Document:

<PAGE>
                                                                   EXHIBIT 10.22

THE SECURITIES REPRESENTED BY THIS AGREEMENT HAVE NOT BEEN REGISTERED OR
QUALIFIED UNDER FEDERAL OR STATE SECURITIES LAWS. THESE SECURITIES MAY NOT BE
OFFERED FOR SALE, SOLD, PLEDGED, OR OTHERWISE DISPOSED OF UNLESS SO REGISTERED
OR QUALIFIED OR UNLESS AN EXEMPTION EXISTS, THE AVAILABILITY OF WHICH IS TO BE
ESTABLISHED BY AN OPINION OF COUNSEL TO THE REGISTERED HOLDER (WHICH OPINION AND
COUNSEL SHALL BOTH BE SATISFACTORY TO THE COMPANY).

                            BILL BARRETT CORPORATION

                             STOCK OPTION AGREEMENT
                (2004 Stock Option Plan--Incentive Stock Options)

         THIS STOCK OPTION AGREEMENT (the "Agreement") is made and entered into
as of the ____ day of __________ 2004 (the "Date of Grant") by and between Bill
Barrett Corporation, a Delaware corporation (the "Company"), and __________ (the
"Optionee").

                                   WITNESSETH:

         WHEREAS, effective as of __________, the Optionee received a stock
option to purchase shares of the Company's Common Stock pursuant to the
Company's 2004 Stock Incentive Plan (as amended, restated or otherwise modified
from time to time, the "2004 Plan") in order to provide the Optionee with an
opportunity for investment in the Company and additional incentive to pursue the
success of the Company, and this option is to be for the number of shares, at
the price per share and on the terms set forth in this Agreement;

         WHEREAS, pursuant to the 2004 Plan the Company may issue options and
other equity interests covering up to 4,900,000 shares of Common Stock;

         WHEREAS, the Company intends that the stock option granted pursuant to
this Agreement qualify as an incentive stock option (an "Incentive Option") to
the full extent permitted pursuant to Section 422 of the Internal Revenue Code
of 1986, as amended (the "Code"), and that to the extent the stock option does
not qualify as an Incentive Stock Option, it shall be considered a non-qualified
stock option (a "Non-Qualified Option"); and

         WHEREAS, the Optionee desires to receive an option on the terms and
conditions set forth in this Agreement.

         NOW, THEREFORE, the parties agree as follows:

         1. Grant Of Option. The Company hereby grants to the Optionee, as a
matter of separate agreement and not in lieu of salary or any other compensation
for services, the right and option (the "Option") to purchase all or any part of
an aggregate of __________ shares of the authorized and unissued $.001 par value
common stock of the Company (the "Option Shares") pursuant to the terms and
conditions set forth in this Agreement.

<PAGE>

         2. Option Price. At any time when shares are to be purchased pursuant
to the Option, the purchase price for each Option Share shall be $_____ (the
"Option Price").

         3. Exercise Period.

            (a) The exercise period shall commence on the Date of Grant and
terminate at 5:00 p.m., Denver, Colorado time, on __________, 2011, unless
earlier terminated as provided in this Agreement. The number of Option Shares
that may be purchased upon the exercise of a portion of the Option at any time
during the exercise period shall be equal to the number of Option Shares for
which Time Vesting (as described in Section 3(b) below) has occurred, reduced by
the number of Option Shares previously purchased upon the exercise of a portion
of the Option. No portion of the Option shall be exercisable except to the
extent that Time Vesting described in Section 3(b) has occurred.

            (b) "Time Vesting" shall occur based on the following schedule so
that on each date set forth under the column "Date", Time Vesting shall have
occurred with respect to the percentage of the total number of Option Shares
subject to the Option set forth under the column "Time Vested Portion Of
Option":

<TABLE>
<CAPTION>
                Date                                  Time Vested Portion Of Option
                ----                                  -----------------------------
                <S>                                   <C>
                First Anniversary of Date of Grant                25%
                Second Anniversary of Date of Grant               50%
                Third Anniversary of Date of Grant                75%
                Fourth Anniversary of Date of Grant              100%
</TABLE>

            Notwithstanding the foregoing, the Option shall become fully Time
Vested upon a Change In Control (as defined in the Plan) or immediately prior
thereto to the extent set forth in the Plan if but only if the Optionee is
employed by the Company or any of its subsidiaries immediately prior to such
Change In Control.

            (c) The Option shall be considered an Incentive Option to the full
extent permitted pursuant to Section 422 of the Code. To the extent that the
Option does not qualify as an Incentive Option, it shall be considered a
Non-Qualified Option. Optionee acknowledges and agrees that the Company is
making no representation or warranty that this Option qualifies as an Incentive
Option and that the Company is not obligated to take any action or refrain from
taking any action in order to cause this Option to qualify or continue to
qualify as an Incentive Option.

         4. Exercise Of Option.

            (a) To the extent exercisable pursuant to Section 3(a), the Option
may be exercised in whole or in part by delivering to the Treasurer of the
Company (i) a Notice And Agreement Of Exercise Of Option, substantially in the
form attached hereto as Exhibit A (which may be modified at any time by the
Company in its discretion as necessary to comply with applicable securities
laws), specifying the number of Option Shares with respect to which the Option
is exercised, and (ii) full payment, in the manner described in Section 5 of
this Agreement, of the Option Price for such shares. The Option may not be
exercised in part unless the purchase price for the Option Shares purchased is
at least $1,000 or unless the entire remaining vested portion of the Option is
being exercised. In addition, if the Stockholders' Agreement is in effect at the
time of the Optionee's exercise of the Option, the Optionee shall sign and
deliver to the Company a counterpart of the Stockholders' Agreement as then in
effect.

            (b) Promptly upon receipt of the Notice And Agreement Of Exercise Of
Option together with the full payment of the Option Price, and a counterpart of
the Stockholders' Agreement

                                       2
<PAGE>

signed by the Optionee, if applicable, the Company shall deliver to the Optionee
a properly executed certificate or certificates representing the Option Shares
being purchased.

            (c) During the lifetime of the Optionee, the Option shall be
exercisable only by the Optionee; provided, that in the event of the death of
the Optionee, the personal representative or estate of the Optionee may exercise
the Option; provided, further, that in the event of the legal disability of the
Optionee, the guardian or personal representative of the Optionee may exercise
the Option if such guardian or personal representative obtains a ruling from the
Internal Revenue Service or an opinion of counsel to the effect that neither the
grant nor the exercise of such power is violative of Section 422(b)(5), or its
successor provision, of the Internal Revenue Code of 1986, as amended (the
"Code"). Any opinion of counsel must be acceptable to the Option Committee both
with respect to the counsel rendering the opinion and with respect to the form
of opinion.

            (d) (1) If for any reason (other than the termination of Optionee's
employment because of Optionee's death or legal disability or the termination of
Optionee's employment by the Company for Cause (as defined in the Plan)), the
Optionee ceases to be employed by the Company, then the Option may be exercised
within three (3) months after such termination of the Optionee's employment, or,
if the Optionee dies during the three-month period immediately following such
termination, within one year after Optionee's death, but, in each case, to the
extent that (A) the Option was exercisable pursuant to Section 3(a) on the date
of termination of the Optionee's employment, and (B) the period for exercise of
the Option, as set forth in Section 3(b), has not terminated as of the date of
exercise. Upon termination of the respective periods set forth in the previous
sentence, any unexercised portion of an Option shall expire. (1) If the
Optionee's employment with the Company is terminated because of the Optionee's
death or legal disability, the Option may be exercised within one (1) year after
termination, but only to the extent that (A) the Option was exercisable pursuant
to Section 3(a) on the date of termination of the Optionee's employment, and (B)
the period for exercise of the Option, as set forth in Section 3(b), has not
terminated as of the date of exercise. Upon termination of the respective
periods set forth in the previous sentence, any unexercised portion of an Option
shall expire.

                (2) If the Optionee's employment by the Company is terminated
for Cause (as defined in the Plan), (A) the Option shall expire upon delivery to
the Optionee of notice of termination, which may be oral or in writing, and all
rights to purchase shares pursuant to the Option shall terminate immediately,
and (B) at the Company's option, all Option Shares acquired by Optionee shall be
immediately forfeit without any action on the part of the Company or Optionee,
and the Company shall promptly reimburse Optionee the aggregate purchase price
actually paid by Optionee for such Option Shares (excluding any Common Stock or
conversion of Option Shares used as payment for such purchase price).

         5. Payment For Option Shares. If payment for the Option Price is made
other than by a method described in Sections 5(a) or 5(b), the Option Price
shall be paid in cash, certified funds, or Optionee's check. Payment shall be
considered made when the Treasurer of the Company receives delivery of the
payment at the Company's address, provided that a payment made by check is
honored when first presented to the Optionee's bank. Beginning 180 days after
the consummation of any firm commitment underwritten offering of Common Stock to
the public pursuant to an effective registration statement under the Securities
Act of 1933, as amended, (i) for which the aggregate gross proceeds to the
Company are not less than fifty million dollars ($50,000,000), (ii) in which
each outstanding share of Series B Preferred Stock of the Company converts
pursuant to terms thereof into shares of Common Stock that have an aggregate
value, based on the price to public in such offering, of at least $7.50 per
share, and (iii) pursuant to which shares of Common Stock are authorized and
approved for listing on the New York Stock Exchange or admitted to trading and
quoted in the Nasdaq National Market system (a

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<PAGE>

"Qualified Public Offering"), payment for the exercise of an Option may be made
pursuant to the following methods:

            (a) If the Option Price of the Option Shares purchased by Optionee
at any one time exceeds $1,000, the Company, in its sole discretion, upon
request by Optionee, may permit all or part of the Option Price to be paid by
delivery to the Company for cancellation shares of Common Stock previously owned
by Optionee ("Previously Owned Shares") with a Fair Market Value (as defined in
the Plan) as of the date of the payment equal to the portion of the Option Price
for the Option Shares that Optionee does not pay in cash. Notwithstanding the
above, Optionee may be permitted to exercise the Option by delivering Previously
Owned Shares only if (i) Optionee has held, and provides appropriate evidence of
such, the Previously Owned Shares for more than six months prior to the date of
exercise, or (ii) the Previously Owned Shares were acquired by Optionee in an
arm's length, open market transaction, or (iii) the Previously Owned Shares
consist of a combination of shares meeting the criteria described in either of
the immediately preceding clauses (i) and (ii). This period described in clause
(i) of the preceding sentence (the "Holding Period") may be extended by the
Company acting in its sole discretion as is necessary, in the opinion of the
Company, so that, under generally accepted accounting principles, no
compensation shall be considered to have been or to be paid to Optionee as a
result of the exercise of the Option in this manner. At the time the Option is
exercised, Optionee shall provide an affidavit, and such other evidence and
documents as the Company shall request, to establish that the requirements of
clauses (i), (ii) or (iii) above have been satisfied. As indicated above,
Optionee may deliver shares of Common Stock as part of the purchase price only
if the Company, in its sole discretion, agrees, on a case by case basis, to
permit this form of payment.

