Document:

EX-4.5

 Exhibit 4.5 

TRINITY BIOTECH PUBLIC LIMITED COMPANY 

- and - 
 KEVIN LAWSON 

SHARE OPTION AGREEMENT 

William Fry 
 Solicitors 

Fitzwilton House 
 Wilton Place 

Dublin 2 
 www.williamfry.ie 

© William Fry 2013 

014601.0004 

 TABLE OF CONTENTS 

 

							
			
	 1.
	 	 DEFINITIONS
	  	 	3	  
			
	 2.
	 	 GRANT OF OPTION
	  	 	4	  
			
	 3.
	 	 OPTION PRICE
	  	 	4	  
			
	 4.
	 	 PERIOD FOR EXERCISE OF OPTION
	  	 	4	  
			
	 5.
	 	 PROCEDURE ON EXERCISE OF OPTION
	  	 	4	  
			
	 6.
	 	 ADJUSTMENTS TO SHARE CAPITAL
	  	 	4	  
			
	 7.
	 	 SHARE CAPITAL
	  	 	5	  
			
	 8.
	 	 MERGER OR TAKEOVER
	  	 	5	  
			
	 9.
	 	 RESTRICTION ON SALE
	  	 	5	  
			
	 10.
	 	 LIQUIDATION
	  	 	6	  
			
	 11.
	 	 CONSENT TO DATA PROCESSING
	  	 	6	  
			
	 12.
	 	 GENERAL PROVISIONS
	  	 	6	  
		
	 SCHEDULE 1
	  	 	9	  
		
	 SCHEDULE 2
	  	 	10	  

  
 2 

			
	THIS AGREEMENT is made on	  	July 2013

  

			
	BETWEEN:	  	
		
		  	TRINITY BIOTECH PUBLIC LIMITED COMPANY
		  	 having its registered office at
		  	 IDA Business Park,
		  	 Bray, Co. Wicklow
		  	 (hereinafter called the “Company”)
		
		  	 - and -

		
		  	 KEVIN LAWSON
		  	 of 56 Applewood Ln, Getzville, NY 14068
		  	 (hereinafter called the “Optionholder”)

 WHEREAS: 
  

	 	A.	The Optionholder is an employee of IMMCO Diagnostics, Inc., a Delaware corporation under registered number 4457503 and a Subsidiary of the Company (as defined below). 

 

	 	B.	The parties have now agreed that the Optionholder shall be granted an option to subscribe for Shares (as hereinafter defined) in the capital of the Company on the terms and conditions hereinafter contained.

 IT IS AGREED as follows: 
  

	1.	Definitions 

 In this Agreement the following expressions shall have the following
meaning unless the context otherwise requires: 
 “Associated Company”, means a company under the Control of the Company or
any Subsidiary of the Company or any combination thereof or in which the Company and/or its Subsidiaries have a shareholding interest of 20% or greater; 

“Board”, the board of directors of the Company; 

“Control”, has the same meaning as in Section 11 of the Taxes Consolidation Act, 1997; 

“Restricted Shares”, means any Shares allotted to the Optionholder following an exercise of the Option in accordance with the
terms of this Agreement; 
 “Notice of Exercise”, means a notice of exercise of an Option in the form set out in Schedule 2
or such other form approved by the Board; 
 “Option”, the option granted pursuant to clause 2; 

“Option Certificate”, means a certificate executed under the seal of the Company evidencing the grant of an Option, in the
form set out in Schedule 1 hereto or such other form as may be approved by the Board; 
 “Option Price”, means the price per
Option Share specified in Clause 3; 
 “Option Shares”, subject to Clause 6, 102,400 A Shares (25,600 ADRs); 

“Grant Date”, the date of this Agreement; 

  
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 “Scheduled Termination Date”, 3 December 2017; 

“Shares”, means the “A” Ordinary Shares of $0.0109 each in the capital for the time being of the Company; and 

“Subsidiary”, has the meaning assigned in Section 155 of the Companies Act 1963. 

