below) to Party B and/or any other
entity or person designated by Party B pursuant to this Agreement. Each member
of Party A will not execute their preemptive right as
defined by the PRC company law.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    WHEREAS, Party C agrees Party
A shall grant Party B the Purchase Option pursuant to this
Agreement.

     

    Now, therefore, the Parties
agree as below:

     

    Article
1 Definitions

     

    1.1
Unless otherwise construed under context, in this Agreement, the following terms
shall have the meanings set forth below:

     

    “PRC Laws”: mean the then
effective laws, administrative regulations, administrative rules, local
regulations, judicial interpretations and other binding regulatory documents of
the People’s Republic of China.

     

    “Expected Equities”: with
respect to each of Party A, means the total equity interests held by it in the
registered capital of Party C; with respect to Party A as a whole, means the
100% equity interests in the registered capital of Party C. This term also
include the further issued shares after the signing of this
agreement.

     

    “Transferred Equity”: means
when Party B exercises its Purchase Option (the “Exercise”), the equity
interests which Party B has the right to request each or both of the members of
Party A to transfer to it or its designated entity or person as required in
Article 3.2 hereof, in the amount of all Expected Equities or a portion thereof
to be solely determined by Party B subject to the provisions of the PRC Laws
then in force and its business concerns.

     

    “Transfer Price”: means, for
each Exercise, the total consideration to be paid to Party A by Party B or its
designated entity or person for acquisition of the Transferred
Equity.

     

    “Party C Assets”: means all
tangible and intangible assets that Party C owns or has the right to use during
the term of this Agreement, including but not limited to any real property,
personal property and trademark, copyright, patent, know-how, domain name,
software license and other intellectual property rights.

     

    “Material Agreements”: mean
the agreements entered into by Party C and Party B which have a material impact
on the business or assets of Party C, including but not limited to the Exclusive
Consulting Agreement, the Operating Agreement and other agreements relating to
Party C’s business.

     

    1.2 The
references to any PRC Laws shall be deemed:

     

    (1) to
include the references to the amendments, alterations, supplements and
reenactments of such PRC Laws, whether effective prior to or after the date
hereof; and

     

    (2) to
include the references to the decisions, circulars and rules that are formed
thereunder or take effect as a result thereof.

     

    1.3
Unless the context otherwise specifies, references to the articles,
sub-articles, items and paragraphs herein shall be made to such articles,
sub-articles, items and paragraphs in this Agreement.

    

    Article
2 Grant of Purchase Option

     

    2.1 The
members of Party A hereby severally and jointly agree to irrevocably,
unconditionally and exclusively grant Party B a Purchase Option whereby to the
extent permitted by the PRC Laws, Party B has the right to request Party A to
transfer the Expected Equities to it or its designated entity or person in the
manner specified herein. Party B agrees to accept such option.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    2.2 Party
C hereby agrees to Party A granting to Party B such Purchase Option pursuant to
above Article 2.1 and other provisions hereof.

    

    Article
3 The Exercise of the Option

     

    3.1 To
the extent permitted under the PRC Laws, Party B, at its sole discretion, may
decide the specific time, method and number of its Exercise.

     

    3.2 To
the extent that the PRC Laws then in effect permit Party B and/or its designated
entity or person to hold all of the equity interests in Party C, Party B may
select to exercise its Purchase Option in whole at a time through the
acquisition of all of the Expected Equities by Party B and/or its designated
entity or person. If the PRC Laws then in effect permit Party B and/or its
designated entity or person to hold only a portion of the equity interests in
Party C, Party B shall have the right to determine the amount of the Transferred
Equity to the extent below the cap on shareholding percentage (the “Shareholding Cap”) under the
PRC Laws then in effect and Party B and/or any other entity or person designated
by it will acquire such amount of the Transferred Equity from Party A. In the
latter case, as the Shareholding Cap permitted under the PRC Laws is gradually
loosened, Party B shall have the right to exercise its Purchase Option in
phases, with a view to finally acquire all of the Expected
Equities.