            (b) Optionee also may pay the Option Price by delivering to the
Company and to a broker-dealer, which broker-dealer shall be subject to approval
by the Option Committee at the Option Committee's sole discretion, a written
notice of exercise, in the form prescribed by the Option Committee, together
with the Optionee's irrevocable instructions to the broker-dealer to promptly
deliver to the Company certified funds representing the Option Price, which
certified funds may be the result of the broker-dealer's sale of some or all of
the Option Shares received upon exercise or the result of a loan from the
broker-dealer to the Optionee.

         6. Withholding Taxes. The Company may take such steps as it deems
necessary or appropriate for the withholding of any taxes which the Company is
required by any law or regulation or any governmental authority, whether
federal, state or local, domestic or foreign, to withhold in connection with the
Option including, but not limited to, the withholding of all or any portion of
any payment owed by the Company to the Optionee or the withholding of issuance
of Option Shares to be issued upon the exercise of the Option.

         7. Securities Laws Requirements. The issuance of the Option has not
been registered under the Securities Act of 1933, as amended (the "1933 Act"),
in reliance upon an exemption from registration. In addition, no Option Shares
shall be issued unless and until, in the opinion of the Company, there has been
full compliance with any applicable registration requirements of the 1933 Act,
any applicable listing requirements of any securities exchange on which stock of
the same class has been listed, if any, and any other requirements of law or any
regulatory bodies having jurisdiction over such issuance and delivery. Optionee
hereby acknowledges, represents, warrants and agrees as follows, and, pursuant
to the terms of the Notice And Agreement Of Exercise Of Option (Exhibit A) that
shall be delivered to the Company upon each exercise of the Option, Optionee
shall acknowledge, represent, warrant and agree as follows:

            (a) Optionee is acquiring the Option and the Option Shares for
investment purposes only and the Option and the Option Shares that Optionee is
acquiring will be held by Optionee without sale,

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<PAGE>

transfer or other disposition for an indefinite period unless the transfer of
those securities is subsequently registered under the federal securities laws or
unless exemptions from registration are available;

            (b) Optionee's overall commitment to investments that are not
readily marketable is not disproportionate to Optionee's net worth and
Optionee's investment in the Option and the Option Shares will not cause such
overall commitments to become excessive;

            (c) Optionee's financial condition is such that Optionee is under no
present or contemplated future need to dispose of any portion of the Option or
the Option Shares to satisfy any existing or contemplated undertaking, need or
indebtedness;

            (d) Optionee has sufficient knowledge and experience in business and
financial matters to evaluate, and Optionee has evaluated, the merits and risks
of an investment in the Option and the Option Shares;

            (e) The address set forth in this Agreement is Optionee's true and
correct residence, and Optionee has no present intention of becoming a resident
of any other state or jurisdiction;

            (f) Optionee confirms that all documents, records and books
pertaining to an investment in the Option and the Option Shares have been made
available or delivered to Optionee, and Optionee has had the opportunity to
discuss the acquisition of the Option and the Option Shares with the Company.
Optionee also confirms that Optionee has obtained or been given access to all
information concerning the Company that Optionee has reasonably requested;

            (g) Optionee has had the opportunity to ask questions of, and
receive the answers from, the Company concerning the terms of the investment in
the Option and the Option Shares and to receive additional information necessary
to verify the accuracy of the information delivered to Optionee, to the extent
that the Company possesses such information or can acquire it without
unreasonable effort or expense;

            (h) Optionee understands that the Option has not been, and the
Option Shares issuable upon exercise of the Option will not be, registered under
the 1933 Act or any state securities laws in reliance on an exemption for
private offerings, and no federal or state agency has made any finding or
determination as to the fairness of this investment or any recommendation or
endorsement of the issuance of the Option or the Option Shares;

            (i) The Option and the Option Shares that Optionee is acquiring will
be solely for Optionee's own account, for investment, and are not being
purchased with a view to or for the resale, distribution, subdivision or
fractionalization thereof. Optionee has no agreement or arrangement for any such
resale, distribution, subdivision or fractionalization thereof;

            (j) Optionee acknowledges and is aware of the following:

                (i) The Company has a history of losses.  The Option and the
Option Shares constitute a speculative investment and involve a high degree of
risk of loss by Optionee of Optionee's total investment in the Option and the
Option Shares.

                (ii) There are substantial restrictions on the transferability
of the Option and the Option Shares. The Option is not transferable except by
will or the laws of descent and distribution, and any attempt to do so shall
void the Option. The Option Shares cannot be transferred, pledged, hypothecated,
sold or otherwise disposed of unless they are registered under the 1933 Act or
an exemption from such

                                       5
<PAGE>

registration is available and established to the satisfaction of the Company;
Optionee has no rights to require that the Option Shares be registered; there is
no right of presentment of the Option Shares and there is no obligation by the
Company to repurchase any of the Option Shares; and, accordingly, Optionee may
have to hold the Option Shares indefinitely and it may not be possible for
Optionee to liquidate Optionee's investment in the Company;

                (iii) Each certificate issued representing the Option Shares
shall be imprinted with a legend that sets forth a description of the
restrictions on transferability of those securities, which legend will read
substantially as follows:

                  "THE SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN
         REGISTERED OR QUALIFIED UNDER FEDERAL OR STATE SECURITIES LAWS. THESE
         SECURITIES MAY NOT BE OFFERED FOR SALE, SOLD, PLEDGED, OR OTHERWISE
         DISPOSED OF UNLESS SO REGISTERED OR QUALIFIED OR UNLESS AN EXEMPTION
         EXISTS, THE AVAILABILITY OF WHICH IS TO BE ESTABLISHED BY AN OPINION OF
         COUNSEL TO THE REGISTERED HOLDER (WHICH OPINION AND COUNSEL SHALL BOTH
         BE SATISFACTORY TO THE COMPANY)."

            (k) Optionee shall report all sales of Option Shares to the Company
in writing on a form prescribed by the Company.

            (l) If and so long as Optionee is subject to reporting requirements
under Section 16(a) of the 1934 Act, Optionee shall (i) be aware that any sale
by Optionee or Optionee's immediate family of shares of the Company's common
stock or any of the Option Shares within six months before or after any
transaction deemed to be a "purchase" of an equity security of the Company may
create liability for Optionee under Section 16(b) of the 1934 Act, (ii) consult
with Optionee's counsel regarding the application of Section 16(b) of the 1934
Act prior to any exercise of the Option, and prior to any sale of shares of the
Company's common stock or the Option Shares, (iii) furnish the Company with a
copy of each Form 4 filed by Optionee, and (iv) timely file all reports required
under the federal securities laws.

            (m) Optionee shall immediately notify the Company in writing of any
sale, transfer, assignment or other disposition (or action constituting a
disqualifying disposition within the meaning of Section 421 of the Code) of any
Option Shares, within two (2) years after the Date of Grant or within one (1)
year after the acquisition of such Option Shares, setting forth the date and
manner of disposition, the number of Option Shares disposed of and the price at
which such shares were disposed. The Company shall be entitled to withhold from
any compensation or other payments then or thereafter due to the Optionee such
amounts as may be necessary to satisfy any withholding requirements of Federal
or state law or regulation and, further, to collect from the Optionee any
additional amounts which may be required for such purpose. The Company may, in
its discretion, require Option Shares acquired by a Optionee upon exercise of
the Option to be held in an escrow arrangement for the purpose of enabling
compliance with the provisions of this section.

            The restrictions described above, or notice thereof, may be placed
on the certificates representing the Option Shares purchased pursuant to the
Option, and the Company may refuse to issue the certificates or to transfer the
shares on its books unless it is satisfied that no violation of such
restrictions will occur.

         8. Transferability Of Option. No Option shall be transferable by the
Optionee otherwise than by will or by the laws of descent and distribution or,
in the case of a Non-Qualified Option, pursuant to a domestic relations order
(within the meaning of Rule 12a-12 promulgated under the Exchange Act),

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<PAGE>

and Options shall be exercisable during the lifetime of an Optionee only by the
Optionee or the Optionee's guardian or legal representative. Notwithstanding the
foregoing, with advance written consent of the Company, Non-Qualified Options
may be transferred to Permitted Transferees (as defined below) of the Optionee,
and for purposes of this Agreement, a Permitted Transferee of an Optionee shall
be deemed to be the Optionee. The terms of an Option shall be final, binding and
conclusive upon the beneficiaries, executors, administrators, heirs and
successors of the Optionee. A "Permitted Transferee" means (i) the spouse of the
Optionee, (ii) a trust, or family partnership, the sole beneficiary of which is
the Optionee, the spouse of or, any person related by blood or adoption to, the
Optionee; provided, that any such transfers to a Permitted Transferee do not
conflict with or constitute a violation of state or federal securities laws.