 

	2.	Grant of Option 

  

	 	(a)	In consideration of the entry by the Optionholder into this Agreement and of the payment of the sum of €1.00 now made by the Optionholder to the Company (the receipt of which the Company hereby acknowledges) and
subject to clauses 4, 6, 8 and 9, the Company hereby grants to the Optionholder an option to subscribe for and be allotted the Option Shares (the “Option”) subject to the due exercise of the Option in accordance with terms and conditions
of this Agreement. 

  

	 	(b)	An Option Certificate shall be issued to the Optionholder in respect of the Option on the Grant Date. 

  

	3.	Option Price 

 The Option Price payable upon exercise of the Option to subscribe for and
be allotted the Option Shares shall be $1.66 per Option Share ($6.64 per ADR). 
  

	4.	Period for exercise of Option 

 The Option shall be exercisable at any time or times
prior to the Scheduled Termination Date. The Option shall expire at 6p.m. on the Scheduled Termination Date to the extent that it has not been exercised prior to that date. 
  

	5.	Procedure on exercise of Option 

  

	 	(a)	The Option shall be exercised by notice in writing given by the Optionholder to the Company in the form set out in Schedule 2. The Optionholder shall notify the Company that he is exercising the Option in respect of all
or part of the Option Shares for the time being comprised in the Option and of the number of Option Shares in respect of which he is exercising the Option. The notice of exercise of the Option shall be accompanied by payment of the Option Price for
the Option Shares in respect of which the Option is exercised and the Option Certificate. The Option Price can be paid in cash or by cheque or by same-day sale exercise through a broker designated by the Company or any other means approved by the
Board. 

  

	 	(b)	As soon as practicable after receipt by the Company of such notice and receipt of payment of the Option Price, subject to the Company obtaining any regulatory or stock exchange consent which is necessary to enable it to
allot Option Shares pursuant to the exercise of the Option and subject to the terms of any such consent, the Option Shares shall be issued by the Company to the Optionholder and the Company shall deliver to the Optionholder any appropriate balancing
Option Certificate. 

  

	 	(c)	Save for the restrictions set out in Clause 9, all Shares issued on any exercise of the Option shall rank pari passu in all respects with the Shares already in issue. 

 

	6.	Adjustments to share capital 

 In the event of any variation in the Company’s
capital structure, whether by way of a rights issue, capitalisation of profits or reserves or any consolidation or subdivision or reduction of the capital of the Company, the number of Option Shares and / or the Option Price for each of those Shares
and/or the class of Option Shares shall be adjusted in such manner as the Board considers to be fair and reasonable. 

  
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	7.	Share capital 

 The Company shall keep sufficient Shares to enable it to discharge its
obligations under this Agreement and shall take all steps as may be necessary (including the passing of any resolutions of the Company) to ensure that the directors of the Company shall, at all times, be generally and unconditionally authorised to
allot Shares to the Optionholder in accordance with the provisions of Section 20 of the Companies (Amendment) Act, 1983 or any statutory modification or re-enactment thereof and so that the provisions of Section 23 of the said Act (or any
such modification or re-enactment thereof) shall not apply to any such allotment. 
  

	8.	Merger or takeover 

 In the event that the Company is party to a merger, takeover or
other reorganisation including but not limited to a court sanctioned compromise or scheme arrangement, pursuant to which a party or parties acting in concert obtain(s) Control of the Company, or the Board consider that this is about to occur, or
notice is given of a resolution for the voluntary winding-up of the Company, the Board may, at its discretion with respect to the Option: 
  

	 	(a)	request the Optionholder to exercise the Option (in whole or in part) within such period as the Board may in its reasonable discretion determine (which shall not be less than ten days) and if the Optionholder does not
comply with such request, the Option shall lapse on a date specified by the Board; or 

  

	 	(b)	arrange for payment of a cash settlement to the Optionholder in cancellation of the Option equal per Share subject to the cancelled Option to the excess of the amount to be paid for a Share in the merger or takeover or
reorganisation or winding up over the Option Price. 