     

    3.3 Party
B, for each Exercise by it, has the right to solely determine the amount of
Transferred Equity to be transferred by Party A to Party B and/or other entity
or person designated by it in such Exercise and Party A shall respectively
transfer the Transferred Equity in the amount specified by Party B to Party B
and/or other entity or person designated by it. Party B and/or other entity or
person designated by it shall, for the Transferred Equity received by each of
them in each Exercise, pay the Transfer Price to Party A who transfers such
Transferred Equity.

     

    3.4 At
the time of each Exercise, Party B may itself accept the Transferred Equity or
designate any third party to accept all or a portion of the Transferred
Equity.

     

    3.5 Each
time after Party B decides on an Exercise, it shall deliver to Party A a notice
on exercise of the Purchase Option (the “Exercise Notice”, in the form
attached hereto as Appendix 1). Upon receipt of the Exercise Notice, Party A
shall immediately transfer the Transferred Equity to Party B and/or other entity
or person designated by it in the manner specified in Article 3.3
hereof.

     

    3.6 The
members of Party A hereby severally and jointly undertake and warrant that upon
delivery of the Exercise Notice by Party B:

     

    (1) Party
A shall immediately convene a meeting of shareholders and, by adopting
shareholders’ resolutions and taking all other necessary actions, agree to
transfer all of the Transfer Equity to Party B and/or other entity or person
designated by it at the Transfer Price;

     

    (2) Party
A shall enter into an equity transfer agreement with Party B and/or other entity
or person designated by it to transfer all of the Transfer Equity to Party B
and/or other entity or person designated by it at the Transfer Price;
and

     

    (3) Party
A shall, at the request of Party B and as provided under laws and regulations,
provide necessary assistance to Party B (including providing and executing all
relevant legal documents, completing all governmental approval and registration
procedures and assuming all relevant obligations) to allow Party B and/or other
entity or person designated by it to acquire all of the Transferred Equity free
from any defect in law.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    Article
4 Transfer Price

     

    At the
time of each Exercise by Party B, the total Transfer Price paid to Party A or
its designated entity or person shall be determined by Party A and Party B from
one of following two prices: i) RMB 10.00; or ii) the lowest price permitted
under PRC laws. Subject to the compliance with any applicable law, the Transfer
Price received by Party A as a result of such equity transfer shall be delivered
to Party C.

    

    Article
5 Representations and Warranties

    

    5.1 The members of Party A
hereby severally and jointly represent and warrant as below and such
representations and warranties shall remain valid the same as they were made at
the time of transfer of the Expected Equities:

     

    5.1.1
Each of Party A is a PRC resident with full civil capacity; it has the full and
independent legal status and capability to execute, deliver and perform this
Agreement and can act independently as a subject in a legal action.

     

    5.1.2
Each of Party A has the full powers and authorizations to execute and deliver
this Agreement and all other documents in connection with the transaction
contemplated hereby to which it is a party and has the full powers and
authorizations to consummate the transaction contemplated by this
Agreement.

     

    5.1.3
This Agreement will be lawfully and duly executed and delivered by Party A. This
Agreement will constitute a valid and binding obligation of Party A, enforceable
against it in accordance with the terms hereof.

     

    5.1.4 The
members of Party A are the registered lawful owners of the Expected Equities as
of the time when this Agreement become effective. Except for the rights created
by means of this Agreement, the Equity Pledge Agreement entered into between
Party A and Party B, and other agreements or legal documents entered into by
Party A and Party B and/or Party C, the Expected Equities shall be free from any
liens, pledges, claims and other security interests and third-parties rights.
Under this Agreement, Party B and/or other entity or person designated by it
may, following each Exercise, have the clean title to the Transferred Equity
free from any liens, pledges, claims and other security interests or
third-parties rights.

     

    5.2 Party
C hereby represents and warrants that:

     

    5.2.1
Party C is a limited liability company duly incorporated and validly existing in
the PRC and has the independent legal person status. It has the full and
independent legal status and capability to execute, deliver and perform this
Agreement and can act independently as a party in litigation.