         9. Adjustment By Stock Split, Stock Dividend, Etc. In the event that
each of the outstanding shares of Common Stock (other than shares held by
dissenting stockholders which are not changed or exchanged) of the Company
should be changed into, or exchanged for, a different number or kind of shares
of stock or other securities of the Company, or if further changes or exchanges
of any stock or other securities into which the Common Stock shall have been
changed, or for which it shall have been exchanged, shall be made (whether by
reason of merger, consolidation, reorganization, recapitalization, stock
dividends, reclassification, split-up, combination of shares or otherwise), then
the Option Shares shall be subject to adjustment as provided in the Plan.

         10. Change in Control; Subsequent Change in Control. In the event of a
Change in Control or a Subsequent Change in Control (each as defined in the
Plan), the Option and the Option Shares shall be governed by the provisions of
Section 20 of the Plan.

         11. Common Stock To Be Received Upon Exercise. Optionee understands
that the Company is under no obligation to register the issuance of the Option
Shares or the resale of the Option Shares under the Securities Act of 1933, as
amended (the "Act"), and that in the absence of any such registration, the
Option Shares cannot be sold unless they are sold pursuant to an exemption from
registration under the Act. The Company is under no obligation to comply, or to
assist the Optionee in complying, with any exemption from such registration
requirement, including supplying the Optionee with any information necessary to
permit routine sales of the Option Shares under Rule 144 of the Securities and
Exchange Commission. Optionee also understands that with respect to Rule 144,
routine sales of securities made in reliance upon such Rule can be made only in
limited amounts in accordance with the terms and conditions of the Rule, and
that in cases in which the Rule is inapplicable, compliance with either
Regulation A or another disclosure exemption under the Act will be required.
Thus, the Option Shares will have to be held indefinitely in the absence of
registration under the Act or an exemption from registration.

            Furthermore, the Optionee fully understands that issuance of the
Option Shares may not be registered under the Act and that if their issuance is
not registered, they will be issued in reliance upon an exemption which is
available only if Optionee acquires such shares for investment and not with a
view to distribution. Optionee is familiar with the phrase "acquired for
investment and not with a view to distribution" as it relates to the Act and the
special meaning given to such term in various releases of the Securities And
Exchange Commission.

         12. Privilege Of Ownership. Optionee shall not have any of the rights
of a stockholder with respect to the shares covered by the Option except to the
extent that one or more certificates for such shares shall be delivered to him
upon exercise of the Option.

         13. Relationship To Employment Or Position. Nothing contained in this
Agreement (i) shall confer upon the Optionee any right with respect to
continuance of Optionee's employment by, or position or affiliation with, or
relationship to, the Company, or (ii) shall interfere in any way with the right
of the

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<PAGE>

Company at any time to terminate the Optionee's employment by, position or
affiliation with, or relationship to, the Company.

         14. Notices. All notices, requests, demands, directions and other
communications ("Notices") concerning this Agreement shall be in writing and
shall be mailed or delivered personally or sent by telecopier or facsimile to
the applicable party at the address of such party set forth below in this
Section 14. When mailed, each such Notice shall be sent by first class,
certified mail, return receipt requested, enclosed in a postage prepaid wrapper,
and shall be effective on the fifth business day after it has been deposited in
the mail. When delivered personally, each such Notice shall be effective when
delivered to the address for the respective party set forth in this Section 14,
provided that it is delivered on a business day and further provided that it is
delivered prior to 5:00 p.m., local time of the party to whom the notice is
being delivered, on that business day; otherwise, each such Notice shall be
effective on the first business day occurring after the Notice is delivered.
When sent by telecopier or facsimile, each such Notice shall be effective on the
day on which it is sent provided that it is sent on a business day and further
provided that it is sent prior to 5:00 p.m., local time of the party to whom the
Notice is being sent, on that business day; otherwise, each such Notice shall be
effective on the first business day occurring after the Notice is sent. Each
such Notice shall be addressed to the party to be notified as shown below:

             (a)   if to the Company:        Bill Barrett Corporation
                                             1099 18th Street
                                             Suite 2300
                                             Denver, Colorado 80202
                                             Facsimile No. (303) 291-0420
                                             Attention:
                                                       -------------------
             (b)   if to the Optionee:
                                             ------------------------

                                             ------------------------

                                             ------------------------
                                             Facsimile No.:
                                                           ----------

         Either party may change its respective address for purposes of this
Section 14 by giving the other party Notice of the new address in the manner set
forth above.

         15. General Provisions. This instrument (a) contains the entire
agreement between the parties, (b) may not be amended nor may any rights
hereunder be waived except by an instrument in writing signed by the party
sought to be charged with such amendment or waiver, (c) shall be construed in
accordance with, and governed by the laws of the state in which the Company is
then incorporated, and (d) shall be binding upon and shall inure to the benefit
of the parties and their respective personal representatives and assigns, except
as above set forth. All pronouns contained herein and any variations thereof
shall be deemed to refer to the masculine, feminine or neuter, singular or
plural as the identity of the parties hereto may require.

                                       8
<PAGE>

         IN WITNESS WHEREOF, the parties have executed this Agreement on the
dates set forth below.

                                            BILL BARRETT CORPORATION

Date:                                       By:
     ---------------------                     ---------------------------------

                                            ------------------------------------
                                            Printed Name And Title

                                            OPTIONEE

Date:
     ---------------------                  ------------------------------------
                                            ((Name))
                                            Address:
                                                    --------------------------
                                                    --------------------------
                                                    --------------------------

                                       9
<PAGE>

                                    EXHIBIT A
                          (To Bill Barrett Corporation
                             Stock Option Agreement)

                            BILL BARRETT CORPORATION

                   NOTICE AND AGREEMENT OF EXERCISE OF OPTION

         The undersigned, __________ (the "Optionee") hereby exercises
Optionee's stock Option pursuant to the Stock Option Agreement (the "Option
Agreement") dated as of __________, 2004 between Optionee and Bill Barrett
Corporation (the "Company") as to ________ shares of the $.001 par value common
stock (the "Option Shares") of the Company at a purchase price of $_____ per
share. The total exercise price for these Option Shares is
$__________.

         Enclosed is the payment specified in Section 5 of the Option Agreement.
(Check the following box if the payment includes Previously Owned Shares: ___.
Check the following box if the payment will be made from a broker-dealer: ___.)

         Optionee understands that no Option Shares will be issued unless and
until, in the opinion of the Company, there has been full compliance with any
applicable registration requirements of the Securities Act of 1933, as amended
(the "1933 Act"), any applicable listing requirements of any securities exchange
on which stock of the same class is then listed, and any other requirements of
law or any regulatory bodies having jurisdiction over such issuance and
delivery. Optionee hereby acknowledges, represents, warrants and agrees to and
with the Company as follows:

            (a) Optionee is acquiring the Option Shares for investment purposes
only and the Option Shares that Optionee is acquiring will be held by Optionee
without sale, transfer or other disposition for an indefinite period unless the
transfer of those securities is subsequently registered under the federal
securities laws or unless exemptions from registration are available;

            (b) Optionee's overall commitment to investments that are not
readily marketable is not disproportionate to Optionee's net worth and
Optionee's investment in the Option Shares will not cause such overall
commitments to become excessive;

            (c) Optionee's financial condition is such that Optionee is under no
present or contemplated future need to dispose of any portion of the Option
Shares to satisfy any existing or contemplated undertaking, need or
indebtedness;

            (d) Optionee has sufficient knowledge and experience in business and
financial matters to evaluate, and Optionee has evaluated, the merits and risks
of an investment in the Option Shares;

            (e) The address set forth in this Notice And Agreement Of Exercise
Of Option is Optionee's true and correct residence, and Optionee has no present
intention of becoming a resident of any other state or jurisdiction;

            (f) Optionee confirms that all documents, records and books
pertaining to an investment in the Option Shares have been made available or
delivered to Optionee, and Optionee has had the opportunity to discuss the
acquisition of the Option Shares with the Company. Optionee also confirms that
Optionee has obtained or been given access to all information concerning the
Company that Optionee has requested;

<PAGE>

            (g) Optionee has had the opportunity to ask questions of, and
receive the answers from, the Company concerning the terms of the investment in
the Option Shares and to receive additional information necessary to verify the
accuracy of the information delivered to Optionee, to the extent that the
Company possesses such information or can acquire it without unreasonable effort
or expense;

            (h) Optionee understands that the issuance of the Option Shares has
not been registered under the 1933 Act or any state securities laws in reliance
on an exemption for private offerings, and no federal or state agency has made
any finding or determination as to the fairness of this investment or any
recommendation or endorsement of the issuance of the Option Shares;

            (i) Optionee is acquiring the Option Shares solely for Optionee's
own account, for investment, and are not being purchased with a view to or for
the resale, distribution, subdivision or fractionalization thereof. Optionee has
no agreement or arrangement for any such resale, distribution, subdivision or
fractionalization thereof;

            (j) Optionee acknowledges and is aware of the following:

                (i) The Company has a history of losses.  The Option Shares
constitute a speculative investment and involve a high degree of risk of loss by
Optionee of Optionee's total investment in the Option Shares.

                (ii) There are substantial restrictions on the transferability
of the Option Shares. The Option Shares cannot be transferred, pledged,
hypothecated, sold or otherwise disposed of unless they are registered under the
1933 Act or an exemption from such registration is available and established to
the satisfaction of the Company; investors in the Company have no rights to
require that the Option Shares be registered; there is no right of presentment
of the Option Shares and there is no obligation by the Company to repurchase any
of the Option Shares; and, accordingly, Optionee may have to hold the Option
Shares indefinitely and it may not be possible for Optionee to liquidate
Optionee's investment in the Company;

                (iii) Each certificate issued representing the Option Shares
shall be imprinted with a legend that sets forth a description of the
restrictions on transferability of those securities, which legend will read
substantially as follows:

                  "THE SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN
         REGISTERED OR QUALIFIED UNDER FEDERAL OR STATE SECURITIES LAWS. THESE
         SECURITIES MAY NOT BE OFFERED FOR SALE, SOLD, PLEDGED, OR OTHERWISE
         DISPOSED OF UNLESS SO REGISTERED OR QUALIFIED OR UNLESS AN EXEMPTION
         EXISTS, THE AVAILABILITY OF WHICH IS TO BE ESTABLISHED BY AN OPINION OF
         COUNSEL TO THE REGISTERED HOLDER (WHICH OPINION AND COUNSEL SHALL BOTH
         BE SATISFACTORY TO THE COMPANY)."