  

	9.	Restriction on Sale 

 In consideration of the Company entering into this Agreement, the
Optionholder agrees that notwithstanding the terms of the Articles of Association he shall not without the prior written consent of the Board: 
  

	 	(a)	offer for sale; 

  

	 	(b)	pledge; 

  

	 	(c)	sell; 

  

	 	(d)	contract to sell; 

  

	 	(e)	sell any option or contract to purchase; 

  

	 	(f)	grant any option, right or warrant to purchase; or 

  

	 	(g)	otherwise transfer or dispose of, directly or indirectly; 

 (and each such action shall be
referred to as a Sale for the purposes of this Clause 9), any Restricted Shares prior to the date that they become eligible for Sale in accordance with the following schedule: 

 

					
	 Date
	  	Percentage of Restricted Shares
Eligible for Sale	 
	 Prior to 1st anniversary of Grant Date
	  	 	0	% 
	 At any time on or after 1st anniversary of the Grant Date and before 2nd
Anniversary of the Grant Date
	  	 	25	% 
	 At any time on or after 2nd anniversary of the Grant Date and before 3rd Anniversary of the Grant Date
	  	 	Additional 25% (50% of total	) 
	 At any time on or after 3rd anniversary of the Grant Date
	  	 	Additional 50% (100% of total	) 

  
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	10.	Liquidation 

 In the event of a liquidator being appointed to the Company the Option
shall ipso facto cease to be exercisable and (save to the extent, if at all, that the Board may prior to such liquidation at its absolute discretion determine) the Optionholder shall not be entitled to damages or other compensation of any kind. 

 

	11.	Consent to Data Processing 

 The Optionholder consents to the holding and processing of
personal data relating to him by the Company or any Associated Company for all purposes relating to the operation of this Agreement or his holding of any Shares, which purposes include but are not limited to: 

 

	 	(i)	administering and maintaining Optionholder records; 

  

	 	(ii)	providing information to tax and regulatory authorities; or 

  

	 	(iv)	providing information, on a confidential basis, to potential purchasers of the Company or the business in which the Optionholder is employed. 

 

	12.	General provisions 

  

	 	(a)	The rights of the Optionholder under this Agreement shall be deemed personal and shall not be assignable in whole or in part (except, upon the Optionholder’s death, to the Optionholder’s estate or other
transferee of such rights in accordance with the Optionholder’s will or as required by law) unless the Board in its sole discretion consents to an assignment or transfer. Any purported transfer, assignment, mortgage or charge of an Option
(except, upon the Optionholder’s death, to the Optionholder’s estate or other transferee of such rights in accordance with the Optionholder’s will or as required by law), without the consent in writing of the Board, shall cause the
Option to lapse forthwith. 

  

	 	(b)	If, in consequence of the grant, vesting, exercise, assignment or release of the Option, or the acquisition or disposal of Option Shares, the Company or any Associated Company has any obligation to account to the
relevant authorities for any liability to tax, levies, PRSI or health contribution or national insurance or social security contributions or duties of any kind, the relevant company shall be authorised to make such arrangements as it considers
necessary or appropriate to obtain the relevant sum of money from the Optionholder, to the extent permitted by law, and this shall include the authority to make a deduction or deductions from the basic salary of the Optionholder or to sell or
withhold Shares issued or issuable to the Option Holder on exercise of the Option. If withholding tax obligations arise in connection with any transaction under this Agreement, the Optionholder shall make arrangements satisfactory to the Company to
meet such obligations. The Company shall not be required to issue or allot any Shares until such obligations are satisfied. 

  

	 	(c)	Any notice given hereunder shall be in writing and shall be delivered or sent by pre-paid post to the address set out herein for the party to whom such notice shall have been addressed (or such other address as
designated from time to time to the other party hereto). 

  
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	 	(d)	The section heading and captions to the clauses in this agreement are for reference only and shall not be considered a part of or affect the construction or interpretation of this agreement. 