     

    5.2.2
Party C has the full corporate powers and authorizations to execute and deliver
this Agreement and all other documents in connection with the transaction
contemplated hereby to which it is a party and has the full powers and
authorizations to consummate the transaction contemplated by this
Agreement.

     

    5.2.3
This Agreement will be lawfully and duly executed and delivered by Party C. This
Agreement will constitute a valid and binding obligation of Party
C.

     

    5.2.4 The
members of Party A are the registered lawful shareholders of Party C as of the
time when this Agreement become effective. Under this Agreement, Party B and/or
other entity or person designated by it may, following each Exercise, have the
clean title to the Transferred Equity free from any liens, pledges, claims and
other security interest or third-parties rights.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    Article
6 Party A’s Undertakings

     

    Each of
Party A hereby severally undertakes as follows:

     

    6.1
During the term of this Agreement, unless otherwise disclosed to Party B and
consented to by Party B in writing in advance or imposed by any applicable laws,
it shall not:

     

    6.1.1
assign or otherwise dispose of any Expected Equities or create any security
interest or other third-party right on any Expected Equities;

     

    6.1.2
increase or decrease the registered capital of Party C;

     

    6.1.3
declare distribution of or actually distribute any distributable profits or
dividends;

     

    6.1.4
agree to or cause any merger or division of Party C;

     

    6.1.5
directly or indirectly hold any equity interest in, serve as a director of,
become an employee of or provide any service to (except for the services
provided during the ordinary course of Party C’s business), any domestic or
foreign entity which engages in any business similar or competitive to that of
Party C;

     

    6.1.6
cause Party C to be terminated, liquidated or dissolved; and

     

    6.1.7
amend the articles of association of Party C.

     

    6.2 It
shall ensure that Party C will comply with Party C’s undertakings set forth
below under Article 7.1 during the term of this Agreement.

     

    6.3
During the term of this Agreement, it shall use all its endeavors to grow Party
C’s business, ensure Party C is operated in a lawful and compliant manner and
shall have no action or omission which may damage Party C’s assets or goodwill
or affect the validity of the various business certificates, licenses and
qualifications required to be obtained by Party C. When it ceases to be a
shareholder of Party C, it shall cause its successor to accept in writing the
rights and obligations hereunder with equal validity.

     

    6.4 Party
A undertakes to, upon the reasonable request of Party B, take all the necessary
actions and execute any necessary documents (including without limitation to
complementary agreements to this Agreement) for the purpose of the exercise and
realization of all the rights under this Agreement.

     

    6.5
Without breach of other provisions of this Agreement, if at any time the PRC
publishes or amends any laws, regulations and rules or the interpretation or
application thereof is changed, or any alteration occurs to the relevant
registration procedures, in each case making it illegal for Party B to maintain
the validity of this Agreement and/or to exercise the rights specified herein in
such manner as provided hereunder, or deemed to violate such laws, regulations
or rules, in order to achieve the following purposes, it shall, at the written
instructions and reasonable request of Party B, promptly take certain actions
and/or enter into certain agreements or other documents:

     

    (1)
maintaining the validity of this Agreement;

     

    (2) being
able to dispose of any pledged collateral in such manner as specified herein;
and/or

     

    (3)
sustaining or fulfilling the intent of this Agreement.

    

    Article
7 Party C’s Undertakings

     

    7.1 Party
C undertakes that during the term of this Agreement, unless otherwise disclosed
to Party B and consented to by Party B in writing in advance or imposed by any
applicable laws, it shall not:

     

    7.1.1
dispose of any Party C’s Assets other than in the ordinary course of
business;

     

    7.1.2
dispose of in any way its operation rights and/or profit-sharing rights in
connection with any of its business other than in the ordinary course of
business;

     

    7.1.3
terminate any Material Agreement to which it is a party or enter into any other
agreement in conflict with any existing Material Agreement;

     

    7.1.4
make any lendings or borrowings, or provide guarantee or perform in such manner
as providing a guarantee, or assume any substantial obligations other than in
the ordinary course of business;

     

    7.1.5
acquire any entity or invest in any entity; and

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    7.1.6
maintain or permit maintenance of, any money of Party C in the account of any
other entity or person except in the ordinary course of business under temporary
circumstances.