            (k) Optionee will not sell or dispose of Optionee's Option Shares in
violation of the 1933 Act or any other applicable federal or state securities
laws;

            (l) Optionee agrees that the Company may, without liability for its
good faith actions, place legend restrictions upon Optionee's Option Shares and
issue "stop transfer" instructions requiring compliance with applicable
securities laws and the terms of the Option Agreement;

                                       2
<PAGE>

            (m) Optionee shall report all sales of Option Shares to the Company
in writing on a form prescribed by the Company;

            (n) If and so long as Optionee is subject to reporting requirements
under Section 16(a) of the Securities Exchange Act of 1934, as amended (the
"1934 Act"), Optionee recognizes that any sale by Optionee or Optionee immediate
family of the Company's $.001 par value common stock may create liability for
Optionee under Section 16(b) of the 1934 Act ("Section 16(b)"). Therefore,
Optionee has consulted with Optionee's counsel regarding the application of
Section 16(b) to this exercise of Optionee's Option; and

            (o) Optionee will consult with Optionee's counsel regarding the
application of Section 16(b) before Optionee can make any sale of the Company's
$.001 par value common stock, including the Option Shares, and Optionee will
furnish the Company with a copy of each Form 4 filed by Optionee and will timely
file all reports that Optionee may be required to file under the federal
securities laws.

         The number of Option Shares specified above are to be issued in the
name or names set forth below in the left-hand column.

------------------------------------        ------------------------------------
(Print Your Name)                           Signature

------------------------------------        ------------------------------------
(Optionee - Print Name of Spouse            Address
if you wish joint registration)
                                            ------------------------------------
                                            City, State and Zip Code

                                            * * * *

                                       3<PAGE>

                                                                     EXHIBIT 4.3

                         DATED 26th day of January 2004

                            DF CHINA TECHNOLOGY INC.
                                  (THE VENDOR)

                                       AND

                              GUMPTION TRADING LTD
                                 (THE PURCHASER)

                                       AND

                       GUANGZHOU DRANSFIELD PAPER LIMITED
                                     (GDPL)

                    -----------------------------------------

                                AGREEMENT FOR THE
                           SALE AND PURCHASE OF SHARES
               IN CERTAIN SUBSIDIARIES OF DF CHINA TECHNOLOGY INC.
                          AND CERTAIN ASSETS IN THE PRC

                    -----------------------------------------

<PAGE>

THIS AGREEMENT is made on the   26th         day of   January    , 2004.

BETWEEN:

(1)   DF CHINA TECHNOLOGY INC, a company incorporated in the British Virgin
      Islands, whose shares are listed on the Nasdaq SmallCap Market and whose
      registered office is situate at Craigmur Chambers, P.O. Box 71, Road Town,
      Tortola, British Virgin Islands ("the Vendor") of the one part;

(2)   GUMPTION TRADING LIMITED, a company incorporated in the British Virgin
      Islands, whose registered office is at P.O. Box 3174, Road Town, Tortola,
      British Virgin Islands ("the Purchaser") of the second part; and

(3)   Guangzhou Dransfield Paper Ltd, a company incorporated in the PRC, whose
      registered office is situate at Taiping Industrial Zone, Conghua,
      Guangzhou, Guangdong Province, China ("GDPL") of the third part.

WHEREAS:

(A)   The Vendor is the beneficial owner of all the issued shares in the
      companies as contained in Schedule 1 (collectively hereafter called the
      "Subsidiary Companies").

(B)   The Vendor has agreed to sell and the Purchaser has agreed to purchase the
      Sale Shares (as hereinafter defined) upon and subject to the terms and
      conditions hereinafter appearing.

(C)   GDPL has agreed to sell and the Purchaser has agreed to purchase the PRC
      Assets (1).

NOW IT IS HEREBY AGREED as follows:

1.    INTERPRETATION

1.01  In this Agreement, unless the context requires otherwise:

      "Accounting Date" means 31st March 2003;

      "Audited Accounts" means the audited balance sheet of the Vendor made up
      as at the Accounting Date and the audited profit and loss accounts of the
      Subsidiary Companies for the year ended on that date, copies of which are
      annexed hereto as "Appendix A" and initialed for the purposes of
      identification by the parties hereto;

      "Completion" means completion of the sale and purchase of the Sale Shares
      as specified in Clause 6;

                                     - 1 -
<PAGE>

      "Completion Date" means 28 January 2004 (or such later or other date as
      the parties may agree in writing prior to Completion);

      "Consideration" means the consideration for the transfer of the Sale
      Shares being the sum(s) specified in Clause 3;

      "Contingent Liabilities" means the liabilities incurred by the Vendor, the
      Companies and the Subsidiary Companies prior to the Completion Date and
      have not been disclosed in the Accounts;

      "Contracts" means the contracts, agreements entered into between the
      Subsidiary Companies and the customers;

      "Employees' Entitlements" means all liabilities of the Company to the
      Existing Employees which have been or shall be incurred and/or payable by
      the Subsidiary Companies on or before the Completion Date, including but
      not limited to all salaries, emoluments, benefits, long service payments,
      severance payments, all contributions required to be made by the Company
      pursuant to the Scheme in relation to any former or Existing Employees,
      any other claims by any Existing Employees against the Subsidiary
      Companies, whether under the Employment Ordinance or otherwise;

      "Deed of Guarantee" means the deed of guarantee to be executed by the
      Guarantor under Clause 5.03 hereof;

      "Existing Employees" means all persons employed by the Subsidiary
      Companies as at the date of this Agreement;

      "Guarantor" means [CHINESE CHARACTER] (Qingdao Haotian
      Investment Limited)

      "Hong Kong" means Hong Kong Special Administrative Region;

      "Leased Back Assets" means those assets particulars of which are set out
      in Schedule 3;

      "PRC" means the Peoples' Republic of China;

      "PRC Assets" means those PRC factory premises and landed properties,
      machines and equipment under Schedule 2 described as located in the PRC,
      other than in Conghua, the PRC;

      "PRC Assets (1) means those PRC factory premises and landed properties,
      machines and equipment described as located in Conghua, the PRC under
      Schedule 2(1) hereto;

      "PRC" means the People's Republic of China;

                                     - 2 -
<PAGE>

      "Management Accounts" means the unaudited balance sheet of the Vendor made
      up to and including 31 December 2003 and the profit and loss account of
      the Vendor for the period from 1 April 2003 to 31 December 2003, copies of
      which are annexed hereto as "Appendix B" and initialed for the purposes of
      identification by the parties hereto;

      "Sale Shares" means the shares in the issued share capital of the
      Subsidiary Companies representing the entire issued capital of each of the
      Subsidiary Companies contained in Schedule 1, to be bought and sold
      pursuant to Clause 2 hereof;

1.02  References to statutory provisions shall be construed as references to
      those provisions as amended or re-enacted or as their application is
      modified by other provisions (whether before or after the date hereof)
      from time to time and shall include any provisions of which they are
      re-enactments (whether with or without modification).

1.03  References herein to Clauses and Schedules are to clauses in and schedules
      to this Agreement unless the context requires otherwise and the Schedules
      to this Agreement shall be deemed to form part of this Agreement.

1.04  The expressions "the Vendor", "the Purchaser" shall, where the context
      permits, include their respective successors, and permitted assigns.

1.05  All representations, warranties, undertakings, indemnities, covenants,
      agreements and obligations given or entered into by more than one person
      are given or entered into jointly and severally.

1.06  The headings are inserted for convenience only and shall not affect the
      construction of this Agreement.

1.07  Unless the context requires otherwise, words importing the singular
      include the plural and vice versa and words importing a gender include
      every gender.

2.    SALE OF SALE SHARES AND ASSETS IN THE PRC

2.01  Subject to the terms of this Agreement, the Vendor shall sell as
      beneficial owner (and the Vendor shall cause its nominee to transfer the
      legal ownership of the Sale Shares held by it as a nominee on trust in
      favor of the Vendor) and the Purchaser in reliance on the Warranties
      herein contained shall purchase the Sale Shares free from all liens,
      charges and encumbrances and together with all rights now or hereafter
      attaching thereto including all dividends and distributions declared, made
      or paid on or after the date of this Agreement.

2.02  Subject to the terms of this Agreement, GDPL shall sell as beneficial
      owner and the Purchaser in reliance on the Warranties herein contained
      shall

                                     - 3 -
<PAGE>

      purchase the PRC Assets (1) on "as is" basis free from all liens, charges
      and encumbrances and together with all rights now or hereafter attaching
      thereto.

3.    CONSIDERATION

3.01  The considerations for the purchase of the Sale Shares by the Purchaser
      being the sum(s) specified in Schedule 1 and payable by the Purchaser to
      the Vendor by way of cash payment on Completion.

3.02  The consideration for the purchase of the PRC Assets (1) by the Purchaser
      is HK$1.00 and payable by the Purchaser to GDPL by way of cash payment on
      Completion.

4.    LEASED BACK ASSETS

4.01  It is agreed between GDPL and the Purchaser that the Leased Back Assets,
      particulars of which are contained in Schedule 3 hereto, are to be leased
      back to GDPL at the consideration of HK$1.00 per annum for the continuing
      operation of the GDPL's paper business for a term of one year from the
      date hereof and renewable yearly thereafter upon mutual agreement.

4.02  It is hereby agreed that all debts and liabilities (including but not
      limited to taxation liabilities) in relation to or arising from or
      concerning any of the Leased Back Assets or incurred or arising out of or
      attributable to any activities or actions or events carried out or taken
      or occurred in relation to or connection with the Leased Back Assets,
      occurred before and after Completion shall be borne by the Purchaser.

5.    CONDITIONS

5.01  The Vendor and GDPL shall use all best endeavors to procure the
      fulfillment of the conditions set out herein on or before the Completion
      Date.