 

	 	(e)	This agreement may be amended, modified, superseded or cancelled and any of its terms, covenants, representations, warranties, undertakings, or conditions may be waived only by a written instrument signed by (or by some
person duly authorised by) the parties or, in the case of a waiver, by the party waiving compliance. 

  

	 	(f)	This Agreement shall be governed by and construed in accordance with Irish law and the parties agree to submit to the exclusive jurisdiction of the Courts of Ireland in relation to any claim, dispute or difference which
may arise hereunder. 

  

	 	(g)	This Agreement shall enure to the benefit of and be binding upon the respective parties hereto and their respective successors and personal representatives. 

 

	 	(h)	This Agreement may be executed in any number of counterparts and by the different parties hereto on separate counterparts each of which when executed and delivered shall constitute an original all such counterparts
together constituting but one and the same instrument. 

 IN WITNESS whereof this Agreement has been entered into as a Deed on the day and
year first herein written. 

  
 7 

					
	 GIVEN under the common seal
 of TRINITY BIOTECH
PUBLIC LIMITED COMPANY
	 		 	
	and delivered as a deed	 		 	  

		 		 	Signature
			
		 		 	  

		 		 	Print Name
			
		 		 	  

		 		 	Signature
			
		 		 	  

		 		 	Print Name

  

					
	 SIGNED AND DELIVERED
 as a deed by KEVIN
LAWSON
	 		 	
	in the presence of:	 		 	  

		 		 	Signature
			
	  
	 		 	
	Witness (Signature)	 		 	
			
	  
	 		 	
	Print Name	 		 	
			
	  
	 		 	
	Print Address	 		 	
			
	  
	 		 	
	Witness Occupation	 		 	

  
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 SCHEDULE 1 

Option Certificate 
 THIS DOCUMENT IS
IMPORTANT 
  

					
	Name:	  	 Kevin Lawson
	  	
			
	Address:	  	 56 Applewoods Ln
	  	
			
		  	 Getzville, NY 14068
	  	
			
		  	  
	  	
			
		  	  
	  	
			
	Grant Date:	  	 July     , 2013
	  	
			
	Number of Shares:	  	102,400 A Shares (25,600 ADRs)	  	
			
	Option Price per Share:	  	$1.66 per A Share ($6.64 per ADR).	  	
			
	Vesting Conditions:	  	 None (fully vested)
	  	
			
	Last Date on which Notice of Exercise of Option can be given:	  	 December 3, 2017
	  	

 THIS IS TO CERTIFY that the individual named above was on the above Grant Date granted an option to subscribe
for the above number of “A” Ordinary Shares (“Shares”) in Trinity Biotech plc (the “Company”) at the above Option Price per Share. This Option may not be transferred, assigned, mortgaged or charged by the Optionholder
in violation of the Option Agreement and any purported transfer, assignment, mortgage or charge will cause this Option to lapse forthwith. This Option is exercisable subject to and in accordance with the terms and conditions of the Option Agreement
dated the date hereof, a copy of which accompanies this Option Certificate. 
  

					
	 GIVEN under the common seal
 of TRINITY BIOTECH
PUBLIC LIMITED COMPANY
	 		 	
	and delivered as a deed	 		 	  

		 		 	Signature
			
		 		 	  

		 		 	Print Name
			
		 		 	  

		 		 	Signature
			
		 		 	  

		 		 	Print Name

  
 9 

 SCHEDULE 2 

Notice of Exercise of Option 
  

	To:	Trinity Biotech Public Limited Company 

 From: 

I hereby give notice of the exercise of an Option to subscribe for             “A”
Ordinary Shares in the capital of Trinity Biotech Public Limited Company granted to me under the Option Agreement dated [    ] July 2013. 

I enclose the Option Price of $         to acquire         “A”
Ordinary Shares. 
  