     

    7.2 If
any third-party consent, permit, waiver, authorization or any approval, permit,
exemption from or registration or filing with (as required under law) any
governmental entity for the execution and performance of this Agreement and the
grant of the Purchase Option hereunder is required, Party C shall endeavor to
assist in satisfying the foregoing requirements.

     

    7.3
Without the prior written consent of Party B, Party C will not assist or permit
Party A to assign or otherwise dispose of any Expected Equities or encumber any
Expected Equities with any security interest or other third-party
rights.

     

    7.4 Party
C shall not take or allow any act or action which may adversely affect Party B’s
interests under this Agreement.

    

    Article
8 Confidentiality Obligations

     

    8.1
Whether or not this Agreement is terminated, Party A shall remain subject to the
confidentiality obligations with respect to the information set forth
below:

     

    (1) the
execution and performance of this Agreement and the terms hereof;

     

    (2) the
trade secrets, proprietary information and customer information in respect of
Party B acquired or received by it as a result of the execution and performance
of this Agreement; and

     

    (3) the
trade secrets, proprietary information and customer information (the “Confidential Information”) in
respect of Party C acquired or received by it in the capacity of Party C’s
shareholder.

     

    Party A
shall use such Confidential Information solely for the purpose of performing its
obligations under this Agreement. Without Party B’s written consent, none of
Party A may disclose such Confidential Information to any third party, failing
which the disclosing party shall be held liable for such breach and compensate
any losses arising therefore.

     

    8.2 Upon
the termination of this Agreement, Party A shall, at the request of Party B,
return, destroy or otherwise dispose of all documents, materials or software
containing the Confidential Information and cease to use such Confidential
Information.

     

    8.3
Notwithstanding the other provisions hereof, this Article Nine shall survive the
suspension or termination of this Agreement.

     

    Article
9 Term

     

    This
Agreement shall become effective from the date of signing by the parties and
shall terminate after all Expected Equities are duly transferred as agreed
herein to Party B and/or other entity or person designated by it.

    

    Article
10 Notice

     

    10.1 Any
notices, requests, demands and other communications required under this
Agreement or to be given pursuant to this Agreement shall be made in writing and
delivered to the relevant Party/ies.

     

    10.2 If
such a notice or other communication is sent by facsimile or electronic mail, it
shall be deemed served when so sent, or if sent by personal delivery, upon a
delivery face to face, or if sent by post, five (5) days after the day
mailed.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    Article
11  Liability for Breach

     

    11.1 The
Parties consent and acknowledge that if either Party (the “Breaching Party”)
substantially breaches any agreement hereunder or substantially fails to perform
any of its obligations hereunder, in each case constituting a breach under this
Agreement (the “Breach”), the non-breaching
Party/ies has the right to request the Breaching Party to make a redress or take
remedial actions within the reasonable period of time. If the Breaching Party
fails to make any redress or take remedial actions within the above reasonable
period of time or within fifteen (15) days after the non-breaching
Party/ies sending a written notice to the Breaching Party for request of a
redress of such Breach, the non-breaching Party/ies may elect to:

     

    (1)
terminate this Agreement and claim full damages against the Breaching Party;
or

     

    (2)
require a specific performance of the obligations of the Breaching Party
hereunder and claim full damages against the Breaching Party.

    But in no
event may Party A or Party C require a termination of this Agreement for any
cause pursuant to the above Article 11.1 (1).

     

    11.2 The
rights and remedies provided herein are cumulative and shall not exclude other
rights or remedies available in law.

     

    11.3
Notwithstanding the other provisions hereof, this Article Twelve shall survive
the suspension or termination of this Agreement.