5.02  The Purchaser shall covenant with the Vendor and GDPL that it shall
      indemnify and at all times keep the Vendor and GDPL indemnified against
      taxation and all Contingent Liabilities falling on the Vendor and GDPL
      resulting from or by reference to any income, profits or gains earned,
      accrued or received on or before Completion, lawsuits (existing or
      potential), whether done or in conjunction with any circumstances whenever
      occurring.

5.03  The Purchaser shall procure the Guarantor to execute the Deed of Guarantee
      in favor of the Vendor and GDPL in the form annexed hereto as "Schedule 4"
      that the Guarantor shall guarantee the due performance by the Purchaser
      under Clauses 5.01 and 5.02 hereof and the due performance by the
      Purchaser of the obligations of the Purchaser under Clauses 9 hereto.

                                     - 4 -
<PAGE>

6.    COMPLETION

6.01  Subject to the fulfillment of the Conditions in Clauses 5.01, 5.02 and
      5.03 above, Completion shall take place at the Vendor's office on the
      Completion Date or at such other place and time as shall be mutually
      agreed (time in either case being of the essence), when all (but not some
      only) of the events described in Clause 6.02 and 6.03 and 6.04 shall
      occur.

6.02  At Completion, the Vendor shall:

      (a)   deliver or cause to be delivered to the Purchaser:

            (i)    the instruments of transfers and sold notes in respect of the
                   Sale Shares duly executed by the Vendor and its bare trustee
                   in favour of the Purchaser (and/or its nominees) accompanied
                   by the relevant certificates for the Sale Shares, declaration
                   of trust by the Vendor's nominee holding any of the Sale
                   Shares for the Vendor, together with a cheque for the amount
                   representing the Vendor's half share of stamp duty, if any,
                   payable for the sale and transfer of the Sale Shares drawn in
                   favour of the Government of the Hong Kong Special
                   Administrative Region;

            (ii)   such waivers or consents as the Purchaser may require to
                   enable the Purchaser or its nominees to be registered as the
                   holders of any of the Sale Shares;

            (iv)   all the statutory and other books and records required under
                   the laws to be kept by the Subsidiary Company (including
                   financial and accounting records, registers of members,
                   directors, secretary, transfers and mortgages, minutes of
                   directors and shareholders) duly written up to date of the
                   Company and its certificate of incorporation, current
                   business registration certificate and common seal and any
                   other papers, records and documents of the Subsidiary
                   Companies;

            (v)    all documents (save in respect of those the Purchaser
                   thereafter agrees to waive) relating to the Subsidiary
                   Companies and their assets and business, including but not
                   limited to, the Contracts, purchase orders, invoices,
                   accounts information, relevant deeds, registration documents,
                   all correspondence, documents, papers, technical manual
                   relating to the business of the Subsidiary Companies, and all
                   licenses and permits required for the Subsidiary Companies
                   and the Policies and all licenses and registration documents
                   in relation to the Vehicles, if any, etc;

            (vi)   such signed forms and documents in the approved form as may
                   be required to be given to the relevant government
                   departments authorizing and confirming the change of existing
                   responsible

                                     - 5 -
<PAGE>

                   or authorized person(s) of the Vendor and Subsidiary
                   Companies in relation to any Licenses or Permits registered
                   in the name of the Vendor or Subsidiary Companies;

            (vii)  signed letters of resignations in the approved terms form
                   from the existing directors as the directors of the
                   Subsidiary Companies and the existing secretary as the
                   secretary of the Subsidiary Companies, such resignations to
                   take effect from close of the meeting of the board of
                   directors of the Subsidiary Companies referred to in 6.02(b)
                   below respectively;

            (viii) certified copy of directors of the Vendor in the approved
                   form approving the sale of the Sale Shares to the Purchaser
                   upon the terms and conditions herein contained and the
                   execution of the Vendor of this Agreement and any other
                   documents ancillary thereto;

            (ix)   and such other documents as may be required to give to the
                   Purchaser good title to the Sale Shares and to enable the
                   Purchaser or its nominees to become the registered holders
                   thereof;

      (b)   and the Vendor shall cause the existing directors of the Subsidiary
            Companies to hold respective meetings at which the existing
            directors shall pass resolutions to approve :-

            (i)   the registration of the Purchaser and its nominee as members
                  of the Subsidiary Companies and issue the relevant share
                  certificates to the Purchaser and its nominee subject only to
                  the production of duly stamped and completed instruments of
                  transfer in respect of the Sale Shares; and

            (ii)  the appointment of such persons as the Purchaser may nominate
                  as directors of the Subsidiary Companies and upon such
                  appointment forthwith, the resignation of the existing
                  directors and secretary of the Subsidiary Companies from their
                  respective offices and as employees, each delivering to the
                  Purchaser a letter under seal acknowledging that the person so
                  retiring has no claim outstanding for compensation or
                  otherwise against the Subsidiary Companies;

            (iii) the revocation of all authorities to the banker of the
                  Subsidiary Companies relating to Bank Accounts and the
                  authorization to such persons as the Purchaser may nominate to
                  operate the same;

            (iv)  the change of authorized person(s) in relation to the
                  Licenses/ Permits or the Subsidiary Companies;

            and deliver the original copy of the said resolutions to the
            Purchaser.

                                     - 6 -
<PAGE>

6.03  Upon Completion, GDPL shall deliver all title in relation to the PRC
      Assets (1) in "as is" condition to the Purchaser.

6.04  Upon Completion, the Purchaser shall:

      (a)   pay to the Vendor and GDPL in cash for the Considerations under
            Clause 3 in favor of the Vendor and GDPL respectively or as it in
            writing may direct (whose receipt shall be an absolute discharge
            therefor);

      (b)   deliver the Deed of Guarantee in favor of the Vendor and GDPL in the
            form shown in Schedule 4 duly executed by the Guarantor;

      (c)   execute and deliver the certified copy of directors of the Purchaser
            in the approved form approving the purchase of the Sale Shares and
            the PRC Assets (1) from the Vendor and GDPL respectively upon the
            terms and conditions herein contained and the execution of the
            Purchaser of this Agreement and any other documents ancillary
            thereto;

6.05  Without prejudice to any other remedies available to the Vendor and GDPL,
      if in any respect the provisions of Clauses 6.02, 6.03 and 6.04 are not
      complied with by the Purchaser on the Completion Date, the Vendor and GDPL
      may:

      (a)   defer Completion to a date not more than 28 days after the
            Completion Date; or

      (b)   proceed to Completion so far as practicable (without prejudice to
            its rights hereunder); or

      (c)   rescind this Agreement.

7.    DUE DILIGENCE

7.01  As soon as practicable after the signing of this Agreement, the Purchaser
      may conduct such due diligence on the Subsidiary Companies which at its
      absolute discretion it deems appropriate and the Vendor shall cause the
      Subsidiary Companies and the relevant personnel of the Companies and the
      Subsidiary Companies to afford the Purchaser full access to inspect during
      normal business hours all books and records of the Subsidiary Companies
      and furnish to the Purchaser all information and documents concerning the
      Company and its affairs as the Purchaser may reasonably require and
      provide.

7.02  The Purchaser hereby undertakes that it will not, prior to Completion,
      save as required by law, divulge any confidential information relating to
      the Subsidiary Companies and the relevant personnel of the Subsidiary
      Companies and the Subsidiary Companies obtained by it pursuant to this
      Clause 7.01 to any person other than its officers, employees or
      professional advisers.

                                     - 7 -
<PAGE>

8.    OBLIGATIONS OF THE VENDOR AND THE PURCHASER

8.01  a) In respect of those of the assets located in the PRC, it is hereby
      specifically agreed that:-

            (i)   the Vendor and GDPL shall procure that all of those PRC Assets
                  and PRC Assets (1) described as located in the PRC under
                  Schedule 2 and Schedule 2(1) respectively other than those
                  being leased back under Schedule 3 to the GDPL, shall be
                  delivered to the Purchaser by 31 January 2004 or on Completion
                  and the Purchaser shall procure the Subsidiary Companies to
                  assist the Vendor in respect of this arrangement as may be
                  reasonably requested by the Vendor and at the expenses to the
                  Purchaser;

            (ii)  all costs and expenses for such removal and delivery of and
                  all duties, taxes and penalties payable and liabilities to the
                  PRC and Hong Kong government authorities in relation to the
                  aforesaid PRC Assets and PRC Assets (1) shall be borne by the
                  Purchaser, and the Purchaser hereby undertake to the Vendor
                  and GDPL respectively that the Purchaser shall keep the Vendor
                  and GDPL respectively indemnified in respect of all such
                  costs, expenses, duties, taxes and penalties and liabilities;

            (iii) Without prejudice to or limiting the generality of the
                  foregoing and/or any other rights and remedies of the
                  Subsidiary Companies and the Vendor and GDPL hereunder or
                  otherwise, but subject to Clause 9.01 below, in the event that
                  any amount of such costs, expenses, duties, taxes and
                  penalties and liabilities shall be un-discharged by the Vendor
                  and GDPL, the Purchaser shall settle any amount that may be
                  payable to the Vendor and/or GDPL under this Agreement a sum
                  required to discharge such unpaid costs, expenses, duties,
                  taxes and penalties and liabilities.

      (a)   In respect of those of the PRC Assets and PRC Assets (1) located in
            PRC, it is hereby agreed that the Purchaser shall procure the
            Subsidiary Companies to arrange for taking delivery to it of these
            PRC Assets and PRC Assets (1) from the locations in PRC where they
            are kept at its own costs and expenses and the Vendor and GDPL shall
            assist the Purchaser and the Subsidiary Companies in respect of this
            arrangement as may be reasonably requested by the Subsidiary
            Companies and/or the Purchaser at no extra costs and expenses to the
            Vendor.

9.01  As soon as practicable and before the Completion Date (or such longer
      period as may be required under law or under their contracts of
      employment), the Vendor shall procure the Subsidiary Companies to give
      notice in writing to each of the Existing Employees of the termination of
      his/her employment with the Subsidiary Companies effective upon the
      Completion Date unless

                                     - 8 -
<PAGE>

      the Purchaser specifically waive this obligation of the Vendor.