			
	Signed:	 	  

		
	Dated:	 	  

		
	Full Name:	 	  

		
	Address:	 	  

		
		 	  

		
		 	  

  
 10Unassociated Document

 

REGULATION S SUBSCRIPTION AGREEMENT

AND INVESTMENT REPRESENTATION

This Regulation S Subscription and Investment Representation is entered into this 10th day of April, 2014 among Tianli Agritech, Inc., a British Virgin Islands corporation (the “Company”),  and Ping Wang (the “Investor”).

Preliminary Statement

The Company has offered the Investor the opportunity to purchase 2,600,000 common shares of the Company (the “Shares”) for a total purchase price $5,720,000 (the “Purchase Price”), or $2.20 per Share, to be paid in cash at the closing and the Investor has agreed to do so on the terms and conditions set forth herein.

 

NOW THEREFORE, intending to be legally bound the parties hereto agree as follows:

SECTION 1

1.1           Subscription.

The Investor, intending to be legally bound, hereby irrevocably subscribes for and agrees to purchase the Shares for the Purchase Price, which is equivalent to $2.20 per Share, and the Company, intending to be legally bound, hereby agrees to issue the Shares to the Investor against receipt of the Purchase Price.

 

SECTION 2

2.1           Closing.  The closing (the "Closing") of the purchase and sale of the Shares, on the terms and subject to the conditions set forth in this subscription agreement, shall occur simultaneously with the acceptance by the Company of the Investor's subscription, as evidenced by the Company’s execution of this Subscription Agreement.  The parties have agreed that the Closing shall take place no later than April 11, 2014.  At the Closing the Investor will deliver the Purchase Price to the Company and, within five days, the Company will deliver to the Investor a certificate representing the Shares registered in the name of the Investor.   With the consent of the Company, not to be unreasonably withheld, the Investor can satisfy his obligation to pay the Purchase Price at Closing by paying to the Company’s subsidiary, Wuhan Fengze Agricultural Science and Technology Development Co., Ltd., the amount in Renminbi equal to the dollar amount of the Purchase Price.

  

  

1

  

 

SECTION 3

3.1           Investor Representations and Warranties.   The Investor hereby acknowledges, represents and warrants to, and agrees with, the Company as follows:

(a)           Investment Purposes.  The Investor is acquiring the Shares for his own account as principal, not as a nominee or agent, for investment purposes only, and not with a view to, or for, resale, distribution or fractionalization thereof in whole or in part in any transactions that would be in violation of the Securities Act or any state securities or "blue-sky" laws. No other person has a direct or indirect beneficial interest in, and the Investor does not have any contract, undertaking, agreement or arrangement with any person to sell, transfer or grant participations to such person or to any third person, with respect to, the Shares or any part of the Shares for which the Investor is subscribing that would be in violation of the Securities Act or any state securities or "blue-sky" laws.

(b)           Authority.  The Investor has full power and authority to enter into this Agreement, the execution and delivery of this Agreement has been duly authorized, if applicable, and this Agreement constitutes a valid and legally binding obligation of the Investor.

(c)           Investment Experience.  The Investor, or the Investor’s professional advisors, has such knowledge and experience in finance, securities, taxation, investments and other business matters as to evaluate investments of the kind described in this Subscription Agreement. By reason of the business and financial experience of the Investor or his professional advisors (who are not affiliated with or compensated in any way by the Company or any of its affiliates or selling agents), the Investor can protect his own interests in connection with the transactions described in this Subscription Agreement.

(d)           Exemption from Registration.  The Investor acknowledges its understanding that the offering and sale of the Shares is intended to be exempt from registration under the Securities Act.  In furtherance thereof, in addition to the other representations and warranties of the Investor made herein, the Investor further represents and warrants to and agrees with the Company and its affiliates that the Investor has been provided an opportunity for a reasonable period of time prior to the date hereof to obtain additional information concerning the offering of the Shares, the Company and all other information to the extent the Company possesses such information or can acquire it without unreasonable effort or expense.