     

    Article
12 Miscellaneous

     

    12.1 This
Agreement is prepared in Chinese and English, and each language with six
counterparts, and all the counterparts shall have the same effectiveness. If any
dispute of interpretation should arise, the Chinese version shall be considered
the primary instrument.

     

    12.2 The
conclusion, effectiveness, performance, amendment, interpretation and
termination of this Agreement shall be governed by the laws of the People’s
Republic of China.

     

    12.3 If
any dispute arises out of the interpretation and performance of the provisions
hereof among the Parties, the Parties shall resolve such dispute in good faith
through consultation. If the dispute cannot be resolved through consultation,
any Party may bring such dispute to Beijing Office of the China International
Economic and Trade Arbitration Commission for a resolution through arbitration
in accordance with its arbitration rules then in force. The place of arbitration
shall be in Beijing. The arbitration proceedings shall be conducted in Chinese.
The arbitral award shall be final and equally binding upon the Parties. This
Article 12.3 shall survive the termination or cancellation of this
Agreement.

     

    12.4 No
failure or delay of a Party to exercise any right, power and remedy available to
it under this Agreement or law (“Such Party’s Rights”) shall
constitute a waiver of such right.

     

    12.5
Article headings in this Agreement are included herein for convenience of
reference only and in no event shall be used for or affect the interpretation of
the terms of this Agreement.

     

    12.6 Each
provision of this Agreement may be severed and separated from each of the other
provisions hereof. If at any time one or more of the provisions hereof become
invalid, illegal or unenforceable, the validity, legality and enforceability of
the remaining provisions of this Agreement shall not be affected.

     

    12.7 This
Agreement, when executed, shall supersede any other legal instrument previously
executed by and between the Parties with respect to the same subject matter. Any
amendment or supplement to this Agreement shall be in writing and become
effective after duly signed by the Parties.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    12.8
Without the prior written consent of Party B, neither Party A nor Party C may
assign any of its rights and/or obligations under this Agreement to any third
party. Upon a notice served on Party A and Party C, Party B has the right to
assign any of its rights and/or obligations hereunder to any third party
designated by it.

     

    12.9 This
Agreement shall be binding upon the lawful successors of each
Party.

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

      Signature
Page

    

    Party
A:

     

    Shareholder A: Dalian
Dongfangzheng Development Co., Ltd.

     

    Legal
Representative: An Fengbin

     

    Signature/Seal:

    

    Shareholder B: Wang
Yu

     

    Signature:

    

    Shareholder C: Wang
Jing

     

    Signature:

    

    Shareholder D: Wang
Xin

     

    Signature:

     

    PARTY B: Dalian Fusheng Consulting
Co., Ltd.

     

    Legal
Representative: LAI Wai Chi

     

    Signature/Seal:

    

    PARTY C: Dalian Xingyuan Marine
Bunker Co., Ltd.

     

    Legal
Representative: An Fengbin

     

    Signature/Seal:

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    Appendix
1

     

    Form of Exercise
Notice

     

    To:
[Dalian Dongfangzheng Development Co., Ltd., Wang Yu, Wang Jing, and Wang
Xin]

     

    Whereas
you, our company and Dalian Xingyuan Marine Bunker Co., Ltd. (“Party C”) entered
into a Purchase Option Agreement (the “Option Agreement”) dated March 26, 2009,
pursuant to which you shall, at the request of our company and to the extent
permitted under PRC laws and regulations, transfer the equity interests you hold
in Party C to our company or any third party designated by our
company.

     

    Therefore,
now our company serves this notice on you as below:

     

    Our
company hereby proposes to exercise the Purchase Option under the Purchase
Option Agreement and our company will be transferred [    ]%
of equity interests you hold in Party C (the “Transferred Shares”). Upon receipt
of this notice, please immediately transfer the Transferred Shares to our
company as agreed in the Purchase Option Agreement.

     

    Best
regards,

     

                                      Dalian
Fusheng Consulting Co., Ltd.

                                      (Official
Seal)

    

                                      Authorized
Representative:

     

                                      Signature:

     

                                      Date:

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