9.02  For avoidance of doubts, notwithstanding anything contained in this
      Agreement to the contrary, the Vendor shall not after the Completion Date,
      be responsible for the Employees' Entitlements and shall not be required
      to pay and settle such sums as equivalent to the Employees' Entitlements
      in full, and shall not claim against the Subsidiary Companies and/or the
      Purchaser or have any recourse against the Subsidiary Companies and/or the
      Purchaser in respect of such payment and settlement. The Purchaser hereby
      undertakes with the Vendor that the Purchaser shall fully indemnify and
      keep indemnified the Vendor in respect of the failure by the Vendor to
      comply with any of its obligations under this Clause and against any and
      all claims of wrongful dismissal or redundancy or otherwise that may be
      brought by any Existing Employees against the Subsidiary Companies and/or
      the Vendor, which relate or are referable to a period or periods of
      employment before the Completion Date. Without limiting the generality of
      the foregoing and without prejudice to any other rights and remedies of
      the Subsidiary Companies and the Vendor, in the event that any of the
      Employee's Entitlements is not so discharged on or before Completion, the
      Purchaser shall be responsible to settle such amounts required to
      discharge the same.

9.03  The Vendor shall furnish the Purchaser with all information, data,
      invoices, details, accounts and documents in relation to the Account
      receivables' and `Prepayment deposits and other receivables' Accounts
      payable' and `Accrued liabilities and other payable' set out in the
      balance sheet of the Management Accounts.

9.04  Notwithstanding anything contained herein, the Purchaser shall indemnify
      and keep indemnified the Vendor from any debts, liability, claims, demand,
      actions, proceedings, costs, expenses, and without limiting the generality
      of the aforesaid any taxation claim against the Subsidiary Companies
      and/or the Vendor arising from or in connection with any business or
      trading that has been or was carried on by the Subsidiary Companies prior
      to Completion;

9.05  The Subsidiary Companies shall (and the Purchaser shall procure that the
      Subsidiary Companies shall) upon any claim, action, demand or assessment
      being made or issued against the Vendor which could lead to a claim
      against the Vendor, the Subsidiary Companies shall (and the Purchaser
      shall procure that the Subsidiary Companies shall) take such action and
      give such information and assistance in connection with their respective
      affairs as the Vendor may reasonably request in writing to avoid, dispute,
      resist, mitigate, compromise, defend or appeal against any claim in
      respect thereof and any adjudication with respect thereto. The Subsidiary
      Companies shall procure that the conduct of any proceedings of whatsoever
      nature arising in connection with any such claim after the Completion
      shall be conducted by the Purchaser and/or the Subsidiary Companies in
      accordance with the Vendor's reasonable instructions and in that
      connection, the Vendor shall give or cause to be given to the Purchaser or
      the Subsidiary Companies all

                                     - 9 -
<PAGE>

      such assistance as the Purchaser or the Subsidiary Companies may
      reasonably require in disputing any such claim. The Purchaser shall
      indemnify and keep indemnified the Vendor and GDPL against all losses
      (including but not limited to any additional taxation) damages, costs and
      expenses which may be incurred by the Vendor or GDPL in complying with
      their obligations hereunder.

10.   REPRESENTATIONS, WARRANTIES AND UNDERTAKINGS

10.01 The Vendor and GDPL do not warrant as to whether there are any other
      information, including but not limited to the Contingent Liabilities,
      relating to the Subsidiary Companies of which the Purchaser has knowledge
      (actual or constructive) and expressly does not warrant that there is no
      investigation which shall prejudice any claim made by the any party or the
      Purchaser knew or ought to have known or had constructive knowledge of any
      information relating to the circumstances giving rise to such claim.

11.   ACCESS TO INFORMATION

11.01 As from the date of this Agreement the Vendor shall give to the Purchaser
      and any persons authorized by it, all such information relating to the
      Subsidiary Companies and such access to the premises and all books, title
      deeds, records, accounts and other documentation of the Subsidiary Company
      as the Purchaser may reasonably request and be permitted to take copies of
      any such books, deeds, records, accounts and other documentation and that
      the officers and employees of the Subsidiary Companies shall be instructed
      to give promptly all such information and explanations to any such persons
      as aforesaid as may be requested by it or them.

11.02 In the event of this Agreement ceasing to have effect the Purchaser
      undertakes to release to the Vendor all information and documents
      concerning the Subsidiary Companies which have been provided to the
      Purchaser in connection with this Agreement and also undertakes not to use
      any such information gained by it to further itself in its trade or to the
      detriment of the Subsidiary Companies unless such information had already
      been known to the Purchaser or had become or subsequently becomes public
      knowledge otherwise than by reason of any act or default of the Purchaser,
      its advisers or employees.

12.   MISCELLANEOUS

12.01 All costs and disbursements (including stamp duty, if any) of and
      incidental to this Agreement and the sale and purchase hereby agreed to be
      made shall be borne by the Purchaser.

12.02 Each notice, demand or other communication given or made under this
      Agreement shall be in writing and delivered or sent to the relevant party
      at its address o fax number set out below (or such other address or fax
      number as

                                     - 10 -
<PAGE>

      the addressee has by two (2) days' prior written notice specified to the
      other parties):

      To the Purchaser:     GUMPTION TRADING LIMITED
      Registered office:    P.O. Box 3174, Road Town, Tortola, British Virgin
                            Islands ("the Purchaser") of the second part
                            Correspondence

      Address:              Room 1006, Hong Hu Building, New Gang Hong Garden,
                            Cui Zhu Road, Luohu, Shenzhen, Guandong Province,
                            Shenzhen, PRC

      To the Vendor:        DF China Technology Inc.
      Correspondence

      Address:              Units 3207-08, 32/F., West Tower, Shun Tak Centre,
                            168-200 Connaught Road, Central, Hong Kong

      Fax Number :          (852) 2851 3660
      Attention :           Mr. Y S Kwok

      To GDPL:    Taiping Industrial Zone, Conghua, Guangzhou, Guangdong
                  Province, China

      Any notice, demand or other communication so addressed to the relevant
      party shall be deemed to have been delivered (a) if given or made by
      letter, when actually delivered to the relevant address; (b) if given or
      made by fax, when despatched with confirmation of transmission.

12.03 No failure or delay by the Purchaser in exercising any right, power or
      remedy under this Agreement shall operate as a waiver thereof, nor shall
      any single or partial exercise of the same preclude any further exercise
      thereof or the exercise of any other right, power or remedy. Without
      limiting the foregoing, no waiver by the Vendor of any breach by the
      Purchaser and/or the Guarantor of any provision hereof shall be deemed to
      be a waiver of any subsequent breach of that or any other provision
      hereof. If at any time any provision of this Agreement is or becomes
      illegal, invalid or unenforceable in any respect, the legality, validity
      and enforceability of the remaining provisions of this Agreement shall not
      be affected or impaired thereby.

12.04 This Agreement shall not be assignable.

12.05 This Agreement (together with any documents referred to herein)
      constitutes the whole agreement between the parties hereto and it is
      expressly declared that no variations hereof shall be effective unless
      made in writing.

12.06 The Vendor and GDPL may release in whole or in part and in such manner as
      it thinks it any one or more of the Purchaser from this Agreement and
      compound with or otherwise vary or agree to vary the liability of or grant
      time or indulgence to or make other arrangements with any one or more of
      the

                                     - 11 -
<PAGE>

      Purchaser without prejudicing or affecting its rights and remedies against
      any other Purchaser.

12.09 The parties hereto shall do and execute or procure to be done and executed
      all such further acts, deeds, things and documents as may be necessary to
      give effect to the terms of this agreement and to place control of the
      Subsidiary Companies in the hands of the Purchaser.

13.   GOVERNING LAW AND JURISDICTION

13.01 This Agreement shall be governed by and construed in accordance with the
      laws of Hong Kong Special Administrative Region ("Hong Kong") and the
      parties hereto hereby irrevocably submit to the non-exclusive jurisdiction
      of the Hong Kong courts.

13.02 The Vendor and GDPL hereby irrevocably appoint Mr. Aaron Zhu of Units
      3207-08, West Tower, Shun Tak Centre, 168-200 Connaught Road, Central Hong
      Kong, as their agent to receive and acknowledge on their behalf service of
      any writ, summons, order, judgment or other notice of legal process in
      Hong Kong. If for any reason the agent named above (or its successor) no
      longer serves as agent of the Vendor and GDPL for this purpose, the Vendor
      and GDPL shall promptly appoint a successor agent and notify the Purchaser
      thereof. The Vendor and GDPL agree that any such legal process shall be
      sufficiently served on it if delivered to such agent for service at its
      address for the time being in Hong Kong whether.

IN WITNESS WHEREOF this Agreement has been executed on the day and year first
above written.