(e)           No Other Company Representations.  No representations or warranties have been made to the Investor by the Company, or any officer, employee, agent, affiliate or subsidiary of the Company, other than the representations of the Company contained herein, and in subscribing for Shares the Investor is not relying upon any representations other than those contained herein.

(f)           Compliance with Laws.  Any resale of the Shares during the ‘distribution compliance period’ as defined in Rule 902(f) to Regulation S shall only be made in compliance with exemptions from registration afforded by Regulation S.  Further, any such sale of the Shares in any jurisdiction outside of the United States will be made in compliance with the securities laws of such jurisdiction.  The Investor will not offer to sell or sell the Shares in any jurisdiction unless the Investor obtains all required consents, if any.

 

  

2

  

 

(g)           Regulation S Exemption.  The Investor understands that the Shares are being offered and sold in reliance on an exemption from the registration requirements of United States federal and state securities laws under Regulation S promulgated under the Securities Act and that the Company is relying upon the truth and accuracy of the representations, warranties, agreements, acknowledgments and understandings of the Investor set forth herein in order to determine the applicability of such exemptions and the suitability of the Investor to acquire the Shares.  In this regard, the Investor represents, warrants and agrees that:

(h)           The Investor is not a U.S. Person (as defined in the Securities Act) and is not an affiliate (as defined in Rule 501(b) under the Securities Act) of the Company and is not acquiring the Shares for the account or benefit of a U.S. Person.

(i)           At the time of the origination of contact concerning this Agreement and the date of the execution and delivery of this Agreement, the Investor was outside of the United States.

(j)           The Investor will not, during the period commencing on the date of issuance of the Shares and ending on the first anniversary of such date, or such shorter period as may be permitted by Regulation S or other applicable securities law (the “Restricted Period”), offer, sell, pledge or otherwise transfer the Shares in the United States, or to a U.S. Person for the account or for the benefit of a U.S. Person, or otherwise in a manner that is not in compliance with Regulation S.

(k)           The Investor will, after expiration of the Restricted Period, offer, sell, pledge or otherwise transfer the Shares only pursuant to registration under the Securities Act or an available exemption therefrom and, in accordance with all applicable state and foreign securities laws.

(l)           The Investor was not in the United States, engaged in, and prior to the expiration of the Restricted Period will not engage in, any short selling of or any hedging transaction with respect to the Shares, including without limitation, any put, call or other option transaction, option writing or equity swap.

(m)           Neither the Investor nor or any person acting on its behalf has engaged, nor will engage, in any directed selling efforts to a U.S. Person with respect to the Shares and the Investor and any person acting on his behalf have complied and will comply with the “offering restrictions” requirements of Regulation S under the Securities Act.

 

  

3

  

 

(n)           The transactions contemplated by this Agreement have not been pre-arranged with a buyer located in the United States or with a U.S. Person, and are not part of a plan or scheme to evade the registration requirements of the Securities Act.

(o)           Neither the Investor nor any person acting on its behalf has undertaken or carried out any activity for the purpose of, or that could reasonably be expected to have the effect of, conditioning the market in the United States, its territories or possessions, for any of the Shares.  The Investor agrees not to cause any advertisement of the Shares to be published in any newspaper or periodical or posted in any public place and not to issue any circular relating to the Shares, except such advertisements that include the statements required by Regulation S under the Securities Act, and only offshore and not in the U.S. or its territories, and only in compliance with any local applicable securities laws.

(p)           Each certificate representing the Shares shall be endorsed with the following legends, in addition to any other legend required to be placed thereon by applicable federal or state securities laws:

(A)           “THE SECURITIES ARE BEING OFFERED TO INVESTORS WHO ARE NOT U.S. PERSONS (AS DEFINED IN REGULATION S UNDER THE SECURITIES ACT OF 1933, AS AMENDED (“THE SECURITIES ACT”)) AND WITHOUT REGISTRATION WITH THE UNITED STATES SECURITIES AND EXCHANGE COMMISSION UNDER THE SECURITIES ACT IN RELIANCE UPON REGULATION S PROMULGATED UNDER THE SECURITIES ACT.”