SIGNED by                              )
for and on behalf of the Vendor        )
in the presence of:-                   )

SIGNED by                              )
for and on behalf of Purchaser         )
in the presence of:-                   )

SIGNED by                              )
for and on behalf of GDPL              )
in the presence of:-                   )

                                     - 12 -
<PAGE>

                                   APPENDIX A

The audited balance sheet of the Vendor made up as at 31st March 2003 and the
audited profit and loss accounts of the Subsidiary Companies for the year ended
31st March 2003

                                     - 13 -
<PAGE>

                                   APPENDIX B

The unaudited balance sheet of the Vendor made up to and including 31 December
2003 and the profit and loss account of the Vendor for the period from 1 April
2003 to 31 December 2003

                                     - 14 -
<PAGE>

                                   SCHEDULE 1

                   INFORMATION ABOUT THE SUBSIDIARY COMPANIES

<TABLE>
<CAPTION>
NAME OF SUBSIDIARY                                                  CONSIDERATION OF
COMPANY                                    SHAREHOLDERS               SALE SHARES
------------------------------------------------------------------------------------
<S>                                 <C>                             <C>
DF Paper Guangdong Limited          DF China Technology Inc.             HK$1.00

Guangdong Dransfield                DF Paper Guangdong Limited           HK$1.00
Paper Ltd.
[CHINESE CHARACTER]

DF Paper Jiangsu Limited            DF China Technology Inc.             HK$1.00

Jiangsu Dransfield Paper            DF Paper Jiangsu Limited             HK$1.00
Co. Ltd.
</TABLE>

                                     - 15 -
<PAGE>

                                   SCHEDULE 2

                                         PRC ASSETS
      Description of assets:

                                                  [CHINESE CHARACTER]

[CHINESE CHARACTER]       [CHINESE CHARACTER]
[CHINESE CHARACTER]       [CHINESE CHARACTER]

[CHINESE CHARACTER]       Paper Production Line
[CHINESE CHARACTER]       Waste Paper incision machine
                          BOLLEGRAAF GMBH HBC50 500kg  Waste Paper Baler
[CHINESE CHARACTER]       1984
[CHINESE CHARACTER]       [CHINESE CHARACTER]
[CHINESE CHARACTER]       [CHINESE CHARACTER]
[CHINESE CHARACTER]       [CHINESE CHARACTER] 4 [CHINESE CHARACTER]
[CHINESE CHARACTER]       [CHINESE CHARACTER]3919[CHINESE CHARACTER] 3725
                           [CHINESE CHARACTER] 6229 [CHINESE CHARACTER]

[CHINESE CHARACTER]       [CHINESE CHARACTER]
[CHINESE CHARACTER]       [CHINESE CHARACTER]
[CHINESE CHARACTER]       [CHINESE CHARACTER]
[CHINESE CHARACTER]       [CHINESE CHARACTER]
[CHINESE CHARACTER]       [CHINESE CHARACTER] (6212881-883)
[CHINESE CHARACTER]       [CHINESE CHARACTER] 1 [CHINESE CHARACTER]
[CHINESE CHARACTER]       [CHINESE CHARACTER] 25 [CHINESE CHARACTER]
                           21 [CHINESE CHARACTER]

[CHINESE CHARACTER]       [CHINESE CHARACTER] 5 [CHINESE CHARACTER]
                           11 [CHINESE CHARACTER]

[CHINESE CHARACTER]       [CHINESE CHARACTER]
[CHINESE CHARACTER]       [CHINESE CHARACTER]
[CHINESE CHARACTER]       [CHINESE CHARACTER]
[CHINESE CHARACTER]       [CHINESE CHARACTER]
[CHINESE CHARACTER]       [CHINESE CHARACTER] 2.5 [CHINESE CHARACTER]
                           6 [CHINESE CHARACTER]

[CHINESE CHARACTER]       [CHINESE CHARACTER]

[CHINESE CHARACTER]       [CHINESE CHARACTER]
[CHINESE CHARACTER]       25 Ton/day Paper Production Line

[CHINESE CHARACTER]       100,000 Rolls / Day Two Play Toilet Paper
                          Converting Line

                                     - 16 -
<PAGE>

                          FMC 2A 400 Sheet/min 3 Lanes 33(pound)Y33cm Napkin
                          Folding

[CHINESE CHARACTER]       Machine

[CHINESE CHARACTER]       100M/ min(pound)Y5(pound)Y4 Box Tissue Converting Line

[CHINESE CHARACTER]       PCMC  228ctn/ 8hr. Tissue Paper Converting Line

[CHINESE CHARACTER]       [CHINESE CHARACTER]
[CHINESE CHARACTER]       [CHINESE CHARACTER]
[CHINESE CHARACTER]       [CHINESE CHARACTER]
[CHINESE CHARACTER]       [CHINESE CHARACTER]
[CHINESE CHARACTER]       [CHINESE CHARACTER]
[CHINESE CHARACTER]       50T [CHINESE CHARACTER]
[CHINESE CHARACTER]       10T [CHINESE CHARACTER]
[CHINESE CHARACTER]       [CHINESE CHARACTER]
[CHINESE CHARACTER]       [CHINESE CHARACTER]
[CHINESE CHARACTER]       [CHINESE CHARACTER]
[CHINESE CHARACTER]       [CHINESE CHARACTER]
[CHINESE CHARACTER]       [CHINESE CHARACTER]
[CHINESE CHARACTER]       [CHINESE CHARACTER]
[CHINESE CHARACTER]       [CHINESE CHARACTER]
[CHINESE CHARACTER]       [CHINESE CHARACTER]
[CHINESE CHARACTER]       [CHINESE CHARACTER]
[CHINESE CHARACTER]       [CHINESE CHARACTER]
[CHINESE CHARACTER]       [CHINESE CHARACTER]
[CHINESE CHARACTER]       [CHINESE CHARACTER]
[CHINESE CHARACTER]       [CHINESE CHARACTER]
[CHINESE CHARACTER]       [CHINESE CHARACTER]
[CHINESE CHARACTER]       [CHINESE CHARACTER]
[CHINESE CHARACTER]       [CHINESE CHARACTER]
[CHINESE CHARACTER]       [CHINESE CHARACTER]
[CHINESE CHARACTER]       [CHINESE CHARACTER]
[CHINESE CHARACTER]       [CHINESE CHARACTER]
[CHINESE CHARACTER]       [CHINESE CHARACTER]
[CHINESE CHARACTER]       [CHINESE CHARACTER]
[CHINESE CHARACTER]       [CHINESE CHARACTER]
[CHINESE CHARACTER]       [CHINESE CHARACTER]
[CHINESE CHARACTER]       [CHINESE CHARACTER]
[CHINESE CHARACTER]       [CHINESE CHARACTER]

                                     - 17 -
<PAGE>

[CHINESE CHARACTER]       [CHINESE CHARACTER]
[CHINESE CHARACTER]       [CHINESE CHARACTER]
[CHINESE CHARACTER]       [CHINESE CHARACTER]
[CHINESE CHARACTER]       [CHINESE CHARACTER]
[CHINESE CHARACTER]       [CHINESE CHARACTER]
[CHINESE CHARACTER]       [CHINESE CHARACTER]
[CHINESE CHARACTER]       [CHINESE CHARACTER]
[CHINESE CHARACTER]       [CHINESE CHARACTER]
[CHINESE CHARACTER]       CPCD50A [CHINESE CHARACTER]

                                     - 18 -
<PAGE>

                                 SCHEDULE 2 (1)

                                 PRC ASSETS (1)

      Description of assets:

                                                  [CHINESE CHARACTER]

[CHINESE CHARACTER]       [CHINESE CHARACTER]
[CHINESE CHARACTER]       [CHINESE CHARACTER]
[CHINESE CHARACTER]       [CHINESE CHARACTER] P.C.M.C.
[CHINESE CHARACTER]       [CHINESE CHARACTER] PERINI
[CHINESE CHARACTER]       [CHINESE CHARACTER] HOBEMA
[CHINESE CHARACTER]       [CHINESE CHARACTER] PERINI 1
[CHINESE CHARACTER]       [CHINESE CHARACTER]
[CHINESE CHARACTER]       [CHINESE CHARACTER]
[CHINESE CHARACTER]       [CHINESE CHARACTER] (200*[CHINESE CHARACTER])
[CHINESE CHARACTER]       [CHINESE CHARACTER]
[CHINESE CHARACTER]       [CHINESE CHARACTER]
[CHINESE CHARACTER]       [CHINESE CHARACTER]
[CHINESE CHARACTER]       [CHINESE CHARACTER]
[CHINESE CHARACTER]       [CHINESE CHARACTER]
[CHINESE CHARACTER]       [CHINESE CHARACTER]
[CHINESE CHARACTER]       [CHINESE CHARACTER]
[CHINESE CHARACTER]       [CHINESE CHARACTER]
[CHINESE CHARACTER]       [CHINESE CHARACTER]
[CHINESE CHARACTER]       [CHINESE CHARACTER] 100-250A
[CHINESE CHARACTER]       [CHINESE CHARACTER] 65-250A
[CHINESE CHARACTER]       [CHINESE CHARACTER]
[CHINESE CHARACTER]       [CHINESE CHARACTER]
[CHINESE CHARACTER]       [CHINESE CHARACTER]
[CHINESE CHARACTER]       [CHINESE CHARACTER]
[CHINESE CHARACTER]       [CHINESE CHARACTER]
[CHINESE CHARACTER]       [CHINESE CHARACTER]
[CHINESE CHARACTER]       3T [CHINESE CHARACTER]
[CHINESE CHARACTER]       [CHINESE CHARACTER]
[CHINESE CHARACTER]       [CHINESE CHARACTER] 2 [CHINESE CHARACTER]

                                     - 19 -
<PAGE>

[CHINESE CHARACTER]       [CHINESE CHARACTER]
[CHINESE CHARACTER]       [CHINESE CHARACTER]
[CHINESE CHARACTER]       [CHINESE CHARACTER]
[CHINESE CHARACTER]       [CHINESE CHARACTER]
[CHINESE CHARACTER]       [CHINESE CHARACTER]
[CHINESE CHARACTER]       [CHINESE CHARACTER]
[CHINESE CHARACTER]       [CHINESE CHARACTER]
[CHINESE CHARACTER]       [CHINESE CHARACTER]
[CHINESE CHARACTER]       [CHINESE CHARACTER]
[CHINESE CHARACTER]       [CHINESE CHARACTER]
[CHINESE CHARACTER]       [CHINESE CHARACTER]
[CHINESE CHARACTER]       [CHINESE CHARACTER]
[CHINESE CHARACTER]       [CHINESE CHARACTER]
[CHINESE CHARACTER]       [CHINESE CHARACTER]
[CHINESE CHARACTER]       [CHINESE CHARACTER]
[CHINESE CHARACTER]       [CHINESE CHARACTER]
[CHINESE CHARACTER]       [CHINESE CHARACTER]
[CHINESE CHARACTER]       [CHINESE CHARACTER]
[CHINESE CHARACTER]       [CHINESE CHARACTER]
[CHINESE CHARACTER]       [CHINESE CHARACTER]
[CHINESE CHARACTER]       VCD [CHINESE CHARACTER]
[CHINESE CHARACTER]       [CHINESE CHARACTER]
[CHINESE CHARACTER]       [CHINESE CHARACTER] - [CHINESE CHARACTER]
[CHINESE CHARACTER]       [CHINESE CHARACTER] - [CHINESE CHARACTER]
[CHINESE CHARACTER]       [CHINESE CHARACTER]
[CHINESE CHARACTER]       [CHINESE CHARACTER]
[CHINESE CHARACTER]       [CHINESE CHARACTER]
[CHINESE CHARACTER]       [CHINESE CHARACTER]
[CHINESE CHARACTER]       [CHINESE CHARACTER]
[CHINESE CHARACTER]       [CHINESE CHARACTER]

                                     - 20 -
<PAGE>

                                   SCHEDULE 3

                             THE LEASED BACK ASSETS

Description of assets:

                                                  [CHINESE CHARACTER]

[CHINESE CHARACTER]       [CHINESE CHARACTER]
[CHINESE CHARACTER]       [CHINESE CHARACTER]
[CHINESE CHARACTER]       [CHINESE CHARACTER] P.C.M.C.
[CHINESE CHARACTER]       [CHINESE CHARACTER] PERINI
[CHINESE CHARACTER]       [CHINESE CHARACTER] HOBEMA
[CHINESE CHARACTER]       [CHINESE CHARACTER] PERINI 1
[CHINESE CHARACTER]       [CHINESE CHARACTER]
[CHINESE CHARACTER]       [CHINESE CHARACTER]
[CHINESE CHARACTER]       [CHINESE CHARACTER] (200*[CHINESE CHARACTER])
[CHINESE CHARACTER]       [CHINESE CHARACTER]
[CHINESE CHARACTER]       [CHINESE CHARACTER]
[CHINESE CHARACTER]       [CHINESE CHARACTER]
[CHINESE CHARACTER]       [CHINESE CHARACTER]
[CHINESE CHARACTER]       [CHINESE CHARACTER]
[CHINESE CHARACTER]       [CHINESE CHARACTER]
[CHINESE CHARACTER]       [CHINESE CHARACTER]
[CHINESE CHARACTER]       [CHINESE CHARACTER]
[CHINESE CHARACTER]       [CHINESE CHARACTER]
[CHINESE CHARACTER]       [CHINESE CHARACTER] 100-25A
[CHINESE CHARACTER]       [CHINESE CHARACTER] 65-250A
[CHINESE CHARACTER]       [CHINESE CHARACTER]
[CHINESE CHARACTER]       [CHINESE CHARACTER]
[CHINESE CHARACTER]       [CHINESE CHARACTER]
[CHINESE CHARACTER]       [CHINESE CHARACTER]
[CHINESE CHARACTER]       [CHINESE CHARACTER]
[CHINESE CHARACTER]       [CHINESE CHARACTER]
[CHINESE CHARACTER]       3T [CHINESE CHARACTER]
[CHINESE CHARACTER]       [CHINESE CHARACTER]
[CHINESE CHARACTER]       [CHINESE CHARACTER] 2 [CHINESE CHARACTER]
[CHINESE CHARACTER]       [CHINESE CHARACTER]

                                     - 21 -
<PAGE>

[CHINESE CHARACTER]       [CHINESE CHARACTER]
[CHINESE CHARACTER]       [CHINESE CHARACTER]
[CHINESE CHARACTER]       [CHINESE CHARACTER]
[CHINESE CHARACTER]       [CHINESE CHARACTER]
[CHINESE CHARACTER]       [CHINESE CHARACTER]
[CHINESE CHARACTER]       [CHINESE CHARACTER]
[CHINESE CHARACTER]       [CHINESE CHARACTER]
[CHINESE CHARACTER]       [CHINESE CHARACTER]
[CHINESE CHARACTER]       [CHINESE CHARACTER]
[CHINESE CHARACTER]       [CHINESE CHARACTER]
[CHINESE CHARACTER]       [CHINESE CHARACTER]
[CHINESE CHARACTER]       [CHINESE CHARACTER]
[CHINESE CHARACTER]       [CHINESE CHARACTER]
[CHINESE CHARACTER]       [CHINESE CHARACTER]
[CHINESE CHARACTER]       [CHINESE CHARACTER]
[CHINESE CHARACTER]       [CHINESE CHARACTER]
[CHINESE CHARACTER]       [CHINESE CHARACTER]
[CHINESE CHARACTER]       [CHINESE CHARACTER]
[CHINESE CHARACTER]       [CHINESE CHARACTER]
[CHINESE CHARACTER]       VCD [CHINESE CHARACTER]
[CHINESE CHARACTER]       [CHINESE CHARACTER]
[CHINESE CHARACTER]       [CHINESE CHARACTER]
[CHINESE CHARACTER]       [CHINESE CHARACTER]
[CHINESE CHARACTER]       [CHINESE CHARACTER]
[CHINESE CHARACTER]       [CHINESE CHARACTER]
[CHINESE CHARACTER]       [CHINESE CHARACTER]
[CHINESE CHARACTER]       [CHINESE CHARACTER]
[CHINESE CHARACTER]       [CHINESE CHARACTER]
[CHINESE CHARACTER]       [CHINESE CHARACTER]

                                     - 22 -
<PAGE>

                                   SCHEDULE 4

                                DEED OF GUARANTEE

                                By the Guarantor

To      :   DF CHINA TECHNOLOGY INC, a company incorporated in the British
            Virgin Islands, whose shares are listed on the Nasdaq SmallCap
            Market and whose registered office is situate at Craigmur Chambers,
            P.O. Box 71, Road Town, Tortola, British Virgin Islands;

                                          and

            Guangzhou Dransfield Paper Limited, a company incorporated in the
            PRC, whose registered office is situate at Taiping Industrial Zone,
            Conghua, Guangzhou, Guangdong Province, China

Date    :   [      , 2004]

Dear Sirs

                                  Re: Guarantee

In consideration of you as the Vendor entering into a Sale and Purchase
Agreement (the "Agreement") particularly described below that is to say:-

Date    :   [          ]

Vendor  :   DF China Technology Inc.

GDPL    :   Guangzhou Dransfield Paper Limited

Purchaser:  Gumption Trading Limited

The Agreement:

            (1)   Subject to the terms of the Agreement, the Vendor shall sell
                  as beneficial owner (and the Vendor shall cause its nominee to
                  transfer

                                     - 23 -
<PAGE>

                  the legal ownership of the Sale Shares held by it as a nominee
                  on trust in favor of the Vendor) and the Purchaser in reliance
                  on the Warranties therein contained shall purchase the Sale
                  Shares free from all liens, charges and encumbrances and
                  together with all rights now or hereafter attaching thereto
                  including all dividends and distributions declared, made or
                  paid on or after the date of the Agreement.

            (2)   Subject to the terms of the Agreement, GDPL shall sell as
                  beneficial owner and the Purchaser in reliance on the
                  Warranties herein contained shall purchase the PRC Assets (1)
                  free from all liens, charges and encumbrances and together
                  with all rights now or hereafter attaching thereto.

We, the undersigned (the "Guarantor") with particulars as set out in the Exhibit
hereto, hereby irrevocably guarantee to the Vendor and GDPL jointly and
severally, on the terms and conditions in the Schedule hereto, due payment by
the Purchaser of all sums and charges and due performance and observance by the
Purchaser of the terms and conditions of the Agreement and undertake to pay
forthwith on demand in writing from both or either of you from time to time all
arrears of charges, payables and all losses, damages, claims, costs and expenses
properly and reasonably incurred by reason of or arising out of any breach by
the Purchaser of the terms and conditions of the Agreement. To avoid any doubt,
it is hereby expressly agreed that, there is no ceiling of liability of the
Guarantor under this Guarantee.

SEALED with the Common Seal of the Guarantor, and    )
SIGNED by                                            )
                                                     )
In the presence of:-                                 )

                                     - 24 -
<PAGE>

                                  THE SCHEDULE

1.    The Guarantor hereby agrees and declares that this Guarantee shall not
      preclude the Vendor and GDPL, either jointly or severally, from enforcing
      the terms, covenants and conditions of the Agreement if default is made by
      the Purchaser in the payment of any money due under the Agreement or
      otherwise.

2.    This Guarantee shall be deemed to have commenced from the date of the
      Agreement and shall remain in full force and effect up to the last day of
      the tenth anniversary date of the Agreement.

3.    The Guarantor further agrees that this Guarantee shall not be affected by
      any change of name or status in the company, firm or individual described
      as the "Purchaser".

4.    The Guarantor further agrees that it shall not be discharged or released
      from this Guarantee by any arrangement made between the Vendor, GDPL and
      Purchaser or by any alteration in the obligations imposed upon the
      Purchaser by the Agreement or by any forbearance granted by the Vendor
      and/or GDPL to the Purchaser as to payment, time, performance or
      otherwise, and this forbearance may have been made or granted without the
      Guarantor's knowledge or assent.

5.    This Guarantee is to be governed by and construed in accordance with the
      Laws of Hong Kong Special Administrative Region and the parties
      irrevocably submit to the non-exclusive jurisdiction thereof.

6.    Any notice or process may be served on the Guarantor by leaving the same
      at the correspondence address in Hong Kong given in the Exhibit unless a
      substituted address in Hong Kong has been given to the Vendor and GDPL in
      writing in which case service at such substituted address shall be
      sufficient.

7.    In this Guarantee, words importing the singular number shall include the
      plural number and vice versa, and words importing the masculine, feminine
      or neuter genders shall include the others of them.

                                     - 25 -
<PAGE>

                                   THE EXHIBIT

                         (Particulars of the Guarantor)

The Guarantor's Name       :   [                    ]

Address                    :   [                    ]

Correspondence address

in Hong Kong               :   [                        ]

Registration Number        :   [                        ]

                                     - 26 -

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00074-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00074-of-00352.parquet"}]]