(B)           “TRANSFER OF THESE SECURITIES IS PROHIBITED, EXCEPT IN ACCORDANCE WITH THE PROVISIONS OF REGULATION S, PURSUANT TO REGISTRATION UNDER THE SECURITIES ACT, OR PURSUANT TO AVAILABLE EXEMPTION FROM REGISTRATION.  HEDGING TRANSACTIONS MAY NOT BE CONDUCTED UNLESS IN COMPLIANCE WITH THE SECURITIES ACT.”

(C)           “TRANSFER OF THESE SECURITIES PRIOR TO EIGHTEEN MONTHS FROM THE DATE OF THIS CERTIFICATE IS PROHIBITED.  THEREAFTER, THESE SECURITIES MAY NOT BE SOLD OR OTHERWISE TRANSFERRED FOR A PRICE OF LES THAN $2.00 PER SHARES OR UPON THE DEATH OF THE HOLDER HEREOF.  IN THE EVENT OF THE TRANSFER OF THESE SECURITIES UPON THE DEATH OF THE HOLDER, THE TRANSFER OF THESE SECURITIES BY THE TRASFEREE WILL BE SUBJECT TO THE FOREGOING RESTRICTIONS.”

(q)           The Investor consents to the Company making a notation on its records or giving instructions to any transfer agent of the Company, if any, in order to implement the restrictions on transfer of the Shares set forth in this Section.

(r)           Receipt of Information.  The Investor has received all documents, records, books and other information pertaining to the Investor’s investment in the Company that has been requested by the Investor.

 

  

4

  

 

(s)           No Reliance.  Other than as set forth herein, the Investor is not relying upon any other information, representation or warranty by the Company or any officer, director, stockholder, agent or representative of the Company in determining to invest in the Shares.  The Investor has consulted, to the extent deemed appropriate by the Investor, with the Investor’s own advisers as to the financial, tax, legal and related matters concerning an investment in the Shares and on that basis believes that her investment in the Shares is suitable and appropriate for the Investor.

(t)           No Governmental Review.  The Investor is aware that no federal or state agency has (i) made any finding or determination as to the fairness of this investment, (ii) made any recommendation or endorsement of the Shares or the Company, or (iii) guaranteed or insured any investment in the Shares or any investment made by the Company.

 

SECTION 4

The Investor covenants and agrees with the Company that he will not or otherwise transfer, other than in accordance with the law upon his death, all or any portion of the Shares for a period of 18 months commencing on the date of the Closing or thereafter at a price of less than $2.20 per share (subject to adjustment in the event of any stock splits).  In the event of the transfer of the Shares upon the death of the Investor, the transfer of the Shares by the transferee will be subject to the foregoing restrictions.

SECTION 5

5.1           Company’s Representations and Warranties.  The Company represents and warrants to the Investor as follows:

(a)            Organization of the Company.  The Company is a corporation duly organized and validly existing and in good standing under the laws of the British Virgin Islands.

(b)           Authority.   (a)  The Company has the requisite corporate power and authority to enter into and perform its obligations under this Agreement; (b) the execution and delivery of this Agreement by the Company and the consummation by it of the transactions contemplated hereby and thereby have been duly authorized by all necessary corporate action and no further consent or authorization of the Company or its Board of Directors or stockholders is required; and (c) this Agreement has been duly executed and delivered by the Company and constitutes a valid and binding obligation of the Company enforceable against the Company in accordance with its terms, except as such  enforceability  may be limited by applicable bankruptcy, insolvency, or similar laws relating to, or affecting generally the enforcement of, creditors' rights and remedies or by other equitable principles of general application.

 

  

5

  

 

(c)           Exemption from Registration; Valid Issuances.  The Shares, in accordance with the terms and on the bases of the representations and warranties of the Investor set forth herein, may and shall be properly issued by the Company to the Investor pursuant to any applicable federal or state law. When issued and paid for as herein provided the Shares shall be duly and validly issued, fully paid, and non-assessable. Neither the sales of the Shares pursuant to, nor the Company's performance of its obligations under, this Agreement shall (i) result in the creation or imposition of any liens, charges, claims or other encumbrances upon the Shares or any of the assets of the Company. The Shares shall not subject the Investor to personal liability by reason of the ownership thereof.

(d)           No General Solicitation or Advertising in Regard to this Transaction.  Neither the Company nor any of its affiliates nor any person acting on its or their behalf (a) has conducted or will conduct any general solicitation (as that term is used in Rule 502(c) of Regulation D) or general advertising with respect to any of the Shares, or (b) made any offers or sales of any security or solicited any offers to buy any security under any circumstances that would require registration of the Common Stock under the Securities Act.

SECTION 6

6.1             Indemnity.  The Investor agrees to indemnify and hold harmless the Company, its officers and directors, employees and its affiliates and their respective successors and assigns and each other person, if any, who controls any thereof, against any loss, liability, claim, damage and expense whatsoever (including, but not limited to, any and all expenses whatsoever reasonably incurred in investigating, preparing or defending against any litigation commenced or threatened or any claim whatsoever) arising out of or based upon any false representation or warranty or breach or failure by the Investor to comply with any covenant or agreement made by the Investor herein or in any other document furnished by the Investor to any of the foregoing in connection with this transaction.

6.2           Modification.  Neither this Agreement nor any provisions hereof shall be modified, discharged or terminated except by an instrument in writing signed by the party against whom any waiver, change, discharge or termination is sought.

6.3           Notices.  Any notice, demand or other communication which any party hereto may be required, or may elect, to give to anyone interested hereunder shall be sufficiently given if (a) deposited, prepaid, with a recognized international courier service,  (b) delivered personally at such address, (c) upon the expiration of twenty four (24) hours after transmission, if sent by facsimile if a confirmation of transmission is produced by the sending machine (and a copy of each facsimile promptly shall be sent as provided in clause (a), (in each case to the parties at their respective addresses set forth below their signatures to this Agreement (or at such other address for a party as shall be specified by like notice; provided that the notices of a change of address shall be effective only upon receipt thereof).

 

  

6

  

 

6.4           Counterparts.  This Agreement may be executed through the use of separate signature pages or in any number of counterparts and by facsimile, and each of such counterparts shall, for all purposes, constitute one agreement binding on all parties, notwithstanding that all parties are not signatories to the same counterpart. Signatures may be facsimiles.

6.5           Binding Effect.  Except as otherwise provided herein, this Agreement shall be binding upon and inure to the benefit of the parties and their heirs, executors, administrators, successors, legal representatives and assigns.

6.6           Entire Agreement.  This Agreement and the documents referenced herein contain the entire agreement of the parties and there are no representations, covenants or other agreements except as stated or referred to herein and therein.

6.7           Assignability.  This Agreement is not transferable or assignable by the Investor.

6.8             Further Assurances.  Upon request from time to time, the Investor shall execute and deliver all documents and do all other acts that may be necessary or desirable, in the reasonable opinion of the Company or its counsel, to effect the subscription for the Shares in accordance herewith.

 

[signature page is on following page]

 

 

  

7

  

 

IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the day and year this subscription has been accepted by the Company as set forth below.

 

	 	/s/ Ping Wang                       
Ping Wang

 

Address:

No. 35-1-3-602, Dingziqiao Road

District, Wuhan, Hubei, China 430000

Identification Number:

 

China: 420102196309273714

 

US: N/A

 

ACCEPTANCE OF SUBSCRIPTION

 

ACCEPTED BY:

Tianli Agritech, Inc.

 

By: /s/ Ping Wang

       Ping Wang

       Chairman and CEO

 

Address:

 

Suite K, 12th Floor, Building A, Jiangjing Mansion

228 Yanjiang Ave., Jiangan District, Wuhan City

Hubei Province, China 430010

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